FIDELITY INVESTMENTS VARIABLE ANNUITY ACCOUNT I

(Registered Separate Account)

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

As filed with the SEC on April 30, 2026

Registration No. 333‑123884

Registration No. 811‑05315

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-4

REGISTRATION STATEMENT

UNDER


		THE SECURITIES ACT OF 1933
		Pre‑Effective Amendment No.
		Post-Effective Amendment No. 28		☒

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940


		Amendment No. 144		☒

FIDELITY INVESTMENTS VARIABLE ANNUITY ACCOUNT I

(Exact Name of Registered Separate Account)

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(Name of Insurance Company)

900 Salem Street

Smithfield, Rhode Island 02917

(Address of Insurance Company’s Principal Executive Offices)

Insurance Company’s Telephone Number: (800) 544‑8888

ARI LINDNER

President

Fidelity Investments Life Insurance Company

900 Salem Street

Smithfield, Rhode Island 02917

(Name and Address of Agent for Service)

Copy to:

MICHAEL BERENSON

MORGAN, LEWIS & BOCKIUS LLP

1111 Pennsylvania Avenue, N.W.

Washington, D.C. 20004

It is proposed that this filing will become effective (check appropriate box):

☒	immediately upon filing pursuant to paragraph (b) of rule 485

☐	on April 30, 2026, pursuant to paragraph (b) of rule 485

☐	60 days after filing pursuant to paragraph (a)(1) of rule 485

☐	on (date) pursuant to paragraph (a)(1) of rule 485 under the Securities Act of 1933 (“Securities Act”).

If appropriate, check the following box:

☐	This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

PROSPECTUS

April 30, 2026

Fidelity Personal Retirement Annuity^®

Issued by Fidelity Investments Life Insurance Company

(“FILI”)

Introduction:

Fidelity Personal Retirement Annuity^® (“FPRA”) is an individual, deferred, flexible premium variable annuity contract issued by Fidelity Investments Life Insurance Company (“FILI”, the “Company”, “we”, or “us”). The Contract is designed to be purchased with after‑tax money by individual investors who desire to accumulate capital on a tax‑deferred basis for retirement or other long-term purposes. Money may be directed to one or more of the Subaccounts of Fidelity Investments Variable Annuity Account I (the “Variable Account”), each of which invests in a single mutual fund portfolio (a “Fund”). Information about the Funds is provided in Appendix A.

You may authorize a third-party investment advisory firm (the “Advisor”) to make asset allocation decisions and request other transactions within the Contract on your behalf. The Advisor may charge an advisory fee for their services, and this fee would be in addition to the Contract’s fees and expenses. If you elect to pay this advisory fee from the Contract, then this deduction will reduce the Contract Value and Death Benefit and may be subject to federal and state income taxes and a 10% federal penalty tax.

Important Disclosures:

The Contract is a complex investment and involves risks, including risk of loss. It is not a short-term investment and is not suitable for an investor who needs ready access to cash. The taxable portion of a distribution will generally be taxed as ordinary income and may be subject to a penalty tax if received before age 59¹⁄₂.

FILI’s obligations and guarantees under the Contract are subject to FILI’s financial strength and claims‑paying ability.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities or determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.

If you are a new investor in the Contract, you may cancel your Contract within 10 days of receiving it without paying fees or penalties. In some states, this “free look” or cancellation period may be longer. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total Contract Value. You should review this prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.

TABLE OF CONTENTS


Glossary			4

Overview of the Contract			6

Important Information You Should Consider About the Contract			8

Fee Tables			12

1. Principal Risks of Investing in the Contract			14

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

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

3. Purchasing and Contributing to a Contract			16

(a). Purchase of a Contract			16
(b). Special Ownership Considerations			18
(c). Purchase Payments			19

4. Benefits Available Under the Contract			22

5. Making Exchanges Among Subaccounts			26

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

6. Making Withdrawals			29

(a). General Withdrawal Procedures			29

7. Income Phase			30

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

8. Current Charges and Other Deductions			32

(a). Transaction Charges			32
(b). Base Contract Expenses			32
(c). Automatic Contract Charge Deduction			33
(d). Premium Taxes			33
(e). Funds’ Expenses			33
(f). Other Taxes			33
(g). Deduction of Advisory Fees			33

9. Tax Considerations			34

(a). Introduction			34
(b). Taxation of Non‑qualified Annuities in General			35


(c). Tax Consequences to Investors			36
(d). FILI’s Tax Status			39

10. More Information about the Contract			40

(a). Contract Rights			40
(b). Termination			41
(c). Assignment			41
(d). Notification of Death			42
(e). Proof of Survival			42
(f). Abandoned Property			42
(g). Reports to Owners			42
(h). Signature Guarantee or Customer Authentication			42
(i). Non‑Participating Contract			43
(j). Postponement of Payment			43
(k). Special Provisions for Sales Under Sponsored Arrangements			43
(l). Written Requests Received at the Company			43

11. More Information about the Subaccounts and the Funds			43

(a). Changes in Subaccounts			43
(b). Voting Rights			44
(c). Resolving Material Conflicts			44

Appendix A: Funds Available Under the Contract			45

GLOSSARY

Accumulation Phase - The Accumulation Phase starts when you purchase your Contract and ends on the Annuity Date, when the Income Phase starts.

Accumulation Unit - A unit of interest in a Subaccount.

Accumulation Unit Value - The value of a particular Accumulation Unit at a particular time.

Annuitant or Annuitants - The person(s) designated by the Owner(s) to receive monthly annuity income payments.

Annuity Date - A date selected by the Owner(s) for annuity income payments to begin. This date can be as late as the first day of the calendar month following the oldest Owner’s 95th birthday. Once annuity income payments begin, Owners have no rights in the Contract.

Base Contract Expenses - also referred to as “Contract Charges” - Expenses that we assess daily at an annual effective rate against the assets of each Subaccount, comprised of a Mortality and Expense Risk Charge and an Administrative Charge.

Beneficiary or Beneficiaries - The person or persons who receive proceeds from the Contract if all the Owners die before the Annuity Date.

Code - The Internal Revenue Code of 1986, as amended.

Contract - The annuity contract described in this prospectus.

Contract Anniversary - The same month and day as the Contract Date in each later year.

Contract Date - The date your Contract becomes effective. We show this date in your Contract.

Contract Value - The total amount attributable to a Contract at any time before annuity income payments begin.

Contract Year - A year that starts on the Contract Date or a Contract Anniversary and ends at the close of business on the day before the next Contract Anniversary.

Death Benefit - A benefit equal to the Contract Value that applies if any Owner (or Annuitant for a trust owned Contract) dies before the Annuity Date.

Exchanges - Transfers of values among the Subaccounts.

Free Look Period - The limited period of time after you purchase your Contract that you can cancel it and return it for a refund.

Funds - The mutual fund portfolios in which the Subaccounts invest.

Income Phase - The Income Phase starts on the Annuity Date and represents the period of time the Contract makes annuity income payments.

Non‑qualified Annuity - An annuity contract that does not qualify as an individual retirement annuity under Section 408(b) of the Code.

Owner(s) - also “You” or “you” - The one or two persons who have the ownership rights and privileges under the Contract before the Annuity Date. In general, two people may purchase a Contract only if they are spouses.

Purchase Payment(s) - The amount(s) you invest in a Contract before any deduction for premium taxes. This term includes the Initial Purchase Payment in return for which we issue your Contract and any additional Purchase Payments you make later.

Subaccounts - The divisions of the Variable Account to which you may allocate Contract Value. Each Subaccount invests exclusively in the shares of one Fund.

Total Return - A measure of the investment performance for a Subaccount from one Valuation Period to the next.

Valuation Period - The period of time between one determination of the value of Accumulation Units to the next determination. We make determinations as of the close of business of the New York Stock Exchange (normally 4 p.m. Eastern Time) each day that the Exchange is open for trading.

Variable Account - Fidelity Investments Variable Annuity Account I.

You or you - The one or two persons who own a Contract. Once the Contract is issued, the Owner(s) may not be changed, except that if a Contract has one Owner at the time of issue, that Owner may add a second Owner.

OVERVIEW OF THE CONTRACT

What is this Contract designed to do and who could it be appropriate for?

FPRA is designed to provide long-term, tax‑deferred accumulation of assets through investments in a variety of Subaccounts during the Accumulation Phase. It can also supplement your retirement income by providing a stream of income payments during the Income Phase. This Contract may be appropriate if you desire to accumulate assets on a tax‑deferred basis, are already maximizing contributions to employer sponsored plans and IRA accounts and have a long-term investment horizon.

If you elect to pay advisory fees from the Contract to a third-party investment advisory firm, then this deduction will reduce the Contract Value and Death Benefit and may be subject to federal and state income taxes and a 10% federal penalty tax. See 1. Principal Risks of Investing in the Contract.

How do I accumulate assets in this contract and receive income from the Contract?

Your Contract has two phases: 1) an Accumulation Phase; and 2) an Income Phase, beginning on the Annuity Date.

•

Accumulation Phase

To help you accumulate assets, you invest your Purchase Payments in one or more of the Subaccounts. The value of the money you invest in any Subaccount will vary with the performance of the single mutual fund portfolio (the “Fund”) in which the Subaccount invests. Each Fund has its own investment strategies, investment advisers, expense ratios, and returns. Information about the Funds is provided in Appendix A: Funds Available Under the Contract.

•

Income Phase

During the Income Phase, the Contract pays a stream of guaranteed income payments to the Annuitant(s) beginning on the Annuity Date. For a Contract issued to one Owner, we pay monthly fixed annuity income to the Annuitant(s) beginning on the Annuity Date if the Owner is still alive on the Annuity Date. For a Contract issued to two Owners, we pay monthly fixed annuity income if either (1) both Owners are alive on the Annuity Date or (2) one Owner is alive on the Annuity Date and the surviving Owner was the deceased Owner’s spouse at the time of death and elected to continue the Contract as his or her own. However, Owners have no rights once annuity income payments begin.

Income payments continue until all the Annuitants are no longer living, or for 120 monthly payments, whichever is longer. To provide annuity income, on the Annuity Date all Accumulation Units in the Subaccounts are redeemed and the money is transferred to our general account. Thereafter, the Contract’s Death Benefit terminates and there is no ability to make withdrawals.

What are the other primary features of the Contract?

Other primary contract features:

•

Accessing your money: During the Accumulation Phase, you have full access to your money. You can choose to withdraw your Contract Value at any time (although certain withdrawals prior to age 59¹⁄₂ may be subject to a tax penalty equal to 10% of the amount treated as taxable income).

•

Tax treatment: You can Exchange money between Subaccounts without tax implications, and earnings (if any) on your investments are generally tax‑deferred. Earnings, if any, are taxed as ordinary income when received in the form of a withdrawal, annuity income payment, or other form of distribution.

•

Death benefit: Your Contract includes a standard Death Benefit that will pay your designated Beneficiaries the Contract Value if all the Owners die during the Accumulation Phase. Please note poor investment performance and withdrawals can significantly reduce this benefit.

•

Automatic Annuity Builder: At no additional charge, you may use Automatic Annuity Builder to make periodic, pre‑authorized Purchase Payments by electronic funds transfers from your checking or savings account, or by transfers from your Fidelity Investments brokerage account.

•

Dollar Cost Averaging and Automatic Rebalancing: At no additional charge, you may use Dollar Cost Averaging to make automatic monthly Exchanges from either the Government Money Market Subaccount or the Investment Grade Bond Subaccount (the “Source Option”), but not both, to any of the other Subaccounts you select (the “Destination Options”). Alternatively, at no additional charge, you may use Automatic Rebalancing, which on a periodic basis automatically rebalances the Subaccounts you select to help you maintain your specified allocation mix.

•

Systematic Withdrawal Program: At no additional charge, you may use our Systematic Withdrawal Program to schedule periodic withdrawals of at least $100 on a monthly, quarterly, semi-annual, or annual basis.

IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT

FEES, EXPENSES, AND ADJUSTMENTS

Location in

Prospectus

Are There

Charges or

Adjustments

for Early

Withdrawals?

Are There Transaction Charges?

Fee Tables

Are There Ongoing
Fees and Expenses?

Yes, the table below describes the fees and expenses that you may pay each year , depending on the investment options you choose. The Annual Charges do not reflect any advisory fees that may be paid by you to a third-party investment advisory firm from your Contract. If such advisory fees were reflected, the fees and expenses disclosed below would be higher. Please refer to your Contract Schedule page for information about the specific fees you will pay each year based on the options you have elected.

Fee Tables

8. Current

Charges and

Other Deductions

Appendix A: Funds Available Under the Contract

Annual Fee

Minimum

Maximum

Base Contract Expenses

0.25%^1,2

Subaccounts

(Fund fees and expenses)

0.09%³

3.38%³

¹ As a percentage of the average Contract Value.

² You will be assessed Base Contract Expenses of 0.10% (hereafter referred to as “lower Contract Charges”) if (1) you purchase a Contract on or after September 7, 2010 with an Initial Purchase Payment of $1,000,000 or more, or (2) your Contract Value equals $1,000,000 or more on or after September 7, 2010 and at that time we are offering the Contract to new applicants at the lower Contract Charges.

³ As a percentage of the net assets of each Subaccount.

FEES, EXPENSES, AND ADJUSTMENTS

Location in

Prospectus

Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year, based on current charges.

Lowest Annual Cost

$327

Highest Annual Cost

$2,986

Assumes

•

Investment of $100,000

•

5% annual appreciation

•

0.25% Base Contract Expenses

•

Least expensive combination of Fund fees and expenses

•

No advisory fees paid to third-party investment advisory firms

•

No additional Purchase Payments, transfers or withdrawals

Assumes

•

Investment of $100,000

•

5% annual appreciation

•

0.25% Base Contract Expenses

•

Most expensive combination of Fund fees and expenses

•

No advisory fees paid to third-party investment advisory firms

•

No additional Purchase Payments, transfers or withdrawals

RISKS

Location in
Prospectus

Is There a Risk of Loss from Poor Performance?

Yes, an investor can lose money by investing in the Contract.

1. Principal Risks of Investing in the Contract

2(a). FILI and the Variable Account

2(b). The Funds

Is This a Short‑Term Investment?

No, the Contract is not suitable as a short-term investment and is not appropriate for an investor who needs ready access to cash. This is because the benefits of tax deferral are more advantageous to investors with a long-time horizon. Investors with a short time horizon may not benefit. Furthermore, the taxable portion of a distribution will generally be taxed as ordinary income and may be subject to a penalty tax if received before age 59¹⁄₂.

1. Principal Risks of Investing in the Contract

What Are the Risks Associated with the Investment Options?

•

An investment in the Contract is subject to the risk of poor performance of the Subaccount(s).

•

Performance will vary based on the performance of the Subaccount(s) you select.

•

Each Subaccount will have its own unique risks.

•

You should review each Fund’s prospectus carefully before making an investment decision.

1. Principal Risks of Investing in the Contract

2(a). FILI and the Variable Account

2(b). The Funds

RISKS

Location in
Prospectus

What Are the Risks Related
to the Insurance Company?

The Contract is issued by and subject to the risks related to Fidelity Investments Life Insurance Company (“FILI, “we”, or “us”). The obligations, guarantees, and benefits of the Contract are subject to FILI’s claims-paying ability. FILI has an A+ Financial Strength Rating from AM Best as of March 5, 2026.

1. Principal Risks of Investing in the Contract

2(a). FILI and the Variable Account

RESTRICTIONS

Location in
Prospectus

Are There Restrictions on the Investment Options?

Yes, the following restrictions may apply:

•

During all or part of the Free Look Period, we reserve the right to invest your Purchase Payments in the Government Money Market Subaccount.

•

You cannot exchange less than $250 from any Subaccount except that if you have less than $250 in a Subaccount you may exchange the entire amount.

•

Contract Owners who engage in frequent Exchanges may be subjected to temporary or permanent restrictions on future purchase transactions or Exchanges.

•

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

3(a). Purchase of a Contract

5(a). General Procedures for Making Exchanges

5(f). FILI Policies Regarding Frequent Trading

11(a). Changes in Subaccounts

Are There Any Restrictions on Contract Benefits?

Yes, there are:

•

We will not pay any Beneficiary their portion of the Death Benefit until we have determined the number of Beneficiaries entitled to receive payment and received all required forms in good order.

•

We reserve the right to modify or terminate certain benefits available under the Contract.

4. Benefits Available Under the Contract

TAXES

Location in
Prospectus

What Are the Contract’s
Tax Implications?

•

The Contracts are not offered in connection with Individual Retirement Accounts (“IRAs”) or qualified plans of any kind.

•

Consult with a tax professional to determine the tax implications of an investment in and payments received under this Contract.

•

Under current law, you will not be taxed on increases in the value of your Contract until a distribution occurs. The taxable portion of a distribution will generally be taxed as ordinary income. A penalty tax equal to 10% of the amount treated as taxable income may be imposed on distributions received before age 59¹⁄₂.

1. Principal Risks of Investing in the Contract

3(a). Purchase of a Contract

9. Tax Considerations

CONFLICTS OF INTEREST

Location in
Prospectus

How Are Investment Professionals Compensated?

Your investment professional may receive compensation for selling this Contract to you in the form of commissions. This financial incentive may influence your investment professional to recommend this Contract over another investment.

2(b). The Funds

2(c). Selling the Contracts

Should I Exchange My Contract?

Your investment professional may have a financial incentive to offer you a new contract in place of the one you own. You should only exchange your contract if you determine, after comparing the features, fees, and risks of both contracts, and any fees or penalties to terminate the existing contract, that it is better for you to purchase the new contract rather than continue to own your existing contract.

“Replacement of Contracts” under

3(a). Purchase of a Contract

FEE TABLES

The following tables describe the fees and expenses that you will pay while you own the Contract. Please refer to your Contract Schedule page for information about the specific fees you will pay each year based on the options you have elected. These tables do not reflect any advisory fees that may be paid by you to a third-party investment advisory firm from the Contract. If such advisory fees were reflected, the fees and expenses disclosed below would be higher.

The first table describes the fees and expenses that you will pay at the time that you transfer Contract Value between Subaccounts. State premium taxes may also be deducted.


Transaction Expenses	Current Charge	Maximum Charge
Transfer Fee	None	$15.00^A

Although we do not currently intend to charge for Exchanges, we reserve the right to impose a charge if you make Exchanges on more than six days during a calendar year. The charge will be not more than $15 for each additional day on which you make an Exchange. If your only Exchange on a given day results from Dollar Cost Averaging or Automatic Rebalancing, or because of a transfer from the Government Money Market Subaccount at the end of the Free Look Period, this will not count against the six‑day limit.

The next table describes the fees and expenses that you will pay each year during the time that you own the Contract (not including Fund fees and expenses).


Annual Contract Expenses		Maximum Charge
Base Contract Expenses^1,2 (as a percentage of the average Contract Value)		0.25%

¹	Base Contract Expenses are the total of two separate charges, a Mortality and Expense Risk Charge and an Administrative Charge. You may also see Base Contract Expenses referred to as “Total Separate Account Annual Expenses”.

You will be assessed Base Contract Expenses of 0.10% (hereafter referred to as “lower Contract Charges”) if (1) you purchase a Contract on or after September 7, 2010, with an Initial Purchase Payment of $1,000,000 or more, or (2) your Contract Value equals $1,000,000 or more on or after September 7, 2010, and at that time we are offering the Contract to new applicants at the lower Contract Charges (See 8(c). Automatic Contract Charge Reduction). Contracts funded with Purchase Payments from different sources (e.g., other annuity contracts or investments) will be issued with the lower Contract Charges only if the amount of the Initial Purchase Payment applied to the Contract on the Contract Date is $1,000,000 or more and is received by us on or after September 7, 2010.

We reserve the right to terminate the lower Contract Charges for new applicants at any time. We also reserve the right to terminate the availability of the lower Contract Charges to existing Owners in the event we decide to cease offering the lower Contract Charges to new applicants. You should not purchase a Contract based on the expectation that we will still be offering new Contracts at the lower Contract Charges if your Contract Value reaches $1,000,000 or more at some time in the future.

The next item shows the minimum and maximum total operating expenses charged by the Funds that you may pay periodically during the time that you own the Contract. Expenses shown may change over time and may be higher or lower in the future. A complete list of Funds available under the Contract, including their annual expenses, may be found at the back of this document.


Annual Portfolio Company Expenses	Minimum	Maximum
(expenses that are deducted from Fund assets, including management fees, distribution and/or service (12b‑1) fees, and other expenses)	0.09%	3.38%
(expenses that are deducted from Fund assets, including management fees, distribution and/or service (12b‑1) fees, and other expenses after any waivers or expense reimbursements)	0.09%	3.19%¹

¹	This reflects temporary reductions to Fund expenses.

Example

This example is intended to help you compare the cost of investing in the Contract with the cost of investing in other annuity contracts that offer variable options. These costs include annual Contract expenses and annual Fund expenses, but do not reflect any advisory fees that may be paid by you to a third-party investment advisory firm from the Contract. If such fees were reflected, the below expenses would be higher.

This example assumes that you invest $100,000 in the Contract for the time periods indicated. The example also assumes that your investment has a 5% return each year, 0.25% Base Contract Expenses, and the maximum annual Fund expenses. Although your actual costs may be higher or lower, based on these assumptions, your costs would be as shown immediately below, regardless of whether you annuitize, make a full withdrawal, or continue your Contract at the end of each of the periods shown:


1 year	3 years	5 years	10 years
$3,655	$11,115	$18,782	$38,886

1. PRINCIPAL RISKS OF INVESTING IN THE CONTRACT

Risk of Loss: The value of the money you invest in any Subaccount will vary with the investment performance of the single Fund in which the Subaccount invests. There is a risk of loss of the entire amount invested. Values may increase, decrease, or stay the same. You bear the investment risk. You should review each Fund’s prospectus carefully before making an investment decision.

Not A Short-Term Investment: The Contract is not suitable as a short-term investment and is not appropriate for an investor who needs ready access to cash. This is because the benefits of tax deferral are more advantageous to investors with a long-time horizon. Investors with a short time horizon may not benefit. Furthermore, adverse tax consequences may result from withdrawals prior to age 59¹⁄₂.

Possibility of Adverse Tax Consequences: A penalty tax equal to 10% of the amount treated as taxable income may be imposed on distributions received before age 59¹⁄₂.

Not appropriate for Certain Individuals: Investors who may benefit from this Contract are individuals who have maximized contributions to traditional tax‑deferred savings vehicles and are seeking additional opportunities to invest long-term on a tax‑deferred basis. The contract is generally not appropriate for investors who have not maximized contributions to other traditional tax‑deferred savings vehicles available to them, such as individual

retirement accounts (IRAs) and employer sponsored plans. This is because these savings vehicles already provide tax‑deferral, but, unlike annuity contracts, they are not subject to a Base Contract Expense and certain other charges unique to annuity contracts. While there are higher cost annuity contracts that provide insurance benefits not available in traditional tax‑deferred savings vehicles, this annuity Contract provides limited insurance benefits (primarily the ability to annuitize and receive income payments for life).

Potential Harmful Fund Transfer Activity: Frequent Exchanges among Subaccounts by Contract Owners can reduce the long-term returns of the Funds. The reduced returns could adversely affect the owners, annuitants, insureds or beneficiaries of any variable annuity or variable life insurance contract issued by any insurance company with respect to values allocated to the Fund. Frequent Exchanges may reduce a Fund’s performance by increasing costs paid by the Fund (such as brokerage commissions); they can disrupt portfolio management strategies; and they can have the effect of diluting the value of the shares of long-term shareholders in cases in which fluctuations in markets are not fully priced into the Fund’s net asset value. FILI has adopted policies designed to discourage frequent trading. See 5. Making Exchanges Among Subaccounts for more information.

Insurance Company Risks: The Contract is issued by and subject to the risks related to Fidelity Investments Life Insurance Company (“FILI, “we”, or “us”). The obligations, guarantees, and benefits of the Contract are subject to FILI’s claims-paying ability. If FILI experiences financial distress, it may not be able to meet its obligations – annuity income payments guaranteed under the Contract could be especially at risk.

Potential Impact of Any Fees You Pay to Third-Party Investment Advisory Firms: You may authorize a third‑party investment advisory firm (the “Advisor”) to make asset allocation decisions and request other transactions within the Contract on your behalf. The Advisor may charge an advisory fee for their services, and this fee would be in addition to the Contract’s fees and expenses. If you elect to pay this advisory fee from the Contract, then this deduction will reduce the Contract Value and Death Benefit and may be subject to federal and state income taxes and a 10% federal penalty tax.

Contract Changes Risk: There is the risk that in the future we will exercise our right to change certain fees or features of the Contract, including the following:

•

We may limit the amount of any Initial or Additional Purchase Payment.

•

We reserve the right to terminate the availability of the lower Contract Charges (0.10%) to existing Owners in the event we decide to cease offering the lower Contract Charges to new applicants.

•

We reserve the right to limit exchanges, and to charge as much as $15.00 for each exchange in excess of six per calendar year.

•

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

•

We may modify or terminate certain Contract features such as dollar cost averaging, automatic rebalancing, and the systematic withdrawal program.

2. FILI, THE VARIABLE ACCOUNT, THE FUNDS, AND THE DISTRIBUTORS

2(a). FILI and the Variable Account

FILI: The Contract is issued by FILI. We are a wholly-owned subsidiary of FMR LLC, the parent company of the Fidelity Investments companies. The lifetime annuity income payments made under the Contract are subject to our claims-paying ability and financial strength. We issue other annuity contracts and life insurance policies as well, and certain benefits and obligations under these products are also subject to our claims-paying ability and financial strength. We have an A+ Financial Strength Rating from AM Best as of March 5, 2026.¹ Our principal executive offices are located at 900 Salem Street, Smithfield, Rhode Island 02917. The address of our Annuity Service Center is P.O. Box 770001, Cincinnati, Ohio 45277-0050.

The Variable Account: Fidelity Investments Variable Annuity Account I is a separate account used to support the Contract and other forms of variable annuity contracts issued by FILI, and for other purposes permitted by law. We are the legal owner of the assets of the Variable Account. However, income, gains, and losses credited to, or charged against, the Variable Account reflect the Variable Account’s own investment experience and not the investment experience of any of our other assets. The assets of the Variable Account may not be used to pay any of our liabilities other than those arising from the Contracts. The assets in the Variable Account will always be at least equal to the reserves and other liabilities of the Variable Account. If the assets exceed the required reserves and other liabilities, we may transfer the excess to our general account. We are obligated to pay all amounts promised to investors under the Contracts.

Financial Statements: FILI’s financial statements and the financial statements of the Variable Account appear in the Statement of Additional Information (“SAI”).

¹ Financial strength ratings are opinions from independent rating agencies of an insurer’s financial strength and ability to pay its insurance policies and contract obligations. They are not recommendations to purchase, hold or terminate any insurance policy or contract issued by an insurer, nor do they address the suitability of any particular policy or contract for a specific purpose or purchaser. AM Best Ratings range from A++ to F and are subject to change.

2(b). The Funds

Each Subaccount in the Variable Account invests exclusively in the shares of a single Fund. Each Fund is part of a trust that is registered with the SEC as an open‑end management investment company under the Investment Company Act of 1940 (the “1940 Act”). This registration does not involve supervision of the management or investment practices or policies of the Funds by the SEC. Each Fund’s assets are held separate from the assets of the other Funds, and each Fund has investment objectives and policies that are different from those of the other Funds. Thus, each Fund operates as a separate investment fund, and the income and losses of one Fund have no effect on the investment performance of any other Fund. In addition, the names and investment objectives of the Funds may be similar to those of other funds available through the same investment advisor; however, the performance of such funds may differ significantly.

FILI or its insurance agency affiliate receives annual compensation of up to 0.45% of assets allocated to the Funds for customer service, distribution, and recordkeeping services with respect to those assets. This compensation is received from the Funds’ advisors or their affiliates. These payments are not contract charges, and do not increase Fund or contract charges.

Investments by the Subaccounts in securities of foreign issuers may result in a foreign investment tax credit which we will claim on our federal income tax filings.

Where to Find More Information on the Funds: Information regarding each Fund including its name, investment objective, investment advisers, subadvisers, current expenses, and performance is available in Appendix A: Funds Available Under the Contract. In addition, each Fund has issued a prospectus that contains more detailed information about the Fund. Investors may obtain paper or electronic copies of a Fund prospectus by calling 1‑800‑634‑9361 or visiting www.dfinview.com/Fidelity/PUFT/FPRA.

2(c). Selling the Contracts

Fidelity Brokerage Services LLC (“FBS”) and Fidelity Insurance Agency, Inc. (“FIA”) distribute the Contracts. FBS is the principal underwriter. Both FBS and FIA are affiliates of us and subsidiaries of FMR LLC, our parent company. Fidelity Distributors Company LLC (“FDC”) is the distributor of the Fidelity family of funds. The principal business address of FBS and FDC is 900 Salem Street, Smithfield, Rhode Island 02917.

We pay FIA compensation of not more than 2% of the Purchase Payments received in the first Contract Year for marketing and distribution. We also pay FIA renewal compensation in later years based on Contract Values and the persistency of the Contracts. Our renewal compensation payments for a Contract for a year will be approximately equal to 0.10% of the Contract Value at the end of the year.

2(d). Legal Proceedings

Neither the Registrant, the Registrant’s principal underwriter nor the Depositor is a party to any material pending legal proceedings.

3. PURCHASING AND CONTRIBUTING TO A CONTRACT

3(a). Purchase of a Contract

Application and Initial Purchase Payment: We offer the Contracts only in states in which we have obtained the necessary approval. You must complete an application to purchase a Contract.

You may purchase a Contract with money from any source, but you should generally not purchase a Contract with money from a plan qualified under section 401(a) of the Code, a 403(b) mutual fund account or a 403(b) tax sheltered annuity, a governmental 457(b) plan or an IRA.

To purchase a Contract, you must generally make an Initial Purchase Payment of at least $10,000. Also, if you are purchasing a Contract by exchanging one or more annuity contracts or life insurance policies, you may purchase the Contract with a combination of (1) a check or other form of immediate payment of at least $250 and (2) assignment of your existing annuity contract or life insurance policy. The total value of the immediate payment and the existing annuity contract or life insurance policy must be at least $10,000.

For Contracts owned by individuals, all Owners must be age 80 or younger upon purchase, except that if the Contract is purchased in an exchange under section 1035 of the Internal Revenue Code, we may permit Owners to be older than 80 upon purchase. For Contracts owned by either a revocable grantor trust or a charitable

remainder trust, the Annuitant must be age 80 or younger upon purchase, except that if the Contract is purchased in an exchange under section 1035 of the Internal Revenue Code, we may permit the Annuitant to be older than 80 upon purchase.

Once we receive your completed application in a form acceptable to us, we will apply the Initial Purchase Payment to the purchase of a Contract within two business days after we receive the application and Initial Purchase Payment at our Annuity Service Center. The address of our Annuity Service Center is P.O. Box 770001, Cincinnati, Ohio 45277-0050. The date that we credit your Initial Purchase Payment and your Contract becomes effective is called the Contract Date.

If we receive an incomplete application, or one that is not in an acceptable form, we will request the information needed to complete the application. If your application remains incomplete or otherwise unacceptable for five business days, we will return your Initial Purchase Payment unless we obtain your specific permission to retain it pending completion or revision of your application.

Replacement of Contracts: You can generally exchange a Non‑qualified Annuity contract for another in a “tax‑free exchange” under Section 1035 of the Internal Revenue Code. Before making an exchange, you should compare both annuities carefully. Remember that if you exchange or transfer another annuity for the one described in this prospectus, then you may pay a surrender charge on the existing annuity, charges may be higher (or lower), and the benefits may be less (or more) advantageous. You should not exchange another annuity for this one unless you determine, after knowing all the facts, that the exchange or transfer is in your best interest and not just better for the person trying to sell you the Contract (that person will generally be compensated if you buy the Contract through an exchange or otherwise).

Verification of Your Identity: To help the government fight the funding of terrorism and money-laundering activities, federal law requires Fidelity to verify your identity by obtaining your name, date of birth, legal address, and a government-issued identification number before opening your contract. In certain circumstances, Fidelity may obtain and verify this information with respect to any person(s) authorized to effect transactions in a contract. For certain entities, such as trusts, estates, corporations, partnerships, or other organizations, identifying documentation is also required. Your Contract may not be issued if Fidelity cannot verify this information. Fidelity will not be responsible for any losses or damages (including but not limited to lost opportunities) resulting from any failure to provide this information.

Free Look Privilege: The law of the state in which your Contract is issued or delivered provides you with the right to cancel the purchase of your Contract for a limited period of time. The period varies by state but is never less than ten days from the day you receive your Contract. We assume it will take five days from the day we mail the Contract until you receive it.

In some states the length of the Free Look Period may be different depending on the source of funds, the age of the purchaser, or for some other reason. Together with your Contract, we will send you a letter containing the date on which your Free Look Period ends.

If you cancel your Contract during the Free Look Period, we generally return your Contract Value. If you live in a state that requires the return of your Purchase Payment, we will return the greater of your Contract Value and your Purchase Payments less any withdrawals. In order to meet this return of Purchase Payment requirement, we reserve the right to invest your Purchase Payments in the Government Money Market Subaccount during all or part of the Free Look Period. If your Purchase Payments are invested in the Government Money Market Subaccount during all or part of the Free Look Period, we will transfer the Contract Value to the other Subaccounts in accordance with your most recent allocation instructions no later than the first business day after the end of the Free Look Period. If we do not exercise this right then your Purchase Payment will be allocated to your selected Subaccounts beginning on the Contract Date.

To cancel the purchase of your Contract, return the Contract to our Annuity Service Center before the end of the Free Look Period, together with a written cancellation request. You may not do this by telephone. Depending on applicable state and federal law, we will promptly pay you either your Contract Value plus any deductions made for premium taxes, or the greater of your Contract Value and your Purchase Payments less any withdrawals.

3(b). Special Ownership Considerations

1035 Exchanges of Beneficiary Inherited Annuity Contracts: If you are a non‑spouse beneficiary of a

non‑qualified deferred annuity contract issued by another insurance company (“Source Contract”), you may purchase a Fidelity Personal Retirement Annuity Contract via a tax‑free exchange pursuant to Section 1035 of the Code provided:

•

The original owner of the Source Contract is deceased;

•

You exchange one hundred percent (100%) of your interest in the Source Contract;

•

You are eligible to receive payments in accordance with Section 72(s)(2) of the Code and implementing regulations (“Stretch Payments”), and have not yet started such payments; and

•

You fulfill any other requirements that we require to ensure we can administer the Contract in compliance with the Code.

The non‑spouse beneficiary of the Source Contract becomes, upon issuance, the sole Owner and Annuitant of this Contract, and changes to the Owner and Annuitant are not permitted. Since we issue such Contracts solely to distribute Stretch Payments required by the Code, no additional Purchase Payments are allowed and no annuity income payments are made on the Annuity Date. Other than the Stretch Payments that we will distribute to you, the only other way you may access your Contract Value is by making a complete withdrawal, at which time the Contract will terminate. Upon your death, your Beneficiary(ies) will be paid his or her share of the Contract Value in a single lump‑sum payment upon receipt in good order at the Annuity Service Center of written proof of death and any other required forms. The Contract will terminate upon such payment(s).

Contracts Owned by Trusts: As a general rule, Contracts owned by “non‑natural persons” such as trusts, are not treated as annuity contracts for federal tax purposes. See Non‑natural Owner under 9(b). Taxation of Non‑qualified Annuities In General.

If you apply to have the Contract owned by a trust, you should only do so after consulting with a tax advisor to make sure that the trust will be owning the Contract as an agent for a natural person. If, after purchasing the Contract, the trust is changed so that the trust no longer owns the Contract as agent for a natural person, the Contract will no longer be treated as an annuity under the Internal Revenue Code and any income earned by the Contract will be taxable to the trust as ordinary income.

We will issue Contracts to trusts if the trustee represents to us in writing that the trust holds the Contract as agent for one or more natural persons and that the beneficiaries of the trust are natural persons. We will require the trustee to agree in writing to (i) notify us if there are any changes to the trust that would cause the trust to no longer hold the Contract as agent for a natural person or if the trust beneficiaries are changed so that not all trust beneficiaries are natural persons and (ii) authorize us to surrender the Contract since the Contract will no longer be treated as an annuity contract under section 72 of the Internal Revenue Code.

The only other kind of trust we will issue the Contract to is a charitable remainder trust that is established under the Internal Revenue Code and regulations.

Contracts Owned Under UGMA/UTMA Arrangements: A Contract may be purchased pursuant to the provisions of the Uniform Gifts to Minors Act or the Uniform Transfers to Minors Act. For such Contracts, at issue (1) the minor must be the sole Owner, (2) the minor must be the only Annuitant, and (3) the sole

Beneficiary must be the minor’s estate. While the custodial arrangement is still in effect, the Annuitant may not be changed and an additional Annuitant may not be added.

When the minor reaches the age at which the applicable UGMA or UTMA statute provides that custodianship terminates, it is the custodian’s responsibility to reregister the Contract, changing the ownership from the custodial arrangement to ownership in the name of the former minor. If the Contract is not reregistered prior to the applicable date, we may restrict activity in the account.

3(c). Purchase Payments

Contributing to a Contract: You may add money to a Contract before the Annuity Date if all the Owners are still living. The smallest additional Purchase Payment we will accept is generally $250. If your Contract is issued to two Owners and one Owner dies before the Annuity Date, we will not accept additional Purchase Payments unless the surviving Owner was the spouse of the deceased Owner at the time of death and elected to continue the Contract as his or her own. You may also make regular monthly additional Purchase Payments of at least $100 by authorizing your bank to make regular transfers to us from your checking or savings account, or by authorizing regular transfers from your Fidelity Investments brokerage account. See Automatic Annuity Builder under 4. Benefits Available Under the Contract.

You may make a telephone, mail, or Internet request to make an additional Purchase Payment by moving money from your Fidelity mutual fund or Fidelity brokerage “core” account, or other eligible Fidelity Investments accounts. You may also request to make an additional Purchase Payment by moving money from your bank account. Any Contracts and accounts between which money will be transferred must have at least one owner’s name in common.

An additional Purchase Payment that you invest in any Subaccount(s) will be credited to your Contract based on the next computed Accumulation Unit Value(s) for those Subaccount(s) after we receive your payment at our Annuity Service Center. See Accumulation Units below.

We may limit the amount of any Initial or Additional Purchase Payment. We also reserve the right to reject Purchase Payments made with cash-like instruments including, but not limited to money orders, cashier’s checks, bank drafts, postal money orders and Traveler’s Express international money orders.

We may also offer Contracts with lower minimum payment requirements to individuals under certain sponsored arrangements that meet our eligibility requirements. See 10(k). Special Provisions for Sales Under Sponsored Arrangements.

Investment Allocation of Your Purchase Payments: You choose how to allocate your Purchase Payments among the Subaccounts and the percentage to be allocated to each.

For the Initial Purchase Payment, you choose the allocation on the application. In order to meet certain regulatory requirements, we reserve the right to invest your Purchase Payments in the Government Money Market Subaccount during all or part of the Free Look Period. See Free Look Privilege above.

For any additional Purchase Payment, you may send written allocation instructions to us at our Annuity Service Center. You may also provide instructions through our website, www.fidelity.com, but only if they are in accordance with our then current rules. We do not accept instructions by fax. You may indicate whether your allocation instructions apply (1) only to the current additional Purchase Payment or (2) to the current additional Purchase Payment and all future additional Purchase Payments. If you do not indicate that your instructions apply to all future additional Purchase Payments then we will apply them only to the current additional Purchase Payment.

Instructions may be expressed in dollars or in percentages. All percentages must be in whole numbers, not decimals or fractions. If you give us instructions that in our judgment are unclear or incomplete, your Purchase Payment and any future Purchase Payments to which those instructions apply will be allocated to the Government Money Market Subaccount until we receive instructions that are clear and complete. Instructions may be unclear or incomplete if percentage allocations do not total 100% or for some other reason. In the case of incomplete or unclear instructions, we will not be responsible for changes in unit values or for lost market opportunities.

You should verify the accuracy of your transaction confirmations and statements immediately after you receive them. If you find a discrepancy with regard to a particular transaction you should notify the Annuity Service Center promptly. We will not be responsible for losses unless you notify us within ten calendar days from the first time we mail a confirmation or statement with details of the transaction.

Accumulation Units: We credit your payments allocated to the Subaccounts in the form of Accumulation Units. The number of Accumulation Units credited to each Subaccount is determined by dividing the net payment allocated to that Subaccount by the Accumulation Unit Value for that Subaccount as of the end of the Valuation Period during which the Purchase Payment is received at our Annuity Service Center. Accumulation Units are adjusted for any exchanges or transfers into or out of a Subaccount. Withdrawals from the Contract, including any withdrawals you take to pay advisory fees to a third-party investment advisory firm, will result in the cancellation of Accumulation Units.

For each Subaccount the Accumulation Unit Value for the first Valuation Period of the Subaccount was set at $10. The Accumulation Unit Value for each subsequent Valuation Period is the Net Investment Factor for that period, multiplied by the Accumulation Unit Value for the immediately preceding Valuation Period. The Accumulation Unit Value may increase or decrease from one Valuation Period to the next.

Each Subaccount has a Net Investment Factor (also referred to as the “Total Return”). The Net Investment Factor is an index that measures the investment performance of a Subaccount from one Valuation Period to the next. The Net Investment Factor for each Subaccount for a Valuation Period is determined by adding (a) and (b), subtracting (c) and then dividing the result by (a) where:

(a)

Is the value of the assets of the Subaccount at the end of the preceding Valuation Period;

(b)

Is the investment income and capital gains, realized or unrealized, credited to the Subaccount during the current Valuation Period;

(c)

Is the sum of:

(1)

The capital losses, realized or unrealized, charged during the current Valuation Period plus any amount charged or set aside for taxes during the current Valuation Period;

PLUS

(2)

The deduction from the Subaccount during the current Valuation Period representing a daily charge equivalent to an effective annual rate of the Base Contract Expenses as shown in the Fee Tables.

The Net Investment Factor may be greater than or less than one. If it is greater than one, the Accumulation Unit Value will increase; if less than one, the Accumulation Unit Value will decrease.

Shares of the Funds are valued at their net asset values. Any dividends or capital gains distributions from a Fund are reinvested in that Fund.

For administrative purposes, if your Contract qualifies for an Automatic Contract Charge Reduction, we will recalculate the number of Accumulation Units in your Contract on the later of (i) the Valuation Period ending on December 13, 2010 or (ii) the Valuation Period following the Valuation Period in which your Contract qualified for the Automatic Contract Charge Reduction. We do this because the Accumulation Units that were credited to your Contract prior to the Automatic Contract Charge Reduction were determined using the higher Contract Charges. When you qualify for an Automatic Contract Charge Reduction, we will convert the number of Accumulation Units that were credited to your Contract prior to the Automatic Contract Charge Reduction to determine a new number of Accumulation Units to reflect the lower Contract Charges that will apply to your Contract after the Automatic Charge Reduction.

Purchase Payments Made With Returned Checks Or Unfunded Electronic Funds Transfers: If you make a Purchase Payment with a check that is returned to us unpaid due to insufficient funds or for any other reason, or if your Purchase Payment is made by an electronic funds transfer that is later reversed due to lack of funds in the bank account from which the transfer was made or for any other reason, we will (1) reverse the transaction; and (2) if the reversal results in a loss of more than $1,000 to us, redeem a sufficient number of Accumulation Units from the Subaccounts at the current Accumulation Unit Values to provide us with an amount equal to the loss. Money will be taken proportionately from all of the Subaccounts in which you are invested. If there is not sufficient value in the Subaccounts we may take legal action against you to recover any remaining losses we have incurred. Any redemption we make under this provision may result in a taxable event to you, just as for any other withdrawal.

4. BENEFITS AVAILABLE UNDER THE CONTRACT

The following table summarizes information about the benefits available under the Contract. A detailed description of each benefit follows the table.

Standard Benefits


Name of Benefit	Purpose	Maximum Fee	Brief Description of Restrictions/Limitations
Death Benefit	Upon death of an Owner (or Annuitant in the case of a trust owned contract) prior to the Annuity Date, provides a benefit to the Beneficiary(ies). The Death Benefit is the then-current Contract Value on the date we receive due proof of death and all of our required forms fully completed.	None	There is no guaranteed minimum death benefit. We will not pay any Beneficiary until we have determined the number of Beneficiaries entitled to receive payment. Any advisory fees you pay from the Contract to a third-party investment advisory firm will be treated as a withdrawal and, like any other withdrawal, will reduce the Contract Value and Death Benefit.
Automatic Annuity Builder	Allows for periodic, pre‑authorized Purchase Payments from a checking or savings account, or a Fidelity Investments brokerage account.	None	Minimum transfer amount is $100. We reserve the right to restrict participation if there is insufficient funds to complete a transfer.
Dollar Cost Averaging	Allows for automatic monthly Exchanges from one of two Subaccounts (the Source Options) to any other Subaccount (the Destination Option).	None	Minimum transfer amount is $250. May not be used at the same time as Automatic Rebalancing. We reserve the right to modify or terminate this benefit.
Automatic Rebalancing	Helps to maintain a specified allocation mix among Subaccounts.	None	May not be used at the same time as Dollar Cost Averaging. We reserve the right to modify or terminate this benefit.
Systematic Withdrawal Program	Allows for periodic withdrawals of at least $100 on a monthly, quarterly, semi-annual, or annual basis.	None	Contract Value must be at least $10,000 to begin this program. We reserve the right to modify or terminate this benefit.

Death Benefit:

What is the Death Benefit?

The Death Benefit is a benefit that is triggered if any Owner dies before the Annuity Date. The Death Benefit is the then-current Contract Value on the date we receive due proof of death and all of our required forms fully completed. If the Contract is owned by a trust, then the death of an Annuitant is treated as the death of an Owner. In the event of the death of an Owner who is also an Annuitant, the provisions of the Contract regarding the death of the Owner control and override any inconsistent provisions regarding the death of the Annuitant. The Death Benefit is included in your Contract for no additional charge.

The Contract does not guarantee a minimum Death Benefit.

Any advisory fees you pay from the Contract to a third-party investment advisory firm will be treated as a withdrawal and, like any other withdrawal, will reduce the Contract Value and Death Benefit and may be subject to federal and state income taxes and a 10% federal penalty tax.

Who has the right to the Death Benefit?

The Beneficiary(ies) designated in the Contract has the right to the Death Benefit. The Beneficiary(ies) is the person(s) to whom proceeds of the Contract pass by reason of the death of the Owner(s) (or Annuitant in the case of a trust owned contract). If a Contract has two Owners and one Owner dies before the Annuity Date, the surviving Owner is treated as the Beneficiary over any other Beneficiaries. If the Owner(s) fails to designate a Beneficiary prior to death, in most cases the estate will be deemed the Beneficiary, in which case the Death Benefit must be administered through the probate process.

What are the different options for receiving the Death Benefit?

Listed below are the settlement options that FILI makes available to receive the Death Benefit. The settlement options available are driven primarily by federal tax law that the Contract must comply with to qualify as an annuity for tax purposes.


Settlement Option	Description	Beneficiary Restrictions
5 Year Distribution	Entire interest in the Contract must be withdrawn no later than five years from the date of death. In the event state escheatment laws require escheatment to the state before five years from the date of death, a Beneficiary may not have the full five-year distribution period to withdraw the Contract Value as described in the Contract. See 10(f). Abandoned Property.	No restrictions
Annuitization	Entire interest in the Contract is payable over the Beneficiary’s or surviving Owner’s lifetime by electing annuitization within 60 days of the date of death, with distributions beginning within one year of the date of death. A Beneficiary who elects this option gives up future access to the Contract Value in exchange for a guaranteed stream of income.	Beneficiary must be a natural person


Settlement Option	Description	Beneficiary Restrictions
Stretch Benefit	Entire interest in the Contract is paid over a period not extending beyond the Beneficiary’s life expectancy in systematic withdrawals with distributions beginning within one year of the date of death. Under this option the Beneficiary cannot make ad hoc partial withdrawals but can make a complete withdrawal of the remaining Contract Value at any time.	Beneficiary must be: (i). a natural person and (ii). not a spouse of the deceased Owner
Continuation of Contract	Continue the Contract, or their portion of the Contract, as the Owner. Will be treated as having been the sole Owner from the Contract Date, except that he or she will not be able to add a second Owner. Will be able to change the Annuity Date to a date as late as the first day of the calendar month following his or her 95th birthday.	Beneficiary must be spouse of deceased Owner Federal tax law does not allow a civil union partner to continue the Contract as his or her own.

How are Beneficiaries designated in the Contract?

The Owner(s) designate(s) a Beneficiary or Beneficiaries in the application and can change Beneficiaries prior to death.

Owner(s) must indicate in percentages what portion of the Contract each Beneficiary is to receive. If the total does not equal 100%, each Beneficiary’s share will be determined by using a fraction, the numerator of which is the stated percentage for that Beneficiary, and the denominator of which is the total of the percentages indicated by the Owner(s).

Beneficiary designations must be in a form acceptable to us. We reserve the right to reject any Beneficiary designation that we deem unable to administer, which may include designations that contain contingencies that could delay payment or designations that would require us to refer to external documents or the outcome of legal proceedings.

What is the process for claiming the Death Benefit?

Before we make a payment to any Beneficiary, we must receive at our Annuity Service Center due proof of death (generally a death certificate) for each Owner and any required tax withholding and other forms. We may seek to obtain a death certificate directly from the appropriate governmental body if we believe that any Owner may have died.

At the close of the Valuation Period in which we receive the death certificate(s), we will transfer to the Government Money Market Subaccount any portion of the Contract Value that is in the other Subaccounts. Once we have determined the number of Beneficiaries who will share in the Contract Value, a Beneficiary who has returned all required documentation to us (including tax withholding and other forms) will be able to transfer his or her share of the Contract Value among the Subaccounts.

We will not pay any Beneficiary until we have determined the number of Beneficiaries entitled to receive payment. This is to prevent us from overpaying one Beneficiary before making payment to other Beneficiaries.

Once we have received due proof of death and have determined the number of Beneficiaries to be paid, we will, upon request, pay any Beneficiary who has provided us with required tax withholding and/or any other forms we may require. Upon paying a Beneficiary their entire interest in the Contract, we will have no further obligations to that Beneficiary. If the Contract Value for any one Beneficiary is less than $5,000, then we will send that Beneficiary their entire portion of the Contract Value as soon as we have received all required documentation.

If a Beneficiary has been designated to receive a specified fraction of the Contract Value, we will pay that fraction as determined on the date of payment. For example, if there are two Beneficiaries and each is designated to receive 50%, the first Beneficiary to receive payment would receive 50% of the Contract Value on the date the payment is made, and the other Beneficiary would later receive the remainder, which might be worth more or less than what was paid to the first Beneficiary.

If a Beneficiary survives all the Owners but does not live long enough to receive payment from us, we will pay the Beneficiary’s estate.

Automatic Annuity Builder

An optional benefit you may elect for no additional charge, Automatic Annuity Builder allows you to make periodic, pre‑authorized Purchase Payments by electronic funds transfers from your checking or savings account, or by transfers from your Fidelity Investments brokerage account. Your bank account must be at a banking institution which is a member of the Automated Clearing House. The minimum amount for each periodic transfer is $100. We may reduce this minimum for Contracts issued under certain sponsored arrangements. Transactions pursuant to the Automatic Annuity Builder will be reported in your quarterly statements rather than confirmations. We reserve the right to restrict your participation in Automatic Annuity Builder if on the scheduled date of any pre‑authorized transfer there is not enough money in your checking or brokerage account to complete the transfer. You may select any day of the month from the 1st to the 28th as the day your automatic deductions will take place. If the New York Stock Exchange is not open on a day that is scheduled for an automatic deduction, the transaction will take place on the next day the New York Stock Exchange is open for trading.

Dollar Cost Averaging

An optional benefit you may elect for no additional charge, Dollar Cost Averaging allows you to make automatic monthly Exchanges from either the Government Money Market Subaccount or the Investment Grade Bond Subaccount (the “Source Option”), but not both, to any of the other Subaccounts you select (the “Destination Options”). The minimum monthly transfer to each Destination Option is $250. You may change your Source Option and your Destination Options at any time, by calling us or by sending written notice to our Annuity Service Center.

You may select any day of the month from the 1st to the 28th as the day your Dollar Cost Averaging transactions will take place each month. If the New York Stock Exchange is not open on the scheduled day in a particular month, the Exchange will take place on the next day the New York Stock Exchange is open for trading.

If your balance in the Source Option on a transfer date is less than the amount to be transferred to the Destination Option(s), we will transfer all the money in the Source Option to the Destination Options proportionately, and your participation in the program will automatically terminate.

You may cancel Dollar Cost Averaging at any time by calling us or sending written notice to the Annuity Service Center.

You cannot use Dollar Cost Averaging at the same time that you use Automatic Rebalancing, which is described immediately below. We reserve the right to modify or terminate Dollar Cost Averaging.

Automatic Rebalancing

An optional benefit you may elect for no additional charge, Automatic Rebalancing can help you maintain your specified allocation mix among the Subaccounts. You direct us to readjust your allocations on a quarterly, semi‑annual or annual basis to return to the allocations you select on the Automatic Rebalancing instruction form.

You choose one day of the month from the 1st to the 28th for Automatic Rebalancing. If the New York Stock Exchange is not open on the day scheduled for the reallocation, the reallocation will take place on the next day the New York Stock Exchange is open for trading.

Automatic Rebalancing will continue until you notify us to cancel it. We reserve the right to modify or terminate Automatic Rebalancing. You may not use Automatic Rebalancing at the same time you use Dollar Cost Averaging, which is described immediately above.

Systematic Withdrawal Program

An optional benefit you may elect for no additional charge, our Systematic Withdrawal Program allows you to schedule periodic withdrawals of at least $100 on a monthly, quarterly, semi-annual, or annual basis. Your Contract Value must be at least $10,000 to begin this program. Withdrawals under the program will be taken from the Subaccounts in accordance with FILI’s administrative rules, which we may change from time to time. Currently, withdrawals under the program will be taken proportionately from all the Subaccounts.

If a systematic withdrawal would bring the Contract Value below $5,000, the systematic withdrawal will be made only for the amount that will reduce the Contract Value to $5,000, and the systematic withdrawal option will automatically terminate.

You may select any day of the month from the 1st to the 28th as the day your Systematic Withdrawal Program transactions will take place each period. If the New York Stock Exchange is not open on the scheduled day in a particular month, the withdrawal will take place on the next day the New York Stock Exchange is open for trading.

Each systematic withdrawal is subject to federal income taxes, including any penalty tax that may apply, the same as for any other withdrawal. We reserve the right to modify or discontinue the Systematic Withdrawal Program.

5. MAKING EXCHANGES AMONG SUBACCOUNTS

5(a). General Procedures for Making Exchanges

Before the Annuity Date, you may make transfers of money (“Exchanges”) among the Subaccounts by sending us instructions in writing, by calling us, or by using our Internet website. We do not accept instructions by fax or electronic mail. Firms or individuals making telephone exchange requests on behalf of multiple Contract owners may be required to provide additional information about those requests by other means, including via fax, electronic mail, or a web site.

Although we do not currently intend to charge for Exchanges, we reserve the right to impose a charge if you make Exchanges on more than six days during a calendar year. See Transaction Expenses in Fee Tables.

Excessive Exchanges can disrupt the ability of a Fund to achieve its investment objective and increase the Fund’s expenses. We reserve the right to limit the number of days on which you can make Exchanges, but you will always be able to make Exchanges on at least five days each calendar year.

Your request to make an Exchange may be expressed in terms of dollars, such as a request to move $5,000 from one Subaccount to another. You may also request a percentage reallocation among Subaccounts. Percentage requests must be made in whole numbers. You cannot move less than $250 from any Subaccount except that if you have less than $250 in a Subaccount you may move the entire amount.

5(b). Making Exchanges by Telephone or Internet

We reserve the right to revise or terminate your ability to make Exchanges by telephone or through the Internet. We also reserve the right to limit the amount of any telephone or Internet Exchange or to reject any telephone or Internet Exchange.

We will not be responsible for any losses resulting from unauthorized telephone or Internet Exchanges if we follow reasonable procedures designed to verify the identity of the caller or Internet user. We may record telephone calls. You should verify the accuracy of your Exchanges by checking the confirmations and statements we send to you as soon as you receive them. Notify the Annuity Service Center immediately if you find any discrepancies. We will not be responsible for losses unless you notify us within ten calendar days from the first time we mail a confirmation or statement containing details of the transaction.

5(c). Effective Date of Exchanges Among Subaccounts

Any redemption from a Subaccount that is part of an Exchange among Subaccounts will be effected as of the end of the Valuation Period in which we receive the request at our Annuity Service Center, or receive it by telephone or through the Internet. Generally, the purchase of Accumulation Units in other Subaccounts with the proceeds of the redemption will occur at the same time.

However, if your Exchange involves (1) moving from a Subaccount that invests in an equity Fund that is in an illiquid position due to substantial redemptions or exchanges that require it to sell portfolio securities in order to make funds available, and (2) moving to a Subaccount that invests in a Fund that accrues dividends on a daily basis and requires federal funds before accepting a purchase order, then there may be a delay in crediting the amount that is moving to the new Subaccount. The delay will last until the Subaccount from which the Exchange is being made obtains liquidity, or for seven days, whichever is shorter. During this period, the amount to be transferred from the illiquid Subaccount will be uninvested.

5(d). Market Timing

Some Owners use firms or individuals who engage in market timing. Such firms or individuals usually obtain authorization from Owners to make Exchanges among the Subaccounts on the basis of perceived market trends. Large Exchanges resulting from market timing activity may disrupt the management of the Funds and become a detriment to other Owners.

To protect Owners not engaging in market timing, we reserve the right to reject Exchanges communicated to us by anyone acting under a power of attorney on behalf of more than one Owner. We also reserve the right to reject Exchange instructions we receive from anyone that any Owner has authorized to make multiple Exchanges. We will exercise these rights only if we believe that doing so will prevent harm to other Owners.

5(e). Short-Term Trading Risk

Frequent Exchanges among Subaccounts by Contract Owners can reduce the long-term returns of the Funds. The reduced returns could adversely affect the owners, annuitants, insureds or beneficiaries of any variable annuity or variable life insurance contract issued by any insurance company with respect to values allocated to the Fund.

Frequent Exchanges may reduce a Fund’s performance by increasing costs paid by the Fund (such as brokerage commissions); they can disrupt portfolio management strategies; and they can have the effect of diluting the value of the shares of long-term shareholders in cases in which fluctuations in markets are not fully priced into the Fund’s net asset value.

The Funds are also available in products issued by other insurance companies. There is a significant risk that short-term trading in the Funds may go undetected. The Funds themselves generally cannot detect individual contract owner exchange activity, because they are owned primarily by insurance company separate accounts that aggregate exchange orders from owners of individual contracts. Accordingly, the Funds are dependent in large part on the rights, ability and willingness of all participating insurance companies to detect and deter short-term trading by contract owners. As a result of the adoption of Rule 22c‑2 of the 1940 Act, all Funds have entered into information sharing agreements with FILI that will require FILI, upon request, to (i) provide the Funds with specific information about Contract Owner transfer activity, and, if so requested by a Fund, (ii) prohibit future transfers into such Fund.

As outlined below, FILI has adopted policies regarding frequent trading, but can provide no assurance that other insurance companies using the same mutual funds have adopted comparable procedures. There is also the risk that these policies and procedures concerning short-term trading will prove ineffective in whole or in part to detect or prevent frequent trading. Please review the Funds’ prospectuses for specific information about the Funds’ short-term trading policies and risks.

5(f). FILI Policies Regarding Frequent Trading

FILI does not authorize market timing. FILI has adopted policies and procedures designed to discourage frequent Exchanges as described below. If requested by a Fund, FILI will consider additional steps to discourage frequent Exchanges in that Fund, not inconsistent with the policies and procedures described below.

Contract Owners who engage in frequent Exchanges may be subjected to temporary or permanent restrictions on future purchases or Exchanges in a Fund, and potentially in all funds managed by Fidelity Management & Research LLC or one of its affiliates. Further, Contract Owners who have engaged in frequent trading in the Funds, or in other mutual funds managed by Fidelity Management & Research LLC or one of its affiliates, may be subjected to temporary or permanent restrictions on purchases or exchanges in those funds. FILI may alter its policies, in any manner not inconsistent with the terms of the Contract, at any time without notice to Owners.

Although there is no minimum holding period and Contract Owners can make withdrawals or Exchanges out of any Subaccount at any time, Contract Owners may ordinarily comply with FILI’s policies regarding frequent trading by allowing 90 days to pass after each purchase or allocation into a Subaccount before they withdraw or make an Exchange out of that Subaccount.

In addition, each Fund reserves the right to reject the Variable Account’s entire purchase or exchange transaction at any time, which would make FILI unable to execute Contract Owner purchase, withdrawal or exchange transactions involving that Fund on that trading day. FILI’s policies and procedures are separate and independent from any policies and procedures of the Funds, and do not guarantee that the Funds will not reject orders placed by the Variable Account.

5(g). Frequent Trading Monitoring and Restriction Procedures

FILI has adopted policies and procedures related to Exchanges among Subaccounts that are set out below. Frequent trading activity is measured by the number of roundtrip transactions by an Owner. A roundtrip transaction occurs when an Owner makes an allocation or Exchange into a Subaccount followed by a withdrawal or Exchange out of the same Subaccount within 30 days. Owners are limited to one roundtrip transaction per Subaccount within any rolling 90‑day period, subject to an overall limit of four roundtrip transactions in the Contract over a rolling 12‑month period.

Owners with two or more roundtrip transactions in one Subaccount within a rolling 90‑day period will be blocked from making additional allocations or exchanges into that Subaccount, through any means, for 85 days.

In addition, Owners who complete a fourth (or higher) roundtrip transaction within any rolling 12‑month period, at least two of which are completed on different business days, will have a U.S. Mail-Only Trade Restriction imposed on all contracts/policies they own that are issued by FILI or its affiliates. This rule will apply even if the four or more round trips occur in two or more different Subaccounts. This restriction will stay in effect for 12 months. If the Owner makes another round trip in a contract that is currently subject to a U.S. Mail-Only Trade Restriction, then the U.S. Mail-Only Trade Restriction period (12 months) is restarted, and all purchase transactions will be permanently blocked in the violated Subaccount across all contracts with common ownership. “U.S. Mail-Only” for purposes of the U.S. Mail-Only Trade Restriction is defined as First-Class Mail delivered via the U.S. Postal Service. Expedited delivery or courier services, including such services performed by the U.S. Postal Service, will not be accepted.

FILI further reserves the right to reject specific transactions or impose restrictions as described above in respect of any Contract owned or controlled commonly with a Contract subject to the above restrictions, or in respect of any Contract owned or controlled commonly by a person who is the subject of a complex-wide block.

Exceptions

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

(1)

Transactions in the Government Money Market Subaccount;

(2)

Dollar Cost Averaging, Automatic Rebalancing, Automatic Annuity Builder, Systematic Withdrawal Program, and annuity payments will not count toward a Subaccount’s roundtrip limits;

(3)

FILI may suspend the frequent trading policy and make exceptions to the policy for transactions made during periods of severe market turbulence or national emergency. There is no assurance that FILI will do so or that, if it does so, the underlying mutual funds will make any necessary exceptions to their frequent trading policies.

FILI may choose not to monitor transactions below certain dollar value thresholds. No other exceptions will be allowed. The frequent trading procedures will be applied consistently to all Owners.

6. MAKING WITHDRAWALS

6(a). General Withdrawal Procedures

Any time before the Annuity Date, you may make a complete withdrawal of your entire Contract Value. We will send you the Contract Value less any taxes withheld. You must send us written instructions from all the Owners to make a complete withdrawal. Your Contract will terminate once the withdrawal has been processed.

You may also make partial withdrawals of $500 or more before the Annuity Date. You may not make a partial withdrawal that would reduce your Contract Value to less than $5,000.

If you request a partial withdrawal in an amount that is less than the total you have in all the Subaccounts, you may choose the dollar amount or percentage to be withdrawn from each Subaccount. If you do not specify where we should take the money for a partial withdrawal, we will take it proportionately from all the Subaccounts.

You may make a telephone, mail, or internet request for a partial withdrawal. Partial withdrawals will reduce the Contract Value and Death Benefit.

Withdrawals by telephone are limited as follows: (1) no withdrawal may be for more than $500,000; (2) total telephone withdrawals in a seven-day period cannot total more than $500,000; and (3) if we have recorded an

address change for an Owner during the past 10 days, the limits in (1) and (2) become $100,000. Limitations for online withdrawals may be lower. We reserve the right to change telephone and online withdrawal requirements or limitations. You may also use our Systematic Withdrawal Program to elect to take periodic withdrawals. See Systematic Withdrawal Program under 4. Benefits Available Under the Contract.

The taxable portion of a distribution will generally be taxed as ordinary income. A penalty tax equal to 10% of the amount treated as taxable income may be imposed on distributions received before age 59¹⁄₂. See 9. Tax Considerations.

Complete and partial withdrawals are calculated based on the next computed Accumulation Unit Value(s) after we receive the withdrawal request at the Annuity Service Center. We will normally pay you the net amount of any complete or partial withdrawal within seven days after we receive the withdrawal request at the Annuity Service Center. The net amount is the amount of the withdrawal less any taxes withheld. We may defer payment from the Subaccounts for longer than seven days under certain limited circumstances. See 10(j). Postponement of Payment.

For jointly owned Contracts, all checks will be made payable to both Owners. You may have the money transferred to your Fidelity Investments brokerage or mutual fund account. You may have the money transferred to your bank account if you provide us with the necessary information about the account. Any Contracts and accounts between which money will be transferred must have at least one owner’s name in common.

FILI reserves the right to restrict your Contract from withdrawals and/or exchanges if there is reasonable suspicion of fraud, diminished capacity, or inappropriate activity. FILI also reserves the right to restrict your Contract from withdrawals and/or exchanges if FILI is put on reasonable notice that the ownership of the Contract is in dispute.

7. INCOME PHASE

7(a). Annuity Date

When your Contract is issued we will set the Annuity Date to be the first day of the calendar month following the oldest Owner’s 90th birthday. If after your Contract is issued there is a change in ownership resulting in a new oldest Owner, we reserve the right to reset the Annuity Date to be the first day of the calendar month following the new, oldest Owner’s 90th birthday. You may change the Annuity Date by sending written notice to the Annuity Service Center. We must receive the notice at least 30 days before the Annuity Date you select. The earliest Annuity Date we will permit is the first day of the calendar month after the end of the Free Look Period. The latest Annuity Date we will permit is the first day of the calendar month following the oldest Owner’s 95th birthday. Any Annuity Date you choose must be the first day of a month.

7(b). Annuity Income

Annuity income payments begin on the Annuity Date if no Owner has died before then. Annuity income will also begin on the Annuity Date if an Owner dies before the Annuity Date if (1) the Contract was jointly owned by spouses, and (2) the surviving spouse/ Beneficiary elected to continue the Contract as his or her own. A surviving spouse who elects to continue the Contract as his or her own may change the Annuity Date to be as late as the first day of the calendar month following his or her 95th birthday.

In all other cases involving the death of an Owner, the Contract must be distributed in accordance with the applicable provisions of the Code (see Death Benefit in 4. Benefits Available Under the Contract), and the Annuitant(s) will not receive annuity income even if the Contract Value has not been distributed by the Annuity Date.

The Contract has only one annuity income payout option. Under this option, annuity income payments

•

are paid on a monthly basis;

•

are fixed in amount, meaning the payment amount does not fluctuate; and

•

continue until all Annuitants have died, or for 120 monthly payments, whichever is longer.

Guarantees of annuity income payments are subject to our claims-paying ability and financial strength.

The Owner(s) may change the Annuitant(s) before the Annuity Date. If the Owner is a trust, the Annuitant may not be changed.

Before the Annuity Date you may withdraw all of your Contract Value to make a tax‑free exchange in which you purchase any immediate annuity contract we then offer.

If no Owner dies before the Annuity Date and there has not been a complete withdrawal, we will provide monthly fixed annuity income payments to the Annuitant or Annuitants who are living on the Annuity Date unless the Contract Value on the Annuity Date is not enough to provide an initial monthly annuity income payment of at least $20. In that case we may pay the Annuitant or Annuitants the Contract Value in a lump sum instead of providing monthly annuity income.

To provide annuity income, on the Annuity Date, all Accumulation Units in the Subaccounts will be redeemed and the money will be transferred to our general account. Thereafter, all money used to support annuity income payments will be held in our general account. In addition, the Contract’s Death Benefit will terminate and there will be no ability to make withdrawals.

The first monthly annuity income payment will be made on the Annuity Date, unless the Contract has been inactive and under applicable state law could be considered abandoned property, in which case we will surrender the Contract on the Annuity Date and turn the proceeds over to the state in accordance with applicable state laws.

We will determine the amount of monthly annuity income based upon the age(s) and, unless prohibited by applicable state law, sex(es) of the Annuitant(s) living on the Annuity Date and the annuity income purchase rate.

The annuity income purchase rate will be the greater of:

(a)

The guaranteed annuity income purchase rates set forth in your Contract; and

(b)

The annuity rates in effect on the Annuity Date for the same payment option.

The monthly annuity income is determined by applying the applicable annuity income purchase rate to the Contract Value after deductions for any applicable taxes.

Contracts with No Annuitants on the Annuity Date: If no Annuitant is living on the Annuity Date, the oldest Owner will be the Annuitant and the Contract will be administered according to the rules for Contracts with one Annuitant immediately below, unless the Owner is not a natural person.

Contracts with One Annuitant on the Annuity Date: If there is one Annuitant living on the Annuity Date, all annuity income payments will be made to the Annuitant. Annuity income payments will stop at the death of the Annuitant or after 120 monthly payments, whichever is longer. The estate of the Annuitant will be responsible to notify us of the Annuitant’s death and to repay any annuity income payments we have made after that date and before we have been notified of the death of the Annuitant.

If the Annuitant dies before receiving all annuity income due under the Contract, the remaining monthly annuity income payments will be paid to the Annuitant’s estate. The estate may choose instead to receive the present

value of the remaining annuity income payments in a lump sum. The lump sum amount will generally be the present value of the remaining guaranteed annuity income payments, if any, at an interest rate that was used to determine the annuity income purchase rate on the Annuity Date.

Contracts with Two Annuitants on the Annuity Date: If there are two living Annuitants on the Annuity Date, we will make annuity income payments jointly to both Annuitants while they are both alive. After the death of one of the Annuitants we will continue to make monthly annuity income payments in the same amount to the surviving Annuitant. The surviving Annuitant is responsible to notify us of the death of the first Annuitant.

Annuity income payments will stop at the death of the surviving Annuitant, or after we have made 120 monthly payments, whichever is longer.

The estate of the last surviving Annuitant will be responsible to notify us of the death of the last surviving Annuitant and to repay any annuity income payments we have made after that date and before we have been notified of the death of the last surviving Annuitant.

If the surviving Annuitant dies before we have made all annuity income payments due under the Contract, any remaining annuity income will be paid to the surviving Annuitant’s estate. The estate may choose instead to receive the present value of the remaining annuity income payments in a lump sum. The lump sum amount will generally be the present value of the remaining guaranteed annuity income payments, if any, at the interest rate that was used to determine the annuity income purchase rate on the Annuity Date.

8. CURRENT CHARGES AND OTHER DEDUCTIONS

8(a). Transaction Charges

Although we do not currently intend to charge for Exchanges, we reserve the right to impose a charge if you make Exchanges on more than six days during a calendar year. See Fee Tables.

8(b). Base Contract Expenses

Base Contract Expenses are the total of two separate charges, a Mortality and Expense Risk Charge and an Administrative Charge.

Mortality and Expense Risk Charge: We assess a daily charge against each Contract’s assets at an effective annual rate of 0.20%. This charge is 0.05% for (1) Contracts purchased on or after September 7, 2010 with an Initial Purchase Payment of $1,000,000 or more, and (2) Contracts that are converted to the lower Contract Charges following the Contract Date. See 8(c) below.

The risks we bear are mortality and expense risks. The mortality risk we bear is the risk that Annuitants who receive annuity income payments guaranteed to last for their lifetimes will live longer than we project. The expense risk we bear is the risk that the costs of issuing and administering the Contracts will be greater than we can collect through the Administrative Charge.

Administrative Charge: We make a daily charge against the assets of each Subaccount equivalent to an effective annual rate of 0.05%. The Administrative Charge compensates us for the expenses we incur in administering the Contracts. These expenses include the cost of issuing the Contract, making electronic funds transfers to your bank account or issuing checks, maintaining necessary systems and records, and providing reports. We guarantee this charge will never increase.

8(c). Automatic Contract Charge Reduction

If your Contract Value equals or exceeds $1,000,000 on any Valuation Period on or after September 7, 2010 and if at that time we are offering the Contract to new applicants at the lower Contract Charges, your Contract will be automatically converted to the lower Contract Charges (“Automatic Contract Charge Reduction”). The Automatic Contract Charge Reduction applies to any Contract that was issued at higher Contract Charges and that had a Contract Value that was equal to or greater than $1,000,000 on or after September 7, 2010 subject to the following conditions:

•

The Contract at the lower Contract Charges must be available to new applicants at the time we implement the Automatic Contract Charge Reduction for all eligible contract owners; and

•

The Automatic Contract Charge Reduction is not retroactive. It only applies to Valuation Periods following the implementation date of the Automatic Contract Charge Reduction to your Contract.

•

We will convert the number of Accumulation Units that were credited to your Contract prior to the Automatic Contract Charge Reduction to a new number of Accumulation Units to reflect the lower Contract Charges that will apply to your Contract after the Automatic Charge Reduction. See Accumulation Units under 3(c). Purchase Payments.

The Automatic Contract Charge Reduction will be applied to your Contract as long as we continue to offer the lower Contract Charges to new applicants on the later of (i) the Valuation Period ending on December 13, 2010 or (ii) the Valuation Period following the Valuation Period in which your Contract Value equaled or exceeded $1,000,000.

8(d). Premium Taxes

We generally deduct a charge equal to any premium taxes that states require us to pay in connection with your Contract at the time we are required to pay it, which is either upon your Purchase Payment or upon commencement of annuity income payments. Note – in many states premium taxes are not imposed in connection with the Contracts. If a premium tax applies, the amount of the tax and when it will be deducted from your Contract depends on the state your Contract was issued in. As of the date of this prospectus, we deduct a charge equal to the premium tax for Contracts issued in the following states – California, Colorado, Maine, Nevada, South Dakota, and Wyoming. State premium taxes currently range from 0% to 3.5%.

8(e). Funds’ Expenses

Fees and expenses are deducted from and paid out of the assets of the Funds. These expenses may vary in amount from year to year and are described in the prospectuses for the Funds.

8(f). Other Taxes

We reserve the right to charge for any other taxes (in addition to premium taxes) that we may have to pay.

See 9(d). FILI’s Tax Status.

8(g). Deduction of Advisory Fees

If you have authorized a third-party investment advisory firm (the “Advisor”) to make withdrawals from the Contract of the Advisor’s fees, we will make such withdrawals upon receiving from the Advisor our required Advisor payment form properly completed at our Annuity Service Center. To authorize an Advisor to make withdrawals from the Contract, you must first complete our required authorization form. You or your Advisor can terminate the authorization at any time by notifying us in writing or via phone at our Annuity Service Center. In addition, Fidelity reserves the right to terminate such authorization at any time.

FILI does not pay commissions to any Advisor that you may choose to employ because such Advisors receive compensation in connection with the Contract in the form of advisory fees you agreed to pay to the Advisor.

As with any other withdrawal from your Contract, withdrawals taken from the Contract to pay advisory fees will reduce the Contract Value and Death Benefit and may be subject to federal and state income taxes and a 10% federal penalty tax. We encourage Owners to discuss with their Advisor the impact of deducting advisory fees from the Contract prior to making any election.

We require the Advisor to complete our required payment form each and every time an advisory fee payment is requested from the Contract. We do not allow Advisors to schedule systematic / ongoing advisory fee payments from the Contract.

When requesting a withdrawal from the Contract for advisory fees, we require Advisors to specify the withdrawal amount as a percentage of Contract Value or as a dollar amount. The withdrawal will be taken from the Subaccounts on a prorated basis unless the Advisor specifies the dollar amounts to be withdrawn from each Subaccount. A withdrawal to pay advisory fees will not be permitted if it would reduce the Contract Value below $2,500. Questions about the basis upon which your Advisor calculates their advisory fee should be directed to your Advisor.

Please note that although we permit you to authorize an Advisor to make asset allocation decisions and request other transactions within the Contract on your behalf, including withdrawals to pay the Advisor’s fees, individuals employed by any such Advisor are:

•

not licensed agents of Fidelity Investments or any of its affiliates, and

•

do not receive commissions from Fidelity Investments or any of its affiliates in connection with sales of the Contract.

You can purchase and own this Contract without hiring or paying advisory fees to an Advisor.

Pursuant to an IRS Private Letter Ruling issued to Fidelity, advisory fees that are paid directly from the Contract by its Owner(s) to an Advisor should not be considered taxable distributions if:

•

the fees do not exceed an amount equal to an annual rate of 1.5% of the Contract’s cash value determined as a percentage of the cash value as of the last day of the period in which the advisory services were provided, and

•

all the other conditions set out in the IRS Private Letter Ruling are met.

However, Fidelity has no responsibility or liability (i) to determine whether the instructions received from the Advisor are in compliance with the agreement between Owner(s) and Advisor, and (ii) to verify that the amount of Fees complies with the IRS Private Letter Ruling. Advisory fees paid from the Contract that are in excess of the maximum amount or that do not meet any of the other conditions set out in the IRS Private Letter Ruling may be subject to federal and state income taxes and a 10% federal penalty tax. See Third-Party Investment Advisory Fees under 9(c) for more information.

9. TAX CONSIDERATIONS

9(a). Introduction

The following discussion of the federal income tax treatment of the Contract is not exhaustive, does not purport to cover all situations, and is not intended as tax advice. The federal income tax treatment of the Contract is unclear in certain circumstances, and you should always consult a qualified tax advisor regarding the application of the law to individual circumstances. This discussion is based on the Internal Revenue Code of 1986, as amended (the “Code”), Treasury Department regulations, and interpretations existing on the date of this Prospectus. Although the discussion is based on our understanding of federal income tax laws as currently

interpreted, there is no guarantee that those laws or interpretations will not be changed by Congress, the Treasury Department, and judicial decisions.

This discussion does not address federal gift tax, state or local income tax, or other considerations which may be involved in the purchase, operation, or exercise of any rights or options under the Contract. Also, this discussion does not address estate tax issues that might arise due to the death of an Owner or Annuitant. The particular situation of each Owner, Annuitant, and Beneficiary will determine the federal estate taxes and the state and local estate, inheritance, and other taxes due. You should seek competent tax advice on such matters pertaining to you.

In addition, we make no guarantee regarding any tax treatment – federal, state, or local – of any Contract or of any transaction involving a Contract.

9(b). Taxation of Non‑qualified Annuities in General

Tax Deferral During Accumulation Phase: Under existing provisions of the Internal Revenue Code, provided the below conditions are met, any increase in an Owner’s Contract Value is generally not taxable to the Owner until received, either in the form of annuity income payments or in some other form of distribution. However, as discussed below, this rule applies only if:

(1)

the investments of the Variable Account are “adequately diversified” in accordance with Treasury Department regulations;

(2)

the Company, rather than the Owner, is considered the owner of the assets of the Variable Account for federal income tax purposes; and

(3)

the Owner is an individual (or an individual is treated as the Owner for tax purposes).

Diversification Requirements: The Internal Revenue Code and Treasury Department regulations prescribe the manner in which the investments of a segregated asset account, such as the Subaccount of the Variable Account, are to be “adequately diversified.” If the Variable Account fails to comply with these diversification standards, the Contract will not be treated as an annuity contract for federal income tax purposes and the Owner would generally be taxed currently on the excess of the Contract Value over the Purchase Payments paid for the Contract. The Subaccounts of the Variable Account intend to comply with the diversification requirements. In this regard, we have entered into agreements with the Funds under the Subaccounts that require the Funds to be “adequately diversified” in accordance with the Internal Revenue Code and Treasury Department regulations.

Ownership Treatment: In certain circumstances, variable annuity contract owners may be considered the owners, for federal income tax purposes of the assets of a segregated asset account, such as the Variable Account, used to support their contracts. In those circumstances, income and gains from the segregated asset account would be includible in the contract owners’ gross income. The Internal Revenue Service (the “IRS”) has stated in published rulings that a variable contract owner will be considered the owner of the assets of a segregated asset account if the owner possesses incidents of ownership in those assets, such as the ability to exercise investment control over the assets. As of the date of this Prospectus, no comprehensive guidance has been issued by the IRS clarifying the circumstances when such investment control by a variable contract owner would exist. As a result, your right to make Exchanges among the Subaccounts may cause you to be considered the owner of the assets of the Variable Account. We therefore reserve the right to modify the Contract as necessary to attempt to prevent Contract Owners from being considered the owners of the assets of the Variable Account. However, there is no assurance such efforts would be successful.

We do not know what limits might be set forth in any guidance that the IRS may issue, or whether any such limits would apply to existing Contracts.

Non‑natural Owner: As a general rule, Contracts held by “non‑natural persons” such as a corporation, trust or other similar entity, as opposed to a natural person, are not treated as annuity contracts for federal tax purposes. The income on such Contracts (as defined in the tax law) is taxed as ordinary income that is received or accrued by the Owner of the Contract during the taxable year. There are several exceptions to this rule for non‑natural Owners. Under one exception, a Contract will generally be treated as held by a natural person if the nominal owner is a trust or other entity that holds the Contract as an agent for a natural person. We do not intend to offer the Contracts to “non‑natural” persons. However, we will offer the Contracts to trusts where a trustee represents that the trust is for the benefit of natural persons such as the grantor of the trust. We will also require the trustee to certify that the Beneficiaries of the trust are natural persons. We will also offer the Contracts to charitable remainder trusts. The following discussion assumes that a Contract will be owned by an individual.

Delayed Annuity Commencement Dates: On the Contract Date, the Annuity Date is automatically set to be the first day of the calendar month following the oldest Owner’s 90th birthday. Federal income tax rules do not expressly identify a particular age by which annuity income payments must begin.

However, if the Contract’s Annuity Date occurs (or is scheduled to occur) at too advanced an age, it is possible that the Contract would not be treated as an annuity for federal income tax purposes. In that event, the income and gains under the Contract could be currently includible in the Owner’s income.

The following discussion assumes that the Contract will be treated as an annuity contract for federal income tax purposes.

9(c). Tax Consequences to Investors

Taxation of Partial and Complete Withdrawals: Partial withdrawals under a Contract are generally includible in income to the extent your Contract Value before the withdrawal exceeds your “investment in the contract.” Amounts received under the Systematic Withdrawal Program are treated as partial withdrawals. In case of a complete withdrawal, amounts received are includible in income to the extent they exceed the “investment in the contract.” For these purposes, the investment in the contract at any time generally equals the total of the Purchase Payments made under the Contract to that time less any amounts previously received from the Contract, which were not included in income. In the case of a Contract purchased in a non‑taxable exchange under section 1035 of the Code, the investment in the exchanged Contract will be carried over to your Contract and will be reduced by the amount of investment gain in the exchanged contract.

If you take a partial withdrawal within 180 days of any prior partial exchange under section 1035 of the Code (“Partial 1035”) from either of the contracts that were involved in the Partial 1035 exchange, the Internal Revenue Service may apply general tax principals to determine if the prior Partial 1035 should be recharacterized as a distribution under section 72(e) of the Code or “boot” under section 1035(d)(1) and 1031(c) of the Code. The only exception to this rule is where the partial withdrawal is used to fund an annuity income option for a period of 10 years or more.

Partial and complete withdrawals may be subject to a 10% penalty tax. See Penalty Tax on Premature Distributions below. Partial and complete withdrawals also may be subject to federal income tax withholding requirements.

Taxation of Annuity Income Payments: Normally, the portion of each annuity income payment taxable as ordinary income equals the excess of the payment over the exclusion amount. In the case of fixed income payments, like the annuity income payments provided under the Contract, the exclusion amount is determined by multiplying (1) the annuity income payment by (2) the ratio of the investment in the contract, adjusted for any period certain or refund feature, to the total expected amount of annuity income payments for the term of the Contract (as determined under Treasury Department regulations). Once the total amount of the investment in the contract is excluded, annuity income payments will be fully taxable. If annuity income payments cease because

of the death of the Annuitant and before the total amount of the investment in the contract is recovered, the unrecovered amount generally will be allowed as a deduction.

Where the Owner and the Annuitant are not the same person and are not married to one another, there are special income tax issues, such as who will be taxed on amounts under the Contract and when such amounts will be taxed. You should consult a tax advisor in those situations.

Annuity income payments may be subject to federal income tax withholding requirements.

Distribution and Taxation of Proceeds: Prior to the Annuity Date, we may distribute amounts from a Contract because of the death of an Owner, or because of the death of the Annuitant in the case of a contract issued to a non‑natural person. Such proceeds are includible in income as follows:

(1)

if distributed in a lump sum, they are taxed in the same manner as a complete withdrawal, as described above; or

(2)

if distributed under an Annuity Income Option, or as systematic withdrawals under the Stretch Benefit Option (see Death Benefit under 4. Benefits Available Under the Contract), they are taxed generally in the same manner as annuity income payments, as described above.

After the Annuity Date, where a guaranteed period exists under an Annuity Income Option, and all the Annuitants die before the end of that period, payments we make to the estate of the last surviving Annuitant for the remainder of that period are includible in income as follows:

(1)

if received in a lump sum, they are included in income to the extent that they exceed the unrecovered investment in the contract at that time; or

(2)

if distributed in accordance with the existing Annuity Income Option selected, they are fully excluded from income until the remaining investment in the contract is deemed to be recovered, and all annuity income payments thereafter are fully includible in income.

Proceeds payable on death may be subject to federal income tax withholding requirements.

3.8% Tax on Net Investment Income: Federal tax law imposes a 3.8% Medicare tax on the lesser of

(1)

the taxpayer’s “net investment income,” (from Non‑qualified Annuities, interest, dividends, etc., offset by specified allowable deductions), or

(2)

the taxpayer’s modified adjusted gross income in excess of a specified income threshold ($250,000 for married couples filing jointly, $125,000 for married couples filing separately, and $200,000 otherwise).

“Net investment income” in item 1 does not include distributions from tax‑qualified plans (i.e., IRAs, Roth IRAs, or arrangements described in Code Sections 401(a), 403(b), or 457(b)) but such income will increase “modified adjusted gross income” in item 2.

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

Penalty Tax on Premature Distributions: In general, in the case of a distribution from a Contract, a penalty tax equal to 10% of the portion of the distribution that is includible in gross income may be imposed unless the distribution:

(1)

is made on or after the taxpayer attains age 59¹⁄₂;

(2)

is made on or after the death of the Owner or, if the Owner is not an individual, on or after the death of the primary annuitant (as defined in the tax law);

(3)

is attributable to the Owner’s becoming disabled (as defined in the tax law);

(4)

is part of a series of substantially equal periodic payments (no less frequently than annually) for the life (or life expectancy) of the Owner or the joint lives (or joint life expectancies) of the Owner and his or her designated beneficiary (as defined in the tax law);

(5)

is made under an immediate annuity contract (as defined in the tax law); or

(6)

satisfies some other exception to this 10% penalty tax.

We believe that systematic withdrawals under the Systematic Withdrawal Program would not satisfy the exception to the 10 percent penalty tax described in (4) above. You should consult your tax advisor before electing to take systematic withdrawals commencing prior to age 59¹⁄₂.

Third-Party Investment Advisor Fees: Pursuant to an IRS Private Letter Ruling (“PLR”) issued to Fidelity, advisory fees that are paid directly from the Contract by its Owner(s) to an Advisor should not be considered taxable distributions if all of the following conditions are met:

(1)

The Owner authorizes the fees to be paid to the Advisor from the Contract’s cash value;

(2)

The amount of the fees has been determined from a negotiation between the Owner(s) and the Advisor in which each is acting in its own best interest (i.e., an “arm’s length transaction”);

(3)

The fees do not exceed an amount equal to an annual rate of 1.5% of the Contract’s cash value determined as a percentage of the cash value as of the last day of the period in which the advisory services were provided;

(4)

The fees are only for investment advice provided by the Advisor to the Owner(s) with respect to the Contract;

(5)

The fees do not result in any fee reduction related to any other asset or service;

(6)

The Owner(s) do not direct payment of the fees for any other purpose or to any other person or entity; and

(7)

The Advisor does not receive a commission from Fidelity for the sale of the Contract.

A PLR is based on a specific set of facts and is issued to a specific taxpayer. While a PLR may be an indication of the IRS’s current position on an issue, a PLR can be used as precedent only under limited circumstances. Note – even if FILI does not treat withdrawals taken to pay advisory fees as taxable distributions, federal and/or state taxing authorities could determine such fees should be treated as taxable distributions. If deemed to be a taxable distribution, the withdrawal to pay advisory fees may be subject to federal and state income taxes and a 10% penalty tax. In addition, as with any other withdrawal from your Contract, withdrawals taken from the Contract to pay advisory fees will reduce the Contract Value and Death Benefit. Any legal questions should be directed at your legal counsel as FILI and its affiliates do not provide legal advice.

Aggregation of Contracts: In certain circumstances, the IRS may determine the amount of an annuity income payment or a withdrawal from a Contract that is includible in income by combining some or all of the annuity

contracts a person owns. For example, if a person purchases a Contract offered by this Prospectus and also purchases at approximately the same time an immediate annuity issued by us, the IRS might in certain circumstances treat the two contracts as one contract. In addition, if a person purchases two or more deferred annuity contracts from the same insurance company (or its affiliates) during any calendar year, all such contracts will be treated as one contract for purposes of determining the portion of the distribution that is includible in income. The effects of such aggregation are not always clear; however, it could affect the amount of a withdrawal or an annuity income payment that is taxable and the amount which might be subject to the 10% penalty tax described above.

Exchanges of Contracts: We may issue the Contract in exchange for all or part of another annuity or life insurance contract that you own. Such an exchange will be tax free if certain requirements are satisfied. If the exchange is tax free, your investment in the contract immediately after the exchange will generally be the same as that of the contract exchanged, increased by any additional Purchase Payments made as part of the exchange. Your Contract Value immediately after the exchange may exceed your investment in the contract. That excess may be includable in income should amounts subsequently be withdrawn or distributed from the Contract (e.g., as a partial surrender, full surrender, annuity income payment or death benefit). If you exchange part of an existing contract for a Contract, the IRS might treat the two contracts as one annuity contract in certain circumstances. See Aggregation of Contracts under 9(c). Tax Consequences to Investors.

In addition, before the Annuity Date, you may exchange all or a portion of your Contract Value for another annuity contract we then offer. Such an exchange will be tax free if certain requirements are satisfied. You should consult your tax advisor in connection with an exchange for or of a Contract.

You may be able to add a second Owner in certain circumstances. See 10(a). Contract Rights. There may be special income tax issues if you add a second Owner who is not your spouse. You should consult your tax advisor before adding a second Owner.

Transfers of a Contract: A Contract that is transferred by assignment to another person or entity may result in taxable income to the Owner in the year the Contract is transferred. You should consult your tax advisor before making such a transfer.

Taxation of Contracts Owned Under UGMA/UTMA Arrangements: In the case of a Contract held in custody for a minor under the Uniform Gifts to Minors Act or the Uniform Transfers to Minors Act, a distribution under the Contract ordinarily is taxable to the minor. Whether the 10% penalty tax applies to such a distribution ordinarily is determined by the circumstance or characteristics of the minor, not the custodian. Thus, for example, a distribution taxable to a minor will not qualify for the exception to the penalty tax for distributions made on or after age 59¹⁄₂, even if the custodian is 59¹⁄₂ or older.

9(d). FILI’s Tax Status

FILI is taxed as a life insurance company under the Internal Revenue Code. The earnings of the Variable Account are taxed as part of our operations, and thus the Variable Account is not separately taxed as a “regulated investment company” under the Internal Revenue Code. Under the existing federal income tax laws, investment income and capital gains of the Variable Account are not taxed to the extent they are applied under a Contract.

Therefore, we do not expect to incur federal income taxes on earnings of the Variable Account to the extent the earnings are credited under the Contracts. Based on this, no charge is being made currently to the Variable Account for our federal income taxes. We will periodically review the need for a charge to the Variable Account for company federal income taxes. If FILI is taxed on investment income or capital gains of the Variable Account, then FILI may impose a charge against the Variable Account in order to provide for such taxes.

Under current laws we may incur state and local taxes (in addition to premium taxes) in several states. At present, these taxes are not significant and are not charged against the Contracts or the Variable Account. If the amount of these taxes changes substantially, we may make charges for such taxes against the Variable Account.

10. MORE INFORMATION ABOUT THE CONTRACT

You should also be aware of the following important provisions of your Contract.

10(a). Contract Rights

Owner(s): Owners have rights and privileges as specified in the Contract. Owners own the Contract in accordance with all of its terms. The following forms of ownership, and others, are inconsistent with the terms of the Contract and will not be accepted: “joint tenants in common”, “tenancy by the entirety”, “joint tenants with rights of survivorship” and “joint ownership by husband and wife”.

Before the Contract is issued, the Owners have the right on the application to (a) name the Annuitant(s) and Beneficiary(ies); and (b) allocate the Initial Purchase Payment among the Subaccounts. The Owner(s) can change the Annuitant(s) before annuity income payments begin. If the Owner is a trust, the Annuitant may not be changed.

If you are the only Owner when your Contract is issued, you may later add a second Owner, but you may do this only once and the second Owner must be younger than you, unless the second Owner is your spouse. You may not add a second Owner if the Owner is a trust, or the Contract is held under a UGMA or UTMA arrangement. You may not remove an Owner unless the Owner is a spouse.

After the Contract Date and before annuity income payments begin, the Owners have the right to (a) cancel the Contract during the Free Look Period; (b) allocate Purchase Payments among the Subaccounts; (c) reallocate the Contract Value among the Subaccounts; (d) make withdrawals; (e) name a second Owner (subject to the limitations in the previous paragraph) if the Contract has only one Owner; (f) change Annuitant(s) and Beneficiary(ies) (except that a Beneficiary designated as irrevocable may not be changed without the Beneficiary’s consent); and (g) instruct us how to vote shares of the Funds attributable to the Contract.

For Contracts with two Owners, after the Contract Date and before annuity income payments begin, any withdrawals (including surrenders), changes of the Annuity Date, changes of Owners, Annuitants and Beneficiaries can be made only by both Owners acting together. Either Owner may exercise any other right under the Contract.

Beginning on the first day we provide annuity income to the Annuitant(s), the Owners have no rights.

If a Contract has two Owners who are not spouses, and one dies before the Annuity Date, federal tax law requires that the Contract Value be distributed to the remaining Owner within certain time limits. See Death Benefit under 4. Benefits Available Under the Contract.

Annuitant(s): You name one or two Annuitants in the application for the Contract. You may change the Annuitant(s) by sending us a written notice. A deceased Annuitant may be replaced. You may also add an Annuitant, but there can never be more than two Annuitants at the same time. We must receive any notice adding or changing the Annuitant(s) at our Annuity Service Center at least 30 days before the Annuity Date.

If a non‑natural person is the Owner, the Contract can have only one Annuitant and the Annuitant may not be changed. If such non‑natural person is a revocable grantor trust, the grantor of the trust must be the sole Annuitant.

Annuitants have no rights before the Annuity Date. Annuitants have the right to receive monthly annuity income payments beginning on the Annuity Date, unless an Owner has died before the Annuity Date, or unless the amount of annuity income would be less than $20 per month.

The amount of monthly annuity income payments depends on a number of factors, including each Annuitant’s age and, unless prohibited by applicable state law, sex. If an Annuitant’s age or sex has been misstated, we will adjust the amount of monthly annuity income to reflect the actual age and/or sex. If we have previously overpaid monthly annuity income, we will withhold monthly annuity income until we have recovered the amount of the overpayment. If annuity income payments have ended, we will recover the amount of any overpayment from the estate(s) of the Annuitant(s). If we have previously underpaid monthly annuity income, we will make a lump sum payment equal to the amount previously underpaid, plus interest at 6% per annum, compounded annually.

If a Contract has one Owner and that Owner dies before the Annuity Date, then the Beneficiary(ies), not the Annuitant(s), will have the right to the Contract Value, and the Annuitant(s) will not receive any monthly annuity income.

If a Contract has two Owners and one Owner dies before the Annuity Date, then the surviving Owner, not the Annuitants, will have the right to the Contract Value. When the Annuity Date is later reached, the Annuitant(s) will not receive any monthly annuity income, subject to one exception. The exception is that if a surviving spouse/Beneficiary continues the Contract as his or her own, and the Annuity Date is reached, then the Annuitant(s) will receive monthly annuity income.

Beneficiary(ies): The Owner(s) name(s) a Beneficiary or Beneficiaries in the application, and can change Beneficiaries later. If the Contract is owned by a trust, the trust must be the sole Beneficiary. If all the Owners die (or the Annuitant in the case of a trust owned contract) before the Annuity Date, we will pay the Contract Value, less any applicable taxes, to the Beneficiary or Beneficiaries who survive all the Owners. If a Beneficiary survives all the Owners but does not live long enough to receive payment from us, we will pay the Beneficiary’s estate. For more details on the Contract rights and provisions applicable to Beneficiaries, see Death Benefit under 4. Benefits Available Under the Contract.

10(b). Termination

To help protect us against administrative expense risks, we include a provision in the Contracts that allows us to cancel smaller, inactive Contracts before the Annuity Date. If we cancel your Contract under this provision, we will pay you your Contract Value in a lump sum. We have the right to cancel your Contract if your Contract Value falls below $2,000 for any reason. We will give you 30 days’ notice before canceling your Contract, during which you may make an additional Purchase Payment to bring your Contract Value to $2,000 or more. If you do not make such an additional Purchase Payment and your Contract Value remains below $2,000 at the end of the period, we will cancel your Contract and send your Contract Value to you in a lump sum. The $2,000 figure may be reduced for sponsored arrangements and will always be lower than the minimum initial Purchase Payment under such an arrangement.

10(c). Assignment

The Contract may not be sold, gifted, transferred, or assigned, and any purported gift, transfer or assignment will be void, except as follows: (a) the Contract may be assigned to an insurance company, regulated as such under the insurance laws of one of the United States, solely for the purpose of effecting a tax-free exchange under section 1035 of the Internal Revenue Code; (b) a Contract owned by an individual may be transferred to that individual’s spouse; (c) a Contract owned by one or two individual(s) may be transferred to either a trust or a charitable remainder trust of which the individual(s) is(are) the grantor(s); and (d) a contract owned by a trust may be transferred to the trust’s grantor(s) or a beneficiary of the trust. Assignments under (c) and (d) may result in a taxable distribution to the transferor. You should consult your tax advisor before making such a transfer.

10(d). Notification of Death

If there are two Owners, each is responsible for notifying us of the death of the other Owner and the death of any Annuitant if the Annuitant’s death occurs before the Annuity Date. If all the Owners die, the Beneficiaries are responsible for notifying us of the death(s). If there are two Annuitants, each is responsible for notifying us of the death of the other if death occurs after the Annuity Date. The executor of the estate of the last surviving Annuitant is responsible for notifying us of that Annuitant’s death, and to return any overpayment. If we provide too much annuity income because we are not notified of a death, we may take legal action to recover the overpayment.

10(e). Proof of Survival

If any payment under this Contract depends on an Annuitant or other recipient being alive on a given date, we may require proof of survival before making the payment.

10(f). Abandoned Property

State regulations, which can vary, require abandoned property to be escheated to state municipalities. Unclaimed property could come in the form of an outstanding check, unclaimed death benefit, or a matured Contract where the policyholder cannot be located. Please note that some state municipalities require unclaimed property to be escheated to the state within three to five years of the date of death of the Owner. To avoid escheatment, we advise that you promptly respond to requests to contact the insurance company. In the event of the Owner’s death, we advise Beneficiaries to promptly contact the insurance company and provide whatever paperwork the insurance company requests.

Beneficiaries who wait too long after the Owner’s death to contact the insurance company run the risk of not having sufficient time to make a distribution election before the company is required to escheat the proceeds to the state municipality. In the event the state escheatment laws require escheatment before five years from date of death, a Beneficiary may not have a full five-year distribution period as described in the Contract to withdraw the Contract Value.

10(g). Reports to Owners

Before the Annuity Date, we will send you a statement showing your Contract Value four times each year. Each quarterly statement will also contain a summary of all transactions in your Contract since the previous statement.

You should immediately verify the accuracy of the information contained in these statements, and in the confirmations you may receive for individual transactions. If you find a discrepancy with respect to any transaction, you should notify us at our Annuity Service Center immediately. We will not be responsible for losses after ten calendar days from the first time we mail any statement or confirmation containing details of the transaction.

Contract owners have access to their contract information online at Fidelity.com.

10(h). Signature Guarantee or Customer Authentication

Certain requests may require a signature guarantee or customer authentication. A signature guarantee or customer authentication is designed to protect you and us from fraud. Your request must be in writing and may require a signature guarantee if any of the following situations apply:

Loss of account ownership;

Any circumstances where we deem it necessary for your protection.

You should be able to obtain a signature guarantee from a bank, broker dealer, credit union (if authorized under state law), securities exchange or association, clearing agency, or savings association. A notary public cannot provide a signature guarantee. A customer authentication can be obtained only at a Fidelity Investments Investor Center.

10(i). Non‑Participating Contract

The Contract is “non‑participating”, meaning there are no dividends. Investment results of the Subaccounts are reflected in the Contract Value and the other benefits under the Contract.

10(j). Postponement of Payment

In conformity with the 1940 Act, we will generally pay any withdrawal within seven days after we receive the request. We may delay payment if (a) the disposal or valuation of the assets in a Subaccount is not reasonably practicable because the New York Stock Exchange is closed for other than a regular holiday or weekend, trading is restricted by the SEC, or the SEC declares that an emergency exists; or (b) the SEC by order permits the postponement of payment to protect our Owners.

We will generally send: (1) any withdrawal amount on the first business day after the end of the Valuation Period during which we receive the withdrawal request; (2) each annuity income payment on the first business day after the Annuity Income Date; and (3) any lump sum distributions to Beneficiaries within seven days of the day we receive proper notice.

10(k). Special Provisions for Sales Under Sponsored Arrangements

We may reduce the minimum Purchase Payment requirements for Contracts issued under sponsored arrangements. We determine the eligibility of a group for such reduced minimum Purchase Payments, and the minimum Purchase Payment amount for individuals in a particular group, by considering the following factors:

(1) the size of the group; (2) the total amount of Purchase Payments we expect group members to make; (3) the nature of the group and the persistency we expect from the group; (4) the purpose for which the Contracts will be purchased; and (5) any other circumstances which we believe to be relevant in determining the level of expected administrative expenses we will incur.

10(l). Written Requests Received at the Company

Any request that is required to be submitted to the Company in writing must be in accordance with the Company’s then current standards and shall not be effective until the date and time that either:

The original request is physically received at the Annuity Service Center; or

An electronic image of the original request, which has been submitted by an agent of Fidelity, is received at the Annuity Service Center.

All communications to us regarding your Contract should be sent to: Fidelity Investments Life Insurance Company, Annuity Service Center, PO Box 770001, Cincinnati, Ohio 45277-0050.

11. MORE INFORMATION ABOUT THE SUBACCOUNTS AND THE FUNDS

11(a). Changes in Subaccounts

We may make additional Subaccounts available to you from time to time. These Subaccounts will invest in mutual funds that we find suitable for the Contracts.

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

A substitution may become necessary if, in our judgment, a Fund no longer suits the purposes of the Contracts. This may happen due to a change in laws or regulations, a change in a Fund’s investment objectives or restrictions, because the Fund is no longer available for investment, or for some other reason. We would obtain prior approval from the SEC and any other required approvals before making such a substitution.

We also reserve the right to operate the Variable Account as a management investment company under the 1940 Act or any other form permitted by law or to deregister the Variable Account under such Act in the event such registration is no longer required. We would obtain any required approval from the SEC before making such changes.

11(b). Voting Rights

We currently vote shares of the Funds owned by the Variable Account according to your instructions. However, if the 1940 Act or any related regulations or interpretations should change, and we decide that we are permitted to vote the shares of the Funds in our own right, we may decide to do so.

Before the Annuity Date, we calculate the number of shares that you may instruct us to vote by dividing your Contract Value in a Subaccount by the net asset value of one share of the corresponding Fund. Fractional votes are counted. We reserve the right to modify the manner in which we calculate the weight to be given to your voting instructions where such a change is necessary to comply with then current federal regulations or interpretations of those regulations.

We will determine the number of shares you can instruct us to vote 90 days or less before the applicable Fund shareholder meeting. At least 14 days before the meeting we will send you material by mail for providing us with your voting instructions.

If we do not receive your voting instructions in time, we will vote the shares in the same proportion as the instructions we receive from other Owners. We will also vote in the same proportionate manner any shares we hold in the Variable Account that are not attributable to Owners. As a result of proportional voting, the vote of a small number of Owners could determine the outcome of a shareholder vote.

Under certain circumstances, we may be required by state regulatory authorities to disregard voting instructions. This may happen if following such instructions would change the sub‑classification or investment objectives of a Fund, or result in the approval or disapproval of an investment advisory contract.

Under federal regulations, we may also disregard instructions to vote for Owner-initiated changes in investment policies or the investment advisor if we disapprove of the proposed changes. We would disapprove a proposed change only if it were contrary to state law, prohibited by state regulatory authorities, or if we decided that the change would result in overly speculative or unsound investments. If we ever disregard voting instructions, we will include a summary of our actions in the next semiannual report.

11(c). Resolving Material Conflicts

The Funds are available to separate accounts of insurance companies offering variable annuity contracts and variable life insurance policies issued by other insurance companies, as well as to our Variable Account and other separate accounts we may establish.

Although we do not anticipate any disadvantages due to these arrangements, there is a possibility that a material conflict could arise between the interest of the Variable Account and one or more of the other separate accounts or qualified plans that hold shares of the Funds. A conflict may occur due to a change in law affecting the operations of variable life and variable annuity separate accounts, differences in the voting instructions of our Owners and those of other insurance companies, or for some other reason. In the event of a conflict, we will take any steps necessary to protect our Owners and their Beneficiaries.

APPENDIX A: FUNDS AVAILABLE UNDER THE CONTRACT

The following is a list of Funds available under the Contract. More information about the Funds is available in the prospectuses for the Funds, which may be amended from time to time and can be found online at www.dfinview.com/Fidelity/PUFT/FPRA. You can also request this information at no cost by calling 1‑800‑634‑9361 or by sending an email request to filifunddocuments@fidelity.com.

The current expenses and performance information below reflects fees and expenses of the Funds, but do not reflect the other fees and expenses that your Contract may charge or any advisory fees that you may pay to a third-party investment advisory firm from the Contract. Expenses would be higher and performance would be lower if these other charges were included. Each Fund’s past performance is not necessarily an indication of future performance.


Investment Objective	Fund & Adviser/Subadviser	Current Expenses	Average Annual Total Returns (as of 12/31/25)
Investment Objective	Fund & Adviser/Subadviser	Current Expenses	1 year	5 year	10 year
Seeks high total investment return	BlackRock Global Allocation V.I. Fund Adviser: BlackRock Advisors, LLC Subadviser: BlackRock (Singapore) Limited and BlackRock International Limited	0.91%*	19.53%	5.62%	7.42%
Seeks to obtain high total return with reduced risk over the long-term by allocating its assets among stocks, bonds, and short-term instruments	Fidelity^® Variable Insurance Product (“VIP”) Asset Manager 50% Portfolio Adviser: Fidelity Management & Research Company LLC	0.59%*	14.90%	5.59%	7.05%
Seeks to maximize total return by allocating its assets among stocks, bonds, short-term instruments, and other investments	Fidelity^® VIP Asset Manager 70% Portfolio Adviser: Fidelity Management & Research Company LLC	0.69%*	18.17%	7.55%	8.78%
Seeks income and capital growth consistent with reasonable risk	Fidelity^® VIP Balanced Portfolio Adviser: Fidelity Management & Research Company LLC	0.49%	15.16%	9.43%	11.04%
Seeks to provide investment results that correspond to the aggregate price and interest performance of the debt securities in the Bloomberg Barclays U.S. Aggregate Bond Index	Fidelity^® VIP Bond Index Portfolio Adviser: Fidelity Management & Research Company LLC	0.14%	6.98%	-0.57%	—
Seeks capital appreciation	Fidelity^® VIP Communication Services Portfolio Adviser: Fidelity Management & Research Company LLC	0.68%	34.29%	15.11%	15.71%


Investment Objective	Fund & Adviser/Subadviser	Current Expenses	Average Annual Total Returns (as of 12/31/25)
Investment Objective	Fund & Adviser/Subadviser	Current Expenses	1 year	5 year	10 year
Seeks capital appreciation	Fidelity^® VIP Consumer Discretionary Portfolio Adviser: Fidelity Management & Research Company LLC	0.69%	6.73%	8.02%	12.42%
Seeks capital appreciation	Fidelity^® VIP Consumer Staples Portfolio Adviser: Fidelity Management & Research Company LLC	0.69%	-3.04%	3.62%	5.79%
Seeks long-term capital appreciation	Fidelity^® VIP Contrafund^® Portfolio Adviser: Fidelity Management & Research Company LLC	0.61%	21.43%	15.28%	15.69%
Seeks capital appreciation	Fidelity^® VIP Disciplined Small Cap Portfolio Adviser: Fidelity Management & Research Company LLC	0.40%	17.28%	10.29%	10.51%
Seeks capital appreciation	Fidelity^® VIP Dynamic Capital Appreciation Portfolio Adviser: Fidelity Management & Research Company LLC	0.81%	18.72%	13.58%	14.78%
Seeks capital appreciation	Fidelity^® VIP Emerging Markets Portfolio Adviser: Fidelity Management & Research Company LLC	0.94%	41.06%	5.79%	10.84%
Seeks capital appreciation	Fidelity^® VIP Energy Portfolio Adviser: Fidelity Management & Research Company LLC	0.68%	10.49%	24.08%	7.87%
Seeks reasonable income while also considering the potential for capital appreciation. The fund’s goal is to achieve a yield which exceeds the composite yield on the securities comprising the S&P 500^® Index	Fidelity^® VIP Equity-Income Portfolio Adviser: Fidelity Management & Research Company LLC	0.53%	18.94%	12.44%	11.51%
Seeks to provide investment results that correspond to the total return of stocks of mid‑ to small‑capitalization U.S. companies	Fidelity^® VIP Extended Market Index Portfolio Adviser: Fidelity Management & Research Company LLC Principal Subadviser: Geode Capital Management, LLC	0.12%	12.32%	8.02%	—


Investment Objective	Fund & Adviser/Subadviser	Current Expenses	Average Annual Total Returns (as of 12/31/25)
Investment Objective	Fund & Adviser/Subadviser	Current Expenses	1 year	5 year	10 year
Seeks capital appreciation	Fidelity^® VIP Financials Portfolio Adviser: Fidelity Management & Research Company LLC	0.68%	15.08%	16.38%	13.31%
Seeks a high level of current income	Fidelity^® VIP Floating Rate High Income Portfolio Adviser: Fidelity Management & Research Company LLC	0.76%	5.23%	6.00%	5.40%
Seeks high current income and, as a secondary objective, capital appreciation	Fidelity^® VIP FundsManager^® 20% Portfolio Adviser: Fidelity Management & Research Company LLC	0.47%*	9.14%	3.14%	4.23%
Seeks high current income and, as a secondary objective, capital appreciation	Fidelity^® VIP FundsManager^® 30% Portfolio Adviser: Fidelity Management & Research Company LLC	0.54%*	10.86%	—	—
Seeks current income as well as total return. The fund also considers the potential for capital appreciation	Fidelity^® VIP FundsManager^® 40% Portfolio Adviser: Fidelity Management & Research Company LLC	0.57%*	12.40%	—	—
Seeks high total return	Fidelity^® VIP FundsManager^® 50% Portfolio Adviser: Fidelity Management & Research Company LLC	0.59%*	14.13%	5.78%	7.24%
Seeks high total return	Fidelity^® VIP FundsManager^® 60% Portfolio Adviser: Fidelity Management & Research Company LLC	0.63%*	15.71%	6.67%	8.19%
Seeks high total return	Fidelity^® VIP FundsManager^® 70% Portfolio Adviser: Fidelity Management & Research Company LLC	0.65%*	17.12%	7.74%	9.12%
Seeks high total return	Fidelity^® VIP FundsManager^® 85% Portfolio Adviser: Fidelity Management & Research Company LLC	0.68%*	19.46%	9.10%	10.51%
Seeks as high a level of current income as is consistent with preservation of capital and liquidity	Fidelity^® VIP Government Money Market Portfolio Adviser: Fidelity Management & Research Company LLC	0.28%	4.10%	3.08%	2.01%


Investment Objective	Fund & Adviser/Subadviser	Current Expenses	Average Annual Total Returns (as of 12/31/25)
Investment Objective	Fund & Adviser/Subadviser	Current Expenses	1 year	5 year	10 year
Seeks to achieve capital appreciation	Fidelity^® VIP Growth Portfolio Adviser: Fidelity Management & Research Company LLC	0.62%	14.84%	13.62%	17.36%
Seeks high total return through a combination of current income and capital appreciation	Fidelity^® VIP Growth & Income Portfolio Adviser: Fidelity Management & Research Company LLC	0.55%	21.39%	16.02%	13.75%
Seeks to provide capital growth	Fidelity^® VIP Growth Opportunities Portfolio Adviser: Fidelity Management & Research Company LLC	0.64%	21.93%	11.23%	19.85%
Seeks capital appreciation	Fidelity^® VIP Health Care Portfolio Adviser: Fidelity Management & Research Company LLC	0.67%	14.27%	4.10%	8.66%
Seeks capital appreciation	Fidelity^® VIP Hedged Equity Portfolio Adviser: Fidelity Diversifying Solutions LLC	0.56%*	—	—	—
Seeks a high level of current income, while also considering growth of capital	Fidelity^® VIP High Income Portfolio Adviser: Fidelity Management & Research Company LLC	0.85%*	10.45%	4.24%	5.57%
Seeks investment results that correspond to the total return of common stocks publicly traded in the United States, as represented by the S&P 500^® Index	Fidelity^® VIP Index 500 Portfolio Adviser: Fidelity Management & Research Company LLC Principal Subadviser: Geode Capital Management, LLC	0.09%	17.78%	14.31%	14.70%
Seeks capital appreciation	Fidelity^® VIP Industrials Portfolio Adviser: Fidelity Management & Research Company LLC	0.68%	24.42%	14.70%	12.89%
Seeks capital appreciation	Fidelity^® VIP International Capital Appreciation Portfolio Adviser: Fidelity Management & Research Company LLC	0.85%	18.56%	6.16%	9.72%
Seeks to provide investment results that correspond to the total return of foreign developed and emerging stock markets	Fidelity^® VIP International Index Portfolio Adviser: Fidelity Management & Research Company LLC Principal Subadviser: Geode Capital Management, LLC	0.16%	33.15%	8.02%	—


Investment Objective	Fund & Adviser/Subadviser	Current Expenses	Average Annual Total Returns (as of 12/31/25)
Investment Objective	Fund & Adviser/Subadviser	Current Expenses	1 year	5 year	10 year
Seeks as high a level of current income as is consistent with the preservation of capital	Fidelity^® VIP Investment Grade Bond Portfolio Adviser: Fidelity Management & Research Company LLC	0.41%	7.22%	0.02%	2.68%
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond	Fidelity^® VIP Investor Freedom^SM 2010 Portfolio Adviser: Fidelity Management & Research Company LLC	0.42%	10.57%	3.11%	5.68%
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond	Fidelity^® VIP Investor Freedom^SM 2015 Portfolio Adviser: Fidelity Management & Research Company LLC	0.45%	11.87%	3.95%	6.55%
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond	Fidelity^® VIP Investor Freedom^SM 2020 Portfolio Adviser: Fidelity Management & Research Company LLC	0.49%	13.29%	4.79%	7.33%
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond	Fidelity^® VIP Investor Freedom^SM 2025 Portfolio Adviser: Fidelity Management & Research Company LLC	0.51%	14.44%	5.46%	7.95%
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond	Fidelity^® VIP Investor Freedom^SM 2030 Portfolio Adviser: Fidelity Management & Research Company LLC	0.54%	15.37%	6.18%	8.81%
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond	Fidelity^® VIP Investor Freedom^SM2035 Portfolio Adviser: Fidelity Management & Research Company LLC	0.58%	16.61%	—	—
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond	Fidelity^® VIP Investor Freedom^SM 2040 Portfolio Adviser: Fidelity Management & Research Company LLC	0.63%	18.69%	—	—
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond	Fidelity^® VIP Investor Freedom^SM 2045 Portfolio Adviser: Fidelity Management & Research Company LLC	0.67%	19.69%	—	—


Investment Objective	Fund & Adviser/Subadviser	Current Expenses	Average Annual Total Returns (as of 12/31/25)
Investment Objective	Fund & Adviser/Subadviser	Current Expenses	1 year	5 year	10 year
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond	Fidelity^® VIP Investor Freedom^SM 2050 Portfolio Adviser: Fidelity Management & Research Company LLC	0.67%	19.73%	—	—
Seeks high total return with a secondary objective of principal preservation	Fidelity^® VIP Investor Freedom Retirement^SM Portfolio† Adviser: Fidelity Management & Research Company LLC	0.39%	9.63%	2.31%	4.40%
Seeks capital appreciation	Fidelity^® VIP Materials Portfolio Adviser: Fidelity Management & Research Company LLC	0.76%	11.24%	6.98%	7.59%
Seeks long-term growth of capital	Fidelity^® VIP Mid Cap Portfolio Adviser: Fidelity Management & Research Company LLC	0.63%	11.68%	10.02%	10.50%
Seeks long-term growth of capital	Fidelity^® VIP Overseas Portfolio Adviser: Fidelity Management & Research Company LLC	0.80%	20.32%	6.54%	7.85%
Seeks above average income and long-term capital growth, consistent with reasonable investment risk. The fund seeks to provide a yield that exceeds the composite yield of the S&P 500^® Index	Fidelity^® VIP Real Estate Portfolio Adviser: Fidelity Management & Research Company LLC	0.68%	3.06%	4.15%	3.79%
Seeks a high level of current income. The fund may also seek capital appreciation	Fidelity^® VIP Strategic Income Portfolio Adviser: Fidelity Management & Research Company LLC	0.67%	8.82%	3.02%	4.62%
Seeks capital appreciation	Fidelity^® VIP Technology Portfolio Adviser: Fidelity Management & Research Company LLC	0.64%	23.28%	16.75%	23.67%
Seeks to provide investment results that correspond to the total return of a broad range of U.S. stocks	Fidelity^® VIP Total Market Index Portfolio Adviser: Fidelity Management & Research Company LLC Principal Subadviser: Geode Capital Management, LLC	0.11%	17.11%	13.14%	—


Investment Objective	Fund & Adviser/Subadviser	Current Expenses	Average Annual Total Returns (as of 12/31/25)
Investment Objective	Fund & Adviser/Subadviser	Current Expenses	1 year	5 year	10 year
Seeks capital appreciation	Fidelity^® VIP Utilities Portfolio Adviser: Fidelity Management & Research Company LLC	0.68%	14.03%	12.43%	12.42%
Seeks capital appreciation	Fidelity^® VIP Value Portfolio Adviser: Fidelity Management & Research Company LLC	0.68%	11.16%	13.02%	11.15%
Seeks capital appreciation	Fidelity^® VIP Value Strategies Portfolio Adviser: Fidelity Management & Research Company LLC	0.66%	7.89%	12.06%	10.74%
Seeks income	Franklin U.S. Government Securities VIP Fund Adviser: Franklin Advisers, Inc.	0.79%	6.69%	0.02%	1.14%
Seeks capital appreciation	Invesco V.I. Global Fund Adviser: Invesco Advisers, Inc.	0.81%	15.32%	7.28%	11.00%
Seeks long-term capital appreciation	Lazard Retirement Emerging Markets Equity Portfolio Adviser: Lazard Asset Management LLC	1.13%*	42.12%	11.04%	9.63%
Seeks high total return by investing primarily in fixed income securities of government and government-related issuers and, to a lesser extent, of corporate issuers in emerging market countries	Morgan Stanley Variable Insurance Fund, Inc. (“Morgan Stanley”) Emerging Markets Debt Portfolio Adviser: Morgan Stanley Investment Management Inc.	1.10%*	15.33%	2.70%	4.51%
Seeks long-term capital appreciation by investing primarily in growth-oriented equity securities of issuers in emerging market countries	Morgan Stanley Emerging Markets Equity Portfolio Adviser: Morgan Stanley Investment Management Inc.	1.25%*	32.96%	4.37%	7.27%
Seeks total return	Morgan Stanley Global Strategist Portfolio Adviser: Morgan Stanley Investment Management Inc.	0.90%*	17.40%	5.31%	6.85%


Investment Objective	Fund & Adviser/Subadviser	Current Expenses	Average Annual Total Returns (as of 12/31/25)
Investment Objective	Fund & Adviser/Subadviser	Current Expenses	1 year	5 year	10 year
Seeks maximum real return, consistent with prudent investment management	PIMCO Variable Insurance Trust (“VIT”) CommodityRealReturn^® Strategy Portfolio Adviser: Pacific Investment Management Company LLC	3.19%*	18.79%	10.55%	6.54%
Seeks maximum total return, consistent with preservation of capital and prudent investment management	PIMCO VIT Low Duration Portfolio Adviser: Pacific Investment Management Company LLC	0.66%	5.52%	1.57%	1.79%
Seeks maximum real return, consistent with preservation of real capital and prudent investment management	PIMCO VIT Real Return Portfolio Adviser: Pacific Investment Management Company LLC	1.39%	7.85%	1.21%	3.21%
Seeks maximum total return, consistent with preservation of capital and prudent investment management	PIMCO VIT Total Return Portfolio Adviser: Pacific Investment Management Company LLC	0.73%	8.89%	0.02%	2.36%
Seeks high current income, consistent with preservation of capital, with capital appreciation as a secondary consideration	Templeton Global Bond VIP Fund Adviser: Franklin Advisers, Inc.	0.75%*	15.73%	-0.96%	-0.15%

Each Fidelity Subaccount invests in Investor Class shares of each Fund except for the VIP Index 500 Portfolio, VIP Bond Index Portfolio, VIP Extended Market Index Portfolio, VIP International Index Portfolio and VIP Total Market Index Portfolio which invest in Initial Class shares of each Fund.

*	This Fund’s current expenses reflect temporary fee reductions. See the Fund’s prospectus for additional information.

†	Prior to April 30, 2026, the fund was named Fidelity^® VIP Investor Freedom Income Portfolio.

We have filed additional information about the Contract and the Variable Account with the Securities and Exchange Commission in a Statement of Additional Information (“SAI”) dated April 30, 2026. The SAI is incorporated by reference in this prospectus and is available, without charge, upon request. To request the SAI, other information about the Contract, or to make investor inquiries, call us at 1‑800‑544‑2442.

Reports and other information about the Variable Account are available on the Securities and Exchange Commission’s website at http://www.sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

Edgar Contract Identifier: C000024030

FPRA‑PRO‑0426

1.819090.125

FIDELITY PERSONAL RETIREMENT ANNUITY^®

STATEMENT OF ADDITIONAL INFORMATION

April 30, 2026

This Statement of Additional Information supplements the information found in the current Prospectus for the variable annuity contracts (“Contracts”) offered by Fidelity Investments Life Insurance Company (“FILI” or the “Company”) through Fidelity Investments Variable Annuity Account I (the “Variable Account”). You may obtain a copy of the Prospectus dated April 30, 2026, without charge by calling 1-800-544-2442.

THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT A PROSPECTUS.

Table of Contents


	PAGE

General Information and History		2

Non-Principal Risks of Investing in the Contract		2

Unavailability of Annuity Income Options in Certain Circumstances		2

Safekeeping of Variable Account Assets		3

Distribution of the Contracts		3

Underwriting Commissions		3

State Regulation		3

Legal Matters		3

Experts		4

Financial Statements		4

Variable Account (enclosed)

Fidelity Investments Life Insurance Company (enclosed)

FPRA-PTB-0426

1.819091.125

GENERAL INFORMATION AND HISTORY

Fidelity Investments Life Insurance Company (“FILI”)

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

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

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

NON-PRINCIPAL RISKS OF INVESTING IN THE CONTRACT

Considerations Regarding Cybersecurity

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

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

UNAVAILABILITY OF ANNUITY INCOME OPTIONS IN CERTAIN CIRCUMSTANCES

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

SAFEKEEPING OF VARIABLE ACCOUNT ASSETS

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

DISTRIBUTION OF THE CONTRACTS

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

UNDERWRITING COMMISSIONS



Year	Underwriting Commissions Paid to FBS	Amount of Underwriting Commissions Retained by FBS

2025	$20,992,464	$20,992,464

2024	$14,744,837	$14,744,837

2023	$9,846,381	$9,846,381

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

STATE REGULATION

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

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

LEGAL MATTERS

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

EXPERTS

The consolidated financial statements of the Company as of December 31, 2025 and 2024 and for each of the three years in the period ended December 31, 2025, and the financial statements of each of the subaccounts of Fidelity Investments Variable Annuity Account I as of December 31, 2025 and for each of the periods indicated, included in this Statement of Additional Information constituting part of this Registration Statement, have been so included in reliance on the reports of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The principal business address for PricewaterhouseCoopers LLP is 101 Seaport Boulevard, Boston, Massachusetts 02210.

FINANCIAL STATEMENTS

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

LOGO

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

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities

December 31, 2025


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

Assets:

Investments at market value	$	243,988	$	3,556,734	$	50,430	$	338,451	$	408,863	$	735,369	$	813,212	$	1,362,940

Receivable from FILI		47		—		18		—		73		—		147		2


Total assets	$	244,035	$	3,556,734	$	50,448	$	338,451	$	408,936	$	735,369	$	813,359	$	1,362,942

Liabilities:

Payable to FILI		—		13		—		1		—		—		—		—


Total net assets	$	244,035	$	3,556,721	$	50,448	$	338,450	$	408,936	$	735,369	$	813,359	$	1,362,942


Net Assets:

Fidelity Retirement Reserves	$	236,959	$	—	$	41,991	$	—	$	374,733	$	—	$	765,682	$	—

Fidelity Income Advantage		7,076		—		8,457		—		34,203		—		47,677		—

Fidelity Personal Retirement		—		3,543,207		—		338,450		—		735,369		—		1,362,942

Fidelity Freedom Lifetime Income		—		151		—		—		—		—		—		—

Fidelity Growth and Guaranteed Income		—		13,363		—		—		—		—		—		—


Total net assets	$	244,035	$	3,556,721	$	50,448	$	338,450	$	408,936	$	735,369	$	813,359	$	1,362,942


Units Outstanding and Unit Value:

Fidelity Retirement Reserves:

Units Outstanding		10,031		—		582		—		1,530		—		1,474		—


Unit Value	$	23.62	$	—	$	72.23	$	—	$	244.92	$	—	$	519.23	$	—


Fidelity Income Advantage:

Units Outstanding		315		—		123		—		147		—		96		—


Unit Value	$	22.39	$	—	$	68.46	$	—	$	232.12	$	—	$	492.09	$	—


Fidelity Personal Retirement:

Units Outstanding		—		280,313		—		13,916		—		14,193		—		12,562


Highest Value	$	—	$	13.49	$	—	$	34.02	$	—	$	78.84	$	—	$	158.21


Lowest Value	$	—	$	11.83	$	—	$	21.90	$	—	$	47.75	$	—	$	102.25


Fidelity Freedom Lifetime Income:

Units Outstanding		—		12		—		—		—		—		—		—


Unit Value	$	—	$	12.56	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Single Annuitant):

Units Outstanding		—		975		—		—		—		—		—		—


Highest Value	$	—	$	10.55	$	—	$	—	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	9.97	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Joint Annuitant):

Units Outstanding		—		312		—		—		—		—		—		—


Highest Value	$	—	$	10.26	$	—	$	—	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	9.72	$	—	$	—	$	—	$	—	$	—	$	—

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



		3		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities - continued

December 31, 2025


(In thousands, except per unit data)	Subaccounts Investing In:
	VIP – Overseas Initial Class		VIP – Overseas Investor Class		VIP – Investment Grade Bond Initial Class		VIP – Investment Grade Bond Investor Class		VIP – Asset Manager 50% Initial Class^(B)		VIP – Asset Manager 50% Investor Class^(B)		VIP – Index 500 Initial Class		VIP – Asset Manager 70% Initial Class^(B)

Assets:

Investments at market value	$	66,947	$	272,585	$	100,746	$	787,746	$	157,075	$	231,502	$	7,425,715	$	62,736

Receivable from FILI		22		—		1		—		149		—		154		49


Total assets	$	66,969	$	272,585	$	100,747	$	787,746	$	157,224	$	231,502	$	7,425,869	$	62,785

Liabilities:

Payable to FILI		—		—		—		—		—		—		—		—


Total net assets	$	66,969	$	272,585	$	100,747	$	787,746	$	157,224	$	231,502	$	7,425,869	$	62,785


Net Assets:

Fidelity Retirement Reserves	$	62,683	$	—	$	85,977	$	—	$	142,935	$	—	$	706,667	$	54,650

Fidelity Income Advantage		4,286		—		14,770		—		14,289		—		57,937		8,135

Fidelity Personal Retirement		—		272,585		—		787,746		—		231,502		6,661,265		—

Fidelity Freedom Lifetime Income		—		—		—		—		—		—		—		—

Fidelity Growth and Guaranteed Income		—		—		—		—		—		—		—		—


Total net assets	$	66,969	$	272,585	$	100,747	$	787,746	$	157,224	$	231,502	$	7,425,869	$	62,785


Units Outstanding and Unit Value:

Fidelity Retirement Reserves:

Units Outstanding		709		—		1,769		—		1,485		—		3,143		729


Unit Value	$	88.41	$	—	$	48.59	$	—	$	96.17	$	—	$	224.78	$	74.92


Fidelity Income Advantage:

Units Outstanding		51		—		321		—		156		—		271		114


Unit Value	$	83.79	$	—	$	46.05	$	—	$	91.14	$	—	$	213.03	$	71.00


Fidelity Personal Retirement:

Units Outstanding		—		8,781		—		47,670		—		7,380		83,350		—


Highest Value	$	—	$	41.88	$	—	$	19.16	$	—	$	40.21	$	112.03	$	—


Lowest Value	$	—	$	30.73	$	—	$	14.99	$	—	$	28.90	$	76.90	$	—


Fidelity Freedom Lifetime Income:

Units Outstanding		—		—		—		—		—		—		—		—


Unit Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Single Annuitant):

Units Outstanding		—		—		—		—		—		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Joint Annuitant):

Units Outstanding		—		—		—		—		—		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

^(B) Fund Name Change (Note 1)

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



		4		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities - continued

December 31, 2025


(In thousands, except per unit data)	Subaccounts Investing In:
	VIP – Asset Manager 70% Investor Class^(B)		VIP – Contrafund Initial Class		VIP – Contrafund Investor Class		VIP – Balanced Initial Class		VIP – Balanced Investor Class		VIP – Dynamic Capital Appreciation Initial Class		VIP – Dynamic Capital Appreciation Investor Class		VIP – Growth & Income Initial Class

Assets:

Investments at market value	$	201,318	$	1,385,805	$	3,348,891	$	196,953	$	4,374,767	$	26,437	$	221,116	$	150,304

Receivable from FILI		—		—		1		93		—		26		—		—


Total assets	$	201,318	$	1,385,805	$	3,348,892	$	197,046	$	4,374,767	$	26,463	$	221,116	$	150,304

Liabilities:

Payable to FILI		1		186		—		—		—		—		—		35


Total net assets	$	201,317	$	1,385,619	$	3,348,892	$	197,046	$	4,374,767	$	26,463	$	221,116	$	150,269


Net Assets:

Fidelity Retirement Reserves	$	—	$	1,295,272	$	—	$	162,918	$	—	$	22,988	$	—	$	134,455

Fidelity Income Advantage		—		90,347		—		34,128		—		3,475		—		15,814

Fidelity Personal Retirement		201,317		—		3,348,892		—		3,596,783		—		221,116		—

Fidelity Freedom Lifetime Income		—		—		—		—		—		—		—		—

Fidelity Growth and Guaranteed Income		—		—		—		—		777,984		—		—		—


Total net assets	$	201,317	$	1,385,619	$	3,348,892	$	197,046	$	4,374,767	$	26,463	$	221,116	$	150,269


Units Outstanding and Unit Value:

Fidelity Retirement Reserves:

Units Outstanding		—		4,365		—		2,204		—		235		—		1,323


Unit Value	$	—	$	296.85	$	—	$	73.91	$	—	$	97.65	$	—	$	101.62


Fidelity Income Advantage:

Units Outstanding		—		321		—		486		—		37		—		165


Unit Value	$	—	$	281.33	$	—	$	70.05	$	—	$	93.37	$	—	$	96.31


Fidelity Personal Retirement:

Units Outstanding		5,182		—		39,079		—		70,293		—		2,554		—


Highest Value	$	52.80	$	—	$	125.46	$	—	$	74.75	$	—	$	132.62	$	—


Lowest Value	$	36.79	$	—	$	83.48	$	—	$	47.58	$	—	$	84.79	$	—


Fidelity Freedom Lifetime Income:

Units Outstanding		—		—		—		—		—		—		—		—


Unit Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Single Annuitant):

Units Outstanding		—		—		—		—		11,895		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	63.02	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	37.02	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Joint Annuitant):

Units Outstanding		—		—		—		—		7,807		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	61.40	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	36.00	$	—	$	—	$	—

^(B) Fund Name Change (Note 1)

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



		5		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities – continued

December 31, 2025


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

Assets:

Investments at market value	$	506,129	$	224,953	$	1,415,032	$	259,805	$	711,960	$	36,512	$	156,141	$	34,006

Receivable from FILI		—		10		—		25		—		6		—		—


Total assets	$	506,129	$	224,963	$	1,415,032	$	259,830	$	711,960	$	36,518	$	156,141	$	34,006

Liabilities:

Payable to FILI		—		—		—		—		—		—		—		70


Total net assets	$	506,129	$	224,963	$	1,415,032	$	259,830	$	711,960	$	36,518	$	156,141	$	33,936


Net Assets:

Fidelity Retirement Reserves	$	—	$	201,586	$	—	$	228,615	$	—	$	30,138	$	—	$	30,999

Fidelity Income Advantage		—		23,377		—		31,215		—		6,380		—		2,937

Fidelity Personal Retirement		506,129		—		1,415,032		—		711,960		—		156,141		—

Fidelity Freedom Lifetime Income		—		—		—		—		—		—		—		—

Fidelity Growth and Guaranteed Income		—		—		—		—		—		—		—		—


Total net assets	$	506,129	$	224,963	$	1,415,032	$	259,830	$	711,960	$	36,518	$	156,141	$	33,936


Units Outstanding and Unit Value:

Fidelity Retirement Reserves:

Units Outstanding		—		1,409		—		2,442		—		513		—		525


Unit Value	$	—	$	143.09	$	—	$	93.62	$	—	$	58.73	$	—	$	59.03


Fidelity Income Advantage:

Units Outstanding		—		173		—		351		—		114		—		54


Unit Value	$	—	$	135.61	$	—	$	88.89	$	—	$	56.15	$	—	$	56.19


Fidelity Personal Retirement:

Units Outstanding		7,106		—		10,045		—		14,366		—		3,010		—


Highest Value	$	99.01	$	—	$	238.74	$	—	$	79.56	$	—	$	105.53	$	—


Lowest Value	$	67.35	$	—	$	128.93	$	—	$	45.33	$	—	$	50.46	$	—


Fidelity Freedom Lifetime Income:

Units Outstanding		—		—		—		—		—		—		—		—


Unit Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Single Annuitant):

Units Outstanding		—		—		—		—		—		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Joint Annuitant):

Units Outstanding		—		—		—		—		—		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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



		6		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities – continued

December 31, 2025


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

Assets:

Investments at market value	$	252,261	$	334,384	$	2,500,313	$	32,417	$	173,903	$	73,988	$	594,105	$	28,819

Receivable from FILI		—		121		—		11		—		40		1		15


Total assets	$	252,261	$	334,505	$	2,500,313	$	32,428	$	173,903	$	74,028	$	594,106	$	28,834

Liabilities:

Payable to FILI		—		—		—		—		—		—		—		—


Total net assets	$	252,261	$	334,505	$	2,500,313	$	32,428	$	173,903	$	74,028	$	594,106	$	28,834


Net Assets:

Fidelity Retirement Reserves	$	—	$	310,308	$	—	$	29,120	$	—	$	66,547	$	—	$	25,923

Fidelity Income Advantage		—		24,197		—		3,308		—		7,481		—		2,911

Fidelity Personal Retirement		252,261		—		2,500,313		—		173,903		—		594,106		—

Fidelity Freedom Lifetime Income		—		—		—		—		—		—		—		—

Fidelity Growth and Guaranteed Income		—		—		—		—		—		—		—		—


Total net assets	$	252,261	$	334,505	$	2,500,313	$	32,428	$	173,903	$	74,028	$	594,106	$	28,834


Units Outstanding and Unit Value:

Fidelity Retirement Reserves:

Units Outstanding		—		1,734		—		703		—		783		—		657


Unit Value	$	—	$	179.03	$	—	$	41.42	$	—	$	85.03	$	—	$	39.45


Fidelity Income Advantage:

Units Outstanding		—		141		—		84		—		91		—		78


Unit Value	$	—	$	170.42	$	—	$	39.43	$	—	$	80.94	$	—	$	37.56


Fidelity Personal Retirement:

Units Outstanding		4,404		—		14,145		—		6,999		—		7,500		—


Highest Value	$	65.17	$	—	$	374.12	$	—	$	34.77	$	—	$	112.25	$	—


Lowest Value	$	53.07	$	—	$	163.69	$	—	$	23.72	$	—	$	77.78	$	—


Fidelity Freedom Lifetime Income:

Units Outstanding		—		—		—		—		—		—		—		—


Unit Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Single Annuitant):

Units Outstanding		—		—		—		—		—		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Joint Annuitant):

Units Outstanding		—		—		—		—		—		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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



		7		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities – continued

December 31, 2025


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

Assets:

Investments at market value	$	257,348	$	38,522	$	252,276	$	15,126	$	190,550	$	15,688	$	129,787	$	37,331

Receivable from FILI		—		16		—		—		—		—		—		—


Total assets	$	257,348	$	38,538	$	252,276	$	15,126	$	190,550	$	15,688	$	129,787	$	37,331

Liabilities:

Payable to FILI		—		—		—		12		—		19		—		28


Total net assets	$	257,348	$	38,538	$	252,276	$	15,114	$	190,550	$	15,669	$	129,787	$	37,303


Net Assets:

Fidelity Retirement Reserves	$	—	$	33,953	$	—	$	13,529	$	—	$	14,236	$	—	$	33,639

Fidelity Income Advantage		—		4,585		—		1,585		—		1,433		—		3,664

Fidelity Personal Retirement		257,348		—		252,276		—		190,550		—		129,787		—

Fidelity Freedom Lifetime Income		—		—		—		—		—		—		—		—

Fidelity Growth and Guaranteed Income		—		—		—		—		—		—		—		—


Total net assets	$	257,348	$	38,538	$	252,276	$	15,114	$	190,550	$	15,669	$	129,787	$	37,303


Units Outstanding and Unit Value:

Fidelity Retirement Reserves:

Units Outstanding		—		307		—		182		—		320		—		1,306


Unit Value	$	—	$	110.83	$	—	$	74.08	$	—	$	44.52	$	—	$	25.77


Fidelity Income Advantage:

Units Outstanding		—		43		—		22		—		34		—		149


Unit Value	$	—	$	105.50	$	—	$	70.52	$	—	$	42.57	$	—	$	24.66


Fidelity Personal Retirement:

Units Outstanding		5,291		—		3,486		—		2,552		—		4,468		—


Highest Value	$	88.64	$	—	$	116.08	$	—	$	132.80	$	—	$	65.20	$	—


Lowest Value	$	35.31	$	—	$	66.98	$	—	$	73.46	$	—	$	27.23	$	—


Fidelity Freedom Lifetime Income:

Units Outstanding		—		—		—		—		—		—		—		—


Unit Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Single Annuitant):

Units Outstanding		—		—		—		—		—		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Joint Annuitant):

Units Outstanding		—		—		—		—		—		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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



		8		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities – continued

December 31, 2025


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

Assets:

Investments at market value	$	775,145	$	21,699	$	413,779	$	27,150	$	271,927	$	11,075	$	73,195

Receivable from FILI		—		—		—		—		—		12		—


Total assets	$	775,145	$	21,699	$	413,779	$	27,150	$	271,927	$	11,087	$	73,195

Liabilities:

Payable to FILI		—		20		1		24		—		—		—


Total net assets	$	775,145	$	21,679	$	413,778	$	27,126	$	271,927	$	11,087	$	73,195


Net Assets:

Fidelity Retirement Reserves	$	—	$	20,238	$	—	$	25,230	$	—	$	11,087	$	—

Fidelity Income Advantage		—		1,441		—		1,896		—		—		—

Fidelity Personal Retirement		775,145		—		413,778		—		271,927		—		73,195

Fidelity Freedom Lifetime Income		—		—		—		—		—		—		—

Fidelity Growth and Guaranteed Income		—		—		—		—		—		—		—


Total net assets	$	775,145	$	21,679	$	413,778	$	27,126	$	271,927	$	11,087	$	73,195


Units Outstanding and Unit Value:

Fidelity Retirement Reserves:

Units Outstanding		—		536		—		528		—		554		—


Unit Value	$	—	$	37.71	$	—	$	47.88	$	—	$	19.98	$	—


Fidelity Income Advantage:

Units Outstanding		—		40		—		42		—		—		—


Unit Value	$	—	$	36.18	$	—	$	45.94	$	—	$	—	$	—


Fidelity Personal Retirement:

Units Outstanding		36,379		—		10,028		—		4,936		—		3,544


Highest Value	$	26.78	$	—	$	78.90	$	—	$	98.18	$	—	$	22.47


Lowest Value	$	18.72	$	—	$	39.17	$	—	$	50.73	$	—	$	18.54


Fidelity Freedom Lifetime Income:

Units Outstanding		—		—		—		—		—		—		—


Unit Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Single Annuitant):

Units Outstanding		—		—		—		—		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Joint Annuitant):

Units Outstanding		—		—		—		—		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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



		9		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities – continued

December 31, 2025


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

Assets:

Investments at market value	$	4,419	$	46,335	$	13,150	$	80,183	$	14,447	$	165,459	$	18,657

Receivable from FILI		1		—		1		—		1		—		1


Total assets	$	4,420	$	46,335	$	13,151	$	80,183	$	14,448	$	165,459	$	18,658

Liabilities:

Payable to FILI		—		—		—		—		—		—		—


Total net assets	$	4,420	$	46,335	$	13,151	$	80,183	$	14,448	$	165,459	$	18,658


Net Assets:

Fidelity Retirement Reserves	$	4,420	$	—	$	13,151	$	—	$	14,448	$	—	$	18,658

Fidelity Income Advantage		—		—		—		—		—		—		—

Fidelity Personal Retirement		—		46,335		—		80,183		—		165,459		—

Fidelity Freedom Lifetime Income		—		—		—		—		—		—		—

Fidelity Growth and Guaranteed Income		—		—		—		—		—		—		—


Total net assets	$	4,420	$	46,335	$	13,151	$	80,183	$	14,448	$	165,459	$	18,658


Units Outstanding and Unit Value:

Fidelity Retirement Reserves:

Units Outstanding		171		—		457		—		464		—		537


Unit Value	$	25.88	$	—	$	28.76	$	—	$	31.15	$	—	$	34.75


Fidelity Income Advantage:

Units Outstanding		—		—		—		—		—		—		—


Unit Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Personal Retirement:

Units Outstanding		—		1,690		—		2,641		—		5,072		—


Highest Value	$	—	$	33.66	$	—	$	37.54	$	—	$	43.49	$	—


Lowest Value	$	—	$	24.58	$	—	$	27.08	$	—	$	30.19	$	—


Fidelity Freedom Lifetime Income:

Units Outstanding		—		—		—		—		—		—		—


Unit Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Single Annuitant):

Units Outstanding		—		—		—		—		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Joint Annuitant):

Units Outstanding		—		—		—		—		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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



		10		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities – continued

December 31, 2025


(In thousands, except per unit data)	Subaccounts Investing In:
	VIP – Investor Freedom 2025 Investor Class		VIP – Freedom 2030 Initial Class		VIP – Investor Freedom 2030 Investor Class		VIP – Freedom 2035 Initial Class		VIP – Investor Freedom 2035 Investor Class		VIP – Freedom 2040 Initial Class		VIP – Investor Freedom 2040 Investor Class		VIP – Freedom 2045 Initial Class

Assets:

Investments at market value	$	195,749	$	22,824	$	366,942	$	1,371	$	35,304	$	699	$	21,971	$	321

Receivable from FILI		—		—		1		—		—		1		—		—


Total assets	$	195,749	$	22,824	$	366,943	$	1,371	$	35,304	$	700	$	21,971	$	321

Liabilities:

Payable to FILI		—		—		—		—		—		—		—		—


Total net assets	$	195,749	$	22,824	$	366,943	$	1,371	$	35,304	$	700	$	21,971	$	321


Net Assets:

Fidelity Retirement Reserves	$	—	$	22,824	$	—	$	1,371	$	—	$	700	$	—	$	321

Fidelity Income Advantage		—		—		—		—		—		—		—		—

Fidelity Personal Retirement		195,749		—		366,943		—		35,304		—		21,971		—

Fidelity Freedom Lifetime Income		—		—		—		—		—		—		—		—

Fidelity Growth and Guaranteed Income		—		—		—		—		—		—		—		—


Total net assets	$	195,749	$	22,824	$	366,943	$	1,371	$	35,304	$	700	$	21,971	$	321


Units Outstanding and Unit Value:

Fidelity Retirement Reserves:

Units Outstanding		—		614		—		100		—		48		—		22


Unit Value	$	—	$	37.17	$	—	$	13.82	$	—	$	14.49	$	—	$	14.76


Fidelity Income Advantage:

Units Outstanding		—		—		—		—		—		—		—		—


Unit Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Personal Retirement:

Units Outstanding		5,367		—		9,414		—		2,517		—		1,495		—


Highest Value	$	49.30	$	—	$	55.44	$	—	$	14.06	$	—	$	14.74	$	—


Lowest Value	$	33.80	$	—	$	37.35	$	—	$	14.01	$	—	$	14.68	$	—


Fidelity Freedom Lifetime Income:

Units Outstanding		—		—		—		—		—		—		—		—


Unit Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Single Annuitant):

Units Outstanding		—		—		—		—		—		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Joint Annuitant):

Units Outstanding		—		—		—		—		—		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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



		11		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities – continued

December 31, 2025


(In thousands, except per unit data)	Subaccounts Investing In:
	VIP – Investor Freedom 2045 Investor Class		VIP – Freedom 2050 Initial Class		VIP – Investor Freedom 2050 Investor Class		VIP – Freedom Lifetime Income I		VIP – Freedom Lifetime Income II		VIP – Freedom Lifetime Income III		VIP – Disciplined Small Cap Initial Class		VIP – Disciplined Small Cap Investor Class

Assets:

Investments at market value	$	7,030	$	320	$	11,892	$	7,125	$	24,611	$	27,567	$	24,891	$	377,536

Receivable from FILI		1		—		—		26		53		37		5		1


Total assets	$	7,031	$	320	$	11,892	$	7,151	$	24,664	$	27,604	$	24,896	$	377,537

Liabilities:

Payable to FILI		—		—		—		—		—		—		—		—


Total net assets	$	7,031	$	320	$	11,892	$	7,151	$	24,664	$	27,604	$	24,896	$	377,537


Net Assets:

Fidelity Retirement Reserves	$	—	$	320	$	—	$	—	$	—	$	—	$	22,928	$	—

Fidelity Income Advantage		—		—		—		—		—		—		1,968		—

Fidelity Personal Retirement		7,031		—		11,892		—		—		—		—		377,537

Fidelity Freedom Lifetime Income		—		—		—		7,151		24,664		27,604		—		—

Fidelity Growth and Guaranteed Income		—		—		—		—		—		—		—		—


Total net assets	$	7,031	$	320	$	11,892	$	7,151	$	24,664	$	27,604	$	24,896	$	377,537


Units Outstanding and Unit Value:

Fidelity Retirement Reserves:

Units Outstanding		—		22		—		—		—		—		580		—


Unit Value	$	—	$	14.75	$	—	$	—	$	—	$	—	$	39.53	$	—


Fidelity Income Advantage:

Units Outstanding		—		—		—		—		—		—		51		—


Unit Value	$	—	$	—	$	—	$	—	$	—	$	—	$	37.99	$	—


Fidelity Personal Retirement:

Units Outstanding		470		—		795		—		—		—		—		7,439


Highest Value	$	15.00	$	—	$	15.00	$	—	$	—	$	—	$	—	$	80.47


Lowest Value	$	14.94	$	—	$	14.94	$	—	$	—	$	—	$	—	$	43.38


Fidelity Freedom Lifetime Income:

Units Outstanding		—		—		—		321		921		831		—		—


Unit Value	$	—	$	—	$	—	$	22.20	$	26.72	$	33.15	$	—	$	—


Fidelity Growth and Guaranteed Income (Single Annuitant):

Units Outstanding		—		—		—		—		—		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Joint Annuitant):

Units Outstanding		—		—		—		—		—		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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



		12		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities – continued

December 31, 2025


(In thousands, except per unit data)	Subaccounts Investing In:
	VIP – FundsManager 20% Investor Class		VIP – FundsManager 30% Investor Class		VIP – FundsManager 40% Investor Class		VIP – FundsManager 50% Investor Class		VIP – FundsManager 60% Investor Class		VIP – FundsManager 70% Investor Class		VIP – FundsManager 85% Investor Class		VIP – Consumer Staples Initial Class

Assets:

Investments at market value	$	624,710	$	25,967	$	50,951	$	1,749,071	$	2,196,184	$	2,400,493	$	1,045,915	$	10,584

Receivable from FILI		6		—		—		—		231		80		66		—


Total assets	$	624,716	$	25,967	$	50,951	$	1,749,071	$	2,196,415	$	2,400,573	$	1,045,981	$	10,584

Liabilities:

Payable to FILI		—		—		—		284		—		—		—		30


Total net assets	$	624,716	$	25,967	$	50,951	$	1,748,787	$	2,196,415	$	2,400,573	$	1,045,981	$	10,554


Net Assets:

Fidelity Retirement Reserves	$	26,482	$	1,553	$	1,747	$	54,648	$	31,285	$	38,792	$	25,600	$	9,629

Fidelity Income Advantage		3,484		35		—		24,367		11,252		17,677		7,970		925

Fidelity Personal Retirement		585,826		24,379		49,204		1,560,556		1,584,592		2,310,311		998,111		—

Fidelity Freedom Lifetime Income		8,924		—		—		109,216		130,168		33,793		14,300		—

Fidelity Growth and Guaranteed Income		—		—		—		—		439,118		—		—		—


Total net assets	$	624,716	$	25,967	$	50,951	$	1,748,787	$	2,196,415	$	2,400,573	$	1,045,981	$	10,554


Units Outstanding and Unit Value:

Fidelity Retirement Reserves:

Units Outstanding		1,431		127		140		2,048		1,140		1,203		704		270


Unit Value	$	18.53	$	12.16	$	12.54	$	26.67	$	27.44	$	32.21	$	36.36	$	35.76


Fidelity Income Advantage:

Units Outstanding		195		3		—		962		422		568		227		29


Unit Value	$	17.81	$	12.10	$	—	$	25.63	$	26.48	$	30.96	$	34.94	$	34.44


Fidelity Personal Retirement:

Units Outstanding		29,506		1,972		3,858		52,548		50,164		62,450		23,284		—


Highest Value	$	21.42	$	12.39	$	12.78	$	37.15	$	44.49	$	51.51	$	64.68	$	—


Lowest Value	$	18.37	$	12.34	$	12.73	$	28.66	$	30.26	$	35.91	$	40.54	$	—


Fidelity Freedom Lifetime Income:

Units Outstanding		506		—		—		4,311		4,573		1,101		411		—


Unit Value	$	17.60	$	—	$	—	$	25.34	$	28.43	$	30.68	$	34.74	$	—


Fidelity Growth and Guaranteed Income (Single Annuitant):

Units Outstanding		—		—		—		—		8,685		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	37.51	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	25.58	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Joint Annuitant):

Units Outstanding		—		—		—		—		6,798		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	36.55	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	24.87	$	—	$	—	$	—

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



		13		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities - continued

December 31, 2025


(In thousands, except per unit data)	Subaccounts Investing In:
	VIP – Consumer Staples Investor Class		VIP – Materials Initial Class		VIP – Materials Investor Class		VIP – Communication Services Initial Class		VIP – Communication Services Investor Class		VIP – Hedged Equity Investor Class^(C)		VIP – Emerging Markets Initial Class		VIP – Emerging Markets Investor Class

Assets:

Investments at market value	$	170,106	$	6,748	$	53,769	$	33,017	$	349,744	$	8,999	$	13,848	$	231,016

Receivable from FILI		—		4		—		—		—		—		2		—


Total assets	$	170,106	$	6,752	$	53,769	$	33,017	$	349,744	$	8,999	$	13,850	$	231,016

Liabilities:

Payable to FILI		—		—		—		30		—		—		—		—


Total net assets	$	170,106	$	6,752	$	53,769	$	32,987	$	349,744	$	8,999	$	13,850	$	231,016


Net Assets:

Fidelity Retirement Reserves	$	—	$	6,243	$	—	$	28,871	$	—	$	—	$	12,722	$	—

Fidelity Income Advantage		—		509		—		4,116		—		—		1,128		—

Fidelity Personal Retirement		170,106		—		53,769		—		349,744		8,999		—		231,016

Fidelity Freedom Lifetime Income		—		—		—		—		—		—		—		—

Fidelity Growth and Guaranteed Income		—		—		—		—		—		—		—		—


Total net assets	$	170,106	$	6,752	$	53,769	$	32,987	$	349,744	$	8,999	$	13,850	$	231,016


Units Outstanding and Unit Value:

Fidelity Retirement Reserves:

Units Outstanding		—		203		—		561		—		—		658		—


Unit Value	$	—	$	30.83	$	—	$	51.45	$	—	$	—	$	19.35	$	—


Fidelity Income Advantage:

Units Outstanding		—		16		—		83		—		—		59		—


Unit Value	$	—	$	29.69	$	—	$	49.55	$	—	$	—	$	18.67	$	—


Fidelity Personal Retirement:

Units Outstanding		4,451		—		1,632		—		5,163		767		—		9,209


Highest Value	$	48.90	$	—	$	68.22	$	—	$	136.32	$	11.74	$	—	$	56.12


Lowest Value	$	37.15	$	—	$	31.74	$	—	$	56.20	$	11.73	$	—	$	21.04


Fidelity Freedom Lifetime Income:

Units Outstanding		—		—		—		—		—		—		—		—


Unit Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Single Annuitant):

Units Outstanding		—		—		—		—		—		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Joint Annuitant):

Units Outstanding		—		—		—		—		—		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

^(C) New Fund (Note 1)

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



		14		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities - continued

December 31, 2025


(In thousands, except per unit data)	Subaccounts Investing In:
	VIP – Floating Rate High Income Initial Class		VIP – Floating Rate High Income Investor Class		VIP – Bond Index Initial Class		VIP – Total Market Index Initial Class		VIP – Extended Market Index Initial Class		VIP – International Index Initial Class		VIF – Emerging Markets Equity – Class I		VIF – Emerging Markets Debt – Class I

Assets:

Investments at market value	$	11,024	$	283,761	$	597,216	$	982,016	$	170,619	$	570,978	$	45,747	$	75,924

Receivable from FILI		3		—		2		3		4		1		2		—


Total assets	$	11,027	$	283,761	$	597,218	$	982,019	$	170,623	$	570,979	$	45,749	$	75,924

Liabilities:

Payable to FILI		—		—		—		—		—		—		—		—


Total net assets	$	11,027	$	283,761	$	597,218	$	982,019	$	170,623	$	570,979	$	45,749	$	75,924


Net Assets:

Fidelity Retirement Reserves	$	10,328	$	—	$	22,064	$	44,101	$	4,971	$	19,243	$	14,411	$	6,965

Fidelity Income Advantage		699		—		657		852		634		1,018		1,270		776

Fidelity Personal Retirement		—		283,761		574,497		937,066		165,018		550,718		30,068		68,183

Fidelity Freedom Lifetime Income		—		—		—		—		—		—		—		—

Fidelity Growth and Guaranteed Income		—		—		—		—		—		—		—		—


Total net assets	$	11,027	$	283,761	$	597,218	$	982,019	$	170,623	$	570,979	$	45,749	$	75,924


Units Outstanding and Unit Value:

Fidelity Retirement Reserves:

Units Outstanding		671		—		2,029		1,783		290		1,195		336		162


Unit Value	$	15.37	$	—	$	10.87	$	24.74	$	17.13	$	16.10	$	42.92	$	42.88


Fidelity Income Advantage:

Units Outstanding		46		—		61		35		38		65		31		20


Unit Value	$	15.01	$	—	$	10.71	$	24.36	$	16.87	$	15.86	$	40.67	$	40.64


Fidelity Personal Retirement:

Units Outstanding		—		17,175		50,351		36,067		9,172		32,576		1,494		3,395


Highest Value	$	—	$	16.62	$	11.47	$	26.09	$	18.07	$	16.98	$	38.00	$	27.69


Lowest Value	$	—	$	16.33	$	11.34	$	25.79	$	17.86	$	16.79	$	18.78	$	17.76


Fidelity Freedom Lifetime Income:

Units Outstanding		—		—		—		—		—		—		—		—


Unit Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Single Annuitant):

Units Outstanding		—		—		—		—		—		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Joint Annuitant):

Units Outstanding		—		—		—		—		—		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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



		15		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities - continued

December 31, 2025


(In thousands, except per unit data)	Subaccounts Investing In:
	VIF – Global Strategist – Class II		Lazard – Retirement Emerging Markets Portfolio – Investor		Invesco – VI Global Core Equity Series I		Allspring – VT Discovery SMID Cap Growth Class 2		Allspring – VT Opportunity Class 2		PVIT – Commodity Real Return Portfolio – Administrative		PVIT – Low Duration Portfolio – Administrative		PVIT – Real Return Portfolio – Administrative

Assets:

Investments at market value	$	27,598	$	137,438	$	36,107	$	21,809	$	21,917	$	28,928	$	294,373	$	150,765

Receivable from FILI		11		4		5		12		11		1		4		—


Total assets	$	27,609	$	137,442	$	36,112	$	21,821	$	21,928	$	28,929	$	294,377	$	150,765

Liabilities:

Payable to FILI		—		—		—		—		—		—		—		—


Total net assets	$	27,609	$	137,442	$	36,112	$	21,821	$	21,928	$	28,929	$	294,377	$	150,765


Net Assets:

Fidelity Retirement Reserves	$	5,186	$	9,514	$	7,153	$	19,756	$	20,286	$	96	$	16,182	$	6,254

Fidelity Income Advantage		1,417		1,050		1,141		2,065		1,642		145		476		563

Fidelity Personal Retirement		21,006		126,878		27,818		—		—		28,688		277,719		143,948

Fidelity Freedom Lifetime Income		—		—		—		—		—		—		—		—

Fidelity Growth and Guaranteed Income		—		—		—		—		—		—		—		—


Total net assets	$	27,609	$	137,442	$	36,112	$	21,821	$	21,928	$	28,929	$	294,377	$	150,765


Units Outstanding and Unit Value:

Fidelity Retirement Reserves:

Units Outstanding		188		366		193		238		203		11		1,334		422


Unit Value	$	27.49	$	25.98	$	37.17	$	83.03	$	99.84	$	8.91	$	12.12	$	14.83


Fidelity Income Advantage:

Units Outstanding		54		41		32		26		18		17		40		39


Unit Value	$	26.05	$	24.97	$	35.23	$	78.69	$	94.62	$	8.67	$	11.73	$	14.35


Fidelity Personal Retirement:

Units Outstanding		836		5,350		942		—		—		2,947		21,331		9,315


Highest Value	$	37.29	$	45.67	$	40.39	$	—	$	—	$	9.82	$	13.27	$	16.22


Lowest Value	$	21.90	$	21.55	$	25.18	$	—	$	—	$	9.62	$	12.82	$	14.96


Fidelity Freedom Lifetime Income:

Units Outstanding		—		—		—		—		—		—		—		—


Unit Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Single Annuitant):

Units Outstanding		—		—		—		—		—		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Joint Annuitant):

Units Outstanding		—		—		—		—		—		—		—		—


Highest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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



		16		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Assets and Liabilities - continued

December 31, 2025


(In thousands, except per unit data)	Subaccounts Investing In:
	PVIT – Total Return Portfolio – Administrative		Blackrock – Global Allocation V.I. Fund – Class I		FTVIP – Templeton Global Bond Fund – Class 2		FTVIP – Franklin U.S. Government Securities Fund – Class 2

Assets:

Investments at market value	$	381,339	$	169,934	$	46,400	$	57,265

Receivable from FILI		1		2		—		—


Total assets	$	381,340	$	169,936	$	46,400	$	57,265

Liabilities:

Payable to FILI		—		1		1		—


Total net assets	$	381,340	$	169,935	$	46,399	$	57,265


Net Assets:

Fidelity Retirement Reserves	$	15,113	$	4,260	$	1,425	$	2,119

Fidelity Income Advantage		558		527		147		102

Fidelity Personal Retirement		365,669		165,148		44,827		55,044

Fidelity Freedom Lifetime Income		—		—		—		—

Fidelity Growth and Guaranteed Income		—		—		—		—


Total net assets	$	381,340	$	169,935	$	46,399	$	57,265


Units Outstanding and Unit Value:

Fidelity Retirement Reserves:

Units Outstanding		1,068		197		151		205


Unit Value	$	14.16	$	21.61	$	9.43	$	10.35


Fidelity Income Advantage:

Units Outstanding		41		25		16		10


Unit Value	$	13.70	$	21.02	$	9.18	$	10.06


Fidelity Personal Retirement:

Units Outstanding		24,440		7,008		4,351		4,882


Highest Value	$	15.49	$	23.81	$	10.39	$	11.40


Lowest Value	$	14.48	$	23.32	$	10.18	$	11.17


Fidelity Freedom Lifetime Income:

Units Outstanding		—		—		—		—


Unit Value	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Single Annuitant):

Units Outstanding		—		—		—		—


Highest Value	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—


Fidelity Growth and Guaranteed Income (Joint Annuitant):

Units Outstanding		—		—		—		—


Highest Value	$	—	$	—	$	—	$	—


Lowest Value	$	—	$	—	$	—	$	—

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



		17		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations

For the year ended December 31, 2025


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

Income:
Dividends		9,912		136,739		3,173			21,245		6,975		12,156

Expenses:

Fidelity Retirement Reserves
Mortality and expense risk charges		1,786		—		310			—		2,696		—
Administrative and other charges		119		—		21			—		180		—

Total expenses		1,905		—		331			—		2,876		—


Fidelity Income Advantage
Mortality and expense risk charges		56		—		65			—		253		—
Administrative and other charges		19		—		22			—		84		—

Total expenses		75		—		87			—		337		—


Fidelity Personal Retirement
Mortality and expense risk charges		—		4,087		—			365		—		766
Administrative and other charges		—		1,696		—			160		—		337

Total expenses		—		5,783		—			525		—		1,103


Fidelity Freedom Lifetime Income
Mortality and expense risk charges		—		1		—			—		—		—
Administrative and other charges		—		—		—			—		—		—

Total expenses		—		1		—			—		—		—


Fidelity Growth and Guaranteed Income
Mortality and expense risk charges		—		109		—			—		—		—
Administrative and other charges		—		31		—			—		—		—

Total expenses		—		140		—			—		—		—


Total expenses		1,980		5,924		418			525		3,213		1,103


Net investment income (loss)		7,932		130,815		2,755			20,720		3,762		11,053


Realized and unrealized gain (loss) on investments:

Realized Gain (loss) on sale of fund shares		—		—		(1,342	)		1,043		6,256		12,466

Realized gain distributions		—		—		—			—		21,641		38,607


Net realized gain (loss) on investments		—		—		(1,342	)		1,043		27,897		51,073

Unrealized appreciation (depreciation)		—		—		3,062			9,226		33,544		54,422


Net increase (decrease) in net assets from operations		7,932		130,815		4,475			30,989		65,203		116,548

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



		18		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2025


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

Income:
Dividends		2,253			2,955			1,041		4,065		3,599			26,959

Expenses:

Fidelity Retirement Reserves
Mortality and expense risk charges		5,541			—			465		—		653			—
Administrative and other charges		369			—			31		—		44			—

Total expenses		5,910			—			496		—		697			—


Fidelity Income Advantage
Mortality and expense risk charges		357			—			35		—		117			—
Administrative and other charges		119			—			12		—		39			—

Total expenses		476			—			47		—		156			—


Fidelity Personal Retirement
Mortality and expense risk charges		—			1,401			—		309		—			862
Administrative and other charges		—			651			—		132		—			368

Total expenses		—			2,052			—		441		—			1,230


Fidelity Freedom Lifetime Income
Mortality and expense risk charges		—			—			—		—		—			—
Administrative and other charges		—			—			—		—		—			—

Total expenses		—			—			—		—		—			—


Fidelity Growth and Guaranteed Income
Mortality and expense risk charges		—			—			—		—		—			—
Administrative and other charges		—			—			—		—		—			—

Total expenses		—			—			—		—		—			—


Total expenses		6,386			2,052			543		441		853			1,230


Net investment income (loss)		(4,133	)		903			498		3,624		2,746			25,729


Realized and unrealized gain (loss) on investments:

Realized Gain (loss) on sale of fund shares		37,426			48,110			1,342		11,210		(1,121	)		(858	)

Realized gain distributions		100,331			170,114			5,794		23,509		—			—


Net realized gain (loss) on investments		137,757			218,224			7,136		34,719		(1,121	)		(858	)

Unrealized appreciation (depreciation)		(31,081	)		(39,776	)		3,806		6,225		4,650			24,470


Net increase (decrease) in net assets from operations		102,543			179,351			11,440		44,568		6,275			49,341

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



		19		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2025


(In thousands)	Subaccounts Investing In:
	VIP – Asset Manager 50% Initial Class ^(B)		VIP – Asset Manager 50% Investor Class ^(B)		VIP – Index 500 Initial Class		VIP – Asset Manager 70% Initial Class ^(B)		VIP – Asset Manager 70% Investor Class ^(B)		VIP – Contrafund Initial Class

Income:
Dividends		3,789		5,570		79,385		1,087		3,551		1,815

Expenses:

Fidelity Retirement Reserves
Mortality and expense risk charges		1,051		—		5,071		394		—		9,175
Administrative and other charges		70		—		338		26		—		612

Total expenses		1,121		—		5,409		420		—		9,787


Fidelity Income Advantage
Mortality and expense risk charges		110		—		421		59		—		663
Administrative and other charges		37		—		140		20		—		221

Total expenses		147		—		561		79		—		884


Fidelity Personal Retirement
Mortality and expense risk charges		—		276		6,490		—		238		—
Administrative and other charges		—		104		3,039		—		82		—

Total expenses		—		380		9,529		—		320		—


Fidelity Freedom Lifetime Income
Mortality and expense risk charges		—		—		—		—		—		—
Administrative and other charges		—		—		—		—		—		—

Total expenses		—		—		—		—		—		—


Fidelity Growth and Guaranteed Income
Mortality and expense risk charges		—		—		—		—		—		—
Administrative and other charges		—		—		—		—		—		—

Total expenses		—		—		—		—		—		—


Total expenses		1,268		380		15,499		499		320		10,671


Net investment income (loss)		2,521		5,190		63,886		588		3,231		(8,856	)


Realized and unrealized gain (loss) on investments:

Realized Gain (loss) on sale of fund shares		368		1,518		393,766		2,169		3,550		74,621

Realized gain distributions		7,149		9,280		35,141		2,013		4,880		209,100


Net realized gain (loss) on investments		7,517		10,798		428,907		4,182		8,430		283,721

Unrealized appreciation (depreciation)		10,224		12,490		622,025		4,839		15,544		(30,283	)


Net increase (decrease) in net assets from operations		20,262		28,478		1,114,818		9,609		27,205		244,582

^(B) Fund Name Change (Note 1)

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



		20		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2025


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

Income:
Dividends		2,977			3,264		69,903		146			1,041			2,168

Expenses:

Fidelity Retirement Reserves
Mortality and expense risk charges		—			1,191		—		166			—			958
Administrative and other charges		—			79		—		11			—			64

Total expenses		—			1,270		—		177			—			1,022


Fidelity Income Advantage
Mortality and expense risk charges		—			254		—		25			—			117
Administrative and other charges		—			85		—		8			—			39

Total expenses		—			339		—		33			—			156


Fidelity Personal Retirement
Mortality and expense risk charges		3,387			—		4,426		—			226			—
Administrative and other charges		1,520			—		1,675		—			106			—

Total expenses		4,907			—		6,101		—			332			—


Fidelity Freedom Lifetime Income
Mortality and expense risk charges		—			—		—		—			—			—
Administrative and other charges		—			—		—		—			—			—

Total expenses		—			—		—		—			—			—


Fidelity Growth and Guaranteed Income
Mortality and expense risk charges		—			—		7,155		—			—			—
Administrative and other charges		—			—		1,911		—			—			—

Total expenses		—			—		9,066		—			—			—


Total expenses		4,907			1,609		15,167		210			332			1,178


Net investment income (loss)		(1,930	)		1,655		54,736		(64	)		709			990


Realized and unrealized gain (loss) on investments:

Realized Gain (loss) on sale of fund shares		126,097			8,678		129,295		1,030			9,723			7,371

Realized gain distributions		501,922			9,608		204,923		4,628			38,660			13,154


Net realized gain (loss) on investments		628,019			18,286		334,218		5,658			48,383			20,525

Unrealized appreciation (depreciation)		(37,354	)		5,756		180,153		(1,433	)		(13,713	)		5,290


Net increase (decrease) in net assets from operations		588,735			25,697		569,107		4,161			35,379			26,805

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



		21		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2025


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

Income:
Dividends		7,151		—			—			1,070			2,494			389

Expenses:

Fidelity Retirement Reserves
Mortality and expense risk charges		—		1,440			—			1,658			—			232
Administrative and other charges		—		96			—			111			—			15

Total expenses		—		1,536			—			1,769			—			247


Fidelity Income Advantage
Mortality and expense risk charges		—		167			—			233			—			48
Administrative and other charges		—		56			—			78			—			16

Total expenses		—		223			—			311			—			64


Fidelity Personal Retirement
Mortality and expense risk charges		530		—			1,327			—			741			—
Administrative and other charges		228		—			635			—			334			—

Total expenses		758		—			1,962			—			1,075			—


Fidelity Freedom Lifetime Income
Mortality and expense risk charges		—		—			—			—			—			—
Administrative and other charges		—		—			—			—			—			—

Total expenses		—		—			—			—			—			—


Fidelity Growth and Guaranteed Income
Mortality and expense risk charges		—		—			—			—			—			—
Administrative and other charges		—		—			—			—			—			—

Total expenses		—		—			—			—			—			—


Total expenses		758		1,759			1,962			2,080			1,075			311


Net investment income (loss)		6,393		(1,759	)		(1,962	)		(1,010	)		1,419			78


Realized and unrealized gain (loss) on investments:

Realized Gain (loss) on sale of fund shares		20,974		19,008			76,438			1,824			2,959			(534	)

Realized gain distributions		44,488		3,413			19,635			28,399			76,396			1,532


Net realized gain (loss) on investments		65,462		22,421			96,073			30,223			79,355			998

Unrealized appreciation (depreciation)		16,264		19,975			152,840			(3,851	)		(7,857	)		1,043


Net increase (decrease) in net assets from operations		88,119		40,637			246,951			25,362			72,917			2,119

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



		22		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2025


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

Income:
Dividends		1,513			583		4,243		—			—			711

Expenses:

Fidelity Retirement Reserves
Mortality and expense risk charges		—			221		—		2,102			—			221
Administrative and other charges		—			15		—		140			—			15

Total expenses		—			236		—		2,242			—			236


Fidelity Income Advantage
Mortality and expense risk charges		—			22		—		174			—			26
Administrative and other charges		—			7		—		58			—			9

Total expenses		—			29		—		232			—			35


Fidelity Personal Retirement
Mortality and expense risk charges		177			—		285		—			2,175			—
Administrative and other charges		80			—		123		—			1,097			—

Total expenses		257			—		408		—			3,272			—


Fidelity Freedom Lifetime Income
Mortality and expense risk charges		—			—		—		—			—			—
Administrative and other charges		—			—		—		—			—			—

Total expenses		—			—		—		—			—			—


Fidelity Growth and Guaranteed Income
Mortality and expense risk charges		—			—		—		—			—			—
Administrative and other charges		—			—		—		—			—			—

Total expenses		—			—		—		—			—			—


Total expenses		257			265		408		2,474			3,272			271


Net investment income (loss)		1,256			318		3,835		(2,474	)		(3,272	)		440


Realized and unrealized gain (loss) on investments:

Realized Gain (loss) on sale of fund shares		(3,718	)		1,733		14,292		29,254			156,850			(296	)

Realized gain distributions		6,726			1,270		9,964		23,106			163,886			—


Net realized gain (loss) on investments		3,008			3,003		24,256		52,360			320,736			(296	)

Unrealized appreciation (depreciation)		5,645			698		3,695		9,750			135,035			2,822


Net increase (decrease) in net assets from operations		9,909			4,019		31,786		59,636			452,499			2,966

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



		23		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2025


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

Income:
Dividends		3,620		270			1,730		485		4,166		32

Expenses:

Fidelity Retirement Reserves
Mortality and expense risk charges		—		490			—		205		—		234
Administrative and other charges		—		33			—		14		—		16

Total expenses		—		523			—		219		—		250


Fidelity Income Advantage
Mortality and expense risk charges		—		54			—		21		—		31
Administrative and other charges		—		18			—		7		—		10

Total expenses		—		72			—		28		—		41


Fidelity Personal Retirement
Mortality and expense risk charges		206		—			617		—		251		—
Administrative and other charges		90		—			276		—		125		—

Total expenses		296		—			893		—		376		—


Fidelity Freedom Lifetime Income
Mortality and expense risk charges		—		—			—		—		—		—
Administrative and other charges		—		—			—		—		—		—

Total expenses		—		—			—		—		—		—


Fidelity Growth and Guaranteed Income
Mortality and expense risk charges		—		—			—		—		—		—
Administrative and other charges		—		—			—		—		—		—

Total expenses		—		—			—		—		—		—


Total expenses		296		595			893		247		376		291


Net investment income (loss)		3,324		(325	)		837		238		3,790		(259	)


Realized and unrealized gain (loss) on investments:

Realized Gain (loss) on sale of fund shares		487		1,778			10,655		1,839		12,681		1,548

Realized gain distributions		—		5,397			40,593		1,288		10,554		1,024


Net realized gain (loss) on investments		487		7,175			51,248		3,127		23,235		2,572

Unrealized appreciation (depreciation)		12,584		1,774			19,263		329		5,994		4,886


Net increase (decrease) in net assets from operations		16,395		8,624			71,348		3,694		33,019		7,199

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



		24		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2025


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

Income:
Dividends		111			13			141			329			2,672			1,425

Expenses:

Fidelity Retirement Reserves
Mortality and expense risk charges		—			110			—			115			—			253
Administrative and other charges		—			7			—			8			—			17

Total expenses		—			117			—			123			—			270


Fidelity Income Advantage
Mortality and expense risk charges		—			14			—			11			—			29
Administrative and other charges		—			5			—			4			—			10

Total expenses		—			19			—			15			—			39


Fidelity Personal Retirement
Mortality and expense risk charges		231			—			201			—			158			—
Administrative and other charges		111			—			95			—			66			—

Total expenses		342			—			296			—			224			—


Fidelity Freedom Lifetime Income
Mortality and expense risk charges		—			—			—			—			—			—
Administrative and other charges		—			—			—			—			—			—

Total expenses		—			—			—			—			—			—


Fidelity Growth and Guaranteed Income
Mortality and expense risk charges		—			—			—			—			—			—
Administrative and other charges		—			—			—			—			—			—

Total expenses		—			—			—			—			—			—


Total expenses		342			136			296			138			224			309


Net investment income (loss)		(231	)		(123	)		(155	)		191			2,448			1,116


Realized and unrealized gain (loss) on investments:

Realized Gain (loss) on sale of fund shares		11,558			933			8,670			(714	)		(935	)		(142	)

Realized gain distributions		6,389			1,982			23,111			7			58			—


Net realized gain (loss) on investments		17,947			2,915			31,781			(707	)		(877	)		(142	)

Unrealized appreciation (depreciation)		26,943			(2,056	)		(21,580	)		894			2,203			1,880


Net increase (decrease) in net assets from operations		44,659			736			10,046			378			3,774			2,854

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



		25		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2025


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

Income:
Dividends		28,592			200		3,715		365		3,392		367

Expenses:

Fidelity Retirement Reserves
Mortality and expense risk charges		—			146		—		186		—		89
Administrative and other charges		—			10		—		12		—		6

Total expenses		—			156		—		198		—		95


Fidelity Income Advantage
Mortality and expense risk charges		—			11		—		14		—		—
Administrative and other charges		—			4		—		5		—		—

Total expenses		—			15		—		19		—		—


Fidelity Personal Retirement
Mortality and expense risk charges		873			—		406		—		290		—
Administrative and other charges		373			—		190		—		132		—

Total expenses		1,246			—		596		—		422		—


Fidelity Freedom Lifetime Income
Mortality and expense risk charges		—			—		—		—		—		—
Administrative and other charges		—			—		—		—		—		—

Total expenses		—			—		—		—		—		—


Fidelity Growth and Guaranteed Income
Mortality and expense risk charges		—			—		—		—		—		—
Administrative and other charges		—			—		—		—		—		—

Total expenses		—			—		—		—		—		—


Total expenses		1,246			171		596		217		422		95


Net investment income (loss)		27,346			29		3,119		148		2,970		272


Realized and unrealized gain (loss) on investments:

Realized Gain (loss) on sale of fund shares		(77	)		1,215		13,916		217		2,036		122

Realized gain distributions		—			94		1,716		2,132		21,347		4


Net realized gain (loss) on investments		(77	)		1,309		15,632		2,349		23,383		126

Unrealized appreciation (depreciation)		34,256			1,783		40,132		65		820		605


Net increase (decrease) in net assets from operations		61,525			3,121		58,883		2,562		27,173		1,003

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



		26		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2025


(In thousands)	Subaccounts Investing In:
	VIP – Freedom Income Investor Class		VIP – Freedom 2010 Initial Class			VIP – Investor Freedom 2010 Investor Class		VIP – Freedom 2015 Initial Class

Income:
Dividends		2,463		145			1,518		393

Expenses:

Fidelity Retirement Reserves
Mortality and expense risk charges		—		36			—		101
Administrative and other charges		—		2			—		7

Total expenses		—		38			—		108


Fidelity Income Advantage
Mortality and expense risk charges		—		—			—		—
Administrative and other charges		—		—			—		—

Total expenses		—		—			—		—


Fidelity Personal Retirement
Mortality and expense risk charges		109		—			82		—
Administrative and other charges		36		—			24		—

Total expenses		145		—			106		—


Fidelity Freedom Lifetime Income
Mortality and expense risk charges		—		—			—		—
Administrative and other charges		—		—			—		—

Total expenses		—		—			—		—


Fidelity Growth and Guaranteed Income
Mortality and expense risk charges		—		—			—		—
Administrative and other charges		—		—			—		—

Total expenses		—		—			—		—


Total expenses		145		38			106		108


Net investment income (loss)		2,318		107			1,412		285


Realized and unrealized gain (loss) on investments:

Realized Gain (loss) on sale of fund shares		383		(109	)		229		(65	)

Realized gain distributions		31		67			102		523


Net realized gain (loss) on investments		414		(42	)		331		458

Unrealized appreciation (depreciation)		3,751		370			2,936		673


Net increase (decrease) in net assets from operations		6,483		435			4,679		1,416

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



		27		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2025


(In thousands)	Subaccounts Investing In:
	VIP – Investor Freedom 2015 Investor Class		VIP – Freedom 2020 Initial Class			VIP – Investor Freedom 2020 Investor Class		VIP – Freedom 2025 Initial Class		VIP – Investor Freedom 2025 Investor Class		VIP – Freedom 2030 Initial Class

Income:
Dividends		2,409		388			4,394		470		4,878		537

Expenses:

Fidelity Retirement Reserves
Mortality and expense risk charges		—		106			—		141		—		171
Administrative and other charges		—		7			—		9		—		11

Total expenses		—		113			—		150		—		182


Fidelity Income Advantage
Mortality and expense risk charges		—		—			—		—		—		—
Administrative and other charges		—		—			—		—		—		—

Total expenses		—		—			—		—		—		—


Fidelity Personal Retirement
Mortality and expense risk charges		130		—			253		—		310		—
Administrative and other charges		40		—			81		—		97		—

Total expenses		170		—			334		—		407		—


Fidelity Freedom Lifetime Income
Mortality and expense risk charges		—		—			—		—		—		—
Administrative and other charges		—		—			—		—		—		—

Total expenses		—		—			—		—		—		—


Fidelity Growth and Guaranteed Income
Mortality and expense risk charges		—		—			—		—		—		—
Administrative and other charges		—		—			—		—		—		—

Total expenses		—		—			—		—		—		—


Total expenses		170		113			334		150		407		182


Net investment income (loss)		2,239		275			4,060		320		4,471		355


Realized and unrealized gain (loss) on investments:

Realized Gain (loss) on sale of fund shares		344		(22	)		1,311		313		2,630		748

Realized gain distributions		2,544		771			8,311		654		12,437		1,044


Net realized gain (loss) on investments		2,888		749			9,622		967		15,067		1,792

Unrealized appreciation (depreciation)		3,749		620			6,122		1,116		6,125		971


Net increase (decrease) in net assets from operations		8,876		1,644			19,804		2,403		25,663		3,118

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



		28		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2025


(In thousands)	Subaccounts Investing In:
	VIP – Investor Freedom 2030 Investor Class		VIP – Freedom 2035 Initial Class		VIP – Investor Freedom 2035 Investor Class		VIP – Freedom 2040 Initial Class			VIP – Investor Freedom 2040 Investor Class		VIP – Freedom 2045 Initial Class

Income:
Dividends		8,448		27		719		11			334		4

Expenses:

Fidelity Retirement Reserves
Mortality and expense risk charges		—		8		—		4			—		2
Administrative and other charges		—		1		—		—			—		—

Total expenses		—		9		—		4			—		2


Fidelity Income Advantage
Mortality and expense risk charges		—		—		—		—			—		—
Administrative and other charges		—		—		—		—			—		—

Total expenses		—		—		—		—			—		—


Fidelity Personal Retirement
Mortality and expense risk charges		544		—		39		—			26		—
Administrative and other charges		176		—		14		—			9		—

Total expenses		720		—		53		—			35		—


Fidelity Freedom Lifetime Income
Mortality and expense risk charges		—		—		—		—			—		—
Administrative and other charges		—		—		—		—			—		—

Total expenses		—		—		—		—			—		—


Fidelity Growth and Guaranteed Income
Mortality and expense risk charges		—		—		—		—			—		—
Administrative and other charges		—		—		—		—			—		—

Total expenses		—		—		—		—			—		—


Total expenses		720		9		53		4			35		2


Net investment income (loss)		7,728		18		666		7			299		2


Realized and unrealized gain (loss) on investments:

Realized Gain (loss) on sale of fund shares		7,142		39		724		88			612		1

Realized gain distributions		14,957		46		1,287		33			887		7


Net realized gain (loss) on investments		22,099		85		2,011		121			1,499		8

Unrealized appreciation (depreciation)		19,862		49		1,543		(11	)		1,151		24


Net increase (decrease) in net assets from operations		49,689		152		4,220		117			2,949		34

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



		29		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2025


(In thousands)	Subaccounts Investing In:
	VIP – Investor Freedom 2045 Investor Class		VIP – Freedom 2050 Initial Class		VIP – Investor Freedom 2050 Investor Class		VIP – Freedom Lifetime Income I			VIP – Freedom Lifetime Income II		VIP – Freedom Lifetime Income III

Income:
Dividends		89		4		144		243			775		722

Expenses:

Fidelity Retirement Reserves
Mortality and expense risk charges		—		1		—		—			—		—
Administrative and other charges		—		—		—		—			—		—

Total expenses		—		1		—		—			—		—


Fidelity Income Advantage
Mortality and expense risk charges		—		—		—		—			—		—
Administrative and other charges		—		—		—		—			—		—

Total expenses		—		—		—		—			—		—


Fidelity Personal Retirement
Mortality and expense risk charges		9		—		13		—			—		—
Administrative and other charges		2		—		4		—			—		—

Total expenses		11		—		17		—			—		—


Fidelity Freedom Lifetime Income
Mortality and expense risk charges		—		—		—		37			123		136
Administrative and other charges		—		—		—		7			25		27

Total expenses		—		—		—		44			148		163


Fidelity Growth and Guaranteed Income
Mortality and expense risk charges		—		—		—		—			—		—
Administrative and other charges		—		—		—		—			—		—

Total expenses		—		—		—		—			—		—


Total expenses		11		1		17		44			148		163


Net investment income (loss)		78		3		127		199			627		559


Realized and unrealized gain (loss) on investments:

Realized Gain (loss) on sale of fund shares		249		—		172		(7	)		100		291

Realized gain distributions		306		1		480		3			576		1,220


Net realized gain (loss) on investments		555		1		652		(4	)		676		1,511

Unrealized appreciation (depreciation)		251		—		721		440			1,074		1,225


Net increase (decrease) in net assets from operations		884		4		1,500		635			2,377		3,295

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



		30		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2025


(In thousands)	Subaccounts Investing In:
	VIP – Disciplined Small Cap Initial Class		VIP – Disciplined Small Cap Investor Class		VIP – FundsManager 20% Investor Class		VIP – FundsManager 30% Investor Class		VIP – FundsManager 40% Investor Class		VIP – FundsManager 50% Investor Class

Income:
Dividends		216		2,847		22,281		680		1,059		44,785

Expenses:

Fidelity Retirement Reserves
Mortality and expense risk charges		164		—		210		10		9		406
Administrative and other charges		11		—		14		1		1		27

Total expenses		175		—		224		11		10		433


Fidelity Income Advantage
Mortality and expense risk charges		14		—		26		—		—		185
Administrative and other charges		5		—		9		—		—		62

Total expenses		19		—		35		—		—		247


Fidelity Personal Retirement
Mortality and expense risk charges		—		378		863		28		43		2,255
Administrative and other charges		—		171		288		9		15		750

Total expenses		—		549		1,151		37		58		3,005


Fidelity Freedom Lifetime Income
Mortality and expense risk charges		—		—		44		—		—		532
Administrative and other charges		—		—		9		—		—		106

Total expenses		—		—		53		—		—		638


Fidelity Growth and Guaranteed Income
Mortality and expense risk charges		—		—		—		—		—		—
Administrative and other charges		—		—		—		—		—		—

Total expenses		—		—		—		—		—		—


Total expenses		194		549		1,463		48		68		4,323


Net investment income (loss)		22		2,298		20,818		632		991		40,462


Realized and unrealized gain (loss) on investments:

Realized Gain (loss) on sale of fund shares		283		6,969		687		472		967		15,838

Realized gain distributions		2,013		27,396		—		155		320		—


Net realized gain (loss) on investments		2,296		34,365		687		627		1,287		15,838

Unrealized appreciation (depreciation)		969		16,882		30,888		796		1,543		162,197


Net increase (decrease) in net assets from operations		3,287		53,545		52,393		2,055		3,821		218,497

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



		31		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2025


(In thousands)	Subaccounts Investing In:
	VIP – FundsManager 60% Investor Class		VIP – FundsManager 70% Investor Class		VIP – FundsManager 85% Investor Class		VIP – Consumer Staples Initial Class			VIP – Consumer Staples Investor Class			VIP – Materials Initial Class

Income:
Dividends		46,687		42,421		13,695		222			3,334			77

Expenses:

Fidelity Retirement Reserves
Mortality and expense risk charges		226		284		183		84			—			49
Administrative and other charges		15		19		12		6			—			3

Total expenses		241		303		195		90			—			52


Fidelity Income Advantage
Mortality and expense risk charges		84		129		58		9			—			4
Administrative and other charges		28		43		19		3			—			1

Total expenses		112		172		77		12			—			5


Fidelity Personal Retirement
Mortality and expense risk charges		2,200		3,002		1,223		—			218			—
Administrative and other charges		740		1,054		434		—			91			—

Total expenses		2,940		4,056		1,657		—			309			—


Fidelity Freedom Lifetime Income
Mortality and expense risk charges		627		163		74		—			—			—
Administrative and other charges		125		33		15		—			—			—

Total expenses		752		196		89		—			—			—


Fidelity Growth and Guaranteed Income
Mortality and expense risk charges		4,183		—		—		—			—			—
Administrative and other charges		1,083		—		—		—			—			—

Total expenses		5,266		—		—		—			—			—


Total expenses		9,311		4,727		2,018		102			309			57


Net investment income (loss)		37,376		37,694		11,677		120			3,025			20


Realized and unrealized gain (loss) on investments:

Realized Gain (loss) on sale of fund shares		18,117		30,339		17,808		(153	)		(55	)		(18	)

Realized gain distributions		8,595		20,244		16,131		793			11,199			1,143


Net realized gain (loss) on investments		26,712		50,583		33,939		640			11,144			1,125

Unrealized appreciation (depreciation)		230,754		257,124		117,594		(1,259	)		(20,203	)		(465	)


Net increase (decrease) in net assets from operations		294,842		345,401		163,210		(499	)		(6,034	)		680

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



		32		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2025


(In thousands)	Subaccounts Investing In:
	VIP – Materials Investor Class			VIP – Communication Services Initial Class			VIP – Communication Services Investor Class			VIP – Hedged Equity Investor Class ^(C)		VIP – Emerging Markets Initial Class		VIP – Emerging Markets Investor Class

Income:
Dividends		575			—			—			34		224		3,803

Expenses:

Fidelity Retirement Reserves
Mortality and expense risk charges		—			164			—			—		75		—
Administrative and other charges		—			11			—			—		5		—

Total expenses		—			175			—			—		80		—


Fidelity Income Advantage
Mortality and expense risk charges		—			28			—			—		6		—
Administrative and other charges		—			9			—			—		2		—

Total expenses		—			37			—			—		8		—


Fidelity Personal Retirement
Mortality and expense risk charges		56			—			255			3		—		172
Administrative and other charges		25			—			129			1		—		76

Total expenses		81			—			384			4		—		248


Fidelity Freedom Lifetime Income
Mortality and expense risk charges		—			—			—			—		—		—
Administrative and other charges		—			—			—			—		—		—

Total expenses		—			—			—			—		—		—


Fidelity Growth and Guaranteed Income
Mortality and expense risk charges		—			—			—			—		—		—
Administrative and other charges		—			—			—			—		—		—

Total expenses		—			—			—			—		—		—


Total expenses		81			212			384			4		88		248


Net investment income (loss)		494			(212	)		(384	)		30		136		3,555


Realized and unrealized gain (loss) on investments:

Realized Gain (loss) on sale of fund shares		113			2,774			22,084			71		452		2,733

Realized gain distributions		8,041			2,095			20,761			—		86		1,418


Net realized gain (loss) on investments		8,154			4,869			42,845			71		538		4,151

Unrealized appreciation (depreciation)		(3,418	)		2,176			27,577			100		2,989		43,448


Net increase (decrease) in net assets from operations		5,230			6,833			70,038			201		3,663		51,154

^(C) New Fund (Note 1)

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



		33		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2025


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

Income:
Dividends		900			22,197			18,774		10,060		1,853		13,409

Expenses:

Fidelity Retirement Reserves
Mortality and expense risk charges		93			—			157		301		33		115
Administrative and other charges		6			—			10		20		2		8

Total expenses		99			—			167		321		35		123


Fidelity Income Advantage
Mortality and expense risk charges		5			—			5		7		3		5
Administrative and other charges		2			—			2		2		1		2

Total expenses		7			—			7		9		4		7


Fidelity Personal Retirement
Mortality and expense risk charges		—			300			608		925		156		456
Administrative and other charges		—			146			254		431		74		206

Total expenses		—			446			862		1,356		230		662


Fidelity Freedom Lifetime Income
Mortality and expense risk charges		—			—			—		—		—		—
Administrative and other charges		—			—			—		—		—		—

Total expenses		—			—			—		—		—		—


Fidelity Growth and Guaranteed Income
Mortality and expense risk charges		—			—			—		—		—		—
Administrative and other charges		—			—			—		—		—		—

Total expenses		—			—			—		—		—		—


Total expenses		106			446			1,036		1,686		269		792


Net investment income (loss)		794			21,751			17,738		8,374		1,584		12,617


Realized and unrealized gain (loss) on investments:

Realized Gain (loss) on sale of fund shares		9			(268	)		1,169		55,999		2,871		11,795

Realized gain distributions		—			—			—		—		—		—


Net realized gain (loss) on investments		9			(268	)		1,169		55,999		2,871		11,795

Unrealized appreciation (depreciation)		(286	)		(7,555	)		15,152		81,240		13,329		93,685


Net increase (decrease) in net assets from operations		517			13,928			34,059		145,613		17,784		118,097

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



		34		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2025


(In thousands)	Subaccounts Investing In:
	VIF – Emerging Markets Equity – Class I			VIF – Emerging Markets Debt – Class I			VIF – Global Strategist – Class II			Lazard – Retirement Emerging Markets Portfolio – Investor		Invesco – VI Global Core Equity Series I		Allspring – VT Discovery SMID Cap Growth Class 2

Income:
Dividends		160			9,969			—			2,741		480		—

Expenses:

Fidelity Retirement Reserves
Mortality and expense risk charges		99			50			39			48		52		150
Administrative and other charges		7			3			3			3		3		10

Total expenses		106			53			42			51		55		160


Fidelity Income Advantage
Mortality and expense risk charges		9			6			10			4		9		16
Administrative and other charges		3			2			3			1		3		5

Total expenses		12			8			13			5		12		21


Fidelity Personal Retirement
Mortality and expense risk charges		28			71			21			84		28		—
Administrative and other charges		13			31			10			40		14		—

Total expenses		41			102			31			124		42		—


Fidelity Freedom Lifetime Income
Mortality and expense risk charges		—			—			—			—		—		—
Administrative and other charges		—			—			—			—		—		—

Total expenses		—			—			—			—		—		—


Fidelity Growth and Guaranteed Income
Mortality and expense risk charges		—			—			—			—		—		—
Administrative and other charges		—			—			—			—		—		—

Total expenses		—			—			—			—		—		—


Total expenses		159			163			86			180		109		181


Net investment income (loss)		1			9,806			(86	)		2,561		371		(181	)


Realized and unrealized gain (loss) on investments:

Realized Gain (loss) on sale of fund shares		(1,273	)		(159	)		6			1,365		733		534

Realized gain distributions		1,329			—			918			—		2,377		159


Net realized gain (loss) on investments		56			(159	)		924			1,365		3,110		693

Unrealized appreciation (depreciation)		11,317			80			3,277			26,058		1,451		409


Net increase (decrease) in net assets from operations		11,374			9,727			4,115			29,984		4,932		921

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



		35		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2025


(In thousands)	Subaccounts Investing In:
	Allspring – VT Opportunity Class 2			PVIT – Commodity Real Return Portfolio – Administrative			PVIT – Low Duration Portfolio – Administrative			PVIT – Real Return Portfolio – Administrative			PVIT – Total Return Portfolio – Administrative			Blackrock – Global Allocation V.I. Fund – Class I

Income:
Dividends		11			739			10,696			4,908			14,859			5,358

Expenses:

Fidelity Retirement Reserves
Mortality and expense risk charges		150			1			121			50			130			26
Administrative and other charges		10			—			8			3			9			2

Total expenses		160			1			129			53			139			28


Fidelity Income Advantage
Mortality and expense risk charges		13			2			3			5			4			4
Administrative and other charges		4			1			1			2			1			1

Total expenses		17			3			4			7			5			5


Fidelity Personal Retirement
Mortality and expense risk charges		—			31			316			161			441			193

Administrative and other charges		—			13			128			70			172			77

Total expenses		—			44			444			231			613			270


Fidelity Freedom Lifetime Income
Mortality and expense risk charges		—			—			—			—			—			—
Administrative and other charges		—			—			—			—			—			—


Total expenses		—			—			—			—			—			—


Fidelity Growth and Guaranteed Income
Mortality and expense risk charges		—			—			—			—			—			—
Administrative and other charges		—			—			—			—			—			—

Total expenses		—			—			—			—			—			—


Total expenses		177			48			577			291			757			303


Net investment income (loss)		(166	)		691			10,119			4,617			14,102			5,055


Realized and unrealized gain (loss) on investments:

Realized Gain (loss) on sale of fund shares		60			(311	)		(230	)		(452	)		(2,211	)		1,243

Realized gain distributions		2,271			—			—			—			—			12,846


Net realized gain (loss) on investments		2,331			(311	)		(230	)		(452	)		(2,211	)		14,089

Unrealized appreciation (depreciation)		(929	)		3,613			4,051			6,438			18,094			8,780


Net increase (decrease) in net assets from operations		1,236			3,993			13,940			10,603			29,985			27,924

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



		36		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Operations - continued

For the year ended December 31, 2025


(In thousands)	Subaccounts Investing In:
	FTVIP – Templeton Global Bond Fund – Class 2			FTVIP – Franklin U.S. Government Securities Fund – Class 2

Income:
Dividends		—			1,680

Expenses:

Fidelity Retirement Reserves
Mortality and expense risk charges		13			22
Administrative and other charges		1			1

Total expenses		14			23


Fidelity Income Advantage
Mortality and expense risk charges		1			1
Administrative and other charges		—			—

Total expenses		1			1


Fidelity Personal Retirement
Mortality and expense risk charges		48			66
Administrative and other charges		20			25

Total expenses		68			91


Fidelity Freedom Lifetime Income
Mortality and expense risk charges		—			—
Administrative and other charges		—			—

Total expenses		—			—


Fidelity Growth and Guaranteed Income
Mortality and expense risk charges		—			—
Administrative and other charges		—			—

Total expenses		—			—


Total expenses		83			115


Net investment income (loss)		(83	)		1,565


Realized and unrealized gain (loss) on investments:

Realized Gain (loss) on sale of fund shares		(313	)		136

Realized gain distributions		—			—


Net realized gain (loss) on investments		(313	)		136

Unrealized appreciation (depreciation)		6,227			1,538


Net increase (decrease) in net assets from operations		5,831			3,239

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



		37		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets

For the years ended December 31, 2025 and 2024


(In thousands)	Subaccounts Investing In:

	VIP – Government Money Market Initial Class						VIP – Government Money Market Investor Class						VIP – High Income Initial Class						VIP – High Income Investor Class

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	7,932		$	9,525		$	130,815		$	138,562		$	2,755		$	2,494		$	20,720		$	17,828
Net realized gain (loss) on investments		—			—			—			—			(1,342	)		(7,995	)		1,043			166
Unrealized appreciation (depreciation)		—			—			—			—			3,062			9,512			9,226			7,354

Net increase (decrease) in net assets from operations		7,932			9,525			130,815			138,562			4,475			4,011			30,989			25,348


Contract Transactions:
Payments received from contract owners		1,081			1,889			1,417,788			1,347,160			72			56			3,443			7,067
Transfers between sub-accounts and the fixed account, net		49,463			27,133			(285,999	)		(441,110	)		469			(2,459	)		4,583			(7,484	)
Contract benefits		(6,638	)		(4,579	)		(237,473	)		(192,253	)		(1,645	)		(1,970	)		(36	)		(92	)
Contract terminations		(33,744	)		(41,808	)		(544,772	)		(518,445	)		(1,837	)		(3,008	)		(9,156	)		(10,969	)
Contract maintenance charges		(47	)		(46	)		—			—			(5	)		(6	)		—			—
Other transfers (to) from FILI, net		1			(310	)		(23	)		(55	)		(244	)		(330	)		(2	)		(2	)

Net increase (decrease) in net assets from contract transactions		10,116			(17,721	)		349,521			195,297			(3,190	)		(7,717	)		(1,168	)		(11,480	)

Total increase (decrease) in net assets		18,048			(8,196	)		480,336			333,859			1,285			(3,706	)		29,821			13,868
Net Assets:
Beginning of period		225,987			234,183			3,076,385			2,742,526			49,163			52,869			308,629			294,761

End of period	$	244,035		$	225,987		$	3,556,721		$	3,076,385		$	50,448		$	49,163		$	338,450		$	308,629


(In thousands)	Subaccounts Investing In:

	VIP – Equity-Income Initial Class						VIP – Equity-Income Investor Class						VIP – Growth Initial Class						VIP – Growth Investor Class

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	3,762		$	3,537		$	11,053		$	9,738		$	(4,133	)	$	(6,217	)	$	903		$	(1,911	)
Net realized gain (loss) on investments		27,897			26,633			51,073			44,176			137,757			207,740			218,224			321,952
Unrealized appreciation (depreciation)		33,544			21,660			54,422			25,482			(31,081	)		(11,326	)		(39,776	)		(28,960	)

Net increase (decrease) in net assets from operations		65,203			51,830			116,548			79,396			102,543			190,197			179,351			291,081


Contract Transactions:
Payments received from contract owners		229			125			4,152			6,013			577			736			8,439			13,360
Transfers between sub-accounts and the fixed account, net		(10,447	)		(10,064	)		19,580			18,690			(31,990	)		(16,712	)		(78,356	)		80,245
Contract benefits		(10,882	)		(10,786	)		(782	)		(66	)		(13,492	)		(14,420	)		(478	)		(4,954	)
Contract terminations		(16,499	)		(18,907	)		(28,979	)		(23,167	)		(34,252	)		(37,748	)		(34,136	)		(32,042	)
Contract maintenance charges		(38	)		(39	)		—			—			(81	)		(86	)		—			—
Other transfers (to) from FILI, net		(1,255	)		(943	)		(6	)		(7	)		(583	)		(1,088	)		25			37

Net increase (decrease) in net assets from contract transactions		(38,892	)		(40,614	)		(6,035	)		1,463			(79,821	)		(69,318	)		(104,506	)		56,646

Total increase (decrease) in net assets		26,311			11,216			110,513			80,859			22,722			120,879			74,845			347,727

Net Assets:
Beginning of period		382,625			371,409			624,856			543,997			790,637			669,758			1,288,097			940,370

End of period	$	408,936		$	382,625		$	735,369		$	624,856		$	813,359		$	790,637		$	1,362,942		$	1,288,097

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



		38		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2025 and 2024


(In thousands)	Subaccounts Investing In:

	VIP – Overseas Initial Class						VIP – Overseas Investor Class						VIP – Investment Grade Bond Initial Class						VIP – Investment Grade Bond Investor Class

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	498		$	501		$	3,624		$	3,096		$	2,746		$	2,809		$	25,729		$	23,238
Net realized gain (loss) on investments		7,136			3,787			34,719			17,202			(1,121	)		(2,279	)		(858	)		253
Unrealized appreciation (depreciation)		3,806			(1,297	)		6,225			(8,810	)		4,650			450			24,470			(13,059	)

Net increase (decrease) in net assets from operations		11,440			2,991			44,568			11,488			6,275			980			49,341			10,432


Contract Transactions:
Payments received from contract owners		60			72			3,136			452			163			290			5,481			10,023
Transfers between sub-accounts and the fixed account, net		(657	)		(2,601	)		20,916			(11,175	)		458			(1,603	)		60,974			43,254
Contract benefits		(1,214	)		(1,523	)		(428	)		(1,457	)		(3,916	)		(3,816	)		(897	)		(213	)
Contract terminations		(2,388	)		(4,517	)		(8,630	)		(9,483	)		(5,059	)		(7,624	)		(36,094	)		(34,194	)
Contract maintenance charges		(8	)		(8	)		—			—			(11	)		(13	)		—			—
Other transfers (to) from FILI, net		(109	)		(87	)		(24	)		(4	)		(524	)		(440	)		(21	)		(9	)

Net increase (decrease) in net assets from contract transactions		(4,316	)		(8,664	)		14,970			(21,667	)		(8,889	)		(13,206	)		29,443			18,861

Total increase (decrease) in net assets		7,124			(5,673	)		59,538			(10,179	)		(2,614	)		(12,226	)		78,784			29,293

Net Assets:
Beginning of period		59,845			65,518			213,047			223,226			103,361			115,587			708,962			679,669

End of period	$	66,969		$	59,845		$	272,585		$	213,047		$	100,747		$	103,361		$	787,746		$	708,962


(In thousands)	Subaccounts Investing In:

	VIP – Asset Manager 50% Initial Class^(B)						VIP – Asset Manager 50% Investor Class^(B)						VIP – Index 500 Initial Class						VIP – Asset Manager 70% Initial Class^(B)

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	2,521		$	2,460		$	5,190		$	4,352		$	63,886		$	63,643		$	588		$	540
Net realized gain (loss) on investments		7,517			1,003			10,798			2,663			428,907			332,771			4,182			2,518
Unrealized appreciation (depreciation)		10,224			8,314			12,490			9,005			622,025			889,547			4,839			2,581

Net increase (decrease) in net assets from operations		20,262			11,777			28,478			16,020			1,114,818			1,285,961			9,609			5,639


Contract Transactions:
Payments received from contract owners		390			526			3,031			1,227			50,273			54,239			144			143
Transfers between sub-accounts and the fixed account, net		(2,924	)		(4,305	)		8,146			(14,131	)		(65,890	)		219,769			(779	)		(1,924	)
Contract benefits		(5,121	)		(6,321	)		(621	)		(3	)		(21,408	)		(16,789	)		(2,427	)		(1,436	)
Contract terminations		(9,407	)		(7,162	)		(5,819	)		(10,170	)		(196,767	)		(173,277	)		(2,414	)		(2,526	)
Contract maintenance charges		(18	)		(20	)		—			—			(79	)		(82	)		(9	)		(9	)
Other transfers (to) from FILI, net		(887	)		(418	)		1			1			(497	)		(875	)		(213	)		(227	)

Net increase (decrease) in net assets from contract transactions		(17,967	)		(17,700	)		4,738			(23,076	)		(234,368	)		82,985			(5,698	)		(5,979	)

Total increase (decrease) in net assets		2,295			(5,923	)		33,216			(7,056	)		880,450			1,368,946			3,911			(340	)

Net Assets:
Beginning of period		154,929			160,852			198,286			205,342			6,545,419			5,176,473			58,874			59,214

End of period	$	157,224		$	154,929		$	231,502		$	198,286		$	7,425,869		$	6,545,419		$	62,785		$	58,874

^(B) Fund Name Change (Note 1)

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



		39		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2025 and 2024


(In thousands)	Subaccounts Investing In:

	VIP – Asset Manager 70% Investor Class^(B)						VIP – Contrafund Initial Class						VIP – Contrafund Investor Class						VIP – Balanced Initial Class

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	3,231		$	2,104		$	(8,856	)	$	(7,750	)	$	(1,930	)	$	(643	)	$	1,655		$	1,867
Net realized gain (loss) on investments		8,430			4,755			283,721			206,110			628,019			430,452			18,286			12,139
Unrealized appreciation (depreciation)		15,544			6,551			(30,283	)		137,394			(37,354	)		269,271			5,756			11,856

Net increase (decrease) in net assets from operations		27,205			13,410			244,582			335,754			588,735			699,080			25,697			25,862


Contract Transactions:
Payments received from contract owners		3,773			1,934			1,047			997			22,062			17,378			148			764
Transfers between sub-accounts and the fixed account, net		34,812			1,062			(50,823	)		(26,751	)		11,898			129,957			(5,463	)		2,293
Contract benefits		—			(9	)		(26,810	)		(25,695	)		(1,031	)		(102	)		(7,586	)		(5,997	)
Contract terminations		(3,884	)		(3,937	)		(61,287	)		(59,677	)		(99,705	)		(75,387	)		(8,483	)		(7,619	)
Contract maintenance charges		—			—			(131	)		(133	)		—			—			(17	)		(18	)
Other transfers (to) from FILI, net		(1	)		—			(4,092	)		(2,928	)		47			(4	)		(740	)		(384	)

Net increase (decrease) in net assets from contract transactions		34,700			(950	)		(142,096	)		(114,187	)		(66,729	)		71,842			(22,141	)		(10,961	)

Total increase (decrease) in net assets		61,905			12,460			102,486			221,567			522,006			770,922			3,556			14,901

Net Assets:
Beginning of period		139,412			126,952			1,283,133			1,061,566			2,826,886			2,055,964			193,490			178,589

End of period	$	201,317		$	139,412		$	1,385,619		$	1,283,133		$	3,348,892		$	2,826,886		$	197,046		$	193,490


(In thousands)	Subaccounts Investing In:

	VIP – Balanced Investor Class						VIP – Dynamic Capital Appreciation Initial Class						VIP – Dynamic Capital Appreciation Investor Class						VIP – Growth & Income Initial Class

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	54,736		$	55,342		$	(64	)	$	(154)		$	709		$	(13	)	$	990		$	812
Net realized gain (loss) on investments		334,218			233,406			5,658			2,087			48,383			17,490			20,525			15,453
Unrealized appreciation (depreciation)		180,153			259,554			(1,433	)		3,397			(13,713	)		26,294			5,290			9,584

Net increase (decrease) in net assets from operations		569,107			548,302			4,161			5,330			35,379			43,771			26,805			25,849


Contract Transactions:
Payments received from contract owners		26,131			37,223			14			34			1,207			2,137			165			140
Transfers between sub-accounts and the fixed account, net		(43,913	)		32,763			(1,165	)		(415	)		(20,091	)		3,782			(4,356	)		(5,141	)
Contract benefits		(2,735	)		(2,086	)		(743	)		(718	)		(229	)		(4	)		(3,975	)		(3,472	)
Contract terminations		(205,541	)		(216,326	)		(1,507	)		(985	)		(9,311	)		(8,042	)		(5,267	)		(5,670	)
Contract maintenance charges		—			—			(2	)		(2	)		—			—			(18	)		(18	)
Other transfers (to) from FILI, net		2			(40	)		(17	)		14			1			4			(890	)		(371	)

Net increase (decrease) in net assets from contract transactions		(226,056	)		(148,466	)		(3,420	)		(2,072	)		(28,423	)		(2,123	)		(14,341	)		(14,532	)

Total increase (decrease) in net assets		343,051			399,836			741			3,258			6,956			41,648			12,464			11,317

Net Assets:
Beginning of period		4,031,716			3,631,880			25,722			22,464			214,160			172,512			137,805			126,488

End of period	$	4,374,767		$	4,031,716		$	26,463		$	25,722		$	221,116		$	214,160		$	150,269		$	137,805

^(B) Fund Name Change (Note 1)

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



		40		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2025 and 2024


(In thousands)	Subaccounts Investing In:

	VIP – Growth & Income Investor Class						VIP – Growth Opportunities Initial Class						VIP – Growth Opportunities Investor Class						VIP – Mid Cap Initial Class

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	6,393		$	4,971		$	(1,759	)	$	(1,594	)	$	(1,962	)	$	(1,713	)	$	(1,010	)	$	(814	)
Net realized gain (loss) on investments		65,462			43,725			22,421			10,765			96,073			53,318			30,223			39,219
Unrealized appreciation (depreciation)		16,264			25,715			19,975			51,296			152,840			287,817			(3,851	)		2,248

Net increase (decrease) in net assets from operations		88,119			74,411			40,637			60,467			246,951			339,422			25,362			40,653


Contract Transactions:
Payments received from contract owners		4,874			2,782			131			161			10,392			8,625			109			104
Transfers between sub-accounts and the fixed account, net		14,575			8,876			(10,477	)		(1,802	)		(9,204	)		(10,701	)		(13,161	)		(10,563	)
Contract benefits		(3,892	)		(336	)		(5,562	)		(7,003	)		(615	)		(487	)		(6,769	)		(8,542	)
Contract terminations		(12,944	)		(12,449	)		(12,404	)		(7,290	)		(45,466	)		(30,068	)		(8,263	)		(15,595	)
Contract maintenance charges		—			—			(24	)		(24	)		—			—			(28	)		(31	)
Other transfers (to) from FILI, net		(3	)		(1	)		(228	)		(141	)		(10	)		4			(1,001	)		(772	)

Net increase (decrease) in net assets from contract transactions		2,610			(1,128	)		(28,564	)		(16,099	)		(44,903	)		(32,627	)		(29,113	)		(35,399	)

Total increase (decrease) in net assets		90,729			73,283			12,073			44,368			202,048			306,795			(3,751	)		5,254

Net Assets:
Beginning of period		415,400			342,117			212,890			168,522			1,212,984			906,189			263,581			258,327

End of period	$	506,129		$	415,400		$	224,963		$	212,890		$	1,415,032		$	1,212,984		$	259,830		$	263,581


(In thousands)	Subaccounts Investing In:

	VIP – Mid Cap Investor Class						VIP – Value Strategies Initial Class						VIP – Value Strategies Investor Class						VIP – Utilities Initial Class

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	1,419		$	2,162		$	78		$	70		$	1,256		$	1,566		$	318		$	331
Net realized gain (loss) on investments		79,355			93,149			998			6,866			3,008			30,216			3,003			2,078
Unrealized appreciation (depreciation)		(7,857	)		3,423			1,043			(3,322	)		5,645			(14,673	)		698			3,589

Net increase (decrease) in net assets from operations		72,917			98,734			2,119			3,614			9,909			17,109			4,019			5,998


Contract Transactions:
Payments received from contract owners		3,529			4,725			36			62			376			1,207			22			12
Transfers between sub-accounts and the fixed account, net		(17,639	)		2,987			(5,286	)		(1,215	)		(32,948	)		(23,191	)		1,588			2,869
Contract benefits		(234	)		(17	)		(1,196	)		(1,351	)		(114	)		(542	)		(932	)		(545	)
Contract terminations		(20,167	)		(16,974	)		(1,298	)		(2,132	)		(6,069	)		(6,252	)		(953	)		(1,589	)
Contract maintenance charges		—			—			(4	)		(5	)		—			—			(5	)		(4	)
Other transfers (to) from FILI, net		(1	)		(5	)		(225	)		(39	)		1			(2	)		(205	)		(20	)

Net increase (decrease) in net assets from contract transactions		(34,512	)		(9,284	)		(7,973	)		(4,680	)		(38,754	)		(28,780	)		(485	)		723

Total increase (decrease) in net assets		38,405			89,450			(5,854	)		(1,066	)		(28,845	)		(11,671	)		3,534			6,721

Net Assets:
Beginning of period		673,555			584,105			42,372			43,438			184,986			196,657			30,402			23,681

End of period	$	711,960		$	673,555		$	36,518		$	42,372		$	156,141		$	184,986		$	33,936		$	30,402

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



		41		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2025 and 2024


(In thousands)	Subaccounts Investing In:

	VIP – Utilities Investor Class						VIP – Technology Initial Class						VIP – Technology Investor Class						VIP – Energy Initial Class

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	3,835		$	3,874		$	(2,474	)	$	(2,438	)	$	(3,272	)	$	(2,947	)	$	440		$	573
Net realized gain (loss) on investments		24,256			14,758			52,360			36,705			320,736			211,653			(296	)		(244	)
Unrealized appreciation (depreciation)		3,695			22,536			9,750			51,431			135,035			344,415			2,822			1,133

Net increase (decrease) in net assets from operations		31,786			41,168			59,636			85,698			452,499			553,121			2,966			1,462


Contract Transactions:
Payments received from contract owners		1,504			2,294			131			309			14,324			11,999			17			86
Transfers between sub-accounts and the fixed account, net		(21,599	)		52,173			(23,373	)		(13,961	)		(30,712	)		74,114			(3,537	)		(8,236	)
Contract benefits		(21	)		(45	)		(5,320	)		(9,745	)		(1,285	)		(436	)		(1,040	)		(954	)
Contract terminations		(7,525	)		(6,010	)		(11,015	)		(10,587	)		(71,877	)		(61,978	)		(1,118	)		(1,658	)
Contract maintenance charges		—			—			(33	)		(35	)		—			—			(6	)		(8	)
Other transfers (to) from FILI, net		2			(5	)		(214	)		(276	)		(10	)		(2	)		(21	)		(75	)

Net increase (decrease) in net assets from contract transactions		(27,639	)		48,407			(39,824	)		(34,295	)		(89,560	)		23,697			(5,705	)		(10,845	)

Total increase (decrease) in net assets		4,147			89,575			19,812			51,403			362,939			576,818			(2,739	)		(9,383)

Net Assets:
Beginning of period		248,114			158,539			314,693			263,290			2,137,374			1,560,556			35,167			44,550

End of period	$	252,261		$	248,114		$	334,505		$	314,693		$	2,500,313		$	2,137,374		$	32,428		$	35,167


(In thousands)	Subaccounts Investing In:

	VIP – Energy Investor Class						VIP – Health Care Initial Class						VIP – Health Care Investor Class						VIP – Financials Initial Class

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	3,324		$	4,276		$	(325	)	$	(768	)	$	837		$	(1,100	)	$	238		$	265
Net realized gain (loss) on investments		487			6,979			7,175			4,268			51,248			29,535			3,127			1,398
Unrealized appreciation (depreciation)		12,584			(1,589	)		1,774			886			19,263			6,771			329			4,539

Net increase (decrease) in net assets from operations		16,395			9,666			8,624			4,386			71,348			35,206			3,694			6,202


Contract Transactions:
Payments received from contract owners		680			1,308			30			78			1,492			2,808			32			72
Transfers between sub-accounts and the fixed account, net		(24,042	)		(57,194	)		(11,620	)		(8,277	)		(56,275	)		(102,324	)		(4,053	)		3,917
Contract benefits		(113	)		(82	)		(2,174	)		(2,246	)		(295	)		(206	)		(585	)		(606	)
Contract terminations		(6,354	)		(6,944	)		(2,673	)		(5,750	)		(15,456	)		(18,726	)		(956	)		(415	)
Contract maintenance charges		—			—			(9	)		(11	)		—			—			(6	)		(5	)
Other transfers (to) from FILI, net		2			(8	)		(279	)		(243	)		2			(8	)		(72	)		75

Net increase (decrease) in net assets from contract transactions		(29,827	)		(62,920	)		(16,725	)		(16,449	)		(70,532	)		(118,456	)		(5,640	)		3,038

Total increase (decrease) in net assets		(13,432	)		(53,254)			(8,101	)		(12,063	)		816			(83,250	)		(1,946	)		9,240

Net Assets:
Beginning of period		187,335			240,589			82,129			94,192			593,290			676,540			30,780			21,540

End of period	$	173,903		$	187,335		$	74,028		$	82,129		$	594,106		$	593,290		$	28,834		$	30,780

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



		42		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2025 and 2024


(In thousands)	Subaccounts Investing In:

	VIP – Financials Investor Class						VIP – Industrials Initial Class						VIP – Industrials Investor Class						VIP – Consumer Discretionary Initial Class

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	3,790		$	3,169		$	(259	)	$	(36	)	$	(231	)	$	875		$	(123	)	$	(143	)
Net realized gain (loss) on investments		23,235			10,937			2,572			2,595			17,947			15,835			2,915			1,594
Unrealized appreciation (depreciation)		5,994			36,125			4,886			2,930			26,943			13,743			(2,056	)		2,379

Net increase (decrease) in net assets from operations		33,019			50,231			7,199			5,489			44,659			30,453			736			3,830


Contract Transactions:
Payments received from contract owners		1,081			1,882			22			81			1,387			1,462			10			6
Transfers between sub-accounts and the fixed account, net		(5,382	)		28,962			3,008			1,767			29,848			16,098			(2,814	)		(3,160	)
Contract benefits		(90	)		(40	)		(1,044	)		(632	)		(146	)		—			(598	)		(711	)
Contract terminations		(6,865	)		(5,602	)		(1,642	)		(1,349	)		(6,068	)		(3,708	)		(989	)		(1,199	)
Contract maintenance charges		—			—			(3	)		(3	)		—			—			(2	)		(2	)
Other transfers (to) from FILI, net		4			(3	)		(209	)		19			5			—			(280	)		(89	)

Net increase (decrease) in net assets from contract transactions		(11,252	)		25,199			132			(117	)		25,026			13,852			(4,673	)		(5,155	)

Total increase (decrease) in net assets		21,767			75,430			7,331			5,372			69,685			44,305			(3,937	)		(1,325	)

Net Assets:
Beginning of period		235,581			160,151			31,207			25,835			182,591			138,286			19,051			20,376

End of period	$	257,348		$	235,581		$	38,538		$	31,207		$	252,276		$	182,591		$	15,114		$	19,051


(In thousands)	Subaccounts Investing In:

	VIP – Consumer Discretionary Investor Class						VIP – Real Estate Initial Class						VIP – Real Estate Investor Class						VIP – Strategic Income Initial Class

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	(155	)	$	(227	)	$	191		$	584		$	2,448		$	5,229		$	1,116		$	1,064
Net realized gain (loss) on investments		31,781			13,304			(707	)		(930	)		(877	)		(1,770	)		(142	)		(341	)
Unrealized appreciation (depreciation)		(21,580	)		28,470			894			1,287			2,203			4,436			1,880			1,320

Net increase (decrease) in net assets from operations		10,046			41,547			378			941			3,774			7,895			2,854			2,043


Contract Transactions:
Payments received from contract owners		483			1,326			23			26			629			815			26			140
Transfers between sub-accounts and the fixed account, net		(26,266	)		(32,680	)		(1,319	)		(662	)		(4,854	)		(5,915	)		220			(1,181	)
Contract benefits		(61	)		(14	)		(578	)		(678	)		(9	)		(51	)		(881	)		(1,409	)
Contract terminations		(6,585	)		(5,633	)		(958	)		(1,078	)		(4,244	)		(5,719	)		(2,807	)		(2,534	)
Contract maintenance charges		—			—			(3	)		(4	)		—			—			(3	)		(4	)
Other transfers (to) from FILI, net		(2	)		(4	)		(38	)		5			1			(2	)		(157	)		(402	)

Net increase (decrease) in net assets from contract transactions		(32,431	)		(37,005	)		(2,873	)		(2,391	)		(8,477	)		(10,872	)		(3,602	)		(5,390	)

Total increase (decrease) in net assets		(22,385	)		4,542			(2,495	)		(1,450	)		(4,703	)		(2,977	)		(748	)		(3,347	)

Net Assets:
Beginning of period		212,935			208,393			18,164			19,614			134,490			137,467			38,051			41,398

End of period	$	190,550		$	212,935		$	15,669		$	18,164		$	129,787		$	134,490		$	37,303		$	38,051

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



		43		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2025 and 2024


(In thousands)	Subaccounts Investing In:

	VIP – Strategic Income Investor Class						VIP – International Capital Appreciation Initial Class						VIP – International Capital Appreciation Investor Class						VIP – Value Initial Class

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	27,346		$	25,436		$	29		$	(1	)	$	3,119		$	1,654		$	148		$	114
Net realized gain (loss) on investments		(77	)		(116	)		1,309			783			15,632			11,404			2,349			3,428
Unrealized appreciation (depreciation)		34,256			15,753			1,783			421			40,132			11,681			65			(732	)

Net increase (decrease) in net assets from operations		61,525			41,073			3,121			1,203			58,883			24,739			2,562			2,810


Contract Transactions:
Payments received from contract owners		6,814			7,888			17			9			4,132			1,872			11			10
Transfers between sub-accounts and the fixed account, net		3,838			(9,073	)		1,482			374			46,840			(5,611	)		13			(1,811	)
Contract benefits		(34	)		(78	)		(260	)		(370	)		(23	)		(8	)		(456	)		(580	)
Contract terminations		(30,753	)		(34,441	)		(715	)		(573	)		(13,885	)		(11,634	)		(1,438	)		(1,144	)
Contract maintenance charges		—			—			(2	)		(1	)		—			—			(2	)		(2	)
Other transfers (to) from FILI, net		(1	)		(7	)		(7	)		(132	)		1			(1	)		(11	)		(1	)

Net increase (decrease) in net assets from contract transactions		(20,136	)		(35,711	)		515			(693	)		37,065			(15,382	)		(1,883	)		(3,528	)

Total increase (decrease) in net assets		41,389			5,362			3,636			510			95,948			9,357			679			(718	)

Net Assets:
Beginning of period		733,756			728,394			18,043			17,533			317,830			308,473			26,447			27,165

End of period	$	775,145		$	733,756		$	21,679		$	18,043		$	413,778		$	317,830		$	27,126		$	26,447



(In thousands)	Subaccounts Investing In:

	VIP – Value Investor Class						VIP – Freedom Income Initial Class^(A)						VIP – Freedom Income Investor Class^(A)						VIP – Freedom 2005 Initial Class^(A)

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/24
Operations:
Net investment income (loss)	$	2,970		$	2,862		$	272		$	330		$	2,318		$	2,476		$	37
Net realized gain (loss) on investments		23,383			37,229			126			36			414			(71	)		(487	)
Unrealized appreciation (depreciation)		820			(9,402	)		605			26			3,751			246			519

Net increase (decrease) in net assets from operations		27,173			30,689			1,003			392			6,483			2,651			69


Contract Transactions:
Payments received from contract owners		1,039			1,733			2			3			209			292			—
Transfers between sub-accounts and the fixed account, net		(27,133	)		(14,024	)		(79	)		4,114			(1,222	)		11,051			(4,518	)
Contract benefits		(202	)		(17	)		(321	)		(683	)		(13	)		(1	)		—
Contract terminations		(6,823	)		(9,556	)		(1,344	)		(1,030	)		(3,923	)		(2,879	)		(595	)
Contract maintenance charges		—			—			(1	)		(1	)		—			—			—
Other transfers (to) from FILI, net		3			(5	)		60			59			2			2			1

Net increase (decrease) in net assets from contract transactions		(33,116	)		(21,869	)		(1,683	)		2,462			(4,947	)		8,465			(5,112	)

Total increase (decrease) in net assets		(5,943	)		8,820			(680	)		2,854			1,536			11,116			(5,043	)

Net Assets:
Beginning of period		277,870			269,050			11,767			8,913			71,659			60,543			5,043

End of period	$	271,927		$	277,870		$	11,087		$	11,767		$	73,195		$	71,659		$	—

^(A) Fund Merged (Note 1)

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



		44		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2025 and 2024


(In thousands)	Subaccounts Investing In:

	VIP – Investor Freedom 2005 Investor Class ^(A)			VIP – Freedom 2010 Initial Class						VIP – Investor Freedom 2010 Investor Class						VIP – Freedom 2015 Initial Class

	12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	174		$	107		$	153		$	1,412		$	1,649		$	285		$	344
Net realized gain (loss) on investments		(2,355	)		(42	)		(108	)		331			167			458			408
Unrealized appreciation (depreciation)		2,489			370			224			2,936			720			673			62

Net increase (decrease) in net assets from operations		308			435			269			4,679			2,536			1,416			814


Contract Transactions:
Payments received from contract owners		104			1			1			169			116			—			—
Transfers between sub-accounts and the fixed account, net		(16,683	)		(533	)		(796	)		(4,447	)		(4,899	)		(1,145	)		(810	)
Contract benefits		—			(249	)		(165	)		—			(41	)		(211	)		(184	)
Contract terminations		(329	)		(567	)		(588	)		(2,279	)		(1,693	)		(833	)		(547	)
Contract maintenance charges		—			(1	)		(1	)		—			—			(2	)		(2	)
Other transfers (to) from FILI, net		—			3			—			(1	)		—			5			(57	)

Net increase (decrease) in net assets from contract transactions		(16,908	)		(1,346	)		(1,549	)		(6,558	)		(6,517	)		(2,186	)		(1,600	)

Total increase (decrease) in net assets		(16,600	)		(911	)		(1,280	)		(1,879	)		(3,981	)		(770	)		(786	)

Net Assets:
Beginning of period		16,600			5,331			6,611			48,214			52,195			13,921			14,707

End of period	$	—		$	4,420		$	5,331		$	46,335		$	48,214		$	13,151		$	13,921



(In thousands)	Subaccounts Investing In:

	VIP – Investor Freedom 2015 Investor Class						VIP – Freedom 2020 Initial Class						VIP – Investor Freedom 2020 Investor Class						VIP – Freedom 2025 Initial Class

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	2,239		$	2,405		$	275		$	296		$	4,060		$	4,284		$	320		$	310
Net realized gain (loss) on investments		2,888			623			749			356			9,622			3,193			967			382
Unrealized appreciation (depreciation)		3,749			1,865			620			434			6,122			4,703			1,116			765

Net increase (decrease) in net assets from operations		8,876			4,893			1,644			1,086			19,804			12,180			2,403			1,457


Contract Transactions:
Payments received from contract owners		175			805			5			10			460			971			6			60
Transfers between sub-accounts and the fixed account, net		(3,849	)		(3,986	)		(647	)		(1,909	)		(4,142	)		(19,785	)		(1,301	)		(713	)
Contract benefits		(6	)		(12	)		(130	)		(766	)		(21	)		(30	)		(31	)		(249	)
Contract terminations		(5,047	)		(3,234	)		(624	)		(1,035	)		(7,314	)		(10,337	)		(357	)		(1,590	)
Contract maintenance charges		—			—			(2	)		(2	)		—			—			(3	)		(4	)
Other transfers (to) from FILI, net		(2	)		(2	)		7			3			2			(2	)		(4	)		—

Net increase (decrease) in net assets from contract transactions		(8,729	)		(6,429	)		(1,391	)		(3,699	)		(11,015	)		(29,183	)		(1,690	)		(2,496	)

Total increase (decrease) in net assets		147			(1,536	)		253			(2,613	)		8,789			(17,003	)		713			(1,039	)

Net Assets:
Beginning of period		80,036			81,572			14,195			16,808			156,670			173,673			17,945			18,984

End of period	$	80,183		$	80,036		$	14,448		$	14,195		$	165,459		$	156,670		$	18,658		$	17,945

^(A) Fund Merged (Note 1)

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



		45		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets – continued

For the years ended December 31, 2025 and 2024


(In thousands)	Subaccounts Investing In:

	VIP – Investor Freedom 2025 Investor Class						VIP – Freedom 2030 Initial Class						VIP – Investor Freedom 2030 Investor Class						VIP – Freedom 2035 Initial Class

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	4,471		$	4,452		$	355		$	343		$	7,728		$	6,826		$	18		$	11
Net realized gain (loss) on investments		15,067			5,614			1,792			383			22,099			9,030			85			7
Unrealized appreciation (depreciation)		6,125			6,225			971			1,082			19,862			14,319			49			12

Net increase (decrease) in net assets from operations		25,663			16,291			3,118			1,808			49,689			30,175			152			30


Contract Transactions:
Payments received from contract owners		842			1,226			2			52			4,182			5,409			—			—
Transfers between sub-accounts and the fixed account, net		(9,732	)		(22,380	)		(2,545	)		689			(6,677	)		(14,393	)		347			766
Contract benefits		(68	)		(141	)		(158	)		(61	)		(163	)		—			—			—
Contract terminations		(9,662	)		(14,871	)		(1,044	)		(712	)		(14,654	)		(15,917	)		(8	)		—
Contract maintenance charges		—			—			(4	)		(6	)		—			—			—			—
Other transfers (to) from FILI, net		2			(3	)		(1	)		3			1			(5	)		1			8

Net increase (decrease) in net assets from contract transactions		(18,618	)		(36,169	)		(3,750	)		(35	)		(17,311	)		(24,906	)		340			774

Total increase (decrease) in net assets		7,045			(19,878	)		(632	)		1,773			32,378			5,269			492			804

Net Assets:
Beginning of period		188,704			208,582			23,456			21,683			334,565			329,296			879			75

End of period	$	195,749		$	188,704		$	22,824		$	23,456		$	366,943		$	334,565		$	1,371		$	879


(In thousands)	Subaccounts Investing In:

	VIP – Investor Freedom 2035 Investor Class						VIP – Freedom 2040 Initial Class						VIP – Investor Freedom 2040 Investor Class						VIP – Freedom 2045 Initial Class

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	666		$	308		$	7		$	3		$	299		$	127		$	2		$	—
Net relized gain (loss) on investments		2,011			544			121			9			1,499			317			8			4
Unrealized appreciation (depreciation)		1,543			(34	)		(11	)		22			1,151			299			24			—

Net increase (decrease) in net assets from operations		4,220			818			117			34			2,949			743			34			4


Contract Transactions:
Payments received from contract owners		1,514			915			30			32			1,179			1,250			—			—
Transfers between sub-accounts and the fixed account, net		10,346			12,719			87			328			6,569			4,175			285			(4	)
Contract benefits		—			—			(5	)		—			—			—			—			—
Contract terminations		(245	)		(15	)		(1	)		—			(104	)		(251	)		—			—
Contract maintenance charges		—			—			—			—			—			—			—			—
Other transfers (to) from FILI, net		—			—			3			(8	)		1			1			—			—

Net increase (decrease) in net assets from contract transactions		11,615			13,619			114			352			7,645			5,175			285			(4	)

Total increase (decrease) in net assets		15,835			14,437			231			386			10,594			5,918			319			—

Net Assets:
Beginning of period		19,469			5,032			469			83			11,377			5,459			2			2

End of period	$	35,304		$	19,469		$	700		$	469		$	21,971		$	11,377		$	321		$	2

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



		46		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2025 and 2024


(In thousands)	Subaccounts Investing In:

	VIP – Investor Freedom 2045 Investor Class						VIP – Freedom 2050 Initial Class						VIP – Investor Freedom 2050 Investor Class						VIP – Freedom Lifetime Income I

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	78		$	35		$	3		$	1		$	127		$	56		$	199		$	247
Net realized gain (loss) on investments		555			151			1			8			652			275			(4	)		(9	)
Unrealized appreciation (depreciation)		251			90			—			(2	)		721			(21	)		440			43

Net increase (decrease) in net assets from operations		884			276			4			7			1,500			310			635			281


Contract Transactions:
Payments received from contract owners		347			80			5			—			405			186			—			—
Transfers between sub-accounts and the fixed account, net		2,419			1,462			266			35			4,381			3,537			(87	)		—
Contract benefits		—			—			—			—			—			—			(681	)		(679	)
Contract terminations		(52	)		(3	)		—			(13	)		(196	)		—			—			—
Contract maintenance charges		—			—			—			—			—			—			—			—
Other transfers (to) from FILI, net		1			(1	)		2			(1	)		(1	)		(2	)		(195	)		(5	)

Net increase (decrease) in net assets from contract transactions		2,715			1,538			273			21			4,589			3,721			(963	)		(684	)

Total increase (decrease) in net assets		3,599			1,814			277			28			6,089			4,031			(328	)		(403	)

Net Assets:
Beginning of period		3,432			1,618			43			15			5,803			1,772			7,479			7,882

End of period	$	7,031		$	3,432		$	320		$	43		$	11,892		$	5,803		$	7,151		$	7,479


(In thousands)	Subaccounts Investing In:

	VIP – Freedom Lifetime Income II						VIP – Freedom Lifetime Income III						VIP – Disciplined Small Cap Initial Class						VIP – Disciplined Small Cap Investor Class

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	627		$	705		$	559		$	569		$	22		$	72		$	2,298		$	2,888
Net realized gain (loss) on investments		676			126			1,511			522			2,296			620			34,365			8,894
Unrealized appreciation (depreciation)		1,074			397			1,225			760			969			2,623			16,882			34,755

Net increase (decrease) in net assets from operations		2,377			1,228			3,295			1,851			3,287			3,315			53,545			46,537


Contract Transactions:
Payments received from contract owners		—			—			—			—			7			82			1,474			4,679
Transfers between sub-accounts and the fixed account, net		(22	)		—			(26	)		50			(3,910	)		2,680			(19,541	)		24,381
Contract benefits		(2,201	)		(2,232	)		(1,932	)		(1,863	)		(462	)		(371	)		(244	)		(92	)
Contract terminations		—			—			(224	)		(54	)		(741	)		(1,095	)		(11,297	)		(10,965	)
Contract maintenance charges		—			—			—			—			(3	)		(3	)		—			—
Other transfers (to) from FILI, net		38			1			(45	)		178			(121	)		28			—			(11	)

Net increase (decrease) in net assets from contract transactions		(2,185	)		(2,231	)		(2,227	)		(1,689	)		(5,230	)		1,321			(29,608	)		17,992

Total increase (decrease) in net assets		192			(1,003	)		1,068			162			(1,943	)		4,636			23,937			64,529

Net Assets:
Beginning of period		24,472			25,475			26,536			26,374			26,839			22,203			353,600			289,071

End of period	$	24,664		$	24,472		$	27,604		$	26,536		$	24,896		$	26,839		$	377,537		$	353,600

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



		47		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2025 and 2024


(In thousands)	Subaccounts Investing In:

	VIP – FundsManager 20% Investor Class						VIP – FundsManager 30% Investor Class						VIP – FundsManager 40% Investor Class						VIP – FundsManager 50% Investor Class

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	20,818		$	20,714		$	632		$	325		$	991		$	515		$	40,462		$	35,780
Net realized gain (loss) on investments		687			(2,749	)		627			172			1,287			304			15,838			8,617
Unrealized appreciation (depreciation)		30,888			15,417			796			16			1,543			204			162,197			88,872

Net increase (decrease) in net assets from operations		52,393			33,382			2,055			513			3,821			1,023			218,497			133,269


Contract Transactions:
Payments received from contract owners		2,860			3,954			838			149			1,165			311			11,576			12,168
Transfers between sub-accounts and the fixed account, net		(7,820	)		(45,648	)		11,039			8,292			25,867			10,489			(44,621	)		(52,138	)
Contract benefits		(2,588	)		(2,427	)		(5	)		—			(1	)		—			(14,014	)		(13,520	)
Contract terminations		(34,616	)		(50,941	)		(1,189	)		(906	)		(2,674	)		(978	)		(84,490	)		(85,220	)
Contract maintenance charges		(4	)		(5	)		—			—			—			—			(6	)		(7	)
Other transfers (to) from FILI, net		104			72			1			—			(4	)		(1	)		(2,060	)		(752	)

Net increase (decrease) in net assets from contract transactions		(42,064	)		(94,995)			10,684			7,535			24,353			9,821			(133,615	)		(139,469	)

Total increase (decrease) in net assets		10,329			(61,613	)		12,739			8,048			28,174			10,844			84,882			(6,200	)

Net Assets:
Beginning of period		614,387			676,000			13,228			5,180			22,777			11,933			1,663,905			1,670,105

End of period	$	624,716		$	614,387		$	25,967		$	13,228		$	50,951		$	22,777		$	1,748,787		$	1,663,905


(In thousands)	Subaccounts Investing In:

	VIP – FundsManager 60% Investor Class						VIP – FundsManager 70% Investor Class						VIP – FundsManager 85% Investor Class						VIP – Consumer Staples Initial Class

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	37,376		$	32,174		$	37,694		$	31,245		$	11,677		$	9,151		$	120		$	200
Net realized gain (loss) on investments		26,712			8,113			50,583			21,881			33,939			7,915			640			473
Unrealized appreciation (depreciation)		230,754			133,928			257,124			142,260			117,594			68,316			(1,259	)		54

Net increase (decrease) in net assets from operations		294,842			174,215			345,401			195,386			163,210			85,382			(499	)		727


Contract Transactions:
Payments received from contract owners		13,528			19,826			20,106			27,491			12,511			12,275			1			1
Transfers between sub-accounts and the fixed account, net		(16,846	)		(23,814	)		79,602			71,804			88,252			70,115			(1,182	)		(2,244	)
Contract benefits		(14,010	)		(12,181	)		(8,070	)		(6,700	)		(2,889	)		(2,931	)		(653	)		(378	)
Contract terminations		(99,688	)		(128,952	)		(83,540	)		(90,542	)		(36,029	)		(24,309	)		(757	)		(802	)
Contract maintenance charges		(5	)		(5	)		(6	)		(6	)		(3	)		(4	)		(2	)		(3	)
Other transfers (to) from FILI, net		(522	)		(257	)		(191	)		(477	)		(2,059	)		183			(293	)		31

Net increase (decrease) in net assets from contract transactions		(117,543	)		(145,383	)		7,901			1,570			59,783			55,329			(2,886	)		(3,395	)

Total increase (decrease) in net assets		177,299			28,832			353,302			196,956			222,993			140,711			(3,385	)		(2,668	)

Net Assets:
Beginning of period		2,019,116			1,990,284			2,047,271			1,850,315			822,988			682,277			13,939			16,607

End of period	$	2,196,415		$	2,019,116		$	2,400,573		$	2,047,271		$	1,045,981		$	822,988		$	10,554		$	13,939

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



		48		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2025 and 2024


(In thousands)	Subaccounts Investing In:

	VIP – Consumer Staples Investor Class						VIP – Materials Initial Class						VIP – Materials Investor Class						VIP – Communication Services Initial Class

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
DOperations:
Net investment income (loss)	$	3,025		$	4,013		$	20		$	29		$	494		$	539		$	(212	)	$	(178	)
Net realized gain (loss) on investments		11,144			7,235			1,125			98			8,154			534			4,869			2,858
Unrealized appreciation (depreciation)		(20,203	)		(373	)		(465	)		(269	)		(3,418	)		(2,261	)		2,176			3,317

Net increase (decrease) in net assets from operations		(6,034	)		10,875			680			(142	)		5,230			(1,188	)		6,833			5,997


Contract Transactions:
Payments received from contract owners		670			806			1			25			313			210			16			16
Transfers between sub-accounts and the fixed account, net		(15,433	)		(27,673	)		(912	)		(1,277	)		1,219			(11,398	)		7,521			(2,833	)
Contract benefits		(64	)		(10	)		(198	)		(151	)		—			(11	)		(662	)		(638	)
Contract terminations		(5,097	)		(7,073	)		(188	)		(2,100	)		(2,499	)		(1,413	)		(2,501	)		(697	)
Contract maintenance charges		—			—			(3	)		(4	)		—			—			(3	)		(3	)
Other transfers (to) from FILI, net		6			(2	)		17			(39	)		(1	)		1			(22	)		130

Net increase (decrease) in net assets from contract transactions		(19,918	)		(33,952	)		(1,283	)		(3,546	)		(968	)		(12,611	)		4,349			(4,025	)

Total increase (decrease) in net assets		(25,952	)		(23,077	)		(603	)		(3,688	)		4,262			(13,799)			11,182			1,972

Net Assets:
Beginning of period		196,058			219,135			7,355			11,043			49,507			63,306			21,805			19,833

End of period	$	170,106		$	196,058		$	6,752		$	7,355		$	53,769		$	49,507		$	32,987		$	21,805


(In thousands)	Subaccounts Investing In:

	VIP – Communication Services Investor Class						VIP – Hedged Equity Investor Class^(C)						VIP – Emerging Markets Initial Class						VIP – Emerging Markets Investor Class

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	(384	)	$	(281	)	$	30			—		$	136		$	49		$	3,555		$	1,316
Net realized gain (loss) on investments		42,845			21,678			71			—			538			(84	)		4,151			(1,065	)
Unrealized appreciation (depreciation)		27,577			28,705			100			—			2,989			754			43,448			9,259

Net increase (decrease) in net assets from operations		70,038			50,102			201			—			3,663			719			51,154			9,510


Contract Transactions:
Payments received from contract owners		2,207			897			89			—			10			4			2,595			820
Transfers between sub-accounts and the fixed account, net		89,645			(9,588	)		8,709			—			2,717			(551	)		72,437			(2,920	)
Contract benefits		(278	)		(2	)		—			—			(278	)		(138	)		(20	)		(4	)
Contract terminations		(7,703	)		(4,626	)		(1	)		—			(396	)		(303	)		(5,806	)		(4,355	)
Contract maintenance charges		—			—			—			—			(2	)		(1	)		—			—
Other transfers (to) from FILI, net		7			5			1			—			26			(121	)		1			(2	)

Net increase (decrease) in net assets from contract transactions		83,878			(13,314	)		8,798			—			2,077			(1,110	)		69,207			(6,461	)

Total increase (decrease) in net assets		153,916			36,788			8,999			—			5,740			(391	)		120,361			3,049

Net Assets:
Beginning of period		195,828			159,040			—			—			8,110			8,501			110,655			107,606

End of period	$	349,744		$	195,828		$	8,999			—		$	13,850		$	8,110		$	231,016		$	110,655

^(C) New Fund (Note 1)

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



		49		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2025 and 2024


(In thousands)	Subaccounts Investing In:

	VIP – Floating Rate High Income Initial Class						VIP – Floating Rate High Income Investor Class						VIP – Bond Index Initial Class						VIP – Total Market Index Initial Class

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	794		$	886		$	21,751		$	20,688		$	17,738		$	13,349		$	8,374		$	8,772
Net realized gain (loss) on investments		9			145			(268	)		1,513			1,169			1,160			55,999			35,258
Unrealized appreciation (depreciation)		(286	)		—			(7,555	)		(151	)		15,152			(10,441	)		81,240			110,435

Net increase (decrease) in net assets from operations		517			1,031			13,928			22,050			34,059			4,068			145,613			154,465


Contract Transactions:
Payments received from contract owners		133			175			3,052			11,496			10,537			7,185			8,442			9,738
Transfers between sub-accounts and the fixed account, net		(2,795	)		154			(32,590	)		28,143			74,664			78,289			11,775			77,167
Contract benefits		(102	)		(162	)		(81	)		(112	)		(955	)		(268	)		(1,487	)		(969	)
Contract terminations		(895	)		(1,207	)		(8,423	)		(11,305	)		(20,948	)		(24,968	)		(32,865	)		(25,244	)
Contract maintenance charges		(2	)		(2	)		—			—			(3	)		(3	)		(2	)		(4	)
Other transfers (to) from FILI, net		16			2			(2	)		(1	)		22			14			(20	)		34

Net increase (decrease) in net assets from contract transactions		(3,645	)		(1,040	)		(38,044	)		28,221			63,317			60,249			(14,157	)		60,722

Total increase (decrease) in net assets		(3,128	)		(9	)		(24,116	)		50,271			97,376			64,317			131,456			215,187

Net Assets:
Beginning of period		14,155			14,164			307,877			257,606			499,842			435,525			850,563			635,376

End of period	$	11,027		$	14,155		$	283,761		$	307,877		$	597,218		$	499,842		$	982,019		$	850,563


(In thousands)	Subaccounts Investing In:

	VIP – Extended Market Index Initial Class						VIP – International Index Initial Class						VIF – Emerging Markets Equity Class I						VIF – Emerging Markets Debt Class I

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	1,584		$	1,678		$	12,617		$	8,564		$	1		$	363		$	9,806		$	6,776
Net realized gain (loss) on investments		2,871			3,880			11,795			4,889			56			(3,732	)		(159	)		(1,938	)
Unrealized appreciation (depreciation)		13,329			9,415			93,685			505			11,317			6,056			80			2,195

Net increase (decrease) in net assets from operations		17,784			14,973			118,097			13,958			11,374			2,687			9,727			7,033


Contract Transactions:
Payments received from contract owners		1,462			1,504			7,846			2,321			223			164			349			221
Transfers between sub-accounts and the fixed account, net		10,797			1,126			152,453			20,032			(1,363	)		(1,421	)		1,116			(4,468	)
Contract benefits		(69	)		(68	)		(371	)		(362	)		(249	)		(538	)		(125	)		(104	)
Contract terminations		(3,214	)		(5,461	)		(16,272	)		(10,209	)		(1,053	)		(2,101	)		(2,064	)		(3,504	)
Contract maintenance charges		(1	)		(1	)		(2	)		(1	)		(2	)		(3	)		(2	)		(1	)
Other transfers (to) from FILI, net		18			10			3			9			(162	)		(54	)		(51	)		(55	)

Net increase (decrease) in net assets from contract transactions		8,993			(2,890	)		143,657			11,790			(2,606	)		(3,953	)		(777	)		(7,911	)

Total increase (decrease) in net assets		26,777			12,083			261,754			25,748			8,768			(1,266	)		8,950			(878	)

Net Assets:
Beginning of period		143,846			131,763			309,225			283,477			36,981			38,247			66,974			67,852

End of period	$	170,623		$	143,846		$	570,979		$	309,225		$	45,749		$	36,981		$	75,924		$	66,974

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



		50		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2025 and 2024


(In thousands)	Subaccounts Investing In:

	VIF – Global Strategist – Class II						Lazard – Retirement Emerging Markets Portfolio – Investor						Invesco – V.I. Global Core Equity Series I						Allspring – VT Discovery SMID Cap Growth Class 2

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	(86	)	$	(82	)	$	2,561		$	2,217			371		$	211		$	(181	)	$	(192	)
Net realized gain (loss) on investments		924			(471	)		1,365			(1,077	)		3,110			1,005			693			528
Unrealized appreciation (depreciation)		3,277			2,145			26,058			3,769			1,451			2,755			409			3,340

Net increase (decrease) in net assets from operations		4,115			1,592			29,984			4,909			4,932			3,971			921			3,676


Contract Transactions:
Payments received from contract owners		94			105			931			103			36			91			—			—
Transfers between sub-accounts and the fixed account, net		486			1,047			46,893			(4,591	)		(727	)		7,183			(1,141	)		(604	)
Contract benefits		(190	)		(305	)		(181	)		(70	)		(249	)		(399	)		(440	)		(440	)
Contract terminations		(712	)		(1,086	)		(2,376	)		(3,906	)		(1,256	)		(1,801	)		(1,019	)		(1,290	)
Contract maintenance charges		(1	)		(1	)		(1	)		(1	)		(1	)		(1	)		(4	)		(5	)
Other transfers (to) from FILI, net		(6	)		(6	)		(4	)		(3	)		(32	)		(7	)		(50	)		(65	)

Net increase (decrease) in net assets from contract transactions		(329	)		(246	)		45,262			(8,468	)		(2,229	)		5,066			(2,654	)		(2,404	)

Total increase (decrease) in net assets		3,786			1,346			75,246			(3,559	)		2,703			9,037			(1,733	)		1,272

Net Assets:
Beginning of period		23,823			22,477			62,196			65,755			33,409			24,372			23,554			22,282

End of period	$	27,609		$	23,823		$	137,442		$	62,196			36,112		$	33,409			21,821		$	23,554


(In thousands)	Subaccounts Investing In:

	Allspring – VT Opportunity Class 2						PVIT – Commodity Real Return – Strategy Portfolio – Administrative						PVIT – Low Duration Portfolio – Administrative						PVIT – Real Return Portfolio – Administrative

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	(166	)	$	(172	)	$	691		$	493		$	10,119		$	10,047		$	4,617		$	3,525
Net realized gain (loss) on investments		2,331			2,528			(311	)		(7,381	)		(230	)		(2,214	)		(452	)		(4,594	)
Unrealized appreciation (depreciation)		(929	)		538			3,613			7,901			4,051			3,258			6,438			3,876

Net increase (decrease) in net assets from operations		1,236			2,894			3,993			1,013			13,940			11,091			10,603			2,807


Contract Transactions:
Payments received from contract owners		—			—			96			58			587			1,380			2,980			455
Transfers between sub-accounts and the fixed account, net		(232	)		(498	)		4,762			(8,687	)		44,248			(11,454	)		9,373			(14,666	)
Contract benefits		(410	)		(786	)		(207	)		(48	)		(375	)		(7,216	)		(197	)		(180	)
Contract terminations		(747	)		(1,093	)		(1,480	)		(2,041	)		(15,319	)		(14,884	)		(9,906	)		(8,532	)
Contract maintenance charges		(2	)		(2	)		—			—			(1	)		(1	)		(1	)		(1	)
Other transfers (to) from FILI, net		(69	)		(16	)		(4	)		2			10			(10	)		(90	)		32

Net increase (decrease) in net assets from contract transactions		(1,460	)		(2,395	)		3,167			(10,716	)		29,150			(32,185	)		2,159			(22,892	)

Total increase (decrease) in net assets		(224	)		499			7,160			(9,703)			43,090			(21,094	)		12,762			(20,085	)

Net Assets:
Beginning of period		22,152			21,653			21,769			31,472			251,287			272,381			138,003			158,088

End of period	$	21,928		$	22,152		$	28,929		$	21,769		$	294,377		$	251,287		$	150,765		$	138,003

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



		51		Annual Report

Fidelity Investments Variable Annuity Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2025 and 2024


(In thousands)	Subaccounts Investing In:

	PVIT – Total Return Portfolio – Administrative						Blackrock – Global Allocation V.I. Fund – Class I						FTVIP – Templeton Global Bond Fund – Class 2						FTVIP – Franklin US Government Securities Fund – Class 2

	12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24			12/31/25			12/31/24
Operations:
Net investment income (loss)	$	14,102		$	13,849		$	5,055		$	1,503		$	(83	)	$	(76	)	$	1,565		$	1,283
Net realized gain (loss) on investments		(2,211	)		(4,231	)		14,089			9,273			(313	)		(1,884	)		136			(627	)
Unrealized appreciation (depreciation)		18,094			(1,541	)		8,780			1,948			6,227			(2,777	)		1,538			(270	)

Net increase (decrease) in net assets from operations		29,985			8,077			27,924			12,724			5,831			(4,737	)		3,239			386


Contract Transactions:
Payments received from contract owners		2,996			2,389			290			258			225			144			332			224
Transfers between sub-accounts and the fixed account, net		11,387			(7,402	)		1,175			(7,446	)		6,623			(1,159	)		9,174			858
Contract benefits		(295	)		(167	)		(68	)		(131	)		(17	)		(20	)		(62	)		(48	)
Contract terminations		(15,984	)		(20,108	)		(7,391	)		(6,847	)		(1,827	)		(1,240	)		(3,633	)		(3,119	)
Contract maintenance charges		(1	)		(1	)		—			(1	)		(1	)		(1	)		—			—
Other transfers (to) from FILI, net		(15	)		(21	)		—			14			(5	)		(3	)		195			4

Net increase (decrease) in net assets from contract transactions		(1,912	)		(25,310	)		(5,994	)		(14,153	)		4,998			(2,279	)		6,006			(2,081	)

Total increase (decrease) in net assets		28,073			(17,233	)		21,930			(1,429	)		10,829			(7,016	)		9,245			(1,695	)

Net Assets:
Beginning of period		353,267			370,500			148,005			149,434			35,570			42,586			48,020			49,715

End of period	$	381,340		$	353,267		$	169,935		$	148,005		$	46,399		$	35,570		$	57,265		$	48,020

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



		52		Annual Report

Notes to Financial Statements

Fidelity Investments Variable Annuity Account I

1. Organization

Fidelity Investments Variable Annuity Account I (the “Account”), a unit investment trust registered under the Investment Company Act of 1940 as amended, was established by Fidelity Investments Life Insurance Company (“FILI”) on July 22, 1987 and exists in accordance with the regulations of the State of Utah Insurance Department. FILI is a wholly-owned subsidiary of FMR LLC. The Account is a funding vehicle of individual Fidelity Retirement Reserves, Fidelity Personal Retirement Annuity, Fidelity Growth and Guaranteed Income, Fidelity Income Advantage and Fidelity Freedom Lifetime Income variable annuity contracts. Fidelity Retirement Reserves, Fidelity Growth and Guaranteed Income, which offered a guaranteed minimum withdrawal benefit, Fidelity Income Advantage, and Fidelity Freedom Lifetime Income were closed to new business. Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of FILI. The Account cannot be charged with liabilities arising out of any other business of FILI.

Each subaccount invests exclusively in one of the Funds (“Underlying Funds”) that are part of the following fund groups:

Fund Groups

Fidelity Variable Insurance Product Funds (Initial Class) (“VIP - Initial Class”)

Fidelity Variable Insurance Product Funds (Investor Class) (“VIP - Investor Class”)

Morgan Stanley Variable Insurance Funds, Inc. (Class I) (“VIF”)

Morgan Stanley Variable Insurance Funds, Inc. (Class II) (“VIF”) (“VIF - Class II”)

Allspring Variable Trust Funds (Class 2) (“Allspring”)

Lazard Retirement Series, Inc. (Investor Class) (“Lazard”)

PIMCO Variable Insurance Trust Funds (Administrative Class) (“PVIT”)

Invesco Advisers, Inc. (Series I) (“Invesco”)

Franklin Templeton Variable Insurance Products Trust Funds (Class 2) (“FTVIP”)

Blackrock Variable Series Funds (Class I) (“Blackrock”)

The VIP Freedom 2005 Initial Class and VIP Freedom Income Initial Class funds approved a Plan of Reorganization Agreement to transfer all the net assets of the VIP Freedom 2005 Initial Class fund in exchange for shares of the VIP Freedom Income Initial Class fund effective June 7, 2024. The VIP Investor Freedom 2005 Investor Class and VIP Investor Freedom Income Investor Class funds approved a Plan of Reorganization Agreement to transfer all the net assets of the VIP Investor Freedom 2005 Investor Class fund in exchange for shares of the VIP Investor Freedom Income Investor Class fund effective June 7, 2024.

During 2025, the following underlying funds were renamed:


Old Name		New Name

VIP - Asset Manager Initial Class		VIP - Asset Manager 50% Initial Class

VIP - Asset Manager Investor Class		VIP - Asset Manager 50% Investor Class

VIP - Asset Manager Growth Initial Class		VIP - Asset Manager 70% Initial Class

VIP - Asset Manager Growth Investor Class		VIP - Asset Manager 70% Investor Class

During 2025, the following underlying funds were added and commenced operations effective May 1, 2025:

VIP - Hedged Equity Investor Class

As of December 31, 2025, the net assets and units of Fidelity Retirement Reserve contracts that have annuitized were $69,294,000 and 872,000 respectively.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed consistently by the Account in preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Financial Accounting Standards Board (“FASB”) established the FASB Accounting Standards Codification (“the Codification”) as the source of authoritative GAAP. All guidance contained in the Codification carries an equal level of authority.



		53		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

2. Significant Accounting Policies - continued

Investments

Investments are made by the subaccounts in their corresponding mutual fund portfolios and are valued at the reported net asset values of such portfolios. Investment transactions are recorded on the trade date. Income from dividends and realized capital gain distributions are recorded on the ex-dividend date. Realized gains and losses include gains and losses on the sales of investments (computed on the basis of the identified cost of the investment sold) and capital gain distributions from the mutual funds.

Receivable from/Payable to FILI

Receivable from/payable to FILI represents adjustments for contract guarantees, which are the responsibility of FILI, and accruals for daily charges deducted from the net assets of the Account.

Contract Transactions

Other transfers (to) from FILI, net, as reported in the Statement of Changes in Net Assets, represents miscellaneous contract transfers.

Federal Income Taxes

The operations of the Account are included in the federal income tax return of FILI, which is taxed as a life insurance company under the provisions of the Internal Revenue Code (“the Code”).

Under the current provisions of the Code, FILI does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited under the contracts. FILI incurs federal income taxes on the difference between the financial statement carrying value of reserves for contracts in the income stage and those reserves held for federal income tax purposes. The tax effect of this temporary difference is expected to be recovered by FILI when the difference reverses. As such, no charge is being made currently to the Account for federal income taxes. FILI will review periodically the status of such decision based on changes in the tax law. Such a charge may be made in future years for any federal income taxes that would be attributable to the contracts.

Under the provisions of Section 817(h) of the Code, a variable annuity contract will not be treated as an annuity contract for federal income tax purposes for any period for which the investments of the segregated asset account on which the contract is based are not adequately diversified. The Code provides that the “adequately diversified” requirement may be met if the underlying investments satisfy either a statutory safe harbor test or diversification requirements set forth in regulations issued by the Secretary of the Treasury. The Internal Revenue Service has issued regulations under Section 817(h) of the Code. FILI believes that the Separate Account satisfies the current requirements of the regulations, and it intends that it will continue to meet such requirements.

Estimates

The preparation of the Financial Statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the related amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Fair Value Measurements

The Financial Accounting Standards Board issued guidance on fair value measurements that establishes a framework for measuring fair value under U.S. GAAP and disclosures about fair value measurements. The definition of fair value focuses on the price that would be received to sell the asset or paid to transfer the liability regardless of whether an observable market price existed (an exit price). In addition, the guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels (“Level 1, 2, and 3”).

The Account carries investments which are made by the subaccounts in their corresponding mutual funds at fair value in the financial statements. The mutual funds are valued at the reported net asset values of such portfolios. The Account categorized the financial assets carried at fair value in the Statement of Assets and Liabilities based upon the guidance’s three-level valuation hierarchy. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable valuation inputs (Level 3). If the inputs used to measure a financial asset or liability cross different levels of the hierarchy, categorization is based on the lowest level input that is significant to the fair value measurement. The assessment of the significance of a particular input to the overall fair value measurement of a financial asset or liability requires judgment, and considers factors specific to the asset or liability. The three levels are described below:

•

Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets and liabilities in an active market (e.g., active exchange-traded equities).

•

Level 2 – Financial assets and liabilities whose values are based on quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.



		54		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

2. Significant Accounting Policies - continued

Fair Value Measurements - continued

•

Level 3 – Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable in the market and significant to the overall fair value measurement. These inputs reflect judgments about the assumptions that a market participant would use in pricing the asset or liability, and are based on the best available information, some of which is internally developed.

All subaccounts are invested in mutual funds whose value is based on the underlying net asset value of those funds. Open ended mutual funds in the subaccounts produce a daily NAV that is validated with a sufficient level of observable activity to support classification of the fair value measurement as Level 1. There were no transfers between Level 1 and Level 2 during 2025 or 2024. The Account had no Level 3 activity during 2025 or 2024.

Operating Segments

FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”) provides segment reporting guidance for public companies.

The Account operates as a funding vehicle for variable life contracts. The Account’s products constitute a single operating segment and therefore, a single reportable segment. The Account is comprised of subaccounts which invest in corresponding Funds. The Account is structured with the sole purpose to record and report the invested funds and activities and performance chosen by variable annuity contract holders. Investment performance of funds may vary based on the underlying fund’s investment objectives as specified in the fund prospectuses.

The chief operating decision maker (“CODM”) is represented by FILI’s management which includes the Head of Operations and Business Development. The CODM oversees the products and the performance of the underlying funds to evaluate the results of the business and make operational decisions. Detailed financial information for the Account and underlying subaccounts are disclosed within these financial statements. The Account generates revenues from investment income on the invested funds and expenses from product charges for mortality and expense risk and administrative and other charges which are reported separately on the Statements of Operations. The measure of segment profit or loss is reported on the Statements of Operations as “Net increase (decrease) in net assets from operations” and the measure of segment assets is reported as “Total net assets” on the Statements of Assets and Liabilities. The accounting policies of the Accounts are consistent with those described in the Notes to the Financial Statements.

3. Expenses and Related Party Transactions

FILI deducts a daily charge, through a reduction in unit values, from the net assets of the Account for the assumption of mortality and expense risks and for administrative charges. FILI also deducts an annual maintenance charge, through a redemption of units, for the Fidelity Retirement Reserves. The maintenance charge, which is waived on certain contracts, is recorded as a contract transaction in the accompanying Statement of Changes in Net Assets.

FILI previously offered Fidelity Retirement Reserves contract holders the opportunity to elect a death benefit rider. The rider allowed the contract holder to lock in their death benefit at the highest contract value at any contract anniversary date before the annuitant reached age 80. Effective January 1, 2003, the rider was no longer available to new contracts. For those contract holders who had elected the rider, FILI continues to deduct a quarterly charge, through a redemption of units. There will be no charges made once the annuitants reach their 85th birthday. The death benefit rider is recorded as a contract transaction in the accompanying Statement of Changes in Net Assets.

The annual mortality and expense and administrative charge for certain contract holders in Fidelity Personal Retirement Annuity is .20% and .05%, respectively. In addition, certain Fidelity Personal Retirement Annuity contract holders are eligible for a lower annual mortality and expense and administrative charge of .05% and .05%, respectively, with an initial purchase or contract value of $1 million or greater.

Effective January 1, 2009, the annual mortality and expense and administrative charges for new contract holders in Fidelity Growth and Guaranteed Income is 1.00% and .25%, respectively for single annuitants and 1.15% and .25%, respectively for joint annuitants. The annual mortality and expense and administrative charge for contract holders in Fidelity Growth and Guaranteed Income prior to January 1, 2009 is .85% and .25%, respectively for single annuitants and 1.00% and .25%, respectively for joint annuitants.



		55		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

3. Expenses and Related Party Transactions - continued

The annual rates of mortality and expense risk fees, administrative expense fees, death benefit fees, and the maximum dollar amount of the contract fee for the year ended December 31, 2025 are displayed in the table below.


	Fidelity Retirement Reserves			Fidelity Income Advantage			Fidelity Personal Retirement		Fidelity Freedom Lifetime Income			Fidelity Growth and Guaranteed Income
Variable Account Deductions:
Mortality and Expense Risk (Annual Rate)		0.75	%		0.75	%		0.05%-0.20%		0.50	%		0.85%-1.15%
Administrative Expense (Annual Rate)		0.05	%		0.25	%		0.05%		0.10	%		0.25%

Contract Deductions:
Death Benefit Fees (Annual Rate)		0.20	%		—			—		—			—
Annual Maintenance Charge (Maximum)		$30			—			—		—			—

The disclosures above include charges currently assessed to the policyholder. There are certain other additional charges, such as exchange charges and other taxes which may be assessed in accordance with the terms of the contract in future periods.

FILI charges an amount equal to the state premium taxes it pays, ranging from 0-3.5%, pursuant to provisions in the contracts it issues.

The contracts are distributed through Fidelity Brokerage Services LLC (“FBS”), Fidelity Insurance Agency, Inc. (“FIA”), and Fidelity Investments Institutional Services Company, Inc. (“FIIS”), all of which are subsidiaries of FMR LLC. FBS, FIA, and FIIS are the distributors and FBS is the principal underwriter of the contracts. Fidelity Investments Institutional Operations Company, Inc. (“FIIOC”), a subsidiary of FMR LLC, is the transfer and shareholder servicing agent for the VIP and VIP Investor Class portfolios.

Management fees are paid by certain funds to Fidelity Management & Research Company, a subsidiary of FMR LLC, in its capacity as advisor to the VIP and VIP Investor Class mutual fund portfolios. The total management fees, as a percentage of a fund’s average net assets, for the year ended December 31, 2025 were .045% to .910% depending on the fund.

4. Investments

Purchases and Sales

The following table shows aggregate cost of shares purchased and proceeds from sales of each portfolio for the year ended December 31, 2025:


	Purchases (000s)		Sales (000s)

VIP - Government Money Market Initial Class		109,491		91,472

VIP - Government Money Market Investor Class		1,220,046		739,707

VIP - High Income Initial Class		9,300		9,779

VIP - High Income Investor Class		84,096		64,544

VIP - Equity-Income Initial Class		33,657		47,300

VIP - Equity-Income Investor Class		124,922		81,297

VIP - Growth Initial Class		105,269		89,233

VIP - Growth Investor Class		262,524		196,013

VIP - Overseas Initial Class		13,185		11,242

VIP - Overseas Investor Class		100,479		58,376

VIP - Investment Grade Bond Initial Class		10,139		16,329

VIP - Investment Grade Bond Investor Class		139,836		84,664

VIP - Asset Manager 50% Initial Class ^(B)		13,239		21,720

VIP - Asset Manager 50% Investor Class ^(B)		49,998		30,790

VIP - Index 500 Initial Class		482,515		618,069

VIP - Asset Manager 70% Initial Class ^(B)		4,471		7,687

VIP - Asset Manager 70% Investor Class ^(B)		61,038		18,226

VIP - Contrafund Initial Class		215,060		157,101

VIP - Contrafund Investor Class		720,765		287,504

VIP - Balanced Initial Class		16,991		27,885

VIP - Balanced Investor Class		459,315		425,713

VIP - Dynamic Capital Appreciation Initial Class		5,198		4,067

VIP - Dynamic Capital Appreciation Investor Class		53,600		42,654

VIP - Growth & Income Initial Class		17,478		17,650

^(B) Fund Name Change (Note 1)



		56		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

4. Investments - continued

Purchases and Sales - continued


	Purchases (000s)		Sales (000s)

VIP - Growth & Income Investor Class		122,571		69,081

VIP - Growth Opportunities Initial Class		16,005		42,948

VIP - Growth Opportunities Investor Class		169,870		197,100

VIP - Mid Cap Initial Class		31,121		33,044

VIP - Mid Cap Investor Class		129,944		86,641

VIP - Value Strategies Initial Class		2,328		8,810

VIP - Value Strategies Investor Class		16,925		47,698

VIP - Utilities Initial Class		9,167		8,004

VIP - Utilities Investor Class		65,680		79,518

VIP - Technology Initial Class		59,764		79,120

VIP - Technology Investor Class		417,763		346,709

VIP - Energy Initial Class		4,594		9,870

VIP - Energy Investor Class		29,933		56,436

VIP - Health Care Initial Class		7,497		19,194

VIP - Health Care Investor Class		87,185		116,287

VIP - Financials Initial Class		7,022		11,142

VIP - Financials Investor Class		69,617		66,526

VIP - Industrials Initial Class		8,019		7,175

VIP - Industrials Investor Class		89,252		58,069

VIP - Consumer Discretionary Initial Class		3,307		6,128

VIP - Consumer Discretionary Investor Class		43,567		53,042

VIP - Real Estate Initial Class		1,329		3,986

VIP - Real Estate Investor Class		17,503		23,474

VIP - Strategic Income Initial Class		3,474		5,974

VIP - Strategic Income Investor Class		90,325		83,114

VIP - International Capital Appreciation Initial Class		5,386		4,725

VIP - International Capital Appreciation Investor Class		87,909		46,008

VIP - Value Initial Class		5,572		5,144

VIP - Value Investor Class		41,988		50,786

VIP - Freedom Income Initial Class		937		2,350

VIP - Freedom Income Investor Class		7,026		9,624

VIP - Freedom 2010 Initial Class		356		1,529

VIP - Investor Freedom 2010 Investor Class		3,936		8,980

VIP - Freedom 2015 Initial Class		1,133		2,511

VIP - Investor Freedom 2015 Investor Class		7,056		11,002

VIP - Freedom 2020 Initial Class		1,602		1,948

VIP - Investor Freedom 2020 Investor Class		22,690		21,335

VIP - Freedom 2025 Initial Class		1,751		2,469

VIP - Investor Freedom 2025 Investor Class		26,342		28,052

VIP - Freedom 2030 Initial Class		2,541		4,892

VIP - Investor Freedom 2030 Investor Class		45,417		40,044

VIP - Freedom 2035 Initial Class		754		350

VIP - Investor Freedom 2035 Investor Class		19,514		5,946

VIP - Freedom 2040 Initial Class		942		788

VIP - Investor Freedom 2040 Investor Class		12,036		3,205

VIP - Freedom 2045 Initial Class		325		31

VIP - Investor Freedom 2045 Investor Class		4,757		1,659

VIP - Freedom 2050 Initial Class		333		57

VIP - Investor Freedom 2050 Investor Class		6,587		1,391



		57		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

4. Investments - continued

Purchases and Sales - continued


	Purchases (000s)		Sales (000s)

VIP - Freedom Lifetime Income I		245		1,021

VIP - Freedom Lifetime Income II		1,507		2,520

VIP - Freedom Lifetime Income III		1,961		2,430

VIP - Disciplined Small Cap Initial Class		4,108		7,301

VIP - Disciplined Small Cap Investor Class		68,504		68,419

VIP - FundsManager 20% Investor Class		56,090		77,327

VIP - FundsManager 30% Investor Class		17,665		6,194

VIP - FundsManager 40% Investor Class		34,702		9,038

VIP - FundsManager 50% Investor Class		119,413		212,580

VIP - FundsManager 60% Investor Class		166,110		237,846

VIP - FundsManager 70% Investor Class		249,479		183,665

VIP - FundsManager 85% Investor Class		191,536		103,983

VIP - Consumer Staples Initial Class		2,433		4,372

VIP - Consumer Staples Investor Class		29,314		35,007

VIP - Materials Initial Class		1,602		1,725

VIP - Materials Investor Class		21,096		13,530

VIP - Communication Services Initial Class		15,548		9,297

VIP - Communication Services Investor Class		177,066		72,812

VIP - Hedged Equity Investor Class^(c)		9,573		745

VIP - Emerging Markets Initial Class		5,973		3,675

VIP - Emerging Markets Investor Class		109,877		35,697

VIP - Floating Rate High Income Initial Class		4,677		7,530

VIP - Floating Rate High Income Investor Class		82,047		98,340

VIP - Bond Index Initial Class		174,063		93,017

VIP - Total Market Index Initial Class		146,182		151,964

VIP - Extended Market Index Initial Class		36,626		26,052

VIP - International Index Initial Class		209,159		52,885

VIF - Emerging Markets Equity - Class I		7,501		8,797

VIF - Emerging Markets Debt - Class I		21,732		12,703

VIF - Global Strategist - Class II		4,872		4,383

Lazard - Retirement Emerging Markets Portfolio - Investor		65,202		17,386

Invesco - VI Global Core Equity Series I		5,142		4,633

Allspring - VT Discovery SMID Cap Growth Class 2		209		2,890

Allspring - VT Opportunity Class 2		2,334		1,695

PVIT - Commodity Real Return Portfolio - Administrative		19,852		15,994

PVIT - Low Duration Portfolio - Administrative		79,883		40,619

PVIT - Real Return Portfolio - Administrative		36,514		29,737

PVIT - Total Return Portfolio - Administrative		61,458		49,269

Blackrock - Global Allocation V.I. Fund - Class I		34,850		22,945

FTVIP - Templeton Global Bond Fund - Class 2		19,938		15,022

FTVIP - Franklin U.S. Government Securities Fund - Class 2		26,972		19,401

^(C) New Fund (Note 1)



		58		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

4. Investments - continued

Shares, Aggregate Cost and Net Asset Value

The following table shows the number of shares owned, aggregate cost and net asset value per share of each portfolio at December 31, 2025:


	Number of Shares (000s)		Aggregate Cost (000s)		Net Asset Value per Share

VIP - Government Money Market Initial Class		243,988		243,988	$	1.00

VIP - Government Money Market Investor Class		3,556,734		3,556,734		1.00

VIP - High Income Initial Class		10,334		127,331		4.88

VIP - High Income Investor Class		69,928		408,770		4.84

VIP - Equity-Income Initial Class		13,893		362,962		29.43

VIP - Equity-Income Investor Class		25,236		668,974		29.14

VIP - Growth Initial Class		8,322		723,369		97.72

VIP - Growth Investor Class		14,127		1,370,858		96.48

VIP - Overseas Initial Class		2,433		65,443		27.52

VIP - Overseas Investor Class		9,952		269,164		27.39

VIP - Investment Grade Bond Initial Class		8,869		121,424		11.36

VIP - Investment Grade Bond Investor Class		69,712		918,064		11.30

VIP - Asset Manager 50% Initial Class ^(B)		8,915		152,870		17.62

VIP - Asset Manager 50% Investor Class ^(B)		13,274		226,134		17.44

VIP - Index 500 Initial Class		11,249		4,199,331		660.13

VIP - Asset Manager 70% Initial Class ^(B)		2,425		47,952		25.87

VIP - Asset Manager 70% Investor Class ^(B)		7,858		175,820		25.62

VIP - Contrafund Initial Class		23,139		1,022,805		59.89

VIP - Contrafund Investor Class		56,617		2,789,299		59.15

VIP - Balanced Initial Class		7,429		156,890		26.51

VIP - Balanced Investor Class		167,231		3,511,543		26.16

VIP - Dynamic Capital Appreciation Initial Class		1,343		22,283		19.68

VIP - Dynamic Capital Appreciation Investor Class		11,293		197,202		19.58

VIP - Growth & Income Initial Class		4,507		109,384		33.35

VIP - Growth & Income Investor Class		15,296		431,188		33.09

VIP - Growth Opportunities Initial Class		2,257		155,785		99.69

VIP - Growth Opportunities Investor Class		14,376		1,040,760		98.43

VIP - Mid Cap Initial Class		6,926		260,225		37.51

VIP - Mid Cap Investor Class		19,216		739,835		37.05

VIP - Value Strategies Initial Class		2,292		37,844		15.93

VIP - Value Strategies Investor Class		9,920		165,724		15.74

VIP - Utilities Initial Class		1,307		30,521		26.01

VIP - Utilities Investor Class		9,789		231,859		25.77

VIP - Technology Initial Class		7,034		234,998		47.54

VIP - Technology Investor Class		53,851		1,768,348		46.43

VIP - Energy Initial Class		1,188		34,369		27.28

VIP - Energy Investor Class		6,389		174,069		27.22

VIP - Health Care Initial Class		1,931		67,673		38.31

VIP - Health Care Investor Class		15,734		550,720		37.76

VIP - Financials Initial Class		1,406		25,286		20.50

VIP - Financials Investor Class		12,646		223,845		20.35

VIP - Industrials Initial Class		1,262		30,552		30.53

VIP - Industrials Investor Class		8,376		213,030		30.12

VIP - Consumer Discretionary Initial Class		382		13,866		39.61

VIP - Consumer Discretionary Investor Class		4,847		175,286		39.31

VIP - Real Estate Initial Class		879		22,078		17.84

VIP - Real Estate Investor Class		7,337		160,250		17.69

VIP - Strategic Income Initial Class		3,324		39,534		11.23

VIP - Strategic Income Investor Class		69,333		818,090		11.18

^(B) Fund Name Change (Note 1)



		59		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

4. Investments - continued

Shares, Aggregate Cost and Net Asset Value - continued


	Number of Shares (000s)		Aggregate Cost (000s)		Net Asset Value per Share

VIP - International Capital Appreciation Initial Class		815		18,621	$	26.63

VIP - International Capital Appreciation Investor Class		15,697		344,643		26.36

VIP - Value Initial Class		1,408		26,832		19.28

VIP - Value Investor Class		14,148		269,499		19.22

VIP - Freedom Income Initial Class		947		11,161		11.69

VIP - Freedom Income Investor Class		6,348		76,429		11.53

VIP - Freedom 2010 Initial Class		364		4,942		12.15

VIP - Investor Freedom 2010 Investor Class		3,614		47,699		12.82

VIP - Freedom 2015 Initial Class		1,098		14,537		11.98

VIP - Investor Freedom 2015 Investor Class		6,274		81,435		12.78

VIP - Freedom 2020 Initial Class		1,090		15,312		13.26

VIP - Investor Freedom 2020 Investor Class		12,348		165,918		13.40

VIP - Freedom 2025 Initial Class		1,082		17,393		17.25

VIP - Investor Freedom 2025 Investor Class		12,769		190,026		15.33

VIP - Freedom 2030 Initial Class		1,291		20,681		17.68

VIP - Investor Freedom 2030 Investor Class		22,293		335,079		16.46

VIP - Freedom 2035 Initial Class		45		1,309		30.16

VIP - Investor Freedom 2035 Investor Class		2,849		33,566		12.39

VIP - Freedom 2040 Initial Class		23		685		29.78

VIP - Investor Freedom 2040 Investor Class		1,697		20,222		12.95

VIP - Freedom 2045 Initial Class		10		297		30.68

VIP - Investor Freedom 2045 Investor Class		533		6,609		13.18

VIP - Freedom 2050 Initial Class		12		321		27.68

VIP - Investor Freedom 2050 Investor Class		898		11,096		13.24

VIP - Freedom Lifetime Income I		654		7,384		10.89

VIP - Freedom Lifetime Income II		1,978		24,413		12.44

VIP - Freedom Lifetime Income III		1,979		25,422		13.93

VIP - Disciplined Small Cap Initial Class		1,233		23,847		20.19

VIP - Disciplined Small Cap Investor Class		18,830		345,832		20.05

VIP - FundsManager 20% Investor Class		55,778		646,941		11.20

VIP - FundsManager 30% Investor Class		2,282		24,981		11.38

VIP - FundsManager 40% Investor Class		4,292		48,814		11.87

VIP - FundsManager 50% Investor Class		130,625		1,657,402		13.39

VIP - FundsManager 60% Investor Class		187,069		2,132,728		11.74

VIP - FundsManager 70% Investor Class		158,763		2,082,856		15.12

VIP - FundsManager 85% Investor Class		66,874		900,362		15.64

VIP - Consumer Staples Initial Class		607		12,243		17.43

VIP - Consumer Staples Investor Class		9,821		194,225		17.32

VIP - Materials Initial Class		439		7,951		15.38

VIP - Materials Investor Class		3,503		62,074		15.35

VIP - Communication Services Initial Class		1,139		26,494		29.00

VIP - Communication Services Investor Class		12,225		285,798		28.61

VIP - Hedged Equity Investor Class ^(C)		807		8,899		11.15

VIP - Emerging Markets Initial Class		875		12,939		15.83

VIP - Emerging Markets Investor Class		14,696		213,339		15.72

VIP - Floating Rate High Income Initial Class		1,142		11,582		9.65

VIP - Floating Rate High Income Investor Class		29,375		296,838		9.66

VIP - Bond Index Initial Class		60,693		646,635		9.84

VIP - Total Market Index Initial Class		40,197		711,674		24.43

VIP - Extended Market Index Initial Class		10,704		155,521		15.94

VIP - International Index Initial Class		40,639		475,337		14.05

^(C) New Fund (Note 1)



		60		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

4. Investments - continued

Shares, Aggregate Cost and Net Asset Value - continued


	Number of Shares (000s)		Aggregate Cost (000s)		Net Asset Value per Share

VIF - Emerging Markets Equity - Class I		2,604		57,173	$	17.57

VIF - Emerging Markets Debt - Class I		14,034		118,238		5.41

VIF - Global Strategist - Class II		2,643		33,749		10.44

Lazard - Retirement Emerging Markets Portfolio - Investor		4,657		122,632		29.51

Invesco - VI Global Core Equity Series I		3,063		33,992		11.79

Allspring - VT Discovery SMID Cap Growth Class 2		862		28,735		25.29

Allspring - VT Opportunity Class 2		853		23,569		25.70

PVIT - Commodity Real Return Portfolio - Administrative		4,599		49,700		6.29

PVIT - Low Duration Portfolio - Administrative		30,099		317,970		9.78

PVIT - Real Return Portfolio - Administrative		12,553		181,424		12.01

PVIT - Total Return Portfolio - Administrative		40,353		461,227		9.45

Blackrock - Global Allocation V.I. Fund - Class I		9,722		177,148		17.48

FTVIP - Templeton Global Bond Fund - Class 2		3,523		66,035		13.17

FTVIP - Franklin U.S. Government Securities Fund - Class 2		5,454		68,139		10.50

5. Changes in Units Outstanding

The changes in units outstanding for the years ended December 31, 2025 and 2024 were as follows:


	Fidelity						Fidelity						Fidelity						Fidelity Freedom
	Retirement Reserves						Income Advantage						Personal Retirement						Lifetime Income

(in thousands)	2025			2024			2025			2024			2025			2024			2025			2024
VIP - Government Money Market Initial Class

Units Issued		7,118			4,924			52			41			—			—			—			—

Units Redeemed		(6,641	)		(5,672	)		(82	)		(89	)		—			—			—			—


Net Increase (Decrease)		477			(748	)		(30	)		(48	)		—			—			—			—

VIP - Government Money Market Investor Class

Units Issued		—			—			—			—			309,275			274,964			—			—

Units Redeemed		—			—			—			—			(281,052	)		(258,324	)		(1	)		(9	)


Net Increase (Decrease)		—			—			—			—			28,223			16,640			(1	)		(9	)

VIP - High Income Initial Class

Units Issued		111			38			2			13			—			—			—			—

Units Redeemed		(137	)		(134	)		(24	)		(37	)		—			—			—			—


Net Increase (Decrease)		(26	)		(96	)		(22	)		(24	)		—			—			—			—

VIP - High Income Investor Class

Units Issued		—			—			—			—			3,604			2,533			—			—

Units Redeemed		—			—			—			—			(3,607	)		(2,932	)		—			—


Net Increase (Decrease)		—			—			—			—			(3	)		(399	)		—			—

VIP - Equity-Income Initial Class

Units Issued		47			32			1			2			—			—			—			—

Units Redeemed		(196	)		(207	)		(28	)		(33	)		—			—			—			—


Net Increase (Decrease)		(149	)		(175	)		(27	)		(31	)		—			—			—			—

VIP - Equity-Income Investor Class

Units Issued		—			—			—			—			2,717			2,802			—			—

Units Redeemed		—			—			—			—			(2,865	)		(2,875	)		—			—


Net Increase (Decrease)		—			—			—			—			(148	)		(73	)		—			—



		61		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

5. Changes in Units Outstanding - continued


	Fidelity						Fidelity						Fidelity						Fidelity Freedom
	Retirement Reserves						Income Advantage						Personal Retirement						Lifetime Income

(in thousands)	2025			2024			2025			2024			2025			2024			2025		2024
VIP - Growth Initial Class

Units Issued		34			49			—			4			—			—			—		—

Units Redeemed		(187	)		(199	)		(19	)		(20	)		—			—			—		—


Net Increase (Decrease)		(153	)		(150	)		(19	)		(16	)		—			—			—		—

VIP - Growth Investor Class

Units Issued		—			—			—			—			1,815			3,852			—		—

Units Redeemed		—			—			—			—			(2,887	)		(3,207	)		—		—


Net Increase (Decrease)		—			—			—			—			(1,072	)		645			—		—

VIP - Overseas Initial Class

Units Issued		81			12			16			—			—			—			—		—

Units Redeemed		(124	)		(117	)		(24	)		(10	)		—			—			—		—


Net Increase (Decrease)		(43	)		(105	)		(8	)		(10	)		—			—			—		—

VIP - Overseas Investor Class

Units Issued		—			—			—			—			3,493			1,050			—		—

Units Redeemed		—			—			—			—			(2,952	)		(1,857	)		—		—


Net Increase (Decrease)		—			—			—			—			541			(807	)		—		—

VIP - Investment Grade Bond Initial Class

Units Issued		205			220			2			2			—			—			—		—

Units Redeemed		(337	)		(451	)		(62	)		(65	)		—			—			—		—


Net Increase (Decrease)		(132	)		(231	)		(60	)		(63	)		—			—			—		—

VIP - Investment Grade Bond Investor Class

Units Issued		—			—			—			—			11,419			10,985			—		—

Units Redeemed		—			—			—			—			(9,371	)		(9,390	)		—		—


Net Increase (Decrease)		—			—			—			—			2,048			1,595			—		—

VIP - Asset Manager 50% Initial Class^(B)

Units Issued		38			25			—			—			—			—			—		—

Units Redeemed		(207	)		(205	)		(38	)		(37	)		—			—			—		—


Net Increase (Decrease)		(169	)		(180	)		(38	)		(37	)		—			—			—		—

VIP - Asset Manager 50% Investor Class^(B)

Units Issued		—			—			—			—			1,334			611			—		—

Units Redeemed		—			—			—			—			(1,177	)		(1,425	)		—		—


Net Increase (Decrease)		—			—			—			—			157			(814	)		—		—

VIP - Index 500 Initial Class

Units Issued		173			215			2			3			12,842			17,724			—		—

Units Redeemed		(552	)		(475	)		(46	)		(54	)		(15,003	)		(15,478	)		—		—


Net Increase (Decrease)		(379	)		(260	)		(44	)		(51	)		(2,161	)		2,246			—		—

VIP - Asset Manager 70% Initial Class^(B)

Units Issued		27			14			—			1			—			—			—		—

Units Redeemed		(94	)		(90	)		(19	)		(20	)		—			—			—		—


Net Increase (Decrease)		(67	)		(76	)		(19	)		(19	)		—			—			—		—

VIP - Asset Manager 70% Investor Class^(B)

Units Issued		—			—			—			—			1,700			684			—		—

Units Redeemed		—			—			—			—			(738	)		(704	)		—		—


Net Increase (Decrease)		—			—			—			—			962			(20	)		—		—

^(B) Fund Name Change (Note 1)



		62		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

5. Changes in Units Outstanding - continued


	Fidelity						Fidelity						Fidelity						Fidelity Freedom
	Retirement Reserves						Income Advantage						Personal Retirement						Lifetime Income

(in thousands)	2025			2024			2025			2024			2025			2024			2025		2024
VIP - Contrafund Initial Class

Units Issued		101			165			2			14			—			—			—		—

Units Redeemed		(576	)		(614	)		(70	)		(76	)		—			—			—		—


Net Increase (Decrease)		(475	)		(449	)		(68	)		(62	)		—			—			—		—

VIP - Contrafund Investor Class

Units Issued		—			—			—			—			5,766			8,595			—		—

Units Redeemed		—			—			—			—			(6,565	)		(7,192	)		—		—


Net Increase (Decrease)		—			—			—			—			(799	)		1,403			—		—

VIP - Balanced Initial Class

Units Issued		97			137			1			77			—			—			—		—

Units Redeemed		(342	)		(320	)		(85	)		(76	)		—			—			—		—


Net Increase (Decrease)		(245	)		(183	)		(84	)		1			—			—			—		—

VIP - Balanced Investor Class

Units Issued		—			—			—			—			7,656			9,825			—		—

Units Redeemed		—			—			—			—			(10,213	)		(10,226	)		—		—


Net Increase (Decrease)		—			—			—			—			(2,557	)		(401	)		—		—

VIP - Dynamic Capital Appreciation Initial Class

Units Issued		6			22			—			1			—			—			—		—

Units Redeemed		(40	)		(43	)		(7	)		(8	)		—			—			—		—


Net Increase (Decrease)		(34	)		(21	)		(7	)		(7	)		—			—			—		—

VIP - Dynamic Capital Appreciation Investor Class

Units Issued		—			—			—			—			280			612			—		—

Units Redeemed		—			—			—			—			(653	)		(629	)		—		—


Net Increase (Decrease)		—			—			—			—			(373	)		(17	)		—		—

VIP - Growth & Income Initial Class

Units Issued		51			38			4			1			—			—			—		—

Units Redeemed		(175	)		(189	)		(37	)		(35	)		—			—			—		—


Net Increase (Decrease)		(124	)		(151	)		(33	)		(34	)		—			—			—		—

VIP - Growth & Income Investor Class

Units Issued		—			—			—			—			1,615			1,521			—		—

Units Redeemed		—			—			—			—			(1,573	)		(1,575	)		—		—


Net Increase (Decrease)		—			—			—			—			42			(54	)		—		—

VIP - Growth Opportunities Initial Class

Units Issued		169			151			9			11			—			—			—		—

Units Redeemed		(366	)		(286	)		(39	)		(40	)		—			—			—		—


Net Increase (Decrease)		(197	)		(135	)		(30	)		(29	)		—			—			—		—

VIP - Growth Opportunities Investor Class

Units Issued		—			—			—			—			2,177			2,178			—		—

Units Redeemed		—			—			—			—			(2,632	)		(2,577	)		—		—


Net Increase (Decrease)		—			—			—			—			(455	)		(399	)		—		—

VIP - Mid Cap Initial Class

Units Issued		66			58			5			1			—			—			—		—

Units Redeemed		(347	)		(431	)		(73	)		(71	)		—			—			—		—


Net Increase (Decrease)		(281	)		(373	)		(68	)		(70	)		—			—			—		—



		63		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

5. Changes in Units Outstanding - continued


	Fidelity						Fidelity						Fidelity						Fidelity Freedom
	Retirement Reserves						Income Advantage						Personal Retirement						Lifetime Income

(in thousands)	2025			2024			2025			2024			2025			2024			2025		2024
VIP - Mid Cap Investor Class

Units Issued		—			—			—			—			2,010			2,357			—		—

Units Redeemed		—			—			—			—			(2,678	)		(2,413	)		—		—


Net Increase (Decrease)		—			—			—			—			(668	)		(56	)		—		—

VIP - Value Strategies Initial Class

Units Issued		12			53			2			4			—			—			—		—

Units Redeemed		(139	)		(118	)		(29	)		(24	)		—			—			—		—


Net Increase (Decrease)		(127	)		(65	)		(27	)		(20	)		—			—			—		—

VIP - Value Strategies Investor Class

Units Issued		—			—			—			—			303			719			—		—

Units Redeemed		—			—			—			—			(1,130	)		(1,336	)		—		—


Net Increase (Decrease)		—			—			—			—			(827	)		(617	)		—		—

VIP - Utilities Initial Class

Units Issued		146			143			19			19			—			—			—		—

Units Redeemed		(152	)		(144	)		(20	)		(16	)		—			—			—		—


Net Increase (Decrease)		(6	)		(1	)		(1	)		3			—			—			—		—

VIP - Utilities Investor Class

Units Issued		—			—			—			—			1,692			2,685			—		—

Units Redeemed		—			—			—			—			(2,227	)		(1,733	)		—		—


Net Increase (Decrease)		—			—			—			—			(535	)		952			—		—

VIP - Technology Initial Class

Units Issued		367			257			4			17			—			—			—		—

Units Redeemed		(603	)		(493	)		(42	)		(49	)		—			—			—		—


Net Increase (Decrease)		(236	)		(236	)		(38	)		(32	)		—			—			—		—

VIP - Technology Investor Class

Units Issued		—			—			—			—			3,416			4,430			—		—

Units Redeemed		—			—			—			—			(3,950	)		(4,021	)		—		—


Net Increase (Decrease)		—			—			—			—			(534	)		409			—		—

VIP - Energy Initial Class

Units Issued		120			201			15			6			—			—			—		—

Units Redeemed		(256	)		(465	)		(28	)		(34	)		—			—			—		—


Net Increase (Decrease)		(136	)		(264	)		(13	)		(280			—			—			—		—

VIP - Energy Investor Class

Units Issued		—			—			—			—			2,141			2,925			—		—

Units Redeemed		—			—			—			—			(3,440	)		(5,681	)		—		—


Net Increase (Decrease)		—			—			—			—			(1,299	)		(2,756	)		—		—

VIP - Health Care Initial Class

Units Issued		41			82			2			3			—			—			—		—

Units Redeemed		(250	)		(274	)		(20	)		(26	)		—			—			—		—


Net Increase (Decrease)		(209	)		(192	)		(18	)		(23	)		—			—			—		—

VIP - Health Care Investor Class

Units Issued		—			—			—			—			1,161			1,039			—		—

Units Redeemed		—			—			—			—			(2,194	)		(2,685	)		—		—


Net Increase (Decrease)		—			—			—			—			(1,033	)		(1,646	)		—		—



		64		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

5. Changes in Units Outstanding - continued


	Fidelity						Fidelity						Fidelity						Fidelity Freedom
	Retirement Reserves						Income Advantage						Personal Retirement						Lifetime Income

(in thousands)	2025			2024			2025			2024			2025			2024			2025		2024
VIP - Financials Initial Class

Units Issued		196			270			19			28			—			—			—		—

Units Redeemed		(354	)		(197	)		(21	)		(29	)		—			—			—		—


Net Increase (Decrease)		(158	)		73			(2	)		(1	)		—			—			—		—

VIP - Financials Investor Class

Units Issued		—			—			—			—			2,122			2,320			—		—

Units Redeemed		—			—			—			—			(2,436	)		(1,906	)		—		—


Net Increase (Decrease)		—			—			—			—			(314	)		414			—		—

VIP - Industrials Initial Class

Units Issued		76			57			12			5			—			—			—		—

Units Redeemed		(77	)		(59	)		(11	)		(9	)		—			—			—		—


Net Increase (Decrease)		(1	)		(2	)		1			(4	)		—			—			—		—

VIP - Industrials Investor Class

Units Issued		—			—			—			—			1,725			1,316			—		—

Units Redeemed		—			—			—			—			(1,357	)		(1,082	)		—		—


Net Increase (Decrease)		—			—			—			—			368			234			—		—

VIP - Consumer Discretionary Initial Class

Units Issued		22			22			2			1			—			—			—		—

Units Redeemed		(77	)		(98	)		(17	)		(13	)		—			—			—		—


Net Increase (Decrease)		(55	)		(76	)		(15	)		(12	)		—			—			—		—

VIP - Consumer Discretionary Investor Class

Units Issued		—			—			—			—			502			616			—		—

Units Redeemed		—			—			—			—			(982	)		(1,271	)		—		—


Net Increase (Decrease)		—			—			—			—			(480	)		(655	)		—		—

VIP - Real Estate Initial Class

Units Issued		26			30			1			1			—			—			—		—

Units Redeemed		(87	)		(83	)		(5	)		(7	)		—			—			—		—


Net Increase (Decrease)		(61	)		(53	)		(4	)		(6	)		—			—			—		—

VIP - Real Estate Investor Class

Units Issued		—			—			—			—			767			1,007			—		—

Units Redeemed		—			—			—			—			(1,041	)		(1,379	)		—		—


Net Increase (Decrease)		—			—			—			—			(274	)		(372	)		—		—

VIP - Strategic Income Initial Class

Units Issued		116			109			1			2			—			—			—		—

Units Redeemed		(232	)		(304	)		(34	)		(38	)		—			—			—		—


Net Increase (Decrease)		(116	)		(195	)		(33	)		(36	)		—			—			—		—

VIP - Strategic Income Investor Class

Units Issued		—			—			—			—			5,090			5,386			—		—

Units Redeemed		—			—			—			—			(5,922	)		(6,839	)		—		—


Net Increase (Decrease)		—			—			—			—			(832	)		(1,453	)		—		—

VIP - International Capital Appreciation Initial Class

Units Issued		152			96			7			1			—			—			—		—

Units Redeemed		(134	)		(109	)		(14	)		(12	)		—			—			—		—


Net Increase (Decrease)		18			(13	)		(7	)		(11	)		—			—			—		—



		65		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

5. Changes in Units Outstanding - continued


	Fidelity						Fidelity						Fidelity						Fidelity Freedom
	Retirement Reserves						Income Advantage						Personal Retirement						Lifetime Income

(in thousands)	2025			2024			2025			2024			2025			2024			2025		2024
VIP - International Capital Appreciation Investor Class

Units Issued		—			—			—			—			3,011			1,350			—		—

Units Redeemed		—			—			—			—			(2,099	)		(1,798	)		—		—


Net Increase (Decrease)		—			—			—			—			912			(448	)		—		—

VIP - Value Initial Class

Units Issued		79			72			—			3			—			—			—		—

Units Redeemed		(114	)		(147	)		(7	)		(11	)		—			—			—		—


Net Increase (Decrease)		(35	)		(75	)		(7	)		(8	)		—			—			—		—

VIP - Value Investor Class

Units Issued		—			—			—			—			600			1,243			—		—

Units Redeemed		—			—			—			—			(1,271	)		(1,673	)		—		—


Net Increase (Decrease)		—			—			—			—			(671	)		(430	)		—		—

VIP - Freedom Income Initial Class ^(A)

Units Issued		33			254			—			—			—			—			—		—

Units Redeemed		(119	)		(115	)		—			—			—			—			—		—


Net Increase (Decrease)		(86	)		139			—			—			—			—			—		—

VIP - Freedom Income Investor Class ^(A)

Units Issued		—			—			—			—			278			1,068			—		—

Units Redeemed		—			—			—			—			(522	)		(646	)		—		—


Net Increase (Decrease)		—			—			—			—			(244	)		422			—		—

VIP - Freedom 2005 Initial Class ^(A)

Units Issued		—			—			—			—			—			—			—		—

Units Redeemed		—			(253	)		—			—			—			—			—		—


Net Increase (Decrease)		—			(253	)		—			—			—			—			—		—

VIP - Investor Freedom 2005 Investor Class ^(A)

Units Issued		—			—			—			—			—			18			—		—

Units Redeemed		—			—			—			—			—			(806	)		—		—


Net Increase (Decrease)		—			—			—			—			—			(788	)		—		—

VIP - Freedom 2010 Initial Class

Units Issued		10			11			—			—			—			—			—		—

Units Redeemed		(65	)		(78	)		—			—			—			—			—		—


Net Increase (Decrease)		(55	)		(67	)		—			—			—			—			—		—

VIP - Investor Freedom 2010 Investor Class

Units Issued		—			—			—			—			100			16			—		—

Units Redeemed		—			—			—			—			(351	)		(273	)		—		—


Net Increase (Decrease)		—			—			—			—			(251	)		(257	)		—		—

VIP - Freedom 2015 Initial Class

Units Issued		26			—			—			—			—			—			—		—

Units Redeemed		(106	)		(62	)		—			—			—			—			—		—


Net Increase (Decrease)		(80	)		(62	)		—			—			—			—			—		—

^(A) Fund Merged (Note 1)



		66		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

5. Changes in Units Outstanding - continued


	Fidelity						Fidelity				Fidelity						Fidelity Freedom
	Retirement Reserves						Income Advantage				Personal Retirement						Lifetime Income

(in thousands)	2025			2024			2025		2024		2025			2024			2025		2024
VIP - Investor Freedom 2015 Investor Class

Units Issued		—			—			—		—		82			172			—		—

Units Redeemed		—			—			—		—		(404	)		(398	)		—		—


Net Increase (Decrease)		—			—			—		—		(322	)		(226	)		—		—

VIP - Freedom 2020 Initial Class

Units Issued		19			4			—		—		—			—			—		—

Units Redeemed		(67	)		(139	)		—		—		—			—			—		—


Net Increase (Decrease)		(48	)		(135	)		—		—		—			—			—		—

VIP - Investor Freedom 2020 Investor Class

Units Issued		—			—			—		—		369			410			—		—

Units Redeemed		—			—			—		—		(708	)		(1,447	)		—		—


Net Increase (Decrease)		—			—			—		—		(339	)		(1,037	)		—		—

VIP - Freedom 2025 Initial Class

Units Issued		18			31			—		—		—			—			—		—

Units Redeemed		(68	)		(112	)		—		—		—			—			—		—


Net Increase (Decrease)		(50	)		(81	)		—		—		—			—			—		—

VIP - Investor Freedom 2025 Investor Class

Units Issued		—			—			—		—		348			310			—		—

Units Redeemed		—			—			—		—		(871	)		(1,474	)		—		—


Net Increase (Decrease)		—			—			—		—		(523	)		(1,164	)		—		—

VIP - Freedom 2030 Initial Class

Units Issued		30			71			—		—		—			—			—		—

Units Redeemed		(139	)		(73	)		—		—		—			—			—		—


Net Increase (Decrease)		(109	)		(2	)		—		—		—			—			—		—

VIP - Investor Freedom 2030 Investor Class

Units Issued		—			—			—		—		808			1,007			—		—

Units Redeemed		—			—			—		—		(1,248	)		(1,726	)		—		—


Net Increase (Decrease)		—			—			—		—		(440	)		(719	)		—		—

VIP - Freedom 2035 Initial Class

Units Issued		52			66			—		—		—			—			—		—

Units Redeemed		(26	)		—			—		—		—			—			—		—


Net Increase (Decrease)		26			66			—		—		—			—			—		—

VIP - Investor Freedom 2035 Investor Class

Units Issued		—			—			—		—		1,390			1,389			—		—

Units Redeemed		—			—			—		—		(488	)		(236	)		—		—


Net Increase (Decrease)		—			—			—		—		902			1,153			—		—

VIP - Freedom 2040 Initial Class

Units Issued		68			35			—		—		—			—			—		—

Units Redeemed		(58	)		(3	)		—		—		—			—			—		—


Net Increase (Decrease)		10			32			—		—		—			—			—		—



		67		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

5. Changes in Units Outstanding - continued


	Fidelity						Fidelity						Fidelity						Fidelity Freedom
	Retirement Reserves						Income Advantage						Personal Retirement						Lifetime Income

(in thousands)	2025			2024			2025			2024			2025			2024			2025			2024
VIP - Investor Freedom 2040 Investor Class

Units Issued		—			—			—			—			827			515			—			—

Units Redeemed		—			—			—			—			(249	)		(94	)		—			—


Net Increase (Decrease)		—			—			—			—			578			421			—			—

VIP - Freedom 2045 Initial Class

Units Issued		24			5			—			—			—			—			—			—

Units Redeemed		(2	)		(5	)		—			—			—			—			—			—


Net Increase (Decrease)		22			—			—			—			—			—			—			—

VIP - Investor Freedom 2045 Investor Class

Units Issued		—			—			—			—			319			183			—			—

Units Redeemed		—			—			—			—			(123	)		(56	)		—			—


Net Increase (Decrease)		—			—			—			—			196			127			—			—

VIP - Freedom 2050 Initial Class

Units Issued		23			11			—			—			—			—			—			—

Units Redeemed		(4	)		(9	)		—			—			—			—			—			—


Net Increase (Decrease)		19			2			—			—			—			—			—			—

VIP - Investor Freedom 2050 Investor Class

Units Issued		—			—			—			—			437			428			—			—

Units Redeemed		—			—			—			—			(105	)		(125	)		—			—


Net Increase (Decrease)		—			—			—			—			332			303			—			—

VIP - Freedom Lifetime Income I

Units Issued		—			—			—			—			—			—			—			—

Units Redeemed		—			—			—			—			—			—			(46	)		(34	)


Net Increase (Decrease)		—			—			—			—			—			—			(46	)		(34	)

VIP - Freedom Lifetime Income II

Units Issued		—			—			—			—			—			—			—			—

Units Redeemed		—			—			—			—			—			—			(87	)		(93	)


Net Increase (Decrease)		—			—			—			—			—			—			(87	)		(93	)

VIP - Freedom Lifetime Income III

Units Issued		—			—			—			—			—			—			—			10

Units Redeemed		—			—			—			—			—			—			(72	)		(68	)


Net Increase (Decrease)		—			—			—			—			—			—			(72	)		(58	)

VIP - Disciplined Small Cap Initial Class

Units Issued		73			256			5			12			—			—			—			—

Units Redeemed		(221	)		(212	)		(19	)		(25	)		—			—			—			—


Net Increase (Decrease)		(148	)		44			(14	)		(13	)		—			—			—			—

VIP - Disciplined Small CapInvestor Class

Units Issued		—			—			—			—			1,484			2,741			—			—

Units Redeemed		—			—			—			—			(2,253	)		(2,412	)		—			—


Net Increase (Decrease)		—			—			—			—			(769	)		329			—			—

VIP - FundsManager 20% Investor Class

Units Issued		95			55			2			5			2,306			1,578			28			20

Units Redeemed		(345	)		(307	)		(29	)		(163	)		(4,175	)		(6,527	)		(56	)		(62	)


Net Increase (Decrease)		(250	)		(252	)		(27	)		(158	)		(1,869	)		(4,949	)		(28	)		(42	)



		68		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

5. Changes in Units Outstanding - continued


	Fidelity						Fidelity						Fidelity						Fidelity Freedom
	Retirement Reserves						Income Advantage						Personal Retirement						Lifetime Income

(in thousands)	2025			2024			2025			2024			2025			2024			2025			2024
VIP - FundsManager 30% Investor Class

Units Issued		48			85			3			—			1,425			760			—			—

Units Redeemed		(6	)		—			—			1			(553	)		(152	)		—			—


Net Increase (Decrease)		42			85			3			1			872			608			—			—

VIP - FundsManager 40% Investor Class

Units Issued		71			47			—			—			2,792			1,023			—			—

Units Redeemed		(62	)		(33	)		—			—			(809	)		(159	)		—			—


Net Increase (Decrease)		9			14			—			—			1,983			864			—			—

VIP - FundsManager 50% Investor Class

Units Issued		30			41			39			—			3,923			4,075			13			—

Units Redeemed		(312	)		(343	)		(172	)		(283	)		(8,000	)		(8,683	)		(407	)		(374	)


Net Increase (Decrease)		(282	)		(302	)		(133	)		(283	)		(4,077	)		(4,608	)		(394	)		(374	)

VIP - FundsManager 60% Investor Class

Units Issued		50			77			—			5			5,350			6,129			4			9

Units Redeemed		(220	)		(238	)		(90	)		(81	)		(7,150	)		(8,246	)		(422	)		(447	)


Net Increase (Decrease)		(170	)		(161	)		(90	)		(76	)		(1,800	)		(2,117	)		(418	)		(438	)

VIP - FundsManager 70% Investor Class

Units Issued		76			49			9			4			7,988			9,746			9			14

Units Redeemed		(256	)		(190	)		(91	)		(104	)		(7,416	)		(9,435	)		(129	)		(92	)


Net Increase (Decrease)		(180	)		(141	)		(82	)		(100	)		572			311			(120	)		(78	)

VIP - FundsManager 85% Investor Class

Units Issued		40			3			1			—			4,928			4,406			3			14

Units Redeemed		(96	)		(50	)		(38	)		(46	)		(3,302	)		(2,734	)		(110	)		(54	)


Net Increase (Decrease)		(56	)		(47	)		(37	)		(46	)		1,626			1,672			(107	)		(40	)

VIP - Consumer Staples Initial Class

Units Issued		50			21			3			1			—			—			—			—

Units Redeemed		(114	)		(106	)		(17	)		(10	)		—			—			—			—


Net Increase (Decrease)		(64	)		(85	)		(14	)		(9	)		—			—			—			—

VIP - Consumer Staples Investor Class

Units Issued		—			—			—			—			621			644			—			—

Units Redeemed		—			—			—			—			(1,132	)		(1,509	)		—			—


Net Increase (Decrease)		—			—			—			—			(511	)		(865	)		—			—

VIP - Materials Initial Class

Units Issued		18			24			1			—			—			—			—			—

Units Redeemed		(61	)		(133	)		(3	)		(11	)		—			—			—			—


Net Increase (Decrease)		(43	)		(109	)		(2	)		(11	)		—			—			—			—

VIP - Materials Investor Class

Units Issued		—			—			—			—			521			463			—			—

Units Redeemed		—			—			—			—			(550	)		(864	)		—			—


Net Increase (Decrease)		—			—			—			—			(29	)		(401	)		—			—

VIP - Communication Services Initial Class

Units Issued		317			138			28			12			—			—			—			—

Units Redeemed		(231	)		(230	)		(38	)		(38	)		—			—			—			—


Net Increase (Decrease)		86			(92	)		(10	)		(26	)		—			—			—			—



		69		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

5. Changes in Units Outstanding - continued


	Fidelity						Fidelity						Fidelity						Fidelity Freedom
	Retirement Reserves						Income Advantage						Personal Retirement						Lifetime Income

(in thousands)	2025			2024			2025			2024			2025			2024			2025		2024
VIP - Communication Services Investor Class

Units Issued		—			—			—			—			3,518			1,561			—		—

Units Redeemed		—			—			—			—			(2,247	)		(1,934	)		—		—


Net Increase (Decrease)		—			—			—			—			1,271			(373	)		—		—

VIP - Hedged Equity Investor Class ^(C)

Units Issued		—			—			—			—			767			—			—		—

Units Redeemed		—			—			—			—			—			—			—		—


Net Increase (Decrease)		—						—						767						—

VIP - Emerging Markets Initial Class

Units Issued		340			117			60			3			—			—			—		—

Units Redeemed		(243	)		(186	)		(28	)		(20	)		—			—			—		—


Net Increase (Decrease)		97			(69	)		32			(17	)		—			—			—		—

VIP - Emerging Markets Investor Class

Units Issued		—			—			—			—			5,864			1,646			—		—

Units Redeemed		—			—			—			—			(2,999	)		(2,095	)		—		—


Net Increase (Decrease)		—			—			—			—			2,865			(449	)		—		—

VIP - Floating Rate High Income Initial Class

Units Issued		309			371			7			25			—			—			—		—

Units Redeemed		(542	)		(454	)		(20	)		(15	)		—			—			—		—


Net Increase (Decrease)		(233	)		(83	)		(13	)		10			—			—			—		—

VIP - Floating Rate High Income Investor Class

Units Issued		—			—			—			—			5,545			7,543			—		—

Units Redeemed		—			—			—			—			(7,973	)		(5,699	)		—		—


Net Increase (Decrease)		—			—			—			—			(2,428	)		1,844			—		—

VIP - Bond Index Initial Class

Units Issued		1,218			839			6			9			17,852			17,641			—		—

Units Redeemed		(1,205	)		(878	)		(14	)		(21	)		(12,294	)		(11,988	)		—		—


Net Increase (Decrease)		13			(39	)		(8	)		(12	)		5,558			5,653			—		—

VIP - Total Market Index Initial Class

Units Issued		475			520			3			9			9,185			11,240			—		—

Units Redeemed		(549	)		(512	)		(23	)		(9	)		(9,576	)		(8,282	)		—		—


Net Increase (Decrease)		(74	)		8			(20	)		—			(391	)		2,958			—		—

VIF - Extended Market Index Initial Class

Units Issued		90			57			29			1			2,495			2,664			—		—

Units Redeemed		(53	)		(88	)		(5	)		(3	)		(2,037	)		(2,875	)		—		—


Net Increase (Decrease)		37			(31	)		24			(2	)		458			(211	)		—		—

VIF - International Index Initial Class

Units Issued		768			155			56			2			16,530			5,307			—		—

Units Redeemed		(488	)		(208	)		(28	)		(3	)		(7,368	)		(4,328	)		—		—


Net Increase (Decrease)		280			(53	)		28			(1	)		9,162			979			—		—

^(C) New Fund (Note 1)



		70		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

5. Changes in Units Outstanding - continued


	Fidelity						Fidelity						Fidelity						Fidelity Freedom
	Retirement Reserves						Income Advantage						Personal Retirement						Lifetime Income

(in thousands)	2025			2024			2025			2024			2025			2024			2025		2024
VIF - Emerging Markets Equity Class I

Units Issued		18			8			—			—			388			363			—		—

Units Redeemed		(78	)		(84	)		(10	)		(6	)		(392	)		(435	)		—		—


Net Increase (Decrease)		(60	)		(76	)		(10	)		(6	)		(4	)		(72	)		—		—

VIF - Emerging Markets Debt Class I

Units Issued		28			27			7			—			635			417			—		—

Units Redeemed		(40	)		(99	)		(7	)		(3	)		(644	)		(679	)		—		—


Net Increase (Decrease)		(12	)		(72	)		—			(3	)		(9	)		(262	)		—		—

VIF - Global Strategist - Class II

Units Issued		31			1			—			—			139			146			—		—

Units Redeemed		(42	)		(31	)		(8	)		(8	)		(134	)		(128	)		—		—


Net Increase (Decrease)		(11	)		(30	)		(8	)		(8	)		5			18			—		—

Lazard - Retirement Emerging Markets Portfolio - Investor

Units Issued		178			9			39			—			3,124			380			—		—

Units Redeemed		(82	)		(41	)		(15	)		(4	)		(1,111	)		(154	)		—		—


Net Increase (Decrease)		96			(32	)		24			(4	)		2,013			226			—		—

Invesco - VI Global Core Equity Series I

Units Issued		3			2			—			—			92			—			—		—

Units Redeemed		(17	)		(30	)		(6	)		(5	)		(146	)		—			—		—


Net Increase (Decrease)		(14	)		(28	)		(6	)		(5	)		(54	)		—			—		—

Allspring - VT Discovery SMID Cap Growth Class 2

Units Issued		1			1			—			—			—			—			—		—

Units Redeemed		(31	)		(25	)		(4	)		(3	)		—			—			—		—


Net Increase (Decrease)		(30	)		(24	)		(4	)		(3	)		—			—			—		—

Allspring - VT Opportunity Class 2

Units Issued		1			17			—			—			—			348			—		—

Units Redeemed		(13	)		(154	)		(3	)		(5	)		—			(629	)		—		—


Net Increase (Decrease)		(12	)		(137	)		(3	)		(5	)		—			(281	)		—		—

PVIT - Commodity Real Return Portfolio - Administrative

Units Issued		—			—			29			—			2,272			524			—		—

Units Redeemed		—			—			(49	)		(17	)		(1,936	)		(1,842	)		—		—


Net Increase (Decrease)		—			—			(20	)		(17	)		336			(1,318	)		—		—

PVIT - Low Duration Portfolio - Administrative

Units Issued		224			255			21			2			6,781			4,662			—		—

Units Redeemed		(423	)		(840	)		(9	)		(7	)		(4,279	)		(6,736	)		—		—


Net Increase (Decrease)		(199	)		(585	)		12			(5	)		2,502			(2,074	)		—		—

PVIT - Real Return Portfolio - Administrative

Units Issued		110			40			4			3			2,388			640			—		—

Units Redeemed		(154	)		(111	)		(10	)		(6	)		(2,170	)		(2,159	)		—		—


Net Increase (Decrease)		(44	)		(71	)		(6	)		(3	)		218			(1,519	)		—		—



		71		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

5. Changes in Units Outstanding - continued


	Fidelity						Fidelity						Fidelity						Fidelity Freedom
	Retirement Reserves						Income Advantage						Personal Retirement						Lifetime Income

(in thousands)	2025			2024			2025			2024			2025			2024			2025		2024
PVIT - Total Return Portfolio - Administrative

Units Issued		140			69			8			4			4,186			3,515			—		—

Units Redeemed		(471	)		(161	)		(5	)		(13	)		(3,988	)		(5,245	)		—		—


Net Increase (Decrease)		(331	)		(92	)		3			(9	)		198			(1,730	)		—		—

Blackrock - Global Allocation V.I. Fund - Class I

Units Issued		77			18			1			1			881			515			—		—

Units Redeemed		(49	)		(55	)		(4	)		(4	)		(1,189	)		(1,228	)		—		—


Net Increase (Decrease)		28			(37	)		(3	)		(3	)		(308	)		(713	)		—		—

FTVIP - Templeton Global Bond Fund - Class 2

Units Issued		173			21			1			—			2,180			450			—		—

Units Redeemed		(159	)		(36	)		(4	)		(3	)		(1,678	)		(673	)		—		—


Net Increase (Decrease)		14			(15	)		(3	)		(3	)		502			(223	)		—		—

FTVIP - Franklin U.S. Government Securities Fund - Class 2

Units Issued		296			159			6			1			2,429			1,480			—		—

Units Redeemed		(321	)		(204	)		(2	)		(7	)		(1,870	)		(1,646	)		—		—


Net Increase (Decrease)		(25	)		(45	)		4			(6	)		559			(166	)		—		—


	Fidelity Growth and Guaranteed Income

(in thousands)	2025			2024
VIP - Government Money Market Investor Class

Units Issued		3,708			3,540

Units Redeemed		(3,652	)		(3,548	)


Net Increase (Decrease)		56			(8	)

VIP - Balanced Investor Class

Units Issued		69			47

Units Redeemed		(2,528	)		(3,473	)


Net Increase (Decrease)		(2,459	)		(3,426	)

VIP - FundsManager 60% Investor Class

Units Issued		13			7

Units Redeemed		(1,991	)		(3,164	)


Net Increase (Decrease)		(1,978	)		(3,157	)

6. Unit Values

A summary of unit values, units outstanding, income and expense ratios, investment income, and total return for each sub account, for each of the five years in the period ended December 31:


			Unit value (4)						Expense ratio (1)(4)									Total Return (3)(4)
	Units (000s)		Highest		Lowest		Net assets (000s)		Lowest			Highest			Investment income ratio (2)			Highest			Lowest
VIP - Government Money Market Initial Class
2025		10,346	$	23.62	$	22.39	$	244,035		0.80	%		1.00	%		4.06	%		3.28	%		3.08	%
2024		9,899	$	22.87	$	21.72	$	225,987		0.80	%		1.00	%		4.99	%		4.26	%		4.07	%
2023		10,694	$	21.93	$	20.87	$	234,183		0.80	%		1.00	%		4.78	%		4.05	%		3.83	%
2022		12,621	$	21.08	$	20.10	$	265,606		0.80	%		1.00	%		1.52	%		0.64	%		0.45	%
2021		10,312	$	20.95	$	20.01	$	215,555		0.80	%		1.00	%		0.01	%		(0.79	%)		(1.00	%)



		72		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

6. Unit Values - continued


			Unit value (4)						Expense ratio (1)(4)									Total Return (3)(4)
	Units (000s)		Highest		Lowest		Net assets (000s)		Lowest			Highest			Investment income ratio (2)			Highest			Lowest
VIP - Government Money Market Investor Class
2025		281,612	$	12.06	$	9.72	$	3,556,721		0.10	%		1.40	%		4.02	%		4.06	%		2.64	%
2024		253,334	$	11.59	$	9.47	$	3,076,385		0.10	%		1.40	%		4.95	%		4.97	%		3.60	%
2023		236,066	$	11.04	$	9.14	$	2,742,526		0.10	%		1.40	%		4.78	%		4.78	%		3.37	%
2022		209,547	$	10.54	$	9.03	$	2,325,405		0.10	%		1.40	%		1.52	%		1.31	%		0.16	%
2021		159,019	$	10.40	$	9.01	$	1,739,232		0.10	%		1.40	%		0.01	%		(0.09	%)		(1.24	%)
VIP - High Income Initial Class
2025		705	$	72.23	$	68.46	$	50,448		0.80	%		1.00	%		6.37	%		9.47	%		9.17	%
2024		753	$	65.98	$	62.71	$	49,163		0.80	%		1.00	%		5.68	%		8.10	%		7.97	%
2023		874	$	61.04	$	58.08	$	52,869		0.80	%		1.00	%		5.51	%		9.60	%		9.38	%
2022		977	$	55.69	$	53.10	$	53,866		0.80	%		1.00	%		4.87	%		(12.09	%)		(12.26	%)
2021		1,122	$	63.35	$	60.52	$	70,393		0.80	%		1.00	%		5.28	%		3.58	%		3.37	%
VIP - High Income Investor Class
2025		13,916	$	21.90	$	28.44	$	338,450		0.10	%		0.25	%		6.66	%		10.38	%		10.17	%
2024		13,919	$	19.84	$	25.81	$	308,629		0.10	%		0.25	%		6.13	%		8.94	%		8.78	%
2023		14,318	$	18.22	$	28.39	$	294,761		0.10	%		0.25	%		5.58	%		10.20	%		10.04	%
2022		15,578	$	16.53	$	25.80	$	291,924		0.10	%		0.25	%		5.01	%		(11.56	%)		(11.69	%)
2021		17,810	$	18.69	$	29.22	$	377,064		0.10	%		0.25	%		5.32	%		4.52	%		4.36	%
VIP - Equity-Income Initial Class
2025		1,677	$	244.92	$	232.12	$	408,936		0.80	%		1.00	%		1.78	%		18.07	%		17.77	%
2024		1,853	$	207.44	$	197.10	$	382,625		0.80	%		1.00	%		1.73	%		14.42	%		14.21	%
2023		2,059	$	181.30	$	172.57	$	371,409		0.80	%		1.00	%		1.89	%		9.76	%		9.58	%
2022		2,268	$	165.17	$	157.48	$	372,789		0.80	%		1.00	%		1.85	%		(5.72	%)		(5.91	%)
2021		2,466	$	175.18	$	167.37	$	429,819		0.80	%		1.00	%		1.89	%		23.89	%		23.65	%
VIP - Equity-Income Investor Class
2025		14,193	$	54.06	$	47.75	$	735,369		0.10	%		0.25	%		1.80	%		18.81	%		18.63	%
2024		14,341	$	45.50	$	40.25	$	624,856		0.10	%		0.25	%		1.81	%		15.14	%		14.97	%
2023		14,414	$	39.52	$	57.80	$	543,997		0.10	%		0.25	%		1.88	%		10.45	%		10.28	%
2022		14,707	$	35.78	$	52.41	$	502,741		0.10	%		0.25	%		1.89	%		(5.11	%)		(5.26	%)
2021		13,949	$	37.71	$	55.32	$	503,315		0.10	%		0.25	%		1.89	%		24.71	%		24.52	%
VIP - Growth Initial Class
2025		1,570	$	519.23	$	492.09	$	813,359		0.80	%		1.00	%		0.29	%		13.98	%		13.71	%
2024		1,742	$	455.56	$	432.77	$	790,637		0.80	%		1.00	%		—			29.34	%		29.13	%
2023		1,908	$	352.21	$	335.14	$	669,758		0.80	%		1.00	%		0.13	%		35.15	%		34.88	%
2022		2,039	$	260.60	$	248.48	$	529,694		0.80	%		1.00	%		0.62	%		(25.06	%)		(25.21	%)
2021		2,209	$	347.74	$	332.23	$	765,572		0.80	%		1.00	%		—			22.23	%		21.98	%
VIP - Growth Investor Class
2025		12,562	$	111.10	$	102.25	$	1,362,942		0.10	%		0.25	%		0.23	%		14.70	%		14.53	%
2024		13,634	$	96.86	$	89.28	$	1,288,097		0.10	%		0.25	%		—			30.17	%		29.97	%
2023		12,989	$	74.41	$	106.29	$	940,370		0.10	%		0.25	%		0.07	%		35.99	%		35.78	%
2022		11,867	$	54.72	$	78.28	$	632,484		0.10	%		0.25	%		0.53	%		(24.59	%)		(24.70	%)
2021		12,313	$	72.56	$	103.96	$	871,206		0.10	%		0.25	%		—			23.00	%		22.82	%
VIP - Overseas Initial Class
2025		760	$	88.41	$	83.79	$	66,969		0.80	%		1.00	%		1.57	%		19.41	%		19.19	%
2024		811	$	74.04	$	70.30	$	59,845		0.80	%		1.00	%		1.58	%		4.21	%		4.01	%
2023		926	$	71.05	$	67.59	$	65,518		0.80	%		1.00	%		1.02	%		19.57	%		19.29	%
2022		1,008	$	59.42	$	56.66	$	59,715		0.80	%		1.00	%		1.04	%		(25.09	%)		(25.24	%)
2021		1,107	$	79.32	$	75.78	$	87,478		0.80	%		1.00	%		0.52	%		18.74	%		18.50	%
VIP - Overseas Investor Class
2025		8,781	$	30.73	$	30.79	$	272,585		0.10	%		0.25	%		1.54	%		20.18	%		20.00	%
2024		8,240	$	25.57	$	25.65	$	213,047		0.10	%		0.25	%		1.50	%		4.87	%		4.71	%
2023		9,047	$	24.38	$	33.33	$	223,226		0.10	%		0.25	%		0.97	%		20.29	%		20.10	%
2022		9,282	$	20.27	$	27.75	$	190,729		0.10	%		0.25	%		0.99	%		(24.62	%)		(24.73	%)
2021		9,733	$	26.89	$	36.87	$	265,667		0.10	%		0.25	%		0.48	%		19.51	%		19.33	%
VIP - Investment Grade Bond Initial Class
2025		2,090	$	48.59	$	46.05	$	100,747		0.80	%		1.00	%		3.52	%		6.37	%		6.11	%
2024		2,282	$	45.68	$	43.40	$	103,361		0.80	%		1.00	%		3.42	%		0.97	%		0.81	%
2023		2,576	$	45.25	$	43.05	$	115,587		0.80	%		1.00	%		2.52	%		5.34	%		5.13	%
2022		2,851	$	42.95	$	40.95	$	121,340		0.80	%		1.00	%		2.10	%		(13.65	%)		(13.82	%)
2021		3,369	$	49.74	$	47.52	$	166,332		0.80	%		1.00	%		1.99	%		(1.40	%)		(1.60	%)



		73		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

6. Unit Values - continued


			Unit value (4)						Expense ratio (1)(4)									Total Return (3)(4)
	Units (000s)		Highest		Lowest		Net assets (000s)		Lowest			Highest			Investment income ratio (2)			Highest			Lowest
VIP - Investment Grade Bond Investor Class
2025		47,670	$	14.99	$	18.96	$	787,746		0.10	%		0.25	%		3.66	%		7.07	%		6.94	%
2024		45,622	$	14.00	$	17.73	$	708,962		0.10	%		0.25	%		3.51	%		1.64	%		1.49	%
2023		44,022	$	13.77	$	17.47	$	679,669		0.10	%		0.25	%		2.54	%		6.02	%		5.82	%
2022		45,579	$	12.99	$	16.51	$	665,825		0.10	%		0.25	%		2.11	%		(13.06	%)		(13.15	%)
2021		53,000	$	14.94	$	19.01	$	894,402		0.10	%		0.25	%		2.01	%		(0.74	%)		(0.89	%)
VIP - Asset Manager 50% Initial Class(B)
2025		1,641	$	96.17	$	91.14	$	157,224		0.80	%		1.00	%		2.46	%		14.07	%		13.78	%
2024		1,848	$	84.31	$	80.10	$	154,929		0.80	%		1.00	%		2.36	%		7.62	%		7.42	%
2023		2,064	$	78.34	$	74.57	$	160,852		0.80	%		1.00	%		2.28	%		12.04	%		11.87	%
2022		2,311	$	69.92	$	66.66	$	160,703		0.80	%		1.00	%		1.99	%		(15.61	%)		(15.79	%)
2021		2,570	$	82.85	$	79.16	$	211,820		0.80	%		1.00	%		1.59	%		9.04	%		8.82	%
VIP - Asset Manager 50% Investor Class(B)
2025		7,380	$	28.90	$	33.34	$	231,502		0.10	%		0.25	%		2.68	%		14.77	%		14.61	%
2024		7,223	$	25.18	$	29.09	$	198,286		0.10	%		0.25	%		2.33	%		8.25	%		8.09	%
2023		8,037	$	23.26	$	32.46	$	205,342		0.10	%		0.25	%		2.22	%		12.80	%		12.63	%
2022		8,886	$	20.62	$	28.82	$	201,369		0.10	%		0.25	%		1.99	%		(15.10	%)		(15.22	%)
2021		9,594	$	24.29	$	34.00	$	256,967		0.10	%		0.25	%		1.59	%		9.74	%		9.58	%
VIP - Index 500 Initial Class
2025		86,764	$	81.00	$	213.03	$	7,425,869		0.10	%		1.00	%		1.17	%		17.66	%		16.49	%
2024		89,348	$	68.84	$	182.87	$	6,545,419		0.10	%		1.00	%		1.30	%		24.77	%		23.68	%
2023		87,411	$	55.17	$	147.86	$	5,176,473		0.10	%		1.00	%		1.50	%		26.08	%		25.02	%
2022		85,283	$	43.76	$	118.27	$	4,041,574		0.10	%		1.00	%		1.48	%		(18.30	%)		(19.03	%)
2021		84,374	$	53.56	$	146.07	$	4,944,733		0.10	%		1.00	%		1.29	%		28.45	%		27.29	%
VIP - Asset Manager 70% Initial Class(B)
2025		843	$	74.92	$	71.00	$	62,785		0.80	%		1.00	%		1.80	%		17.30	%		17.05	%
2024		929	$	63.87	$	60.66	$	58,874		0.80	%		1.00	%		1.74	%		9.92	%		9.71	%
2023		1,026	$	58.11	$	55.29	$	59,214		0.80	%		1.00	%		1.76	%		15.43	%		15.19	%
2022		1,154	$	50.34	$	48.00	$	57,709		0.80	%		1.00	%		1.79	%		(17.54	%)		(17.70	%)
2021		1,243	$	61.05	$	58.32	$	75,337		0.80	%		1.00	%		1.40	%		13.05	%		12.82	%
VIP - Asset Manager 70% Investor Class(B)
2025		5,182	$	36.79	$	39.67	$	201,317		0.10	%		0.25	%		2.18	%		18.07	%		17.86	%
2024		4,220	$	31.16	$	33.66	$	139,412		0.10	%		0.25	%		1.74	%		10.62	%		10.45	%
2023		4,240	$	28.17	$	40.56	$	126,952		0.10	%		0.25	%		1.78	%		16.13	%		15.97	%
2022		4,513	$	24.26	$	34.97	$	116,332		0.10	%		0.25	%		1.79	%		(17.01	%)		(17.15	%)
2021		4,547	$	29.23	$	42.21	$	141,408		0.10	%		0.25	%		1.41	%		13.77	%		13.60	%
VIP - Contrafund Initial Class
2025		4,686	$	296.85	$	281.33	$	1,385,619		0.80	%		1.00	%		0.14	%		20.51	%		20.16	%
2024		5,229	$	246.33	$	234.12	$	1,283,133		0.80	%		1.00	%		0.19	%		32.72	%		32.47	%
2023		5,742	$	185.61	$	176.74	$	1,061,566		0.80	%		1.00	%		0.49	%		32.39	%		32.21	%
2022		6,239	$	140.20	$	133.68	$	871,487		0.80	%		1.00	%		0.50	%		(26.90	%)		(27.05	%)
2021		6,806	$	191.79	$	183.24	$	1,300,199		0.80	%		1.00	%		0.06	%		26.81	%		26.56	%
VIP - Contrafund Investor Class
2025		39,079	$	83.48	$	87.08	$	3,348,892		0.10	%		0.25	%		0.10	%		21.27	%		20.98	%
2024		39,878	$	68.84	$	71.98	$	2,826,886		0.10	%		0.25	%		0.14	%		33.57	%		33.36	%
2023		38,487	$	51.54	$	77.69	$	2,055,964		0.10	%		0.25	%		0.44	%		33.22	%		33.03	%
2022		39,889	$	38.69	$	58.40	$	1,601,868		0.10	%		0.25	%		0.43	%		(26.45	%)		(26.57	%)
2021		42,408	$	52.60	$	79.53	$	2,317,809		0.10	%		0.25	%		0.05	%		27.62	%		27.42	%
VIP - Balanced Initial Class
2025		2,690	$	73.91	$	70.05	$	197,046		0.80	%		1.00	%		1.70	%		14.27	%		14.07	%
2024		3,019	$	64.68	$	61.41	$	193,490		0.80	%		1.00	%		1.83	%		14.99	%		14.76	%
2023		3,201	$	56.25	$	53.51	$	178,589		0.80	%		1.00	%		1.71	%		20.57	%		20.30	%
2022		3,502	$	46.65	$	44.48	$	162,029		0.80	%		1.00	%		1.25	%		(18.60	%)		(18.76	%)
2021		3,893	$	57.31	$	54.75	$	221,126		0.80	%		1.00	%		0.94	%		17.32	%		17.08	%
VIP - Balanced Investor Class
2025		89,995	$	47.58	$	61.40	$	4,374,767		0.10	%		1.40	%		1.70	%		15.07	%		13.56	%
2024		95,011	$	41.35	$	54.07	$	4,031,716		0.10	%		1.40	%		1.81	%		15.72	%		14.20	%
2023		98,873	$	35.74	$	47.35	$	3,631,880		0.10	%		1.40	%		1.67	%		21.31	%		19.72	%
2022		104,644	$	29.46	$	39.55	$	3,169,282		0.10	%		1.40	%		1.19	%		(18.12	%)		(19.17	%)
2021		112,027	$	35.98	$	48.93	$	4,141,613		0.10	%		1.40	%		0.88	%		18.06	%		16.52	%



		74		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

6. Unit Values - continued


			Unit value (4)						Expense ratio (1)(4)									Total Return (3)(4)
	Units (000s)		Highest		Lowest		Net assets (000s)		Lowest			Highest			Investment income ratio (2)			Highest			Lowest
VIP - Dynamic Capital Appreciation Initial Class
2025		272	$	97.65	$	93.37	$	26,463		0.80	%		1.00	%		0.58	%		17.84	%		17.61	%
2024		313	$	82.87	$	79.39	$	25,722		0.80	%		1.00	%		0.22	%		24.52	%		24.26	%
2023		340	$	66.55	$	63.89	$	22,464		0.80	%		1.00	%		0.36	%		28.04	%		27.78	%
2022		363	$	51.98	$	50.00	$	18,780		0.80	%		1.00	%		0.30	%		(21.50	%)		(21.66	%)
2021		419	$	66.22	$	63.82	$	27,569		0.80	%		1.00	%		0.41	%		23.63	%		23.38	%
VIP - Dynamic Capital Appreciation Investor Class
2025		2,554	$	84.79	$	87.79	$	221,116		0.10	%		0.25	%		0.49	%		18.55	%		18.36	%
2024		2,927	$	71.52	$	74.16	$	214,160		0.10	%		0.25	%		0.16	%		25.30	%		25.11	%
2023		2,944	$	57.08	$	89.56	$	172,512		0.10	%		0.25	%		0.29	%		28.80	%		28.60	%
2022		2,940	$	44.32	$	69.64	$	133,970		0.10	%		0.25	%		0.24	%		(20.97	%)		(21.08	%)
2021		3,241	$	56.08	$	88.25	$	186,787		0.10	%		0.25	%		0.34	%		24.33	%		24.15	%
VIP - Growth & Income Initial Class
2025		1,488	$	101.62	$	96.31	$	150,269		0.80	%		1.00	%		1.52	%		20.53	%		20.19	%
2024		1,645	$	84.31	$	80.13	$	137,805		0.80	%		1.00	%		1.42	%		21.23	%		21.01	%
2023		1,829	$	69.54	$	66.22	$	126,488		0.80	%		1.00	%		1.64	%		17.77	%		17.62	%
2022		1,987	$	59.05	$	56.30	$	116,648		0.80	%		1.00	%		1.62	%		(5.71	%)		(5.90	%)
2021		2,139	$	62.62	$	59.83	$	133,106		0.80	%		1.00	%		2.40	%		24.94	%		24.69	%
VIP - Growth & Income Investor Class
2025		7,106	$	73.28	$	67.35	$	506,129		0.10	%		0.25	%		1.57	%		21.26	%		21.08	%
2024		7,064	$	60.43	$	55.62	$	415,400		0.10	%		0.25	%		1.45	%		22.05	%		21.87	%
2023		7,118	$	49.51	$	67.10	$	342,117		0.10	%		0.25	%		1.62	%		18.50	%		18.32	%
2022		7,234	$	41.78	$	56.71	$	293,370		0.10	%		0.25	%		1.70	%		(5.10	%)		(5.24	%)
2021		6,293	$	44.03	$	59.85	$	269,306		0.10	%		0.25	%		2.48	%		25.67	%		25.48	%
VIP - Growth Opportunities Initial Class
2025		1,582	$	143.09	$	135.61	$	224,963		0.80	%		1.00	%		—			20.96	%		20.69	%
2024		1,809	$	118.30	$	112.36	$	212,890		0.80	%		1.00	%		—			37.77	%		37.53	%
2023		1,974	$	85.87	$	81.70	$	168,522		0.80	%		1.00	%		—			44.51	%		44.19	%
2022		2,103	$	59.42	$	56.66	$	124,260		0.80	%		1.00	%		—			(38.64	%)		(38.76	%)
2021		2,566	$	96.85	$	92.53	$	247,094		0.80	%		1.00	%		—			11.05	%		10.82	%
VIP - Growth Opportunities Investor Class
2025		10,045	$	146.19	$	128.93	$	1,415,032		0.10	%		0.25	%		—			21.73	%		21.55	%
2024		10,500	$	120.09	$	106.07	$	1,212,984		0.10	%		0.25	%		—			38.65	%		38.44	%
2023		10,899	$	86.62	$	141.88	$	906,189		0.10	%		0.25	%		—			45.43	%		45.20	%
2022		11,088	$	59.56	$	97.71	$	633,823		0.10	%		0.25	%		—			(38.27	%)		(38.36	%)
2021		13,573	$	96.48	$	158.51	$	1,258,355		0.10	%		0.25	%		—			11.75	%		11.59	%
VIP - Mid Cap Initial Class
2025		2,793	$	93.62	$	88.89	$	259,830		0.80	%		1.00	%		0.43	%		10.79	%		10.56	%
2024		3,142	$	84.50	$	80.40	$	263,581		0.80	%		1.00	%		0.53	%		16.56	%		16.32	%
2023		3,587	$	72.50	$	69.12	$	258,327		0.80	%		1.00	%		0.59	%		14.22	%		13.98	%
2022		4,016	$	63.47	$	60.64	$	253,251		0.80	%		1.00	%		0.49	%		(15.43	%)		(15.59	%)
2021		4,322	$	75.05	$	71.84	$	322,312		0.80	%		1.00	%		0.60	%		24.60	%		24.35	%
VIP - Mid Cap Investor Class
2025		14,366	$	45.33	$	57.00	$	711,960		0.10	%		0.25	%		0.37	%		11.57	%		11.40	%
2024		15,034	$	40.63	$	51.16	$	673,555		0.10	%		0.25	%		0.50	%		17.29	%		17.11	%
2023		15,090	$	34.64	$	60.99	$	584,105		0.10	%		0.25	%		0.51	%		14.90	%		14.72	%
2022		16,866	$	30.15	$	53.16	$	567,814		0.10	%		0.25	%		0.46	%		(14.92	%)		(15.04	%)
2021		16,577	$	35.44	$	62.57	$	658,078		0.10	%		0.25	%		0.55	%		25.41	%		25.23	%
VIP - Value Strategies Initial Class
2025		627	$	58.73	$	56.15	$	36,518		0.80	%		1.00	%		1.04	%		7.11	%		6.89	%
2024		781	$	54.83	$	52.53	$	42,372		0.80	%		1.00	%		1.00	%		8.52	%		8.31	%
2023		866	$	50.52	$	48.50	$	43,438		0.80	%		1.00	%		1.11	%		19.89	%		19.63	%
2022		1,025	$	42.14	$	40.54	$	42,935		0.80	%		1.00	%		1.01	%		(7.77	%)		(7.94	%)
2021		1,215	$	45.69	$	44.04	$	55,174		0.80	%		1.00	%		1.51	%		32.53	%		32.26	%
VIP - Value Strategies Investor Class
2025		3,010	$	51.77	$	50.46	$	156,141		0.10	%		0.25	%		0.94	%		7.79	%		7.61	%
2024		3,837	$	48.03	$	46.89	$	184,987		0.10	%		0.25	%		0.96	%		9.26	%		9.09	%
2023		4,454	$	43.96	$	89.88	$	196,657		0.10	%		0.25	%		1.05	%		20.61	%		20.44	%
2022		5,141	$	36.45	$	74.63	$	188,676		0.10	%		0.25	%		0.94	%		(7.19	%)		(7.33	%)
2021		5,968	$	39.27	$	80.54	$	236,505		0.10	%		0.25	%		1.54	%		33.35	%		33.15	%



		75		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

6. Unit Values - continued


			Unit value (4)						Expense ratio (1)(4)									Total Return (3)(4)
	Units (000s)		Highest		Lowest		Net assets (000s)		Lowest			Highest			Investment income ratio (2)			Highest			Lowest
VIP - Utilities Initial Class
2025		579	$	59.03	$	56.19	$	33,936		0.80	%		1.00	%		1.81	%		13.19	%		12.97	%
2024		586	$	52.15	$	49.74	$	30,402		0.80	%		1.00	%		2.09	%		27.96	%		27.70	%
2023		584	$	40.75	$	38.95	$	23,681		0.80	%		1.00	%		2.08	%		(1.83	%)		(2.01	%)
2022		833	$	41.51	$	39.75	$	34,384		0.80	%		1.00	%		1.64	%		4.59	%		4.36	%
2021		651	$	39.69	$	38.09	$	25,765		0.80	%		1.00	%		1.85	%		16.56	%		16.32	%
VIP - Utilities Investor Class
2025		4,404	$	53.07	$	63.97	$	252,261		0.10	%		0.25	%		1.72	%		13.91	%		13.73	%
2024		4,939	$	46.59	$	56.24	$	248,114		0.10	%		0.25	%		2.26	%		28.76	%		28.57	%
2023		3,987	$	36.18	$	44.57	$	158,539		0.10	%		0.25	%		2.04	%		(1.23	%)		(1.36	%)
2022		5,431	$	36.63	$	45.18	$	218,566		0.10	%		0.25	%		1.57	%		5.29	%		5.12	%
2021		4,028	$	34.79	$	42.98	$	154,428		0.10	%		0.25	%		1.83	%		17.25	%		17.08	%
VIP - Technology Initial Class
2025		1,875	$	179.03	$	170.42	$	334,505		0.80	%		1.00	%		—			21.79	%		21.54	%
2024		2,149	$	147.00	$	140.22	$	314,693		0.80	%		1.00	%		—			34.50	%		34.23	%
2023		2,419	$	109.29	$	104.46	$	263,290		0.80	%		1.00	%		0.14	%		57.05	%		56.73	%
2022		2,055	$	69.59	$	66.65	$	142,551		0.80	%		1.00	%		—			(36.37	%)		(36.49	%)
2021		2,666	$	109.36	$	104.95	$	290,330		0.80	%		1.00	%		—			27.14	%		26.88	%
VIP - Technology Investor Class
2025		14,145	$	163.69	$	209.73	$	2,500,313		0.10	%		0.25	%		—			22.58	%		22.39	%
2024		14,679	$	133.54	$	171.36	$	2,137,374		0.10	%		0.25	%		—			35.35	%		35.15	%
2023		14,270	$	98.66	$	226.18	$	1,560,556		0.10	%		0.25	%		0.07	%		57.99	%		57.75	%
2022		12,400	$	62.45	$	143.38	$	861,708		0.10	%		0.25	%		—			(35.94	%)		(36.03	%)
2021		14,315	$	97.48	$	224.15	$	1,554,980		0.10	%		0.25	%		—			27.94	%		27.74	%
VIP - Energy Initial Class
2025		787	$	41.42	$	39.43	$	32,428		0.80	%		1.00	%		2.18	%		9.69	%		9.47	%
2024		936	$	37.76	$	36.02	$	35,167		0.80	%		1.00	%		2.19	%		3.46	%		3.27	%
2023		1,226	$	36.50	$	34.88	$	44,550		0.80	%		1.00	%		2.33	%		0.19	%		(0.03	%)
2022		2,549	$	36.43	$	34.89	$	92,462		0.80	%		1.00	%		2.75	%		61.87	%		61.55	%
2021		1,244	$	22.51	$	21.60	$	27,847		0.80	%		1.00	%		3.28	%		54.11	%		53.80	%
VIP - Energy Investor Class
2025		6,999	$	23.72	$	26.12	$	173,903		0.10	%		0.25	%		2.02	%		10.38	%		10.24	%
2024		8,298	$	21.49	$	23.69	$	187,335		0.10	%		0.25	%		2.07	%		4.10	%		3.94	%
2023		11,055	$	20.65	$	30.35	$	240,589		0.10	%		0.25	%		2.52	%		0.81	%		0.66	%
2022		18,072	$	20.48	$	30.15	$	388,304		0.10	%		0.25	%		2.55	%		62.96	%		62.72	%
2021		11,233	$	12.57	$	18.53	$	148,929		0.10	%		0.25	%		2.65	%		55.00	%		54.77	%
VIP - Health Care Initial Class
2025		874	$	85.03	$	80.94	$	74,028		0.80	%		1.00	%		0.37	%		13.48	%		13.25	%
2024		1,101	$	74.93	$	71.47	$	82,129		0.80	%		1.00	%		—			4.29	%		4.08	%
2023		1,317	$	71.85	$	68.67	$	94,192		0.80	%		1.00	%		—			3.42	%		3.22	%
2022		1,580	$	69.47	$	66.53	$	109,365		0.80	%		1.00	%		—			(13.10	%)		(13.28	%)
2021		1,811	$	79.94	$	76.72	$	144,136		0.80	%		1.00	%		0.09	%		10.84	%		10.62	%
VIP - Health Care Investor Class
2025		7,500	$	77.78	$	80.04	$	594,106		0.10	%		0.25	%		0.31	%		14.15	%		13.98	%
2024		8,533	$	68.14	$	70.22	$	593,290		0.10	%		0.25	%		—			4.95	%		4.79	%
2023		10,179	$	64.93	$	93.97	$	676,540		0.10	%		0.25	%		—			4.11	%		3.95	%
2022		11,741	$	62.36	$	90.40	$	750,486		0.10	%		0.25	%		—			(12.58	%)		(12.71	%)
2021		12,270	$	71.33	$	103.56	$	897,989		0.10	%		0.25	%		0.08	%		11.54	%		11.38	%
VIP - Financials Initial Class (6)
2025		735	$	39.45	$	37.56	$	28,834		0.80	%		1.00	%		1.61	%		14.25	%		14.03	%
2024		895	$	34.53	$	32.94	$	30,780		0.80	%		1.00	%		1.93	%		31.66	%		31.39	%
2023		825	$	26.23	$	25.07	$	21,540		0.80	%		1.00	%		2.57	%		13.83	%		13.59	%
2022		1,175	$	23.04	$	22.07	$	26,949		0.80	%		1.00	%		1.85	%		(9.07	%)		(9.24	%)
2021		1,283	$	25.34	$	24.32	$	32,377		0.80	%		1.00	%		1.82	%		32.13	%		31.86	%
VIP - Financials Investor Class (6)
2025		5,291	$	57.38	$	35.31	$	257,348		0.10	%		0.25	%		1.67	%		14.97	%		14.79	%
2024		5,605	$	49.91	$	30.76	$	235,581		0.10	%		0.25	%		1.88	%		32.61	%		32.41	%
2023		5,190	$	37.64	$	58.32	$	160,151		0.10	%		0.25	%		2.50	%		14.44	%		14.28	%
2022		6,695	$	32.89	$	51.03	$	180,435		0.10	%		0.25	%		1.87	%		(8.46	%)		(8.60	%)
2021		7,535	$	35.93	$	55.83	$	221,585		0.10	%		0.25	%		1.78	%		33.00	%		32.80	%



		76		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

6. Unit Values - continued


			Unit value (4)						Expense ratio (1)(4)									Total Return (3)(4)
	Units (000s)		Highest		Lowest		Net assets (000s)		Lowest			Highest			Investment income ratio (2)			Highest			Lowest
VIP - Industrials Initial Class
2025		350	$	110.83	$	105.50	$	38,538		0.80	%		1.00	%		0.09	%		23.53	%		23.28	%
2024		350	$	89.72	$	85.58	$	31,207		0.80	%		1.00	%		0.70	%		22.64	%		22.40	%
2023		355	$	73.16	$	69.92	$	25,835		0.80	%		1.00	%		0.31	%		22.28	%		22.02	%
2022		389	$	59.83	$	57.30	$	23,128		0.80	%		1.00	%		0.17	%		(11.02	%)		(11.20	%)
2021		428	$	67.24	$	64.53	$	28,598		0.80	%		1.00	%		—			16.15	%		15.92	%
VIP - Industrials Investor Class
2025		3,486	$	66.98	$	83.68	$	252,276		0.10	%		0.25	%		0.05	%		24.29	%		24.11	%
2024		3,118	$	53.89	$	67.42	$	182,592		0.10	%		0.25	%		0.70	%		23.41	%		23.23	%
2023		2,885	$	43.67	$	75.90	$	138,286		0.10	%		0.25	%		0.24	%		23.07	%		22.90	%
2022		2,894	$	35.48	$	61.76	$	112,871		0.10	%		0.25	%		0.12	%		(10.50	%)		(10.64	%)
2021		2,968	$	39.64	$	69.11	$	129,664		0.10	%		0.25	%		—			16.91	%		16.74	%
VIP - Consumer Discretionary Initial Class
2025		204	$	74.08	$	70.52	$	15,114		0.80	%		1.00	%		0.08	%		5.95	%		5.74	%
2024		274	$	69.92	$	66.69	$	19,051		0.80	%		1.00	%		0.05	%		23.71	%		23.45	%
2023		362	$	56.52	$	54.02	$	20,376		0.80	%		1.00	%		0.08	%		40.88	%		40.57	%
2022		372	$	40.12	$	38.43	$	14,887		0.80	%		1.00	%		—			(35.16	%)		(35.28	%)
2021		478	$	61.88	$	59.38	$	29,441		0.80	%		1.00	%		—			18.45	%		18.21	%
VIP - Consumer Discretionary Investor Class
2025		2,552	$	74.18	$	73.46	$	190,550		0.10	%		0.25	%		0.07	%		6.60	%		6.44	%
2024		3,032	$	69.59	$	69.01	$	212,935		0.10	%		0.25	%		0.04	%		24.50	%		24.31	%
2023		3,687	$	55.89	$	100.37	$	208,393		0.10	%		0.25	%		0.01	%		41.79	%		41.56	%
2022		3,563	$	39.42	$	70.90	$	142,151		0.10	%		0.25	%		—			(34.77	%)		(34.86	%)
2021		4,353	$	60.43	$	108.85	$	266,806		0.10	%		0.25	%		—			19.20	%		19.02	%
VIP - Real Estate Initial Class
2025		354	$	44.52	$	42.57	$	15,669		0.80	%		1.00	%		1.96	%		2.27	%		2.09	%
2024		419	$	43.53	$	41.70	$	18,164		0.80	%		1.00	%		4.01	%		5.67	%		5.44	%
2023		478	$	41.20	$	39.55	$	19,614		0.80	%		1.00	%		2.36	%		10.30	%		10.11	%
2022		559	$	37.35	$	35.92	$	20,813		0.80	%		1.00	%		1.22	%		(28.09	%)		(28.25	%)
2021		664	$	51.94	$	50.06	$	34,346		0.80	%		1.00	%		1.16	%		37.88	%		37.60	%
VIP - Real Estate Investor Class
2025		4,468	$	27.23	$	30.57	$	129,787		0.10	%		0.25	%		2.00	%		2.95	%		2.79	%
2024		4,742	$	26.45	$	29.74	$	134,490		0.10	%		0.25	%		4.07	%		6.29	%		6.13	%
2023		5,113	$	24.89	$	59.76	$	137,467		0.10	%		0.25	%		2.31	%		11.00	%		10.83	%
2022		5,814	$	22.42	$	53.92	$	140,732		0.10	%		0.25	%		1.20	%		(27.65	%)		(27.76	%)
2021		6,610	$	30.99	$	74.64	$	221,152		0.10	%		0.25	%		1.16	%		38.78	%		38.57	%
VIP - Strategic Income Initial Class
2025		1,455	$	25.77	$	24.66	$	37,303		0.80	%		1.00	%		3.80	%		8.01	%		7.73	%
2024		1,604	$	23.86	$	22.89	$	38,051		0.80	%		1.00	%		3.49	%		5.22	%		5.00	%
2023		1,833	$	22.68	$	21.80	$	41,398		0.80	%		1.00	%		4.28	%		8.56	%		8.35	%
2022		2,119	$	20.89	$	20.12	$	44,074		0.80	%		1.00	%		3.52	%		(11.98	%)		(12.15	%)
2021		2,376	$	23.73	$	22.90	$	56,157		0.80	%		1.00	%		2.62	%		2.91	%		2.70	%
VIP - Strategic Income Investor Class
2025		36,379	$	18.72	$	25.90	$	775,145		0.10	%		0.25	%		3.84	%		8.71	%		8.55	%
2024		37,211	$	17.22	$	23.86	$	733,756		0.10	%		0.25	%		3.64	%		5.86	%		5.70	%
2023		38,664	$	16.26	$	23.34	$	728,394		0.10	%		0.25	%		4.31	%		9.29	%		9.16	%
2022		43,114	$	14.88	$	21.38	$	743,828		0.10	%		0.25	%		3.51	%		(11.40	%)		(11.56	%)
2021		47,126	$	16.80	$	24.18	$	919,681		0.10	%		0.25	%		2.64	%		3.62	%		3.46	%
VIP - International Capital Appreciation Initial Class
2025		576	$	37.71	$	36.18	$	21,679		0.80	%		1.00	%		0.96	%		17.73	%		17.51	%
2024		565	$	32.03	$	30.79	$	18,043		0.80	%		1.00	%		0.81	%		7.32	%		7.10	%
2023		589	$	29.84	$	28.75	$	17,533		0.80	%		1.00	%		0.40	%		26.51	%		26.21	%
2022		573	$	23.59	$	22.78	$	13,459		0.80	%		1.00	%		0.24	%		(27.00	%)		(27.12	%)
2021		701	$	32.31	$	31.26	$	22,607		0.80	%		1.00	%		—			11.44	%		11.22	%
VIP - International Capital Appreciation Investor Class
2025		10,028	$	41.96	$	39.17	$	413,778		0.10	%		0.25	%		0.98	%		18.43	%		18.26	%
2024		9,116	$	35.43	$	33.11	$	317,830		0.10	%		0.25	%		0.66	%		8.02	%		7.85	%
2023		9,562	$	32.80	$	61.86	$	308,473		0.10	%		0.25	%		0.31	%		27.27	%		27.10	%
2022		9,819	$	25.77	$	48.67	$	249,396		0.10	%		0.25	%		0.18	%		(26.51	%)		(26.63	%)
2021		11,161	$	35.07	$	66.34	$	386,152		0.10	%		0.25	%		—			12.13	%		11.96	%



		77		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

6. Unit Values - continued


			Unit value (4)						Expense ratio (1)(4)									Total Return (3)(4)
	Units (000s)		Highest		Lowest		Net assets (000s)		Lowest			Highest			Investment income ratio (2)			Highest			Lowest
VIP - Value Initial Class
2025		570	$	47.88	$	45.94	$	27,126		0.80	%		1.00	%		1.37	%		10.35	%		10.12	%
2024		612	$	43.39	$	41.72	$	26,447		0.80	%		1.00	%		1.23	%		10.48	%		10.25	%
2023		693	$	39.28	$	37.84	$	27,165		0.80	%		1.00	%		1.22	%		18.84	%		18.58	%
2022		848	$	33.05	$	31.91	$	27,953		0.80	%		1.00	%		1.30	%		(4.89	%)		(5.06	%)
2021		775	$	34.75	$	33.61	$	26,844		0.80	%		1.00	%		1.70	%		29.11	%		28.85	%
VIP - Value Investor Class
2025		4,936	$	56.96	$	50.73	$	271,927		0.10	%		0.25	%		1.28	%		11.05	%		10.88	%
2024		5,607	$	51.29	$	45.75	$	277,870		0.10	%		0.25	%		1.19	%		11.14	%		10.97	%
2023		6,036	$	46.15	$	79.79	$	269,050		0.10	%		0.25	%		1.15	%		19.56	%		19.39	%
2022		7,008	$	38.60	$	66.83	$	261,518		0.10	%		0.25	%		1.30	%		(4.22	%)		(4.37	%)
2021		5,595	$	40.30	$	69.89	$	218,149		0.10	%		0.25	%		1.67	%		29.85	%		29.66	%
VIP -Freedom Income Initial Class (A)
2025		554	$	19.98	$	19.98	$	11,087		0.80	%		0.80	%		3.13	%		8.76	%		8.76	%
2024		640	$	18.37	$	18.37	$	11,767		0.80	%		0.80	%		3.89	%		3.61	%		3.61	%
2023		502	$	17.73	$	17.73	$	8,913		0.80	%		0.80	%		4.28	%		7.07	%		7.07	%
2022		542	$	16.56	$	16.56	$	8,983		0.80	%		0.80	%		2.28	%		(12.76	%)		(12.76	%)
2021		597	$	18.98	$	18.98	$	11,333		0.80	%		0.80	%		0.99	%		2.52	%		2.52	%
VIP - Investor Freedom Income Investor Class (A)
2025		3,544	$	18.54	$	21.90	$	73,195		0.10	%		0.25	%		3.41	%		9.51	%		9.34	%
2024		3,788	$	16.93	$	20.03	$	71,659		0.10	%		0.25	%		3.90	%		4.21	%		4.05	%
2023		3,366	$	16.25	$	19.75	$	60,543		0.10	%		0.25	%		4.32	%		7.74	%		7.62	%
2022		4,200	$	15.08	$	18.35	$	69,838		0.10	%		0.25	%		2.21	%		(12.09	%)		(12.26	%)
2021		5,115	$	17.15	$	20.91	$	97,092		0.10	%		0.25	%		1.01	%		3.18	%		3.03	%
VIP - Freedom 2005 Initial Class (A)
2025		—	$	—	$	—	$	—		0.80	%		0.80	%		—			—			—
2024		—	$	—	$	—	$	—		0.80	%		0.80	%		2.64	%		(100.00	%)		(100.00	%)
2023		253	$	19.93	$	19.93	$	5,043		0.80	%		0.80	%		4.05	%		7.17	%		7.17	%
2022		360	$	18.60	$	18.60	$	6,694		0.80	%		0.80	%		2.26	%		(13.09	%)		(13.09	%)
2021		409	$	21.40	$	21.40	$	8,759		0.80	%		0.80	%		1.07	%		3.26	%		3.26	%
VIP - Investor Freedom 2005 Investor Class (A)
2025		—	$	—	$	—	$	—		0.10	%		0.25	%		—			—			—
2024		—	$	—	$	—	$	—		0.10	%		0.25	%		2.68	%		(100.00	%)		(100.00	%)
2023		787	$	18.72	$	25.23	$	16,600		0.10	%		0.25	%		4.29	%		7.81	%		7.64	%
2022		1,017	$	17.36	$	23.44	$	19,685		0.10	%		0.25	%		2.15	%		(12.49	%)		(12.61	%)
2021		1,257	$	19.84	$	26.82	$	27,935		0.10	%		0.25	%		0.92	%		3.99	%		3.83	%
VIP - Freedom 2010 Initial Class
2025		171	$	25.88	$	25.88	$	4,420		0.80	%		0.80	%		3.04	%		9.66	%		9.66	%
2024		226	$	23.60	$	23.60	$	5,331		0.80	%		0.80	%		3.38	%		4.53	%		4.53	%
2023		293	$	22.58	$	22.58	$	6,611		0.80	%		0.80	%		3.71	%		8.62	%		8.62	%
2022		387	$	20.79	$	20.79	$	8,050		0.80	%		0.80	%		2.15	%		(14.23	%)		(14.23	%)
2021		433	$	24.24	$	24.24	$	10,491		0.80	%		0.80	%		1.05	%		5.04	%		5.04	%
VIP - Investor Freedom 2010 Investor Class
2025		1,690	$	24.58	$	27.89	$	46,335		0.10	%		0.25	%		3.18	%		10.37	%		10.22	%
2024		1,941	$	22.27	$	25.30	$	48,214		0.10	%		0.25	%		3.46	%		5.16	%		5.00	%
2023		2,198	$	21.18	$	29.08	$	52,195		0.10	%		0.25	%		3.88	%		9.27	%		9.14	%
2022		2,651	$	19.38	$	26.65	$	57,721		0.10	%		0.25	%		2.14	%		(13.57	%)		(13.72	%)
2021		3,142	$	22.42	$	30.89	$	78,980		0.10	%		0.25	%		1.06	%		5.70	%		5.54	%
VIP - Freedom 2015 Initial Class
2025		457	$	28.76	$	28.76	$	13,151		0.80	%		0.80	%		2.92	%		11.00	%		11.00	%
2024		537	$	25.91	$	25.91	$	13,921		0.80	%		0.80	%		3.18	%		5.66	%		5.66	%
2023		600	$	24.52	$	24.52	$	14,707		0.80	%		0.80	%		3.51	%		10.07	%		10.07	%
2022		684	$	22.28	$	22.28	$	15,948		0.80	%		0.80	%		2.16	%		(15.28	%)		(15.28	%)
2021		900	$	26.30	$	26.30	$	23,673		0.80	%		0.80	%		1.09	%		6.83	%		6.83	%
VIP - Investor Freedom 2015 Investor Class
2025		2,641	$	27.08	$	30.84	$	80,183		0.10	%		0.25	%		2.99	%		11.76	%		11.59	%
2024		2,963	$	24.23	$	27.63	$	80,036		0.10	%		0.25	%		3.15	%		6.32	%		6.16	%
2023		3,188	$	22.79	$	31.69	$	81,572		0.10	%		0.25	%		3.50	%		10.86	%		10.67	%
2022		3,875	$	20.56	$	28.63	$	89,652		0.10	%		0.25	%		2.05	%		(14.76	%)		(14.87	%)
2021		4,165	$	24.12	$	33.63	$	113,650		0.10	%		0.25	%		1.04	%		7.53	%		7.37	%



		78		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

6. Unit Values - continued


			Unit value (4)						Expense ratio (1)(4)									Total Return (3)(4)
	Units (000s)		Highest		Lowest		Net assets (000s)		Lowest			Highest			Investment income ratio (2)			Highest			Lowest
VIP - Freedom 2020 Initial Class
2025		464	$	31.15	$	31.15	$	14,448		0.80	%		0.80	%		2.75	%		12.41	%		12.41	%
2024		512	$	27.71	$	27.71	$	14,195		0.80	%		0.80	%		2.70	%		6.85	%		6.85	%
2023		648	$	25.94	$	25.94	$	16,808		0.80	%		0.80	%		3.16	%		11.51	%		11.51	%
2022		736	$	23.26	$	23.26	$	17,117		0.80	%		0.80	%		2.05	%		(16.36	%)		(16.36	%)
2021		891	$	27.81	$	27.81	$	24,784		0.80	%		0.80	%		1.01	%		8.60	%		8.60	%
VIP - Investor Freedom 2020 Investor Class
2025		5,072	$	30.19	$	33.20	$	165,459		0.10	%		0.25	%		2.72	%		13.16	%		13.02	%
2024		5,411	$	26.68	$	29.37	$	156,670		0.10	%		0.25	%		2.77	%		7.54	%		7.38	%
2023		6,447	$	24.81	$	35.84	$	173,673		0.10	%		0.25	%		3.15	%		12.30	%		12.10	%
2022		7,254	$	22.09	$	31.97	$	174,304		0.10	%		0.25	%		2.03	%		(15.93	%)		(16.03	%)
2021		8,072	$	26.27	$	38.08	$	230,961		0.10	%		0.25	%		1.08	%		9.43	%		9.26	%
VIP - Freedom 2025 Initial Class
2025		537	$	34.75	$	34.75	$	18,658		0.80	%		0.80	%		2.51	%		13.67	%		13.67	%
2024		587	$	30.57	$	30.57	$	17,945		0.80	%		0.80	%		2.41	%		7.59	%		7.59	%
2023		668	$	28.41	$	28.41	$	18,984		0.80	%		0.80	%		2.84	%		12.71	%		12.71	%
2022		749	$	25.21	$	25.21	$	18,872		0.80	%		0.80	%		2.02	%		(17.09	%)		(17.09	%)
2021		842	$	30.41	$	30.41	$	25,612		0.80	%		0.80	%		1.09	%		9.95	%		9.95	%
VIP- Investor Freedom 2025 Investor Class
2025		5,367	$	33.80	$	36.84	$	195,749		0.10	%		0.25	%		2.53	%		14.34	%		14.16	%
2024		5,890	$	29.56	$	32.27	$	188,704		0.10	%		0.25	%		2.42	%		8.35	%		8.18	%
2023		7,054	$	27.29	$	39.92	$	208,582		0.10	%		0.25	%		2.78	%		13.46	%		13.28	%
2022		8,281	$	24.05	$	35.24	$	215,949		0.10	%		0.25	%		1.95	%		(16.55	%)		(16.66	%)
2021		9,299	$	28.82	$	42.29	$	290,411		0.10	%		0.25	%		1.08	%		10.67	%		10.51	%
VIP - Freedom 2030 Initial Class
2025		614	$	37.17	$	37.17	$	22,824		0.80	%		0.80	%		2.37	%		14.58	%		14.58	%
2024		723	$	32.44	$	32.44	$	23,456		0.80	%		0.80	%		2.31	%		8.53	%		8.53	%
2023		725	$	29.89	$	29.89	$	21,683		0.80	%		0.80	%		2.44	%		13.77	%		13.77	%
2022		805	$	26.27	$	26.27	$	21,148		0.80	%		0.80	%		1.95	%		(17.53	%)		(17.53	%)
2021		835	$	31.85	$	31.85	$	26,611		0.80	%		0.80	%		1.11	%		11.47	%		11.47	%
VIP - Investor Freedom 2030 Investor Class
2025		9,414	$	37.35	$	39.24	$	366,943		0.10	%		0.25	%		2.40	%		15.24	%		15.07	%
2024		9,854	$	32.41	$	34.10	$	334,565		0.10	%		0.25	%		2.21	%		9.29	%		9.12	%
2023		10,573	$	29.65	$	44.14	$	329,296		0.10	%		0.25	%		2.43	%		14.54	%		14.36	%
2022		11,719	$	25.89	$	38.60	$	319,483		0.10	%		0.25	%		1.91	%		(17.00	%)		(17.13	%)
2021		11,894	$	31.19	$	46.58	$	390,824		0.10	%		0.25	%		1.12	%		12.14	%		11.97	%
VIP - Freedom 2035 Initial Class (7)
2025		100	$	13.82	$	13.82	$	1,371		0.80	%		0.80	%		2.60	%		15.75	%		15.75	%
2024		74	$	11.94	$	11.94	$	879		0.80	%		0.80	%		2.78	%		10.14	%		10.14	%
2023		8	$	10.84	$	10.84	$	75		0.80	%		0.80	%		—			—			—
2022		—	$	—	$	—	$	—		—			—			—			—			—
2021		—	$	—	$	—	$	—		—			—			—			—			—
VIP - Investor Freedom 2035 Investor Class (7)
2025		2,517	$	14.06	$	14.01	$	35,304		0.10	%		0.25	%		2.61	%		16.49	%		16.36	%
2024		1,615	$	12.07	$	12.04	$	19,469		0.10	%		0.25	%		2.56	%		10.83	%		10.66	%
2023		462	$	10.89	$	10.88	$	5,032		0.10	%		0.25	%		3.40	%		—			—
2022		—	$	—	$	—	$	—		—			—			—			—			—
2021		—	$	—	$	—	$	—		—			—			—			—			—
VIP -Freedom 2040 Initial Class (7)
2025		48	$	14.49	$	14.49	$	700		0.80	%		0.80	%		1.96	%		17.90	%		17.90	%
2024		38	$	12.29	$	12.29	$	469		0.80	%		0.80	%		1.70	%		12.19	%		12.19	%
2023		7	$	10.96	$	10.96	$	83		0.80	%		0.80	%		3.68	%		—			—
2022		—	$	—	$	—	$	—		—			—			—			—			—
2021		—	$	—	$	—	$	—		—			—			—			—			—
VIP - Investor Freedom 2040 Investor Class (7)
2025		1,495	$	14.74	$	14.68	$	21,971		0.10	%		0.25	%		1.91	%		18.58	%		18.39	%
2024		917	$	12.43	$	12.40	$	11,377		0.10	%		0.25	%		1.71	%		12.82	%		12.65	%
2023		496	$	11.02	$	11.00	$	5,459		0.10	%		0.25	%		3.28	%		—			—
2022		—	$	—	$	—	$	—		—			—			—			—			—
2021		—	$	—	$	—	$	—		—			—			—			—			—



		79		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

6. Unit Values - continued


			Unit value (4)						Expense ratio (1)(4)									Total Return (3)(4)
	Units (000s)		Highest		Lowest		Net assets (000s)		Lowest			Highest			Investment income ratio (2)			Highest			Lowest
VIP - Freedom 2045 Initial Class (7)
2025		22	$	14.76	$	14.76	$	321		0.80	%		0.80	%		2.11	%		18.94	%		18.94	%
2024		—	$	12.41	$	12.41	$	2		0.80	%		0.80	%		0.07	%		12.92	%		12.92	%
2023		—	$	10.99	$	10.99	$	2		0.80	%		0.80	%		9.84	%		—			—
2022		—	$	—	$	—	$	—		—			—			—			—			—
2021		—	$	—	$	—	$	—		—			—			—			—			—
VIP - Investor Freedom 2045 Investor Class (7)
2025		470	$	15.00	$	14.94	$	7,031		0.10	%		0.25	%		1.74	%		19.52	%		19.33	%
2024		274	$	12.55	$	12.52	$	3,432		0.10	%		0.25	%		1.48	%		13.62	%		13.45	%
2023		147	$	11.04	$	11.03	$	1,618		0.10	%		0.25	%		3.92	%		—			—
2022		—	$	—	$	—	$	—		—			—			—			—			—
2021		—	$	—	$	—	$	—		—			—			—			—			—
VIP - Freedom 2050 Initial Class (7)
2025		22	$	14.75	$	14.75	$	320		0.80	%		0.80	%		5.66	%		18.76	%		18.76	%
2024		3	$	12.42	$	12.42	$	43		0.80	%		0.80	%		1.18	%		12.92	%		12.92	%
2023		1	$	11.00	$	11.00	$	15		0.80	%		0.80	%		1.17	%		—			—
2022		—	$	—	$	—	$	—		—			—			—			—			—
2021		—	$	—	$	—	$	—		—			—			—			—			—
VIP - Investor Freedom 2050 Investor Class (7)
2025		795	$	15.00	$	14.94	$	11,892		0.10	%		0.25	%		1.69	%		—			19.42	%
2024		463	$	12.54	$	12.51	$	5,803		0.10	%		0.25	%		1.66	%		—			—
2023		—	$	—	$	—	$	—		—			—			—			—			—
2022		—	$	—	$	—	$	—		—			—			—			—			—
2021		—	$	—	$	—	$	—		—			—			—			—			—
VIP - Freedom Lifetime Income I
2025		321	$	22.20	$	22.20	$	7,151		0.60	%		0.60	%		3.33	%		9.04	%		9.04	%
2024		367	$	20.36	$	20.36	$	7,479		0.60	%		0.60	%		3.80	%		3.67	%		3.67	%
2023		400	$	19.64	$	19.64	$	7,882		0.60	%		0.60	%		4.27	%		7.26	%		7.26	%
2022		449	$	18.31	$	18.31	$	8,213		0.60	%		0.60	%		2.25	%		(12.54	%)		(12.54	%)
2021		497	$	20.94	$	20.94	$	10,144		0.60	%		0.60	%		1.01	%		2.64	%		2.64	%
VIP - Freedom Lifetime Income II
2025		921	$	26.72	$	26.72	$	24,664		0.60	%		0.60	%		3.15	%		10.14	%		10.14	%
2024		1,008	$	24.26	$	24.26	$	24,472		0.60	%		0.60	%		3.40	%		4.93	%		4.93	%
2023		1,101	$	23.12	$	23.12	$	25,475		0.60	%		0.60	%		3.78	%		9.16	%		9.16	%
2022		1,200	$	21.18	$	21.18	$	25,424		0.60	%		0.60	%		2.13	%		(14.34	%)		(14.34	%)
2021		1,301	$	24.73	$	24.73	$	32,207		0.60	%		0.60	%		1.03	%		5.63	%		5.63	%
VIP - Freedom Lifetime Income III
2025		831	$	33.15	$	33.15	$	27,604		0.60	%		0.60	%		2.66	%		12.91	%		12.91	%
2024		903	$	29.36	$	29.36	$	26,536		0.60	%		0.60	%		2.72	%		7.15	%		7.15	%
2023		962	$	27.40	$	27.40	$	26,374		0.60	%		0.60	%		3.04	%		12.07	%		12.07	%
2022		1,048	$	24.45	$	24.45	$	25,630		0.60	%		0.60	%		2.01	%		(16.54	%)		(16.54	%)
2021		1,141	$	29.30	$	29.30	$	33,391		0.60	%		0.60	%		1.05	%		9.12	%		9.12	%
VIP - Disciplined Small Cap Initial Class
2025		631	$	39.53	$	37.99	$	24,896		0.80	%		1.00	%		0.92	%		16.47	%		16.21	%
2024		793	$	33.94	$	32.69	$	26,839		0.80	%		1.00	%		1.12	%		15.93	%		15.72	%
2023		762	$	29.28	$	28.25	$	22,203		0.80	%		1.00	%		1.06	%		20.00	%		19.75	%
2022		789	$	24.40	$	23.59	$	19,171		0.80	%		1.00	%		0.85	%		(18.89	%)		(19.06	%)
2021		885	$	30.08	$	29.15	$	26,481		0.80	%		1.00	%		0.37	%		19.69	%		19.45	%
VIP - Disciplined Small Cap Investor Class
2025		7,439	$	55.38	$	43.38	$	377,537		0.10	%		0.25	%		0.84	%		17.18	%		17.00	%
2024		8,208	$	47.26	$	37.07	$	353,600		0.10	%		0.25	%		1.07	%		16.70	%		16.52	%
2023		7,878	$	40.50	$	59.03	$	289,071		0.10	%		0.25	%		0.98	%		20.71	%		20.55	%
2022		7,979	$	33.55	$	48.97	$	242,903		0.10	%		0.25	%		0.77	%		(18.36	%)		(18.49	%)
2021		8,731	$	41.10	$	60.08	$	326,811		0.10	%		0.25	%		0.33	%		20.50	%		20.32	%
VIP - FundsManager 20% Investor Class
2025		31,638	$	18.37	$	17.81	$	624,716		0.10	%		1.00	%		3.62	%		9.09	%		8.00	%
2024		33,812	$	16.84	$	16.49	$	614,387		0.10	%		1.00	%		3.45	%		5.42	%		4.50	%
2023		39,212	$	15.98	$	15.78	$	676,000		0.10	%		1.00	%		3.55	%		8.04	%		7.06	%
2022		46,239	$	14.79	$	14.74	$	739,367		0.10	%		1.00	%		2.24	%		(9.68	%)		(10.49	%)
2021		51,375	$	16.38	$	16.47	$	910,064		0.10	%		1.00	%		1.05	%		3.55	%		2.62	%



		80		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

6. Unit Values - continued


			Unit value (4)						Expense ratio (1)(4)									Total Return (3)(4)
	Units (000s)		Highest		Lowest		Net assets (000s)		Lowest			Highest			Investment income ratio (2)			Highest			Lowest
VIP - FundManager 30% Investor Class (7)
2025		2,102	$	12.39	$	12.16	$	25,967		0.10	%		0.80	%		3.34	%		10.72	%		9.95	%
2024		1,185	$	11.19	$	11.06	$	13,228		0.10	%		0.80	%		3.66	%		6.31	%		5.56	%
2023		492	$	10.53	$	10.48	$	5,180		0.10	%		0.80	%		5.87	%		—			—
2022		—	$	—	$	—	$	—		—			—			—			—			—
2021		—	$	—	$	—	$	—		—			—			—			—			—
VIP - FundsManager 40% Investor Class (7)
2025		3,998	$	12.78	$	12.54	$	50,951		0.10	%		0.80	%		3.29	%		12.30	%		11.47	%
2024		2,006	$	11.38	$	11.25	$	22,777		0.10	%		0.80	%		3.34	%		7.36	%		6.60	%
2023		1,127	$	10.60	$	10.55	$	11,933		0.10	%		0.80	%		6.28	%		—			—
2022		—	$	—	$	—	$	—		—			—			—			—			—
2021		—	$	—	$	—	$	—		—			—			—			—			—
VIP - FundsManager 50% Investor Class
2025		59,869	$	28.66	$	25.63	$	1,748,787		0.10	%		1.00	%		2.66	%		14.05	%		12.96	%
2024		64,755	$	25.13	$	22.69	$	1,663,905		0.10	%		1.00	%		2.38	%		8.40	%		7.43	%
2023		70,321	$	23.19	$	21.12	$	1,670,105		0.10	%		1.00	%		2.53	%		12.83	%		11.81	%
2022		76,745	$	20.55	$	18.89	$	1,616,880		0.10	%		1.00	%		1.99	%		(14.01	%)		(14.78	%)
2021		80,254	$	23.90	$	22.17	$	1,969,415		0.10	%		1.00	%		1.15	%		9.91	%		8.92	%
VIP - FundsManager 60% Investor Class
2025		71,782	$	33.01	$	36.55	$	2,196,415		0.10	%		1.40	%		2.25	%		15.62	%		14.11	%
2024		76,238	$	28.55	$	32.03	$	2,019,116		0.10	%		1.40	%		2.06	%		9.47	%		8.03	%
2023		82,187	$	26.08	$	29.65	$	1,990,284		0.10	%		1.40	%		2.31	%		14.05	%		12.57	%
2022		87,935	$	22.87	$	26.34	$	1,873,698		0.10	%		1.40	%		1.79	%		(15.14	%)		(16.25	%)
2021		92,505	$	26.95	$	31.45	$	2,330,241		0.10	%		1.40	%		1.12	%		12.23	%		10.77	%
VIP - FundsManager 70% Investor Class
2025		65,322	$	37.61	$	30.96	$	2,400,573		0.10	%		1.00	%		1.93	%		17.02	%		15.96	%
2024		65,132	$	32.14	$	26.70	$	2,047,271		0.10	%		1.00	%		1.81	%		10.77	%		9.79	%
2023		65,140	$	29.02	$	24.32	$	1,850,315		0.10	%		1.00	%		2.03	%		15.61	%		14.55	%
2022		67,188	$	25.10	$	21.23	$	1,653,954		0.10	%		1.00	%		1.61	%		(15.75	%)		(16.51	%)
2021		67,644	$	29.79	$	25.43	$	1,979,722		0.10	%		1.00	%		1.06	%		14.41	%		13.38	%
VIP - FundsManager 85% Investor Class
2025		24,626	$	45.03	$	34.94	$	1,045,981		0.10	%		1.00	%		1.50	%		19.35	%		18.24	%
2024		23,200	$	37.73	$	29.55	$	822,988		0.10	%		1.00	%		1.42	%		12.39	%		11.38	%
2023		21,661	$	33.57	$	26.53	$	682,277		0.10	%		1.00	%		1.64	%		17.55	%		16.51	%
2022		21,544	$	28.56	$	22.77	$	577,654		0.10	%		1.00	%		1.11	%		(17.15	%)		(17.90	%)
2021		21,204	$	34.47	$	27.74	$	686,925		0.10	%		1.00	%		0.99	%		17.71	%		16.65	%
VIP - Consumer Staples Initial Class
2025		299	$	35.76	$	34.44	$	10,554		0.80	%		1.00	%		1.80	%		(3.77	%)		(3.96	%)
2024		377	$	37.16	$	35.86	$	13,939		0.80	%		1.00	%		2.14	%		4.72	%		4.52	%
2023		469	$	35.48	$	34.31	$	16,607		0.80	%		1.00	%		1.83	%		2.31	%		2.11	%
2022		627	$	34.68	$	33.60	$	21,674		0.80	%		1.00	%		1.77	%		(1.41	%)		(1.61	%)
2021		554	$	35.17	$	34.15	$	19,382		0.80	%		1.00	%		1.90	%		13.33	%		13.10	%
VIP - Consumer Staples Investor Class
2025		4,451	$	37.15	$	39.07	$	170,106		0.10	%		0.25	%		1.84	%		(3.15	%)		(3.29	%)
2024		4,962	$	38.36	$	40.40	$	196,058		0.10	%		0.25	%		2.10	%		5.35	%		5.19	%
2023		5,828	$	36.41	$	48.06	$	219,135		0.10	%		0.25	%		1.84	%		2.97	%		2.83	%
2022		6,691	$	35.36	$	46.74	$	244,656		0.10	%		0.25	%		1.75	%		(0.78	%)		(0.94	%)
2021		5,911	$	35.64	$	47.18	$	218,322		0.10	%		0.25	%		1.81	%		13.99	%		13.82	%
VIP - Materials Initial Class
2025		219	$	30.83	$	29.69	$	6,752		0.80	%		1.00	%		1.10	%		10.50	%		10.29	%
2024		264	$	27.90	$	26.92	$	7,355		0.80	%		1.00	%		1.11	%		(3.22	%)		(3.44	%)
2023		384	$	28.83	$	27.88	$	11,043		0.80	%		1.00	%		1.26	%		6.73	%		6.53	%
2022		498	$	27.01	$	26.17	$	13,443		0.80	%		1.00	%		1.06	%		(10.50	%)		(10.69	%)
2021		610	$	30.18	$	29.30	$	18,354		0.80	%		1.00	%		0.78	%		32.36	%		32.09	%
VIP - Materials Investor Class
2025		1,632	$	31.74	$	33.65	$	53,769		0.10	%		0.25	%		1.15	%		11.13	%		10.95	%
2024		1,661	$	28.56	$	30.33	$	49,507		0.10	%		0.25	%		1.07	%		(2.64	%)		(2.79	%)
2023		2,063	$	29.34	$	63.25	$	63,306		0.10	%		0.25	%		1.21	%		7.46	%		7.31	%
2022		2,616	$	27.30	$	58.94	$	74,749		0.10	%		0.25	%		1.01	%		(10.00	%)		(10.13	%)
2021		2,748	$	30.33	$	65.59	$	87,337		0.10	%		0.25	%		0.62	%		33.26	%		33.06	%



		81		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

6. Unit Values - continued


			Unit value (4)						Expense ratio (1)(4)									Total Return (3)(4)
	Units (000s)		Highest		Lowest		Net assets (000s)		Lowest			Highest			Investment income ratio (2)			Highest			Lowest
VIP - Communication Services Initial Class
2025		644	$	51.45	$	49.55	$	32,987		0.80	%		1.00	%		—			33.32	%		33.06	%
2024		568	$	38.59	$	37.24	$	21,805		0.80	%		1.00	%		—			32.96	%		32.67	%
2023		687	$	29.02	$	28.07	$	19,833		0.80	%		1.00	%		—			56.13	%		55.86	%
2022		381	$	18.59	$	18.01	$	7,049		0.80	%		1.00	%		—			(38.63	%)		(38.76	%)
2021		534	$	30.29	$	29.41	$	16,122		0.80	%		1.00	%		—			14.72	%		14.49	%
VIP - Communication Services Investor Class
2025		5,163	$	73.18	$	56.20	$	349,744		0.10	%		0.25	%		—			34.15	%		33.94	%
2024		3,892	$	54.55	$	41.96	$	195,828		0.10	%		0.25	%		—			33.76	%		33.56	%
2023		4,265	$	40.78	$	76.20	$	159,040		0.10	%		0.25	%		—			57.10	%		56.85	%
2022		2,598	$	25.96	$	48.58	$	61,385		0.10	%		0.25	%		—			(38.24	%)		(38.32	%)
2021		3,256	$	42.03	$	78.76	$	124,109		0.10	%		0.25	%		—			15.48	%		15.31	%
VIP - Hedged Equity Investor Class(C)
2025		767	$	11.74	$	11.73	$	8,999		0.10	%		0.25	%		1.62	%		—			—
2024		—		—		—		—		—			—			—			—			—
2023		—		—		—		—		—			—			—			—			—
2022		—		—		—		—		—			—			—			—			—
2021		—		—		—		—		—			—			—			—			—
VIP - Emerging Markets Initial Class
2025		717	$	19.35	$	18.67	$	13,850		0.80	%		1.00	%		2.08	%		40.12	%		39.75	%
2024		588	$	13.81	$	13.36	$	8,110		0.80	%		1.00	%		1.38	%		9.15	%		8.97	%
2023		673	$	12.66	$	12.26	$	8,501		0.80	%		1.00	%		2.07	%		8.82	%		8.59	%
2022		752	$	11.63	$	11.29	$	8,731		0.80	%		1.00	%		1.72	%		(20.77	%)		(20.94	%)
2021		812	$	14.68	$	14.28	$	11,899		0.80	%		1.00	%		1.80	%		(3.02	%)		(3.22	%)
VIP - Emerging Markets Investor Class
2025		9,209	$	27.36	$	21.04	$	231,016		0.10	%		0.25	%		2.50	%		40.96	%		40.72	%
2024		6,344	$	19.41	$	14.95	$	110,655		0.10	%		0.25	%		1.36	%		9.79	%		9.62	%
2023		6,793	$	17.68	$	36.38	$	107,606		0.10	%		0.25	%		2.08	%		9.50	%		9.32	%
2022		7,379	$	16.15	$	33.28	$	107,372		0.10	%		0.25	%		1.63	%		(20.27	%)		(20.39	%)
2021		7,768	$	20.26	$	41.80	$	142,609		0.10	%		0.25	%		1.97	%		(2.37	%)		(2.52	%)
VIP - Floating Rate High Income Initial Class
2025		717	$	15.37	$	15.01	$	11,027		0.80	%		1.00	%		6.92	%		4.49	%		4.24	%
2024		963	$	14.71	$	14.40	$	14,155		0.80	%		1.00	%		7.06	%		7.63	%		7.38	%
2023		1,036	$	13.67	$	13.41	$	14,164		0.80	%		1.00	%		8.15	%		11.32	%		11.10	%
2022		680	$	12.28	$	12.07	$	8,343		0.80	%		1.00	%		3.93	%		(1.34	%)		(1.52	%)
2021		662	$	12.45	$	12.26	$	8,228		0.80	%		1.00	%		2.65	%		4.36	%		4.15	%
VIP - Floating Rate High Income Investor Class
2025		17,175	$	16.62	$	16.33	$	283,761		0.10	%		0.25	%		7.57	%		5.26	%		5.08	%
2024		19,603	$	15.79	$	15.54	$	307,877		0.10	%		0.25	%		7.52	%		8.25	%		8.09	%
2023		17,759	$	14.59	$	14.38	$	257,606		0.10	%		0.25	%		7.54	%		12.15	%		11.99	%
2022		16,083	$	13.01	$	12.84	$	208,260		0.10	%		0.25	%		4.11	%		(0.68	%)		(0.85	%)
2021		15,963	$	13.10	$	12.95	$	208,166		0.10	%		0.25	%		2.87	%		4.97	%		4.82	%
VIP - Bond Index Initial Class
2025		52,441	$	11.47	$	10.71	$	597,218		0.10	%		1.00	%		3.54	%		6.90	%		5.93	%
2024		46,878	$	10.73	$	10.11	$	499,842		0.10	%		1.00	%		3.03	%		1.11	%		0.20	%
2023		41,272	$	10.61	$	10.09	$	435,525		0.10	%		1.00	%		2.53	%		5.39	%		4.45	%
2022		36,405	$	10.07	$	9.66	$	364,893		0.10	%		1.00	%		1.78	%		(13.30	%)		(14.10	%)
2021		36,022	$	11.61	$	11.25	$	416,868		0.10	%		1.00	%		0.96	%		(2.05	%)		(2.93	%)
VIP - Total Market Index Initial Class
2025		37,885	$	26.09	$	24.36	$	982,019		0.10	%		1.00	%		1.11	%		17.00	%		15.94	%
2024		38,370	$	22.30	$	21.01	$	850,563		0.10	%		1.00	%		1.37	%		23.57	%		22.44	%
2023		35,404	$	18.05	$	17.16	$	635,376		0.10	%		1.00	%		1.11	%		25.94	%		24.80	%
2022		31,807	$	14.33	$	13.75	$	453,695		0.10	%		1.00	%		1.44	%		(19.30	%)		(20.02	%)
2021		27,617	$	17.76	$	17.19	$	488,620		0.10	%		1.00	%		1.18	%		25.56	%		24.43	%
VIP - Extended Market Index Initial Class
2025		9,500	$	18.07	$	16.87	$	170,623		0.10	%		1.00	%		1.22	%		12.24	%		11.21	%
2024		8,981	$	16.10	$	15.17	$	143,846		0.10	%		1.00	%		1.40	%		12.19	%		11.14	%
2023		9,226	$	14.35	$	13.65	$	131,763		0.10	%		1.00	%		1.74	%		17.35	%		16.27	%
2022		9,739	$	12.23	$	11.74	$	118,665		0.10	%		1.00	%		1.43	%		(18.23	%)		(18.93	%)
2021		9,437	$	14.96	$	14.48	$	140,720		0.10	%		1.00	%		1.30	%		21.12	%		20.03	%



		82		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

6. Unit Values - continued


			Unit value (4)						Expense ratio (1)(4)									Total Return (3)(4)
	Units (000s)		Highest		Lowest		Net assets (000s)		Lowest			Highest			Investment income ratio (2)			Highest			Lowest
VIP - International Index Initial Class
2025		33,836	$	16.98	$	15.86	$	570,979		0.10	%		1.00	%		3.14	%		32.97	%		31.84	%
2024		24,366	$	12.77	$	12.03	$	309,225		0.10	%		1.00	%		2.99	%		5.00	%		4.07	%
2023		23,442	$	12.16	$	11.56	$	283,477		0.10	%		1.00	%		2.95	%		16.01	%		15.02	%
2022		21,570	$	10.48	$	10.05	$	224,978		0.10	%		1.00	%		2.36	%		(16.08	%)		(16.88	%)
2021		19,348	$	12.49	$	12.09	$	240,814		0.10	%		1.00	%		2.83	%		7.61	%		6.64	%
VIF - Emerging Markets Equity Class I
2025		1,861	$	18.78	$	40.67	$	45,749		0.10	%		1.00	%		0.40	%		32.81	%		31.62	%
2024		1,935	$	14.14	$	30.90	$	36,981		0.10	%		1.00	%		1.36	%		7.71	%		6.74	%
2023		2,089	$	13.13	$	28.95	$	38,247		0.10	%		1.00	%		1.63	%		11.82	%		10.88	%
2022		2,371	$	11.74	$	26.11	$	38,859		0.10	%		1.00	%		0.43	%		(25.13	%)		(25.84	%)
2021		2,801	$	15.68	$	35.21	$	60,655		0.10	%		1.00	%		0.85	%		2.88	%		1.96	%
VIF - Emerging Markets Debt Class I
2025		3,577	$	17.76	$	40.64	$	75,924		0.10	%		1.00	%		14.12	%		15.25	%		14.19	%
2024		3,598	$	15.41	$	35.59	$	66,974		0.10	%		1.00	%		10.26	%		11.12	%		10.12	%
2023		3,936	$	13.87	$	32.32	$	67,852		0.10	%		1.00	%		8.67	%		11.76	%		10.72	%
2022		4,370	$	12.41	$	29.19	$	66,543		0.10	%		1.00	%		7.48	%		(18.84	%)		(19.56	%)
2021		5,026	$	15.29	$	36.29	$	94,360		0.10	%		1.00	%		5.09	%		(2.12	%)		(3.00	%)
VIF - Global Strategist - Class II
2025		1,078	$	26.22	$	26.05	$	27,609		0.10	%		1.00	%		—			17.32	%		16.09	%
2024		1,092	$	22.35	$	22.44	$	23,823		0.10	%		1.00	%		—			7.36	%		6.50	%
2023		1,109	$	20.82	$	21.07	$	22,477		0.10	%		1.00	%		1.68	%		13.96	%		12.92	%
2022		1,194	$	18.27	$	18.66	$	21,321		0.10	%		1.00	%		—			(17.03	%)		(17.75	%)
2021		1,298	$	22.02	$	22.69	$	28,012		0.10	%		1.00	%		1.86	%		8.26	%		7.28	%
Lazard - Retirement Emerging Markets Portfolio - Investor
2025		5,757	$	21.55	$	24.97	$	137,442		0.10	%		1.00	%		3.18	%		41.96	%		40.60	%
2024		3,624	$	15.18	$	17.76	$	62,196		0.10	%		1.00	%		3.57	%		7.57	%		6.67	%
2023		4,049	$	14.11	$	16.65	$	65,755		0.10	%		1.00	%		5.13	%		22.49	%		21.44	%
2022		4,349	$	11.52	$	13.71	$	57,667		0.10	%		1.00	%		3.60	%		(15.04	%)		(15.84	%)
2021		4,501	$	13.56	$	16.29	$	70,888		0.10	%		1.00	%		2.13	%		5.69	%		4.74	%
Invesco - V.I. Global Core Equity Series I
2025		1,167	$	32.21	$	35.23	$	36,112		0.10	%		1.00	%		1.38	%		15.45	%		14.27	%
2024		1,241	$	27.90	$	30.83	$	33,409		0.10	%		1.00	%		1.14	%		16.73	%		15.82	%
2023		1,053	$	23.90	$	26.62	$	24,372		0.10	%		1.00	%		0.58	%		21.58	%		20.51	%
2022		1,095	$	19.66	$	22.09	$	20,821		0.10	%		1.00	%		0.35	%		(21.94	%)		(22.65	%)
2021		1,100	$	25.19	$	28.56	$	26,966		0.10	%		1.00	%		0.99	%		15.86	%		14.81	%
Allspring - VT Discovery SMID Cap Growth Class 2 (5)(6)
2025		264	$	83.03	$	78.69	$	21,821		0.80	%		1.00	%		—			4.55	%		4.18	%
2024		298	$	79.42	$	75.53	$	23,554		0.80	%		1.00	%		—			17.18	%		17.12	%
2023		330	$	67.78	$	64.49	$	22,282		0.80	%		1.00	%		—			19.18	%		18.94	%
2022		380	$	56.87	$	54.22	$	21,547		0.80	%		1.00	%		—			(38.35	%)		(38.47	%)
2021		422	$	92.24	$	88.12	$	38,705		0.80	%		1.00	%		—			(5.80	%)		(5.99	%)
Allspring - VT Opportunity Class 2 (5)
2025		221	$	99.84	$	94.62	$	21,928		0.80	%		1.00	%		0.05	%		5.85	%		5.64	%
2024		236	$	94.32	$	89.57	$	22,152		0.80	%		1.00	%		0.05	%		14.12	%		13.90	%
2023		263	$	82.64	$	78.64	$	21,653		0.80	%		1.00	%		—			25.49	%		25.24	%
2022		281	$	65.86	$	62.79	$	18,446		0.80	%		1.00	%		—			(21.44	%)		(21.60	%)
2021		309	$	83.83	$	80.09	$	25,802		0.80	%		1.00	%		0.04	%		23.78	%		23.53	%
PVIT - Commodity Real Return - Strategy Portfolio - Administrative
2025		2,975	$	9.82	$	8.67	$	28,929		0.10	%		1.00	%		2.81	%		18.60	%		17.64	%
2024		2,659	$	8.28	$	7.37	$	21,769		0.10	%		1.00	%		2.10	%		4.06	%		3.08	%
2023		3,995	$	7.95	$	7.15	$	31,472		0.10	%		1.00	%		17.79	%		(7.95	%)		(8.80	%)
2022		8,773	$	8.64	$	7.84	$	75,099		0.10	%		1.00	%		23.16	%		8.52	%		7.76	%
2021		5,037	$	7.96	$	7.29	$	39,782		0.10	%		1.00	%		4.54	%		33.21	%		32.01	%
PVIT - Low Duration Portfolio - Administrative
2025		22,705	$	12.82	$	11.73	$	294,377		0.10	%		1.00	%		3.94	%		5.43	%		4.45	%
2024		20,390	$	12.16	$	11.23	$	251,287		0.10	%		1.00	%		3.99	%		4.39	%		3.41	%
2023		23,054	$	11.65	$	10.86	$	272,381		0.10	%		1.00	%		3.59	%		4.88	%		3.92	%
2022		27,687	$	11.11	$	10.45	$	312,292		0.10	%		1.00	%		1.66	%		(5.85	%)		(6.65	%)
2021		30,927	$	11.80	$	11.19	$	371,025		0.10	%		1.00	%		0.52	%		(1.03	%)		(1.92	%)



		83		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

6. Unit Values - continued


			Unit value (4)						Expense ratio (1)(4)									Total Return (3)(4)
	Units (000s)		Highest		Lowest		Net assets (000s)		Lowest			Highest			Investment income ratio (2)			Highest			Lowest
PVIT - Real Return Portfolio - Administrative
2025		9,776	$	14.96	$	14.35	$	150,765		0.10	%		1.00	%		3.34	%		7.70	%		6.77	%
2024		9,608	$	13.89	$	13.44	$	138,003		0.10	%		1.00	%		2.61	%		2.03	%		1.13	%
2023		11,201	$	13.61	$	13.29	$	158,088		0.10	%		1.00	%		2.99	%		3.57	%		2.63	%
2022		13,406	$	13.14	$	12.95	$	182,717		0.10	%		1.00	%		7.06	%		(12.00	%)		(12.78	%)
2021		15,686	$	14.93	$	14.85	$	243,177		0.10	%		1.00	%		4.97	%		5.48	%		4.53	%
PVIT - Total Return Portfolio - Administrative
2025		25,549	$	14.48	$	13.70	$	381,340		0.10	%		1.00	%		4.10	%		8.79	%		7.79	%
2024		25,679	$	13.31	$	12.71	$	353,267		0.10	%		1.00	%		4.04	%		2.43	%		1.52	%
2023		27,508	$	13.00	$	12.52	$	370,500		0.10	%		1.00	%		3.56	%		5.84	%		4.86	%
2022		30,305	$	12.28	$	11.94	$	386,121		0.10	%		1.00	%		2.60	%		(14.39	%)		(15.14	%)
2021		34,594	$	14.34	$	14.07	$	515,196		0.10	%		1.00	%		1.82	%		(1.37	%)		(2.25	%)
Blackrock - Global Allocation V.I. Fund - Class I
2025		7,230	$	23.81	$	21.02	$	169,935		0.10	%		1.00	%		3.40	%		19.41	%		18.36	%
2024		7,513	$	19.94	$	17.76	$	148,005		0.10	%		1.00	%		1.20	%		11.19	%		10.17	%
2023		8,264	$	17.93	$	16.12	$	149,434		0.10	%		1.00	%		2.01	%		10.22	%		9.21	%
2022		9,256	$	16.27	$	14.76	$	148,964		0.10	%		1.00	%		—			(16.05	%)		(16.81	%)
2021		10,006	$	19.38	$	17.74	$	192,033		0.10	%		1.00	%		0.77	%		6.44	%		5.48	%
FTVIP - Templeton Global Bond Fund - Class 2
2025		4,518	$	10.39	$	9.18	$	46,399		0.10	%		1.00	%		—			15.57	%		14.61	%
2024		4,005	$	8.99	$	8.01	$	35,570		0.10	%		1.00	%		—			(11.46	%)		(12.27	%)
2023		4,245	$	10.15	$	9.13	$	42,586		0.10	%		1.00	%		—			2.77	%		1.90	%
2022		4,665	$	9.88	$	8.96	$	45,582		0.10	%		1.00	%		—			(5.04	%)		(5.90	%)
2021		5,309	$	10.40	$	9.52	$	54,714		0.10	%		1.00	%		—			(5.09	%)		(5.94	%)
FTVIP - Franklin U.S. Government Securities Fund - Class 2
2025		5,097	$	11.40	$	10.06	$	57,265		0.10	%		1.00	%		3.20	%		6.64	%		5.56	%
2024		4,559	$	10.69	$	9.53	$	48,021		0.10	%		1.00	%		2.91	%		1.27	%		0.32	%
2023		4,776	$	10.56	$	9.50	$	49,715		0.10	%		1.00	%		2.70	%		4.36	%		3.49	%
2022		4,982	$	10.12	$	9.18	$	49,703		0.10	%		1.00	%		2.22	%		(9.84	%)		(10.49	%)
2021		7,244	$	11.22	$	10.28	$	80,278		0.10	%		1.00	%		2.39	%		(1.92	%)		(2.81	%)

(1)

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

(2)

These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

(3)

These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, which includes expenses assessed through the reduction of unit values. The ratio does not include expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for the period indicated or from the effective date through the end of the reporting period.

(4)

The unit value and total return columns labeled “Highest” correspond with the product with the lowest expense ratio. The unit value and total return columns labeled “Lowest” correspond with the product with the highest expense ratio. Please see Footnote 3 for additional information regarding total return.

(5)	During 2021, the following underlying funds were renamed:


Old Name		New Name

Wells Fargo VT Discovery Fund		Allspring VT Discovery Fund

Wells Fargo VT Opportunity Fund		Allspring VT Opportunity Fund

(6)	During 2023, the following underlying funds were renamed:


Old Name		New Name

Allspring VT Discovery Fund		Allspring - VT Discovery SMID Cap Growth Class 2

VIP Financial Services Initial Class		VIP - Financials Initial Class

VIP Financial Services Investor Class		VIP - Financials Investor Class



		84		Annual Report

Notes to Financial Statements - continued

Fidelity Investments Variable Annuity Account I

6. Unit Values - continued

(7)	During 2023, the following underlying funds were added and commenced operations effective May 1, 2023:



VIP - Freedom 2035 Initial Class		VIP - Investor Freedom 2035 Investor Class

VIP - Freedom 2040 Initial Class		VIP - Investor Freedom 2040 Investor Class

VIP - Freedom 2045 Initial Class		VIP - Investor Freedom 2045 Investor Class

VIP - Freedom 2050 Initial Class		VIP - Investor Freedom 2050 Investor Class

VIP - FundsManager 30% Investor Class		VIP - FundsManager 40% Investor Class

(A)	Fund Merged. See Note 1

(B)	Fund Name Change. See Note 1

(C)	New Fund. See Note 1

7. Subsequent Events

Effective April 30, 2026, the VIP Freedom Income Initial Class will be renamed to VIP Freedom Retirement Initial Class.

Effective April 30, 2026, the VIP Freedom Income Investor Class will be renamed to VIP Freedom Retirement Investor Class.

The Invesco V.I. Global Core Equity and Invesco V.I. Global funds approved a Plan of Reorganization Agreement to transfer of all the net assets of the Invesco V.I. Global Core Equity fund in exchange for shares of the Invesco V.I. Global fund effective April 24, 2026.

The Account has evaluated subsequent events from the balance sheet date through the date of this report and no other events have occurred that would require disclosure.



		85		Annual Report

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Fidelity Investments Life Insurance Company and the Contract Owners of Fidelity Investments Variable Annuity Account I

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts of Fidelity Investments Variable Annuity Account I indicated in the table below as of December 31, 2025, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below (other than the subaccounts denoted with footnote (2), which only includes a statement of changes in net assets for the period January 1, 2024 to June 7, 2024 (date of merger)), including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the subaccounts of Fidelity Investments Variable Annuity Account I (other than the subaccounts denoted with footnote (2)) as of December 31, 2025, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.


Fidelity VIP Government Money Market - Initial Class (1)	Fidelity VIP Government Money Market - Investor Class (1)	Fidelity VIP High Income - Initial Class (1)

Fidelity VIP High Income - Investor Class (1)	Fidelity VIP Equity-Income - Initial Class (1)	Fidelity VIP Equity-Income - Investor Class (1)

Fidelity VIP Growth - Initial Class (1)	Fidelity VIP Growth - Investor Class (1)	Fidelity VIP Overseas - Initial Class (1)

Fidelity VIP Overseas - Investor Class (1)	Fidelity VIP Investment Grade Bond - Initial Class (1)	Fidelity VIP Investment Grade Bond - Investor Class (1)

Fidelity VIP Asset Manager 50% - Initial Class (1)	Fidelity VIP Asset Manager 50% - Investor Class (1)	Fidelity VIP Index 500 - Initial Class (1)

Fidelity VIP Asset Manager 70% - Initial Class (1)	Fidelity VIP Asset Manager 70% - Investor Class (1)	Fidelity VIP Contrafund - Initial Class (1)

Fidelity VIP Contrafund - Investor Class (1)	Fidelity VIP Balanced - Initial Class (1)	Fidelity VIP Balanced - Investor Class (1)

Fidelity VIP Dynamic Capital Appreciation - Initial Class (1)	Fidelity VIP Dynamic Capital Appreciation - Investor Class (1)	Fidelity VIP Growth & Income - Initial Class (1)

Fidelity VIP Growth & Income - Investor Class (1)	Fidelity VIP Growth Opportunities - Initial Class (1)	Fidelity VIP Growth Opportunities - Investor Class (1)

Fidelity VIP Mid Cap - Initial Class (1)	Fidelity VIP Mid Cap - Investor Class (1)	Fidelity VIP Value Strategies - Initial Class (1)

Fidelity VIP Value Strategies - Investor Class (1)	Fidelity VIP Utilities - Initial Class (1)	Fidelity VIP Utilities - Investor Class (1)

Fidelity VIP Technology - Initial Class (1)	Fidelity VIP Technology - Investor Class (1)	Fidelity VIP Energy - Initial Class (1)

Fidelity VIP Energy - Investor Class (1)	Fidelity VIP Health Care - Initial Class (1)	Fidelity VIP Health Care - Investor Class (1)

Fidelity VIP Financials - Initial Class (1)	Fidelity VIP Financials - Investor Class (1)	Fidelity VIP Industrials - Initial Class (1)

Fidelity VIP Industrials - Investor Class (1)	Fidelity VIP Consumer Discretionary - Initial Class (1)	Fidelity VIP Consumer Discretionary - Investor Class (1)

Fidelity VIP Real Estate - Initial Class (1)	Fidelity VIP Real Estate - Investor Class (1)	Fidelity VIP Strategic Income - Initial Class (1)

Fidelity VIP Strategic Income - Investor Class (1)	Fidelity VIP International Capital Appreciation - Initial Class (1)	Fidelity VIP International Capital Appreciation - Investor Class (1)

Fidelity VIP Value - Initial Class (1)	Fidelity VIP Value - Investor Class (1)	Fidelity VIP Freedom Income - Initial Class (1)

Fidelity VIP Freedom Income - Investor Class (1)	Fidelity VIP Freedom 2005 - Initial Class (2)	Fidelity VIP Investor Freedom 2005 - Investor Class (2)
Fidelity VIP Freedom 2010 - Initial Class (1)	Fidelity VIP Investor Freedom 2010 - Investor Class (1)	Fidelity VIP Freedom 2015 - Initial Class (1)

Fidelity VIP Investor Freedom 2015 - Investor Class (1)	Fidelity VIP Freedom 2020 - Initial Class (1)	Fidelity VIP Investor Freedom 2020 - Investor Class (1)

Fidelity VIP Freedom 2025 - Initial Class (1)	Fidelity VIP Investor Freedom 2025 - Investor Class (1)	Fidelity VIP Freedom 2030 - Initial Class (1)

Fidelity VIP Investor Freedom 2030 - Investor Class (1)	Fidelity VIP Freedom 2035 - Initial Class (1)	Fidelity VIP Investor Freedom 2035 - Investor Class (1)



		86		Annual Report



Fidelity VIP Freedom 2040 – Initial Class (1)	Fidelity VIP Investor Freedom 2040 - Investor Class (1)	Fidelity VIP Freedom 2045 - Initial Class (1)

Fidelity VIP Investor Freedom 2045 - Investor Class (1)	Fidelity VIP Freedom 2050 - Initial Class (1)	Fidelity VIP Investor Freedom 2050 - Investor Class (1)

Fidelity VIP Freedom Lifetime Income I (1)	Fidelity VIP Freedom Lifetime Income II (1)	Fidelity VIP Freedom Lifetime Income III (1)

Fidelity VIP Disciplined Small Cap - Initial Class (1)	Fidelity VIP Disciplined Small Cap - Investor Class (1)	Fidelity VIP FundsManager 20% - Investor Class (1)

Fidelity VIP FundsManager 30% - Investor Class (1)	Fidelity VIP FundsManager 40% - Investor Class (1)	Fidelity VIP FundsManager 50% - Investor Class (1)

Fidelity VIP FundsManager 60% - Investor Class (1)	Fidelity VIP FundsManager 70% - Investor Class (1)	Fidelity VIP FundsManager 85% - Investor Class (1)

Fidelity VIP Consumer Staples - Initial Class (1)	Fidelity VIP Consumer Staples - Investor Class (1)	Fidelity VIP Materials - Initial Class (1)

Fidelity VIP Materials - Investor Class (1)	Fidelity VIP Communication Services - Initial Class (1)	Fidelity VIP Communication Services - Investor Class (1)

Fidelity VIP Hedged Equity - Investor Class (3)	Fidelity VIP Emerging Markets - Initial Class (1)	Fidelity VIP Emerging Markets - Investor Class (1)

Fidelity VIP Floating Rate High Income - Initial Class (1)	Fidelity VIP Floating Rate High Income - Investor Class (1)	Fidelity VIP Bond Index - Initial Class (1)

Fidelity VIP Total Market Index – Initial Class (1)	Fidelity VIP Extended Market Index - Initial Class (1)	Fidelity VIP International Index – Initial Class (1)

Morgan Stanley VIF Emerging Markets Equity Portfolio - Class I (1)	Morgan Stanley VIF Emerging Markets Debt Portfolio – Class I (1)	Morgan Stanley VIF Global Strategist Portfolio - Class II (1)

Lazard Retirement Emerging Markets Equity Portfolio – Investor (1)	Invesco V.I. Global Core Equity Fund - Series I (1)	Allspring VT Discovery SMID Cap Growth - Class 2 (1)

Allspring VT Opportunity Fund - Class 2 (1)	PIMCO Commodity Real Return Strategy Portfolio – Administrative (1)	PIMCO Low Duration Portfolio - Administrative (1)

PIMCO Real Return Portfolio - Administrative (1)	PIMCO Total Return Portfolio - Administrative (1)	Blackrock Global Allocation V.I. Fund - Class I (1)

Templeton Global Bond VIP Fund - Class 2 (1)	Franklin U.S. Government Securities VIP Fund - Class 2 (1)

(1) Statement of operations for the year ended December 31, 2025 and statement of changes in net assets for the years ended December 31, 2025 and 2024 (2) Statement of operations for the period January 1, 2024 to June 7, 2024 (date of merger) and statement of changes in net assets for the period January 1, 2024 to June 7, 2024 (date of merger) (3) Statement of operations and statement of changes in net assets for the period May 1, 2025 (commencement of operations) through December 31, 2025

Basis for Opinions

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

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included



		87		Annual Report

confirmation of investments owned as of December 31, 2025 by correspondence with the custodians or the transfer agents of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 30, 2026

We have served as the auditor of one or more of the subaccounts of Fidelity Investments Variable Annuity Account I since 1987.



		88		Annual Report

LOGO

Fidelity Retirement Reserves, Fidelity Income Advantage, Fidelity Personal Retirement, Fidelity Freedom Lifetime Income and Fidelity Growth and Guaranteed Income are issued by Fidelity Investments Life Insurance Company.

Fidelity Brokerage Services LLC, member NYSE, SIPC, Fidelity Insurance Agency, Inc.,

and Fidelity Investments Institutional Services Company, Inc. are the distributors.

900 Salem Street, Smithfield, RI 02917

N. NRR/FIA-ANN-0221

1.xxxxxx.xxx

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2025, 2024 AND 2023

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

CONSOLIDATED FINANCIAL STATEMENTS

for the years ended December 31, 2025, 2024 and 2023


TABLE OF CONTENTS	PAGE

Report of Independent Auditors		1

Consolidated Balance Sheets		3

Consolidated Statements of Comprehensive Income		4

Consolidated Statements of Stockholder’s Equity		5

Consolidated Statements of Cash Flows		6

Notes to Consolidated Financial Statements		7

Report of Independent Auditors

To the Management and Board of Directors of Fidelity Investments Life Insurance Company

Opinion

We have audited the accompanying consolidated financial statements of Fidelity Investments Life Insurance Company and its subsidiaries (the “Company”), which comprise the consolidated balance sheets as of December 31, 2025 and 2024, and the related consolidated statements of comprehensive income, of stockholder’s equity and of cash flows for the years then ended, including the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

Emphasis of Matter

As discussed in Note 2 to the consolidated financial statements, the Company changed the manner in which it accounts for long-duration insurance and annuity contracts in 2025.

Responsibilities of Management for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements

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

In performing an audit in accordance with US GAAS, we:

•

Exercise professional judgment and maintain professional skepticism throughout the audit.

•

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

•

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 consolidated 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/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 30, 2026

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)


	December 31, 2025		December 31, 2024 (As Restated)
ASSETS
Investments:
Debt securities, available-for-sale, at fair value (amortized cost of $2,052,202 in 2025 and $1,534,304 in 2024)	$	2,066,803	$	1,488,171
Equity securities		85		99
Other invested assets		1,882		—
Other investments		—		106
Policy loans		1,191		1,305

Total Investments		2,069,961		1,489,681

Cash and cash equivalents		246,524		205,897
Restricted cash and cash equivalents		—		34,742
Accrued investment income		25,207		17,873
Reinsurance deposit and receivables		1,345,686		797,065
Income taxes receivable		11,647		15,439
Other assets		17,224		17,123
Net deferred tax asset		71,060		64,231
Deferred policy acquisition costs		65,505		66,420
Market risk benefit asset		47,519		45,017
Separate account assets		55,424,671		49,277,696

Total Assets	$	59,325,004	$	52,031,184

LIABILITIES
Liability for future policy benefits	$	787,790	$	829,458
Contract holder deposit funds		773,293		184,017
Market risk benefit liability		47,633		58,394
Funds withheld payable		987,553		406,882
Other liabilities and accrued expenses		70,020		91,730
Payable to parent and affiliates, net		14,378		16,471
Separate account liabilities		55,424,671		49,277,696

Total Liabilities		58,105,338		50,864,648

Commitments and contingencies (Note 16)

STOCKHOLDER’S EQUITY
Common stock, par value $10 per share - 1,000,000 shares authorized; 300,000 shares issued and outstanding		3,000		3,000
Additional paid-in capital		71,378		71,378
Accumulated other comprehensive income		11,744		(34,475	)
Retained earnings		1,133,544		1,126,505

Total Fidelity Investments Life Insurance Company Stockholder’s Equity		1,219,666		1,166,408
Noncontrolling interest		—		128

Total stockholder’s equity		1,219,666		1,166,536

Total Liabilities and Stockholder’s Equity	$	59,325,004	$	52,031,184

The accompanying notes are an integral part of the consolidated financial statements

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)


	For the years ended December 31,
	2025			2024 (As Restated)			2023 (As Restated)
Revenues
Fees charged to contract holders	$	147,282		$	141,622		$	126,024
Net investment income		51,495			51,504			54,931
Fund administration fees ⁽¹⁾		61,624			62,249			56,475
Premiums and other, net		25,642			7,497			5,272
Net realized investment (losses) gains:
Net realized investment (losses) on sales ⁽²⁾		(4,354	)		(4,888	)		(28,306	)
Net realized gain (losses) on funds withheld embedded derivative		(17,630	)		4,359			(28,731	)

Total net realized investment (losses) gains		(21,984	)		(529	)		(57,037	)

Total revenues	$	264,059		$	262,343		$	185,665

Benefits and expenses:
Underwriting, acquisition and insurance expenses ⁽¹⁾		153,230			111,482			97,716
Contract and policy benefits and expenses ⁽²⁾		8,272			18,347			51,476
Liability for future policy benefits remeasurement (gain)		(6,658	)		(10,779	)		(26,846	)
Market risk benefit remeasurement loss (gain)		461			3,145			(2,687	)
Other expenses		262			421			422

Total benefits and expenses		155,567			122,616			120,081
Income before income taxes		108,492			139,727			65,584
Income tax expense		(3,440	)		(21,460	)		5,213

Net Income		111,932			161,187			60,371
Less: Net (loss) gain attributable to noncontrolling interest		(107	)		(5	)		53

Net income attributable to Fidelity Investments Life Insurance Company	$	112,039		$	161,192		$	60,318

Other comprehensive income (loss), before tax:
Net unrealized holding gains (losses) during the period	$	56,391		$	390		$	60,042
Reclassification adjustment for net realized losses included in net income		4,341			4,843			28,306
Changes in the discount rate on the liability for future policy benefits		(3,716	)		(1,186	)		(1,369	)
Changes in credit risk on market risk benefits		1,664			1,703			4,853
(Provision) benefit for income taxes related to items of other comprehensive income (loss)		(12,462	)		(1,209	)		(19,487	)

Other comprehensive income (loss), net of tax		46,218			4,541			72,345

Comprehensive income (loss)		158,150			165,728			132,716
Less: Comprehensive loss attributable to noncontrolling interest		(107	)		(5	)		53

Comprehensive income attributable to Fidelity Investments Life Insurance Company	$	158,257		$	165,733		$	132,663

⁽¹⁾	Includes affiliated company transactions (Note 13)

⁽²⁾	Includes affiliated company reinsurance transactions (Note 15)

The accompanying notes are an integral part of the consolidated financial statements

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

CONSOLIDATED STATEMENTS OF STOCKHOLDER’S EQUITY

(in thousands)

For the years ended December 31, 2025, 2024, and 2023


	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income			Retained Earnings			Noncontrolling Interest			Total Stockholder’s Equity

Balance at December 31, 2022	$	3,000	$	71,378	$	(107,744)		$	1,074,536		$	80		$	1,041,250

Cumulative effect of adoption of accounting changes		—		—		(3,615	)		5,459			—			1,844

Balance at December 31, 2022 (Restated)	$	3,000	$	71,378	$	(111,359	)	$	1,079,995		$	80		$	1,043,094


Comprehensive income:
Net Income		—		—		—			60,318			53			60,371
Other Comprehensive income		—		—		68,859			—			—			68,859
Changes in discount rate on the liability for future policy benefits		—		—		(1,369	)		—			—			(1,369	)
Changes in credit risk on market risk benefits		—		—		4,853			—			—			4,853
Dividend paid to parent		—		—		—			(75,000	)		—			(75,000	)

Balance at December 31, 2023 (Restated)	$	3,000	$	71,378	$	(39,016	)	$	1,065,313		$	133		$	1,100,808


Comprehensive income:
Net Income		—		—		—			161,192			(5	)		161,187
Other Comprehensive income		—		—		4,024			—			—			4,024
Changes in discount rate on the liability for future policy benefits		—		—		(1,186	)		—			—			(1,186	)
Changes in credit risk on market risk benefits		—		—		1,703			—			—			1,703
Dividend paid to parent		—		—		—			(100,000	)		—			(100,000	)

Balance at December 31, 2024 (Restated)	$	3,000	$	71,378	$	(34,475	)	$	1,126,505		$	128		$	1,166,536


Comprehensive income:
Net Income		—		—		—			112,039			(107	)		111,932
Other Comprehensive income		—		—		48,271			—			—			48,271
Changes in discount rate on the liability for future policy benefits		—		—		(3,716	)		—			—			(3,716	)
Changes in credit risk on market risk benefits		—		—		1,664			—			—			1,664
Dividend paid to parent		—		—		—			(105,000	)		—			(105,000	)
Other distributions		—		—		—			—			(21	)		(21	)

Balance at December 31, 2025	$	3,000	$	71,378	$	11,744		$	1,133,544		$	—		$	1,219,666

The accompanying notes are an integral part of the consolidated financial statements

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)


	For the years ended December 31,
	2025			2024 (As Restated)			2023 (As Restated)
Cash flows provided by (used in) operating activities:
Net income	$	111,932		$	161,187		$	60,371
Adjustments to reconcile net income to cash provided by operating activities:
Amortization and depreciation		908			1,966			5,603
Net realized investment losses		4,354			4,888			28,306
Net realized investment losses (gains) on funds withheld embedded derivative		17,630			(4,359	)		28,731
(Benefit)/provision for deferred taxes		(19,291	)		(2,586	)		6,640
Deferred policy acquisition costs, net		915			1,076			1,732
Equity loss from investee company		107			72			105
Changes in assets and liabilities:
Accrued investment income		(7,334	)		(233	)		(1,079	)
Funds withheld		562,614			13,177			1,068
Market risk benefits, net		(11,600	)		7,892			(74,362	)
Liability for future policy benefits, net		43,749			37,524			46,546
Reinsurance deposit and receivables		36,075			55,894			95,402
Payable to parent and affiliates, net		(2,094	)		10,104			(3,473	)
Income taxes		3,796			(54,320	)		(14,449	)
Other assets and other liabilities, net		(21,833	)		11,687			3,679

Net cash provided by operating activities		719,928			243,969			184,820

Cash flows provided by (used for) investing activities:
Purchase of debt securities		(1,086,901	)		(399,049	)		(616,294	)
Purchase of equity securities		(28	)		(52	)		—
Proceeds from sales of debt securities		432,997			348,425			575,513
Proceeds from maturities and calls of debt securities		131,209			89,685			76,637
Change in policy loans		114			196			211

Net cash (used for) provided by investing activities		(522,609	)		39,205			36,067

Cash flows provided by (used for) financing activities:
Deposits credited to fixed and variable annuity contracts		1,814,451			1,795,510			1,326,591
Net transfers from separate accounts		1,164,984			1,102,891			1,440,092
Withdrawals from variable annuity contracts		(3,064,903	)		(2,943,043	)		(2,822,566	)
Withdrawals from fixed annuity contracts		(966	)		(81,076	)		(81,336	)
Dividend paid to parent		(105,000	)		(100,000	)		(75,000	)

Net cash provided by (used for) financing activities		(191,434	)		(225,718	)		(212,219	)

Net increase in cash and cash equivalents		5,885			57,456			8,668
Cash and cash equivalents:
Beginning of year		240,639			183,183			174,515

End of year	$	246,524		$	240,639		$	183,183

Supplemental disclosure of cash flow for non-cash transactions
Assets deposited for funds withheld account	$	—		$	—		$	(384,544	)
Reinsurance deposit and receivables under funds withheld	$	—		$	—		$	375,535

The accompanying notes are an integral part of the consolidated financial statements

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

1. ORGANIZATION AND NATURE OF OPERATIONS:

The consolidated financial statements include the accounts of Fidelity Investments Life Insurance Company (“FILI”), a Utah domiciled insurance company, and Empire Fidelity Investments Life Insurance Company (“EFILI”), FILI’s wholly-owned insurance company subsidiary operating exclusively in the State of New York (collectively, the “Company”). In addition, the accounts also include Feedstock Investments VII, LLC (“Feedstock”), a special purpose entity (“SPE”) that makes tax advantaged investments in certain refined coal transactions under Section 45 of the Internal Revenue Code (“IRC 45”). FILI is a wholly-owned subsidiary of Fidelity Management Research LLC (“FMR LLC”).

The Company issues and services certain variable and fixed annuity contracts and variable universal life (“VUL”) policies. Amounts invested in the fixed option of the annuity contracts and VUL contracts are allocated to the general account of the Company. Amounts invested in the variable option of the annuity contracts and variable universal life policies are allocated to the Variable Annuity Account and Variable Life Account respectively which are separate accounts of the Company. The assets of the Variable Annuity Account and Variable Life Account are invested in certain portfolios of the Fidelity Variable Insurance Product Funds (Initial Class), the Fidelity Variable Insurance Product Funds (Investor Class), the Morgan Stanley Variable Insurance Funds, Inc., the Allspring Variable Trust Funds, the Lazard Retirement Series, Inc., Invesco Advisers Inc., the PIMCO Variable Insurance Trust Funds, the Franklin Templeton Variable Insurance Products Trust Funds and the Blackrock Variable Series Funds. Separate account assets are reported at the net asset value of such portfolios.

The Company offers a term life insurance product with level premium paying periods from ten to thirty years.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Basis of Presentation

The accompanying consolidated financial statements of the Company have been prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”).

The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the related amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Effective January 1, 2025, the Company adopted Accounting Standard Update (“ASU”) 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (“LDTI”) which provides new guidance for insurance companies that issue long-duration insurance and annuity contracts. The guidance makes several changes including amendments to the assumptions used to measure liabilities for future policy benefits, measurement of market-based risk benefits, amortization of deferred acquisition costs and requires additional disclosures including disaggregated rollforwards of significant insurance liabilities and other account balances as well as disclosures about significant inputs, judgments, assumptions and methods used in measurement.

Adoption of Long Duration Targeted Improvements

The Company adopted LDTI effective January 1, 2025 with a transition date of January 1, 2023. The Company elected the modified retrospective basis for the liability for future policy benefits, deferred acquisition costs and related balances where permitted, and market risk benefits applied a retrospective transition approach as required. As a result of applying the guidance, results for 2024 and 2023 have been restated under the LDTI guidance.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):

The Company recorded a cumulative effect adjustment of $5,459 as an increase to retained earnings and a cumulative effect adjustment of $3,615 as a decrease to accumulated other comprehensive income (“AOCI”) as of January 1, 2023, as shown below.


	Retained Earnings			Accumulated Other Comprehensive Income (AOCI)

Deferred Acquisition Costs
Adjustment for unrealized gains and other	$	(7,919	)	$	(2,949	)
Reinsurance Receivables
Adjustment under the modified retrospective approach		98,888			—
Effect of remeasurement using current discount rate		—			41,144
Liability for Future Policy Benefits
Adjustment under the modified retrospective approach		(8,743	)		—
Effect of remeasurement using current discount rate		—			(30,715	)
Market Risk Benefits
Adjustment under the retrospective approach		(74,349	)		—
Adjustment for own credit risk		—			(12,056	)
Other Assets		(1,092	)		—
Sub-total		7,877			(4,576	)
Tax		1,326			(961	)

Total	$	6,551		$	(3,615	)

The following details the transition adjustment to reconcile the ending asset or liability balances as of December 31, 2022, to the opening balance as of January 1, 2023 which is the earliest period presented within the financial statements for those balances impacted by LDTI with the associated disaggregated disclosure requirements.

Deferred Acquisition Costs


	Variable Annuities			Term and Other			Total

Balance as of December 31, 2022	$	71,639		$	8,457		$	80,096
Adjustment for unrealized gains and other		(4,779	)		(6,088	)		(10,867	)

Balance as of January 1, 2023	$	66,860		$	2,369		$	69,229

Upon the adoption of LDTI for deferred acquisition costs, an adjustment to the opening balance of AOCI was recorded related to the reversal of unrealized gains and losses on investments and an adjustment to the opening balance of retained earnings for legacy balances.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):

Reinsurance Deposit and Receivables


	Total
Balance as of December 31, 2022	$	397,772
Adjustment for modified retrospective approach		16,697
Effect of remeasurement at the current discount rate		41,144
Adjustment for reinsured market risk benefits		82,191

Balance as of January 1, 2023	$	537,804

Reinsurance receivables are measured in a manner consistent with the underlying reinsured contracts. Reinsurance receivables was updated to reflect certain cash flow assumptions updates as an adjustment to the opening balance of retained earnings upon adoption of LDTI. Remeasurement of the reinsurance receivable at the current upper-medium grade fixed-income instrument yield, which was generally lower than the locked-in interest accretion rate, was reflected as an adjustment to the opening balance of AOCI upon the adoption of LDTI. The valuation of reinsured market risk benefits was reflected as an adjustment to the opening balance of retained earnings.

Liability for Future Policy Benefits


	Payout Annuities			Term and Other			Total

Balance as of December 31, 2022	$	512,426		$	50,807		$	563,233
Adjustment for modified retrospective approach		(70,978	)		(12,695	)	$	(83,673)
Reclassification from contract holder deposit funds		367,122			—		$	367,122
Effect of remeasurement at the current discount rate		31,376			(660	)	$	30,716

Balance as of January 1, 2023	$	839,946		$	37,452		$	877,398


Reconciling Items:
Deferred profit liability	$	92,416		$	—		$	92,416

Balance as of January 1, 2023	$	932,362		$	37,452		$	969,814

The impact of updating certain cash flow assumptions and measuring the liability for future policy benefits at the issue-year cohort level was reflected as an adjustment to the opening balance of retained earnings upon adoption of LDTI. The remeasurement of the liability at the current upper-medium grade fixed-income instrument yield, which was generally lower than the locked-in interest accretion rate, was reflected as an adjustment to the opening balance of AOCI upon the adoption of LDTI. In addition, the Company reclassified the fixed portion of certain life contingent income annuity products that was previously included in contract holder deposit funds to the Liability for future policy benefits upon adoption of LDTI.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):

Market Risk Benefits (“MRB”)


	Variable Annuities
Balance as of December 31, 2022	$	—
Adjustments for credit risk		12,056
Adjustment for remeasurement as MRB		74,349

Balance as of January 1, 2023	$	86,405

The valuation of contracts as MRBs was reflected as an adjustment to the opening balance of retained earnings (exclusive of credit risk changes). The cumulative effect of changes in the Company’s own credit risk between the original contract issue date and the transition date was recorded as an adjustment to AOCI.

The following tables presents amounts previously reported in 2024 and 2023, the effect on the amounts from adopting LDTI and the restated amounts for impacted line items reflected in the consolidated financial statements.

Consolidated Balance Sheets


	As of December 31, 2024
(Impacted Lines Only)	As Originally Reported			Effect of Adopting LDTI			As Restated

Assets
Deferred policy acquisition costs	$	79,281		$	(12,861	)	$	66,420
Reinsurance deposit and receivables		741,199			55,866			797,065
Net deferred tax asset		63,813			401			64,214
Income taxes receivable		12,654			2,785			15,439
Market risk benefit asset		—			45,017			45,017
Other assets		19,171			(2,046	)		17,125

Total Assets	$	51,942,007		$	89,177		$	52,031,184

Liabilities
Liability for future policy benefits	$	487,110		$	342,348		$	829,458
Contract holder deposit funds		496,937			(312,920	)		184,017
Market risk benefit liability		—			58,394			58,394

Total Liabilities	$	50,776,826		$	87,822		$	50,864,648

Stockholder’s Equity
Accumulated other comprehensive (loss) income	$	(35,564	)	$	1,089		$	(34,475	)
Retained earnings		1,126,239			266			1,126,505

Total Stockholder’s Equity		1,165,179			1,357			1,166,536

Total Liabilities and Stockholder’s equity	$	51,942,007		$	89,177		$	52,031,184

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):

Statements of Comprehensive Income


	For the years ended December 31,
	2024									2023

(Impacted Lines Only)	As Originally Reported			Effect of Adopting LDTI			As Restated			As Originally Reported			Effect of Adopting LDTI			As Restated

Revenues
Interest on reinsurance deposit	$	13,360		$	(13,360	)	$	—		$	13,327		$	(13,327	)	$	—
Premiums and other, net		5,206			2,291			7,497			4,051			1,221			5,272

Total revenues	$	273,412		$	(11,069	)	$	262,343		$	197,771		$	(12,106	)	$	185,665

Benefits and Expenses
Underwriting, acquisition and insurance expenses		109,769			1,713			111,482			95,480			2,236			97,716
Contract and policy benefits and expenses		19,571			(1,224	)		18,347			30,194			21,282			51,476
Liability for future policy benefits remeasurement (gain) loss		—			(10,779	)		(10,779	)		—			(26,846	)		(26,846	)
Market risk benefit remeasurement (gain) loss		—			3,145			3,145			—			(2,687	)		(2,687)

Total benefits and expenses		129,761			(7,145	)		122,616			126,098			(6,017	)		120,081
Income before income taxes		143,651			(3,924	)		139,727			71,673			(6,089	)		65,584
Income tax expense		(17,884	)		(3,576	)		(21,460	)		6,457			(1,244	)		5,213

Net Income	$	161,535		$	(348	)	$	161,187		$	65,216		$	(4,845	)	$	60,371


Other comprehensive (loss) income, before tax:
Net unrealized investment (losses) gains during the period	$	(63	)	$	453		$	390		$	58,539		$	1,503		$	60,042
Changes in discount rate on the liability for future policy benefits		—			(1,186	)		(1,186	)		—			(1,369	)		(1,369)
Changes in credit risk on market risk benefits		—			1,703			1,703			—			(4,853	)		(4,853)
(Provision) benefit for income taxes related to items of other comprehensive (loss) income		(1,005	)		(204	)		(1,209	)		(18,440	)		(1,047	)		(19,487)

Other comprehensive income (loss), net of tax		3,770			766			4,536			68,405			3,940			72,345

Comprehensive Income (Loss)	$	165,310		$	418		$	165,728		$	133,568		$	(852	)	$	132,716

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):

Statements of Cash Flows


	For the years ended December 31,
	2024									2023

(Impacted Lines Only)	As Originally Reported*			Effect of Adopting LDTI			As Restated			As Originally Reported			Effect of Adopting LDTI			As Restated

Cash flows provided by (used for) operating activities:
Net Income	$	161,535		$	(348	)	$	161,187		$	65,216		$	(4,845	)	$	60,371
Adjustments to reconcile net income to cash provided by operating activities:
Provision (benefit) for deferred taxes		(1,785	)		(801	)		(2,586	)		7,874			(1,234	)		6,640
Change in assets and liabilities:
Deferred policy acquisition costs, net of amortization		(635	)		1,711			1,076			(505	)		2,237			1,732
Market risk benefits remeasurement gain or loss, net		—			7,892			7,892			—			(74,362	)		(74,362	)
Liability for future policy benefits, net		39,579				(2,055)		37,524			47,054			(508	)		46,546
Reinsurance deposit and receivables		60,035			(4,141	)		55,894			17,118			78,284			95,402
Income taxes payable		(51,543	)		(2,777	)		(54,320	)		(14,442	)		(7	)		(14,449	)
Other assets and other liabilities, net		16,165			519			16,684			3,244			435			3,679

Net cash provided by operating activities	$	243,969		$	—		$	243,969		$	184,820		$	—		$	184,820

*	Certain prior year balances have been reclassified to conform to the current year presentation.

Investments

Investments in debt securities are classified as available-for-sale and are reported at fair value. Fair values for debt securities are obtained from independent pricing sources. Unrealized gains or losses on securities are reported as a component of other comprehensive income, net of income taxes. The discount or premium on debt securities, excluding loan-backed bonds and structured securities, is amortized using the effective interest method. Such amortization is included in investment income. Prepayment assumptions for loan-backed bonds and structured securities are obtained from broker-dealer survey values. Amortization of loan-backed bonds and structured securities includes anticipated prepayments over the estimated economic life of the security. When actual prepayments differ significantly from anticipated prepayments, the effective yield is recalculated to reflect actual payments to date and anticipated future payments and any resulting adjustment is included in investment income.

The Company evaluates available-for-sale investments that experience declines in fair value for impairment. Impairment related to credit losses on available-for-sale investments is recorded in the consolidated

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):

Investments (continued):

statements of comprehensive income with an offsetting allowance for credit losses, and the portion that is related to other factors is recorded as a component of AOCI. The Company considers many factors, including the extent to which the fair value is less than amortized cost and reasons for the decline in value (e.g., general credit spreads, the financial condition of the issuer, information from industry analyst reports and external credit ratings). If analysis of these factors results in a security needing to be impaired, the credit loss is measured as the extent amortized cost exceeds the present value of expected future cash flows. In addition to these factors, if the Company has the intent to sell an investment whose fair value is below amortized cost, or it is more likely than not that the Company will be required to sell an investment before recovery, the Company writes down the amortized cost to fair value and records an impairment loss in earnings.

Investment income is recognized on the accrual basis. Debt securities that are delinquent are placed on a non-accrual status, and thereafter interest income is recognized only when cash payments are received. Realized gains or losses on investments sold are determined by the specific identification method.

Equity securities include common stock which is reported at fair value where changes in fair value is reflected in net realized investment gains and (losses).

Cash and Cash Equivalents

The Company considers highly liquid instruments purchased with an original maturity date of three months or less to be cash equivalents. Cash and cash equivalents comprise amounts in demand deposit accounts and money market mutual funds, and are reported at cost which approximates fair value. Money market mutual funds used to hold cash prior to reinvestment and to meet operating cash requirements were $224,057 and $166,361 at December 31, 2025, and 2024, respectively. The Company reclassifies cash overdrafts to Other liabilities and accrued expenses. Cash overdrafts were $11,416 and $14,355 at December 31, 2025, and 2024, respectively.

Other Invested Assets

Other invested assets includes interests in a limited partnership which is accounted for using the equity method where the Company records its share of income or loss as indicated by the NAV in the financial statements of the investment fund.

Other Investment

Other investment includes an investment in which the Company has the ability to influence (but not control) the financial or operating policies of the investee entity and is accounted for using the equity method of accounting. In applying the equity method, the Company uses financial information provided by the investee. The Company reports its share of the equity method investee earnings and losses in Other expenses in the consolidated statements of comprehensive income.

Separate Accounts

Separate account assets represent funds held for the exclusive benefit of variable annuity and variable life insurance contract holders and are reported at fair value based on the net asset value (“NAV”) of the underlying mutual fund portfolios. Since the contract holders receive the full benefit and bear the full risk of the separate account investments, the income and realized and unrealized gains and losses from such investments are offset by an increase or decrease in the amount of liabilities related to the separate account.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):

Revenue Recognition

Fees charged to contract holders include mortality and expense risk, administrative charges for variable annuity and life contract holders, and the cost of providing insurance protection for variable life contract holders. Fund administration fees represent administrative fees charged to investment managers and recordkeeping fees earned by the Company for administering a third party insurance product. Fees charged to contract holders and fund administration fees are recognized ratably throughout the year as a percentage of the related separate account assets. Premiums for term life insurance products are recognized as revenues over the premium-paying period. Reinsurance expense allowances are recognized when earned.

Liability for Future Policy Benefits

The liability for future policy benefits (“LFPB”) represents the present value of expected future benefit payments to policyholders and related expenses less the present value of the net premiums for fixed income annuities with life contingency (limited-payment contracts or payout annuities) and term life insurance. Net premiums represent the net portion of gross premiums required to fund future benefit payments and are calculated using a net premium ratio. The reserves are computed using certain assumptions related to the discount rate and policyholder behavior including mortality and lapse which are based on the Company’s experience, industry results, emerging trends and future expectations. For purposes of the liability measurement, contracts are grouped into cohorts based primarily on issue year and product type.

Cash flow assumptions are established at contract issuance and incorporated in the calculation of the cohort’s net premium ratio. The net premium ratio and liability for future policy benefits are updated retrospectively for actual experience, whereas future cash flow assumptions are reviewed annually and updated if required or more frequently if actual experience suggests a revision is necessary. The Company locks in expense assumptions at issuance for each cohort.

The updated net premium ratio is used to compute a revised liability for future policy benefits at the beginning of the period, discounted using the same rate at contract issuance, and is then compared to the carrying amount of the liability as of that same date to determine the current period remeasurement gain or loss. The remeasurement gain or loss is recorded through current period earnings in “Liability for future policy benefits remeasurement gains (losses)” in the consolidated statements of comprehensive income.

If net premiums exceed gross premiums, the net premium ratio is capped at 100% by increasing the corresponding liability and recording a loss in the consolidated statements of comprehensive income. In addition, the liability is never recorded at an amount less than zero for the cohort.

The discount rate is based on the assumed investment yield for contracts issued prior to January 1, 2023, unless there was a historical loss recognition that required premium deficiency reserves to be established with an updated discount rate. For contracts issued after January 1, 2023, the discount rate is based on the upper-medium grade fixed income instrument yield for which the Company used a corporate single A rate matched to the underlying duration of the insurance liability and has maximized the use of observable market data where available. The definition of upper-medium grade is based on Moody’s definition which includes the spectrum of A (i.e., A- to A+). The discount rate for each cohort is locked-in for the purposes of interest accretion expense. However, the liability is remeasured using the current single A rate at each reporting period with the effect on the liability resulting from the update recorded in “Changes in discount rate on the liability for future policy benefits” as a component of AOCI.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):

Liability for Future Policy Benefits (continued):

In addition, for limited-payment contracts, the liability for future policy benefits also includes a deferred profit liability (“DPL”) representing gross premiums received in excess of net premiums. The DPL is recognized in the liability for future policy benefits and is amortized into income in relation to benefit payments for annuity contracts. When the premium ratio for the corresponding liability for future policy benefits liability is revised, the DPL is retrospectively recalculated from contract issuance to the current reporting period with the revised DPL at the beginning of the period recorded through “Liability for future policy benefits liability remeasurement gains and (losses)” in the consolidated statements of comprehensive income.

Market Risk Benefits

Market risk benefits (“MRB”) represents contracts or contract features that provide protection to the contract holder and exposes the Company to other than nominal capital market risk. The Company provides guaranteed minimum death and withdrawal benefit guarantees contained in variable annuity contracts. These benefits are accounted for using a fair value measurement framework. Market risk benefits in an asset position are presented separately from those in a liability position as there is no legal right of offset between contracts. The fair value of market risk benefits is calculated as the present value of expected future benefit payments to contract holders less the present value of expected future fees attributable to the market risk benefits. Changes in the fair value of market risk benefits are recorded in net income, in “Market risk benefit remeasurement gain or (loss),” in the Consolidated Statements of Comprehensive Income except for the portion of the change attributable to changes in the Company’s credit risk which is recorded in AOCI.

Contract Holder Deposit Funds

Contract holder deposits consist of annuity deposits received from customers for the fixed portion of the variable deferred annuity product, fixed deferred annuity and for fixed income annuities with no life contingencies. Liabilities are established in amounts sufficient to meet the estimated future obligations of policies in force and represent accumulated account deposits plus interest credited, less contract holder withdrawals and other charges assessed against the account balance.

Reinsurance Deposit and Receivables

The Company reinsures a substantial portion of its life insurance and annuity product risks with other companies. As a result, when the Company records liabilities that are subject to reinsurance, reinsurance deposits and receivables are recorded. The Company records reinsurance receivables in a manner consistent with the direct contract.

For limited-payment contracts and term life insurance, the Company applies a net premium ratio to measure the reinsurance receivables and groups cohorts consistent with the underlying reinsured contracts. The reinsurance receivable is remeasured using the current single A rate at each reporting period with the effect on the reinsurance receivable resulting from the update recorded in “Changes in discount rate on the liability for future policy benefits” as a component of AOCI. For reinsurance of limited-payment contracts, the Company establishes a cost of reinsurance asset related to the direct DPL which is recognized in “Reinsurance deposit and receivables” in the consolidated balance sheets and is amortized into income using the same methodology and assumptions to amortize the direct DPL.

The Company reinsures certain guaranteed minimum death benefit and guaranteed minimum withdrawal benefit guarantees contained in variable annuity contracts which are MRBs. Reinsurance receivables for MRBs are recognized in a manner consistent with the underlying direct liabilities and measured at fair value which is

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):

Reinsurance Deposit and Receivables (continued):

recorded in net income in “Market risk benefits remeasurement gain or loss,” in the consolidated statements of comprehensive income inclusive the portion of the change attributable to changes in the reinsurer’s credit risk.

The Company remains contingently liable for claims reinsured in the event the reinsurer is unable to meet its obligations. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk arising from similar activities or economic characteristics of the reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. The largest reinsurance counterparty exposure is partially held in collateral accounts which offers the Company additional protection and reduces the risk of loss to the Company that could result from failure of a reinsurer. The Company is subject to concentration of risk with respect to these reinsurance agreements.

Reinsurance deposits and receivables are recorded net of the allowance for credit losses. The allowance for credit losses represents management’s estimate of credit losses and considers the quality of the reinsurance counterparty using probability-of-default (“PD”) / loss-given-default (“LGD”) models. The PD estimate is determined based on similarly rated companies and the LGD estimate is based on management’s estimate assigned to each reinsurer. The estimate represents the expected economic loss of a reinsurer’s default. There are two primary factors which affect LGD, (i) the presence and amount of collateral backing the reinsurance counterparty credit, and (ii) whether the reinsurer is also a direct writer of insurance. Overall, the allowance for credit losses are affected by changes in the underlying reinsurance reserve credit which can fluctuate with market returns, policy persistency and policyholder mortality. The allowance for credit losses may vary due to (i) updates in assumed probabilities of default, (ii) the value of any collateral, (iii) changes in financial strength ratings of the reinsurance counterparty by various statistical rating agencies and (iv) other risk factors. Changes in the allowance for credit losses are recorded in the provision for credit losses in the Company’s consolidated statements of comprehensive income.

Funds Withheld

The Company entered into a coinsurance with funds withheld reinsurance agreement under which the Company withholds the funds rather than transferring the underlying investments to the reinsurer. The funds withheld liability represents the amount of assets withheld by the Company in accordance with the terms of the reinsurance agreement. The assets in the funds withheld account are required to remain at a value sufficient to support the policy benefit liabilities reinsured on a statutory basis. While the Company legally owns the assets in the funds withheld account and managed in accordance with guidelines to ensure investment risk is appropriately managed, the economic benefits of the funds withheld assets are transferred to the reinsurer.

Embedded Derivative

The funds withheld payable contains an embedded derivative that is considered a total return swap as the Company is obligated to pay the total return on the funds withheld assets. The embedded derivative is carried at fair value which is based on the fair value of the assets supporting the funds withheld payable. The change in fair value of the funds withheld embedded derivative is separately reported on the consolidated statements of comprehensive income. The fair value of the embedded derivative is classified based on valuation methods used for the assets held supporting the reinsurance agreement.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):

Deferred Policy Acquisition Costs

Costs that vary with and are primarily associated with acquiring new and renewal business are deferred. The costs consist principally of first-year commissions paid to Fidelity Insurance Agency, Inc. in accordance with contractual agreements as described in Note 13 – Affiliated Company Transactions, and certain expenses for traditional life policy issuance and underwriting.

The Company amortizes deferred policy acquisition costs (“DAC”) by grouping contracts into cohorts based on issue year and product type consistent with the groupings used in estimating the related liabilities for contracts and amortize on a constant-level basis over the expected lifetime of the policy. The Company uses a measure as a basis for amortization that will result in a constant level amortization pattern for the expected life of the contract. Life insurance contracts are amortized in proportion to the face amount in-force. Fixed deferred annuities are amortized in proportion to the initial premium deposit. Variable deferred and variable payout annuities are amortized in proportion to policy count. Fixed payout annuities are amortized in proportion to the benefit payments.

If actual contract terminations differ from expectations, the amortization pattern is adjusted on a prospective basis. The Company uses various assumptions, estimates and judgments about the future which could impact inforce policies and policy counts. The primary assumptions are mortality, and contract cancellations (i.e., lapses, withdrawals, internal replacements and surrenders) which are consistent with those used in estimating the liability for future policy benefits. These assumptions are reviewed on a regular basis and are generally based on the Company’s past experience, industry studies, and judgments about the future.

An internal replacement is a modification in product benefits, features, rights or coverages that occurs by the exchange of a contract for a new contract, or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. Modifications that result in a permanent contract that is substantially changed from the replaced contract is accounted for as an extinguishment of the replaced contract. DAC, unearned revenue liabilities and deferred sales inducements from contracts materially changed or replaced are written-off in the period changed or replaced. Modifications that result in a contract that is substantially unchanged from the replaced contract are accounted for as a continuation of the replaced contract.

The Company defines an internal replacement as a modification in product benefits, features, rights or coverages that occurs by the exchange of a contract, by amendment, endorsement or rider to the contract. Contract modifications resulting in a replacement contract that is substantially changed from the replaced contract is accounted for as an extinguishment of the replaced contract and any unamortized deferred acquisition costs are written off. There were no changes to the Company’s definition of internal replacements or changes in product benefits, features, rights or coverage during 2025, 2024, or 2023.

Property and Equipment

Property, equipment, and computer software are stated at cost less accumulated depreciation or amortization. Software includes certain costs incurred for purchasing and developing software for internal use. Depreciation or amortization is provided using the straight-line method over the estimated useful lives of the asset, generally three years.

Income taxes

The Company files a consolidated federal income tax return with its subsidiary, EFILI. Under a tax sharing agreement, each company is charged or credited its share of taxes as determined on a separate company

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):

Income taxes (continued):

basis. Tax benefits are credited with respect to taxable losses to the extent such losses are utilized by the consolidated group. Intercompany tax balances are settled within 30 days of the actual tax payment.

The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the current enacted tax rates.

The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance if necessary to reduce the deferred tax assets to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, the Company considers available positive and negative evidence including nature and tax characteristic of taxable temporary differences and the timing of their reversal, projected future taxable income, tax planning strategies, and results of recent operations. Although realization is not assured, management believes it is more likely than not that the deferred tax assets, net of valuation allowances, will be realized. The Company adjusts the valuation allowance if there is a change in management’s assessment of the amount of the deferred tax assets that are more likely than not to be realized.

The Company recognizes the benefit of uncertain tax positions only when the position is more-likely-than-not to be sustained upon review by taxing authorities.

Adoption of Accounting Pronouncements

The FASB issued new guidance that improves income tax disclosures primarily related to a company’s effect tax rate reconciliation and income taxes paid. The Company adopted the guidance effective January 1, 2025 using the prospective method. Adoption resulted in additional disclosures in the Notes to the consolidated financial statements.

Reclassifications

Certain prior year balances have been reclassified to conform to the current year presentation.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

3. LIABILITY FOR FUTURE POLICY BENEFITS:

The balances and changes in the present value for expected future policy benefits for payout annuities were as follows:


	Years ended December 31,

	2025			2024			2023

Present value of expected future policy benefits
Beginning balance	$	709,098		$	796,906		$	841,762
Effect of changes in discount rate assumptions		(24,980	)		(49,021	)		(31,376	)

Beginning balance at original discount rate		684,118			747,885			810,386

Effect of changes in cash flow assumptions		(10,538	)		(1,772	)		(2,154	)
Effect of actual experience to expected experience		(4,146	)		(5,387	)		(774	)

Adjusted balance		669,434			740,726			807,459

Issuances		5,444			2,319			3,617
Interest accrual		35,980			38,292			40,314
Benefit payments		(92,670	)		(97,219	)		(103,504	)

Ending balance at original discount rate		618,188			684,118			747,885

Effect of changes in discount rate assumptions		39,104			24,980			49,021

Ending balance	$	657,292		$	709,098		$	796,906

Net liability for future policy benefits		657,292			709,098			796,906
Less: Reinsurance recoverable		572,352			621,074			699,031

Net liability for future policy benefits after reinsurance recoverable	$	84,940		$	88,024		$	97,875

Weighted-average liability duration (in years)		5.7			5.9			6.3
Weighted-average interest accretion rate		5.7	%		5.5	%		5.3	%
Weighted-average current discount rate		5.0	%		5.4	%		4.9	%

	For Years ended December 31,

	2025			2024			2023

Expected future benefit payments - undiscounted	$	920,010		$	1,034,535		$	1,140,549
Expected future gross premiums - undiscounted		—			—			—
Expected future benefit payments - discounted (current)	$	657,292		$	709,098		$	796,906
Expected future gross premiums - discounted (current)		—			—			—

The Company updated actuarial assumptions during 2025, 2024 and 2023, respectively. The impact of changes in cash flow assumptions and actual versus expected experience resulted in a $14,684 decrease, $7,159 decrease, and $2,928 decrease in the LFPB for 2025, 2024 and 2023, respectively due to favorable updates to mortality assumptions.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

3. LIABILITY FOR FUTURE POLICY BENEFITS (CONTINUED):

The amount of gross premiums or assessments and interest expense was as follows:


	Gross Premiums or Assessments						Interest Expense
	Years ended December 31,						Years ended December 31,

	2025		2024		2023		2025		2024		2023

Payout Annuities	$	5,444	$	2,319	$	3,617	$	35,980	$	38,292	$	40,314

Total	$	5,444	$	2,319	$	3,617	$	35,980	$	38,292	$	40,314

The following summarizes the liability for future policy benefits reported in the consolidated balance sheets:


	December 31,

	2025		2024

Payout Annuities	$	657,292	$	709,098
Reconciling items:
Deferred profit liability		92,088		87,904
Life insurance and Other		38,410		32,456

Liability for Future Policy Benefits	$	787,790	$	829,458

4. CONTRACT HOLDER DEPOSIT FUNDS:

Contract holder deposit funds include policyholder account balances related to contracts without significant insurance risk and investment contracts.

The balances and changes in contract holder deposit funds for deferred annuities were as follows:


	Year ended December 31,

	2025			2024			2023

Beginning balance	$	181,183		$	159,939		$	186,426
Issuances and premiums		585,062			39,528			62
Surrenders and withdrawals		(12,407	)		(14,251	)		(25,826	)
Benefit Payments		(2,664	)		(3,293	)		(2,861	)
Net transfers from (to) separate account, other		(1,907	)		(5,721	)		(3,643	)
Interest credited		22,185			4,981			5,781

Ending Balance	$	771,452		$	181,183		$	159,939

Weighted-average credited rate		4.5	%		3.6	%		3.4	%
Net amount at risk	$	157,104		$	168,189		$	185,802
Cash Surrender Value	$	747,970		$	178,523		$	159,939

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

4. CONTRACT HOLDER DEPOSIT FUNDS (CONTINUED):

The account balances by range of guaranteed minimum interest crediting rate (“GMIR”) and the related range of difference between the rates credited to policyholders and the respective GMIR for deferred annuities were as follows:


December 31, 2025

Range of guaranteed minimum crediting rate	At guaranteed minimum		1 to 50 basis points above		51 to 150 basis points above		Greater than 150 basis points above		Total

Less than 2%	$	—	$	75	$	1	$	—	$	76
2% to 4%		124,431		6,327		13,721		626,897		771,376
Greater than 4%		—		—		—		—		—

Total	$	124,431	$	6,402	$	13,722	$	626,897	$	771,452


December 31, 2024

Range of guaranteed minimum crediting rate	At guaranteed minimum		1 to 50 basis points above		51 to 150 basis points above		Greater than 150 basis points above		Total

Less than 2%	$	—	$	94	$	2	$	—	$	96
2% to 4%		134,813		6,732		843		38,699		181,087
Greater than 4%		—		—		—		—		—

Total	$	134,813	$	6,826	$	845	$	38,699	$	181,183

The following tables summarize the amounts reported in the consolidated balance sheets:


	December 31

	2025		2024

Deferred annuities	$	771,452	$	181,183
Reconciling item:
Other		1,841		2,834

Contract holder deposit funds	$	773,293	$	184,017

5. MARKET RISK BENEFITS:

The Company has certain variable annuity contracts with a guaranteed minimum death benefit (“GMDB”) feature. The GMDB feature provides annuity contract holders with a default guarantee that the benefit received at death will be no less than a prescribed minimum amount. Upon death of the annuitant prior to age 85, the death benefit is the greater of the contract value and total premiums, adjusted for withdrawals. For an additional charge, the death benefit is the greater of the default guaranteed death benefit and the highest contract value as of any prior anniversary, prior to age 80, adjusted for any additional payments or withdrawals. The optional rider is no longer offered to new customers, effective January 1, 2003. If the GMDB is higher than the current account value at the time of death, the Company incurs a cost equal to the difference. The Company’s current variable annuity contract does not offer a GMDB feature.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

5. MARKET RISK BENEFITS (CONTINUED):

The Company issued a variable annuity contract with a guaranteed minimum withdrawal benefit (“GMWB”) feature. The GMWB feature provides annuity contract holders with withdrawal payments that are guaranteed for life. The withdrawal feature allows for guaranteed withdrawals beginning with age 59¹⁄₂ for the life of the contract holder based on a preset withdrawal percentage of the guaranteed withdrawal benefit (“GWB”) value as defined in the contract. The contract holder is eligible to take the withdrawal benefit each year until there is no longer any living annuitant. The GWB value is initially set equal to the purchase payment and is ratcheted up to the contract value on each anniversary until the oldest annuitant’s 85th birthday. The GWB value is reduced by (i) withdrawals if the youngest annuitant is under age 59¹⁄₂ or (ii) withdrawals in excess of the GWB amount if the youngest annuitant has reached age 59¹⁄₂.

Contracts or contract features such as GMDB and GMWB that provide protection to the policyholder from and expose the Company to other-than-nominal capital market risk are classified as MRB. MRBs are classified as Level 3 fair value measurements as the fair value is based on unobservable inputs. The Company uses a non-option valuation model for calculating the fair value of the MRBs where key assumptions are market assumptions such as equity market returns, interest rate levels, market volatility, mortality and policyholder behavior assumptions such as lapse, rider utilization and withdrawal patterns. Risk margins are included in the mortality and policyholder behavior assumptions. The assumptions are based on a combination of historical data and actuarial judgment.

MRBs are valued using models that incorporate a spread reflecting the Company’s own credit risk (i.e. non-performance risk). The assumption for the Company’s own credit risk for MRBs is based on a standard index for credit default swaps (“CDX) as the basis for calculating the instrument specific credit risk which is an observable input as the Company has no debt in the market. The Company may adjust the CDX spreads based on actuarial judgement and analysis, such as benchmarking to a group of peer companies’ spreads to the CDX. Increases (decreases) in the Company’s own credit risk, which impacts the rates used to discount future cash flows, could lead to favorable (unfavorable) changes in the fair value of the MRBs. The Company uses risk-neutral scenarios to project the change in the value of the associated account value and the discount rate used in the discounted future cash flows valuation. Changes in various assumptions such as the amount of claims, market volatility, mortality rates, lapse rates or utilization rate assumptions could cause a favorable (unfavorable) change in the fair value of the MRBs.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

5. MARKET RISK BENEFITS (CONTINUED):

The balances and changes in the net market risk benefit liability were as follows:


	Year ended December 31,

	2025			2024			2023

Beginning balance	$	13,377		$	7,189		$	86,404
Effect of changes in own credit risk		(5,499	)		(7,202	)		(12,055)

Beginning balance before changes in own credit risk		7,878			(13	)		74,349
Interest accrual		663			201			4,733
Benefit payments		12,635			13,316			12,219
Effect of changes in interest rates and equity markets		(22,841	)		604			(85,977)
Effect of changes in other future expected assumptions		(2,057	)		(6,230	)		(5,337)

Ending balance before changes in own credit risk		(3,722	)		7,878			(13)
Effect of changes in own credit risk		3,836			5,499			7,202

Ending balance		114			13,377			7,189
Less reinsurance recoverable		3,201			15,262			10,516

Ending balance, net of reinsurance recoverable	$	(3,087	)	$	(1,885	)	$	(3,327)

Net amount at risk ¹
GMWB		763,417			1,521,107			3,996,184
GMDB		75,706			81,482			105,009
Attained Age ²
GMWB		82			81			80
GMDB		74			74			73

¹ For GMWB, defined as the GMWB Benefit Base less the Account Value, floored at 0

For GMDB, defined as the GMDB Benefit (ROP or Ratchet) less the Account Value, floored at 0

² Weighted average attained age of contract holders in years, weighted by account value

The following table summarizes the MRB amounts reported in the consolidated balance sheets as of December 31:


	2025						2024

	Asset		Liability		Net Asset (Liability)		Asset		Liability		Net Asset (Liability)

Variable Annuities	$	47,519	$	47,633	$	(114)	$	45,017	$	58,394	$	(13,377)

Total	$	47,519	$	47,633	$	(114)	$	45,017	$	58,394	$	(13,377)

Market risk benefits are measured at fair value on a recurring basis and reflected in Level 3 as either an asset or liability. The key assumptions for calculating MRBs include market, discount rate and policyholder behavior. The assumptions are based on a combination of historical data and actuarial assumptions. Risk margins are included in mortality and policyholder behavior assumptions. In addition, MRBs reflect a spread to reflect the Company’s own credit-risk.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

5. MARKET RISK BENEFITS (CONTINUED):

The fair value measurement of MRBs uses certain significant unobservable inputs as follows:


	December 31,

	2025		2024

	Range of Inputs	Weighted Average	Range of Inputs	Weighted Average

Equity market volatility ⁽¹⁾	13.4% - 33.7%	22.2%	11.5% - 37.9%	22.0%
Discount rate ⁽²⁾	(2.8%) - 17.6%	5.9%	(2.3%) - 26.9%	5.7%
Own credit risk	0.7%	0.7%	0.7%	0.7%
Lapse rate	3.8% - 5.4%	4.9%	4.4% - 6.0%	5.5%
Mortality rate	.01% - 27.2%	3.0%	.02% - 22.3%	2.4%

⁽¹⁾ Equity market volatility represents the estimated annualized variability of equity returns based on risk-neutral scenarios. For each equity index, scenario-level average annualized volatilities are calculated over projection horizon across the full set risk-neutral scenarios. Index-level ranges reflect the minimum and maximum of these scenario-level averages, and index-level weighted averages represent the simple average across scenarios. The final disclosed ranges and weighted-average equity volatility are determined by aggregating the index-level results across equity indices, weighted by the associated account value exposure.

⁽²⁾ Discount rate assumptions represent risk-free interest rates derived from risk-neutral scenarios. The range of inputs reflects the minimum and maximum of scenario-level average annual discount rates across the full set of risk-neutral scenarios over the projection horizon. The weighted-average discount rate represents the simple average of the scenario-level average annual rates.

6. SEPARATE ACCOUNTS:

The balances and changes in variable annuities separate account liabilities for the years ended December 31, are as follows:


	For the Years Ended December 31,

	2025			2024			2023

Beginning balance	$	49,227,835		$	43,179,351		$	37,744,847
Premiums and deposits		1,816,531			1,796,348			1,326,142
Policy charges		(146,290	)		(140,687	)		(124,231)
Surrenders and withdrawals		(2,504,712	)		(2,477,813	)		(2,402,950)
Benefit payments		(472,568	)		(422,227	)		(363,224)
Investment performance		7,482,674			7,300,930			7,008,133
Net transfers (to) general account and other		(35,303	)		(8,067	)		(9,366)

Ending balance	$	55,368,167		$	49,227,835		$	43,179,625


Cash Surrender Value	$	54,545,651		$	48,418,904		$	42,402,941

There were no transfers of assets, other than cash, from the general account to a separate account; therefore, no gains or losses were recorded for the years ended December 31, 2025, 2024, and 2023.

The Company has certain variable annuity products with guaranteed minimum death benefit or guaranteed minimum withdrawal benefit feature that is classified as MRB. The MRB is valued and presented separately from the related separate accounts balances. Refer to Note 5, Market Risk Benefits.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

6. SEPARATE ACCOUNTS (CONTINUED):

The following table summarizes the separate account amounts reported in the consolidated balance sheets:


	As of December 31,

	2025		2024

Variable Annuities	$	55,368,167	$	49,227,835
Reconciling item:
Variable Life		56,504		49,861

Total	$	55,424,671	$	49,277,696

The aggregate fair value of assets, by investment asset category, supporting the variable annuities separate accounts is as follows:


	As of December 31,

	2025		2024

Mutual Funds
Equity	$	36,983,100	$	32,755,358
Fixed Income		4,318,181		3,965,322
Asset Allocation		9,981,691		8,951,975
Money Market		4,085,195		3,555,180

Total	$	55,368,167	$	49,227,835

7. DEFERRED ACQUISITION COSTS:

The balances and changes in variable annuities DAC were as follows for the years ended December 31:


	2025			2024			2023

Beginning balance	$	62,798		$	64,612		$	66,860
Capitalization		2,958			3,364			2,935
Amortization		(5,224	)		(5,178	)		(5,183)

Ending Balance	$	60,532		$	62,798		$	64,612

The following table summarizes the DAC amounts reported in the consolidated balance sheets:


	December 31,

	2025		2024

Variable Annuities	$	60,532	$	62,798
Reconciling items:
Term and other		4,973		3,622

Total	$	65,505	$	66,420

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

8. INVESTMENTS:

The components of net investment income were as follows:


	Years Ended December 31,

	2025		2024		2023

Debt securities	$	49,810	$	47,383	$	52,784
Cash and cash equivalents		8,137		5,469		4,540
Other invested assets		127		—		—
Other income		(1,325)		725		1,205

Total investment income		56,749		53,577		58,529
Less: investment expenses		5,254		2,073		3,598

Net investment income	$	51,495	$	51,504	$	54,931

Gross realized gains and losses from sales of debt securities were as follows:


	Years Ended December 31,

	2025		2024		2023

Debt securities:
Gross realized gains	$	3,794	$	3,618	$	636
Gross realized losses		(8,135)		(8,461)		(28,942)
Equity securities:
Gross realized gains (losses)		(1)		—		—

Total realized investment gains		(4,342)		(4,843)		(28,306)

Gross realized losses from changes in fair value of equity securities was ($12), ($45), and $0 for the years ended December 31, 2025, 2024, and 2023, respectively.

The Company recorded realized investment losses as a result of impairments of $0, $0, and $231 for 2025, 2024 and 2023, respectively. The Company recorded debt securities of $0, $0, and $16 that were non-income producing for 2025, 2024 and 2023, respectively. Interest foregone by non-income producing securities was $0, $0, and $16 for 2025, 2024, and 2023, respectively.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

8. INVESTMENTS (CONTINUED):

Debt securities, without an allowance for credit losses, that have been in a continuous unrealized loss position as of December 31, 2025 were as follows:


	2025


	Less than twelve months							Twelve months or more							Total


	Estimated Fair Value		Gross Unrealized Losses			Number of Securities		Estimated Fair Value		Gross Unrealized Losses			Number of Securities		Estimated Fair Value		Gross Unrealized Losses			Number of Securities

	(in thousands)
Investment grade debt securities:

U.S. Treasury and U.S. Government agency securities	$	33,401	$	(119	)		7	$	38,183	$	(1,529	)		7	$	71,584	$	(1,648	)		14
State and political subdivisions		—		—			—		1,263		(202	)		5		1,263		(202	)		5
Corporate debt securities		89,267		(1,024	)		43		410,151		(20,248	)		294		499,418		(21,272	)		337
Mortgage and asset backed securities		27,787		(57	)		14		29		(3	)		1		27,816		(60	)		15

Total	$	150,455	$	(1,200	)		64	$	449,626	$	(21,982	)		307	$	600,081	$	(23,182	)		371


Below Investment grade debt securities:

U.S. Treasury and U.S. Government agency securities		0		0			0		0		0			0		0		0			0
State and political subdivisions	$	—	$	—			—	$	—	$	—			—	$	—	$	—			—
Corporate debt securities		6,284		(520	)		57		11,695		(492	)		84		17,979		(1,012	)		141
Mortgage and asset backed securities		1,004		(2	)		1		—		—			—		1,004		(2	)		1

Total	$	7,288	$	(522	)	$	58	$	11,695	$	(492	)	$	84	$	18,983	$	(1,014	)	$	142

The Company believes that declines in the fair value of the securities above were not indicative of credit impairment as of December 31, 2025. The Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. The majority of the securities are investment grade debt securities with average fair values of 96% of amortized cost at December 31, 2025. Investments in below investment grade securities have an average fair value of 95% of amortized cost as of December 31, 2025.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

8. INVESTMENTS (CONTINUED):

Debt securities that have been in a continuous unrealized loss position as of December 31, 2024, were as follows:


	2024


	Less than twelve months							Twelve months or more									Total


	Estimated Fair Value		Gross Unrealized Losses			Number of Securities		Estimated Fair Value		Gross Unrealized Losses			Number of Securities		Estimated Fair Value		Gross Unrealized Losses			Number of Securities

	(in thousands)
Investment grade debt securities:

U.S. Treasury and U.S. Government agency securities	$	181,959	$	(4,400	)		22	$	47,704	$	(4,654	)		9	$	229,663	$	(9,054	)		31
State and political subdivisions		—		—			—		1,234		(249	)		5		1,234		(249	)		5
Corporate debt securities		159,293		(2,591	)		95		563,933		(44,656	)		412		723,226		(47,247	)		507
Mortgage and asset backed securities		11,183		(189	)		12		30		(4	)		1		11,213		(193	)		13

Total	$	352,435	$	(7,180	)		129	$	612,901	$	(49,563	)		427	$	965,336	$	(56,743	)		556


Below Investment grade debt securities:

U.S. Treasury and U.S. Government agency securities	$	—	$	—			—	$	—	$	—			—	$	—	$	—			—
State and political subdivisions		—		—			—		—		—			—		—		—			—
Corporate debt securities		14,551		(206	)		91		36,343		(2,741	)		183		50,894		(2,947	)		274
Mortgage and asset backed securities		—		—			—		—		—			—		—		—			—

Total	$	14,551	$	(206)		$	91	$	36,343	$	(2,741)		$	183	$	50,894	$	(2,947)		$	274

The Company believes that declines in the fair value of the securities above were not indicative of credit impairment as of December 31, 2024. The Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. The majority of the securities are investment grade debt securities with average fair values of 94% of amortized cost at December 31, 2024. Investments in below investment grade securities have an average fair value 94% of amortized cost as of December 31, 2024.

The allowance for credit losses was zero as of December 31, 2025 and 2024, respectively. There were no additions, write offs, and recoveries to the allowance for credit losses during 2025 and 2024.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

8. INVESTMENTS (CONTINUED):

The amortized cost and fair value of debt securities by type of issuer as of December 31, 2025, were as follows:


	December 31, 2025

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Gross Unrealized Losses - OTTI		Estimated Fair Value

Debt securities:
U.S. Treasury and U.S. Government agency securities	$	284,597	$	2,322	$	(1,696)	$	—	$	285,223
State and political subdivisions		1,464		—		(202)		—		1,262
Corporate and other debt securities		1,537,641		32,982		(22,191)		—		1,548,432
Mortgage and asset backed securities		228,500		3,493		(107)		—		231,886

Total debt securities	$	2,052,202	$	38,797	$	(24,196)	$	—	$	2,066,803


The amortized cost and fair value of debt securities by type of issuer as of December 31, 2024, were as follows:

	December 31, 2024

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Gross Unrealized Losses - OTTI		Estimated Fair Value

Debt securities:
U.S. Treasury and U.S. Government agency securities	$	266,199	$	160	$	(9,054)	$	—	$	257,305
State and political subdivisions		1,483		—		(249)		—		1,234
Corporate and other debt securities		1,186,093		11,760		(50,194)		—		1,147,659
Mortgage and asset backed securities		80,529		1,637		(193)		—		81,973

Total debt securities	$	1,534,304	$	13,557	$	(59,690)	$	—	$	1,488,171

During 2025 and 2024, the Company recorded no impairments for the portion of non credit related losses in AOCI.

Proceeds from the sales of available-for-sale investments (excluding proceeds for calls and maturities) were $432,997, $348,425, and $575,513 for 2025, 2024, and 2023, respectively.

The amortized cost and fair value of debt securities at December 31, 2025, by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	December 31, 2025

	Amortized Cost		Estimated Fair Value

Due in 1 year or less	$	93,893	$	93,463
Due after 1 year through 5 years		971,856		980,535
Due after 5 years through 10 years		556,945		559,861
Due after 10 years		201,008		201,058
Mortgage and asset backed securities		228,500		231,886

	$	2,052,202	$	2,066,803

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

8. INVESTMENTS (CONTINUED):

At December 31, 2025, there were contractual investment commitments of $40,250. There were no significant concentrations of debt securities by issuer or by industry, other than U.S. Treasury securities and the financial services industry.

At December 31, 2025, the amortized cost and fair value of securities on deposit with various state and governmental authorities was $2,960 and $2,970 respectively. At December 31, 2024, the amortized cost and fair value of securities on deposit with various state and governmental authorities was $2,845 and $2,863 respectively.

9. VARIABLE INTEREST ENTITIES:

Effective April 1, 2014, FMR LLC contributed a 100% wholly owned subsidiary, Feedstock, to the Company at its carrying value of $1,796. Feedstock makes tax advantaged investments in certain refined coal transactions under Section 45 of the Internal Revenue Code. IRC 45 provides a tax credit for the production of certain refined energy resources at a qualified facility during a ten year period beginning on the date the facility was originally placed in service and the refined energy is sold to an unrelated party.

Feedstock entered into certain operating agreements to provide operational funding of a qualified energy facility through 2021. Feedstock is required to provide 90% of these operational fundings to LRC Holdings LLC (“LRCH”) through a membership interest agreement. LRCH ultimately funds the qualified facility through a 60% membership interest agreement. These funding obligations are tied to the production of the qualified energy resource and eligibility to receive the expected tax credit pursuant to the operating agreements. The Company is expected to make funding payments on behalf of Feedstock and receive the benefits of the tax credits generated. The Company did not provided cash funding payments for the years ended December 31, 2025, 2024, and 2023.

FMR LLC provides certain guarantees of Feedstock to third parties which are contingent upon Feedstock’s eligibility to receive the expected tax credits. FMR LLC continues to provide such guarantees subsequent to its contribution of Feedstock to the Company.

Feedstock and LRCH are deemed to be variable interest entities (“VIEs”). A VIE is an entity that either (i) has equity investors that lack controlling financial interest or (ii) does not have sufficient equity to finance its own activities without financial support provided by another entity. If the Company determines that it is the VIE’s “primary beneficiary,” it consolidates the VIE. The primary beneficiary has the power to direct the activities of a VIE that most significantly impact its economic performance and either the obligation to absorb the losses of the entity or the right to receive the benefits from the entity that could be potentially significant to the VIE.

The Company determined that its interest in Feedstock and in turn Feedstock’s 90% membership interest in LRCH qualifies as a variable interest, and that Feedstock and LRCH are both VIEs. The Company has determined that it is the primary beneficiary as it has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE as a result of the operational funding provided and the return in the form of income tax credits. Accordingly, the Company consolidates Feedstock and LRCH. The consolidated balances include restricted cash and cash equivalents of $0 and $34,742 as of December 31, 2025 and 2024, respectively. These balances are restricted for withdrawal or use under the terms of certain contractual agreements and are recorded as restricted cash and cash equivalents in the consolidated balance sheets.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

9. VARIABLE INTEREST ENTITIES (CONTINUED):

The following is the incremental impact of consolidating LRCH in the Company’s consolidated financial statements at December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024, and 2023:


	December 31,

	2025		2024

Total Assets	$	—	$	3,539
Total Liabilities		—		3,406

Non controlling equity interest	$	—	$	133


	Years Ended December 31,

	2025		2024		2023
Total Revenues	$	21	$	1,538	$	995
Total Expenses		(128)		(1,543)		(942)

Net Loss		(107)		(5)		53
Income tax expense		—		—		—

Net Loss		(107)		(5)		53
Less: net loss attributable to non controlling interest		(107)		(5)		53

Net income attributable to Fidelity Investments Life Insurance Company	$	—	$	—	$	—

Noncontrolling interest represents ownership interests in LRCH that is not attributable to the Company.

10. FAIR VALUE MEASUREMENTS:

The Company categorizes the financial assets and liabilities carried at fair value in its balance sheets based upon a three-level valuation hierarchy. The Company carries the following financial instruments at fair value in the Company’s financial statements: debt securities, cash equivalents such as money market funds, market risk benefits and separate account assets. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable valuation inputs (Level 3). If the inputs used to measure a financial asset or liability cross different levels of the hierarchy, categorization is based on the lowest level input that is significant to the fair value measurement. Management’s assessment of the significance of a particular input to the overall fair value measurement of a financial asset or liability requires judgment, and considers factors specific to the asset or liability. The three levels are described below:

•

Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets and liabilities in an active market.

•

Level 3 – Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable in the market and significant to the overall fair value measurement. These inputs reflect management’s judgment about the assumptions that a market participant would use in pricing the asset or liability and are based on the best available information, some of which is internally developed.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

10. FAIR VALUE MEASUREMENTS (CONTINUED):

The Company’s available-for-sale debt securities generally use Level 2 inputs for the determination of fair value. These fair values are obtained primarily from industry-standard pricing methodologies based on market observable information. The fair value of U.S. Treasury debt securities is based on quoted prices in active markets that are readily and regularly obtainable and are reflected in Level 1. For debt securities where there are no prices from third party pricing vendors, the Company may utilize internal or 3rd party pricing models which may reflect observable market information if available, and significant unobservable inputs. These securities are in Level 3 in the fair value hierarchy. While the Company obtains values for the debt securities it holds from independent pricing services, it is ultimately management’s responsibility to determine whether the value obtained and recorded to the financial statements are representative of fair value.

Equity securities are reported at fair value on a recurring basis. Fair value is obtained from public quotations which are reflected in Level 1.

Cash equivalents are reported at fair value on a recurring basis and include money market instruments. Fair values of these cash equivalents may be determined using public quotations which are reflected in Level 1. Separate account assets are invested in mutual funds whose value is based on the underlying net asset value of these funds. Open ended mutual funds in the Separate Account produce a daily NAV that is validated with a sufficient level of observable activity to support classification of the fair value measurement as Level 1.

Other invested assets includes an investment in a limited partnership whose fair value is measured using NAV as a practical expedient and is not classified in the fair value hierarchy. The underlying investments of the investment fund may have significant unobservable points.

Market risk benefits are measured at fair value and reflected in Level 3 as either an asset or liability. The significant inputs to the far value measurement is described in Note 5, Market Risk Benefits.

Separate accounts are invested in mutual funds whose value is based on the underlying net asset value of these funds. Open ended mutual funds in the Separate Accounts produce a daily NAV that is validated with a sufficient level of observable activity to support classification of the fair value of the measurement as Level 1.

The funds withheld payable includes an embedded derivative that has been bifurcated from the host contract and is measured at fair value on a recurring basis. The fair value is determined based on the change in the estimated fair value of the underlying funds withheld investments which is reflected in Level 2. Refer to Note 15 on the embedded derivative.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

10. FAIR VALUE MEASUREMENTS (CONTINUED):

The following fair value hierarchy table presents information about the Company’s assets measured at fair value on a recurring basis as of:


	December 31, 2025
	Quoted Market Prices in Active Markets (Level 1)		Pricing Methods with Significant Observable Market Inputs (Level 2)		Pricing Methods with Significant Unobservable Market Inputs (Level 3)		Net Asset Value (NAV)		Total Estimated Fair Value

Assets:
Available-for-sale debt securities:
U.S. Treasury and U.S Government Agency securities	$	285,223	$	—	$	—	$	—	$	285,223
State and political subdivisions		—		1,262		—		—		1,262
Corporate and other debt securities		—		1,531,955		16,477		—		1,548,432
Mortgage and asset backed securities		—		231,886		—		—		231,886

Total available-for-sale debt securities		285,223		1,765,103		16,477		—		2,066,803
Equity securities		85		—		—		—		85
Market risk benefit asset		—		—		47,519		—		47,519
Other invested assets		—		—		—		1,882		1,882
Cash equivalents		224,057		—		—		—		224,057
Separate account assets		55,424,671		—		—		—		55,424,671

Total	$	55,934,036	$	1,765,103	$	63,996	$	1,882	$	57,765,017

Liabilities:
Funds withheld payable		—		987,553		—		—	$	987,553
Market risk benefit liability		—		—		47,633			$	47,633

Total	$	—	$	987,553	$	47,633	$	—	$	1,035,186

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

10. FAIR VALUE MEASUREMENTS (CONTINUED):


	December 31, 2024

	Quoted Market Prices in Active Markets (Level 1)		Pricing Methods with Significant Observable Market Inputs (Level 2)		Pricing Methods with Significant Unobservable Market Inputs (Level 3)		Total Estimated Fair Value

Assets:
Available-for-sale debt securities:
U.S. Treasury and U.S Government Agency securities	$	257,305	$	—	$	—	$	257,305
State and political subdivisions		—		1,234		—		1,234
Corporate and other debt securities		—		1,147,659		—		1,147,659
Mortgage and asset backed securities		—		81,973		—		81,973

Total available-for-sale debt securities		257,305		1,230,866		—		1,488,171
Equity securities		99		—		—		99
Market risk benefit assets		—		—		45,017		45,017
Cash equivalents		166,361		—		—		166,361
Restricted cash equivalents		34,742		—		—		34,742
Separate account assets		49,277,696		—		—		49,277,696

Total	$	49,736,203	$	1,230,866	$	45,017	$	51,012,086

Liabilities:
Funds withheld payable		—		406,882		—		406,882
Market risk benefit liability		—		—		58,394		58,394

Total	$	—	$	406,882	$	58,394	$	465,276

The changes in assets measured at fair value using Level 3 significant unobservable inputs were as follows:


	Years Ended December 31, 2025

			Realized and unrealized gains

	Beginning balance as of January 1, 2025		Included in net income		Included in AOCI		Net purchases and (sales)		Transfers into Level 3		Transfers out of Level 3		Ending balance as of December 31, 2025

Assets:
Available-for-sale debt securities:
Corporate and other debt securities	$	—	$	—	$	—	$	10,205	$	6,272	$	—	$	16,477

Total	$	—	$	—	$	—	$	10,205	$	6,272	$	—	$	16,477

During 2025, certain debt securities were transferred from Level 2 into Level 3 as the Company was unable to obtain pricing from its third party pricing vendor using market observable information. The significant unobservable inputs includes the discount rate used in discounted cash flow analysis to determine fair value within Level 3. Using a higher or lower discount rate may cause the fair value of such assets to increase or decrease.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

10. FAIR VALUE MEASUREMENTS (CONTINUED):

There were no Level 3 assets held by the Company during 2024. There were no transfers into or out of Level 3 during 2024.

Financial Instruments Not Carried at Fair Value

Certain financial instruments are not required to be measured at fair value in the financial statements but are disclosed if it is practicable to estimate such values.

The following include disclosures for other financial instruments not carried at fair value and not included in the above discussion:


	December 31, 2025				December 31, 2024

	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value

Financial Assets:

Other investment	$	—	$	—	$	106	$	106

Policy loans		1,191		1,191		1,305		1,305

Reinsurance deposit and receivables		1,345,686		1,345,686		797,065		797,065

	$	1,346,877	$	1,346,877	$	798,476	$	798,476


Financial Liabilities:

Contract holder deposit funds	$	773,293	$	773,293	$	184,017	$	184,017

The following methods and assumptions were used to estimate the fair value of each class of financial instruments:

Other Investment

Fair value for the other investment is based on the Company’s share of the investee based on the underlying financial statements of the investee.

Policy Loans

Policy loans are carried at outstanding principal balances, not in excess of policy cash surrender value. These loans are an integral part of the insurance products and have no maturity dates. Consequently, the outstanding principal balance is considered to be a reasonable estimate of the fair value of policy loans.

Reinsurance Deposit and Receivables

Fair values for certain of the Company’s reinsurance deposits for the fixed deferred annuities contracts are estimated using discounted cash flow calculations based on expected current offering interest rates versus contract rates.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

10. FAIR VALUE MEASUREMENTS (CONTINUED):

Contract Holder Deposit Funds

Fair value for the fixed portion of the variable annuity contracts in payout and the fixed deferred annuities are estimated using discounted cash flow calculations based on expected current offering interest and mortality rates versus contract rates. The fixed portion of variable deferred annuity products is carried at account value and can be withdrawn without prior notice pursuant to the terms of the annuity contract. The fixed portion of variable deferred annuity products is an integral part of the contract, and consequently the account value is considered to be a reasonable estimate of the fair value of the contract.

11. INCOME TAXES:

The components of the provision for income taxes attributable to operations were as follows:


	Years Ended December 31,

	2025		2024		2023

Current:
Federal	$	15,533	$	(19,143)	$	(1,775)
State		278		268		349

	$	15,811	$	(18,875)	$	(1,426)

Deferred:
Federal	$	(18,759)	$	(2,571)	$	6,497
State		(492)		(14)		142

	$	(19,251)	$	(2,585)	$	6,639

Income tax expense	$	(3,440)	$	(21,460)	$	5,213

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Life insurance corporations in New York remain subject to a franchise tax. However, for tax years beginning on or after January 1, 2003, in no event may the franchise tax on life insurance corporations, computed prior to the application of tax credits, be less than 1.5% of premiums or more than 2.0% of premiums. Accordingly, state deferred taxes are no longer recorded for EFILI, as EFILI believes that the reversal of temporary differences will have no impact on the state income tax that EFILI will pay in the future. State deferred taxes are recorded for FILI for the impact of its reversing temporary differences on its future state income tax liability.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

11. INCOME TAXES (CONTINUED):

Significant components of the Company’s net deferred tax asset were as follows:


	Years Ended December 31,

	2025			2024

Deferred income tax assets (liabilities):
Deferred policy acquisition costs	$	33,821		$	29,766
Contract holder reserves		35,940			34,484
Contract holder reserves - TCJA Transition Adjustment		—			(1,471	)
Deferred revenue		(516	)		(592	)
Unrealized gains on available-for-sale securities		(3,120	)		9,782
Deferred compensation and retirement benefit plans		541			354
Capital loss carryforward		7,616			6,819
Embedded Derivative		3,183			(577	)
Other, net		1,558			2,289

Net deferred tax asset before valuation allowance	$	79,023		$	80,854
Valuation allowance		(7,963	)		(16,623	)

Net deferred tax asset after valuation allowance	$	71,060		$	64,231

The Company recorded a deferred tax asset of $7,963 and $16,623 related to net unrealized losses on available-for-sale securities and capital loss carryforwards as of December 31, 2025 and 2024, respectively. The capital loss carryforwards can be used to offset taxable capital gains income in the future but will expire if they are not used within certain prescribed periods. The Company concluded that it was more likely than not that it will not have sufficient taxable capital gains income in the future to realize the net unrealized losses on available-for-sale securities and capital loss carryforwards. Accordingly, the Company recorded a valuation allowance of $7,963 and $16,623 as of December 31, 2025 and 2024, respectively.

A reconciliation of the tax provision at the U.S. Federal statutory rate to the provision for income taxes is as follows:


	Years Ended December 31,

	2025			2024			2023

Tax provision at U.S. Federal statutory rate	$	23,135		$	29,364		$	13,784
Unrecognized tax benefits		—			(27,961	)		(27,711	)
Dividends received deduction		(16,588	)		(16,449	)		(3,854	)
(Decrease) Increase in valuation allowance		(8,691	)		70			16,565
Return provision		(1,766	)		(8,737	)		6,147
Other, net		470			2,253			282

	$	(3,440	)	$	(21,460	)	$	5,213

The Company paid net federal income taxes of $12,000, $35,338, and $12,968 in 2025, 2024, and 2023, respectively.

The Company paid net state income taxes of $264, $108, and $57 in 2025, 2024, and 2023, respectively.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

11. INCOME TAXES (CONTINUED):

Currently, the Company only files income tax returns in the United States. The Company is not currently under examinations and is no longer subject to U.S. federal or state tax examinations for years before 2022. The Company is not currently under examination for the income tax filings in any other jurisdictions.

The Inflation Reduction Act of 2022 (“IRA”) was enacted by the U.S. Government on August 16, 2022 and includes a new corporate alternative minimum tax (“CAMT”) effective January 1, 2023. The CAMT applies to corporations based on their affiliated group basis and requires computing the U.S. federal income tax liability under the regular corporate tax system and the CAMT. The Company did not have any CAMT liability as of December 31, 2025.

In 2017, an affiliate received notification from the Internal Revenue Service (“IRS”) that challenged its eligibility to claim certain tax credits under Internal Revenue Code Section 45, and certain operating losses, for tax years 2011 and 2012. During 2023, the statute of limitations expired for certain tax years under the IRS challenge. In 2024, the IRS completed its review and closed its challenge of the remaining years. Accordingly, the Company decreased its liability for unrecognized tax benefits by $29,210 and $28,300 for the years ended December 31, 2024 and 2023, respectively. The Company classifies all interest and penalties as income tax expense.

The changes in the liability for unrecognized tax benefits was as follows:


	Years Ended December 31,

	2025		2024			2023

Beginning balance	$	—	$	29,211		$	57,498
Increases		—		—			—
Decreases		—		(29,211	)		(28,287	)

Ending balance	$	—	$	—		$	29,211

12. STOCKHOLDER’S EQUITY AND DIVIDEND RESTRICTIONS:

Generally, the net assets of the Company available for payment as dividends to FMR LLC are limited to the excess of FILI’s net assets, as determined in accordance with statutory accounting practices, over minimum statutory capital requirements; however, payments of such amounts as dividends may be subject to approval by regulatory authorities. Under the Insurance Code of the State of Utah for FILI and New York State Insurance Laws for EFILI, dividends to shareholders are limited to the lesser of the Company’s net gain from operations for the year ended on the preceding December 31, or 10% of the Company’s surplus held for policyholders as of the preceding December 31. The Company paid cash dividends to FMR LLC of $105,000, $100,000, and $75,000 in 2025, 2024, and 2023, respectively.

The Company prepares its statutory financial statements in accordance with accounting practices prescribed or permitted by the applicable state insurance department which vary with GAAP in certain respects. Prescribed statutory accounting practices include publications of the National Association of Insurance Commissioners, as well as state laws, regulations and general administrative rules. The principal differences with GAAP are that statutory financial statements do not reflect DAC, recognition of deferred income tax assets are limited, bonds are generally carried at amortized cost, insurance liabilities are presented net of reinsurance assets, a wholly-owned insurance subsidiary is reported at statutory equity and future policy benefit liabilities are estimated using different actuarial assumptions. The Company does not rely on the use of any permitted statutory accounting practices.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

12. STOCKHOLDER’S EQUITY AND DIVIDEND RESTRICTIONS (CONTINUED):

Net income and capital and surplus as determined in accordance with statutory accounting practices were as follows:


	Years Ended December 31,

	(Unaudited)		(Audited)		(Audited)

	2025		2024		2023
FILI
Statutory net income	$	106,378	$	148,122	$	112,731
Statutory surplus	$	1,067,356	$	1,061,834	$	1,007,887
EFILI
Statutory net income	$	18,600	$	14,547	$	9,151
Statutory surplus	$	121,450	$	113,866	$	108,769

13. AFFILIATED COMPANY TRANSACTIONS:

The Company has a services agreement with Fidelity Investments Institutional Operations Company LLC and Fidelity Distributors Company LLC, both wholly-owned subsidiaries of FMR LLC, under which the Company provides certain shareholder account services (recordkeeping and customer reporting, customer support, and preparing/distributing marketing materials) with respect to Investor Class shares of the Fidelity Variable Insurance Product Funds. The Company earned fees of $49,965, $50,223 and $43,524 in 2025, 2024, and 2023, respectively, under these agreements. These fees are included in Fund administration fees in the consolidated statements of comprehensive income.

The Company’s insurance contracts are distributed through Fidelity Brokerage Services LLC, Fidelity Insurance Agency, Inc. (“FIA”), and Fidelity Distributors Company LLC, all of which are wholly-owned subsidiaries of FMR LLC. The Company has agreements with FIA under which FILI pays FIA sales compensation in accordance with the terms of the agreement. The Company compensated FIA in the amount of $69,639, $49,099, and $40,878 in 2025, 2024, and 2023, respectively.

The Company has an administrative services agreement with FIA whereby the Company provides and receives certain administrative and accounting functions. The Company was charged $16,511 in 2025 and reimbursed $40,962, and $35,354 in 2024, and 2023, respectively, for such services. The reimbursements are accounted for as a direct reduction of the Company’s expenses. The Company entered into agreements with FIAM LLC whereby investment and managerial advice is provided to the Company. The Company incurred expenses of $1,681, $1,728, and $2,426 in 2025, 2024 and 2023, respectively for such services. During 2023, the Company entered into an agreement with Soteria Reinsurance Holdings LLC to provide investment and managerial advice for the assets supporting the Funds withheld account. The Company incurred charges of $280, $330, and $56 in 2025, 2024, and 2023, respectively, for such services.

The Company has an administrative services agreement with FMR LLC and its subsidiaries whereby certain administrative and other services are provided for the Company. The Company incurred charges from FMR LLC and its subsidiaries of $38,012, $30,655, and $27,188 in 2025, 2024, and 2023, respectively, for such services. Intercompany balances with FMR LLC and its subsidiaries are settled in accordance with the terms of the respective agreements.

FMR LLC sponsors a Profit-Sharing Plan covering substantially all eligible Company employees. Payments are made to the trustee by FMR LLC annually for the Profit-Sharing Plan. FMR LLC’s policy is to fund all costs

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

13. AFFILIATED COMPANY TRANSACTIONS (CONTINUED):

accrued and to charge each subsidiary for its share of the cost. The costs charged to the Company were $1,320, $2,513 and $2,877 in 2025, 2024, and 2023, respectively.

The Company participates in various share-based compensatory plans sponsored by FMR LLC and is allocated a compensation charge from FMR LLC that is amortized over the period in which it is earned. These share-based compensation arrangements generally provide holders with participation in changes in FMR LLC’s Net Asset

Value per share (as defined) over their respective terms. All plans are settled in cash or promissory notes at the end of their defined term or when plan participants are no longer employees. The aggregate expenses related to these plans charged to the Company were $2,725, $5,852, and $6,074 in 2025, 2024 and 2023, respectively.

The Company participates in FMR LLC’s Retiree Health Account (“RHA”), a health reimbursement arrangement covering eligible employees and has established the Fidelity Welfare Benefit Plans VEBA Trust (the “Trust”) to provide a funding vehicle for certain benefits related to FMR LLC’s benefit plans, including the RHA. FMR LLC accrued a benefit to participants under the RHA based on awards to employees that are subject to ten year cliff vesting with consideration given for prior service. Future awards under the RHA are at the discretion of FMR LLC. Participant contributions are not permitted. The Company is allocated an expense from FMR LLC associated with the actuarial derived annual cost of providing these benefits to the Company’s employees. For the years ended December 31, 2025, 2024, and 2023, compensation expense related to the RHRP was $60, $305 and $175, respectively.

The Company issued a $300 million unsecured revolving line of credit facility (“LOC Agreement”) to FMR LLC which matures on March 14, 2026. The LOC Agreement may be extended for successive one year periods by mutual agreement of the parties and prior notice to and a lack of objection by the Utah Insurance Department. Under the terms of the LOC Agreement, the Company receives a facility fee per year based on the unused amounts. In addition, the Company receives annual interest on any advances made under the LOC Agreement where the spread may change from time to time based on the terms of the LOC Agreement. There were no amounts advanced by the Company as of December 31, 2024. The Company earned interest of $0 and facility fees of $122 for each of the years ended December 31, 2025, 2024, and 2023 respectively. Effective March 15, 2026, the Company and FMR LLC extended the LOC Agreement for one year.

14. UNDERWRITING, ACQUISITION AND INSURANCE EXPENSES:

Underwriting, acquisition and insurance expenses were as follows:


	Years Ended December 31,

	2025		2024		2023

Underwriting, acquisition and insurance expenses:
Commissions, gross	$	69,639	$	49,099	$	40,878
Compensation and benefits		31,692		26,241		21,819
Deferred policy acquisition costs, net		987		1,077		1,733
Rent expense		1,258		1,075		950
Taxes, licenses and fees		3,837		2,429		2,423
General insurance expenses		45,817		31,561		29,913

Total underwriting, acquisition and insurance expenses	$	153,230	$	111,482	$	97,716

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

15. REINSURANCE:

The Company retains a maximum coverage per individual life of $25 plus 30% of the excess over $25 with a maximum initial retention not to exceed $100 for its life insurance business issued before March 1, 2008. The Company retains a flat $100 per individual life for its life business issued on and after March 1, 2008. The Company reinsures certain guarantee provisions and mortality on its annuity contracts and portions of annuity income that are fixed. The Company reinsures substantially all of its GMDB provisions for business issued prior to July 1, 2001. The Company reinsures 100% of its GMWB provisions issued prior to January 1, 2009, and 90% for business issued in the first quarter of 2009. The GMWB product and associated reinsurance contract were discontinued for new business effective March 31, 2009.

The Company has entered into a coinsurance agreement for substantially all of the fixed portion of the variable income annuity product and the fixed income annuities which arise through the annuitization of deferred annuity products if annuitization is prior to June 1, 2009. The Company retains 100% of the risk for annuitizations of deferred annuity products where annuitization occurs on or after June 1, 2009. Sales of the variable income annuity product with a fixed payment option were discontinued in May 2008. The reinsurance receivable is accounted for as a deposit asset and is recorded in reinsurance deposit and receivables on the consolidated balance sheets. Under this reinsurance agreement, the Company receives a front end ceding expense allowance ranging from 2.5% to 3.5% of premiums and an annual allowance of a percentage of assets ranging from 0.30% to 0.60%. Revenue from the reinsurance agreements and benefit expense from the underlying annuity contracts are recognized over the lives of the underlying contracts.

The Company is subject to concentration risk related to this coinsurance agreement. Financial information related to the coinsurance agreement for the years ended December 31 were as follows:


	Years Ended December 31,

	2025		2024

Reinsurance deposits and receivables:
Principal Life Insurance Company	$	346,219	$	318,444

Future contract and policy benefits	$	346,219	$	318,444

Reinsurance expense allowance	$	1,155	$	1,271

Contract and policy benefits and expenses	$	10,578	$	10,576

The Company’s deposit assets under the reinsurance agreements with Principal Life Insurance Company are partially secured by investments held in a collateral account which offers the Company additional protection and reduces the risk of loss to the Company that could result from failure of the reinsurer.

Revenue from the reinsurance agreement and benefit expense from the underlying annuity contracts has been recognized over the lives of the underlying contracts.

Effective July 1, 2023, the Company entered into a 100% coinsurance with funds withheld reinsurance agreement (“Funds Withheld Agreement”) with an affiliate, Soteria Reinsurance, Ltd. (“Soteria Re”), to reinsure the fixed guaranteed income annuity product previously recaptured from GLIC. Soteria Re is a Bermuda based reinsurer who is wholly-owned by Soteria Reinsurance Holdings LLC (“Soteria Holdings”) who in turn is wholly-owned by FMR LLC. In connection with the Funds Withheld Agreement, the Company entered into an investment management agreement with Soteria Holdings to provide investment and managerial advice for the assets supporting the reinsured liabilities. Effective October 21, 2024, the Funds Withheld Agreement was amended to reinsure a fixed deferred annuity on a flows basis. Under the Funds Withheld Agreement, the

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

15. REINSURANCE (CONTINUED):

Company receives a ceding expense allowance and an upfront distribution allowance. The Company recorded total reinsurance allowances of $18,337 and $1,636 for the years ended December 31, 2025 and 2024, respectively.

The Company recorded a cost of reinsurance asset at the inception of the Funds Withheld Agreement, which is reported in Reinsurance Deposit and Receivables. The cost of reinsurance asset represents the difference between the assets transferred and liabilities reinsured and is amortized over the expected life of the reinsured policies. As of December 31, 2025 and 2024, the cost of reinsurance asset was $4,510 and $5,095, respectively. Accretion for the cost of reinsurance asset was $584 and $516 for the years ended December 31, 2025 and 2024, respectively.

The Company established a funds withheld account, which is recorded in funds withheld payable, equal to the associated assets at fair value to support the policy liabilities reinsured on a statutory basis. The assets in the funds withheld account are trued up on a quarterly basis to the policy liabilities on a statutory basis.

The Company held the following assets under the coinsurance under the Funds Withheld Agreement, which are reported in the line items shown on the consolidated balance sheets:


	As of December 31,

	2025		2024

Debt securities, available-for-sale
Corporate and other debt securities	$	667,814	$	286,956
CLO, mortgage and asset-backed securities		229,961		81,685

Total Debt Securities		897,775		368,641
Cash equivalents		104,151		26,919
Accrued investment income		11,372		5,556

Total	$	1,013,298	$	401,116

Certain assets in the funds withheld payable are reported at fair value. As of December 31, 2025, the funds withheld payable balance included a derivative liability of $14,718. As of December 31, 2024, the funds withheld payable balance included a derivative asset of $2,912. The change in fair value of the embedded derivative was a loss of ($17,630) and a gain of $4,359 for the years ended December 31, 2025 and 2024, respectively and is reported as Net Realized Investment Losses on Funds Withheld Embedded Derivative on the consolidated statements of comprehensive income.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

15. REINSURANCE (CONTINUED):

The net investment income and net realized capital gains (losses) related to the assets under the coinsurance with funds withheld agreement are reported net of the amounts in the line items shown on the consolidated statements of comprehensive income. The following are the components of net investment income and net realized capital gains (losses) on the funds withheld assets that were transferred to Soteria Re:


	Years Ended December 31,

	2025			2024

Debt securities	$	37,542		$	20,171
Cash equivalents		2,605			1,149

Total investment income		40,147			21,320
Less: investment expenses		(280	)		(298	)

Net investment income	$	39,867		$	21,022


	Years Ended December 31,

	2025			2024

Debt securities	$	427		$	(638	)

Net realized investment (losses)	$	427		$	(638	)

The Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk arising from similar activities or economic characteristics of the reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. Any expected credit losses are reflected in the allowance for credit losses, after considering any collateral. The Company did not record an allowance for credit loss on reinsurance deposits and receivables as of December 31, 2025 and 2024 , respectively.

Additional information on direct business written and reinsurance ceded for the years ended December 31, was as follows:


	Years Ended December 31,

	2025			2024			2023

Direct life premiums	$	16,013		$	13,662		$	11,429
Reinsurance ceded, net of ceding expense allowance		9,629			(6,165	)		(6,157	)

Net premiums	$	25,642		$	7,497		$	5,272

Direct contract and policy benefits	$	29,007		$	66,147		$	38,139
Reinsurance ceded benefits incurred		(40,988	)		(72,103	)		(29,101	)
Reinsurance costs		13,595			13,524			15,592

Net contract and policy benefits	$	1,614		$	7,568		$	24,630

Direct change in market risk benefits	$	(11,600	)	$	7,891		$	(74,362	)
Reinsurance ceded		12,061			(4,746	)		71,675

Net change in market risk benefits	$	461		$	3,145		$	(2,687	)

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

16. COMMITMENTS AND CONTINGENCIES:

The Company is, from time to time, involved in various legal actions concerning policy benefits and certain other matters. Those actions are considered by the Company in estimating policy reserves and other liabilities. The Company believes that the resolution of those actions should not have a material adverse effect on stockholder’s equity or net income.

Regulatory Matters

Under existing guaranty fund laws in all states, insurers licensed to do business in those states can be assessed for certain obligations of insolvent insurance companies to policyholders and claimants. The actual amount of such assessments will depend upon the final outcome of rehabilitation proceedings and will be paid over several years.

17. SUBSEQUENT EVENTS:

The Company has evaluated subsequent events from the balance sheet date through April 30, 2026 and did not identify any events that would require adjustments to, or disclosure in, the consolidated financial statements.

PART C

OTHER INFORMATION

Item 27. Exhibits

(a)	Board of Directors Resolution

(1)

Resolution of Board of Directors of Fidelity Investments Life Insurance Company (“Fidelity Investments Life”) establishing the Fidelity Investments Variable Annuity Account I incorporated by reference to Registration Statement on Form N-4, Reg. No. 33-24400, on behalf of Fidelity Investments Variable Account I filed on April 25, 1997.

(2)

Board of Directors Resolution of Fidelity Investments Life Insurance Company incorporated by reference from Post-Effective Amendment No. 24 to Registration Statement on Form N-4, Reg. No. 333-123884, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 29, 2022.

(b)	Custodian Agreements—Not Applicable

(c)	Underwriting Contracts

(1)

Distribution Agreement between Fidelity Investments Life, Fidelity Insurance Agency and Fidelity Brokerage Services LLC incorporated herein by reference to original Registration Statement on Form N-4, Reg. No. 33-16966, on behalf of Fidelity Investments Variable Account I filed on September 2, 1987 (Filed in Paper).

(2)

Second Amendment to the Distribution Agreement incorporated by reference to Registration Statement on Form N-4, Reg. No. 33-24400, on behalf of Fidelity Investments Variable Account I filed on April 25, 1997.

(d)

Contracts

(1)

Variable Annuity Policy incorporated by reference from Pre-Effective Amendment No. 1 to Registration Statement on Form N-4, Reg. No. 333-123884, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 6, 2005.

(e)	Applications

(1)

Application for Deferred Variable Annuity incorporated by reference from Pre-Effective Amendment No. 2 to Registration Statement on Form N-4, Reg. No. 333-123884, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on July 20, 2005.

(f)	Insurance Company’s Certification of Incorporation and By-Laws

(1)

Articles of Domestication of Fidelity Investments Life incorporated by reference from Post-Effective Amendment No. 10 to Registration Statement on Form N-4, Reg. No. 33-24400, on behalf of Fidelity Investments Variable Annuity Account I filed on April 26, 1996.

(2)

Amended By-laws of Fidelity Investments Life incorporated by reference from Post-Effective Amendment No. 10 to Registration Statement on Form N-4, Reg. No. 33-24400, on behalf of Fidelity Investments Variable Annuity Account I filed on April 26, 1996.

(g)	Reinsurance Contracts—Not Applicable

(h)	Participation Agreements

(1)

Participation Agreement between Fidelity Investments Life Insurance Company and MORGAN STANLEY UNIVERSAL FUNDS, INC. (the “Fund”), and MORGAN STANLEY INVESTMENT MANAGEMENT INC. (the “Adviser”). incorporated by reference from Post-Effective Amendment No. 13 to Registration Statement on Form N-4, Reg. No. 33-24400, on behalf of Fidelity Investments Variable Annuity Account I filed on April 29, 1998.

(2)

Participation Agreement between Fidelity Investments Life Insurance Company and LAZARD ASSET MANAGEMENT SECURITIES LLC (“Adviser”) and LAZARD RETIREMENT SERIES, INC. (“Fund”).

(3)

Participation Agreement between Fidelity Investments Life Insurance Company and PIMCO Variable Insurance Trust (the “Fund”), a Delaware statutory trust, and Allianz Global Investors Distributors LLC (the “Underwriter”), a Delaware limited liability company.

(4)

Participation Agreement between Fidelity Investments Life Insurance Company and AIM Variable Insurance Funds, a Delaware Trust, and Invesco Distributors, Inc., a Delaware corporation, and Invesco Advisers, Inc.

(5)

Participation Agreement between Fidelity Investments Life Insurance Company and Fidelity Distributors Corporation and each of Variable Insurance Products Fund, Variable Insurance Products Fund II, Variable Insurance Products Fund III, Variable Insurance Products Fund IV, and Variable Insurance Products Fund V incorporated by reference from Post-Effective Amendment No. 24 to Registration Statement on Form N-4, Reg. No. 333-123884, on behalf of Fidelity Investments Variable Account I, filed electronically on April 29, 2022.

(6)

Participation Agreement among Fidelity Investments Life Insurance Company and Fidelity Distributors Company LLC and Variable Insurance Products Fund VI incorporated by reference from Post-Effective Amendment No. 27 to Registration Statement on Form N-4, Reg. No. 333-123884, on behalf of Fidelity Investments Variable Account I, filed electronically on April 29, 2025.

(i)	Administrative Contracts - Not Applicable

(j)	Other Material Contracts - Not Applicable

(k)	Legal Opinion

Legal opinion and consent of Lance A. Warrick filed herein as Exhibit (k)

(l)	Other Opinions

Written consent of PricewaterhouseCoopers LLP filed herein as Exhibit (l)

(m)	Omitted Financial Statements - Not Applicable

(n)	Initial Capital Agreements - Not Applicable

(o)	Form of Initial Summary Prospectuses

(1)

Form of Initial Summary Prospectus incorporated by reference from Post-Effective Amendment No. 24 to Registration Statement on Form N-4, Reg. No. 333-123884, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 29, 2022.

(p)	Power of Attorney

(1)

Power of Attorney for William J. Johnson, Jr. incorporated by reference from Post-Effective Amendment No. 15 to Registration Statement on Form N-4, Reg. No. 333-123884, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 29, 2016.

(2)

Power of Attorney for Miles Mei incorporated by reference from Post-Effective Amendment No. 15 to Registration Statement on Form N-4, Reg. No. 333-123884, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 29, 2016.

(3)

Power of Attorney for Nancy D. Prior incorporated by reference from Post-Effective Amendment No. 17 to Registration Statement on Form N-4, Reg. No. 333-123884, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 27, 2018.

(4)

Power of Attorney for David J. Vargo incorporated by reference from Post-Effective Amendment No. 19 to Registration Statement on Form N-4, Reg. No. 333-123844, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 30, 2020.

(5)

Power of Attorney for Kathryn A. Dunn incorporated by reference from Post-Effective Amendment No. 25 to Registration Statement on Form N-4, Reg. No. 333-123844, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 28, 2023.

(6)

Power of Attorney for Robert W. Litle incorporated by reference from Post-Effective Amendment No. 25 to Registration Statement on Form N-4, Reg. No. 333-123844, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 28, 2023.

(7)

Power of Attorney for Ari Lindner incorporated by reference from Post-Effective Amendment No. 27 to Registration Statement on Form N-4, Reg. No. 333-123844, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 29, 2025.

(8)

Power of Attorney for Thomas J. Tesauro incorporated by reference from Post-Effective Amendment No. 27 to Registration Statement on Form N-4, Reg. No. 333-123844, on behalf of Fidelity Investments Variable Annuity Account I, filed electronically on April 29, 2025.

(q)	Letter Regarding Change in Certifying Account - Not Applicable

(r)	Historical Current Limits on Index Gains - Not Applicable

Item 28. Directors and Officers of the Insurance Company


Name and Principal Business Address		Positions and Offices with Insurance Company
Ari Lindner		Director and President
Kathryn A. Dunn		Director
William J. Johnson, Jr.		Director
Robert W. Litle		Director
Nancy D. Prior		Director
Thomas J. Tesauro		Director
David J. Vargo		Director
James F. Andrea, Jr.		Head of Client Services & Operations
Kerri Bellantoni		Vice President, Human Resources
Jason Heath		Chief Investment Officer
Maxine Hensel		Chief Operating Officer
Andrew McIntosh		Illustration Actuary
Sara Liane Latham		Appointed Actuary
Brian N. Leary		Vice President, Consumer Services Officer & Chief Compliance Officer
Miles Mei		Chief Financial Officer and Treasurer
Robert G. Regan		Chief Risk Officer
Jeffrey Scobee		Head of Technology Vice President, Technology Management
Lance A. Warrick		Vice President, General Counsel and Secretary

The principal business address for each person named in Item 28 is 900 Salem Street, Smithfield, Rhode Island 02917.

Item 29. Persons Controlled By or Under Common Control with the Insurance Company or the Registered Separate Account

The Depositor, Fidelity Investments Life Insurance Company, a Utah Corporation, is 100% owned by FMR LLC. FMR LLC has numerous subsidiaries, including the following financial services providers:

•

Fidelity Brokerage Services LLC, a Delaware limited liability Company

•

Fidelity Distributors Company LLC, a Delaware limited liability Company

•

Fidelity Workplace Investing LLC, a Delaware limited liability Company

•

Fidelity Insurance Agency, Inc., a Massachusetts Corporation

•

Fidelity Investments Institutional Operations Company LLC, a Delaware limited liability Company

•

Fidelity Management & Research Company LLC, a Delaware limited liability Company (advisor to the Fidelity Funds including the Variable Insurance Product Funds named in the prospectus)

•

Digital Brokerage Services, LLC, a Delaware limited liability Company

•

Fidelity Prime Financing LLC, a Delaware limited liability Company

•

Green Pier Fintech LLC, a Delaware limited liability Company

•

National Financial Services LLC, a Delaware limited liability Company

Item 30. Indemnification

FMR LLC and its subsidiaries own a directors’ and officers’ liability reimbursement contract (the “Policies”), issued by National Union Fire Insurance Company, that provides coverage for “Loss” (as defined in the Policies) arising from any claim or claims by reason of any breach of duty, neglect, error, misstatement, misleading statement, omission or other act done or wrongfully attempted by a person while he or she is acting in his or her capacity as a director or officer. The coverage is provided to these insureds, including Fidelity Investments Life, to the extent required or permitted by applicable law, common or statutory, or under their respective charters or by-laws, to indemnify directors or officers for Loss arising from the above-described matters. Coverage is also provided to the individual directors or officers for such Loss, for which they shall not be indemnified, subject to relevant contract exclusions. Loss is essentially the legal liability on claims against a director or officer, including damages, judgements, settlements, costs, charges and expenses (excluding salaries of officers or employees) incurred in the defense of actions, suits or proceedings and appeals therefrom.

There are a number of exclusions from coverage. Among the matters excluded are Losses arising as the result of (1) fines or penalties imposed by law or other matters that may be deemed uninsurable under the law pursuant to which the Policy is construed, (2) claims brought about or contributed to by the fraudulent, dishonest, or criminal acts of a director or officer, (3) any claim made against the directors or officers for violation of any of the responsibilities, obligations, or duties imposed upon fiduciaries by the Employee Retirement Income Security Act of 1974 or amendments thereto, (4) professional errors or omissions, and (5) claims for an accounting of profits in fact made from the purchase or sale by a director or officer of any securities of the insured corporations within the meaning of Section 16(b) of the Securities Exchange Act of 1934 and amendments thereto or similar provisions of any state statutory law.

A $100 million limit (policy aggregate limit) and a $500,000 deductible apply to Loss for which the directors and officers are indemnified by Fidelity Investments Life Insurance Company. A $10 million limit (policy aggregate) and a $0 deductible apply to Loss for which the directors and officers are not indemnified by Fidelity Investments Life Insurance Company.

Utah law (Revised Business Corporation Act §16-10a-901 et seq.) provides, in substance, that a corporation may indemnify a director, officer, employee or agent against liability if he acted in good faith and in a manner he reasonably believed to be in, or not opposed to, the best interest of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.

The Text of Article XIV of Fidelity Investments Life Insurance Company’s By-Laws, which relates to indemnification of the directors and officers, is as follows:

INDEMNIFICATION OF DIRECTORS, OFFICERS AND PERSONS

ADMINISTERING EMPLOYEE BENEFIT PLANS

Each officer or Director or former officer or Director of the Corporation, and each person who shall, at the Corporation’s request, have served as an officer or Director of another corporation or as trustee, partner or officer of a trust, partnership or association, and each person who shall, at the Corporation’s request, have served in any capacity with respect to any employee benefit plan, whether or not then in office or then serving with respect to such employee benefit plan, and the heirs, executors, administrators, successors and assigns of each of them, shall be indemnified by the Corporation against all liabilities, costs and expenses, including amounts paid in satisfaction of judgments, in compromise and or as fines or reasonably incurred by him or them in connection with or arising out of any action, suit, or proceeding, civil or criminal, in which he or they may be involved, or incurred in anticipation of any action, suit or proceeding, by reason of his being or having any alleged act or omission by him in such capacity or in serving with respect to an employee benefit plan, including the cost of reasonable settlements (other than amounts paid to the Corporation itself) made with a view to curtailment of costs of litigation.

The Corporation shall not, however, indemnify any such person, or his heirs, executors, administrators, successors, or assigns, with respect to any matter as to which his conduct shall be finally adjudged in any such action, suit, or proceeding to constitute willful misconduct or recklessness or to the extent that such matter relates to service with respect to an employee benefit plan, to be not in the best interests of the participants or beneficiaries of such employee benefit plan.

Such indemnification may include payment by the Corporation of expenses incurred in defending any such action, suit, or proceeding in advance of the final disposition thereof, upon receipt of an undertaking by or on behalf of the person indemnified to repay such payment if it shall ultimately be determined that he is not entitled to be indemnified by the Corporation. Such undertaking may be accepted by the Corporation without reference to the financial ability of such person to make repayment.

The foregoing rights of indemnification shall not be exclusive of other rights to which any such Director, officer, trustee, partner or person serving with respect to an employee benefit plan may be entitled as a matter of law. These indemnity provisions shall be separable, and if any portion thereof shall be finally adjudged to be invalid, such invalidity shall not affect any other portion which can be given effect.

The Board of Directors may purchase and maintain insurance on behalf of any persons who is or was a Director, officer, trustee, partner, employee or other agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, trustee, partner, employee or other agent of another corporation, association, trust or partnership, against any liability incurred by him in any such capacity or arising out of his status as such, whether or not the Corporation would have the power to indemnify him against such liability.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers, and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director or officer, or controlling persons of the Registrant in the successful defense of any action, suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 31. Principal Underwriters

(a)	Fidelity Brokerage Services LLC acts as distributor for other variable life and variable annuity contracts registered by separate accounts of Fidelity Investments Life, and Empire Fidelity Investments Life Insurance Company.

(b)	Management


Name and Principal Business Address		Positions and Offices with Underwriter
Robert R. Mascialino		Director, Chief Executive Officer, and President
Lisa D. Krieser		Assistant Secretary
Kevin M. McLaughlin		Chief Financial Officer
Gail R. Merken		Chief Compliance Officer
Michael Shulman		Assistant Treasurer
Charles Sturdy		Secretary and Chief Legal Officer

The address for each person named in Item 31(b) is 900 Salem Street, Smithfield, Rhode Island 02917.

(c)	Compensation to the Distributor:

The following aggregate amount of commissions and other compensation was received by the principal underwriter, directly or indirectly, from the Registrant for this and other variable annuity contracts issued by the Depositor, during the Registrant’s last fiscal year:

(1)

Name of Principal

Underwriter

(2)
Net Underwriting
Discounts and
Commissions

(3)
Compensation on
Redemption

(4)
Brokerage
Commissions

(5)
Other
Compensation

Fidelity Brokerage Services LLC

20,992,464

Item 31A. Information about Contracts with Index-Linked Options and Fixed Options Subject to a Contract Adjustment

(a)	For any Contract with Index-Linked Options and/or Fixed Options subject to a Contract Adjustment offered through this registration statement, provide the information required by the following table as of December 31 of the prior calendar year:

Name of Contract

Number of
Contracts
outstanding

Total value
attributable to the
Index-Linked
Option and/or
Fixed Option
subject to a
Contract
Adjustment

Number of
Contracts sold
during the prior
calendar year

Gross premiums
received during
the prior calendar
year

Amount of
Contract value
redeemed during
the prior calendar
year

Combination
Contract (Yes/
No)

Not Applicable

Not Appliable

Not Applicable

Item 32. Location of Accounts and Records

The records regarding the Account required to be maintained by Section 31(a) of the Investment Company Act of 1940, and Rules 31a-1 to 31a-3 promulgated thereunder, are maintained at Fidelity Investments Life Insurance Company at 900 Salem Street, Smithfield, Rhode Island 02917.

Item 33. Management Services

Not Applicable

Item 34. Fee Representation and Undertakings

Fidelity Investments Life Insurance Company hereby represents that the aggregate charges under the variable annuity policy (“the contract”) offered by Fidelity Investments Life Insurance Company, under this registration statement, are reasonable in relation to services rendered, the expenses expected to be incurred, and the risks assumed by Fidelity Investments Life Insurance Company.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, Fidelity Investments Variable Annuity Account I, certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Smithfield, and State of Rhode Island, on this 30th day of April, 2026.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(Insurance Company)

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on this 30th day of April 2026.


Signature	Title	Date
/s/ *			)
Ari Lindner	President and Director	April 30, 2026	)
/s/ *			) )
Miles Mei	Treasurer	April 30, 2026	)
/s/ *			) )
Kathryn A. Dunn	Director	April 30, 2026	) By:	/s/ Lance A. Warrick
/s/ *			) )	Lance A. Warrick (Attorney-in-Fact)*
William J. Johnson, Jr.	Director	April 30, 2026	)
/s/ *			) )
Robert W. Litle /s/ *	Director	April 30, 2026	) ) )
Nancy D. Prior /s/ *	Director	April 30, 2026	) ) )
Thomas J. Tesauro	Director	April 30, 2026	)
/s/ *			) )
David J. Vargo	Director	April 30, 2026	)