GLA_VA

Report of Independent Registered Public Accounting Firm

To the Board of Directors of

Genworth Life and Annuity Insurance Company

and

Contract Owners of

Genworth Life & Annuity VA Separate Account 2:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the subaccounts listed in the Appendix that comprise Genworth Life & Annuity VA Separate Account 2 (the Subaccounts), as of December 31, 2025, the related statements of operations for the year or period listed in the Appendix, the statements of changes in net assets for each of the years or periods listed in the Appendix, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Subaccounts as of December 31, 2025, the results of their operations for the year or period listed in the Appendix, and the changes in their net assets for each of the years or periods listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with the transfer agent of the underlying investments. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more Genworth Life and Annuity Insurance Company separate account investment companies since 1997.

Richmond, Virginia

April 23, 2026

F-1

Appendix

Statements of assets and liabilities as of December 31, 2025, the related statements of operations for the year then ended, and the statements of changes in net assets for each of the years in the two-year period then ended.

AB Variable Products Series Fund, Inc.

AB VPS Balanced Hedged Allocation Portfolio — Class B

AB VPS International Value Portfolio — Class B

AB VPS Large Cap Growth Portfolio — Class B

AB VPS Relative Value Portfolio — Class B

AB VPS Small Cap Growth Portfolio — Class B

AB VPS Sustainable Global Thematic Portfolio — Class B

AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

Invesco V.I. American Franchise Fund — Series I shares

Invesco V.I. American Franchise Fund — Series II shares

Invesco V.I. American Value Fund — Series II shares

Invesco V.I. Comstock Fund — Series II shares

Invesco V.I. Core Equity Fund — Series I shares

Invesco V.I. Discovery Large Cap Fund — Series II Shares (1)

Invesco V.I. Discovery Mid Cap Growth Fund — Series II shares

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

Invesco V.I. Equity and Income Fund — Series II shares

Invesco V.I. Global Fund — Series II shares

Invesco V.I. Main Street Fund^® — Series II shares

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

Allspring Variable Trust

Allspring VT Discovery All Cap Growth Fund — Class 2

BlackRock Variable Series Funds, Inc.

BlackRock Advantage SMID Cap V.I. Fund — Class III Shares

BlackRock Basic Value V.I. Fund — Class III Shares

BlackRock Global Allocation V.I. Fund — Class III Shares

BlackRock Large Cap Focus Growth V.I. Fund — Class III Shares

Columbia Funds Variable Series Trust II

CTIVP^® — Principal Large Cap Growth Fund — Class 1 (1)

Columbia Variable Portfolio — Overseas Core Fund — Class 2

Eaton Vance Variable Trust

VT Floating-Rate Income Fund

Federated Hermes Insurance Series

Federated Hermes High Income Bond Fund II — Service Shares

Federated Hermes Kaufmann Fund II — Service Shares

Fidelity^® Variable Insurance Products Fund

VIP Balanced Portfolio — Service Class 2

VIP Contrafund^® Portfolio — Service Class 2

VIP Dynamic Capital Appreciation Portfolio — Service Class 2

VIP Equity-Income Portfolio^SM — Service Class 2

VIP FundsManager^® 50% Portfolio — Service Class 2

VIP FundsManager^® 60% Portfolio — Service Class 2

VIP Growth & Income Portfolio — Service Class 2

VIP Growth Opportunities Portfolio — Service Class 2

VIP Growth Portfolio — Service Class 2

VIP Investment Grade Bond Portfolio — Service Class 2

VIP Mid Cap Portfolio — Service Class 2

VIP Value Strategies Portfolio — Service Class 2

Franklin Templeton Variable Insurance Products Trust

Franklin Allocation VIP Fund — Class 2 Shares

Franklin Income VIP Fund — Class 2 Shares

Franklin Mutual Shares VIP Fund — Class 2 Shares

Templeton Growth VIP Fund — Class 2 Shares

F-2

Goldman Sachs Variable Insurance Trust

Goldman Sachs Government Money Market Fund — Service Shares

Janus Aspen Series

Janus Henderson Balanced Portfolio — Service Shares

Janus Henderson Forty Portfolio — Service Shares

Legg Mason Partners Variable Equity Trust

ClearBridge Variable Dividend Strategy Portfolio — Class II

ClearBridge Variable Growth Portfolio — Class II (1)

ClearBridge Variable Large Cap Value Portfolio — Class I

Lincoln Variable Insurance Products Trust

LVIP American Century Inflation Protection Fund — Service Class (1)

MFS^® Variable Insurance Trust

MFS^® Investors Trust Series — Service Class Shares

MFS^® Total Return Series — Service Class Shares

MFS^® Utilities Series — Service Class Shares

MFS^® Variable Insurance Trust II

MFS^® Massachusetts Investors Growth Stock Portfolio — Service Class Shares

PIMCO Variable Insurance Trust

All Asset Portfolio — Advisor Class Shares

High Yield Portfolio — Administrative Class Shares

Long-Term U.S. Government Portfolio — Administrative Class Shares

Low Duration Portfolio — Administrative Class Shares

Total Return Portfolio — Administrative Class Shares

State Street Variable Insurance Series Funds, Inc.

Income V.I.S. Fund — Class 1 Shares

Premier Growth Equity V.I.S. Fund — Class 1 Shares

Real Estate Securities V.I.S. Fund — Class 1 Shares

S&P 500^® Index V.I.S. Fund — Class 1 Shares

Small-Cap Equity V.I.S. Fund — Class 1 Shares

Total Return V.I.S. Fund — Class 3 Shares

U.S. Equity V.I.S. Fund — Class 1 Shares

The Prudential Series Fund

PSF PGIM Jennison Blend Portfolio — Class II Shares

PSF PGIM Jennison Growth Portfolio — Class II Shares

Statement of assets and liabilities as of December 31, 2025, the related statement of operations for the period from January 1, 2025 to April 11, 2025 (liquidation date) and the statements of changes in net assets for the period from January 1, 2025 to April 11, 2025 (liquidation date) and the year ended December 31, 2024.

The Prudential Series Fund

PSF Natural Resources Portfolio — Class II Shares

(1)	See Note 1 to the financial statements for the former name of the subaccount.

F-3

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Assets and Liabilities

December 31, 2025



	AB Variable Products Series Fund, Inc.

	AB VPS Balanced Hedged Allocation Portfolio — Class B		AB VPS International Value Portfolio — Class B		AB VPS Large Cap Growth Portfolio — Class B		AB VPS Relative Value Portfolio — Class B		AB VPS Small Cap Growth Portfolio — Class B

Assets:
Investments at fair value (note 2b)		$630,615		$381,997		$20,039		$502,411		$866,397
Dividend receivable		—		—		—		—		—
Receivable for units sold		—		—		—		—		—
Total assets		630,615		381,997		20,039		502,411		866,397

Liabilities:
Accrued expenses payable to affiliate (note 4b)		29		21		1		16		37
Payable for units withdrawn		—		1		1		250		69
Total liabilities		29		22		2		266		106

Net assets attributable to:
Variable annuity contract owners in the accumulation period		630,027		381,975		20,037		502,145		866,291
Variable annuity contract owners in the annuitization period		559		—		—		—		—
Net assets		$630,586		$381,975		$20,037		$502,145		$866,291

Investments in securities at cost		$646,460		$295,067		$15,830		$456,986		$1,012,629
Shares outstanding		64,152		18,348		246		16,286		87,870



	AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)

	Invesco V.I. Discovery Mid Cap Growth Fund — Series II shares		Invesco V.I. EQV International Equity Fund — Series II shares		Invesco V.I. Equity and Income Fund — Series II shares		Invesco V.I. Global Fund — Series II shares		Invesco V.I. Main Street Fund^® — Series II shares

Assets:
Investments at fair value (note 2b)		$—		$2,679,261		$1,057,524		$1,526,477		$9,465,327
Dividend receivable		—		—		—		—		—
Receivable for units sold		—		—		—		—		—
Total assets		—		2,679,261		1,057,524		1,526,477		9,465,327

Liabilities:
Accrued expenses payable to affiliate (note 4b)		—		105		52		62		367
Payable for units withdrawn		—		232		1		113		26
Total liabilities		—		337		53		175		393

Net assets attributable to:
Variable annuity contract owners in the accumulation period		—		2,597,245		1,048,313		1,526,302		9,059,774
Variable annuity contract owners in the annuitization period		—		81,679		9,158		—		405,160
Net assets		$—		$2,678,924		$1,057,471		$1,526,302		$9,464,934

Investments in securities at cost		$—		$2,592,450		$ 962,913		$1,561,342		$9,115,962
Shares outstanding		—		75,707		58,362		42,052		441,274

See accompanying notes to financial statements.

F-4

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Assets and Liabilities — Continued

December 31, 2025



AB Variable Products Series Fund, Inc. (continued)		AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

AB VPS Sustainable Global Thematic Portfolio — Class B		Invesco V.I. American Franchise Fund — Series I shares		Invesco V.I. American Franchise Fund — Series II shares		Invesco V.I. American Value Fund — Series II shares		Invesco V.I. Comstock Fund — Series II shares		Invesco V.I. Core Equity Fund — Series I shares		Invesco V.I. Discovery Large Cap Fund — Series II Shares


	$52,153		$169,124		$—		$—		$3,846,540		$8,780,919		$184,998
	—		—		—		—		—		—		—
	—		—		—		—		—		—		—
	52,153		169,124		—		—		3,846,540		8,780,919		184,998


	2		5		—		—		152		337		7
	2		—		—		—		125		8		—
	4		5		—		—		277		345		7


	52,149		169,119		—		—		3,738,139		8,402,754		184,991
	—		—		—		—		108,124		377,820		—
	$52,149		$169,119		$—		$—		$3,846,263		$8,780,574		$184,991

	$52,188		$112,503		$—		$—		$3,645,377		$8,332,248		$154,989
	1,724		2,088		—		—		180,674		243,711		3,122



AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)		Allspring Variable Trust		BlackRock Variable Series Funds, Inc.								Columbia Funds Variable Series Trust II

Invesco V.I. Main Street Small Cap Fund^® — Series II shares		Allspring VT Discovery All Cap Growth Fund — Class 2		BlackRock Advantage SMID Cap V.I. Fund — Class III Shares		BlackRock Basic Value V.I. Fund — Class III Shares		BlackRock Global Allocation V.I. Fund — Class III Shares		BlackRock Large Cap Focus Growth V.I. Fund — Class III Shares		CTIVP^® — Principal Large Cap Growth Fund — Class 1


	$2,241,528		$42,773		$86,485		$847,233		$61,374,068		$—		$1,056,179
	—		—		—		—		—		—		—
	64		—		—		—		—		—		—
	2,241,592		42,773		86,485		847,233		61,374,068		—		1,056,179


	87		1		4		38		2,750		—		44
	—		—		—		—		4,356		—		—
	87		1		4		38		7,106		—		44


	2,162,061		42,772		86,481		847,195		58,499,369		—		1,056,135
	79,444		—		—		—		2,867,593		—		—
	$2,241,505		$42,772		$86,481		$847,195		$61,366,962		$—		$1,056,135

	$2,206,725		$52,221		$103,543		$843,033		$64,392,530		$—		$ 688,509
	80,892		2,050		8,372		61,932		4,600,755		—		12,956

See accompanying notes to financial statements.

F-5

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Assets and Liabilities — Continued

December 31, 2025



	Columbia Funds Variable Series Trust II (continued)		Eaton Vance Variable Trust		Federated Hermes Insurance Series				Fidelity^® Variable Insurance Products Fund

	Columbia Variable Portfolio — Overseas Core Fund — Class 2		VT Floating-Rate Income Fund		Federated Hermes High Income Bond Fund II — Service Shares		Federated Hermes Kaufmann Fund II — Service Shares		VIP Balanced Portfolio — Service Class 2

Assets:
Investments at fair value (note 2b)		$164,883		$2,369,837		$83,299		$1,980,206		$3,503,283
Dividend receivable		—		12,313		—		—		—
Receivable for units sold		—		—		—		247		585
Total assets		164,883		2,382,150		83,299		1,980,453		3,503,868

Liabilities:
Accrued expenses payable to affiliate (note 4b)		8		95		2		74		150
Payable for units withdrawn		3		50		2		—		—
Total liabilities		11		145		4		74		150

Net assets attributable to:
Variable annuity contract owners in the accumulation period		164,872		2,301,106		83,295		1,900,349		3,411,603
Variable annuity contract owners in the annuitization period		—		80,899		—		80,030		92,115
Net assets		$164,872		$2,382,005		$83,295		$1,980,379		$3,503,718

Investments in securities at cost		$143,066		$2,486,694		$88,846		$1,887,419		$2,691,045
Shares outstanding		9,315		283,135		14,487		114,199		137,654



	Fidelity^® Variable Insurance Products Fund (continued)								Franklin Templeton Variable Insurance Products Trust

	VIP Growth Portfolio — Service Class 2		VIP Investment Grade Bond Portfolio — Service Class 2		VIP Mid Cap Portfolio — Service Class 2		VIP Value Strategies Portfolio — Service Class 2		Franklin Allocation VIP Fund — Class 2 Shares

Assets:
Investments at fair value (note 2b)		$197,557		$6,362,437		$3,007,603		$76,426		$1,443,513
Dividend receivable		—		—		—		—		—
Receivable for units sold		46		—		—		—		212
Total assets		197,603		6,362,437		3,007,603		76,426		1,443,725

Liabilities:
Accrued expenses payable to affiliate (note 4b)		6		252		126		2		65
Payable for units withdrawn		—		23		1		1		—
Total liabilities		6		275		127		3		65

Net assets attributable to:
Variable annuity contract owners in the accumulation period		197,597		6,065,613		3,007,476		76,423		1,080,156
Variable annuity contract owners in the annuitization period		—		296,549		—		—		363,504
Net assets		$197,597		$6,362,162		$3,007,476		$76,423		$1,443,660

Investments in securities at cost		$195,246		$6,567,179		$2,959,257		$61,128		$1,496,347
Shares outstanding		2,127		579,985		85,516		4,726		260,562

See accompanying notes to financial statements.

F-6

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Assets and Liabilities — Continued

December 31, 2025



Fidelity^® Variable Insurance Products Fund (continued)

VIP Contrafund^® Portfolio — Service Class 2		VIP Dynamic Capital Appreciation Portfolio — Service Class 2		VIP Equity-Income Portfolio^SM — Service Class 2		VIP FundsManager^® 50% Portfolio — Service Class 2		VIP FundsManager^® 60% Portfolio — Service Class 2		VIP Growth & Income Portfolio — Service Class 2		VIP Growth Opportunities Portfolio — Service Class 2


	$12,022,055		$7,892		$3,328,715		$11,866,120		$48,953,400		$243,969		$2,284,411
	—		—		—		—		—		—		—
	—		—		—		—		—		—		—
	12,022,055		7,892		3,328,715		11,866,120		48,953,400		243,969		2,284,411


	467		—		129		521		2,123		8		94
	589		—		337		9		199		1		1
	1,056		—		466		530		2,322		9		95


	11,613,589		7,892		3,328,249		11,865,590		48,951,078		243,960		2,284,316
	407,410		—		—		—		—		—		—
	$12,020,999		$7,892		$3,328,249		$11,865,590		$48,951,078		$243,960		$2,284,316

	$10,188,030		$6,415		$2,753,317		$10,118,684		$42,851,418		$192,692		$1,323,341
	211,433		427		118,333		890,182		4,187,630		7,626		23,697



Franklin Templeton Variable Insurance Products Trust (continued)						Goldman Sachs Variable Insurance Trust		Janus Aspen Series				Legg Mason Partners Variable Equity Trust

Franklin Income VIP Fund — Class 2 Shares		Franklin Mutual Shares VIP Fund — Class 2 Shares		Templeton Growth VIP Fund — Class 2 Shares		Goldman Sachs Government Money Market Fund — Service Shares		Janus Henderson Balanced Portfolio — Service Shares		Janus Henderson Forty Portfolio — Service Shares		ClearBridge Variable Dividend Strategy Portfolio — Class II


	$6,179,039		$2,668,451		$84,077		$8,974,627		$5,090,195		$1,816,895		$2,088
	—		—		—		24,855		—		—		—
	—		—		—		—		632		—		—
	6,179,039		2,668,451		84,077		8,999,482		5,090,827		1,816,895		2,088


	319		104		3		408		224		79		1
	272		158		2		92,717		—		1		—
	591		262		5		93,125		224		80		1


	5,588,399		2,586,931		84,072		8,906,357		4,489,753		1,816,815		—
	590,049		81,258		—		—		600,850		—		2,087
	$6,178,448		$2,668,189		$84,072		$8,906,357		$5,090,603		$1,816,815		$2,087

	$6,010,156		$2,782,983		$68,588		$8,974,627		$3,275,495		$1,432,019		$1,982
	407,588		165,742		5,942		8,974,627		85,578		35,028		102

See accompanying notes to financial statements.

F-7

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Assets and Liabilities — Continued

December 31, 2025



	Legg Mason Partners Variable Equity Trust (continued)				Lincoln Variable Insurance Products Trust		MFS^® Variable Insurance Trust

	ClearBridge Variable Growth Portfolio — Class II		ClearBridge Variable Large Cap Value Portfolio — Class I		LVIP American Century Inflation Protection Fund — Service Class		MFS^® Investors Trust Series — Service Class Shares		MFS^® Total Return Series — Service Class Shares

Assets:
Investments at fair value (note 2b)		$—		$—		$1,780,743		$—		$2,590,472
Dividend receivable		—		—		—		—		—
Receivable for units sold		—		—		19		—		—
Total assets		—		—		1,780,762		—		2,590,472

Liabilities:
Accrued expenses payable to affiliate (note 4b)		—		—		70		—		104
Payable for units withdrawn		—		—		—		—		1
Total liabilities		—		—		70		—		105

Net assets attributable to:
Variable annuity contract owners in the accumulation period		—		—		1,699,860		—		2,554,291
Variable annuity contract owners in the annuitization period		—		—		80,832		—		36,076
Net assets		$—		$—		$1,780,692		$—		$2,590,367

Investments in securities at cost		$—		$—		$1,955,859		$—		$2,530,366
Shares outstanding		—		—		197,072		—		114,420



	State Street Variable Insurance Series Funds, Inc.

	Income V.I.S. Fund — Class 1 Shares		Premier Growth Equity V.I.S. Fund — Class 1 Shares		Real Estate Securities V.I.S. Fund — Class 1 Shares		S&P 500^® Index V.I.S. Fund — Class 1 Shares			Small-Cap Equity V.I.S. Fund — Class 1 Shares

Assets:
Investments at fair value (note 2b)		$—		$—		$343,015		$6,032			$94,784
Dividend receivable		—		—		—		—			—
Receivable for units sold		—		—		—		—			—
Total assets		—		—		343,015		6,032			94,784

Liabilities:
Accrued expenses payable to affiliate (note 4b)		—		—		13		(1	)		4
Payable for units withdrawn		—		—		2		—			2
Total liabilities		—		—		15		(1	)		6

Net assets attributable to:
Variable annuity contract owners in the accumulation period		—		—		343,000		6,033			94,778
Variable annuity contract owners in the annuitization period		—		—		—		—			—
Net assets		$—		$—		$343,000		$6,033			$94,778

Investments in securities at cost		$—		$—		$349,080		$3,906			$113,214
Shares outstanding		—		—		32,606		102			8,547

See accompanying notes to financial statements.

F-8

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Operations



	AB Variable Products Series Fund, Inc.

	AB VPS Balanced Hedged Allocation Portfolio — Class B			AB VPS International Value Portfolio — Class B		AB VPS Large Cap Growth Portfolio — Class B			AB VPS Relative Value Portfolio — Class B			AB VPS Small Cap Growth Portfolio — Class B

	Year ended December 31, 2025			Year ended December 31, 2025		Year ended December 31, 2025			Year ended December 31, 2025			Year ended December 31, 2025

Investment income and expense:
Income — Ordinary dividends		$11,757			$8,505		$—			$4,478			$—
Mortality and expense risk and administrative charges (note 4a)		10,548			6,277		379			5,742			12,097
Net investment income (expense)		1,209			2,228		(379	)		(1,264	)		(12,097	)

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss)		(6,306	)		51,808		5,885			5,168			(62,296	)
Change in unrealized appreciation (depreciation)		62,188			68,660		(10,415	)		(2,022	)		92,612
Capital gain distributions		32,586			—		1,826			41,812			—
Net realized and unrealized gain (loss) on investments		88,468			120,468		(2,704	)		44,958			30,316

Increase (decrease) in net assets from operations		$89,677			$122,696		$(3,083	)		$43,694			$18,219



	AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)

	Invesco V.I. Discovery Mid Cap Growth Fund — Series II shares		Invesco V.I. EQV International Equity Fund — Series II shares			Invesco V.I. Equity and Income Fund — Series II shares		Invesco V.I. Global Fund — Series II shares			Invesco V.I. Main Street Fund^® — Series II shares

	Year ended December 31, 2025		Year ended December 31, 2025			Year ended December 31, 2025		Year ended December 31, 2025			Year ended December 31, 2025

Investment income and expense:
Income — Ordinary dividends		$—		$30,789			$19,609		$—			$28,912
Mortality and expense risk and administrative charges (note 4a)		—		37,198			18,776		22,275			130,768
Net investment income (expense)		—		(6,409	)		833		(22,275	)		(101,856	)

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss)		—		12,088			18,113		12,669			(10,155	)
Change in unrealized appreciation (depreciation)		—		193,858			31,130		(79,155	)		796,554
Capital gain distributions		—		168,008			56,261		282,626			580,137
Net realized and unrealized gain (loss) on investments		—		373,954			105,504		216,140			1,366,536

Increase (decrease) in net assets from operations		$—		$367,545			$106,337		$193,865			$1,264,680

See accompanying notes to financial statements.

F-10

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Operations — Continued



AB Variable Products Series Fund, Inc. (continued)			AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

AB VPS Sustainable Global Thematic Portfolio — Class B			Invesco V.I. American Franchise Fund — Series I shares			Invesco V.I. American Franchise Fund — Series II shares		Invesco V.I. American Value Fund — Series II shares		Invesco V.I. Comstock Fund — Series II shares		Invesco V.I. Core Equity Fund — Series I shares			Invesco V.I. Discovery Large Cap Fund — Series II Shares

Year ended December 31, 2025			Year ended December 31, 2025			Year ended December 31, 2025		Year ended December 31, 2025		Year ended December 31, 2025		Year ended December 31, 2025			Year ended December 31, 2025


	$—			$—			$—		$—		$54,908		$55,081			$—
	742			1,828			—		—		50,856		110,670			2,261
	(742	)		(1,828	)		—		—		4,052		(55,589	)		(2,261	)


	601			1,039			—		—		82,729		64,803			7,718
	(4,226	)		1,446			—		—		11,897		464,575			(6,301	)
	6,896			15,237			—		—		406,904		634,092			22,047
	3,271			17,722			—		—		501,530		1,163,470			23,464

	$2,529			$15,894			$—		$—		$505,582		$1,107,881			$21,203



AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)			Allspring Variable Trust			BlackRock Variable Series Funds, Inc.										Columbia Funds Variable Series Trust II

Invesco V.I. Main Street Small Cap Fund^® — Series II shares			Allspring VT Discovery All Cap Growth Fund — Class 2			BlackRock Advantage SMID Cap V.I. Fund — Class III Shares			BlackRock Basic Value V.I. Fund — Class III Shares		BlackRock Global Allocation V.I. Fund — Class III Shares			BlackRock Large Cap Focus Growth V.I. Fund — Class III Shares		CTIVP^® — Principal Large Cap Growth Fund — Class 1

Year ended December 31, 2025			Year ended December 31, 2025			Year ended December 31, 2025			Year ended December 31, 2025		Year ended December 31, 2025			Year ended December 31, 2025		Year ended December 31, 2025


	$5,333			$—			$1,287			$14,574		$2,422,166			$—		$—
	33,214			479			1,303			12,087		1,001,560			—		15,434
	(27,881	)		(479	)		(16	)		2,487		1,420,606			—		(15,434	)


	33,270			(638	)		(3,073	)		8,751		(261,326	)		—		199,491
	(78,169	)		(7,598	)		(658	)		44,247		2,821,233			—		(71,886	)
	237,121			14,431			11,595			100,342		5,945,387			—		—
	192,222			6,195			7,864			153,340		8,505,294			—		127,605

	$164,341			$5,716			$7,848			$155,827		$9,925,900			$—		$112,171

See accompanying notes to financial statements.

F-11

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Operations — Continued



	Columbia Funds Variable Series Trust II (continued)		Eaton Vance Variable Trust			Federated Hermes Insurance Series						Fidelity^® Variable Insurance Products Fund

	Columbia Variable Portfolio — Overseas Core Fund — Class 2		VT Floating-Rate Income Fund			Federated Hermes High Income Bond Fund II — Service Shares			Federated Hermes Kaufmann Fund II — Service Shares			VIP Balanced Portfolio — Service Class 2

	Year ended December 31, 2025		Year ended December 31, 2025			Year ended December 31, 2025			Year ended December 31, 2025			Year ended December 31, 2025

Investment income and expense:
Income — Ordinary dividends		$3,327		$161,979			$4,541			$—			$53,628
Mortality and expense risk and administrative charges (note 4a)		2,556		35,496			938			27,675			55,467
Net investment income (expense)		771		126,483			3,603			(27,675	)		(1,839	)

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss)		29,849		(19,808	)		(456	)		6,667			131,774
Change in unrealized appreciation (depreciation)		22,240		(50,084	)		2,215			(24,439	)		102,111
Capital gain distributions		—		—			—			238,107			192,045
Net realized and unrealized gain (loss) on investments		52,089		(69,892	)		1,759			220,335			425,930

Increase (decrease) in net assets from operations		$52,860		$56,591			$5,362			$192,660			$424,091



	Fidelity^® Variable Insurance Products Fund (continued)												Franklin Templeton Variable Insurance Products Trust

	VIP Growth Portfolio — Service Class 2			VIP Investment Grade Bond Portfolio — Service Class 2			VIP Mid Cap Portfolio — Service Class 2			VIP Value Strategies Portfolio — Service Class 2			Franklin Allocation VIP Fund — Class 2 Shares

	Year ended December 31, 2025			Year ended December 31, 2025			Year ended December 31, 2025			Year ended December 31, 2025			Year ended December 31, 2025

Investment income and expense:
Income — Ordinary dividends		$94			$218,210			$7,057			$590			$28,501
Mortality and expense risk and administrative charges (note 4a)		2,350			92,734			54,459			820			23,856
Net investment income (expense)		(2,256	)		125,476			(47,402	)		(230	)		4,645

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss)		2,203			(68,647	)		(87,368	)		393			(28,319	)
Change in unrealized appreciation (depreciation)		(188	)		287,144			69,922			1,882			113,209
Capital gain distributions		25,467			—			408,225			2,878			60,165
Net realized and unrealized gain (loss) on investments		27,482			218,497			390,779			5,153			145,055

Increase (decrease) in net assets from operations		$25,226			$343,973			$343,377			$4,923			$149,700

See accompanying notes to financial statements.

F-12

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Operations — Continued



Fidelity^® Variable Insurance Products Fund (continued)

VIP Contrafund^® Portfolio — Service Class 2			VIP Dynamic Capital Appreciation Portfolio — Service Class 2			VIP Equity-Income Portfolio^SM — Service Class 2		VIP FundsManager^® 50% Portfolio — Service Class 2		VIP FundsManager^® 60% Portfolio — Service Class 2		VIP Growth & Income Portfolio — Service Class 2		VIP Growth Opportunities Portfolio — Service Class 2

Year ended December 31, 2025			Year ended December 31, 2025			Year ended December 31, 2025		Year ended December 31, 2025		Year ended December 31, 2025		Year ended December 31, 2025		Year ended December 31, 2025


	$—			$31			$51,979		$290,651		$984,914		$3,067		$—
	168,807			90			45,198		193,381		793,615		2,348		34,361
	(168,807	)		(59	)		6,781		97,270		191,299		719		(34,361	)


	848,225			276			100,385		279,672		855,498		6,373		239,701
	(452,148	)		(440	)		219,579		985,408		5,191,697		19,444		186,321
	1,941,641			1,474			184,164		—		221,436		21,171		30,437
	2,337,718			1,310			504,128		1,265,080		6,268,631		46,988		456,459

	$2,168,911			$1,251			$510,909		$1,362,350		$6,459,930		$47,707		$422,098



Franklin Templeton Variable Insurance Products Trust (continued)									Goldman Sachs Variable Insurance Trust		Janus Aspen Series					Legg Mason Partners Variable Equity Trust

Franklin Income VIP Fund — Class 2 Shares			Franklin Mutual Shares VIP Fund — Class 2 Shares			Templeton Growth VIP Fund — Class 2 Shares			Goldman Sachs Government Money Market Fund — Service Shares		Janus Henderson Balanced Portfolio — Service Shares		Janus Henderson Forty Portfolio — Service Shares			ClearBridge Variable Dividend Strategy Portfolio — Class II

Year ended December 31, 2025			Year ended December 31, 2025			Year ended December 31, 2025			Year ended December 31, 2025		Year ended December 31, 2025		Year ended December 31, 2025			Year ended December 31, 2025


	$317,607			$54,270			$790			$363,648		$93,065		$4,286			$38
	116,342			37,767			1,106			151,324		88,302		26,786			42
	201,265			16,503			(316	)		212,324		4,763		(22,500	)		(4	)


	(14,725	)		(22,205	)		3,699			—		460,001		68,009			113
	364,492			2,163			8,274			—		38,025		(19,266	)		(181	)
	66,760			267,388			6,779			—		171,016		219,786			274
	416,527			247,346			18,752			—		669,042		268,529			206

	$617,792			$263,849			$18,436			$212,324		$673,805		$246,029			$202

See accompanying notes to financial statements.

F-13

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Operations — Continued



	Legg Mason Partners Variable Equity Trust (continued)					Lincoln Variable Insurance Products Trust			MFS^® Variable Insurance Trust

	ClearBridge Variable Growth Portfolio — Class II		ClearBridge Variable Large Cap Value Portfolio — Class I			LVIP American Century Inflation Protection Fund — Service Class			MFS^® Investors Trust Series — Service Class Shares		MFS^® Total Return Series — Service Class Shares

	Year ended December 31, 2025		Year ended December 31, 2025			Year ended December 31, 2025			Year ended December 31, 2025		Year ended December 31, 2025

Investment income and expense:
Income — Ordinary dividends		$—		$—			$129,042			$—		$66,122
Mortality and expense risk and administrative charges (note 4a)		—		270			26,448			—		37,922
Net investment income (expense)		—		(270	)		102,594			—		28,200

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss)		—		(8,406	)		(32,607	)		—		13,431
Change in unrealized appreciation (depreciation)		—		5,673			17,936			—		(2,045	)
Capital gain distributions		—		—			—			—		194,534
Net realized and unrealized gain (loss) on investments		—		(2,733	)		(14,671	)		—		205,920

Increase (decrease) in net assets from operations		$—		$(3,003	)		$87,923			$—		$234,120



	State Street Variable Insurance Series Funds, Inc.

	Income V.I.S. Fund — Class 1 Shares			Premier Growth Equity V.I.S. Fund — Class 1 Shares		Real Estate Securities V.I.S. Fund — Class 1 Shares			S&P 500^® Index V.I.S. Fund — Class 1 Shares			Small-Cap Equity V.I.S. Fund — Class 1 Shares

	Year ended December 31, 2025			Year ended December 31, 2025		Year ended December 31, 2025			Year ended December 31, 2025			Year ended December 31, 2025

Investment income and expense:
Income — Ordinary dividends		$—			$—		$3,772			$55			$—
Mortality and expense risk and administrative charges (note 4a)		68			—		5,420			63			1,389
Net investment income (expense)		(68	)		—		(1,648	)		(8	)		(1,389	)

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss)		(806	)		—		(3,544	)		29			(871	)
Change in unrealized appreciation (depreciation)		1,017			—		1,001			408			(10,192	)
Capital gain distributions		—			—		4,452			411			11,015
Net realized and unrealized gain (loss) on investments		211			—		1,909			848			(48	)

Increase (decrease) in net assets from operations		$143			$—		$261			$840			$(1,437	)

See accompanying notes to financial statements.

F-14

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



AB Variable Products Series Fund, Inc. (continued)																		AIM Variable Insurance Funds (Invesco Variable Insurance Funds)

AB VPS Relative Value Portfolio — Class B						AB VPS Small Cap Growth Portfolio — Class B						AB VPS Sustainable Global Thematic Portfolio — Class B						Invesco V.I. American Franchise Fund — Series I shares						Invesco V.I. American Franchise Fund — Series II shares

Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025		Year ended December 31, 2024




	$(1,264	)		$603			$(12,097	)		$(14,139	)		$(742	)		$(866	)		$(1,828	)		$(1,726	)		$—		$—
	5,168			28,706			(62,296	)		(110,653	)		601			3,946			1,039			5,069			—		—
	(2,022	)		28,003			92,612			268,584			(4,226	)		331			1,446			38,008			—		—
	41,812			23,409			—			—			6,896			194			15,237			—			—		—
	43,694			80,721			18,219			143,792			2,529			3,605			15,894			41,351			—		—


	—			—			3,381			5,071			—			—			—			—			—		—
	(23,526	)		(200,115	)		(45,716	)		(147,345	)		(4,598	)		(5,332	)		—			(1,259	)		—		—
	(5,432	)		(7,848	)		(5,379	)		(6,473	)		(1,226	)		(1,285	)		(1,070	)		(868	)		—		—
	(5,162	)		(11,373	)		73,408			(115,071	)		3,440			(8,689	)		1			(13,544	)		—		—
	(34,120	)		(219,336	)		25,694			(263,818	)		(2,384	)		(15,306	)		(1,069	)		(15,671	)		—		—
	9,574			(138,615	)		43,913			(120,026	)		145			(11,701	)		14,825			25,680			—		—
	492,571			631,186			822,378			942,404			52,004			63,705			154,294			128,614			—		—
	$502,145			$492,571			$866,291			$822,378			$52,149			$52,004			$169,119			$154,294			$—		$—


	833			1,086			4,666			869			297			197			—			—			—		—
	(1,716	)		(7,057	)		(4,135	)		(7,023	)		(377	)		(708	)		(22	)		(357	)		—		—

	(883	)		(5,971	)		531			(6,154	)		(80	)		(511	)		(22	)		(357	)		—		—

See accompanying notes to financial statements.

F-17

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)

Invesco V.I. Discovery Large Cap Fund — Series II Shares						Invesco V.I. Discovery Mid Cap Growth Fund — Series II shares				Invesco V.I. EQV International Equity Fund — Series II shares						Invesco V.I. Equity and Income Fund — Series II shares						Invesco V.I. Global Fund — Series II shares

Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025		Year ended December 31, 2024		Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024




	$(2,261	)		$(2,318	)		$—		$—		$(6,409	)		$16,713			$833			$(1,173	)		$(22,275	)		$(25,856	)
	7,718			10,657			—		—		12,088			7,192			18,113			19,150			12,669			18,117
	(6,301	)		43,559			—		—		193,858			(105,073	)		31,130			35,533			(79,155	)		144,183
	22,047			—			—		—		168,008			14,363			56,261			42,548			282,626			98,955
	21,203			51,898			—		—		367,545			(66,805	)		106,337			96,058			193,865			235,399


	—			—			—		—		(25,864	)		25,864			—			—			—			3,160
	(2,623	)		(4,333	)		—		—		(250,867	)		(189,933	)		(140,582	)		(159,141	)		(112,910	)		(363,552	)
	(1,931	)		(1,908	)		—		—		(30,077	)		(18,033	)		(15,490	)		(14,792	)		(13,771	)		(16,672	)
	(3,621	)		(45,661	)		—		—		(30,751	)		1,945,374			29,219			324,096			(40,847	)		(112,899	)
	(8,175	)		(51,902	)		—		—		(337,559	)		1,763,272			(126,853	)		150,163			(167,528	)		(489,963	)
	13,028			(4	)		—		—		29,986			1,696,467			(20,516	)		246,221			26,337			(254,564	)
	171,963			171,967			—		—		2,648,938			952,471			1,077,987			831,766			1,499,965			1,754,529
	$184,991			$171,963			$—		$—		$2,678,924			$2,648,938			$1,057,471			$1,077,987			$1,526,302			$1,499,965


	593			343			—		—		28,383			113,110			2,330			17,287			3,136			2,238
	(707	)		(1,484	)		—		—		(45,047	)		(18,840	)		(7,678	)		(10,006	)		(7,466	)		(17,144	)

	(114	)		(1,141	)		—		—		(16,664	)		94,270			(5,348	)		7,281			(4,330	)		(14,906	)

See accompanying notes to financial statements.

F-19

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



BlackRock Variable Series Funds, Inc.																							Columbia Funds Variable Series Trust II

BlackRock Advantage SMID Cap V.I. Fund — Class III Shares						BlackRock Basic Value V.I. Fund — Class III Shares						BlackRock Global Allocation V.I. Fund — Class III Shares						BlackRock Large Cap Focus Growth V.I. Fund — Class III Shares					CTIVP^® — Principal Large Cap Growth Fund — Class 1

Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025		Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024




	$(16	)		$(71	)		$2,487			$(14,589	)		$1,420,606			$(208,354	)		$—		$(60	)		$(15,434	)		$(92,153	)
	(3,073	)		(3,082	)		8,751			9,528			(261,326	)		(503,907	)		—		2,975			199,491			2,967,044
	(658	)		12,797			44,247			186,242			2,821,233			574,748			—		(1,526	)		(71,886	)		(1,691,884	)
	11,595			—			100,342			55,370			5,945,387			5,036,408			—		122			—			—
	7,848			9,644			155,827			236,551			9,925,900			4,898,895			—		1,511			112,171			1,183,007


	—			—			3,381			5,071			5,071			12,499			—		—			5,071			7,607
	(15,720	)		(9,635	)		(58,756	)		(139,839	)		(7,479,823	)		(9,711,357	)		—		(8,857	)		(106,162	)		(611,915	)
	(1,460	)		(1,462	)		(6,081	)		(21,217	)		(1,131,786	)		(1,254,006	)		—		(16	)		(10,390	)		(85,715	)
	(646	)		(2,171	)		26,683			(2,020,038	)		(3,222,287	)		(2,198,240	)		—		(2	)		(113,933	)		(9,722,270	)
	(17,826	)		(13,268	)		(34,773	)		(2,176,023	)		(11,828,825	)		(13,151,104	)		—		(8,875	)		(225,414	)		(10,412,293	)
	(9,978	)		(3,624	)		121,054			(1,939,472	)		(1,902,925	)		(8,252,209	)		—		(7,364	)		(113,243	)		(9,229,286	)
	96,459			100,083			726,141			2,665,613			63,269,887			71,522,096			—		7,364			1,169,378			10,398,664
	$86,481			$96,459			$847,195			$726,141			$61,366,962			$63,269,887			$—		$—			$1,056,135			$1,169,378


	334			268			3,563			5,648			53,709			65,359			—		—			7,916			15,911
	(866	)		(695	)		(4,867	)		(77,204	)		(611,223	)		(770,568	)		—		(161	)		(15,458	)		(387,689	)

	(532	)		(427	)		(1,304	)		(71,556	)		(557,514	)		(705,209	)		—		(161	)		(7,542	)		(371,778	)

See accompanying notes to financial statements.

F-21

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



Federated Hermes Insurance Series (continued)						Fidelity^® Variable Insurance Products Fund

Federated Hermes Kaufmann Fund II — Service Shares						VIP Balanced Portfolio — Service Class 2						VIP Contrafund^® Portfolio — Service Class 2						VIP Dynamic Capital Appreciation Portfolio — Service Class 2						VIP Equity-Income Portfolio^SM — Service Class 2

Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024




	$(27,675	)		$(13,846	)		$(1,839	)		$1,902			$(168,807	)		$(173,222	)		$(59	)		$(201	)		$6,781			$4,772
	6,667			27,291			131,774			119,424			848,225			1,116,500			276			6,366			100,385			82,778
	(24,439	)		139,293			102,111			242,372			(452,148	)		1,072,589			(440	)		(2,737	)		219,579			121,309
	238,107			13,567			192,045			126,146			1,941,641			1,431,135			1,474			862			184,164			185,487
	192,660			166,305			424,091			489,844			2,168,911			3,447,002			1,251			4,290			510,909			394,346


	(25,864	)		25,864			—			—			(128,443	)		129,321			—			—			5,071			11,952
	(194,021	)		(342,710	)		(428,276	)		(536,929	)		(1,274,937	)		(1,431,921	)		(529	)		(1,351	)		(298,552	)		(111,894	)
	(25,280	)		(14,303	)		(40,091	)		(39,388	)		(136,975	)		(149,388	)		(110	)		(148	)		(27,520	)		(27,858	)
	(9,018	)		1,762,052			(143,710	)		49,518			(668,430	)		(2,103,591	)		(228	)		(15,372	)		27,810			(164,222	)
	(254,183	)		1,430,903			(612,077	)		(526,799	)		(2,208,785	)		(3,555,579	)		(867	)		(16,871	)		(293,191	)		(292,022	)
	(61,523	)		1,597,208			(187,986	)		(36,955	)		(39,874	)		(108,577	)		384			(12,581	)		217,718			102,324
	2,041,902			444,694			3,691,704			3,728,659			12,060,873			12,169,450			7,508			20,089			3,110,531			3,008,207
	$1,980,379			$2,041,902			$3,503,718			$3,691,704			$12,020,999			$12,060,873			$7,892			$7,508			$3,328,249			$3,110,531


	15,130			60,526			4,519			4,781			43,962			26,766			14			10			8,723			6,103
	(22,037	)		(16,302	)		(23,346	)		(22,864	)		(83,905	)		(105,762	)		(28	)		(331	)		(17,921	)		(16,081	)

	(6,907	)		44,224			(18,827	)		(18,083	)		(39,943	)		(78,996	)		(14	)		(321	)		(9,198	)		(9,978	)

See accompanying notes to financial statements.

F-23

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



Fidelity^® Variable Insurance Products Fund (continued)

VIP Growth Opportunities Portfolio — Service Class 2						VIP Growth Portfolio — Service Class 2						VIP Investment Grade Bond Portfolio — Service Class 2						VIP Mid Cap Portfolio — Service Class 2						VIP Value Strategies Portfolio — Service Class 2

Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024




	$(34,361	)		$(30,401	)		$(2,256	)		$(3,271	)		$125,476			$137,886			$(47,402	)		$(37,409	)		$(230	)		$(343	)
	239,701			249,873			2,203			51,193			(68,647	)		(71,785	)		(87,368	)		79,172			393			4,605
	186,321			405,673			(188	)		(32,270	)		287,144			(64,741	)		69,922			(156,044	)		1,882			(8,031	)
	30,437			—			25,467			53,175			—			—			408,225			550,768			2,878			9,873
	422,098			625,145			25,226			68,827			343,973			1,360			343,377			436,487			4,923			6,104


	—			3,950			—			—			675			—			(24,174	)		37,090			—			—
	(384,517	)		(336,820	)		(24,005	)		(127,017	)		(763,579	)		(767,285	)		(253,611	)		(322,872	)		—			(935	)
	(10,084	)		(9,692	)		(2,165	)		(3,752	)		(92,188	)		(66,796	)		(28,493	)		(25,748	)		(411	)		(433	)
	240,569			(398,159	)		(687	)		5,115			289,144			4,261,340			(1,460,480	)		1,634,158			996			(8,799	)
	(154,032	)		(740,721	)		(26,857	)		(125,654	)		(565,948	)		3,427,259			(1,766,758	)		1,322,628			585			(10,167	)
	268,066			(115,576	)		(1,631	)		(56,827	)		(221,975	)		3,428,619			(1,423,381	)		1,759,115			5,508			(4,063	)
	2,016,250			2,131,826			199,228			256,055			6,584,137			3,155,518			4,430,857			2,671,742			70,915			74,978
	$2,284,316			$2,016,250			$197,597			$199,228			$6,362,162			$6,584,137			$3,007,476			$4,430,857			$76,423			$70,915


	4,840			526			267			1,016			82,851			361,989			25,148			59,516			89			73
	(6,449	)		(13,102	)		(609	)		(2,839	)		(125,615	)		(94,800	)		(71,781	)		(21,672	)		(66	)		(343	)

	(1,609	)		(12,576	)		(342	)		(1,823	)		(42,764	)		267,189			(46,633	)		37,844			23			(270	)

See accompanying notes to financial statements.

F-25

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



Franklin Templeton Variable Insurance Products Trust (continued)						Goldman Sachs Variable Insurance Trust						Janus Aspen Series												Legg Mason Partners Variable Equity Trust

Templeton Growth VIP Fund — Class 2 Shares						Goldman Sachs Government Money Market Fund — Service Shares						Janus Henderson Balanced Portfolio — Service Shares						Janus Henderson Forty Portfolio — Service Shares						ClearBridge Variable Dividend Strategy Portfolio — Class II

Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024




	$(316	)		$(293	)		$212,324			$329,631			$4,763			$4,828			$(22,500	)		$(46,227	)		$(4	)		$(25	)
	3,699			3,671			—			—			460,001			527,315			68,009			770,964			113			166
	8,274			1,636			—			—			38,025			241,007			(19,266	)		(253,288	)		(181	)		(19	)
	6,779			344			—			—			171,016			—			219,786			261,891			274			280
	18,436			5,358			212,324			329,631			673,805			773,150			246,029			733,340			202			402


	—			—			1,005,270			106,138			—			—			—			7,505			—			—
	(1,616	)		(6,391	)		(14,954,055	)		(13,269,245	)		(415,092	)		(1,108,599	)		(51,916	)		(302,921	)		(915	)		(891	)
	(1,131	)		(1,316	)		(84,279	)		(86,548	)		(50,848	)		(60,085	)		(7,758	)		(27,444	)		—			—
	(17,291	)		(18,729	)		11,983,676			13,203,060			(587,743	)		(342,687	)		29,914			(2,750,807	)		70			(153	)
	(20,038	)		(26,436	)		(2,049,388	)		(46,595	)		(1,053,683	)		(1,511,371	)		(29,760	)		(3,073,667	)		(845	)		(1,044	)
	(1,602	)		(21,078	)		(1,837,064	)		283,036			(379,878	)		(738,221	)		216,269			(2,340,327	)		(643	)		(642	)
	85,674			106,752			10,743,421			10,460,385			5,470,481			6,208,702			1,600,546			3,940,873			2,730			3,372
	$84,072			$85,674			$8,906,357			$10,743,421			$5,090,603			$5,470,481			$1,816,815			$1,600,546			$2,087			$2,730


	222			400			1,723,535			1,804,640			4,761			2,578			3,077			2,632			2			1
	(1,255	)		(1,922	)		(1,935,454	)		(1,804,476	)		(35,183	)		(47,408	)		(3,863	)		(52,446	)		(29	)		(38	)

	(1,033	)		(1,522	)		(211,919	)		164			(30,422	)		(44,830	)		(786	)		(49,814	)		(27	)		(37	)

See accompanying notes to financial statements.

F-27

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



MFS^® Variable Insurance Trust																MFS^® Variable Insurance Trust II					PIMCO Variable Insurance Trust

MFS^® Investors Trust Series — Service Class Shares				MFS^® Total Return Series — Service Class Shares						MFS^® Utilities Series — Service Class Shares						MFS^® Massachusetts Investors Growth Stock Portfolio — Service Class Shares					All Asset Portfolio — Advisor Class Shares

Year ended December 31, 2025		Year ended December 31, 2024		Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025		Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024




	$—		$—		$28,200			$21,607			$1,787			$884			$—		$(105	)		$3,121			$5,825
	—		—		13,431			19,359			3,416			9,186			—		2,494			(2,849	)		(3,153	)
	—		—		(2,045	)		(15,822	)		10,165			(979	)		—		(1,733	)		11,617			263
	—		—		194,534			130,386			1,805			4,187			—		1,246			—			—
	—		—		234,120			155,530			17,173			13,278			—		1,902			11,889			2,935


	—		—		—			—			—			—			—		—			—			—
	—		—		(231,740	)		(222,588	)		(10,358	)		(6,010	)		—		(1,318	)		(16,738	)		(11,255	)
	—		—		(35,871	)		(36,333	)		(1,608	)		(1,753	)		—		(42	)		(2,796	)		(2,937	)
	—		—		10,117			50,141			(41	)		(86,869	)		—		(14,060	)		(1,533	)		(4,897	)
	—		—		(257,494	)		(208,780	)		(12,007	)		(94,632	)		—		(15,420	)		(21,067	)		(19,089	)
	—		—		(23,374	)		(53,250	)		5,166			(81,354	)		—		(13,518	)		(9,178	)		(16,154	)
	—		—		2,613,741			2,666,991			133,999			215,353			—		13,518			106,012			122,166
	$—		$—		$2,590,367			$2,613,741			$139,165			$133,999			$—		$—			$96,834			$106,012


	—		—		8,285			6,249			267			388			—		—			224			270
	—		—		(18,849	)		(15,187	)		(587	)		(3,314	)		—		(522	)		(1,299	)		(1,273	)

	—		—		(10,564	)		(8,938	)		(320	)		(2,926	)		—		(522	)		(1,075	)		(1,003	)

See accompanying notes to financial statements.

F-29

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Statements of Changes in Net Assets — Continued



PIMCO Variable Insurance Trust (continued)						State Street Variable Insurance Series Funds, Inc.

Total Return Portfolio — Administrative Class Shares						Income V.I.S. Fund — Class 1 Shares						Premier Growth Equity V.I.S. Fund — Class 1 Shares				Real Estate Securities V.I.S. Fund — Class 1 Shares						S&P 500^® Index V.I.S. Fund — Class 1 Shares

Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025		Year ended December 31, 2024		Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024




	$226,805			$226,492			$(68	)		$103			$—		$—		$(1,648	)		$34,236			$(8	)		$1
	(161,701	)		(210,196	)		(806	)		(103	)		—		—		(3,544	)		2,045			29			27
	547,567			84,228			1,017			(173	)		—		—		1,001			206,148			408			523
	—			—			—			—			—		—		4,452			—			411			432
	612,671			100,524			143			(173	)		—		—		261			242,429			840			983


	14,567			1,227			—			—			—		—		270			—			—			—
	(987,403	)		(1,158,864	)		(253	)		(431	)		—		—		(43,341	)		(289,519	)		—			—
	(121,609	)		(125,142	)		—			—			—		—		(2,606	)		(36,696	)		(16	)		(14	)
	(289,696	)		1,600,520			(6,668	)		738			—		—		(50,509	)		(4,242,657	)		—			(2	)
	(1,384,141	)		317,741			(6,921	)		307			—		—		(96,186	)		(4,568,872	)		(16	)		(16	)
	(771,470	)		418,265			(6,778	)		134			—		—		(95,925	)		(4,326,443	)		824			967
	9,020,365			8,602,100			6,778			6,644			—		—		438,925			4,765,368			5,209			4,242
	$8,248,895			$9,020,365			$—			$6,778			$—		$—		$343,000			$438,925			$6,033			$5,209


	71,193			159,886			87			96			—		—		724			22,578			—			—
	(161,825	)		(140,994	)		(710	)		(68	)		—		—		(3,482	)		(185,270	)		—			—

	(90,632	)		18,892			(623	)		28			—		—		(2,758	)		(162,692	)		—			—

See accompanying notes to financial statements.

F-31

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements

December 31, 2025

(1)

Description of Entity

Genworth Life & Annuity VA Separate Account 2 (the “Separate Account”) is a separate investment account established on June 5, 2002 by Genworth Life and Annuity Insurance Company (“GLAIC”), pursuant to the laws of the Commonwealth of Virginia. GLAIC is a stock life insurance company operating under a charter granted by the Commonwealth of Virginia on March 21, 1871. GLAIC is licensed as a life insurer to do business in Bermuda, the District of Columbia and all states except for New York. GLAIC is wholly-owned by Genworth Life Insurance Company, which is wholly-owned by Genworth North America Corporation, which is indirectly wholly-owned by Genworth Financial, Inc.

GLAIC has a 34.5% investment in an affiliate, Genworth Life Insurance Company of New York.

GLAIC’s principal products are life insurance and fixed deferred and immediate annuities. Life insurance products provide protection against financial hardship after the death of an insured. Deferred annuities are investment vehicles intended for contract owners who want to accumulate tax-deferred assets for retirement, desire a tax-efficient source of income and seek to protect against outliving their assets. Immediate annuities provide a fixed amount of income for either a defined number of years, the annuitant’s lifetime or the longer of a defined number of years or the annuitant’s lifetime. In March 2016, GLAIC suspended sales of traditional life insurance and fixed annuity products. GLAIC, however, continues to service its existing retained and reinsured blocks of business.

GLAIC also has other products which have not been actively sold since 2011, but it continues to service its existing blocks of business. Those products include variable annuities, including group variable annuities offered through retirement plans, variable life insurance and funding agreements. Most of its variable annuities include guaranteed minimum death benefits. Some of GLAIC’s group and individual variable annuity products include guaranteed minimum benefit features such as guaranteed minimum withdrawal benefits and certain types of guaranteed annuitization benefits.

The Separate Account has subaccounts that currently invest in series or portfolios (“Portfolios”) of open-end mutual funds (“Funds”). Such Portfolios are not sold directly to the general public. The Portfolios are sold to GLAIC, and they may also be sold to other insurance companies that issue variable annuity contracts and variable life insurance policies, including affiliated insurance companies of GLAIC. In addition, the Portfolios may be sold to retirement plans. GLAIC uses the Separate Account to support flexible premium variable deferred and immediate annuity contracts issued by GLAIC, as well as other purposes permitted by law.

Currently, there are multiple subaccounts of the Separate Account available under each contract. Each subaccount invests exclusively in shares representing an interest in a separate corresponding Portfolio (a division of a Fund, the assets of which are separate from other Portfolios that may be available in the Fund).

The assets of the Separate Account belong to GLAIC. However, GLAIC does not charge the assets in the Separate Account attributable to the contracts with liabilities arising out of any other business that GLAIC may conduct. The assets of the Separate Account will, however, be available to cover the liabilities of GLAIC’s General Account to the extent that the assets of the Separate Account exceed its liabilities arising under the contracts supported by it. Income and both realized and unrealized gains or losses from the assets of the Separate Account are credited to or charged against the Separate Account without regard to the income, gains or losses arising out of any other business GLAIC may conduct. Guarantees made under the contracts, including any rider options, are based on the claims paying ability of GLAIC to the extent that the amount of the guarantee exceeds the assets available in the Separate Account.

The Separate Account is registered with the U.S. Securities and Exchange Commission (“SEC”) as a unit investment trust under the Investment Company Act of 1940, as amended. The Separate Account meets the definition of a separate account under the Federal securities laws. Registration with the SEC does not involve supervision of the management or investment practices or policies of the Separate Account by the SEC. Contract owners assume the full investment risk for amounts allocated by contract owners to the Separate Account.

F-34

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2025

During the years ended December 31, 2025 and 2024, the following Portfolio names were changed:


Prior Portfolio Name	Current Portfolio Name	Effective Date
Columbia Funds Variable Series Trust II — CTIVP^® — Principal Blue Chip Growth Fund — Class 1	Columbia Funds Variable Series Trust II — CTIVP^® — Principal Large Cap Growth Fund — Class 1		May 30, 2025
AIM Variable Insurance Funds (Invesco Variable Insurance Funds) — Invesco V.I. Capital Appreciation Fund — Series II shares	AIM Variable Insurance Funds (Invesco Variable Insurance Funds) — Invesco V.I. Discovery Large Cap Fund — Series II Shares		April 29, 2025
Legg Mason Partners Variable Equity Trust — ClearBridge Variable Aggressive Growth Portfolio — Class II	Legg Mason Partners Variable Equity Trust — ClearBridge Variable Growth Portfolio — Class II		April 29, 2024
American Century Variable Portfolios II, Inc. — VP Inflation Protection Fund — Class II	Lincoln Variable Insurance Products Trust — LVIP American Century Inflation Protection Fund — Service Class		April 26, 2024

During the years ended December 31, 2025 and 2024, the following Portfolio(s) were liquidated, and the Portfolio assets were reinvested in new or existing Portfolio(s):


Liquidated Portfolio	Reinvested Portfolio	Inception Date
The Prudential Series Fund — PSF Natural Resources Portfolio — Class II Shares	The Prudential Series Fund — PSF PGIM Jennison Blend Portfolio — Class II Shares		April 11, 2025
AIM Variable Insurance Funds (Invesco Variable Insurance Funds) — Invesco V.I. Conservative Balanced Fund — Series II shares	AIM Variable Insurance Funds (Invesco Variable Insurance Funds) — Invesco V.I. Equity and Income Fund — Series II shares		April 26, 2024

(2)

Summary of Significant Accounting Policies

(a) Basis of Presentation

These financial statements have been prepared on the basis of U.S. generally accepted accounting principles (“U.S. GAAP”). Preparing financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect amounts and disclosures reported therein. Actual results could differ from those estimates. The Separate Account is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies.

(b) Investments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Separate Account, generally, uses a market approach as the valuation technique due to the nature of the mutual fund investments offered in the Separate Account. This technique maximizes the use of observable inputs and minimizes the use of unobservable inputs. Investments in mutual funds are valued at the mutual fund’s closing net asset value per share on the day of valuation.

Valuation Inputs: Various inputs are used to determine the value of the mutual fund’s investments. These inputs are summarized in the three broad levels listed below:

•

Level 1 — quoted prices in active markets for identical securities;

F-35

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2025

•

Level 2 — observable inputs other than Level 1 quoted prices (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds and credit risk); and

•

Level 3 — unobservable inputs.

The investments of the Separate Accounts are measured at fair value on a recurring basis. All investments are categorized as Level 1 as of December 31, 2025 and there were no transfers between the levels during 2025.

Purchases and redemptions of investments in mutual funds are recorded on the Valuation Day that the request for the purchase or redemption is received. A Valuation Day is any day that the New York Stock Exchange is open for regular trading, except for days on which a Portfolio does not value its shares. Income distributions, and gains from realized gain distributions, are recorded on the ex-dividend date. Realized gains and losses on investments are determined on the average cost basis. Units and unit values are disclosed as of the last Valuation Day of the applicable year or period.

(c) Unit Classes

There are several unit classes of subaccounts based on the variable annuity contract through which the subaccounts are available. An indefinite number of units in each unit class is authorized. Each unit class has its own expense structure as noted in note 4(a) below. In January 2011, Genworth announced that its insurance company subsidiaries, including GLAIC, would discontinue new sales of variable annuity products but would continue to service existing blocks of business. However, MyClearCourse^®, a variable annuity product, remains available for new sales. For those contracts no longer available for new sales, additional purchase payments may still be accepted under the terms of the contracts.

(d) Federal Income Taxes

The operations of the Separate Account are a part of, and taxed with, the operations of GLAIC. Therefore, the Separate Account is not separately taxed as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). Under existing federal income tax laws, investment income and capital gains of the Separate Account are not taxed. Accordingly, the Separate Account paid no federal income taxes and no federal income tax payment was required. GLAIC is taxed as a life insurance company under the Code.

(e) Payments During Annuitization

Net assets allocated to the contracts in variable payout stages (“variable annuitization”) are computed in accordance with the mortality tables in effect at the time of contract issue. The default assumed interest rate is an effective annual rate of 3% for all variable annuitizations paid on a life contingency basis, with the exception of those contract owners who have annuitized while electing the Payment Optimizer Plus rider option. Under this rider option, the assumed interest rate is 4%. The mortality risk is fully borne by GLAIC and may result in amounts transferred from GLAIC’s General Account to the Separate Account should annuitants live longer than assumed. GLAIC may transfer amounts from the Separate Account to its General Account should the contracts experience higher mortality than assumed.

(f) Segment Reporting

An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by a public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The subaccounts within the Separate Account apply the guidance in Topic 280, Segment Reporting, which impacts financial statement disclosures only and does not affect the financial position or results of operations of the subaccounts of the Separate Account. The subaccounts have acted as single reportable segments, and the CODM of the subaccounts within the Separate Account is the Variable Product Portfolio

F-36

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2025

Manager. The Separate Account is structured with a limited purpose by design, and its sole purpose is to record and report the invested funds and activities and performance chosen by contract/policy holders. Investment performance of funds may vary based on the underlying fund’s investment objectives specified in the fund prospectuses. Significant revenues and expenses are reported on the Statements of Changes in Net Assets and are reviewed by the CODM. The accounting policies of the segment are the same as those described in the summary of significant accounting policies herein.

(g) Subsequent Events

No material subsequent events have occurred since December 31, 2025 through April 23, 2026, the date the financial statements were available to be issued, that would require adjustment to the financial statements.

(3)

Purchases and Sales of Investments

The aggregate cost of the investments acquired, and the aggregate proceeds of investments sold, for the year ended December 31, 2025 were:


Fund/Portfolio	Cost of Shares Acquired		Proceeds from Shares Sold
AB Variable Products Series Fund, Inc.
AB VPS Balanced Hedged Allocation Portfolio — Class B	$	60,384	$	99,889
AB VPS International Value Portfolio — Class B		153,075		292,808
AB VPS Large Cap Growth Portfolio — Class B		1,826		46,602
AB VPS Relative Value Portfolio — Class B		77,048		69,937
AB VPS Small Cap Growth Portfolio — Class B		224,980		210,976
AB VPS Sustainable Global Thematic Portfolio — Class B		15,086		11,313
AIM Variable Insurance Funds (Invesco Variable Insurance Funds)
Invesco V.I. American Franchise Fund — Series I shares		15,238		2,898
Invesco V.I. American Franchise Fund — Series II shares		—		—
Invesco V.I. American Value Fund — Series II shares		—		—
Invesco V.I. Comstock Fund — Series II shares		1,634,269		1,254,141
Invesco V.I. Core Equity Fund — Series I shares		3,645,533		2,983,035
Invesco V.I. Discovery Large Cap Fund — Series II Shares		48,234		36,622
Invesco V.I. Discovery Mid Cap Growth Fund — Series II shares		—		—
Invesco V.I. EQV International Equity Fund — Series II shares		762,504		938,337
Invesco V.I. Equity and Income Fund — Series II shares		131,840		201,597
Invesco V.I. Global Fund — Series II shares		382,009		289,504
Invesco V.I. Main Street Fund^® — Series II shares		2,891,203		3,548,266
Invesco V.I. Main Street Small Cap Fund^® — Series II shares		848,057		999,301
Allspring Variable Trust
Allspring VT Discovery All Cap Growth Fund — Class 2		20,157		8,946
BlackRock Variable Series Funds, Inc.
BlackRock Advantage SMID Cap V.I. Fund — Class III Shares		23,478		29,726
BlackRock Basic Value V.I. Fund — Class III Shares		250,100		182,038
BlackRock Global Allocation V.I. Fund — Class III Shares		9,529,728		13,993,608
BlackRock Large Cap Focus Growth V.I. Fund — Class III Shares		—		—
Columbia Funds Variable Series Trust II
CTIVP^® — Principal Large Cap Growth Fund — Class 1		255,201		496,052
Columbia Variable Portfolio—Overseas Core Fund — Class 2		124,055		197,027
Eaton Vance Variable Trust
VT Floating-Rate Income Fund		464,907		548,653

F-37

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2025


Fund/Portfolio	Cost of Shares Acquired		Proceeds from Shares Sold
Federated Hermes Insurance Series
Federated Hermes High Income Bond Fund II — Service Shares	$	8,442	$	6,557
Federated Hermes Kaufmann Fund II — Service Shares		799,690		842,926
Fidelity^® Variable Insurance Products Fund
VIP Balanced Portfolio — Service Class 2		381,642		804,230
VIP Contrafund^® Portfolio — Service Class 2		4,389,314		4,824,128
VIP Dynamic Capital Appreciation Portfolio — Service Class 2		2,299		1,753
VIP Equity-Income Portfolio^SM — Service Class 2		511,711		613,222
VIP FundsManager^® 50% Portfolio — Service Class 2		415,496		3,195,023
VIP FundsManager^® 60% Portfolio — Service Class 2		2,276,081		12,182,579
VIP Growth & Income Portfolio — Service Class 2		122,787		21,543
VIP Growth Opportunities Portfolio — Service Class 2		379,816		537,760
VIP Growth Portfolio — Service Class 2		44,323		48,147
VIP Investment Grade Bond Portfolio — Service Class 2		1,311,493		1,752,419
VIP Mid Cap Portfolio — Service Class 2		1,340,156		2,745,857
VIP Value Strategies Portfolio — Service Class 2		6,495		3,261
Franklin Templeton Variable Insurance Products Trust
Franklin Allocation VIP Fund — Class 2 Shares		109,509		288,804
Franklin Income VIP Fund — Class 2 Shares		603,463		1,177,120
Franklin Mutual Shares VIP Fund — Class 2 Shares		844,614		1,068,468
Templeton Growth VIP Fund — Class 2 Shares		11,185		24,758
Goldman Sachs Variable Insurance Trust
Goldman Sachs Government Money Market Fund — Service Shares		16,900,476		18,631,267
Janus Aspen Series
Janus Henderson Balanced Portfolio — Service Shares		411,817		1,291,342
Janus Henderson Forty Portfolio — Service Shares		442,164		274,628
Legg Mason Partners Variable Equity Trust
ClearBridge Variable Dividend Strategy Portfolio — Class II		384		959
ClearBridge Variable Growth Portfolio — Class II		—		—
ClearBridge Variable Large Cap Value Portfolio — Class I		—		94,099
Lincoln Variable Insurance Products Trust
LVIP American Century Inflation Protection Fund — Service Class		408,775		548,842
MFS^® Variable Insurance Trust
MFS^® Investors Trust Series — Service Class Shares		—		—
MFS^® Total Return Series — Service Class Shares		446,327		481,087
MFS^® Utilities Series — Service Class Shares		15,208		23,621
MFS^® Variable Insurance Trust II
MFS^® Massachusetts Investors Growth Stock Portfolio — Service Class Shares		—		1
PIMCO Variable Insurance Trust
All Asset Portfolio — Advisor Class Shares		8,648		26,593
High Yield Portfolio — Administrative Class Shares		335,927		579,619
Long-Term U.S. Government Portfolio — Administrative Class Shares		958,383		905,326
Low Duration Portfolio — Administrative Class Shares		817,308		952,959
Total Return Portfolio — Administrative Class Shares		1,447,524		2,604,440

F-38

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2025


Fund/Portfolio	Cost of Shares Acquired		Proceeds from Shares Sold
State Street Variable Insurance Series Funds, Inc.
Income V.I.S. Fund — Class 1 Shares	$	959	$	7,947
Premier Growth Equity V.I.S. Fund — Class 1 Shares		—		—
Real Estate Securities V.I.S. Fund — Class 1 Shares		28,583		121,968
S&P 500^® Index V.I.S. Fund — Class 1 Shares		466		79
Small-Cap Equity V.I.S. Fund — Class 1 Shares		18,784		12,477
Total Return V.I.S. Fund — Class 3 Shares		15,551,464		25,776,349
U.S. Equity V.I.S. Fund — Class 1 Shares		31,074		15,331
The Prudential Series Fund
PSF Natural Resources Portfolio — Class II Shares		21,790		709,656
PSF PGIM Jennison Blend Portfolio — Class II Shares		878,050		231,811
PSF PGIM Jennison Growth Portfolio — Class II Shares		7,571		32,418

(4)

Related Party Transactions

(a) GLAIC

Net purchase payments (premiums) transferred from GLAIC to the Separate Account represent gross premiums recorded by GLAIC on its flexible premium variable deferred and immediate annuity contracts, less deductions retained as compensation for premium taxes. For contracts issued on or after May 1, 1993, the deduction for premium taxes is deferred until the contracts are surrendered.

Some contracts permit contract owners to elect to allocate assets to a Guarantee Account that is part of the General Account of GLAIC. Amounts allocated to the Guarantee Account earn interest at the interest rate in effect at the time of such allocation or transfer. The interest rate remains in effect for a guaranteed period of time (at least a period of one year), after which a new rate may be declared. Contract owners may transfer amounts from the Guarantee Account to the subaccounts of the Separate Account and in certain instances transfer amounts from the subaccounts of the Separate Account to the Guarantee Account.

Generally, charges are assessed under the contracts to cover surrenders, certain administrative expenses, and the mortality and expense risks that GLAIC assumes, as well as any additional benefits provided under the contract such as optional benefits, as applicable. The surrender charges are assessed to cover certain expenses relating to the sale of a contract. The fees charged to cover administrative expenses and mortality and expense risk charges, as well as through certain electable rider options, are assessed through the daily unit value calculation. Those fees are assessed on the contract owner’s daily average net assets in the Separate Account. Other charges assessed to cover certain other administrative expenses, as well as certain optional riders, are assessed by the redemption of units. Note 6 presents the total charge percentage by unit in a range. The unit class may encompass multiple contracts through a combination of one or more electable rider options equal to the total amount assessed on a daily basis.

The Separate Account assesses charges associated with the contracts issued. These charges are either assessed as a direct reduction in unit values or through a redemption of units for all contracts contained within the Separate Account.


Mortality and Expense Risk Charge (including benefit rider options) This charge is assessed through a reduction in unit values.		1.00% — 2.85% of the daily value of the assets invested in each Portfolio (fund).

Administrative Charge This charge is assessed through a reduction in unit values.		0.00% — 0.25% of the daily value of the assets invested in each fund.

Annual Administrative Charge This charge is assessed through a redemption in units.		$0 — $25 per contract year invested in each fund.

Surrender Charge This charge is assessed through a redemption in units.		0.00% — 9.00% on the value of the accumulation units purchased.

F-39

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2025

(b) Accrued Expenses Payable to Affiliate

Charges and deductions made under the contracts for services and benefits unpaid at year-end are accrued and payable to GLAIC.

(c) Bonus Credit

For certain contracts, transfers from the General Account for payments by GLAIC were paid in the form of bonus credits. Bonus credits are amounts that are added by GLAIC to the premium payments received from contract owners.

(d) Capital Brokerage Corporation

Capital Brokerage Corporation (“CBC”), an affiliate of GLAIC, is a Washington corporation registered with the SEC under the Securities Exchange Act of 1934 as a broker-dealer and is a member of the Financial Industry Regulatory Authority (“FINRA”). CBC serves as the distributor and principal underwriter for variable annuity contracts, variable life insurance policies and certain guaranteed income annuity contracts issued by GLAIC. GLAIC pays commissions and other marketing related expenses to CBC. Certain officers and directors of GLAIC are also officers and directors of CBC.

(5)

Capital Transactions

All dividends and capital gain distributions of the Portfolios are automatically reinvested in shares of the distributing Portfolios at their net asset value on the date of distribution. In other words, Portfolio dividends or Portfolio distributions are not paid to contract owners as additional units, but instead are reflected in unit values.

The increase (decrease) in outstanding units and amounts by subaccount from capital transactions for the years ended December 31, 2025 and 2024 are reflected in the Statements of Changes in Net Assets.

(6)

Financial Highlights

GLAIC’s variable annuity products have unique combinations of features and fees that are assessed to the contract owner. Differences in fee structures result in a variety of contract expense rates, unit values, and total returns. A summary by subaccount of the outstanding units, unit values, net assets, expense ratios, investment income ratios and total return ratios for the years or lesser periods ended December 31, 2025, 2024, 2023, 2022, and 2021 follows. Expenses as a percent of average net assets are presented as a range of lowest to highest contract expense rate. The unit value and total return ranges are presented to correlate to the respective expense rate. Accordingly, some individual contract amounts may not be within the ranges presented due to the timing of the introduction of new products or funds.

Financial highlights are only disclosed for Portfolios that were available to contract owners as of December 31, 2025. Portfolios liquidated in the current year (see note 1) are not included.


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
AB Variable Products Series Fund, Inc.
AB VPS Balanced Hedged Allocation Portfolio — Class B
2025		1.15% to 2.40%		33,138		21.13 to 16.49		631		1.88%		16.01% to 14.55%
2024		1.15% to 2.40%		37,215		18.21 to 14.40		614		1.62%		7.32% to 5.96%
2023		1.15% to 2.40%		46,807		16.97 to 13.59		731		0.89%		11.37% to 9.96%
2022		1.15% to 2.40%		54,541		15.24 to 12.36		772		3.07%		(20.10)% to (21.11)%
2021		1.15% to 2.40%		53,692		19.07 to 15.66		954		0.25%		12.06% to 10.64%

F-40

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2025


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
AB VPS International Value Portfolio — Class B
2025		1.15% to 1.95%		27,389		13.72 to 18.27		382		2.21%		39.65% to 38.52%
2024		1.15% to 1.95%		42,576		9.83 to 13.19		401		0.88%		3.59% to 2.75%
2023		1.15% to 2.90%		249,185		9.49 to 10.56		2,257		1.06%		13.51% to 11.51%
2022		1.15% to 1.95%		48,983		8.36 to 11.40		396		1.28%		(14.79)% to (15.47)%
2021		1.15% to 2.90%		324,023		9.81 to 11.32		3,035		1.98%		9.58% to 7.64%
AB VPS Large Cap Growth Portfolio — Class B
2025		1.15% to 1.15%		263		76.17 to 76.17		20		0.00%		11.55% to 11.55%
2024		1.15% to 1.15%		1,015		68.28 to 68.28		69		0.00%		23.50% to 23.50%
2023		1.15% to 1.15%		883		55.29 to 55.29		49		0.00%		33.24% to 33.24%
2022		1.15% to 1.15%		2,100		41.49 to 41.49		87		0.00%		(29.51)% to (29.51)%
2021		1.15% to 1.15%		2,226		58.86 to 58.86		131		0.00%		27.17% to 27.17%
AB VPS Relative Value Portfolio — Class B
2025		1.15% to 1.15%		12,873		39.01 to 39.01		502		0.90%		8.93% to 8.93%
2024		1.15% to 1.15%		13,756		35.81 to 35.81		493		1.27%		11.46% to 11.46%
2023		1.15% to 1.35%		19,727		32.13 to 31.01		631		1.24%		10.44% to 10.22%
2022		1.15% to 1.35%		23,155		29.09 to 28.14		671		1.10%		(5.52)% to (5.71)%
2021		1.15% to 1.35%		25,994		30.79 to 29.84		798		0.64%		26.37% to 26.11%
AB VPS Small Cap Growth Portfolio — Class B
2025		1.15% to 1.95%		17,806		49.69 to 55.94		866		0.00%		3.25% to 2.41%
2024		1.15% to 1.95%		17,275		48.12 to 54.62		822		0.00%		17.07% to 16.12%
2023		1.15% to 1.95%		23,429		41.11 to 47.04		942		0.00%		16.38% to 15.44%
2022		1.15% to 1.95%		25,040		35.32 to 40.75		868		0.00%		(39.96)% to (40.45)%
2021		1.15% to 1.95%		22,125		58.83 to 68.42		1,277		0.00%		7.95% to 7.07%
AB VPS Sustainable Global Thematic Portfolio — Class B
2025		1.15% to 1.85%		1,784		30.74 to 26.76		52		0.00%		4.81% to 4.06%
2024		1.15% to 1.85%		1,864		29.33 to 25.72		52		0.00%		4.73% to 3.99%
2023		1.15% to 1.85%		2,375		28.01 to 24.73		64		0.03%		14.38% to 13.57%
2022		1.15% to 1.85%		3,036		24.49 to 21.78		72		0.00%		(28.00)% to (28.51)%
2021		1.15% to 1.85%		2,307		34.01 to 30.46		75		0.00%		21.16% to 20.31%
AIM Variable Insurance Funds (Invesco Variable Insurance Funds)
Invesco V.I. American Franchise Fund — Series I shares
2025		1.15% to 1.15%		3,185		53.11 to 53.11		169		0.00%		10.38% to 10.38%
2024		1.15% to 1.15%		3,207		48.11 to 48.11		154		0.00%		33.33% to 33.33%
2023		1.15% to 1.15%		3,564		36.09 to 36.09		129		0.00%		39.31% to 39.31%
2022		1.15% to 1.15%		4,540		25.90 to 25.90		118		0.00%		(31.90)% to (31.90)%
2021		1.15% to 1.15%		5,388		38.04 to 38.04		205		0.00%		10.64% to 10.64%

F-41

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2025


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
Invesco V.I. American Franchise Fund — Series II shares
2025		1.15% to 2.60%		—		65.93 to 21.34		—		0.00%		10.11% to 8.49%
2024		1.15% to 2.60%		—		59.88 to 19.67		—		0.00%		33.00% to 31.05%
2023		1.15% to 2.60%		—		45.02 to 15.01		—		0.00%		38.99% to 36.96%
2022		1.15% to 2.60%		—		32.39 to 10.96		—		0.00%		(32.08)% to (33.08)%
2021		1.15% to 2.60%		—		47.69 to 16.37		—		0.00%		10.36% to 8.75%
Invesco V.I. American Value Fund — Series II shares
2025		1.15% to 2.60%		—		17.66 to 16.49		—		0.00%		19.37% to 17.62%
2024		1.15% to 2.60%		—		14.80 to 14.02		—		0.00%		28.59% to 26.70%
2023		1.15% to 2.60%		—		11.51 to 11.06		—		0.00%		13.97% to 12.30%
2022		1.15% to 2.60%		—		10.10 to 9.85		—		0.00%		(3.98)% to (5.38)%
2021 (4)		1.15% to 2.60%		—		10.52 to 10.41		—		0.00%		5.16% to 4.12%
Invesco V.I. Comstock Fund — Series II shares
2025		1.15% to 2.90%		94,327		40.97 to 17.95		3,846		1.55%		15.80% to 13.75%
2024		1.15% to 2.90%		95,715		35.38 to 15.78		3,372		1.38%		13.54% to 11.52%
2023		1.15% to 2.90%		125,667		31.16 to 14.15		3,870		2.04%		10.81% to 8.85%
2022		1.15% to 1.95%		46,919		28.12 to 35.27		1,388		1.21%		(0.31)% to (1.12)%
2021		1.15% to 2.15%		63,725		28.21 to 20.60		1,842		1.62%		31.51% to 30.19%
Invesco V.I. Core Equity Fund — Series I shares
2025		1.15% to 2.90%		210,199		43.74 to 18.62		8,781		0.69%		14.83% to 12.80%
2024		1.15% to 2.90%		208,346		38.09 to 16.50		7,589		1.04%		24.15% to 21.95%
2023		1.15% to 1.70%		18,181		30.68 to 31.45		555		0.10%		21.95% to 21.27%
2022		1.15% to 2.90%		372,837		25.16 to 11.30		8,982		0.86%		(21.46)% to (22.85)%
2021		1.15% to 2.90%		435,723		32.03 to 14.64		13,367		0.96%		26.27% to 24.04%
Invesco V.I. Discovery Large Cap Fund — Series II Shares
2025		1.15% to 1.35%		3,481		54.41 to 52.31		185		0.00%		11.24% to 11.02%
2024		1.15% to 1.35%		3,595		48.91 to 47.12		172		0.00%		32.28% to 32.01%
2023		1.15% to 1.35%		4,736		36.98 to 35.69		172		0.00%		33.48% to 33.21%
2022		1.15% to 1.35%		5,888		27.70 to 26.80		161		0.00%		(31.76)% to (31.89)%
2021		1.15% to 1.35%		5,374		40.60 to 39.34		215		0.00%		20.87% to 20.63%
Invesco V.I. Discovery Mid Cap Growth Fund — Series II shares
2025		1.15% to 2.60%		—		38.38 to 14.88		—		0.00%		3.33% to 1.82%
2024		1.15% to 2.60%		—		37.14 to 14.62		—		0.00%		22.48% to 20.68%
2023		1.15% to 2.60%		—		30.32 to 12.11		—		0.00%		11.56% to 9.93%
2022		1.15% to 2.60%		—		27.18 to 11.02		—		0.00%		(31.92)% to (32.92)%
2021		1.15% to 2.60%		—		39.93 to 16.43		—		0.00%		17.43% to 15.70%
Invesco V.I. EQV International Equity Fund — Series II shares
2025		1.15% to 2.90%		129,815		22.57 to 11.90		2,679		1.17%		14.89% to 12.86%
2024		1.15% to 2.90%		146,479		19.64 to 10.54		2,649		2.13%		(0.82)% to (2.58)%
2023		1.15% to 1.90%		52,209		19.81 to 17.33		952		0.00%		16.51% to 15.63%
2022		1.15% to 1.90%		59,220		17.00 to 14.99		929		1.28%		(19.44)% to (20.05)%
2021		1.15% to 2.15%		75,842		21.10 to 13.64		1,485		1.06%		4.39% to 3.34%

F-42

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2025


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
Invesco V.I. Equity and Income Fund — Series II shares
2025		1.15% to 2.70%		42,215		28.32 to 21.09		1,057		1.87%		11.22% to 9.48%
2024		1.15% to 2.70%		47,563		25.47 to 19.26		1,078		1.67%		10.61% to 8.87%
2023		1.15% to 2.70%		40,282		23.02 to 17.69		832		1.68%		8.97% to 7.27%
2022		1.15% to 2.70%		47,346		21.13 to 16.50		903		1.37%		(8.77)% to (10.20)%
2021		1.15% to 2.70%		58,673		23.16 to 18.37		1,238		1.60%		16.99% to 15.16%
Invesco V.I. Global Fund — Series II shares
2025		1.15% to 1.90%		39,627		39.06 to 33.66		1,526		0.00%		13.69% to 12.83%
2024		1.15% to 1.90%		43,957		34.35 to 29.84		1,500		0.00%		14.44% to 13.57%
2023		1.15% to 1.90%		58,863		30.02 to 26.27		1,755		0.00%		32.91% to 31.90%
2022		1.15% to 1.90%		70,525		22.59 to 19.92		1,588		0.00%		(32.72)% to (33.23)%
2021		1.15% to 1.90%		80,539		33.57 to 29.83		2,696		0.00%		13.85% to 12.98%
Invesco V.I. Main Street Fund^® — Series II shares
2025		1.15% to 2.90%		204,885		47.55 to 17.92		9,465		0.31%		14.31% to 12.29%
2024		1.15% to 2.90%		231,722		41.60 to 15.96		9,336		0.00%		21.96% to 19.80%
2023		1.15% to 1.90%		20,088		34.11 to 29.85		669		0.07%		21.42% to 20.50%
2022		1.15% to 2.90%		306,097		28.09 to 11.17		8,363		0.95%		(21.23)% to (22.62)%
2021		1.15% to 2.90%		414,069		35.66 to 14.44		14,396		0.87%		25.77% to 23.54%
Invesco V.I. Main Street Small Cap Fund^® — Series II shares
2025		1.15% to 2.90%		57,202		41.16 to 15.95		2,242		0.23%		7.19% to 5.30%
2024		1.15% to 2.90%		66,827		38.40 to 15.14		2,438		0.00%		11.10% to 9.13%
2023		1.15% to 1.95%		19,657		34.57 to 39.42		654		0.92%		16.47% to 15.53%
2022		1.15% to 1.95%		21,555		29.68 to 34.13		616		0.21%		(17.01)% to (17.68)%
2021		1.15% to 2.15%		30,609		35.76 to 26.05		1,045		0.10%		20.86% to 19.64%
Allspring Variable Trust
Allspring VT Discovery All Cap Growth Fund — Class 2
2025		1.15% to 1.15%		674		63.44 to 63.44		43		0.00%		13.94% to 13.94%
2024		1.15% to 1.15%		715		55.68 to 55.68		40		0.00%		19.60% to 19.60%
2023		1.15% to 1.15%		802		46.55 to 46.55		37		0.00%		31.64% to 31.64%
2022		1.15% to 1.15%		932		35.36 to 35.36		33		0.00%		(37.92)% to (37.92)%
2021		1.15% to 1.15%		850		56.96 to 56.96		48		0.00%		13.65% to 13.65%
BlackRock Variable Series Funds, Inc.
BlackRock Advantage SMID Cap V.I. Fund — Class III Shares
2025		1.15% to 1.85%		2,536		36.57 to 31.84		86		1.51%		9.60% to 8.82%
2024		1.15% to 1.85%		3,068		33.37 to 29.25		96		1.39%		10.41% to 9.63%
2023		1.15% to 1.85%		3,495		30.22 to 26.68		100		1.79%		17.27% to 16.44%
2022		1.15% to 1.85%		4,439		25.77 to 22.92		110		1.66%		(17.64)% to (18.22)%
2021		1.15% to 1.85%		4,759		31.29 to 28.02		143		1.13%		12.05% to 11.25%

F-43

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2025


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
BlackRock Basic Value V.I. Fund — Class III Shares
2025		1.15% to 1.95%		22,129		37.84 to 42.27		847		1.88%		22.61% to 21.62%
2024		1.15% to 1.95%		23,433		30.86 to 34.75		726		0.89%		8.78% to 7.90%
2023		1.15% to 2.90%		94,989		28.37 to 12.98		2,666		1.51%		14.91% to 12.88%
2022		1.15% to 2.90%		105,503		24.69 to 11.50		2,576		0.96%		(6.21)% to (7.87)%
2021		1.15% to 2.90%		161,977		26.32 to 12.48		4,201		1.50%		19.94% to 17.82%
BlackRock Global Allocation V.I. Fund — Class III Shares
2025		1.15% to 2.90%		2,648,499		27.61 to 13.86		61,367		3.95%		18.14% to 16.05%
2024		1.15% to 2.90%		3,206,013		23.37 to 11.95		63,270		1.35%		7.66% to 5.75%
2023		1.15% to 2.90%		3,911,222		21.71 to 11.30		71,522		2.39%		11.20% to 9.24%
2022		1.15% to 2.90%		4,499,903		19.52 to 10.34		74,422		0.00%		(17.04)% to (18.50)%
2021		1.15% to 2.90%		5,143,308		23.53 to 12.69		103,128		0.81%		5.19% to 3.33%
BlackRock Large Cap Focus Growth V.I. Fund — Class III Shares
2025		1.15% to 2.60%		1		65.62 to 20.46		—		0.00%		10.20% to 8.59%
2024		1.15% to 2.60%		1		59.55 to 18.84		—		0.00%		29.87% to 27.96%
2023		1.15% to 1.15%		162		45.85 to 45.85		7		0.00%		50.72% to 50.72%
2022		1.15% to 1.15%		162		30.42 to 30.42		5		0.00%		(38.96)% to (38.96)%
2021		1.15% to 1.15%		162		49.84 to 49.84		8		0.00%		16.43% to 16.43%
Columbia Funds Variable Series Trust II
CTIVP^® — Principal Large Cap Growth Fund — Class 1
2025		1.15% to 1.95%		31,175		35.04 to 32.40		1,056		0.00%		12.47% to 11.56%
2024		1.15% to 1.95%		38,717		31.16 to 29.04		1,169		0.00%		20.01% to 19.04%
2023		1.15% to 2.90%		410,495		25.96 to 14.70		10,399		0.00%		37.94% to 35.51%
2022		1.15% to 2.90%		344,684		18.82 to 10.85		6,346		0.00%		(28.83)% to (30.09)%
2021		1.15% to 2.90%		88,854		26.45 to 15.52		2,300		0.00%		17.21% to 15.13%
Columbia Variable Portfolio — Overseas Core Fund — Class 2
2025		1.15% to 1.95%		9,019		19.36 to 17.90		165		1.85%		36.28% to 35.17%
2024		1.15% to 1.95%		13,461		14.21 to 13.24		186		6.94%		2.04% to 1.21%
2023		1.15% to 2.90%		153,434		13.93 to 11.21		2,091		1.68%		14.00% to 11.99%
2022		1.15% to 2.90%		169,275		12.22 to 10.01		2,030		0.66%		(15.88)% to (17.37)%
2021		1.15% to 2.90%		138,703		14.52 to 12.11		1,982		0.56%		8.48% to 6.56%
Eaton Vance Variable Trust
VT Floating-Rate Income Fund
2025		1.15% to 2.90%		149,342		16.87 to 10.80		2,382		6.71%		2.76% to 0.94%
2024		1.15% to 2.90%		163,609		16.42 to 10.70		2,538		7.88%		6.43% to 4.54%
2023		1.15% to 2.90%		193,059		15.43 to 10.24		2,830		8.17%		9.94% to 8.00%
2022		1.15% to 2.90%		239,289		14.03 to 9.48		3,216		4.76%		(3.85)% to (5.55)%
2021		1.15% to 2.90%		194,932		14.59 to 10.04		2,737		2.91%		2.43% to 0.62%

F-44

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2025


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
Federated Hermes Insurance Series
Federated Hermes High Income Bond Fund II — Service Shares
2025		1.15% to 1.35%		3,398		24.57 to 23.62		83		5.65%		6.94% to 6.72%
2024		1.15% to 1.35%		3,475		22.97 to 22.13		80		5.44%		4.63% to 4.42%
2023		1.15% to 1.35%		4,357		21.96 to 21.19		95		5.88%		11.18% to 10.96%
2022		1.15% to 1.35%		5,184		19.75 to 19.10		102		5.43%		(12.93)% to (13.11)%
2021		1.15% to 1.35%		5,570		22.68 to 21.98		126		4.64%		3.24% to 3.03%
Federated Hermes Kaufmann Fund II — Service Shares
2025		1.15% to 2.90%		51,784		39.97 to 11.82		1,980		0.00%		9.98% to 8.04%
2024		1.15% to 2.90%		58,691		36.34 to 10.94		2,042		0.20%		15.42% to 13.37%
2023		1.15% to 1.90%		14,467		31.49 to 27.56		445		0.00%		13.54% to 12.68%
2022		1.15% to 2.90%		85,759		27.73 to 8.65		2,282		0.00%		(31.06)% to (32.28)%
2021		1.15% to 2.90%		42,506		40.23 to 12.78		1,645		0.00%		1.09% to (0.70)%
Fidelity^® Variable Insurance Products Fund
VIP Balanced Portfolio — Service Class 2
2025		1.15% to 2.40%		95,157		41.79 to 28.36		3,504		1.52%		13.64% to 12.20%
2024		1.15% to 2.40%		113,984		36.77 to 25.28		3,692		1.65%		14.29% to 12.84%
2023		1.15% to 2.40%		132,067		32.18 to 22.40		3,729		1.44%		19.84% to 18.33%
2022		1.15% to 2.40%		167,137		26.85 to 18.93		3,974		1.04%		(19.13)% to (20.15)%
2021		1.15% to 2.40%		186,232		33.20 to 23.71		5,453		0.72%		16.63% to 15.16%
VIP Contrafund^® Portfolio — Service Class 2
2025		1.15% to 2.90%		199,228		65.61 to 23.36		12,021		0.00%		19.80% to 17.68%
2024		1.15% to 2.90%		239,171		54.76 to 19.85		12,061		0.04%		31.90% to 29.56%
2023		1.15% to 2.90%		318,167		41.52 to 15.32		12,169		0.36%		31.59% to 29.27%
2022		1.15% to 2.90%		161,244		31.55 to 11.85		4,672		0.31%		(27.33)% to (28.62)%
2021		1.15% to 2.90%		121,685		43.42 to 16.61		4,852		0.03%		26.05% to 23.82%
VIP Dynamic Capital Appreciation Portfolio — Service Class 2
2025		1.15% to 1.15%		126		63.31 to 63.31		8		0.40%		17.13% to 17.13%
2024		1.15% to 1.15%		140		54.05 to 54.05		8		0.05%		23.74% to 23.74%
2023		1.15% to 1.15%		461		43.68 to 43.68		20		0.12%		27.25% to 27.25%
2022		1.15% to 1.15%		506		34.33 to 34.33		17		0.11%		(21.96)% to (21.96)%
2021		1.15% to 1.65%		3,955		43.98 to 40.66		162		0.12%		22.84% to 22.22%
VIP Equity-Income Portfolio ^SM— Service Class 2
2025		1.15% to 1.95%		94,551		36.74 to 33.24		3,328		1.61%		17.38% to 16.43%
2024		1.15% to 1.95%		103,749		31.30 to 28.55		3,111		1.57%		13.72% to 12.80%
2023		1.15% to 1.95%		113,727		27.53 to 25.31		3,008		1.36%		9.11% to 8.23%
2022		1.15% to 2.90%		202,416		25.23 to 12.33		4,858		1.99%		(6.33)% to (7.99)%
2021		1.15% to 2.90%		159,900		26.93 to 13.40		4,126		0.91%		23.17% to 20.99%

F-45

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2025


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
VIP FundsManager^® 50% Portfolio — Service Class 2
2025		1.15% to 1.95%		585,004		21.57 to 19.26		11,866		2.40%		12.72% to 11.81%
2024		1.15% to 1.95%		738,699		19.13 to 17.23		13,353		2.18%		7.12% to 6.26%
2023		1.15% to 1.95%		840,611		17.86 to 16.21		14,239		2.28%		11.36% to 10.46%
2022		1.15% to 1.95%		1,030,497		16.04 to 14.68		15,772		1.76%		(15.02)% to (15.71)%
2021		1.15% to 1.95%		1,265,421		18.87 to 17.41		22,886		0.94%		8.61% to 7.73%
VIP FundsManager^® 60% Portfolio — Service Class 2
2025		1.15% to 1.95%		2,107,805		24.63 to 22.00		48,951		1.96%		14.18% to 13.26%
2024		1.15% to 1.95%		2,586,696		21.57 to 19.42		52,810		1.77%		8.18% to 7.30%
2023		1.15% to 1.95%		3,225,089		19.94 to 18.10		61,074		2.08%		12.77% to 11.86%
2022		1.15% to 1.95%		3,831,564		17.68 to 16.18		64,621		1.60%		(16.22)% to (16.90)%
2021		1.15% to 1.95%		4,345,691		21.11 to 19.47		87,884		0.93%		10.92% to 10.02%
VIP Growth & Income Portfolio — Service Class 2
2025		1.15% to 1.35%		4,692		52.18 to 50.17		244		1.33%		19.82% to 19.58%
2024		1.15% to 1.35%		2,702		43.55 to 41.95		117		0.87%		20.55% to 20.30%
2023		1.15% to 1.65%		15,549		36.13 to 33.06		533		1.49%		17.01% to 16.42%
2022		1.15% to 1.65%		16,166		30.88 to 28.40		476		1.44%		(6.26)% to (6.73)%
2021		1.15% to 1.65%		17,703		32.94 to 30.45		559		2.23%		24.19% to 23.57%
VIP Growth Opportunities Portfolio — Service Class 2
2025		1.15% to 1.90%		26,544		90.19 to 81.13		2,284		0.00%		20.24% to 19.33%
2024		1.15% to 1.90%		28,153		75.01 to 67.99		2,016		0.00%		36.95% to 35.91%
2023		1.15% to 1.95%		40,729		54.77 to 49.72		2,132		0.00%		43.64% to 42.48%
2022		1.15% to 1.95%		43,651		38.13 to 34.90		1,597		0.00%		(39.03)% to (39.52)%
2021		1.15% to 1.95%		42,331		62.54 to 57.70		2,548		0.00%		10.39% to 9.49%
VIP Growth Portfolio — Service Class 2
2025		1.15% to 1.65%		2,421		82.32 to 74.57		198		0.05%		13.29% to 12.72%
2024		1.15% to 1.65%		2,763		72.66 to 66.16		199		0.00%		28.57% to 27.92%
2023		1.15% to 1.65%		4,586		56.52 to 51.72		256		0.00%		34.33% to 33.66%
2022		1.15% to 1.65%		7,069		42.07 to 38.69		295		0.35%		(25.51)% to (25.89)%
2021		1.15% to 1.65%		6,956		56.48 to 52.21		390		0.00%		21.49% to 20.88%
VIP Investment Grade Bond Portfolio — Service Class 2
2025		1.15% to 2.90%		469,426		14.56 to 9.17		6,362		3.41%		5.70% to 3.83%
2024		1.15% to 2.90%		512,190		13.78 to 8.83		6,584		4.32%		0.32% to (1.46)%
2023		1.15% to 2.90%		245,001		13.73 to 8.96		3,156		1.75%		4.78% to 2.93%
2022		1.15% to 2.90%		442,052		13.11 to 8.71		5,407		1.79%		(14.21)% to (15.72)%
2021		1.15% to 2.90%		622,534		15.28 to 10.33		8,894		1.80%		(2.04)% to (3.77)%

F-46

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2025


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
VIP Mid Cap Portfolio — Service Class 2
2025		1.15% to 1.95%		74,873		42.38 to 42.47		3,007		0.20%		10.21% to 9.32%
2024		1.15% to 2.90%		121,506		38.46 to 15.08		4,431		0.40%		15.82% to 13.76%
2023		1.15% to 1.95%		83,662		33.20 to 33.82		2,672		0.38%		13.49% to 12.57%
2022		1.15% to 1.95%		91,079		29.26 to 30.04		2,570		0.26%		(15.94)% to (16.62)%
2021		1.15% to 2.15%		96,700		34.81 to 25.63		3,240		0.37%		23.87% to 22.61%
VIP Value Strategies Portfolio — Service Class 2
2025		1.15% to 1.15%		1,943		39.35 to 39.35		76		0.83%		6.46% to 6.46%
2024		1.15% to 1.15%		1,920		36.96 to 36.96		71		0.72%		7.90% to 7.90%
2023		1.15% to 1.15%		2,190		34.25 to 34.25		75		0.30%		19.22% to 19.22%
2022		1.15% to 1.15%		8,672		28.73 to 28.73		249		0.87%		(8.41)% to (8.41)%
2021		1.15% to 1.15%		8,782		31.37 to 31.37		275		1.26%		31.81% to 31.81%
Franklin Templeton Variable Insurance Products Trust
Franklin Allocation VIP Fund — Class 2 Shares
2025		1.15% to 2.90%		78,164		20.40 to 12.90		1,444		1.94%		11.30% to 9.33%
2024		1.15% to 2.90%		92,202		18.32 to 11.80		1,538		2.27%		7.89% to 5.97%
2023		1.15% to 2.90%		174,302		16.99 to 11.14		2,453		1.50%		13.30% to 11.30%
2022		1.15% to 2.90%		212,246		14.99 to 10.01		2,680		1.62%		(16.96)% to (18.43)%
2021		1.15% to 2.90%		237,984		18.05 to 12.27		3,662		1.74%		10.40% to 8.44%
Franklin Income VIP Fund — Class 2 Shares
2025		1.15% to 2.90%		302,990		26.02 to 12.56		6,178		5.10%		11.26% to 9.29%
2024		1.15% to 2.90%		344,358		23.39 to 11.49		6,403		5.22%		5.96% to 4.08%
2023		1.15% to 2.90%		381,025		22.07 to 11.04		6,789		5.18%		7.38% to 5.48%
2022		1.15% to 2.90%		427,941		20.56 to 10.47		7,223		4.83%		(6.56)% to (8.21)%
2021		1.15% to 2.90%		515,738		22.00 to 11.40		9,416		4.65%		15.41% to 13.37%
Franklin Mutual Shares VIP Fund — Class 2 Shares
2025		1.15% to 2.90%		109,922		25.44 to 13.05		2,668		2.02%		10.24% to 8.29%
2024		1.15% to 2.90%		131,876		23.08 to 12.06		2,912		1.95%		9.98% to 8.03%
2023		1.15% to 2.90%		153,778		20.98 to 11.16		3,101		1.86%		12.16% to 10.18%
2022		1.15% to 2.90%		170,307		18.71 to 10.13		3,073		0.70%		(8.49)% to (10.11)%
2021		1.15% to 2.90%		782,845		20.44 to 11.27		15,282		4.53%		17.80% to 15.71%
Templeton Growth VIP Fund — Class 2 Shares
2025		1.15% to 1.35%		4,129		20.58 to 19.79		84		0.88%		22.40% to 22.16%
2024		1.15% to 1.35%		5,162		16.82 to 16.20		86		0.94%		4.18% to 3.97%
2023		1.15% to 1.35%		6,684		16.14 to 15.58		107		3.31%		19.62% to 19.38%
2022		1.15% to 1.35%		7,551		13.49 to 13.05		101		0.16%		(12.52)% to (12.70)%
2021		1.15% to 1.35%		8,616		15.43 to 14.95		132		1.07%		3.67% to 3.46%

F-47

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2025


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
Goldman Sachs Variable Insurance Trust
Goldman Sachs Government Money Market Fund — Service Shares
2025		1.15% to 2.40%		920,653		10.34 to 8.72		8,906		3.62%		2.75% to 1.45%
2024		1.15% to 2.40%		1,132,572		10.06 to 8.59		10,743		4.72%		3.69% to 2.38%
2023		1.15% to 2.40%		1,132,408		9.70 to 8.39		10,460		4.66%		3.59% to 2.28%
2022		1.15% to 2.20%		1,128,988		9.37 to 8.38		10,098		1.49%		0.21% to (0.85)%
2021		1.15% to 2.40%		1,002,377		9.35 to 8.29		8,964		0.01%		(1.14)% to (2.39)%
Janus Aspen Series
Janus Henderson Balanced Portfolio — Service Shares
2025		1.15% to 2.90%		138,329		42.56 to 15.05		5,091		1.70%		13.50% to 11.49%
2024		1.15% to 2.90%		168,751		37.50 to 13.50		5,470		1.68%		13.81% to 11.79%
2023		1.15% to 2.90%		213,581		32.95 to 12.07		6,209		1.79%		13.81% to 11.81%
2022		1.15% to 2.90%		230,706		28.95 to 10.80		5,892		1.10%		(17.57)% to (19.03)%
2021		1.15% to 2.90%		260,404		35.12 to 13.34		8,074		0.87%		15.56% to 13.52%
Janus Henderson Forty Portfolio — Service Shares
2025		1.15% to 1.90%		22,971		87.49 to 75.41		1,817		0.25%		16.51% to 15.62%
2024		1.15% to 1.90%		23,757		75.09 to 65.22		1,601		0.01%		26.65% to 25.69%
2023		1.15% to 2.90%		73,571		59.29 to 15.14		3,941		0.13%		38.05% to 35.62%
2022		1.15% to 2.90%		77,203		42.95 to 11.16		3,016		0.07%		(34.49)% to (35.65)%
2021		1.15% to 2.15%		34,934		65.56 to 46.32		2,095		0.53%		21.19% to 19.97%
Legg Mason Partners Variable Equity Trust
ClearBridge Variable Dividend Strategy Portfolio — Class II
2025		1.80% to 1.80%		61		34.34 to 34.34		2		1.67%		10.44% to 10.44%
2024		1.80% to 1.80%		88		31.09 to 31.09		3		1.00%		14.58% to 14.58%
2023		1.80% to 1.80%		125		27.14 to 27.14		3		1.79%		11.96% to 11.96%
2022		1.80% to 1.80%		159		24.24 to 24.24		4		1.08%		(9.88)% to (9.88)%
2021		1.80% to 1.80%		211		26.90 to 26.90		6		1.24%		24.34% to 24.34%
ClearBridge Variable Growth Portfolio — Class II
2025		1.15% to 3.10%		—		36.99 to 13.62		—		0.00%		11.80% to 9.60%
2024		1.15% to 3.10%		—		33.08 to 12.42		—		0.00%		11.12% to 8.92%
2023		1.15% to 3.10%		—		29.77 to 11.41		—		0.00%		22.71% to 20.30%
2022		1.15% to 3.10%		—		24.26 to 9.48		—		0.00%		(27.43)% to (28.86)%
2021		1.15% to 3.10%		—		33.43 to 13.33		—		0.00%		8.78% to 6.63%
ClearBridge Variable Large Cap Value Portfolio — Class I
2025		1.15% to 2.60%		1		22.04 to 15.46		—		0.00%		8.93% to 7.33%
2024		1.15% to 1.15%		4,787		20.23 to 20.23		97		1.85%		6.83% to 6.83%
2023		1.15% to 1.15%		1,096		18.94 to 18.94		21		1.36%		13.77% to 13.77%
2022		1.15% to 1.15%		1,066		16.64 to 16.64		18		0.76%		(7.50)% to (7.50)%
2021		1.15% to 1.15%		2,987		18.00 to 18.00		54		1.01%		24.76% to 24.76%

F-48

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2025


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
Lincoln Variable Insurance Products Trust
LVIP American Century Inflation Protection Fund — Service Class
2025		1.15% to 2.90%		131,043		14.65 to 9.53		1,781		7.08%		5.11% to 3.25%
2024		1.15% to 2.90%		149,870		13.94 to 9.23		1,935		3.58%		0.36% to (1.42)%
2023		1.15% to 2.90%		177,716		13.89 to 9.37		2,300		3.32%		2.21% to 0.41%
2022		1.15% to 2.90%		184,256		13.59 to 9.33		2,339		5.05%		(14.08)% to (15.59)%
2021		1.15% to 2.90%		154,997		15.82 to 11.05		2,283		3.10%		5.05% to 3.19%
MFS^® Variable Insurance Trust
MFS^® Investors Trust Series — Service Class Shares
2025		1.15% to 2.60%		—		50.10 to 17.40		—		0.00%		12.02% to 10.38%
2024		1.15% to 2.60%		—		44.73 to 15.76		—		0.00%		17.84% to 16.11%
2023		1.15% to 2.60%		—		37.95 to 13.58		—		0.00%		17.30% to 15.59%
2022		1.15% to 2.60%		—		32.36 to 11.74		—		0.00%		(17.64)% to (18.85)%
2021		1.15% to 2.60%		—		39.29 to 14.47		—		0.00%		25.05% to 23.22%
MFS^® Total Return Series — Service Class Shares
2025		1.15% to 2.90%		106,072		27.11 to 12.94		2,590		2.53%		9.64% to 7.70%
2024		1.15% to 2.90%		116,636		24.73 to 12.01		2,614		2.27%		6.21% to 4.33%
2023		1.15% to 2.90%		125,574		23.28 to 11.51		2,667		1.83%		8.95% to 7.03%
2022		1.15% to 2.90%		139,159		21.37 to 10.76		2,728		1.48%		(10.87)% to (12.45)%
2021		1.15% to 2.90%		150,735		23.97 to 12.29		3,327		1.61%		12.53% to 10.54%
MFS^® Utilities Series — Service Class Shares
2025		1.15% to 1.65%		3,623		39.90 to 36.15		139		2.71%		13.44% to 12.87%
2024		1.15% to 1.65%		3,943		35.18 to 32.03		134		1.87%		10.05% to 9.50%
2023		1.15% to 1.65%		6,869		31.96 to 29.25		215		3.17%		(3.45)% to (3.94)%
2022		1.15% to 1.65%		8,082		33.11 to 30.45		263		2.19%		(0.67)% to (1.18)%
2021		1.15% to 1.65%		8,704		33.33 to 30.81		286		1.53%		12.51% to 11.95%
MFS^® Variable Insurance Trust II
MFS^® Massachusetts Investors Growth Stock Portfolio — Service Class Shares
2025		1.15% to 2.60%		1		32.15 to 18.20		—		0.00%		8.35% to 6.76%
2024		1.15% to 2.60%		1		29.68 to 17.05		—		0.13%		14.64% to 12.95%
2023		1.15% to 1.15%		523		25.89 to 25.89		14		0.06%		22.29% to 22.29%
2022		1.15% to 1.15%		1,324		21.17 to 21.17		28		0.00%		(20.37)% to (20.37)%
2021		1.15% to 1.15%		1,358		26.59 to 26.59		36		0.03%		24.21% to 24.21%
PIMCO Variable Insurance Trust
All Asset Portfolio — Advisor Class Shares
2025		1.15% to 1.85%		4,628		21.67 to 18.86		97		4.49%		12.88% to 12.08%
2024		1.15% to 1.85%		5,703		19.19 to 16.83		106		6.31%		2.37% to 1.65%
2023		1.15% to 1.85%		6,706		18.75 to 16.56		122		2.82%		6.78% to 6.02%
2022		1.15% to 1.85%		7,225		17.56 to 15.61		123		7.49%		(12.88)% to (13.50)%
2021		1.15% to 1.85%		8,064		20.15 to 18.05		158		10.90%		14.71% to 13.90%

F-49

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2025


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
High Yield Portfolio — Administrative Class Shares
2025		1.15% to 2.90%		86,016		23.95 to 11.02		1,947		6.28%		7.70% to 5.79%
2024		1.15% to 2.90%		101,956		22.23 to 10.42		2,147		5.83%		5.65% to 3.77%
2023		1.15% to 2.90%		116,089		21.04 to 10.04		2,315		5.66%		10.93% to 8.97%
2022		1.15% to 2.90%		129,144		18.97 to 9.21		2,328		5.10%		(11.31)% to (12.88)%
2021		1.15% to 2.90%		88,370		21.39 to 10.57		1,804		4.44%		2.44% to 0.63%
Long-Term U.S. Government Portfolio — Administrative Class Shares
2025		1.15% to 2.90%		190,667		16.71 to 7.02		2,878		3.26%		5.07% to 3.21%
2024		1.15% to 2.90%		188,577		15.90 to 6.80		2,724		2.73%		(7.10)% to (8.76)%
2023		1.15% to 2.90%		389,963		17.12 to 7.46		6,073		2.38%		2.79% to 0.98%
2022		1.15% to 2.90%		420,425		16.66 to 7.38		6,388		2.05%		(29.69)% to (30.94)%
2021		1.15% to 2.90%		285,017		23.69 to 10.69		6,169		1.55%		(5.88)% to (7.54)%
Low Duration Portfolio — Administrative Class Shares
2025		1.15% to 2.90%		233,400		13.59 to 9.33		2,952		3.94%		4.31% to 2.46%
2024		1.15% to 2.90%		251,654		13.03 to 9.10		3,046		4.00%		3.29% to 1.45%
2023		1.15% to 2.90%		431,366		12.61 to 8.97		5,046		3.60%		3.77% to 1.94%
2022		1.15% to 2.90%		435,219		12.15 to 8.80		4,918		1.56%		(6.82)% to (8.47)%
2021		1.15% to 2.90%		650,006		13.04 to 9.62		7,916		0.51%		(2.07)% to (3.80)%
Total Return Portfolio — Administrative Class Shares
2025		1.15% to 2.90%		519,686		17.31 to 9.19		8,249		4.10%		7.64% to 5.73%
2024		1.15% to 2.90%		610,318		16.09 to 8.69		9,020		4.03%		1.35% to (0.46)%
2023		1.15% to 2.90%		591,426		15.87 to 8.73		8,602		3.56%		4.72% to 2.87%
2022		1.15% to 2.90%		472,651		15.16 to 8.49		6,601		2.54%		(15.28)% to (16.78)%
2021		1.15% to 2.90%		760,618		17.89 to 10.20		12,561		1.82%		(2.40)% to (4.13)%
State Street Variable Insurance Series Funds, Inc.
Income V.I.S. Fund — Class 1 Shares
2025		1.15% to 3.10%		—		12.74 to 8.25		—		0.00%		4.69% to 2.63%
2024		1.75% to 1.75%		623		10.87 to 10.87		7		3.29%		(2.56)% to (2.56)%
2023		1.75% to 1.75%		595		11.16 to 11.16		7		2.08%		2.86% to 2.86%
2022		1.75% to 1.75%		571		10.85 to 10.85		6		2.59%		(15.88)% to (15.88)%
2021		1.75% to 1.75%		620		12.90 to 12.90		8		2.18%		(3.53)% to (3.53)%
Premier Growth Equity V.I.S. Fund — Class 1 Shares
2025		1.15% to 2.60%		—		82.83 to 25.24		—		0.00%		18.62% to 16.88%
2024		1.15% to 2.60%		—		69.83 to 21.60		—		0.00%		29.54% to 27.63%
2023		1.15% to 2.60%		—		53.91 to 16.92		—		0.00%		44.60% to 42.49%
2022		1.15% to 2.60%		—		37.28 to 11.88		—		0.00%		(31.23)% to (32.24)%
2021		1.15% to 2.60%		—		54.21 to 17.53		—		0.00%		23.53% to 21.72%

F-50

GENWORTH LIFE & ANNUITY VA SEPARATE ACCOUNT 2

Notes to Financial Statements — Continued

December 31, 2025


	Expense as a % of Average Net Assets (1)		Units		Unit Value		Net Assets 000s		Investment Income Ratio (2)		Total Return (3)
Real Estate Securities V.I.S. Fund — Class 1 Shares
2025		1.15% to 1.90%		10,199		29.89 to 25.76		343		0.99%		0.79% to 0.02%
2024		1.15% to 1.90%		12,957		29.65 to 25.76		439		2.62%		9.18% to 8.35%
2023		1.15% to 2.90%		175,649		27.16 to 10.42		4,765		3.08%		12.20% to 10.22%
2022		1.15% to 2.90%		95,787		24.21 to 9.45		2,351		2.36%		(25.79)% to (27.10)%
2021		1.15% to 1.90%		21,860		32.62 to 28.98		780		0.99%		40.18% to 39.11%
S&P 500^® Index V.I.S. Fund — Class 1 Shares
2025		1.15% to 1.15%		104		59.66 to 59.66		6		1.01%		16.17% to 16.17%
2024		1.15% to 1.15%		104		51.36 to 51.36		5		1.17%		23.18% to 23.18%
2023		1.15% to 1.15%		104		41.69 to 41.69		4		1.38%		24.52% to 24.52%
2022		1.15% to 1.15%		104		33.48 to 33.48		3		1.37%		(19.25)% to (19.25)%
2021		1.15% to 1.65%		104		41.47 to 38.33		4		1.14%		26.80% to 26.15%
Small-Cap Equity V.I.S. Fund — Class 1 Shares
2025		1.15% to 1.85%		2,829		35.74 to 31.11		95		0.00%		(1.40)% to (2.09)%
2024		1.15% to 1.85%		2,928		36.25 to 31.78		100		0.11%		9.04% to 8.27%
2023		1.15% to 1.85%		3,140		33.24 to 29.35		98		0.00%		12.25% to 11.46%
2022		1.15% to 1.85%		4,870		29.61 to 26.34		138		0.00%		(16.37)% to (16.96)%
2021		1.15% to 1.85%		5,411		35.41 to 31.71		185		0.00%		19.15% to 18.30%
Total Return V.I.S. Fund — Class 3 Shares
2025		1.00% to 2.90%		4,073,111		23.61 to 12.68		82,504		2.10%		14.33% to 12.14%
2024		1.00% to 2.90%		4,787,803		20.65 to 11.31		85,813		4.08%		9.94% to 7.82%
2023		1.00% to 2.90%		5,585,952		18.78 to 10.49		92,059		1.97%		14.06% to 11.88%
2022		1.00% to 2.90%		6,351,225		16.47 to 9.37		92,577		0.39%		(17.55)% to (19.13)%
2021		1.00% to 2.90%		7,083,182		19.97 to 11.59		126,385		1.77%		12.07% to 9.92%
U.S. Equity V.I.S. Fund — Class 1 Shares
2025		1.15% to 1.35%		2,328		58.49 to 56.23		134		0.21%		15.12% to 14.89%
2024		1.15% to 1.35%		2,433		50.80 to 48.94		122		0.40%		23.10% to 22.86%
2023		1.15% to 1.35%		2,715		41.27 to 39.84		110		0.48%		26.44% to 26.19%
2022		1.15% to 1.35%		3,010		32.64 to 31.57		97		0.49%		(19.84)% to (20.00)%
2021		1.15% to 1.35%		3,104		40.72 to 39.46		125		0.32%		24.05% to 23.80%
The Prudential Series Fund
PSF PGIM Jennison Blend Portfolio — Class II Shares
2025		1.15% to 1.95%		62,479		15.06 to 12.82		879		0.00%		16.69% to 28.20%
2024		1.15% to 1.75%		2,065		12.91 to 12.82		27		0.00%		24.35% to 23.59%
2023 (5)		1.15% to 1.75%		2,298		10.38 to 10.38		24		0.00%		3.79% to 3.76%
PSF PGIM Jennison Growth Portfolio — Class II Shares
2025		1.15% to 1.15%		1,338		83.98 to 83.98		112		0.00%		12.50% to 12.50%
2024		1.15% to 1.35%		1,638		74.65 to 71.91		122		0.00%		28.84% to 28.58%
2023		1.15% to 1.35%		1,045		57.94 to 55.93		60		0.00%		51.14% to 50.84%
2022		1.15% to 1.35%		1,402		38.33 to 37.08		54		0.00%		(38.56)% to (38.69)%
2021		1.15% to 1.35%		1,987		62.39 to 60.47		124		0.00%		14.23% to 13.99%

F-51

Independent Auditors’ Report

Audit, Compensation, and Nominating Committee

Genworth Life and Annuity Insurance Company:

Report on the Audit of the Financial Statements

Opinions

We have audited the financial statements of Genworth Life and Annuity Insurance Company (the Company), which comprise the statutory statements of admitted assets, liabilities, and capital and surplus as of December 31, 2025 and 2024, and the related statutory statements of summary of operations, statutory statements of changes in capital and surplus, and statutory statements of cash flow for each of the years in the three-year period ended December 31, 2025, and the related notes to the financial statements.

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flow for each of the years in the three-year period ended December 31, 2025 in accordance with accounting practices prescribed or permitted by the Virginia State Corporation Commission, Bureau of Insurance described in Note 1.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the financial statements do not present fairly, in accordance with U.S. generally accepted accounting principles, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations or its cash flows for each of the years in the three-year period ended December 31, 2025.

Basis for Opinions

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 Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our 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 financial statements are prepared by the Company using accounting practices prescribed or permitted by the Virginia State Corporation Commission, Bureau of Insurance, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the financial statements are not intended to be presented in accordance with U.S. generally accepted accounting principles. The effects on the financial statements of the variances between the statutory accounting practices described in Note 1 and U.S. generally accepted accounting principles, 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 accounting practices prescribed or permitted by the Virginia State Corporation Commission, Bureau 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.

F-1

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with 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/ KPMG LLP

Richmond, Virginia

April 21, 2026

F-2

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus

December 31, 2025 and 2024

(Dollar amounts in millions, except per share amounts)


	2025		2024
Admitted Assets
Cash and invested assets:
Bonds	$	8,386.0	$	8,808.9
Preferred stocks — nonaffiliates		31.5		33.6
Common stocks — affiliates		103.3		119.1
Common stocks — nonaffiliates		45.4		46.9
Mortgage loans		1,498.2		1,599.4
Real estate		10.9		11.5
Contract loans		420.8		422.2
Cash, cash equivalents and short-term investments		366.5		234.9
Other invested assets		193.8		180.1
Receivable for securities		2.7		5.5
Derivative assets		19.0		20.4

Total cash and invested assets		11,078.1		11,482.5

Amounts recoverable from reinsurers and funds held		282.5		324.2
Deferred tax asset		19.2		51.4
Guaranty funds receivable		6.5		7.2
Premiums and accounts receivable		275.3		287.3
Investment income due and accrued		104.0		110.6
Receivable from parent, subsidiaries and affiliates		0.2		—
Current Federal income tax recoverable		—		1.1
Other assets		7.4		8.9
Separate account assets		4,117.1		4,175.2

Total admitted assets	$	15,890.3	$	16,448.4

F-3

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus — Continued

December 31, 2025 and 2024

(Dollar amounts in millions, except per share amounts)


	2025			2024
Liabilities and Capital and Surplus
Liabilities
Aggregate reserves — life	$	6,772.5		$	6,905.7
Aggregate reserves — annuity contracts		1,863.5			2,112.7
Aggregate reserves — accident and health policies		0.2			0.3
Liability for deposit-type contracts		259.6			337.7
Liability for policy and contract claims		106.5			95.2
Policyholders dividends		0.3			0.3
Premiums and annuity considerations received in advance		3.1			4.1
Other amounts payable on reinsurance		144.4			147.9
Interest maintenance reserve		13.9			20.9
Commissions payable		0.2			0.2
General expenses due or accrued		3.4			3.0
Transfers to separate accounts due or accrued		(14.7	)		(12.7	)
Taxes, licenses, and fees due or accrued		6.3			6.8
Current Federal income tax payable		8.0			—
Unearned investment income		5.4			5.4
Amounts withheld or retained by company as agent or trustee		26.3			28.3
Remittances and items not allocated		28.5			31.4
Asset valuation reserve		109.7			116.1
Payable to parent, subsidiaries and affiliates		12.3			12.6
Funds held under coinsurance and treaties with unauthorized reinsurers		1,597.0			1,621.8
Payable for securities		0.2			0.3
Derivative liabilities		3.2			0.8
Separate account liabilities		4,117.1			4,175.2

Total liabilities		15,066.9			15,614.0

Capital and surplus:
Common stock, Class A ($1,000 par value. 50,000 shares authorized; 25,651 shares issued and outstanding)		25.6			25.6
Paid in surplus		1,456.7			1,456.7
Unassigned deficit		(658.9	)		(647.9	)

Total capital and surplus		823.4			834.4

Total liabilities and capital and surplus	$	15,890.3		$	16,448.4

See accompanying notes to statutory financial statements.

F-4

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Statutory Statements of Summary of Operations

Years ended December 31, 2025, 2024 and 2023

(Dollar amounts in millions)


	2025			2024			2023
Revenues:
Premiums and annuity considerations	$	126.3		$	137.6		$	220.1
Considerations for supplementary contracts with life contingencies		24.7			25.7			23.8
Net investment income		538.5			533.5			552.8
Amortization of interest maintenance reserve		(0.2	)		1.0			2.1
Commissions and expense allowances on reinsurance ceded		88.1			99.5			97.7
Reserve adjustments on reinsurance ceded		(100.6	)		(95.7	)		(95.4	)
Income from fees associated with investment management, administration, and contract guarantees from separate accounts		72.6			76.7			78.0
Other income		20.3			22.4			24.1

Total revenues		769.7			800.7			903.2

Benefits:
Death benefits		378.9			380.7			419.7
Matured endowments		2.8			1.1			2.0
Annuity benefits		279.9			276.6			308.6
Disability benefits and benefits under accident and health policies		4.2			4.3			4.1
Surrender benefits and other fund withdrawals		402.1			477.1			511.7
Payments on supplementary contracts with life contingencies		23.8			22.5			20.6
Interest and adjustments on contracts or deposit-type contract funds		11.5			11.6			15.0
Decrease in aggregate reserves — life, annuity and accident and health		(382.5	)		(458.2	)		(592.3	)

Total benefits		720.7			715.7			689.4

Expenses:
Commissions		73.2			78.9			83.9
General insurance expenses		141.8			147.9			134.5
Insurance taxes, licenses, and fees, excluding Federal income taxes		19.3			20.6			20.8
Net transfer from separate accounts		(357.6	)		(362.2	)		(329.8	)
Other expenses		47.1			63.8			71.5

Total expenses		(76.2	)		(51.0	)		(19.1	)

Total benefits and expenses		644.5			664.7			670.3

Income before Federal income taxes and realized capital losses, net		125.2			136.0			232.9
Federal income taxes		(11.8	)		(6.9	)		14.9

Income before realized capital losses		137.0			142.9			218.0
Realized capital losses, net		(38.0	)		(79.4	)		(119.6	)

Net income	$	99.0		$	63.5		$	98.4

See accompanying notes to statutory financial statements.

F-5

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Statutory Statements of Changes in Capital and Surplus

Years ended December 31, 2025, 2024 and 2023

(Dollar amounts in millions)


	Common stock
	Amount		Shares		Paid in surplus		Unassigned deficit			Total
Balances as of December 31, 2022	$	25.6		25,651	$	1,456.7	$	(677.8	)	$	804.5
Net income		—		—		—		98.4			98.4
Change in net unrealized capital gains and losses		—		—		—		(5.0	)		(5.0	)
Change in net unrealized foreign exchange capital gains and losses		—		—		—		1.3			1.3
Change in net deferred income taxes		—		—		—		(6.6	)		(6.6	)
Change in nonadmitted assets		—		—		—		31.3			31.3
Change in liability for reinsurance in unauthorized companies		—		—		—		12.4			12.4
Change in asset valuation reserve		—		—		—		(9.5	)		(9.5	)
Change in surplus as a result of reinsurance		—		—		—		(31.8	)		(31.8	)

Balances as of December 31, 2023		25.6		25,651		1,456.7		(587.3	)		895.0
Net income		—		—		—		63.5			63.5
Change in net unrealized capital gains and losses		—		—		—		(47.4	)		(47.4	)
Change in net unrealized foreign exchange capital gains and losses		—		—		—		(1.4	)		(1.4	)
Change in net deferred income taxes		—		—		—		(11.1	)		(11.1	)
Change in nonadmitted assets		—		—		—		(34.5	)		(34.5	)
Change in asset valuation reserve		—		—		—		3.0			3.0
Change in surplus as a result of reinsurance		—		—		—		(32.7	)		(32.7	)

Balances as of December 31, 2024		25.6		25,651		1,456.7		(647.9	)		834.4
Net income		—		—		—		99.0			99.0
Change in net unrealized capital gains and losses		—		—		—		(59.6	)		(59.6	)
Change in net unrealized foreign exchange capital gains and losses		—		—		—		4.4			4.4
Change in net deferred income taxes		—		—		—		(17.5	)		(17.5	)
Change in nonadmitted assets		—		—		—		(15.7	)		(15.7	)
Change in asset valuation reserve		—		—		—		6.4			6.4
Change in surplus as a result of reinsurance		—		—		—		(28.0	)		(28.0	)

Balances as of December 31, 2025	$	25.6		25,651	$	1,456.7	$	(658.9	)	$	823.4

See accompanying notes to statutory financial statements.

F-6

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Statutory Statements of Cash Flow

Years ended December 31, 2025, 2024 and 2023

(Dollar amounts in millions)


	2025			2024			2023
Cash flow from operations:
Premiums collected net of reinsurance	$	156.0		$	172.2		$	231.7
Net investment income		514.6			510.2			538.7
Miscellaneous income		89.3			109.2			140.4

Total cash provided from revenues		759.9			791.6			910.8

Benefit and loss related payments		1,020.2			1,096.8			1,143.9
Net transfers from separate, segregated accounts, and protected cell accounts		(355.6	)		(360.8	)		(327.0	)
Commissions, expenses paid, and aggregate write-ins for deductions		230.8			243.2			236.4
Federal income taxes paid (recovered), net of capital gains (losses)		15.9			30.3			66.1

Total cash applied to benefits and general and other expenses		911.3			1,009.5			1,119.4

Net cash applied to operations		(151.4	)		(217.9	)		(208.6	)

Cash flow from investments:
Proceeds from investments sold, matured, or repaid:
Bonds		759.9			1,151.9			827.1
Stocks		7.0			7.8			8.4
Mortgage loans		211.5			171.3			91.9
Other invested assets		9.4			6.5			2.2
Miscellaneous proceeds		2.8			0.3			6.0

Total investment proceeds		990.6			1,337.8			935.6

Cost of investments acquired:
Bonds		314.6			769.1			238.4
Stocks		0.6			0.7			4.9
Mortgage loans		110.3			89.2			27.9
Real estate		0.1			1.1			—
Derivatives, net		40.7			105.0			99.8
Other invested assets		21.0			19.7			26.0
Miscellaneous applications		0.1			1.2			(2.9	)

Total investments acquired		487.4			986.0			394.1
Net decrease in contract loans and premium notes		0.9			(11.6	)		(8.2	)

Net cash provided by investments		502.3			363.4			549.7

Cash flow from financing and miscellaneous sources:
Cash applied:
Net deposits on deposit-type contracts and other insurance liabilities		(146.2	)		(167.6	)		(209.9	)
Other cash applied		(73.1	)		(57.3	)		(32.2	)

Net cash applied to financing and miscellaneous sources		(219.3	)		(224.9	)		(242.1	)

Net change in cash, cash equivalents and short-term investments		131.6			(79.4	)		99.0
Cash, cash equivalents and short-term investments:
Beginning of year		234.9			314.3			215.3

End of year	$	366.5		$	234.9		$	314.3

F-7

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

(1)

Corporate Structure, Basis of Presentation, and Summary of Significant Accounting Policies

(a) Corporate Structure

Genworth Life and Annuity Insurance Company (the “Company” or “GLAIC”) is a stock life insurance company operating under a charter granted by the Commonwealth of Virginia on March 21, 1871. The Company is licensed as a life insurer to do business in Bermuda, the District of Columbia and all states except for New York. The Company is wholly-owned by Genworth Life Insurance Company (“GLIC”), which is wholly-owned by Genworth North America Corporation (“GNA”), which is indirectly wholly-owned by Genworth Financial, Inc. (“Genworth”).

The following are the Company’s direct subsidiaries with percentage of ownership listed as of December 31, 2025:


Genworth Life Insurance Company of New York (“GLICNY”)	34.5	%
River Lake Insurance Company VI (“RLIC VI”)	100.0
River Lake Insurance Company X (“RLIC X”)	100.0
GNWLAAC Real Estate Holding, LLC (“GNWLAAC RE”)	100.0
Newco Properties, Inc. (“Newco”)	100.0
Jamestown Assignment Company, Inc. (“JAC”)	100.0
Assigned Settlement Inc. (“ASI”)	100.0

As of December 31, 2025, GNWLAAC RE, JAC and ASI were unaudited and fully nonadmitted.

(b) Nature of Business

The Company’s principal products are life insurance and fixed deferred and immediate annuities. Life insurance products provide protection against financial hardship after the death of an insured. Deferred annuities are investment vehicles intended for contractholders who want to accumulate tax-deferred assets for retirement, desire a tax-efficient source of income and seek to protect against outliving their assets. Immediate annuities provide a fixed amount of income for either a defined number of years, the annuitant’s lifetime or the longer of a defined number of years or the annuitant’s lifetime. In March 2016, Genworth suspended sales of traditional life insurance and fixed annuity products; however, the Company continues to service its existing retained and reinsured blocks of business.

The Company also has other products which have not been actively sold since 2011, but it continues to service its existing blocks of business. Those products include variable annuities, including group variable annuities offered through retirement plans; variable life insurance and funding agreements. Most of its variable annuities include guaranteed minimum death benefits (“GMDBs”). Some of the Company’s group and individual variable annuity products include guaranteed minimum benefit features such as guaranteed minimum withdrawal benefits (“GMWBs”) and certain types of guaranteed annuitization benefits.

(c) Basis of Presentation

The accompanying statutory financial statements of the Company have been prepared in conformity with accounting practices prescribed or permitted by the Virginia State Corporation Commission, Bureau of Insurance (the “Virginia Bureau”). These prescribed statutory accounting practices (“SAP”) include a variety of publications of the National Association of Insurance Commissioners (“NAIC”), including Statements of Statutory Accounting Principles (“SSAP”), as well as state laws, regulations, and general administrative rules. Permitted statutory accounting practices encompass all accounting practices not so prescribed.

Certain of the Company’s subsidiaries have permitted practices granted by their respective state of domicile as described in Note 2(b).

F-9

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

The preparation of financial statements requires management to make informed judgments and estimates that affect the reported amounts of assets and liabilities, including disclosure of contingent assets and liabilities, as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company considers its significant estimates to be those made for future policy benefits and claims. The Company also makes estimates for legal and regulatory reserves, certain investment and derivative valuations and valuation of deferred tax assets, if applicable. Actual results could differ from those estimates. Certain prior year amounts have been reclassified to conform to the current year presentation.

(d) Differences Between SAP and U.S. GAAP

The effects on the financial statements of the variances between SAP and U.S. generally accepted accounting principles (“U.S. GAAP”), although not reasonably determinable, are presumed to be material. The principal differences between SAP and U.S. GAAP include:

•

Investments in bonds are generally carried at amortized cost under SAP. The amortized cost is written down when an impairment is deemed other-than-temporary. Under U.S. GAAP, investments in bonds are carried at fair value with changes recorded in accumulated other comprehensive income (loss). A temporary allowance is recorded for declines in fair value related to credit losses.

•

The carrying value of commercial mortgage loans is stated at principal amounts outstanding under SAP. Under U.S. GAAP, the carrying value of commercial mortgage loans is stated at principal amounts outstanding, net of unamortized premium or discount, deferred expenses and allowance for credit losses.

•

The change in the unrealized gains or losses on certain investments is recorded as an increase or decrease in statutory surplus under SAP. Under U.S. GAAP, such unrealized gains and losses are recorded as a component of comprehensive income (loss).

•

Investments in subsidiaries are generally carried on a statutory equity basis with equity in the earnings of subsidiaries reflected in unassigned surplus. Under U.S. GAAP, controlled subsidiaries are consolidated and results of operations are included in net income (loss).

•

Under SAP, derivative instruments are valued consistently with hedged items. Derivatives are recorded at amortized cost if the hedged item is recorded at amortized cost. Derivatives are recorded at fair value and surplus is adjusted for fair value changes, if the hedged item is also recorded at fair value. Derivative instruments that do not meet or no longer meet the criteria of a highly effective hedge (“non-qualifying derivatives”) 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, derivatives are recorded at fair value and changes in fair value are recorded in accumulated other comprehensive income (loss) for qualified cash flow hedges or net income (loss) (with an offsetting change in value for changes in the hedged item) for qualified fair value hedges and non-qualifying derivatives. To the extent that hedging relationships are highly effective, the derivatives’ impact on operations is limited to payments and receipts of periodic coupons.

•

Under SAP, 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 bifurcated and accounted for like any other free-standing derivative.

•

Interest maintenance reserve (“IMR”) represents the deferral of interest related realized gains and losses, net of tax, on primarily fixed maturity investments and interest rate derivatives which are amortized into operations over the remaining life of the investment sold under SAP. 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 under SAP. No such reserve is required under U.S. GAAP, but mortgage loans are recorded net of allowances for estimated uncollectible amounts.

F-10

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

•

Certain assets, principally furniture, equipment, 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 SAP. 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 under SAP. Intangible assets such as goodwill are recorded under SAP 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.

•

Under SAP, a provision is established for unsecured reinsurance recoverable balances from unauthorized reinsurers with the change credited or charged to unassigned statutory surplus. In addition, any amounts over due by 90 days are nonadmitted. Under U.S. GAAP, an allowance is established for expected credit losses for reinsurance balances with any changes to this allowance reflected in operations for the period.

•

Under SAP, aggregate reserves for a majority of life insurance and fixed annuity products 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. Reserves for long-term care insurance (“LTC”) are based on morbidity assumptions derived from the Company’s experience. Asset adequacy analysis (for which the Company uses cash flow testing) is performed annually using best estimate assumptions with provisions for adverse deviation to determine if there is adequate margin when comparing assets to all future liabilities under moderately adverse conditions. If the margin is negative, the Company would be required to record additional statutory reserves in the statutory statements of admitted assets, liabilities and capital and surplus through the statutory statements of summary of operations. Under U.S. GAAP, reserves for term life insurance, life-contingent annuity, and LTC products are based on the present value of future benefits less the present value of future net premiums based on mortality, morbidity and other assumptions. Reserves for universal life insurance, term universal life insurance and non life-contingent annuity products are recognized by establishing a liability equal to the current account value of the policyholders’ contracts, with an additional reserve for certain guaranteed benefits. The U.S. GAAP liability uses best estimate cash flow assumptions, which are reviewed at least annually or more frequently if actual experience indicates a change is required. The change in the liability for future policy benefits resulting from cash flow assumption updates is recorded in the income statement.

•

Reserves are reported net of ceded reinsurance under SAP. 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.

•

Under SAP, certain annuity contracts which do not pass through all investment gains to the contractholders 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 SAP. Under U.S. GAAP, costs that are related to the successful acquisition of new and renewal insurance policies and investment contracts are deferred and recognized on a constant-level basis.

•

Under SAP, 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 (loss).

•

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

•

Under SAP, Federal income taxes are provided for in the Company’s estimated current and deferred tax liability. 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 financial statement basis and the tax basis of assets and liabilities. Changes in deferred tax

F-11

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

assets (“DTA”) and deferred tax liabilities (“DTL”) 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 SAP, gross DTAs 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 DTA not meeting certain criteria outlined in SSAP No. 101, Income Taxes, are not admitted for SAP.

•

The Statutory Statements of Cash Flow differs in certain respects from the presentation required by U.S. GAAP, including the presentation of the changes in cash, cash equivalents 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 (loss) and cash from operations.

•

SAP does not require the presentation of a Statement of Comprehensive Income; however, U.S. GAAP does require a Statement of Comprehensive Income.

(e) Recognition of Revenue and Related Expenses

Scheduled life and accident and health insurance premiums and annuity considerations are recognized as revenue when due from policyholders with an unearned premium reserve provided for amounts unearned at the valuation date. Premiums and fund deposits for universal life insurance 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 operations as incurred.

(f) Investments

Investments in bonds are generally stated at amortized cost except for bonds where the NAIC designation has fallen to six and the fair value has fallen below amortized cost, in which case they are carried at fair value. Debt securities that do not qualify as bonds are stated at amortized cost using the scientific method except where the fair value has fallen below amortized cost, in which case they are carried at fair value. Amortization of asset-backed securities and debt securities that do not qualify as bonds is based on prepayment assumptions that are updated at least quarterly. Significant changes of estimated cash flows from original purchase assumptions are accounted for using the retrospective adjustment method for all such securities that are reported with NAIC designations that are of high credit quality at the time of acquisition. Significant changes of estimated cash flows from original purchase assumptions are accounted for using the prospective adjustment method for all such securities that are not reported with NAIC designations that are of high credit quality at the time of acquisition and for securities that have been other than temporarily impaired. For securities which the Company recorded other-than-temporary impairment (“OTTI”) charges, the Company stops amortization until the security begins performing as anticipated, at which time the Company applies that prospective methodology for amortization. Amortization is accounted for using a method that approximates the scientific interest method. Prepayment assumptions for asset-backed securities and debt securities that do not qualify as bonds are based on internal estimates.

Investments in common stocks of unaffiliated companies are carried at fair value. Investments in common stocks of subsidiary controlled and affiliated (“SCA”) insurance companies are carried at the Company’s proportionate share of the audited statutory capital and surplus of the entity. Noninsurance SCAs are carried at the audited U.S. GAAP equity of the investee, adjusted for unamortized goodwill. Changes in the proportionate share of equity of such subsidiaries are recorded as unrealized gains and losses. Dividends from subsidiaries are recorded as net investment income when paid.

Investments in preferred stocks are carried at fair value.

Investments in short-term investments (maturity dates of one year or less from the acquisition date) are stated at amortized cost, which approximates fair value due to their short-term maturity. Money market funds are stated at fair value and classified as cash equivalents.

F-12

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

The Company regularly evaluates securities, excluding asset backed securities and debt securities that do not qualify as bonds, in an unrealized loss position for other-than-temporary impairments (“OTTI”). For these securities, the Company considers all available information relevant to the collectability of the securities, including information about past events, current conditions, and reasonable and supportable forecasts, when developing the estimate of cash flows expected to be collected. When it is determined that an impairment is other than temporary because the Company has made a decision to sell the security at an amount below its carrying value, or it is probable that the Company will not collect all amounts due based on the contractual terms of the security, the Company will recognize that an OTTI has occurred and record a realized loss equal to the difference between the security’s carrying value and its fair value.

For asset backed securities and debt securities that do not qualify as bonds, the Company also utilizes performance indicators of the underlying assets including defaults or delinquency rates, loan to collateral value ratios, third-party credit enhancements, current levels of subordination, collateral vintage and other relevant characteristics of the underlying assets or the security to develop its estimate of cash flows. Estimating the expected cash flows is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions and judgments regarding the future performance of the underlying collateral. Where possible, this data is benchmarked against third-party sources. When it is determined that an impairment is other than temporary because it is probable that the Company will not collect all amounts due based on the contractual terms of the security, even if the Company has no intent to sell and has the intent and ability to hold to recovery, the Company will recognize a realized loss equal to the difference between the carrying value of the security and the present value of the expected cash flows. Under circumstances whereby the Company has the intent to sell or does not have the ability and intent to hold to recovery, the security is impaired to its fair value.

In addition, for certain asset-backed securities in an unrealized loss position, management also evaluates whether it has the intent and ability to retain the investment for a period of time sufficient to recover the amortized cost basis.

Investments in real estate are stated at depreciated cost. As of December 31, 2025 and 2024, the Company’s investment in real estate consisted of properties occupied by the Company of $10.9 and $11.5, respectively.

Newco, a noninsurance subsidiary, owns and leases certain properties occupied by the Company and its affiliates.

Mortgage loans are stated at principal amounts outstanding, net of discounts, premiums, and valuation allowances. Interest on loans is recognized on an accrual basis at the applicable interest rate on the principal amount outstanding. Premiums and discounts are amortized as level yield adjustments over the respective loan terms.

GNWLAAC RE, a noninsurance subsidiary, at times owns certain mortgage loans contributed by the Company. GNWLAAC RE will take possession of real estate through, or in lieu of, foreclosure on its loans. The transfers are recorded at the lower of book value or fair value at the date of transfer. GNWLAAC RE was nonadmitted as of December 31, 2025 and 2024.

Impaired loans are defined by SSAP No. 37, Mortgage Loans, as loans for which it is probable that the Company will be unable to collect all amounts due according to original contractual terms of the loan agreement. In determining whether it is probable that the Company will be unable to collect all amounts due, the Company considers current payment status, debt service coverage ratios, occupancy levels and current loan-to-value. For individually impaired loans, the Company records an impairment charge when it is probable that a loss has occurred. Impaired loans are carried on a non-accrual status. Loans are placed on non-accrual status when, in management’s opinion, the collection of principal or interest is unlikely, or when the collection of principal or interest is 90 days or more past due. Income on impaired loans is not recognized until the loan is sold or the cash received exceeds the carrying amount recorded.

Investments in joint ventures, partnerships or limited liability companies are stated based on the underlying audited U.S. GAAP equity adjusted for any unamortized goodwill. Changes in the proportionate share of these investments are recorded

F-13

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

as unrealized gains and losses. The cost basis and carrying value of joint ventures and limited partnership investments are adjusted for impairments in value deemed to be other than temporary, with associated realized loss reported in net income (loss).

Realized investment gains and losses, determined on a specific identification basis and recorded on the trade date, are reduced by amounts transferred to IMR and are reflected as an element of net income (loss), net of related tax. For bonds carried at fair value, the difference between amortized cost and fair value is reflected as unrealized gains and losses on investments in unassigned surplus. Changes in fair values of common stocks, preferred stocks and changes in statutory equity of subsidiaries are reflected as unrealized gains and losses on investments in unassigned surplus.

The Company may from time to time participate in a program managed by an unaffiliated financial institution in which it lends securities to brokers or other parties. The Company receives collateral for the loaned securities which can consist of cash or government securities, on a daily basis, in amounts equal to or exceeding 102% of the fair value of the applicable securities loaned. Currently, the Company only accepts cash collateral from borrowers under the program. As of December 31, 2025 and 2024, there were no loaned securities or collateral held.

Sales of securities to affiliates are considered economic transactions and are accounted for at fair value, with interest related gains and losses transferred to IMR.

(g) Fair Value Measurements

The Company may from time to time hold certain long-term bonds, common and preferred stocks, derivatives, securities held as collateral, and separate account assets which are carried at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Fair value measurements are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect a view of market assumptions in the absence of observable market information. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. All assets carried or disclosed at fair value are classified and disclosed in one of the following three categories:

•

Level 1 — Quoted prices for identical instruments in active markets.

•

Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.

•

Level 3 — Instruments whose significant value drivers are unobservable.

Level 1 primarily consists of separate account assets and financial instruments whose value is based on quoted market prices such as actively traded equity securities and actively traded mutual fund investments.

Level 2 includes those financial instruments that are valued using industry-standard pricing methodologies, models or other valuation methodologies. These models are primarily industry-standard models that consider various inputs, such as interest rate, credit spread and foreign exchange rates for the underlying financial instruments. All significant inputs are observable, or derived from observable information, in the marketplace or are supported by observable levels at which transactions are executed in the marketplace. Financial instruments in this category primarily include: certain public and private corporate bonds; government or agency securities; certain mortgage-backed and asset-backed securities; securities held as collateral; and certain non-exchange-traded derivatives such as interest rate swaps.

F-14

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

Level 3 is comprised of financial instruments whose fair value is estimated based on industry-standard pricing methodologies and internally developed models utilizing significant inputs not based on, nor corroborated by, readily available market information. In limited instances, this category may also utilize non-binding broker quotes. This category primarily consists of certain less liquid bonds and preferred stocks, and certain derivative instruments where the Company cannot corroborate the significant valuation inputs with market observable data.

As of each reporting period, all assets and liabilities recorded or disclosed at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability, such as the relative impact on the fair value from including a particular input. The Company reviews the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the changes occur.

The valuation of financial futures is based on the closing exchange prices. Accordingly, these financial futures are classified as Level 1.

The valuation of equity index options is determined using an income approach. The primary inputs into the valuation are forward interest rate volatility and a time value component associated with the optionality in the derivative, which are considered significant unobservable inputs in most instances. The equity index volatility surface is determined based on market information that is not readily observable and is developed based upon inputs received from several third-party sources. Accordingly, these options are classified as Level 3.

The valuation of cross currency swaps is determined using an income approach. The primary inputs into the valuation represent the forward interest rate swap curve and foreign currency exchange rates, both of which are considered an observable input, and results in the derivative being classified as Level 2.

The valuation of bond purchase commitments is determined using an income approach. The primary inputs into the valuation represent current bond prices and interest rates, as well as an estimate of the cost of counterparty financing to acquire and carry the bond during the forward period. The estimated cost of counterparty financing is not readily observable and is developed based upon an assumed spread; accordingly, these derivatives are classified as Level 3.

The fair value of the majority of separate account assets is based on the quoted price of the underlying fund investments and, therefore, represents Level 1 pricing. The remaining separate account assets represent Level 2 pricing, as defined above.

(h) 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 and (b) bonds delinquent more than 90 days or where collection of interest is improbable. As of December 31, 2025 and 2024, the Company’s nonadmitted investment income due and accrued was zero.

(i) Nonadmitted Assets

Certain assets, principally furniture, equipment, agents’ debit balances, certain amounts related to investments in or near default, prepaid expenses, and certain deferred income tax assets have been designated as nonadmitted assets and are excluded from assets by a charge to statutory surplus. Changes in these nonadmitted assets are presented as changes in unassigned surplus.

F-15

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

(j) Aggregate Reserves and Liability for Deposit-Type Contracts

Policy reserves on non-variable annuity and supplementary contracts are calculated using the Commissioners’ Annuity Reserve Valuation Method. The valuation interest assumptions follow the Standard Valuation Law and vary by the contracts’ characteristics and their issue year.

Variable annuity reserves follow the reserve requirements prescribed in the NAIC Valuation Manual-21: Requirements for Principle-Based Reserves for Variable Annuities.

Policy reserves on life insurance 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 their issue year.

Valuation methods provide, in the aggregate, reserves that are greater than or equal to the minimum 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 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.

(k) Liability for Policy and Contract Claims

The liability for policy and contract claims represents the amount needed to provide for the estimated cost of settling due and unpaid claims relating to insured events that have occurred on or before the end of the respective reporting period. The estimated liability includes requirements for payments of claims that have been reported to the insurer, and claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated.

Management considers the liability for policy and contract claims provided to be satisfactory to cover the losses that have occurred. Management monitors actual experience, and where circumstances warrant, will revise its assumptions. The methods of determining such estimates and establishing the liability are reviewed continuously and any adjustments are reflected in operations in the period in which they become known. Future developments may result in losses greater or less than the liability for policy and contract claims provided.

(l) Interest Maintenance Reserve

IMR represents the deferral of interest-related realized capital gains and losses, net of tax, on primarily fixed maturity investments and interest rate derivatives. These gains and losses are amortized into income (loss) on a level yield method, based on statutory factor tables over the estimated remaining life of the investment sold or called.

(m) Asset Valuation Reserve

AVR is a contingency reserve for credit-related losses on most investments and is recorded as a liability through a charge to statutory surplus. The reserve is calculated based on credit quality using factors provided by the NAIC.

(n) Federal Income Taxes

The Company determines DTAs and/or DTLs by multiplying the differences between the statutory financial reporting and tax reporting bases for assets and liabilities by the enacted tax rates expected to be in effect when such differences are

F-16

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

recovered or settled if there is no change in law. The effect on deferred taxes of a change in tax rates is recognized in unassigned deficit 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.

(o) Reinsurance

Premiums, commissions, expense reimbursement, claim, 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 reinsurance in unauthorized companies. Changes in this liability are reported directly in unassigned surplus.

Policy and contract liabilities ceded have been reported as reductions to the related reserves.

(p) 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. See Note 7(b).

(q) Derivative Instruments

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 shall be valued at fair value with the changes in fair value recorded as unrealized gains and losses in statutory surplus.

The Company uses cross currency swaps, equity index options, bond purchase commitments, and financial futures for hedging. Interest rate futures are used to reduce market risks from changes in interest rates and to alter interest rate exposures arising from mismatches between assets and liabilities. Equity index options and equity futures are used to hedge the equity market risks that are part of some of the Company’s annuity liabilities. Bond purchase commitments are used to lock in prices of future bond purchases.

The Company uses cross currency swaps to reduce market risks from changes in foreign currency rates and to alter interest rate exposure arising from mismatches between assets and liabilities. In a cross currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a forward exchange rate calculated by reference to an agreed upon principal amount. The principal amount of each currency is exchanged at the inception and termination of the currency swap by each party.

Cross currency swaps and bond purchase commitments that qualify for hedge accounting are carried at amortized cost while non-qualifying equity options and financial futures are carried at fair value with changes in fair value recorded in statutory surplus. Realized investment gains and losses from derivatives that qualify for hedge accounting are reduced by amounts transferred to IMR and are reflected as an element of investment income, net of investment and interest expenses. Any fees associated with swaps are held in surplus and the full fee amount will be recognized in income at the time of termination.

The Company reports net cash flows from the purchase or termination of derivative instruments as cash flows from investing activities in the Statutory Statements of Cash Flow.

F-17

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

(r) 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.

(s) Going Concern

The Company’s management does not have any doubts about the Company’s ability to continue as a going concern within one year from the date the statutory financial statements were issued.

(t) Accounting Changes

In March and May 2025, the NAIC adopted revisions to SSAP No. 1, Accounting Policies, Risks & Uncertainties, and Other Disclosures, effective December 31, 2025. The revisions clarify and expand restricted asset disclosures to include assets under modified coinsurance (“Modco”) and funds withheld (“FWH”) agreements and identify differences between the restricted asset annual statement disclosure and the amount reported in the annual statement general interrogatories. Additionally, these revisions expand restricted asset disclosures to capture the book/adjusted carrying value of Modco and FWH assets by investment schedule and to include breakdowns by related party codes for assets affiliated with the reinsurer. These revisions expanded disclosures but did not have an impact on the Company’s financial statements. See Note 2.

In August 2023, the NAIC adopted revisions to SSAP No. 26, Bonds, and SSAP No. 43, Asset-Backed Securities, effective January 1, 2025. The revisions adopt a principles-based bond definition for determining the investments eligible for bond accounting and reporting as issuer credit obligations (“ICO”) and asset-backed securities (“ABS”). The Company adopted the revisions prospectively effective January 1, 2025. Upon adoption, the Company did not have any bonds that failed to qualify as bonds under the revised guidance. Accordingly, Note 2 reflects the adopted revisions for 2025 disclosures, while the 2024 disclosures reflects the prior guidance.

In March 2023, the NAIC adopted modifications to SSAP No. 34, Investment Income Due and Accrued, effective December 31, 2023. The modifications require additional disclosures related to gross, non-admitted and admitted amounts for interest income due and accrued, deferred interest, and paid-in-kind (“PIK”) interest. See Note 2.

F-18

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

(2)

Investments

(a) Bonds and Preferred and Common Stocks

As of December 31, 2025 and 2024, the carrying value, gross unrealized gains and losses, and fair value of the Company’s bonds and preferred and common stocks, excluding stocks of affiliates, were as follows:


	2025
			Gross unrealized gains				Gross unrealized losses
	Carrying value		Not OTTI		OTTI		Not OTTI			OTTI		Fair value
ICO:
U.S. government obligations (exempt from RBC):	$	569.2	$	0.6	$	—	$	(89.3	)	$	—	$	480.5
Other U.S. government obligations (not exempt from RBC):		19.8		1.2		—		—			—		21.0
Non-U.S. sovereign jurisdiction securities:		268.6		5.6		—		(37.0	)		—		237.2
Municipal bonds — general obligation (direct and guaranteed):		93.4		1.1		—		(3.1	)		—		91.4
Municipal bonds — special revenue:		227.9		1.4		—		(20.2	)		—		209.1
Project finance bonds issued by operating entities:		191.4		2.0		—		(19.5	)		—		173.9
Corporate bonds:		5,683.0		95.2		—		(530.3	)		—		5,247.9
Single entity backed obligations:		79.9		1.0		—		(4.3	)		—		76.6
Bonds issued by funds representing operating entities		329.1		0.6		—		(25.8	)		—		303.9
Bank loans — issued:		28.8		0.1		—		(0.1	)		—		28.8
Other ICO:		10.9		0.4		—		(0.4	)		—		10.9

Total ICO:		7,502.0		109.2		—		(730.0	)		—		6,881.2
ABS:
Agency residential mortgage-backed securities — fully guaranteed (exempt from RBC):		9.0		0.4		—		—			—		9.4
Agency commercial mortgage-backed securities — fully guaranteed (exempt from RBC):		274.4		—		—		(60.7	)		—		213.7
Agency residential mortgage-backed securities — not/ partially guaranteed (not exempt from RBC):		201.3		3.5		—		(5.0	)		—		199.8
Non-Agency residential mortgage-backed securities:		78.7		—		—		(8.0	)		—		70.7
Non-Agency commercial mortgage-backed securities:		83.4		—		—		(5.8	)		—		77.6
Non-Agency — CLOs/CBOs/CDOs:		25.1		—		—		—			—		25.1
Other financial ABS — self-liquidating:		15.1		0.1		—		—			—		15.2
Equity-backed securities:		12.3		0.1		—		—			—		12.4
Lease-backed transactions (practical expedient):		15.9		0.1		—		—			—		16.0
Other non-financial ABS (practical expedient):		26.1		—		—		(2.1	)		—		24.0
Lease-backed transactions (full analysis):		35.0		0.6		—		(0.1	)		—		35.5
Other non-financial ABS (full analysis):		107.7		0.6		—		(3.2	)		—		105.1

Total ABS:		884.0		5.4		—		(84.9	)		—		804.5
Preferred and common stocks (nonaffiliates):		76.9		—		—		—			—		76.9

Total bonds and preferred and common stocks	$	8,462.9	$	114.6	$	—	$	(814.9	)	$	—	$	7,762.6

F-19

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)


	2024
			Gross unrealized gains				Gross unrealized losses
	Carrying value		Not OTTI		OTTI		Not OTTI			OTTI		Fair value
Bonds:
U.S. government and U.S. government agencies	$	536.0	$	0.7	$	—	$	(90.2	)	$	—	$	446.5
All other governments		149.3		0.9		—		(21.8	)		—		128.4
States, territories, and possessions		100.7		0.3		—		(2.3	)		—		98.7
Special revenue and special assessment obligations		322.1		5.7		—		(27.9	)		—		299.9
Industrial and miscellaneous		6,767.6		50.3		—		(733.2	)		—		6,084.7
Bank loans — industrial and miscellaneous		8.8		0.0		—		—			—		8.8
Residential mortgage-backed		317.6		1.4		—		(21.8	)		—		297.2
Commercial mortgage-backed		398.7		—		—		(83.2	)		—		315.5
Other asset-backed and structured securities		187.8		0.7		—		(4.3	)		—		184.2
Hybrids		20.3		0.5		—		(0.1	)		—		20.7

Total bonds		8,808.9		60.5		—		(984.8	)		—		7,884.6
Preferred and common stocks — nonaffiliates		80.5		1.0		—		—			—		81.5

Total bonds and preferred and common stocks	$	8,889.4	$	61.5	$	—	$	(984.8	)	$	—	$	7,966.1

Gross unrealized losses in the tables above include declines in the fair value of certain bonds below carrying value, where an OTTI has not occurred as the Company does not intend to sell, has the intent and ability to retain the investment for a period of time sufficient to recover the entire amortized cost basis of the investment and otherwise expects to recover the entire amortized cost basis of the investment. In addition, gross unrealized losses include declines in the fair value below the carrying value for certain bonds that have been other-than-temporarily impaired and were written down to their discounted estimated future cash flows, which were greater than their fair value, as the Company does not expect to recover the entire amortized cost basis of these bonds based on its estimate of future cash flows to be collected, despite not having the intent to sell and having the intent and ability to retain the investment for a period of time sufficient to recover the amortized cost basis.

As of December 31, 2025, the scheduled contractual maturity distribution of the ICO bond portfolio was as follows:


	2025
	Carrying value		Fair value
Due in one year or less	$	180.6	$	180.7
Due after one year through five years		902.9		901.6
Due after five years through ten years		1,060.0		1,050.9
Due after ten years through twenty years		2,345.2		2,190.3
Due after twenty years		3,013.3		2,557.7

Totals	$	7,502.0	$	6,881.2

Actual and expected maturities may differ from scheduled contractual maturities because issuers of securities may have the right to call or prepay obligations with or without call or prepayment penalties.

As required by law, the Company has investments on deposit with governmental authorities and banks for the protection of policyholders with a statement value of $7.6 and $7.5 as of December 31, 2025 and 2024, respectively.

F-20

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

The vast majority of the Company’s portfolio is rated investment grade and are senior secured bonds. The Company’s portfolio is widely diversified among various geographic regions in the United States, and is not dependent on the economic stability of one particular region.

As of December 31, 2025 and 2024, the Company did not hold any investments in any single issuer, other than securities issued or guaranteed by the U.S. government or money market securities, which exceeded 10% of capital and surplus.

The credit quality mix of the bond portfolio as of December 31, 2025 and 2024 was as follows. The quality ratings represent NAIC designations.


	2025					2024
	Carrying value		Percent			Carrying value		Percent
Class 1 — highest quality	$	4,596.0		54.8	%	$	4,584.6		52.0	%
Class 2 — high quality		3,503.4		41.8			3,921.1		44.5
Class 3 — medium quality		264.1		3.1			281.8		3.2
Class 4 — low quality		21.4		0.3			16.2		0.2
Class 5 — lower quality		1.1		—			5.2		0.1
Class 6 — in or near default		—		—			—		—

Totals	$	8,386.0		100.0	%	$	8,808.9		100.0	%

Bonds with ratings categories ranging from AAA/Aaa to BBB/Baa, as assigned by a rating service such as Standard & Poor’s Financial Services LLC or Moody’s Investors Service, Inc., are generally regarded as investment grade securities. Some agencies and treasuries (that is, those securities issued by the U.S. government or an agency thereof) are not rated, but all are considered to be investment grade securities. The NAIC regards agencies and treasuries and all A ratings as Class 1 (highest quality), BBB/Baa ratings as Class 2 (high quality), BB/Ba ratings as Class 3 (medium quality), B ratings as Class 4 (low quality), CCC/Caa ratings as Class 5 (lower quality), and CC/Ca or below ratings as Class 6 (in or near default).

There were no bonds in default as of December 31, 2025 and 2024.

(b) Common Stocks of Affiliates

The Company’s investment in common stocks of affiliates as of December 31, 2025 and 2024 included its proportionate ownership percentage as disclosed in Note 1(a), except as disclosed below. The following tables summarize data from the statutory financial statements of the Company’s insurance company subsidiaries as of and for the years ended December 31, 2025, 2024 and 2023:


	GLICNY		RLIC VI¹		RLIC X¹
2025
Total admitted assets	$	6,747.4	$	1,669.5	$	851.0
Total liabilities		6,525.4		1,595.7		819.2
Total capital and surplus		222.0		73.8		31.8
Net income		1.4		117.6		21.9

2024
Total admitted assets	$	6,849.0	$	1,877.2	$	879.9
Total liabilities		6,630.8		1,803.1		852.8
Total capital and surplus		218.2		74.1		27.1
Net income (loss)		4.7		100.4		28.4

F-21

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)


	GLICNY			RLIC VI¹		RLIC X¹

2023
Total admitted assets	$	7,050.7		$	2,038.2	$	926.6
Total liabilities		6,838.8			1,966.5		901.5
Total capital and surplus		211.9			71.7		25.1
Net income		(1.1	)		80.3		13.5

¹	As of December 31, 2025 and 2024, the Company carried its investment in the subsidiary at zero.

As of December 31, 2025 and 2024, the Company’s investment in GLICNY was $76.6 and $75.3, respectively.

Effective December 1, 2021, RLIC X was granted a permitted practice from the Vermont Department of Financial Regulation to record an excess of loss (“XOL”) reinsurance agreement with Hannover Life Reassurance Company of America (“Hannover”) as a gross admitted asset and as paid in surplus.

Effective December 1, 2019, RLIC VI entered into an XOL reinsurance agreement (the “RLIC VI XOL Treaty”) with Canada Life Assurance Company (“Canada Life”), operating through its Barbados branch and the Company. The Company requested and was subsequently granted effective December 1, 2019, a permitted practice from the Delaware Department of Insurance (“Delaware Department”) pursuant to Title 18, Sections 6907 and 6962 of the Delaware Insurance Code. RLIC VI is permitted to record the portion of the XOL coverage amount pursuant to the RLIC VI XOL Treaty allocable to the universal life insurance contracts as a gross admitted asset and as paid in surplus. Effective December 1, 2021, RLIC VI was granted a permitted practice from the Delaware Department whereby RLIC VI is permitted to record the portion of the XOL coverage amount pursuant to the RLIC VI XOL Treaty allocable to the term life insurance policies as a gross admitted asset and as paid in surplus.

The Company has an investment in Newco which is audited and fully admitted at audited U.S. GAAP equity in common stock of affiliates. As of December 31, 2025 and 2024, the Company’s investment in Newco was $26.7 and $43.8, respectively, with the decrease primarily due to a dividend paid by Newco to the Company in 2025. See Note 5.

As of December 31, 2025 and 2024, GNWLAAC RE, JAC and ASI were unaudited and nonadmitted.

(c) Mortgage Loans

As of December 31, 2025 and 2024, the Company’s mortgage loan portfolio consisted of 319 and 351, respectively, of first lien commercial mortgage loans. The loans, which were originated by the Company through a network of mortgage bankers, were made only on developed and leased properties and had a maximum loan-to-value ratio of 75% as of the date of origination. The Company does not engage in construction lending or land loans. The maximum and minimum lending rates for new mortgage loans during 2025 were 7.3% and 4.6%, respectively.

The Company’s mortgage loans are collateralized by commercial properties, including multi-family residential buildings. The carrying value of mortgage loans is stated at original cost net of prepayments and amortization.

F-22

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

The Company diversifies its mortgage loans by both property type and geographic region. The following tables set forth the distribution across property type and geographic region for mortgage loans as of December 31, 2025 and 2024:


	2025					2024
Property type	Carrying value		Percent of total			Carrying value		Percent of total
Retail	$	577.0		38.5	%	$	622.8		38.9	%
Industrial		377.8		25.2			380.3		23.8
Office		368.4		24.6			397.2		24.8
Mixed use		88.6		5.9			99.4		6.2
Apartments		61.6		4.1			73.2		4.6
Other		24.8		1.7			26.5		1.7

Total principal balance	$	1,498.2		100.0	%	$	1,599.4		100.0	%


	2025					2024
Geographic region	Carrying value		Percent of total			Carrying value		Percent of total
South Atlantic	$	430.6		28.7	%	$	465.1		29.1	%
Pacific		258.5		17.2			270.8		16.9
Mountain		180.6		12.1			182.3		11.4
Middle Atlantic		165.8		11.1			166.3		10.4
West South Central		126.1		8.4			123.7		7.7
West North Central		122.6		8.2			142.1		8.9
East North Central		119.5		8.0			129.6		8.1
East South Central		49.6		3.3			72.8		4.6
New England		44.9		3.0			46.7		2.9

Total principal balance	$	1,498.2		100.0	%	$	1,599.4		100.0	%

Mortgage loans are considered past due when contractual payments have not been received from the borrower by the required payment date. The Company had two loans and zero loans greater than 30 days past due as of December 31, 2025 and 2024, respectively. The Company had no impaired loans as of December 31, 2025 and 2024.

The following table sets forth the age analysis of mortgage loans and identification of mortgage loans in which the insurer is a participant or co-lender in a mortgage loan agreement as of December 31, 2025 and 2024:


	2025									2024
	Commercial									Commercial
	Insured			All Other			Total			Insured			All Other			Total
Recorded investment (All)
Current (less than 30 days past due)	$	—		$	1,494.9		$	1,494.9		$	—		$	1,599.4		$	1,599.4
30-59 days past due		—			3.3			3.3			—			—			—
Interest reduced
Recorded investment	$	—		$	—		$	—		$	—		$	—		$	—
Number of loans		—			—			—			—			—			—
Percent reduced		—	%		—	%		—	%		—	%		—	%		—	%
Participant or co-lender in a mortgage loan agreement
Recorded investment	$	—		$	26.0		$	26.0		$	—		$	—		$	—

F-23

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

As of December 31, 2025 and 2024, the Company held no farm, mezzanine or residential mortgage loans.

During the years ended December 31, 2025 and 2024, the Company did not have any modifications or extensions that were considered troubled debt restructurings.

In evaluating the credit quality of mortgage loans, the Company assesses the performance of the underlying loans using both quantitative and qualitative criteria. Certain risks associated with mortgage loans can be evaluated by reviewing both the loan-to-value and debt service coverage ratios to understand both the probability of the borrower not being able to make the necessary loan payments as well as the ability to sell the underlying property for an amount that would enable the Company to recover its unpaid principal balance in the event of default by the borrower. A higher debt service coverage ratio indicates the borrower is less likely to default on the loan. The debt service coverage ratio should not be used without considering other factors associated with the borrower, such as the borrower’s liquidity or access to other resources that may result in the Company’s expectation that the borrower will continue to make the future scheduled payments. A lower loan-to-value indicates that its loan value is more likely to be recovered in the event of default by the borrower if the property was sold.

The Company monitors mortgage loan concentration by state. California is the only state exceeding 10% of the total mortgage loan portfolio. During the years ended December 31, 2025, 2024 and 2023, the Company originated $25.2, $6.8, and $3.8, respectively, in mortgage loans secured by real estate in California. As of December 31, 2025 and 2024, the Company held $157.6 and $160.0, respectively, of mortgages secured by real estate in California, which was 10.5% and 10.0%, respectively, of its total mortgage portfolio.

The following tables set forth the average loan-to-value of mortgage loans by property type as of December 31, 2025 and 2024:


	2025 Average loan-to-value⁽¹⁾
Property type	0%-50%			51%-60%			61%-75%			76%-100%			Greater than 100%			Total
Retail	$	279.5		$	116.9		$	176.8		$	3.8		$	—		$	577.0
Industrial		166.9			50.7			160.2			—			—			377.8
Office		52.6			67.0			170.0			78.8			—			368.4
Mixed use		1.9			15.2			56.5			—			15.0			88.6
Apartments		27.1			19.5			15.0			—			—			61.6
Other		8.3			13.7			2.8			—			—			24.8

Total	$	536.3		$	283.0		$	581.3		$	82.6		$	15.0		$	1,498.2

Percent of total		35.8	%		18.9	%		38.8	%		5.5	%		1.0	%		100.0	%

Weighted-average debt service coverage ratio⁽²⁾		2.5			2.0			1.5			1.3			0.8			1.9

⁽¹⁾	Average loan-to-value is based on the Company’s most recent estimate of the fair value for the underlying property as of the date indicated above. Values are evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan.

⁽²⁾

Debt service coverage ratio is based on “normalized” annual net operating income of the property compared to the payments required under the terms of the loan. Normalization allows for the removal of annual one-time events such as capital expenditures, prepaid or late real estate tax payments or non-recurring third-party fees (such as legal, consulting or contract fees). This ratio is evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan.

F-24

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)


	2024 Average loan-to-value⁽¹⁾
Property type	0%-50%			51%-60%			61%-75%			76%-100%			Greater than 100%			Total
Retail	$	265.0		$	146.2		$	211.6		$	—		$	—		$	622.8
Office		51.9			40.1			199.6			105.6			—			397.2
Industrial		156.9			82.1			137.5			3.8			—			380.3
Mixed use		9.0			6.8			68.6			—			15.0			99.4
Apartments		39.5			3.7			30.0			—			—			73.2
Other		9.5			14.2			2.8			—			—			26.5

Total	$	531.8		$	293.1		$	650.1		$	109.4		$	15.0		$	1,599.4

Percent of total		33.3	%		18.3	%		40.7	%		6.8	%		0.9	%		100.0	%

Weighted-average debt service coverage ratio⁽²⁾		2.4			1.8			1.6			1.5			0.8			1.9

⁽¹⁾	Average loan-to-value is based on the Company’s most recent estimate of the fair value for the underlying property as of the date indicated above. Values are evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan.

⁽²⁾

The following tables set forth the debt service coverage ratio for fixed rate mortgage loans by property type as of December 31, 2025 and 2024:


	2025 Debt service coverage ratio — fixed rate⁽¹⁾
Property type	Less than 1.00			1.00 – 1.25			1.26 – 1.50			1.51 – 2.00			Greater than 2.00			Total
Retail	$	9.7		$	10.8		$	75.6		$	265.0		$	215.9		$	577.0
Industrial		5.1			13.7			57.8			124.2			177.0			377.8
Office		58.6			56.7			45.7			97.5			109.9			368.4
Mixed use		15.0			7.4			15.3			41.7			9.2			88.6
Apartments		4.9			—			7.2			29.6			19.9			61.6
Other		—			—			13.7			2.8			8.3			24.8

Total	$	93.3		$	88.6		$	215.3		$	560.8		$	540.2		$	1,498.2

Percent of total		6.2	%		5.9	%		14.4	%		37.4	%		36.1	%		100.0	%

Weighted-average loan-to-value⁽²⁾		81.4	%		70.4	%		61.6	%		59.4	%		43.5	%		56.0	%

⁽¹⁾

⁽²⁾	Average loan-to-value is based on the Company’s most recent estimate of the fair value for the underlying property as of the date indicated above. Values are evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan.

F-25

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)


	2024 Debt service coverage ratio — fixed rate⁽¹⁾
Property type	Less than 1.00			1.00 – 1.25			1.26 – 1.50			1.51 – 2.00			Greater than 2.00			Total
Retail	$	18.4		$	15.7		$	145.1		$	250.2		$	193.4		$	622.8
Office		52.4			15.4			74.3			141.9			113.2			397.2
Industrial		—			10.3			75.6			160.0			134.4			380.3
Mixed use		27.2			23.8			17.2			28.0			3.2			99.4
Apartments		—			1.9			6.7			39.4			25.2			73.2
Other		—			14.2			2.5			2.8			7.0			26.5

Total	$	98.0		$	81.3		$	321.4		$	622.3		$	476.4		$	1,599.4

Percent of total		6.1	%		5.1	%		20.1	%		38.9	%		29.8	%		100.0	%

Weighted-average loan-to-value⁽²⁾		78.6	%		58.1	%		65.5	%		60.2	%		43.5	%		57.3	%

⁽¹⁾

⁽²⁾	Average loan-to-value is based on the Company’s most recent estimate of the fair value for the underlying property as of the date indicated above. Values are evaluated at least annually and updated more frequently if necessary to better indicate risk associated with the loan.

As of December 31, 2025 and 2024, the Company did not have any floating rate mortgage loans.

(d) Derivative Instruments

The Company uses exchange-traded futures to reduce the market risks from changes in interest rates and equity indexes. Under exchange traded financial futures, the Company purchases or sells a futures contract on an exchange and posts variation margin to the exchange on a daily basis in an amount equal to the difference in the daily market values of those contracts. The Company accesses the exchange through regulated futures commission merchants who are members of a trading exchange.

The Company also purchases over-the-counter equity index call and put options to hedge the risk embedded in the Company’s annuity liabilities. These transactions are entered into pursuant to an International Swaps and Derivatives Association, Inc (“ISDA”) Master Agreement. The Company may make a single option premium payment to the counterparty at the inception of the transaction or a series of premium payment installations over the life of the option.

The Company uses bond purchase commitments to lock in prices of future bond purchases.

Counterparty Risk

The Company is exposed to credit-related losses in the event of nonperformance by counterparties to financial instruments, but it does not expect any counterparties to fail to meet their obligations given their high credit ratings. The

F-26

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

Company manages counterparty risk by transacting with multiple high-rated counterparties and uses collateral support where possible. The Company’s maximum credit exposure to derivative counterparties is limited to the sum of the net fair value of contracts with counterparties that exhibit a positive fair value net of collateral.

The current credit exposure of the Company’s derivative contracts is limited to net positive fair value owed by the counterparties, less collateral posted by the counterparties to the Company. Credit risk is managed by entering into transactions with creditworthy counterparties and requiring the posting of collateral. In many instances, new over-the-counter derivatives contracts will require both parties to post initial margin, thereby resulting in over collateralizations. The Company also attempts to minimize its exposure to credit risk through the use of various credit monitoring techniques and monitoring overall collateral held. All of the net credit exposure for the Company from derivative contracts is with investment-grade counterparties. As of December 31, 2025, the counterparties to all of the Company’s derivatives had a minimum credit rating of BBB+. As of December 31, 2025 and 2024, the Company held derivative counterparty collateral with fair value of $8.1 and zero, respectively.

The table below provides a summary of the net carrying value, fair value and notional value by the type of derivative instruments held by the Company as of December 31, 2025 and 2024:


	2025								2024
Derivative type	Carrying value			Fair value			Notional value		Carrying value		Fair value			Notional value
Financial futures	$	—		$	—		$	889.0	$	—	$	—		$	988.4
Cross currency swaps		(3.2	)		(0.8	)		42.8		1.3		2.4			42.8
Equity index options		17.4			17.4			502.9		18.9		18.9			603.1
Bond purchase commitments		—			(10.9	)		860.0		—		(9.7	)		960.0

Totals	$	14.2		$	5.7		$	2,294.7	$	20.2	$	11.6		$	2,594.3

The financial futures, cross currency swaps, equity index options, and bond purchase commitments in the table above are presented net of their respective liabilities. The Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus present derivative assets and liabilities separately.

The Company has no amounts excluded from the assessment of hedge effectiveness for the years ended December 31, 2025, 2024 and 2023.

The Company recorded no unrealized gains or losses as of December 31, 2025 and 2024 resulting from derivatives that no longer qualify for hedge accounting.

For derivatives accounted for as cash flow hedges of a forecasted transaction:

1) As of December 31, 2025, the maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for forecasted transactions is 8 years; and

2) For the years ended December 31, 2025, 2024, and 2023, there were no cash flow hedges discontinued in the statement year as a result of it no longer being probable that the original forecasted transactions would occur by the end of the originally specified time period or within two months of that date.

The futures margin account recorded as part of derivative assets was $1.6 and zero as of December 31, 2025 and 2024, respectively, and the futures margin account recorded as part of derivative liabilities was zero and $0.6 as of December 31, 2025 and 2024, respectively.

F-27

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

The Company has no derivative contracts with financing premiums in which premium cost is paid at the end of the derivative contract or throughout the derivative contract.

Certain of the Company’s master swap agreements contain a provision that allows the counterparty to terminate derivative transactions if the risk-based capital (“RBC”) ratio of the Company goes below a certain threshold. As of December 31, 2025, the RBC ratio of the Company was above the thresholds negotiated in the applicable master swap agreements; therefore, no counterparty had rights to take action against the Company under the RBC threshold provisions.

(e) Net Investment Income

For the years ended December 31, 2025, 2024 and 2023, the sources of net investment income of the Company were as follows:


	2025			2024			2023
Bonds	$	407.3		$	419.5		$	439.6
Preferred and common stocks		27.1			2.8			2.8
Mortgage loans		69.9			73.0			74.1
Contract loans		25.6			26.7			27.3
Cash, cash equivalents and short-term investments		11.7			14.7			12.6
Real estate		3.4			3.6			3.6
Other invested assets		9.1			9.0			7.9
Derivative instruments		0.5			0.4			0.4
Other		—			0.1			0.1

Gross investment income		554.6			549.8			568.4
Investment and interest expenses		(16.1	)		(16.3	)		(15.6	)

Net investment income	$	538.5		$	533.5		$	552.8

The gross, nonadmitted and admitted amounts for interest income due and accrued as of December 31, 2025 and 2024 were as follows:


Interest Income Due and Accrued	2025		2024
1. Gross	$	104.0	$	110.6
2. Nonadmitted	$	—	$	—
3. Admitted	$	104.0	$	110.6

There was no aggregate deferred interest as of December 31, 2025 and 2024.

The cumulative amounts of PIK interest included in the current principal balance as of December 31, 2025 and 2024 were $60.5 and $65.9, respectively.

The number of CUSIPs sold, redeemed or otherwise disposed as a result of a callable feature and the aggregate amount of investment income (loss) generated as a result of a prepayment penalty and/or accelerations fees for the years ended December 31, 2025, 2024 and 2023 were as follows:


	2025				2024					2023
	General account		Separate account		General account			Separate account		General account			Separate account
(1) Number of CUSIPS		18		—		17			—		9			—
(2) Aggregate amount of investment income (loss)	$	—	$	—	$	(1.4	)	$	—	$	(0.4	)	$	—

F-28

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

For the years ended December 31, 2025, 2024 and 2023, proceeds and gross realized capital gains and losses resulting from sales, maturities, impairments, or other redemptions of investment securities were as follows:


	2025			2024			2023
Proceeds from sales, maturities or other redemptions of bonds	$	759.9		$	1,151.9		$	827.1

Gross realized capital:
Gains on sales	$	65.2		$	72.5		$	40.5
Losses on sales		(111.9	)		(163.7	)		(173.8	)

Net realized gains (losses) on sales		(46.7	)		(91.2	)		(133.3	)
Impairment losses		(0.3	)		(0.8	)		—

Subtotal		(47.0	)		(92.0	)		(133.3	)
Federal income tax provision		1.8			3.7			3.8
Transfers to IMR, net of tax		7.2			8.9			9.9

Realized capital losses, net	$	(38.0	)	$	(79.4	)	$	(119.6	)

(f) Impairment of Investment Securities

The evaluation of OTTI is subject to risks and uncertainties and is intended to determine the appropriate amount and timing for recognizing an impairment charge. The assessment of whether such impairment has occurred is based on management’s best estimate of the cash flows to be collected at the individual security level. The Company regularly monitors its investment portfolio to ensure that securities that may be other-than-temporarily impaired are identified in a timely manner and that any impairment charges are recognized in the proper period.

The Company recognizes OTTI on asset backed securities in an unrealized loss position when one of the following circumstances exists:

•

The Company does not expect full recovery of the amortized cost based on its estimate of cash flows expected to be collected;

•

The Company intends to sell a security; or

•

The Company does not have the intent and ability to retain the investment for a period of time sufficient to recover the amortized cost basis of the investment.

As of December 31, 2025, the Company had no asset backed securities which recognized OTTI.

As of December 31, 2025, the Company had no asset-backed securities with recognized OTTI where it had the intent to sell or did not have the intent and ability to retain the investment for a period of time sufficient to recover the amortized cost basis.

For equity securities, the Company recognizes an impairment charge in the period in which the Company determines that the security will not recover to book value within a reasonable period. The Company determines what constitutes a reasonable period on a security-by-security basis based upon consideration of all the evidence available to it, including the magnitude of an unrealized loss and its duration. The Company measures OTTI based upon the difference between the amortized cost of a security and its fair value.

F-29

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

The following table presents the gross unrealized losses and fair value of the Company’s investment securities, aggregated by investment type and length of time that individual investment securities have been in a continuous unrealized loss position as of December 31, 2025:


	2025
	Less Than 12 Months							12 Months or More
Description of securities	Fair value		Gross unrealized losses			Number of securities		Fair value		Gross unrealized losses			Number of securities
ICO:
U.S. government obligations (exempt from RBC)	$	41.7	$	(1.7	)		5	$	376.9	$	(87.6	)		20
Other U.S. government obligations (not exempt from RBC)		—		—			—		1.1		—			1
Non-U.S. sovereign jurisdiction securities		15.0		(0.2	)		7		128.7		(36.8	)		26
Municipal bonds — general obligation (direct and guaranteed)		5.6		—			1		31.6		(3.1	)		11
Municipal bonds — special revenue		16.1		(0.4	)		5		143.0		(19.8	)		37
Project finance bonds issued by operating entities		1.0		—			2		116.8		(19.5	)		23
Corporate bonds		289.2		(15.2	)		75		3,012.4		(515.1	)		661
Mandatory convertible bonds		—		—			—		—		—			—
Single entity backed obligations		—		—			—		31.3		(4.3	)		10
SVO-identified bond exchange traded funds — fair value		—		—			—		—		—			—
SVO-identified bond exchange traded funds — systematic value		—		—			—		—		—			—
Bonds issued by funds representing operating entities		—		—			—		270.0		(25.8	)		55
Bank loans — issued		13.3		(0.1	)		25		—		—			—
Bank loans — acquired		—		—			—		—		—			—
Other ICO		—		—			—		8.4		(0.4	)		2

Total temporarily impaired ICO securities		381.9		(17.6	)		120		4,120.2		(712.4	)		846
ABS:
Agency residential mortgage-backed securities — fully guaranteed (exempt from RBC): (exempt from RBC)		—		—			—		—		—			—
Agency commercial mortgage-backed securities — fully guaranteed (exempt from RBC)		—		—			—		212.2		(60.7	)		39
Agency residential mortgage-backed securities — not/ partially guaranteed (not exempt from RBC)		0.7		—			4		85.0		(5.0	)		36
Agency commercial mortgage-backed securities — not/ partially guaranteed (not exempt from RBC)		—		—			—		—		—			—
Non-agency residential mortgage-backed securities		—		—			—		70.7		(8.0	)		26
Non-agency commercial mortgage-backed securities		0.8		(0.2	)		1		76.8		(5.6	)		17
Non-agency — CLOs/CBOs/CDOs		—		—			—		—		—			—
Other financial ABS — self-liquidating		—		—			—		4.7		—			5
Equity-backed securities		—		—			—		—		—			—
Other financial ABS — not self-liquidating		—		—			—		—		—			—
Lease-backed transactions (practical expedient)		4.5		—			1		0.2		—			1
Other non-financial ABS (practical expedient)		18.8		(2.1	)		2		—		—			—
Lease-backed transactions (full analysis)		—		—			—		9.1		(0.1	)		3
Other non-financial ABS (full analysis)		11.3		(0.9	)		4		53.8		(2.3	)		12

Total temporarily impaired ABS securities		36.1		(3.2	)		12		512.5		(81.7	)		139

Total equity securities		0.6		—			1		—		—			—

Total temporarily impaired securities	$	418.6	$	(20.8	)		133	$	4,632.7	$	(794.1	)		985

F-30

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)


	2025
	Less Than 12 Months							12 Months or More
Description of securities	Fair value		Gross unrealized losses			Number of securities		Fair value		Gross unrealized losses			Number of securities
% below cost — fixed maturity securities:
<20% below cost	$	397.8	$	(12.5	)		124	$	3,543.3	$	(368.8	)		754
20-50% below cost		20.2		(8.3	)		8		1,089.0		(424.9	)		230
>50% below cost		—		—			—		0.4		(0.4	)		1

Total fixed maturity securities		418.0		(20.8	)		132		4,632.7		(794.1	)		985

% below cost — equity securities:
<20% below cost		0.6		—			1		—		—			—
20-50% below cost		—		—			—		—		—			—
>50% below cost		—		—			—		—		—			—

Total equity securities		0.6		—			1		—		—			—

Total temporarily impaired securities		418.6		(20.8	)		133		4,632.7		(794.1	)		985

Investment grade — fixed maturity securities		381.0		(13.7	)		100		4,471.3		(775.5	)		949
Below investment grade — fixed maturity securities		37.0		(7.1	)		32		161.4		(18.6	)		36
Investment grade — equity securities		—		—			—		—		—			—
Below investment grade — equity securities		0.6		—			1.0		—		—			—

Total temporarily impaired securities	$	418.6	$	(20.8	)		133	$	4,632.7	$	(794.1	)		985

Based on a qualitative and quantitative review of the issuers of the securities in the table above, the Company believes the decline in fair value was largely due to increased interest rates since purchase and was not indicative of credit losses. The issuers continue to make timely principal and interest payments. For all securities in an unrealized loss position, the Company expects to recover the amortized cost based on its estimate of the amount and timing of cash flows to be collected. The Company does not intend to sell nor does it expect that it will be required to sell these securities prior to recovering its amortized cost.

F-31

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)


	2024
	Less Than 12 Months							12 Months or More
Description of securities	Fair value		Gross unrealized losses			Number of securities		Fair value		Gross unrealized losses			Number of securities
Fixed maturity securities:
U.S. governments and U.S. government agencies	$	259.8	$	(19.2	)		12	$	167.0	$	(71.0	)		13
All other governments		53.3		(2.9	)		28		62.8		(18.9	)		15
States, territories and possessions		57.4		(1.3	)		14		5.3		(1.0	)		7
Special revenue and special assessment obligations		80.1		(2.6	)		17		146.9		(25.3	)		39
Industrial and miscellaneous		999.4		(34.0	)		256		3,666.1		(699.2	)		811
Bank loans — industrial and miscellaneous		1.2		—			3		—		—			—
Residential mortgage-backed		55.7		(1.1	)		31		160.1		(20.7	)		64
Commercial mortgage-backed		1.5		—			3		314.0		(83.2	)		66
Other asset-backed and structured securities		15.4		(0.1	)		5		106.6		(4.2	)		34
Hybrids		9.2		(0.1	)		2		5.0		—			1

Total fixed maturity securities		1,533.0		(61.3	)		371		4,633.8		(923.5	)		1,050

Total equity securities		2.0		—			1		8.4		(0.4	)		1

Total temporarily impaired securities	$	1,535.0	$	(61.3	)		372	$	4,642.2	$	(923.9	)		1,051

% below cost — fixed maturity securities:
<20% below cost	$	1,516.6	$	(56.6	)		368	$	3,267.8	$	(383.6	)		753
20-50% below cost		16.4		(4.7	)		3		1,364.8		(538.6	)		295
>50% below cost		—		—			—		1.2		(1.3	)		2

Total fixed maturity securities		1,533.0		(61.3	)		371		4,633.8		(923.5	)		1,050

% below cost — equity securities:
<20% below cost		2.0		—			1		8.4		(0.4	)		1
20-50% below cost		—		—			—		—		—			—
>50% below cost		—		—			—		—		—			—

Total equity securities		2.0		—			1		8.4		(0.4	)		1

Total temporarily impaired securities	$	1,535.0	$	(61.3	)		372	$	4,642.2	$	(923.9	)		1,051

Investment grade — fixed maturity securities	$	1,486.2	$	(58.9	)		347	$	4,443.7	$	(895.1	)		1,002
Below investment grade — fixed maturity securities		46.8		(2.4	)		24		190.1		(28.4	)		48
Investment grade — equity securities		2.0		—			1		—		—			—
Below investment grade — equity securities		—		—			—		8.4		(0.4	)		1

Total temporarily impaired securities	$	1,535.0	$	(61.3	)		372	$	4,642.2	$	(923.9	)		1,051

(g) Sub-prime Mortgage Related Risk

Fair Isaac Company (“FICO”) developed the FICO credit-scoring model to calculate a score based upon a borrower’s credit history. FICO credit scores are used as one indicator of a borrower’s credit quality. The higher the credit score, the lower the likelihood that a borrower will default on a loan. FICO credit scores range up to 850, with a score of 620 or more generally viewed as a “prime” loan and a score below 620 generally viewed as a “sub-prime” loan. “A minus” loans

F-32

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

generally are loans where the borrowers have FICO credit scores between 575 and 660, and where the borrower has a blemished credit history.

As of December 31, 2025, the Company did not hold any direct investments in sub-prime or Alt-A mortgage loans. Alt-A mortgage loans are loans considered alternative or low documentation loans.

The Company did not have any direct exposure in other investments with underlying sub-prime or Alt-A related risk as of December 31, 2025.

The Company did not have any underwriting exposure to sub-prime or Alt-A mortgages as of December 31, 2025.

(h) Restricted Assets

The following table sets forth restricted assets including pledged assets held by the Company as of December 31, 2025 and 2024:


	Gross (admitted and nonadmitted) restricted
	2025
	1		2		3		4		5		6
Restricted asset category	Total general account (G/A)		G/A supporting S/A activity		Total separate accounts (S/A) restricted assets		Total (1 plus 3)		Total from 2024		Increase/ (decrease) (4 minus 5)
Federal Home Loan Bank (“FHLB”) capital stock	$	11.5	$	—	$	—	$	11.5	$	14.4	$	(2.9	)
On deposit with states		7.6		—		—		7.6		7.5		0.1
Pledged as collateral:
FHLB agreements		160.8						160.8		186.7		(25.9	)
Derivatives		134.8		—		—		134.8		143.9		(9.1	)
Reinsurance trusts		42.7		—		—		42.7		42.6		0.1
Assets held under Modco reinsurance agreements		677.8		—		1,371.0		2,048.8		2,089.1		(40.3	)
Assets held under FWH reinsurance agreements		1,599.1		—		—		1,599.1		1,588.9		10.2

Total restricted assets	$	2,634.3	$	—	$	1,371.0	$	4,005.3	$	4,073.1	$	(67.8	)


			Percentage
	7		8			9
Restricted asset category	Total 2025 admitted restricted		Gross (admitted and nonadmitted) restricted to total assets			Admitted restricted to total admitted assets
FHLB capital stock	$	11.5		0.1	%		0.1	%
On deposit with states		7.6		—			—
Pledged as collateral:
FHLB agreements		160.8		1.0			1.0
Derivatives		134.8		0.8			0.8
Reinsurance trusts		42.7		0.3			0.3
Assets held under Modco reinsurance agreements		2,048.8		12.5			12.9
Assets held under FWH reinsurance agreements		1,599.1		9.8			10.1

Total restricted assets	$	4,005.3		24.5	%		25.2	%

F-33

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

There were no general account restricted assets, including pledged assets, supporting separate account activity as of December 31, 2025 and 2024.

As of December 31, 2025 and 2024, the Company held no other restricted assets.

The following tables set forth collateral received and assets held under Modco/FWH reinsurance agreements reflected as assets by the Company as of December 31, 2025:


	1		2		3		4		5		6		7			8
Assets	BACV collateral		BACV Modco		BACV FWH		Fair value collateral		Fair value Modco		Fair value FWH		% of BACV to total assets (admitted and nonadmitted)			% of BACV to total admitted assets
General account:
a. Cash, cash equivalents and short-term investments	$	—	$	6.1	$	40.7	$	—	$	6.1	$	40.7		0.4	%		0.4	%
b. Schedule D, Part 1, Section 1		—		546.6		1,289.2		—		500.8		1,157.8		15.0			15.6
c. Schedule D, Part 1, Section 2		—		42.6		85.0		—		32.4		77.4		1.0			1.1
d. Section D, Part 2, Section 1		—		—		—		—		—		—		—			—
e. Schedule D. Part 2, Section 2		—		—		—		—		—		—		—			—
f. Schedule B		—		63.7		155.8		—		62.9		150.1		1.8			1.9
g. Schedule A		—		—		—		—		—		—		—			—
h. Schedule BA, Part 1		—		18.8		28.4		—		16.6		26.9		0.4			0.4
i. Schedule DL, Part 1		—		—		—		—		—		—		—			—
j. Other		—		—		—		—		—		—		—			—

k. Total Assets (a+b+c+d+e+f+g+h+i+j)	$	—	$	677.8	$	1,599.1	$	—	$	618.8	$	1,452.9		18.6	%		19.4	%

l. Percentage to total FWH assets (including modco)		XXX		XXX		XXX		XXX		XXX		XXX		XXX			XXX
Separate account:
m. Cash, cash equivalents and short-term investments	$	—	$	—	$	—	$	—	$	—	$	—		—	%		—	%
n. Schedule D, Part 1, Section 1		—		—		—		—		—		—		—			—
o. Schedule D, Part 1, Section 2		—		—		—		—		—		—		—			—
p. Section D, Part 2, Section 1		—		—		—		—		—		—		—			—
q. Schedule D. Part 2, Section 2		—		1,371.0		—		—		1,371.0		—		33.3			33.3
r. Schedule B		—		—		—		—		—		—		—			—
s. Schedule A		—		—		—		—		—		—		—			—
t. Schedule BA, Part 1		—		—		—		—		—		—		—			—
u. Schedule DL, Part 1		—		—		—		—		—		—		—			—
v. Other		—		—		—		—		—		—		—			—

w. Total Assets (m+n+o+p+q+r+s+t+u+v)	$	—	$	1,371.0	$	—	$	—	$	1,371.0	$	—		33.3	%		33.3	%

x. Percentage to total FWH assets (including modco)		XXX		XXX		XXX		XXX		XXX		XXX		XXX			XXX

F-34

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)


	9			10			11			12			13			14			15
Assets	BACV			Related party code
	FWH including Modco			1			2			3			4			5			6
General account:
a. Cash, cash equivalents and short-term investments	$	46.8		$	—		$	—		$	—		$	—		$	—		$	46.8
b. Schedule D, Part 1, Section 1		1,835.8			—			—			—			—			—			1,835.8
c. Schedule D, Part 1, Section 2		127.6			—			—			—			—			—			127.6
d. Section D, Part 2, Section 1		—			—			—			—			—			—			—
e. Schedule D. Part 2, Section 2		—			—			—			—			—			—			—
f. Schedule B		219.5			—			—			—			—			—			219.5
g. Schedule A		—			—			—			—			—			—			—
h. Schedule BA, Part 1		47.2			—			—			—			—			—			47.2
i. Schedule DL, Part 1		—			—			—			—			—			—			—
j. Other		—			—			—			—			—			—			—

k. Total Assets (a+b+c+d+e+f+g+h+i+j)	$	2,276.9		$	—			$—			$—			$—			$—			$2,276.9

l. Percentage to total FWH assets (including modco)		—	%		—	%		—	%		—	%		—	%		—	%		100.0	%
Separate account:
m. Cash, cash equivalents and short-term investments	$	—		$	—		$	—		$	—		$	—		$	—		$	—
n. Schedule D, Part 1, Section 1		—			—			—			—			—			—			—
o. Schedule D, Part 1, Section 2		—			—			—			—			—			—			—
p. Section D, Part 2, Section 1		—			—			—			—			—			—			—
q. Schedule D. Part 2, Section 2		1,371.0			—			—			—			—			—			1,371.0
r. Schedule B		—			—			—			—			—			—			—
s. Schedule A		—			—			—			—			—			—			—
t. Schedule BA, Part 1		—			—			—			—			—			—			—
u. Schedule DL, Part 1		—			—			—			—			—			—			—
v. Other		—			—			—			—			—			—			—

w. Total Assets (m+n+o+p+q+r+s+t+u+v)		$1,371.0		$	—		$	—		$	—		$	—		$	—			$1,371.0

x. Percentage to total FWH assets (including modco)		—	%		—	%		—	%		—	%		—	%		—	%		100.0	%


	1		2
	Amount		% of liability to total liabilities*
y. Recognized obligation to return collateral asset (general account)	$	—		—	%
z. Recognized obligation to return collateral asset (separate account)	$	—		—	%
aa. Recognized obligation for Modco assets (general account)	$	674.8		6.2	%
bb. Recognized obligation for Modco assets (separate account)	$	1,371.0		33.3	%
cc. Recognized obligation FWH (excluding modco) assets (general account)	$	1,597.0		14.6	%
dd. Recognized obligation FWH (excluding modco) assets (separate account)	$	—		—	%

*	y + aa + cc = Column 1 divided by total liabilities excluding separate accounts

z + bb + dd = Column 1 divided by separate account liabilities

As of December 31, 2025 and 2024, the Company had no assets held as collateral, under Modco or FWH reinsurance agreements pledged for another purpose.

F-35

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

(i) 5GI Securities

The table below presents 5GI securities held as of December 31, 2025 and 2024:


	Number of 5GI Securities				Aggregate BACV				Aggregate fair value
Investments	2025		2024		2025		2024		2025		2024
(1) Bonds — AC		—		1	$	—	$	0.7	$	—	$	0.7
(2) Loan-backed & Structured Securities — AC		—		—		—		—		—		—
(3) Preferred Stock — AC		—		—		—		—		—		—
(4) Preferred Stock — FV		1		1		0.5		0.5		0.5		0.5

(5) Total (1+2+3+4)		1		2	$	0.5	$	1.2	$	0.5	$	1.2

AC — Amortized cost FV — Fair value BACV — Book adjusted carry value

(3) Aggregate Reserves

As of December 31, 2025 and 2024, the following table summarizes the aggregate reserves and weighted-average interest rate assumptions for the Company:


	2025					2024
Line of business	Amount		Interest rates			Amount		Interest rates
Individual life:
Traditional	$	413.9		3.9	%	$	467.6		3.9	%
Universal		5,291.3		4.3	%		5,296.2		4.3	%
Supplementary contracts with life contingencies		122.7		4.0	%		121.2		3.9	%

Total individual life		5,827.9					5,885.0

Group life		12.8		4.0	%		13.3		4.4	%

Total life		5,840.7					5,898.3

Annuities:
Individual annuities:
Immediate		769.2		5.8	%		819.5		5.8	%
Deferred		686.9		4.4	%		815.3		4.3	%
Variable		48.1		3.9	%		51.7		3.7	%

Total individual annuities		1,504.2					1,686.5

Group annuities:
Other group annuities		19.5		6.3	%		22.0		6.3	%

Total annuities		1,523.7					1,708.5

Accidental death benefits		0.4		3.0	%		0.4		3.0	%
Disability:
Active lives		5.6		4.3	%		6.6		4.3	%
Disabled lives		66.4		3.7	%		66.9		3.6	%

Total disability		72.0					73.5

F-36

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)


	2025					2024
Line of business	Amount		Interest rates			Amount		Interest rates
Other reserves	$	1,199.2		3.9	%	$	1,337.7		3.9	%
Accident and health:
Individual		0.2		3.4	%		0.3		3.3	%

Total accident and health		0.2					0.3

Total life, annuities, and accident and health aggregate reserves		8,636.2					9,018.7

Deposit-type funds:
Supplementary contracts without life contingencies		214.8		2.8	%		236.9		2.8	%
Other deposit-type funds		44.8		5.3	%		100.8		3.1	%

Total deposit-type funds		259.6					337.7

Total aggregate reserves and deposit-type funds	$	8,895.8				$	9,356.4

Liabilities for life insurance products are based on the AE, AM (5), 41 CSO, 41 STD IND, 58 CSO, 58 CET, 61 CIET, 61 CSI, 80 CSO, 80 CET, 2001 CSO, or 2017 CSO mortality tables. Liabilities for most annuities used the a-1949, 51 GAM, 71 IAM, 71 GAM, 83 GAM, 83a, 94 GAR, 37SA, 2012 IAR, 2012 IAM Basic, or a-2000 mortality tables.

As of December 31, 2025 and 2024, the Company had $748.4 and $805.8, respectively, of additional statutory reserves resulting from updates to its asset adequacy testing assumptions for universal life insurance products with secondary guarantees related to Actuarial Guideline XXXVIII (“AG38”) section 8.D.

The Company waives deduction of deferred fractional premiums upon death of the insured and returns any portion of the final premium beyond the end of the month of death. There were $0.4 in reserves for surrender values in excess of reserves otherwise required as of December 31, 2025 and 2024.

Additional premiums or charges apply for policies issued on substandard lives according to underwriting classifications. The substandard extra reserve held on such policies was either one-half of the annual gross extra premiums or one-twenty-fourth of the annual valuation cost of insurance, adjusted for the substandard ratings on the policy.

The reserve for substandard structured settlements policies is based on a flat extra mortality rate calculated at issue to produce the life expectancy determined during the underwriting process.

The reserve for substandard immediate annuities issued in 2005 and later, other than structured settlement policies, is based on a standard mortality plus a flat extra mortality rate calculated at issue to produce the present value of future benefits using the rated age determined during the underwriting process.

As of December 31, 2025 and 2024, the Company had $18,884.8 and $20,428.6, respectively, of insurance in-force for which the future guaranteed maximum gross premiums were less than the future net premiums according to the standard of valuation set by the Virginia Bureau. Reserves to cover the above insurance totaled $243.6 and $259.0, respectively, as of December 31, 2025 and 2024 and are reported in aggregate reserves — life and annuity contracts.

For certain interest sensitive life and immediate annuity reserves, tabular interest has been determined from basic data. The tabular interest for all other lines of business has been determined by formula as described in the NAIC instructions. For certain interest sensitive life reserves, tabular cost has been determined from basic data. Tabular cost for all other lines of business and tabular less actual reserve released have been determined by formula as described in the NAIC instructions.

For funds held on deposit, interest on funds was the actual interest credited to funds. For other funds not involving life contingencies, interest has been determined by formula or from basic data.

F-37

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

As of December 31, 2025, withdrawal characteristics of annuity actuarial reserves and deposit-type contract funds and other liabilities without life or disability contingencies were as follows:


	2025
	General account		Separate accounts with guarantees		Separate accounts nonguaranteed		Total		Percent of total
A. Individual annuities:
(1) Subject to discretionary withdrawal:
a. With market value adjustment	$	491.3	$	4.0	$	—	$	495.3		5.0	%
b. At book value less current surrender charge of 5% or more		7.6		—		—		7.6		0.1
c. At fair value		—		—		3,725.9		3,725.9		37.8

d. Total with market value adjustment or at fair value (total of a-c)		498.9		4.0		3,725.9		4,228.8		42.9
e. At book value without adjustment (minimal or no charge or adjustment)		513.0		—		—		513.0		5.2
(2) Not subject to discretionary withdrawal		5,102.7		—		20.8		5,123.5		51.9

(3) Total (gross: direct + assumed)		6,114.6		4.0		3,746.7		9,865.3		100.0	%

(4) Reinsurance ceded		4,487.7		—		—		4,487.7

(5) Total net (3) – (4)	$	1,626.9	$	4.0	$	3,746.7	$	5,377.6

(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:	$	2.2	$	—	$	—	$	2.2


	General account		Separate accounts with guarantees		Separate accounts nonguaranteed		Total		Percent of total
B. Group annuities:
(1) Subject to discretionary withdrawal:
a. With market value adjustment	$	—	$	—	$	—	$	—		—	%
b. At book value less current surrender charge of 5% or more		—		—		—		—		—
c. At fair value		—		—		38.9		38.9		66.6

d. Total with market value adjustment or at fair value (total of a-c)		—		—		38.9		38.9		66.6
e. At book value without adjustment (minimal or no charge or adjustment)		—		—		—		—		—
(2) Not subject to discretionary withdrawal		19.5		—		—		19.5		33.4

(3) Total (gross: direct + assumed)		19.5		—		38.9		58.4		100.0	%

(4) Reinsurance ceded		—		—		—		—

(5) Total net (3) – (4)	$	19.5	$	—	$	38.9	$	58.4

(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:	$	—	$	—	$	—	$	—

F-38

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)


	General account		Separate accounts with guarantees		Separate accounts nonguaranteed		Total		Percent of total
C. Deposit-type contracts (no life contingencies):
(1) Subject to discretionary withdrawal:
a. With market value adjustment	$	—	$	—	$	—	$	—		—	%
b. At book value less current surrender charge of 5% or more		—		—		—		—		—
c. At fair value		—		—		—		—		—

d. Total with market value adjustment or at fair value (total of a-c)		—		—		—		—		—
e. At book value without adjustment (minimal or no charge or adjustment)		177.2		—		—		177.2		29.7
(2) Not subject to discretionary withdrawal		419.6		—		—		419.6		70.3

(3) Total (gross: direct + assumed)		596.8		—		—		596.8		100.0	%

(4) Reinsurance ceded		337.2		—		—		337.2

(5) Total net (3) – (4)	$	259.6	$	—	$	—	$	259.6

(6) Amount included in C(1)b above that will move to C(1)e for the first time within the year after the statement date:	$	—	$	—	$	—	$	—

As of December 31, 2025, withdrawal characteristics of life actuarial reserves were as follows:


	Account value		Cash value		Reserve
A. General account
(1) Subject to discretionary withdrawal, surrender values, or policy loans;
a. Term policies with cash value	$	—	$	132.7	$	201.2
b. Universal life		1,651.2		1,446.9		1,618.2
c. Universal life with secondary guarantees		2,143.3		2,110.9		6,493.9
d. Indexed universal life		44.2		40.0		44.5
e. Indexed universal life with secondary guarantees		—		—		—
f. Indexed life		—		—		—
g. Other permanent cash value life insurance		—		—		—
h. Variable life		—		—		—
i. Variable universal life		7.3		7.3		7.7
j. Miscellaneous reserves		—		—		—
(2) Not subject to discretionary withdrawal or no cash values
a. Term policies without cash value		XXX		XXX		4,788.7
b. Accidental death benefits		XXX		XXX		0.4
c. Disability — active lives		XXX		XXX		6.3
d. Disability — disabled lives		XXX		XXX		67.3
e. Miscellaneous reserves		XXX		XXX		1,007.7

(3) Total (gross: direct + assumed)		3,846.0		3,737.8		14,235.9
(4) Reinsurance ceded		1,065.3		1,063.0		7,463.4

(5) Total (net) (3) – (4)	$	2,780.7	$	2,674.8	$	6,772.5

F-39

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)


	Account value		Cash value		Reserve
B. Separate account with guarantees
(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		307.4		307.4		307.7
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)		307.4		307.4		307.7
(4) Reinsurance ceded		—		—		—

(5) Total (net) (3) – (4)	$	307.4	$	307.4	$	307.7


	Account value		Cash value		Reserve
C. Separate account nonguaranteed
(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) – (4)	$	—	$	—	$	—

F-40

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

Deferred and uncollected life insurance premiums and annuity considerations as of December 31, 2025 and 2024 were as follows:


	2025				2024
	Gross		Net of loading		Gross		Net of loading
Industrial	$	0.2	$	0.2	$	0.2	$	0.1
Ordinary renewal		130.5		274.0		136.8		286.0
Group life		0.3		1.2		0.2		1.2

Total	$	131.0	$	275.4	$	137.2	$	287.3

The Company did not have any direct written premiums generated through managing general agents or third-party administrators during the years ended December 31, 2025 and 2024.

Guaranteed Minimum Death Benefit, Guaranteed Minimum Withdrawal Benefit and Guaranteed Annuitization Benefit

The Company’s variable annuity products provide a basic GMDB which provides a minimum account value to be paid upon the annuitant’s death. Some variable annuity contracts permit contractholders to have the option to purchase through riders, at an additional charge, enhanced death benefits. The Company’s separate account guarantees are primarily death benefits but also include some GMWBs and guaranteed annuitization benefits. The GMWB allows contractholders to withdraw a pre-defined percentage of account value or benefit each year, either for a specified period of time or for life. The guaranteed annuitization benefit generally provides for a guaranteed minimum level of income upon annuitization accompanied by the potential for upside market participation. As of December 31, 2025 and 2024, the Company had reserves related to these guaranteed benefits of $217.0 and $283.0, respectively.

The following table sets forth total account values, net of reinsurance, with death benefit and living benefit guarantees as of December 31, 2025 and 2024:


	2025		2024
Account values with death benefit guarantees (net of reinsurance):
Standard death benefits (return of net deposits) account value	$	1,614.1	$	1,638.1
Net amount at risk	$	0.6	$	0.9
Average attained age of contractholders		78		78
Enhanced death benefits (step-up, roll-up, payment protection) account value	$	853.4	$	888.3
Net amount at risk	$	78.7	$	95.0
Average attained age of contractholders		78		78
Account values with living benefit guarantees:
Guaranteed minimum withdrawal benefits	$	957.5	$	1,021.7
Guaranteed annuitization benefits	$	848.3	$	775.9

The contracts underlying the GMWB and guaranteed annuitization benefits are considered “in the money” if the contractholder’s benefit base, defined as the greater of the contract value or the protected value, is greater than the account value. As of December 31, 2025 and 2024, the Company’s exposure related to GMWB and guaranteed annuitization benefits contracts that were considered “in the money” was $504.0 and $587.0, respectively. For GMWBs and guaranteed annuitization benefits, the only way the contractholder can monetize the excess of the benefit base over the account value of the contract is upon annuitization and the amount to be paid by the Company will either be in the form of a lump sum, or over the annuity period for certain GMWBs and guaranteed annuitization benefits.

F-41

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

(4)

Liability for Policy and Contract Claims

Activity in the accident and health policy claim reserves, including the present value of amounts not yet due (which were included as a component of aggregate reserves) of $0.2, $0.3, and $0.4 as of December 31, 2025, 2024 and 2023, respectively, is summarized as follows:


	2025			2024		2023
Balance as of January 1	$	24.7		$	26.5	$	30.4
Less reinsurance reserve credit and recoverable		24.4			26.1		30.0

Net balance as of January 1		0.3			0.4		0.4

Incurred related to:
Current year		—			—		—
Prior years		(0.1	)		—		0.1

Total incurred		(0.1	)		—		0.1

Paid related to:
Current year		—			—		—
Prior years		—			0.1		0.1

Total paid		—			0.1		0.1

Net balance as of December 31		0.2			0.3		0.4
Plus reinsurance reserve credit and recoverable		19.7			24.4		26.1

Balance as of December 31	$	19.9		$	24.7	$	26.5

Incurred claims related to prior years did not change by a significant amount in any year as a result of changes in estimates of insured events in prior years.

For the years ended December 31, 2025, 2024 and 2023, the Company did not have any significant changes in methodologies or assumptions used to calculate the liability for unpaid claims and claim adjustment expenses.

The liability for policy and contract claims presented in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus included $106.5 and $95.2 of life contract claims as of December 31, 2025 and 2024, respectively.

(5)

Transactions with Affiliates

The Company and various affiliates, all direct and/or indirect subsidiaries of Genworth, are parties to an amended and restated services and shared expenses agreement under which each company agrees to provide and each company agrees to receive certain general services. These services include, but are not limited to, data processing, communications, marketing, public relations, advertising, investment management, human resources, accounting, actuarial, legal, administration of agent and agency matters, purchasing, underwriting and claims. Under the terms of the agreement, settlements are to be made quarterly. This agreement represents the principal administrative service agreement between the Company and the following affiliates:

GLIC

GNA

Enact Mortgage Insurance Corporation (“EMIC”)

JAC

RLIC VI

RLIC X

F-42

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

On December 26, 2025, the Company received $23.3 in cash from Newco as a dividend payment.

On January 6, 2023, RLIC VI returned contributed surplus to the Company of $5.0 in cash.

For years ended December 31, 2025, 2024 and 2023, the Company made net payments for intercompany settlements of $42.6, $45.6, and $41.4, respectively.

On August 31, 2021, after receiving approval from the Virginia Bureau and the State of Delaware Department of Insurance, the Company and GLIC executed a Master Promissory Note. Under terms of this note the borrower may borrow up to a maximum of $300.0 from the lender for up to 90 business days. Any loan shall be repaid by the borrower to the lender immediately upon written demand. The note pays interest at the daily overnight U.S. Federal Funds Rate less 0.10%, with a floor of 0.25%. There were no outstanding balances payable to or due from GLIC as of December 31, 2025 or 2024.

The Company has a Master Promissory Note agreement, approved by the Virginia Bureau, which involves borrowing from and making loans to GNA, the Company’s indirect parent. The principal is payable upon written demand by GNA or at the discretion of the Company. The note pays interest at the cost of funds of GNA, which was 3.54%, 4.23%, and 5.23% during the years ended December 31, 2025, 2024 and 2023, respectively. There were no outstanding balances payable to or due from GNA as of December 31, 2025 or 2024.

The Company and GLICNY are parties to an Administrative Services Agreement whereby the Company provides services to GLICNY with respect to GLICNY’s variable annuity products.

The Company and GLIC are parties to a Master Services and Shared Expenses Agreement with two affiliates, Genworth Financial India Private Limited and EMIC, whereby the parties agree to benefit from centralized functions and processes by pooling their purchasing power by entering separate Statements of Work which will provide the specifics of each service to be provided.

The Company participates in reinsurance agreements whereby the Company assumes business from or cedes business to its affiliates. See Note 8 for further details on affiliate reinsurance agreements.

Total amounts due from or owed to affiliates as of December 31, 2025 and 2024 are included in the following balance sheet captions:


	2025		2024
Assets:
Amounts recoverable from reinsurers and funds held	$	243.8	$	281.9
Receivable from parent, subsidiaries and affiliates		0.2		—
Current Federal income tax recoverable		—		1.1

Total assets	$	244.0	$	283.0

Liabilities:
Current Federal income tax payable	$	8.0	$	—
Payable to parent, subsidiaries and affiliates		12.3		12.6
Other amounts payable on reinsurance		24.9		24.1

Total liabilities	$	45.2	$	36.7

(6)

Income Taxes

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”), which includes certain tax provisions, was signed into law. The OBBBA did not have a material impact on the Company’s financial statements.

F-43

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

In August 2022, the Inflation Reduction Act of 2022 (“Act”) was passed by the U.S. Congress and signed into law by President Biden. The Act includes a new Federal corporate alternative minimum tax (“CAMT”), effective in 2023, that is based on the adjusted financial statement income (“AFSI”) set forth on the applicable financial statement (“AFS”) of an applicable corporation. A corporation is an applicable corporation if its rolling average pre-tax AFSI over three prior years (starting with 2020-2022) is greater than $1.0 billion. For a group of related entities, the $1.0 billion threshold is determined on a group basis, and the group’s AFS is generally treated as the AFS for all separate taxpayers in the group. Except under limited circumstances, once a corporation is an applicable corporation, it is an applicable corporation in all future years.

An applicable corporation is not automatically subject to a CAMT liability. The corporation’s tentative CAMT liability is equal to 15% of its adjusted AFSI, and CAMT is payable to the extent the tentative CAMT liability exceeds regular corporate income tax. However, any CAMT paid would be indefinitely available as a credit carryover that could reduce future regular tax in excess of CAMT. The controlled group of corporations of which the Company is a member was not an applicable corporation in 2025 or 2024. The Company intends to amend its tax sharing agreement in 2026 to reflect CAMT.

(a) Components of deferred tax assets and deferred tax liabilities

The components of the net DTA recognized in the Company’s Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus as of December 31, 2025 and 2024 were as follows:


	2025						2024						Change
	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary			Capital			Total
a. Gross DTA	$	497.5	$	4.5	$	502.0	$	523.9	$	7.5	$	531.4	$	(26.4	)	$	(3.0	)	$	(29.4	)
b. Statutory valuation allowance adjustment		—		—		—		—		—		—		—			—			—

c. Adjusted gross DTA (1a – 1b)		497.5		4.5		502.0		523.9		7.5		531.4		(26.4	)		(3.0	)		(29.4	)
d. DTA nonadmitted		417.9		2.8		420.7		398.5		7.3		405.8		19.4			(4.5	)		14.9

e. Subtotal: net admitted DTA (1c – 1d)		79.6		1.7		81.3		125.4		0.2		125.6		(45.8	)		1.5			(44.3	)
f. DTL		60.4		1.7		62.1		74.0		0.2		74.2		(13.6	)		1.5			(12.1	)

g. Net admitted DTA/(DTL) (1e – 1f)	$	19.2	$	—	$	19.2	$	51.4	$	—	$	51.4	$	(32.2	)	$	—		$	(32.2	)

F-44

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

Admission calculation components for SSAP No. 101 as of December 31, 2025 and 2024:


	2025						2024						Change
	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary			Capital		Total
a. Federal income taxes paid in prior years recoverable through loss carrybacks	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—	$	—
b. Adjusted gross DTA expected to be realized (excluding the amount of DTA from 2(a) above) after application of the threshold limitation. (The lessor of 2(b)1 and 2(b)2 below)		19.2		—		19.2		51.4		—		51.4		(32.2	)		—		(32.2	)
1. Adjusted gross DTA expected to be realized following the balance sheet date		19.2		—		19.2		51.4		—		51.4		(32.2	)		—		(32.2	)
2. Adjusted gross DTA allowed per limitation threshold		XXX		XXX		120.6		XXX		XXX		117.4		XXX			XXX		3.2
c. Adjusted gross DTA (excluding the amount of DTA from 2(a) and 2(b) above) offset by gross DTL		60.4		1.7		62.1		74.0		0.2		74.2		(13.6	)		1.5		(12.1	)

d. DTA admitted as a result of the application of SSAP No. 101 (Total 2(a) + 2(b) + 2(c))	$	79.6	$	1.7	$	81.3	$	125.4	$	0.2	$	125.6	$	(45.8	)	$	1.5	$	(44.3	)

Ratio used to determine applicable period used in 6(a)2:


	2025			2024
a. Ratio percentage used to determine recovery period and threshold limitation amount		842	%		789	%
b. Amount of adjusted capital and surplus used to determine recovery period and threshold limitation in 2(b)2 above	$	930.1		$	915.9

F-45

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

The Company did not use tax planning strategies in the computation of either the adjusted gross DTA or net admitted DTA for the years ended December 31, 2025 and 2024.

(b) Unrecognized deferred tax liabilities

The Company did not have any unrecognized DTLs for the years ended December 31, 2025 and 2024.

(c) Current income tax and change in deferred tax

The provision for income taxes incurred on operations for the years ended December 31, 2025, 2024 and 2023 were as follows:


	2025			2024			Change
1. Current Income Taxes
a. Federal income taxes	$	(11.8	)	$	(6.9	)	$	(4.9	)
b. Foreign income taxes		—			—			—

c. Federal and foreign income taxes		(11.8	)		(6.9	)		(4.9	)
d. Federal income tax on net capital gains (losses)		(1.8	)		(3.7	)		1.9
e. Utilization of capital loss carry forwards		—			—			—
f. Other		—			—			—

g. Federal income taxes incurred	$	(13.6	)	$	(10.6	)	$	(3.0	)


	2024			2023			Change
1. Current Income Taxes
a. Federal income taxes	$	(6.9	)	$	14.9		$	(21.8	)
b. Foreign income taxes		—			—			—

c. Federal and foreign income taxes		(6.9	)		14.9			(21.8	)
d. Federal income tax on net capital gains (losses)		(3.7	)		(3.8	)		0.1
e. Utilization of capital loss carry forwards		—			—			—
f. Other		—			—			—

g. Federal income taxes incurred	$	(10.6	)	$	11.1		$	(21.7	)

F-46

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

The tax effects of temporary differences that give rise to significant portions of the DTAs and DTLs were as follows as of December 31, 2025 and 2024:


	2025		2024		Change
2. DTA
A. Ordinary
1. Discounting of unpaid losses	$	—	$	—	$	—
2. Unearned premium reserve		—		—		—
3a. Transition reserves		—		1.5		(1.5	)
3b. Policyholder reserves		321.5		340.9		(19.4	)
4. Investments		44.4		50.4		(6.0	)
5. Deferred acquisition costs		128.4		127.6		0.8
6. Policyholder dividends accrual		—		—		—
7. Fixed assets		0.5		0.6		(0.1	)
8. Compensation and benefits accrual		—		—		—
9. Pension accrual		—		—		—
10. Receivable–nonadmitted		2.3		2.0		0.3
11. Net operating loss carry forward		—		—		—
12. Tax credit carry forward		—		—		—
13. Other (including items less than 5% of total ordinary tax assets)		0.4		0.9		(0.5	)

99. Subtotal ordinary		497.5		523.9		(26.4	)
B. Statutory valuation allowance adjustment		—		—		—
C. Nonadmitted DTA		417.9		398.5		19.4

D. Admitted ordinary DTA (2A99 – 2B – 2C)		79.6		125.4		(45.8	)
E. Capital						—
1. Investments		4.5		7.5		(3.0	)
2. Net capital loss carry forward		—		—		—
3. Real estate		—		—		—
4. Other (including items less than 5% of total ordinary tax assets)		—		—		—

99. Subtotal capital		4.5		7.5		(3.0	)
F. Statutory valuation allowance adjustment		—		—		—
G. Nonadmitted DTA		2.8		7.3		(4.5	)

H. Admitted capital DTA (2E99 – 2F – 2G)		1.7		0.2		1.5

I. Admitted DTA (2D + 2H)	$	81.3	$	125.6	$	(44.3	)

F-47

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)


	2025		2024		Change
3. DTL
A. Ordinary
1. Investments	$	1.8	$	3.0	$	(1.2	)
2. Fixed assets		—		—		—
3. Deferred and uncollected premiums		57.8		60.4		(2.6	)
4(a). Transition reserves		—		9.1		(9.1	)
4(b). Policyholder reserves		0.8		1.5		(0.7	)
5. Other		—		—		—

99. Subtotal ordinary		60.4		74.0		(13.6	)

B. Capital
1. Investments		1.7		0.2		1.5
2. Real estate		—		—		—
3. Other		—		—		—

99. Subtotal capital		1.7		0.2		1.5

C. DTL (3A99 + 3B99)		62.1		74.2		(12.1	)

4. Net DTA (DTL) (2I – 3C)	$	19.2	$	51.4	$	(32.2	)

Based on an analysis of the Company’s tax position for the year ended December 31, 2025, management concluded it is more likely than not that the results of future operations will generate sufficient taxable income to enable the Company to realize all of its DTAs. Accordingly, no valuation allowance for DTA has been established.

The change in net deferred taxes is comprised of the following (this analysis is exclusive of nonadmitted assets, as the change in nonadmitted assets is reported separately from the change in net deferred income taxes in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus):


	December 31,
	2025		2024		Change
Total gross DTA	$	502.0	$	531.4	$	(29.4	)
Statutory valuation allowance adjustment		—		—		—

Adjusted gross DTAs		502.0		531.4		(29.4	)
Total gross DTL		62.1		74.2		(12.1	)

Net DTA	$	439.9	$	457.2		(17.3	)

Deferred tax on change in net unrealized capital gains (losses)						(0.2	)

Change in net deferred income taxes					$	(17.5	)

F-48

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

(d) Reconciliation of Federal income tax rate to actual effective tax rate

The provision for Federal income taxes incurred is different from that which would be obtained by applying the statutory Federal income tax rate to income before income taxes. The significant items causing this difference were as follows for the years ended December 31, 2025, 2024 and 2023:


	2025			2024			2023
Provision computed at statutory tax rate	$	16.4		$	9.3		$	20.9
Tax exempt interest		—			—			(0.1	)
Benefit of dividends		(6.5	)		(1.6	)		(1.7	)
Statutory amortization of IMR		—			(0.2	)		(0.4	)
Foreign taxes		(0.2	)		(0.2	)		(0.2	)
Change in nonadmitted assets		(0.2	)		0.3			5.9
Deferred reinsurance gains		(5.9	)		(6.9	)		(6.7	)
Other adjustments		0.3			(0.2	)		—

Total	$	3.9		$	0.5		$	17.7

Federal income taxes incurred	$	(13.6	)	$	(10.6	)	$	11.1
Change in net deferred income taxes		17.5			11.1			6.6

Total	$	3.9		$	0.5		$	17.7

(e) Operating loss and tax credit carry forwards and protective tax deposits

As of December 31, 2025, the Company had no operating losses to carry forward.

As of December 31, 2025, the Company had no tax credits to carry forward.

There were no income taxes incurred in the current or prior years that will be available for recoupment in the event of future net losses.

The Company had no protective tax deposits which are on deposit with the IRS under Section 6603 of the Internal Revenue Code.

(f) Consolidated Federal income tax return

The Company is an affiliated member of a consolidated Life/Non-Life U.S. Federal income tax return with its ultimate parent company, Genworth, and will be included with the following companies in the consolidated Federal income tax return for 2025:

ASI

Capital Brokerage Corporation

CareScout Holdings, Inc.

CareScout, LLC

Enact Financial Assurance Corporation

Enact Financial Services, Inc.

Enact Global Holdings Corporation

Enact Holdings, Inc.

Enact Mortgage Holdings, LLC

EMIC

Enact Mortgage Insurance Corporation of North Carolina

Enact Mortgage Services, LLC

F-49

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY

Notes to Statutory Financial Statements — Continued

December 31, 2025, 2024 and 2023

(Dollar amounts in millions)

Enact Re Ltd.

Enact Residential Insurance Corporation

Genworth

Genworth Annuity Service Corporation

Genworth Financial Agency, Inc. (“GFA”)

Genworth Financial International Holdings, LLC

Genworth Holdings, Inc. (“Genworth Holdings”)

GLIC

GLICNY

GNA

HGI Annuity Service Corporation

JAC

Mayflower

Monument Lane IC 1, Inc.

Monument Lane IC 2, Inc.

Monument Lane PCC, Inc.

Newco

RLIC VI

RLIC X

Seniorly, Inc.



MFS^® Variable Insurance Trust (continued)		MFS^® Variable Insurance Trust II		PIMCO Variable Insurance Trust

MFS^® Utilities Series — Service Class Shares		MFS^® Massachusetts Investors Growth Stock Portfolio — Service Class Shares		All Asset Portfolio — Advisor Class Shares		High Yield Portfolio — Administrative Class Shares		Long-Term U.S. Government Portfolio — Administrative Class Shares		Low Duration Portfolio — Administrative Class Shares		Total Return Portfolio — Administrative Class Shares


	$139,172		$—		$ 96,839		$1,936,797		$2,869,438		$2,942,719		$8,220,141
	—		—		—		10,109		8,480		9,879		29,218
	—		—		—		—		186		—		—
	139,172		—		96,839		1,946,906		2,878,104		2,952,598		8,249,359


	5		—		4		78		116		113		325
	2		—		1		99		—		86		139
	7		—		5		177		116		199		464


	139,165		—		96,834		1,865,508		2,716,490		2,871,276		7,951,689
	—		—		—		81,221		161,498		81,123		297,206
	$139,165		$—		$96,834		$1,946,729		$2,877,988		$2,952,399		$8,248,895

	$110,525		$—		$100,208		$1,914,705		$3,413,876		$2,987,745		$8,550,404
	3,780		—		9,922		261,376		383,615		300,891		869,856



MFS^® Variable Insurance Trust (continued)		MFS^® Variable Insurance Trust II		PIMCO Variable Insurance Trust

MFS^® Utilities Series — Service Class Shares		MFS^® Massachusetts Investors Growth Stock Portfolio — Service Class Shares		All Asset Portfolio — Advisor Class Shares			High Yield Portfolio — Administrative Class Shares			Long-Term U.S. Government Portfolio — Administrative Class Shares			Low Duration Portfolio — Administrative Class Shares			Total Return Portfolio — Administrative Class Shares

Year ended December 31, 2025		Year ended December 31, 2025		Year ended December 31, 2025			Year ended December 31, 2025			Year ended December 31, 2025			Year ended December 31, 2025			Year ended December 31, 2025


	$3,620		$—		$4,451			$125,132			$90,421			$116,274			$349,897
	1,833		—		1,330			29,176			40,506			41,726			123,092
	1,787		—		3,121			95,956			49,915			74,548			226,805


	3,416		—		(2,849	)		(4,045	)		(227,730	)		(24,433	)		(161,701	)
	10,165		—		11,617			47,584			328,346			66,734			547,567
	1,805		—		—			—			—			—			—
	15,386		—		8,768			43,539			100,616			42,301			385,866

	$17,173		$—		$11,889			$139,495			$150,531			$116,849			$612,671



State Street Variable Insurance Series Funds, Inc. (continued)					The Prudential Series Fund

Total Return V.I.S. Fund — Class 3 Shares		U.S. Equity V.I.S. Fund — Class 1 Shares			PSF Natural Resources Portfolio — Class II Shares			PSF PGIM Jennison Blend Portfolio — Class II Shares			PSF PGIM Jennison Growth Portfolio — Class II Shares

Year ended December 31, 2025		Year ended December 31, 2025			Period from January 1 to April 11, 2025			Year ended December 31, 2025			Year ended December 31, 2025


	$1,767,839		$259			$—			$—			$—
	1,479,158		1,562			3,176			9,115			1,353
	288,681		(1,303	)		(3,176	)		(9,115	)		(1,353	)


	1,283,116		1,731			83,872			36,075			7,822
	5,607,033		(5,261	)		(127,363	)		169,795			7,275
	3,448,495		23,279			—			—			—
	10,338,644		19,749			(43,491	)		205,870			15,097

	$10,627,325		$18,446			$(46,667	)		$196,755			$13,744



	AB Variable Products Series Fund, Inc.

	AB VPS Balanced Hedged Allocation Portfolio — Class B						AB VPS International Value Portfolio — Class B						AB VPS Large Cap Growth Portfolio — Class B

	Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$1,209			$(260	)		$2,228			$(12,203	)		$(379	)		$(793	)
Net realized gain (loss) on investments		(6,306	)		(25,099	)		51,808			104,067			5,885			9,693
Change in unrealized appreciation (depreciation) on investments		62,188			61,752			68,660			34,147			(10,415	)		(1,463	)
Capital gain distributions		32,586			13,000			—			—			1,826			4,098
Increase (decrease) in net assets from operations		89,677			49,393			122,696			126,011			(3,083	)		11,535

From capital transactions (note 4):
Net premiums		—			—			4,731			5,071			—			—
Transfers for contract benefits and terminations		(59,776	)		(152,168	)		(87,093	)		(125,640	)		(923	)		(3,300	)
Administrative expenses		(8,289	)		(8,378	)		(2,696	)		(17,705	)		(353	)		(76	)
Transfers between subaccounts (including fixed account), net		(5,236	)		(5,560	)		(56,903	)		(1,843,813	)		(44,948	)		12,362
Increase (decrease) in net assets from capital transactions		(73,301	)		(166,106	)		(141,961	)		(1,982,087	)		(46,224	)		8,986
Increase (decrease) in net assets		16,376			(116,713	)		(19,265	)		(1,856,076	)		(49,307	)		20,521
Net assets at beginning of year		614,210			730,923			401,240			2,257,316			69,344			48,823
Net assets at end of year		$630,586			$614,210			$381,975			$401,240			$20,037			$69,344

Change in units (note 5):
Units purchased		924			1,787			9,359			19,964			—			739
Units redeemed		(5,001	)		(11,379	)		(24,546	)		(226,573	)		(752	)		(607	)
Net increase (decrease) in units from capital transactions with contract owners		(4,077	)		(9,592	)		(15,187	)		(206,609	)		(752	)		132



	AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)

	Invesco V.I. American Value Fund — Series II shares				Invesco V.I. Comstock Fund — Series II shares						Invesco V.I. Core Equity Fund — Series I shares

	Year ended December 31, 2025		Year ended December 31, 2024		Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$—		$—		$4,052			$(2,685	)		$(55,589	)		$41
Net realized gain (loss) on investments		—		—		82,729			76,525			64,803			30,314
Change in unrealized appreciation (depreciation) on investments		—		—		11,897			166,554			464,575			43,887
Capital gain distributions		—		—		406,904			238,807			634,092			629,796
Increase (decrease) in net assets from operations		—		—		505,582			479,201			1,107,881			704,038

From capital transactions (note 4):
Net premiums		—		—		(22,824	)		28,400			(103,457	)		103,457
Transfers for contract benefits and terminations		—		—		(403,748	)		(394,166	)		(751,480	)		(555,213	)
Administrative expenses		—		—		(31,821	)		(36,769	)		(101,243	)		(44,564	)
Transfers between subaccounts (including fixed account), net		—		—		427,319			(575,291	)		1,039,770			6,826,758
Increase (decrease) in net assets from capital transactions		—		—		(31,074	)		(977,826	)		83,590			6,330,438
Increase (decrease) in net assets		—		—		474,508			(498,625	)		1,191,471			7,034,476
Net assets at beginning of year		—		—		3,371,755			3,870,380			7,589,103			554,627
Net assets at end of year		$—		$—		$3,846,263			$3,371,755			$8,780,574			$7,589,103

Change in units (note 5):
Units purchased		—		—		31,692			12,793			75,123			225,369
Units redeemed		—		—		(33,080	)		(42,745	)		(73,270	)		(35,204	)
Net increase (decrease) in units from capital transactions with contract owners		—		—		(1,388	)		(29,952	)		1,853			190,165


	Page
Report of Independent Registered Public Accounting Firm		F-1

Statements of Assets and Liabilities		F-4

Statements of Operations		F-10

Statements of Changes in Net Assets		F-16

Notes to Financial Statements		F-34



	AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (continued)												Allspring Variable Trust

	Invesco V.I. Main Street Fund^® — Series II shares						Invesco V.I. Main Street Small Cap Fund^® — Series II shares						Allspring VT Discovery All Cap Growth Fund — Class 2

	Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$(101,856	)		$(65,684	)		$(27,881	)		$(21,789	)		$(479	)		$(466	)
Net realized gain (loss) on investments		(10,155	)		(26,242	)		33,270			28,021			(638	)		(284	)
Change in unrealized appreciation (depreciation) on investments		796,554			(236,051	)		(78,169	)		10,999			(7,598	)		6,039
Capital gain distributions		580,137			954,518			237,121			91,344			14,431			1,955
Increase (decrease) in net assets from operations		1,264,680			626,541			164,341			108,575			5,716			7,244

From capital transactions (note 4):
Net premiums		(129,321	)		129,321			(25,324	)		25,864			—			—
Transfers for contract benefits and terminations		(881,147	)		(835,575	)		(241,323	)		(190,304	)		(2,680	)		(2,570	)
Administrative expenses		(116,219	)		(54,540	)		(27,183	)		(15,192	)		(427	)		(426	)
Transfers between subaccounts (including fixed account), net		(9,146	)		8,801,243			(66,833	)		1,854,561			367			(1,750	)
Increase (decrease) in net assets from capital transactions		(1,135,833	)		8,040,449			(360,663	)		1,674,929			(2,740	)		(4,746	)
Increase (decrease) in net assets		128,847			8,666,990			(196,322	)		1,783,504			2,976			2,498
Net assets at beginning of year		9,336,087			669,097			2,437,827			654,323			39,796			37,298
Net assets at end of year		$9,464,934			$9,336,087			$2,241,505			$2,437,827			$42,772			$39,796

Change in units (note 5):
Units purchased		52,053			248,978			15,710			58,466			105			53
Units redeemed		(78,890	)		(37,344	)		(25,335	)		(11,296	)		(146	)		(140	)
Net increase (decrease) in units from capital transactions with contract owners		(26,837	)		211,634			(9,625	)		47,170			(41	)		(87	)



	Columbia Funds Variable Series Trust II (continued)						Eaton Vance Variable Trust						Federated Hermes Insurance Series

	Columbia Variable Portfolio — Overseas Core Fund — Class 2						VT Floating-Rate Income Fund						Federated Hermes High Income Bond Fund II — Service Shares

	Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$771			$70,196			$126,483			$175,176			$3,603			$4,004
Net realized gain (loss) on investments		29,849			34,327			(19,808	)		(21,098	)		(456	)		(2,224	)
Change in unrealized appreciation (depreciation) on investments		22,240			(20,618	)		(50,084	)		7,728			2,215			2,579
Capital gain distributions		—			—			—			—			—			—
Increase (decrease) in net assets from operations		52,860			83,905			56,591			161,806			5,362			4,359

From capital transactions (note 4):
Net premiums		3,381			5,071			—			3,950			—			—
Transfers for contract benefits and terminations		(56,284	)		(150,808	)		(250,582	)		(282,814	)		(2,397	)		(3,963	)
Administrative expenses		(1,033	)		(16,182	)		(32,898	)		(36,266	)		(867	)		(1,107	)
Transfers between subaccounts (including fixed account), net		(19,808	)		(1,827,578	)		70,693			(138,129	)		1,544			(15,120	)
Increase (decrease) in net assets from capital transactions		(73,744	)		(1,989,497	)		(212,787	)		(453,259	)		(1,720	)		(20,190	)
Increase (decrease) in net assets		(20,884	)		(1,905,592	)		(156,196	)		(291,453	)		3,642			(15,831	)
Net assets at beginning of year		185,756			2,091,348			2,538,201			2,829,654			79,653			95,484
Net assets at end of year		$164,872			$185,756			$2,382,005			$2,538,201			$83,295			$79,653

Change in units (note 5):
Units purchased		7,204			14,052			18,972			18,177			165			330
Units redeemed		(11,646	)		(154,025	)		(33,239	)		(47,627	)		(242	)		(1,212	)
Net increase (decrease) in units from capital transactions with contract owners		(4,442	)		(139,973	)		(14,267	)		(29,450	)		(77	)		(882	)



	Franklin Templeton Variable Insurance Products Trust

	Franklin Allocation VIP Fund — Class 2 Shares						Franklin Income VIP Fund — Class 2 Shares						Franklin Mutual Shares VIP Fund — Class 2 Shares

	Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$4,645			$7,402			$201,265			$222,062			$16,503			$16,333
Net realized gain (loss) on investments		(28,319	)		(117,294	)		(14,725	)		(34,263	)		(22,205	)		(33,217	)
Change in unrealized appreciation (depreciation) on investments		113,209			301,359			364,492			123,640			2,163			252,276
Capital gain distributions		60,165			—			66,760			28,366			267,388			62,150
Increase (decrease) in net assets from operations		149,700			191,467			617,792			339,805			263,849			297,542

From capital transactions (note 4):
Net premiums		—			—			—			—			(25,864	)		25,864
Transfers for contract benefits and terminations		(199,809	)		(931,149	)		(650,735	)		(752,230	)		(388,031	)		(294,420	)
Administrative expenses		(15,567	)		(19,105	)		(47,730	)		(49,984	)		(30,957	)		(34,063	)
Transfers between subaccounts (including fixed account), net		(28,620	)		(156,297	)		(143,559	)		76,357			(63,162	)		(183,499	)
Increase (decrease) in net assets from capital transactions		(243,996	)		(1,106,551	)		(842,024	)		(725,857	)		(508,014	)		(486,118	)
Increase (decrease) in net assets		(94,296	)		(915,084	)		(224,232	)		(386,052	)		(244,165	)		(188,576	)
Net assets at beginning of year		1,537,956			2,453,040			6,402,680			6,788,732			2,912,354			3,100,930
Net assets at end of year		$1,443,660			$1,537,956			$6,178,448			$6,402,680			$2,668,189			$2,912,354

Change in units (note 5):
Units purchased		1,295			1,519			11,524			15,937			21,851			16,188
Units redeemed		(15,333	)		(83,619	)		(52,892	)		(52,604	)		(43,805	)		(38,090	)
Net increase (decrease) in units from capital transactions with contract owners		(14,038	)		(82,100	)		(41,368	)		(36,667	)		(21,954	)		(21,902	)



	Legg Mason Partners Variable Equity Trust (continued)										Lincoln Variable Insurance Products Trust

	ClearBridge Variable Growth Portfolio — Class II				ClearBridge Variable Large Cap Value Portfolio — Class I						LVIP American Century Inflation Protection Fund — Service Class

	Year ended December 31, 2025		Year ended December 31, 2024		Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$—		$—		$(270	)		$438			$102,594			$44,366
Net realized gain (loss) on investments		—		—		(8,406	)		329			(32,607	)		(56,933	)
Change in unrealized appreciation (depreciation) on investments		—		—		5,673			(7,490	)		17,936			14,016
Capital gain distributions		—		—		—			10,704			—			—
Increase (decrease) in net assets from operations		—		—		(3,003	)		3,981			87,923			1,449

From capital transactions (note 4):
Net premiums		—		—		—			—			—			—
Transfers for contract benefits and terminations		—		—		—			—			(238,722	)		(241,925	)
Administrative expenses		—		—		(516	)		(48	)		(26,821	)		(29,883	)
Transfers between subaccounts (including fixed account), net		—		—		(93,310	)		72,155			23,069			(93,989	)
Increase (decrease) in net assets from capital transactions		—		—		(93,826	)		72,107			(242,474	)		(365,797	)
Increase (decrease) in net assets		—		—		(96,829	)		76,088			(154,551	)		(364,348	)
Net assets at beginning of year		—		—		96,829			20,741			1,935,243			2,299,591
Net assets at end of year		$—		$—		$—			$96,829			$1,780,692			$1,935,243

Change in units (note 5):
Units purchased		—		—		—			3,888			20,771			23,649
Units redeemed		—		—		(4,786	)		(197	)		(39,598	)		(51,495	)
Net increase (decrease) in units from capital transactions with contract owners		—		—		(4,786	)		3,691			(18,827	)		(27,846	)



	PIMCO Variable Insurance Trust (continued)

	High Yield Portfolio — Administrative Class Shares						Long-Term U.S. Government Portfolio — Administrative Class Shares						Low Duration Portfolio — Administrative Class Shares

	Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$95,956			$97,710			$49,915			$57,217			$74,548			$106,359
Net realized gain (loss) on investments		(4,045	)		(8,548	)		(227,730	)		(1,151,396	)		(24,433	)		(109,349	)
Change in unrealized appreciation (depreciation) on investments		47,584			27,306			328,346			780,397			66,734			124,604
Capital gain distributions		—			—			—			—			—			—
Increase (decrease) in net assets from operations		139,495			116,468			150,531			(313,782	)		116,849			121,614

From capital transactions (note 4):
Net premiums		—			7,900			1,688			—			205			205
Transfers for contract benefits and terminations		(281,177	)		(282,658	)		(425,050	)		(539,172	)		(413,356	)		(473,555	)
Administrative expenses		(26,078	)		(29,103	)		(40,024	)		(67,742	)		(46,183	)		(65,657	)
Transfers between subaccounts (including fixed account), net		(32,933	)		19,638			467,143			(2,428,683	)		249,277			(1,582,814	)
Increase (decrease) in net assets from capital transactions		(340,188	)		(284,223	)		3,757			(3,035,597	)		(210,057	)		(2,121,821	)
Increase (decrease) in net assets		(200,693	)		(167,755	)		154,288			(3,349,379	)		(93,208	)		(2,000,207	)
Net assets at beginning of year		2,147,422			2,315,177			2,723,700			6,073,079			3,045,607			5,045,814
Net assets at end of year		$1,946,729			$2,147,422			$2,877,988			$2,723,700			$2,952,399			$3,045,607

Change in units (note 5):
Units purchased		9,651			11,587			59,659			73,302			55,774			49,365
Units redeemed		(25,591	)		(25,720	)		(57,569	)		(274,688	)		(74,028	)		(229,077	)
Net increase (decrease) in units from capital transactions with contract owners		(15,940	)		(14,133	)		2,090			(201,386	)		(18,254	)		(179,712	)



	State Street Variable Insurance Series Funds, Inc. (continued)

	Small-Cap Equity V.I.S. Fund — Class 1 Shares						Total Return V.I.S. Fund — Class 3 Shares						U.S. Equity V.I.S. Fund — Class 1 Shares

	Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024

Increase (decrease) in net assets

From operations:
Net investment income (expense)		$(1,389	)		$(1,356	)		$ 288,681			$ 2,085,718			$(1,303	)		$(1,000	)
Net realized gain (loss) on investments		(871	)		(587	)		1,283,116			(54,839	)		1,731			3,515
Change in unrealized appreciation (depreciation) on investments		(10,192	)		2,266			5,607,033			5,910,338			(5,261	)		(2,077	)
Capital gain distributions		11,015			7,930			3,448,495			17,861			23,279			23,939
Increase (decrease) in net assets from operations		(1,437	)		8,253			10,627,325			7,959,078			18,446			24,377

From capital transactions (note 4):
Net premiums		—			—			55,903			128,610			—			—
Transfers for contract benefits and terminations		(6,667	)		(5,612	)		(10,095,424	)		(10,287,201	)		(2,164	)		(2,148	)
Administrative expenses		(696	)		(722	)		(1,049,798	)		(1,165,473	)		(893	)		(862	)
Transfers between subaccounts (including fixed account), net		4,044			(505	)		(2,846,990	)		(2,880,537	)		(3,176	)		(10,181	)
Increase (decrease) in net assets from capital transactions		(3,319	)		(6,839	)		(13,936,309	)		(14,204,601	)		(6,233	)		(13,191	)
Increase (decrease) in net assets		(4,756	)		1,414			(3,308,984	)		(6,245,523	)		12,213			11,186
Net assets at beginning of year		99,534			98,120			85,813,042			92,058,565			121,671			110,485
Net assets at end of year		$94,778			$99,534			$82,504,058			$85,813,042			$133,884			$121,671

Change in units (note 5):
Units purchased		228			153			507,823			1,982,338			156			63
Units redeemed		(327	)		(365	)		(1,222,515	)		(2,780,487	)		(261	)		(345	)
Net increase (decrease) in units from capital transactions with contract owners		(99	)		(212	)		(714,692	)		(798,149	)		(105	)		(282	)



The Prudential Series Fund

PSF Natural Resources Portfolio — Class II Shares						PSF PGIM Jennison Blend Portfolio — Class II Shares						PSF PGIM Jennison Growth Portfolio — Class II Shares

Period from January 1 to April 11, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024			Year ended December 31, 2025			Year ended December 31, 2024




	$(3,176	)		$(26,792	)		$(9,115	)		$(344	)		$(1,353	)		$(853	)
	83,872			286,825			36,075			677			7,822			23,870
	(127,363	)		(91,376	)		169,795			5,302			7,275			(5,569	)
	—			—			—			—			—			—
	(46,667	)		168,657			196,755			5,635			13,744			17,448


	845			2,536			845			—			—			—
	(5,941	)		(147,243	)		(109,984	)		(1,143	)		(22,993	)		(5,008	)
	(2,642	)		(24,008	)		(6,751	)		(72	)		(687	)		(759	)
	(676,917	)		(1,890,770	)		771,201			(1,656	)		183			50,017
	(684,655	)		(2,059,485	)		655,311			(2,871	)		(23,497	)		44,250
	(731,322	)		(1,890,828	)		852,066			2,764			(9,753	)		61,698
	731,322			2,622,150			26,620			23,856			122,063			60,365
	$—			$731,322			$878,686			$26,620			$112,310			$122,063


	1,637			28,189			78,053			40			103			1,116
	(61,406	)		(181,417	)		(17,639	)		(273	)		(403	)		(523	)

	(59,769	)		(153,228	)		60,414			(233	)		(300	)		593


	Page
Independent Auditors’ Report		F-1

Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus		F-3

Statutory Statements of Summary of Operations		F-5

Statutory Statements of Changes in Capital and Surplus		F-6

Statutory Statements of Cash Flow		F-7

Notes to Statutory Financial Statements		F-9


	2025		2024
Assets recognized from paid and accrued premium tax offsets and policy surcharges prior year end	$	7.2	$	6.7
Decreases current year:
Premium tax offset applied		0.2		0.3
Accrual true-up		0.3		—
Prior period adjustment		0.2		—
Increases current year:
Prior period adjustment		—		0.5
Current year adjustment		—		0.3

Assets recognized from paid and accrued premium tax offsets and policy surcharges current year end	$	6.5	$	7.2


	Premiums earned									Benefits incurred
	2025			2024			2023			2025			2024			2023
Direct	$	830.6		$	890.4		$	948.4		$	1,951.1		$	1,996.5		$	2,060.9
Assumed		219.9			232.1			236.5			296.1			289.8			279.7
Ceded		(924.2	)		(984.9	)		(964.8	)		(1,557.6	)		(1,601.1	)		(1,585.6	)

Net	$	126.3		$	137.6		$	220.1		$	689.6		$	685.2		$	755.0


	2025		2024
Universal Life Insurance Business
RLIC VI	$	866.8	$	862.5

Term Life Insurance Business
RLIC VI	$	649.2	$	873.2
RLIC X		794.0		830.2


	Non-indexed guarantee less than or equal to 4%		Non-indexed guarantee more than 4%		Non-guaranteed separate accounts		Total
Premiums, considerations or deposits for the year ended December 31, 2025	$	—	$	—	$	15.3	$	15.3

Reserves as of December 31, 2025:
For accounts with assets at:
Fair value	$	2.5	$	1.5	$	4,093.3	$	4,097.3

Total reserves	$	2.5	$	1.5	$	4,093.3	$	4,097.3

By withdrawal characteristics:
With fair value adjustment	$	2.5	$	1.5	$	—	$	4.0
At fair value		—		—		4,093.3		4,093.3

Subtotal		2.5		1.5		4,093.3		4,097.3
Not subject to discretionary withdrawal		—		—		—		—

Total	$	2.5	$	1.5	$	4,093.3	$	4,097.3


	2025
Transfers as reported in the Summary of Operations of the separate accounts statement:
Transfers to separate accounts	$	15.3
Transfers from separate accounts		550.7

Net transfers from separate accounts, per the separate accounts annual statement		(535.4	)
Reconciling adjustments:
Transfer to separate accounts – reinsured		177.8

Net transfers from separate accounts, per the Statutory Statement of Summary of Operations	$	(357.6	)


	2025
Description	Total		General account		Separate accounts
Membership stock — Class A	$	—	$	—	$	—
Membership stock — Class B		11.5		11.5		—
Activity stock		—		—		—
Excess stock		—		—		—

Aggregate total	$	11.5	$	11.5	$	—

Actual or estimated borrowing capacity as determined by the insurer	$	750.0		XXX		XXX


Membership stock	2025 total		Not eligible for redemption		Less than 6 months		6 months to less than 1 year		1 to less than 3 years		3 to 5 years
Class A	$	—	$	—	$	—	$	—	$	—	$	—
Class B		11.5		11.5		—		—		—		—


	Fair value		Carrying value		Aggregate total borrowing
1. Current year total general and separate accounts total collateral pledged (Lines 2+3)	$	—	$	—	$	—
2. Current year general account total collateral pledged		—		—		—
3. Current year separate accounts total collateral pledged		—		—		—
4. Prior year-end total general and separate accounts total collateral pledged		169.9		186.7		50.0


	Fair value		Carrying value		Amount borrowed at time of maximum collateral
1. Current year total general and separate accounts maximum collateral pledged (Lines 2+3)	$	174.0	$	186.1	$	50.1
2. Current year general account maximum collateral pledged		174.0		186.1		50.1
3. Current year separate accounts maximum collateral pledged		—		—		—
4. Prior year-end total general and separate accounts maximum collateral pledged		190.2		200.7		100.0


Description	Does the company have prepayment obligations under the following arrangements (Yes/No)?
Debt		No
Funding agreements		No
Other		No


	2025
	Level 1		Level 2		Level 3		Net asset value (NAV)		Total
Assets
Perpetual Preferred Stock:
Industrial and miscellaneous	$	21.1	$	9.2	$	1.2	$	—	$	31.5

Total preferred stock		21.1		9.2		1.2		—		31.5

Common stock:
Industrial and miscellaneous		33.9		—		11.5		—		45.4

Total common stock		33.9		—		11.5		—		45.4

Cash equivalents:
Money market mutual funds		395.4		—		—		—		395.4

Total cash equivalents		395.4		—		—		—		395.4

Derivative assets:
Equity index options		—		—		17.4		—		17.4

Total derivative assets		—		—		17.4		—		17.4

Separate account assets		4,099.0		12.9		—		—		4,111.9

Total assets	$	4,549.4	$	22.1	$	30.1	$	—	$	4,601.6


	2025
Investments	Beginning balance as of January 1, 2025		Transfers in to Level 3		Transfers out of Level 3		Total gains and (losses) included in net income (loss)		Total gains and (losses) included in surplus			Purchases		Issuances		Sales			Settlements		Ending balance as of December 31, 2025
Preferred and Common stock	$	15.5	$	—	$	—	$	—	$	—		$	—	$	—	$	(2.8	)	$	—	$	12.7
Derivative assets		18.9		—		—		5.4		1.4			12.6		—		(20.9	)		—		17.4

Total assets	$	34.4	$	—	$	—	$	5.4	$	1.4		$	12.6	$	—	$	(23.7	)	$	—	$	30.1


	2024
Investments	Beginning balance as of January 1, 2024		Transfers in to Level 3		Transfers out of Level 3		Total gains and (losses) included in net income (loss)		Total gains and (losses) included in surplus			Purchases		Issuances		Sales			Settlements		Ending balance as of December 31, 2024
Preferred and Common stock	$	18.3	$	—	$	—	$	—	$	(0.1	)	$	—	$	—	$	(2.7	)	$	—	$	15.5
Derivative assets		14.9		—		—		8.0		1.1			16.1		—		(21.2	)		—		18.9

Total assets	$	33.2	$	—	$	—	$	8.0	$	1.0		$	16.1	$	—	$	(23.9	)	$	—	$	34.4


	2023
Investments	Beginning balance as of January 1, 2023		Transfers in to Level 3		Transfers out of Level 3		Total gains and (losses) included in net income (loss)			Total gains and (losses) included in surplus		Purchases		Issuances		Sales			Settlements		Ending balance as of December 31, 2023
Preferred and Common stock	$	17.6	$	—	$	—	$	—		$	—	$	4.1	$	—	$	(3.4	)	$	—	$	18.3
Derivative assets		5.7		—		—		(3.6	)		9.6		12.4		—		(9.2	)		—		14.9

Total assets	$	23.3	$	—	$	—	$	(3.6	)	$	9.6	$	16.5	$	—	$	(12.6	)	$	—	$	33.2


	2025
Financial instruments	Aggregate fair value		Admitted assets		Level 1		Level 2		Level 3		Net asset value (NAV)		Not practicable (carrying value)
Bonds:
ICO	$	6,881.2	$	7,502.0	$	—	$	6,262.9	$	618.3	$	—	$	—
ABS		804.5		884.0		—		737.0		67.5
Preferred and common stocks-nonaffiliates		76.9		76.9		55.0		9.2		12.7		—		—
Separate account assets		4,111.9		4,111.9		4,099.0		12.9		—		—		—
Mortgage loans		1,428.1		1,498.2		—		—		1,428.1		—		—
Short-term investments		3.5		3.5		—		—		3.5		—		—
Cash equivalents		395.4		395.4		395.4		—		—		—		—
Other invested assets		128.0		141.9		—		128.0		—		—		—
Derivative assets		23.4		19.0		—		1.6		21.8		—		—
Derivative liabilities		17.7		—		—		2.4		15.3		—		—

	2024
Financial instruments	Aggregate fair value		Admitted assets		Level 1		Level 2		Level 3		Net asset value (NAV)		Not practicable (carrying value)
Bonds	$	7,884.6	$	8,808.9	$	—	$	7,248.4	$	636.2	$	—	$	—
Preferred and common stocks-nonaffiliates		81.5		80.5		32.5		33.5		15.5		—		—
Separate account assets		4,169.1		4,169.1		4,156.5		12.6		—		—		—
Mortgage loans		1,476.3		1,599.4		—		—		1,476.3		—		—
Short-term investments		0.7		0.7		—		0.7		—		—		—
Cash equivalents		272.7		272.7		272.7		—		—		—		—
Other invested assets		131.2		147.3		—		131.2		—		—		—
Derivative assets		24.4		20.4		—		3.0		21.4		—		—
Derivative liabilities		12.8		—		—		0.6		12.2		—		—


	In force
	2025				2024
	Number of policies		Amount		Number of policies		Amount
Up to and including 12 months		3	$	0.1		3	$	0.2
13 to 24 months		3		0.2		14		0.6
25 to 36 months		14		0.6		16		1.2
37 to 48 months		14		1.0		30		3.4
49 to 60 months		27		2.8		43		5.0
Over 60 months		1,769		168.0		1,947		181.9

Total		1,830	$	172.7		2,053	$	192.3


Description of SCA investment (excluding 8.b.i entities)	Gross amount		Nonadmitted amount		Admitted amount		Date of filing to NAIC		Type of NAIC filing		NAIC response received (yes/no)		2025 NAIC valuation amount		2024 NAIC valuation amount		NAIC reject entity’s valuation method, resubmission required (yes/no)
JAC (VA)	$	3.6	$	3.6	$	—		8/3/2022		Sub-1		yes	$	—	$	—		no
ASI (VA)*		—		—		—		9/6/2017		Sub-1		yes		—		—		no
Newco (VA)		26.7		—		26.7		7/14/2025		Sub-2		yes		43.7		45.0		no
GFA		0.5		0.5		—		12/5/2017		Sub-1		yes		—		—		no

Aggregate Total	$	30.8	$	4.1	$	26.7							$	43.7	$	45.0


	2023
	As reported in the Annual Statement			Difference			As reported in the accompanying statutory financial statements
Statutory Statements of Summary of Operations
Federal income taxes	$	23.6		$	(8.7	)	$	14.9

Statutory Statements of Changes in Capital and Surplus
Net income		89.7			8.7			98.4
Change in net deferred income taxes		2.1			(8.7	)		(6.6	)
Change in nonadmitted assets		34.6			(3.3	)		31.3
Prior period correction — cross-entity term conversions		32.3			(32.3	)		—
Prior period correction — term conversion coding		(3.2	)		3.2			—