Separate Account VL-R

American General Life Insurance Company

Financial Statements

December 31, 2023

Report of Independent Registered Public Accounting Firm

To the Board of Directors of American General Life Insurance Company and the Contract Owners of American General Life Insurance Company Separate Account VL-R.

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities , including the schedules of portfolio investments, of each of the subaccounts of American General Life Insurance Company Separate Account VL-R indicated in the table below as of December 31, 2023, and the related statements of operations, and changes in net assets for each of the periods indicated in the table below, 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 sub-accounts of American General Life Insurance Company Separate Account VL-R as of December 31, 2023, 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.

AB VPS Balanced Hedged Allocation Portfolio Class A (1)	MFS VIT Growth Series Initial Class (1)
AB VPS Intermediate Bond Portfolio Class A (2)	MFS VIT Investors Trust Series Initial Class (1)
AB VPS Large Cap Growth Portfolio Class A (1)	MFS VIT New Discovery Series Initial Class (1)
AB VPS Relative Value Portfolio Class A (1)	MFS VIT Research Series Initial Class (1)
AB VPS Small Cap Growth Portfolio Class A (1)	MFS VIT Total Return Series Initial Class (1)
AB VPS Sustainable Global Thematic Growth Portfolio Class A (1)	MFS VIT Utilities Series Initial Class (1)
Alger Capital Appreciation Portfolio Class I-2 (1)	MFS VIT II Core Equity Portfolio Initial Class (1)
Alger Mid Cap Growth Portfolio Class I-2 (1)	Morgan Stanley VIF Growth Portfolio Class I (1)
American Century VP Capital Appreciation Fund Class I (1)	Neuberger Berman AMT Mid Cap Growth Portfolio Class I (1)
American Century VP Disciplined Core Value Fund Class I (1)	Neuberger Berman AMT Short Duration Bond Portfolio Class I (1)
American Century VP Value Fund Class I (1)	Neuberger Berman AMT Sustainable Equity Portfolio Class I (1)
American Funds IS American High-Income Trust Class 2 (1)	PIMCO CommodityRealReturn Strategy Portfolio Administrative Class (1)
American Funds IS Asset Allocation Fund Class 2 (1)	PIMCO Global Bond Opportunities Portfolio (Unhedged) Administrative Class (1)
American Funds IS Global Growth Fund Class 2 (1)	PIMCO Real Return Portfolio Administrative Class (1)
American Funds IS Growth Fund Class 2 (1)	PIMCO Short-Term Portfolio Administrative Class (1)
American Funds IS Growth-Income Fund Class 2 (1)	PIMCO Total Return Portfolio Administrative Class (1)
American Funds IS International Fund Class 2 (1)	Pioneer Fund VCT Portfolio Class I (1)
BNY Mellon IP MidCap Stock Portfolio Initial Shares (1)	Pioneer Mid Cap Value VCT Portfolio Class I (1)
BNY Mellon Stock Index Fund, Inc. Initial Shares (1)	Pioneer Select Mid Cap Growth VCT Portfolio Class I (1)
BNY Mellon VIF Opportunistic Small Cap Portfolio Initial Shares (1)	Putnam VT Diversified Income Fund Class IB (1)
EQ/Core Plus Bond Portfolio Class IA (1)	Putnam VT International Value Fund Class IB (1)
EQ/Moderate Allocation Portfolio Class IA (1)	Putnam VT Large Cap Growth Fund Class IB(1)
EQ Advisors Multimanager Aggressive Equity Portfolio Class IA (1)	Putnam VT Large Cap Value Fund Class IB (1)
EQ/Common Stock Index Portfolio Class IA (1)	Putnam VT Small Cap Value Fund Class IB (1)
EQ/International Equity Index Portfolio Class IA (1)	Putnam VT Sustainable Leaders Fund Class IB (1)
EQ/Money Market Portfolio Class IA (1)	SST SA Multi-Managed Mid Cap Value Portfolio Class 3 (1)
Fidelity VIP Asset Manager Growth Portfolio Initial Class (1)	SAST SA AB Growth Portfolio Class 1 (1)
Fidelity VIP Asset Manager Portfolio Initial Class (1)	SAST SA DFA Ultra Short Bond Portfolio Class 1 (1)
Fidelity VIP Asset Manager Portfolio Service Class 2 (1)	SAST SA Federated Hermes Corporate Bond Portfolio Class 1 (1)
Fidelity VIP Contrafund Portfolio Initial Class (1)	SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 1 (1)
Fidelity VIP Contrafund Portfolio Service Class 2 (1)	SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1 (1)
Fidelity VIP Equity-Income Portfolio Initial Class (1)	SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1 (1)
Fidelity VIP Equity-Income Portfolio Service Class 2 (1)	SAST SA Goldman Sachs Global Bond Portfolio Class 1 (1)
Fidelity VIP Freedom 2020 Portfolio Service Class 2 (1)	SAST SA Invesco Growth Opportunities Portfolio Class 1 (1)
Fidelity VIP Freedom 2025 Portfolio Service Class 2 (1)	SAST SA Janus Focused Growth Portfolio Class 1 (1)
Fidelity VIP Freedom 2030 Portfolio Service Class 2 (1)	SAST SA JPMorgan Diversified Balanced Portfolio Class 1 (1)
Fidelity VIP Government Money Market Portfolio Initial Class (1)	SAST SA JPMorgan Emerging Markets Portfolio Class 1 (1)
Fidelity VIP Government Money Market Portfolio Service Class 2 (1)	SAST SA JPMorgan Equity-Income Portfolio Class 1 (1)
Fidelity VIP Growth Portfolio Initial Class (1)	SAST SA JPMorgan Global Equities Portfolio Class 1 (1)
Fidelity VIP Growth Portfolio Service Class 2 (1)	SAST SA JPMorgan Large Cap Core Portfolio Class 1 (1)
Fidelity VIP High Income Portfolio Initial Class (1)	SAST SA JPMorgan MFS Core Bond Portfolio Class 1 (1)
Fidelity VIP Index 500 Portfolio Initial Class (1)	SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1 (1)
Fidelity VIP Investment Grade Bond Portfolio Initial Class (1)	SAST SA MFS Blue Chip Growth Portfolio Class 1 (1)
Fidelity VIP Mid Cap Portfolio Service Class 2 (1)	SAST SA MFS Massachusetts Investors Trust Portfolio Class 1 (1)
Fidelity VIP Overseas Portfolio Initial Class (1)	SAST SA MFS Total Return Portfolio Class 1 (1)
FTVIP Franklin Mutual Shares VIP Fund Class 2 (1)	SAST SA Morgan Stanley International Equities Portfolio Class 1 (1)
FTVIP Franklin Small Cap Value VIP Fund Class 2 (1)	SAST SA PineBridge High-Yield Bond Portfolio Class 1 (1)
FTVIP Franklin Small-Mid Cap Growth VIP Fund Class 2 (1)	SAST SA Putnam International Growth and Income Portfolio Class 1 (1)
FTVIP Franklin U.S. Government Securities VIP Fund Class 2 (1)	SAST SA Wellington Capital Appreciation Portfolio Class 1 (1)
FTVIP Templeton Foreign VIP Fund Class 2 (1)	SAST SA Wellington Capital Appreciation Portfolio Class 3 (1)

Goldman Sachs VIT Strategic Growth Fund Institutional Shares (1)	SAST SA Wellington Government and Quality Bond Portfolio Class 1 (1)
Invesco V.I. American Franchise Fund Series I (1)	SAST SA Wellington Government and Quality Bond Portfolio Class 3 (1)
Invesco V.I. Conservative Balanced Fund Series I (1)	VALIC Company I Core Bond Fund (1)
Invesco V.I. Core Equity Fund Series I (1)	VALIC Company I Dynamic Allocation Fund (1)
Invesco V.I. EQV International Equity Fund Series 1 (1)	VALIC Company I Emerging Economies Fund (1)
Invesco V.I. Global Fund Series I (1)	VALIC Company I Government Money Market I Fund (3)
Invesco V.I. Global Real Estate Fund Series I (1)	VALIC Company I International Equities Index Fund (1)
Invesco V.I. Global Strategic Income Fund Series I (1)	VALIC Company I International Value Fund (1)
Invesco V.I. Government Securities Fund Series I (1)	VALIC Company I Mid Cap Index Fund (1)
Invesco V.I. Growth and Income Fund Series I (1)	VALIC Company I Mid Cap Value Fund (1)
Invesco V.I. High Yield Fund Series I (1)	VALIC Company I Nasdaq-100 Index Fund (1)
Invesco V.I. Main Street Fund Series I (1)	VALIC Company I Science & Technology Fund (1)
Janus Henderson Enterprise Portfolio Service Shares (1)	VALIC Company I Small Cap Index Fund (1)
Janus Henderson Forty Portfolio Service Shares (1)	VALIC Company I Stock Index Fund (1)
Janus Henderson Global Research Portfolio Service Shares (1)	VALIC Company I U.S. Socially Responsible Fund (1)
Janus Henderson Overseas Portfolio Service Shares (1)	VanEck VIP Emerging Markets Fund Initial Class (1)
LVIP JPMorgan Core Bond Fund Standard Class (1)	VanEck VIP Global Resources Fund Initial Class (1)
LVIP JPMorgan Mid Cap Value Fund Standard Class (1)	Vanguard VIF High Yield Bond Portfolio (1)
LVIP JPMorgan Small Cap Core Fund Standard Class (1)	Vanguard VIF Real Estate Index Portfolio (1)
LVIP JPMorgan U.S. Equity Fund Standard Class (1)

(1)	Statement of Operations and Changes in Net Assets for the years ended December 31, 2023 and 2022
(2)	Statement of Operations and Changes in Net Assets for the period January 1, 2022 to March 3, 2022 (cessation of operations)
(3)	Statement of Operations and Changes in Net Assets for the period January 1, 2022 to July 22, 2022 (cessation of operations)

Basis for Opinions

These financial statements are the responsibility of American General Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the sub-accounts of American General Life Insurance Company Separate Account VL-R 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 sub-accounts of American General Life Insurance Company Separate Account VL-R 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 confirmation of investments owned as of December 31, 2023 by correspondence with the transfer agents of the investee mutual funds and the custodians We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

April 23, 2024

We have served as the auditor of one or more of the sub-accounts of AIG Life and Retirement Separate Account Group since at least 1994. We have not been able to determine the specific year we began serving as auditor.

PricewaterhouseCoopers LLP, 1000 Louisiana Street, Suite 5800, Houston, TX 77002-5021

T: (713) 356 4000, www.pwc.com/us

2

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2023

Sub-accounts	Investments at Fair Value		Due from (to) General Account, Net		Net Assets
AB VPS Balanced Hedged Allocation Portfolio Class A	$	188,744	$	—	$	188,744
AB VPS Large Cap Growth Portfolio Class A		39,344,165		—		39,344,165
AB VPS Relative Value Portfolio Class A		1,834,508		—		1,834,508
AB VPS Small Cap Growth Portfolio Class A		577,851		—		577,851
AB VPS Sustainable Global Thematic Growth Portfolio Class A		1,462,630		—		1,462,630
Alger Capital Appreciation Portfolio Class I-2		12,576,420		—		12,576,420
Alger Mid Cap Growth Portfolio Class I-2		3,607,858		—		3,607,858
American Century VP Capital Appreciation Fund Class I		345,852		—		345,852
American Century VP Disciplined Core Value Fund Class I		172,501		—		172,501
American Century VP Value Fund Class I		16,984,738		—		16,984,738
American Funds IS American High-Income Trust Class 2		1,481,566		—		1,481,566
American Funds IS Asset Allocation Fund Class 2		10,250,507		—		10,250,507
American Funds IS Global Growth Fund Class 2		3,314,933		—		3,314,933
American Funds IS Growth Fund Class 2		8,894,876		—		8,894,876
American Funds IS Growth-Income Fund Class 2		8,594,232		—		8,594,232
American Funds IS International Fund Class 2		2,256,767		—		2,256,767
BNY Mellon IP MidCap Stock Portfolio Initial Shares		4,323,011		—		4,323,011
BNY Mellon Stock Index Fund, Inc. Initial Shares		6,716,936		—		6,716,936
BNY Mellon VIF Opportunistic Small Cap Portfolio Initial Shares		7,946,155		—		7,946,155
EQ Advisors Multimanager Aggressive Equity Portfolio Class IA		580,581		—		580,581
EQ/Common Stock Index Portfolio Class IA		2,175,935		—		2,175,935
EQ/Core Plus Bond Portfolio Class IA		13,290		—		13,290
EQ/International Equity Index Portfolio Class IA		149,153		—		149,153
EQ/Moderate Allocation Portfolio Class IA		349,416		—		349,416
EQ/Money Market Portfolio Class IA		9,891		—		9,891
Fidelity VIP Asset Manager Growth Portfolio Initial Class		6,213,627		—		6,213,627
Fidelity VIP Asset Manager Portfolio Initial Class		11,276,137		—		11,276,137
Fidelity VIP Asset Manager Portfolio Service Class 2		3,981,443		—		3,981,443
Fidelity VIP Contrafund Portfolio Initial Class		51,473,694		—		51,473,694
Fidelity VIP Contrafund Portfolio Service Class 2		44,559,339		—		44,559,339
Fidelity VIP Equity-Income Portfolio Initial Class		32,924,330		—		32,924,330
Fidelity VIP Equity-Income Portfolio Service Class 2		20,100,332		—		20,100,332
Fidelity VIP Freedom 2020 Portfolio Service Class 2		249,564		—		249,564
Fidelity VIP Freedom 2025 Portfolio Service Class 2		543,182		—		543,182
Fidelity VIP Freedom 2030 Portfolio Service Class 2		3,227,390		—		3,227,390
Fidelity VIP Government Money Market Portfolio Initial Class		13,606,233		—		13,606,233
Fidelity VIP Government Money Market Portfolio Service Class 2		1,237,632		—		1,237,632
Fidelity VIP Growth Portfolio Initial Class		91,750,214		—		91,750,214
Fidelity VIP Growth Portfolio Service Class 2		35,350,351		—		35,350,351
Fidelity VIP High Income Portfolio Initial Class		1,752,456		—		1,752,456
Fidelity VIP Index 500 Portfolio Initial Class		47,608,913		—		47,608,913
Fidelity VIP Investment Grade Bond Portfolio Initial Class		2,327,647		—		2,327,647
Fidelity VIP Mid Cap Portfolio Service Class 2		12,443,229		—		12,443,229
Fidelity VIP Overseas Portfolio Initial Class		6,788,611		—		6,788,611
FTVIP Franklin Mutual Shares VIP Fund Class 2		6,799,905		—		6,799,905
FTVIP Franklin Small Cap Value VIP Fund Class 2		9,089,305		—		9,089,305
FTVIP Franklin Small-Mid Cap Growth VIP Fund Class 2		22,309		—		22,309
FTVIP Franklin U.S. Government Securities VIP Fund Class 2		1,685,386		—		1,685,386
FTVIP Templeton Foreign VIP Fund Class 2		3,572,813		—		3,572,813
Goldman Sachs VIT Strategic Growth Fund Institutional Shares		4,776,354		—		4,776,354
Invesco V.I. American Franchise Fund Series I		794,244		—		794,244
Invesco V.I. Conservative Balanced Fund Series I		1,306,789		—		1,306,789
Invesco V.I. Core Equity Fund Series I		9,246,249		—		9,246,249

  The accompanying Notes to Financial Statements are an integral part of this statement.

3

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2023

Sub-accounts	Investments at Fair Value		Due from (to) General Account, Net		Net Assets
Invesco V.I. EQV International Equity Fund Series 1	$	8,301,079	$	—	$	8,301,079
Invesco V.I. Global Fund Series I		9,830,694		—		9,830,694
Invesco V.I. Global Real Estate Fund Series I		698,260		—		698,260
Invesco V.I. Global Strategic Income Fund Series I		297		—		297
Invesco V.I. Government Securities Fund Series I		7,820		—		7,820
Invesco V.I. Growth and Income Fund Series I		11,468,772		—		11,468,772
Invesco V.I. High Yield Fund Series I		754,940		—		754,940
Invesco V.I. Main Street Fund Series I		851,162		—		851,162
Janus Henderson Enterprise Portfolio Service Shares		8,288,785		—		8,288,785
Janus Henderson Forty Portfolio Service Shares		1,932,102		—		1,932,102
Janus Henderson Global Research Portfolio Service Shares		3,841,714		—		3,841,714
Janus Henderson Overseas Portfolio Service Shares		6,338,991		—		6,338,991
LVIP JPMorgan Core Bond Fund Standard Class		3,870,983		—		3,870,983
LVIP JPMorgan Mid Cap Value Fund Standard Class		403,118		—		403,118
LVIP JPMorgan Small Cap Core Fund Standard Class		4,150,901		—		4,150,901
LVIP JPMorgan U.S. Equity Fund Standard Class		516,233		—		516,233
MFS VIT Growth Series Initial Class		34,237,784		—		34,237,784
MFS VIT Investors Trust Series Initial Class		3,235,159		—		3,235,159
MFS VIT New Discovery Series Initial Class		8,001,599		—		8,001,599
MFS VIT Research Series Initial Class		10,503,553		—		10,503,553
MFS VIT Total Return Series Initial Class		4,552,864		—		4,552,864
MFS VIT Utilities Series Initial Class		7,149,523		—		7,149,523
MFS VIT II Core Equity Portfolio Initial Class		14,612,625		—		14,612,625
Morgan Stanley VIF Growth Portfolio Class I		6,135,226		—		6,135,226
Neuberger Berman AMT Mid Cap Growth Portfolio Class I		7,564,253		—		7,564,253
Neuberger Berman AMT Short Duration Bond Portfolio Class I		41,245		—		41,245
Neuberger Berman AMT Sustainable Equity Portfolio Class I		554,824		—		554,824
PIMCO CommodityRealReturn Strategy Portfolio Administrative Class		936,672		—		936,672
PIMCO Global Bond Opportunities Portfolio (Unhedged) Administrative Class		489,354		—		489,354
PIMCO Real Return Portfolio Administrative Class		6,732,434		—		6,732,434
PIMCO Short-Term Portfolio Administrative Class		4,253,818		—		4,253,818
PIMCO Total Return Portfolio Administrative Class		12,484,572		—		12,484,572
Pioneer Fund VCT Portfolio Class I		2,044,450		—		2,044,450
Pioneer Mid Cap Value VCT Portfolio Class I		1,173,478		—		1,173,478
Pioneer Select Mid Cap Growth VCT Portfolio Class I		3,186,266		—		3,186,266
Putnam VT Diversified Income Fund Class IB		4,521,734		—		4,521,734
Putnam VT International Value Fund Class IB		4,213,433		—		4,213,433
Putnam VT Large Cap Growth Fund Class IB		93,541		—		93,541
Putnam VT Large Cap Value Fund Class IB		17,432,817		—		17,432,817
Putnam VT Small Cap Value Fund Class IB		150,940		—		150,940
Putnam VT Sustainable Leaders Fund Class IB		111,075		—		111,075
SST SA Multi-Managed Mid Cap Value Portfolio Class 3		181,264		—		181,264
SAST SA AB Growth Portfolio Class 1		9,117,898		—		9,117,898
SAST SA DFA Ultra Short Bond Portfolio Class 1		1,325,035		—		1,325,035
SAST SA Federated Hermes Corporate Bond Portfolio Class 1		188,118		—		188,118
SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 1		271,823		—		271,823
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		2,751,212		—		2,751,212
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1		517,347		—		517,347
SAST SA Goldman Sachs Global Bond Portfolio Class 1		157,250		—		157,250
SAST SA Invesco Growth Opportunities Portfolio Class 1		131,569		—		131,569
SAST SA Janus Focused Growth Portfolio Class 1		1,078,618		—		1,078,618
SAST SA JPMorgan Diversified Balanced Portfolio Class 1		4,742,111		—		4,742,111
SAST SA JPMorgan Emerging Markets Portfolio Class 1		302,838		—		302,838

   The accompanying Notes to Financial Statements are an integral part of this statement.

4

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2023

Sub-accounts	Investments at Fair Value		Due from (to) General Account, Net		Net Assets
SAST SA JPMorgan Equity-Income Portfolio Class 1	$	3,213,399	$	—	$	3,213,399
SAST SA JPMorgan Global Equities Portfolio Class 1		362,880		—		362,880
SAST SA JPMorgan Large Cap Core Portfolio Class 1		439,750		—		439,750
SAST SA JPMorgan MFS Core Bond Portfolio Class 1		72,359		—		72,359
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		8,549,125		—		8,549,125
SAST SA MFS Blue Chip Growth Portfolio Class 1		75,136		—		75,136
SAST SA MFS Massachusetts Investors Trust Portfolio Class 1		636,680		—		636,680
SAST SA MFS Total Return Portfolio Class 1		802,628		—		802,628
SAST SA Morgan Stanley International Equities Portfolio Class 1		378,154		—		378,154
SAST SA PineBridge High-Yield Bond Portfolio Class 1		306,407		—		306,407
SAST SA Putnam International Growth and Income Portfolio Class 1		514,955		—		514,955
SAST SA Wellington Capital Appreciation Portfolio Class 1		5,531,983		—		5,531,983
SAST SA Wellington Capital Appreciation Portfolio Class 3		1,064,673		—		1,064,673
SAST SA Wellington Government and Quality Bond Portfolio Class 1		265,815		—		265,815
SAST SA Wellington Government and Quality Bond Portfolio Class 3		597,231		—		597,231
VALIC Company I Core Bond Fund		445,111		10,434		455,545
VALIC Company I Dynamic Allocation Fund		9,095,538		—		9,095,538
VALIC Company I Emerging Economies Fund		519,107		—		519,107
VALIC Company I International Equities Index Fund		4,735,953		—		4,735,953
VALIC Company I International Value Fund		218,881		—		218,881
VALIC Company I Mid Cap Index Fund		17,903,847		—		17,903,847
VALIC Company I Mid Cap Value Fund		277,198		—		277,198
VALIC Company I Nasdaq-100 Index Fund		12,349,293		—		12,349,293
VALIC Company I Science & Technology Fund		6,625,232		—		6,625,232
VALIC Company I Small Cap Index Fund		9,097,938		—		9,097,938
VALIC Company I Stock Index Fund		28,152,592		—		28,152,592
VALIC Company I U.S. Socially Responsible Fund		220,245		—		220,245
VanEck VIP Emerging Markets Fund Initial Class		126,680		—		126,680
VanEck VIP Global Resources Fund Initial Class		264,839		—		264,839
Vanguard VIF High Yield Bond Portfolio		5,705,616		—		5,705,616
Vanguard VIF Real Estate Index Portfolio		13,152,940		—		13,152,940

  The accompanying Notes to Financial Statements are an integral part of this statement.

5

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

SCHEDULE OF PORTFOLIO INVESTMENTS

December 31, 2023

Sub-accounts	Shares		Net Asset      Value  per      Share		Shares at Fair   Value		Cost of Shares   Held		Level*
AB VPS Balanced Hedged Allocation Portfolio Class A		21,497	$	8.78	$	188,744	$	215,070	1
AB VPS Large Cap Growth Portfolio Class A		528,110		74.50		39,344,165		34,784,336	1
AB VPS Relative Value Portfolio Class A		62,187		29.50		1,834,508		1,808,217	1
AB VPS Small Cap Growth Portfolio Class A		53,804		10.74		577,851		816,754	1
AB VPS Sustainable Global Thematic Growth Portfolio Class A		44,095		33.17		1,462,630		1,300,282	1
Alger Capital Appreciation Portfolio Class I-2		160,783		78.22		12,576,420		12,671,891	1
Alger Mid Cap Growth Portfolio Class I-2		214,116		16.85		3,607,858		4,779,370	1
American Century VP Capital Appreciation Fund Class I		24,322		14.22		345,852		347,989	1
American Century VP Disciplined Core Value Fund Class I		22,490		7.67		172,501		203,342	1
American Century VP Value Fund Class I		1,393,334		12.19		16,984,738		16,070,420	1
American Funds IS American High-Income Trust Class 2		169,710		8.73		1,481,566		1,590,042	1
American Funds IS Asset Allocation Fund Class 2		435,636		23.53		10,250,507		10,672,086	1
American Funds IS Global Growth Fund Class 2		99,131		33.44		3,314,933		3,337,163	1
American Funds IS Growth Fund Class 2		90,579		98.20		8,894,876		8,400,186	1
American Funds IS Growth-Income Fund Class 2		147,414		58.30		8,594,232		7,478,324	1
American Funds IS International Fund Class 2		129,625		17.41		2,256,767		2,473,134	1
BNY Mellon IP MidCap Stock Portfolio Initial Shares		231,425		18.68		4,323,011		4,298,392	1
BNY Mellon Stock Index Fund, Inc. Initial Shares		97,234		69.08		6,716,936		4,943,743	1
BNY Mellon VIF Opportunistic Small Cap Portfolio Initial Shares		189,510		41.93		7,946,155		8,483,331	1
EQ Advisors Multimanager Aggressive Equity Portfolio Class IA		8,690		66.81		580,581		616,345	1
EQ/Common Stock Index Portfolio Class IA		50,441		43.14		2,175,935		1,623,302	1
EQ/Core Plus Bond Portfolio Class IA		3,796		3.50		13,290		14,740	1
EQ/International Equity Index Portfolio Class IA		13,902		10.73		149,153		127,810	1
EQ/Moderate Allocation Portfolio Class IA		29,206		11.96		349,416		332,842	1
EQ/Money Market Portfolio Class IA		9,884		1.00		9,891		9,890	1
Fidelity VIP Asset Manager Growth Portfolio Initial Class		290,221		21.41		6,213,627		5,284,164	1
Fidelity VIP Asset Manager Portfolio Initial Class		720,981		15.64		11,276,137		10,652,364	1
Fidelity VIP Asset Manager Portfolio Service Class 2		262,975		15.14		3,981,443		4,003,626	1
Fidelity VIP Contrafund Portfolio Initial Class		1,058,476		48.63		51,473,694		37,470,628	1
Fidelity VIP Contrafund Portfolio Service Class 2		951,513		46.83		44,559,339		38,965,329	1
Fidelity VIP Equity-Income Portfolio Initial Class		1,324,923		24.85		32,924,330		29,750,136	1
Fidelity VIP Equity-Income Portfolio Service Class 2		840,666		23.91		20,100,332		19,602,696	1
Fidelity VIP Freedom 2020 Portfolio Service Class 2		20,126		12.40		249,564		269,791	1
Fidelity VIP Freedom 2025 Portfolio Service Class 2		36,188		15.01		543,182		555,359	1
Fidelity VIP Freedom 2030 Portfolio Service Class 2		211,632		15.25		3,227,390		3,037,667	1
Fidelity VIP Government Money Market Portfolio Initial Class		13,606,233		1.00		13,606,233		13,606,233	1
Fidelity VIP Government Money Market Portfolio Service Class 2		1,237,632		1.00		1,237,632		1,237,632	1
Fidelity VIP Growth Portfolio Initial Class		985,502		93.10		91,750,214		74,599,545	1
Fidelity VIP Growth Portfolio Service Class 2		393,131		89.92		35,350,351		32,910,649	1
Fidelity VIP High Income Portfolio Initial Class		380,969		4.60		1,752,456		1,971,889	1
Fidelity VIP Index 500 Portfolio Initial Class		103,096		461.79		47,608,913		19,919,459	1
Fidelity VIP Investment Grade Bond Portfolio Initial Class		208,384		11.17		2,327,647		2,657,576	1
Fidelity VIP Mid Cap Portfolio Service Class 2		358,698		34.69		12,443,229		12,007,482	1
Fidelity VIP Overseas Portfolio Initial Class		262,921		25.82		6,788,611		5,238,501	1
FTVIP Franklin Mutual Shares VIP Fund Class 2		443,569		15.33		6,799,905		7,209,676	1
FTVIP Franklin Small Cap Value VIP Fund Class 2		684,951		13.27		9,089,305		9,251,385	1
FTVIP Franklin Small-Mid Cap Growth VIP Fund Class 2		1,675		13.32		22,309		23,447	1
FTVIP Franklin U.S. Government Securities VIP Fund Class 2		162,682		10.36		1,685,386		1,802,864	1
FTVIP Templeton Foreign VIP Fund Class 2		250,900		14.24		3,572,813		3,296,427	1
Goldman Sachs VIT Strategic Growth Fund Institutional Shares		380,889		12.54		4,776,354		4,524,318	1
Invesco V.I. American Franchise Fund Series I		13,471		58.96		794,244		792,221	1
Invesco V.I. Conservative Balanced Fund Series I		85,077		15.36		1,306,789		1,366,521	1

  * Represents the level within the fair value hierarchy under which the portfolio is classified as defined in ASC 820 and described in Note 3 to the financial statements.

  The accompanying Notes to Financial Statements are an integral part of this statement.

6

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

SCHEDULE OF PORTFOLIO INVESTMENTS

December 31, 2023

Sub-accounts	Shares		Net Asset      Value per      Share		Shares at Fair   Value		Cost of Shares   Held		Level*
Invesco V.I. Core Equity Fund Series I		315,679	$	29.29	$	9,246,249	$	9,596,011	1
Invesco V.I. EQV International Equity Fund Series 1		243,505		34.09		8,301,079		8,465,250	1
Invesco V.I. Global Fund Series I		268,892		36.56		9,830,694		10,455,385	1
Invesco V.I. Global Real Estate Fund Series I		49,947		13.98		698,260		709,796	1
Invesco V.I. Global Strategic Income Fund Series I		69		4.29		297		277	1
Invesco V.I. Government Securities Fund Series I		758		10.32		7,820		8,141	1
Invesco V.I. Growth and Income Fund Series I		608,100		18.86		11,468,772		11,577,988	1
Invesco V.I. High Yield Fund Series I		160,968		4.69		754,940		807,120	1
Invesco V.I. Main Street Fund Series I		46,716		18.22		851,162		1,028,128	1
Janus Henderson Enterprise Portfolio Service Shares		121,234		68.37		8,288,785		8,806,526	1
Janus Henderson Forty Portfolio Service Shares		45,472		42.49		1,932,102		1,795,076	1
Janus Henderson Global Research Portfolio Service Shares		65,092		59.02		3,841,714		3,634,518	1
Janus Henderson Overseas Portfolio Service Shares		158,158		40.08		6,338,991		5,248,968	1
LVIP JPMorgan Core Bond Fund Standard Class		391,998		9.88		3,870,983		4,351,658	1
LVIP JPMorgan Mid Cap Value Fund Standard Class		39,626		10.17		403,118		411,427	1
LVIP JPMorgan Small Cap Core Fund Standard Class		209,124		19.85		4,150,901		4,293,233	1
LVIP JPMorgan U.S. Equity Fund Standard Class		13,720		37.63		516,233		415,979	1
MFS VIT Growth Series Initial Class		567,885		60.29		34,237,784		31,779,103	1
MFS VIT Investors Trust Series Initial Class		89,891		35.99		3,235,159		2,673,439	1
MFS VIT New Discovery Series Initial Class		618,362		12.94		8,001,599		9,823,052	1
MFS VIT Research Series Initial Class		328,544		31.97		10,503,553		9,720,038	1
MFS VIT Total Return Series Initial Class		195,738		23.26		4,552,864		4,615,623	1
MFS VIT Utilities Series Initial Class		221,691		32.25		7,149,523		7,682,542	1
MFS VIT II Core Equity Portfolio Initial Class		528,104		27.67		14,612,625		13,460,496	1
Morgan Stanley VIF Growth Portfolio Class I		459,568		13.35		6,135,226		8,494,789	1
Neuberger Berman AMT Mid Cap Growth Portfolio Class I		284,050		26.63		7,564,253		8,510,997	1
Neuberger Berman AMT Short Duration Bond Portfolio Class I		4,279		9.64		41,245		44,436	1
Neuberger Berman AMT Sustainable Equity Portfolio Class I		16,636		33.35		554,824		444,294	1
PIMCO CommodityRealReturn Strategy Portfolio Administrative Class		175,079		5.35		936,672		1,187,684	1
PIMCO Global Bond Opportunities Portfolio (Unhedged) Administrative Class		50,868		9.62		489,354		551,395	1
PIMCO Real Return Portfolio Administrative Class		581,887		11.57		6,732,434		7,297,605	1
PIMCO Short-Term Portfolio Administrative Class		415,818		10.23		4,253,818		4,278,203	1
PIMCO Total Return Portfolio Administrative Class		1,359,975		9.18		12,484,572		13,952,538	1
Pioneer Fund VCT Portfolio Class I		127,698		16.01		2,044,450		1,901,399	1
Pioneer Mid Cap Value VCT Portfolio Class I		104,775		11.20		1,173,478		1,326,173	1
Pioneer Select Mid Cap Growth VCT Portfolio Class I		144,699		22.02		3,186,266		3,716,084	1
Putnam VT Diversified Income Fund Class IB		972,416		4.65		4,521,734		5,419,502	1
Putnam VT International Value Fund Class IB		358,285		11.76		4,213,433		3,698,684	1
Putnam VT Large Cap Growth Fund Class IB		6,939		13.48		93,541		81,462	1
Putnam VT Large Cap Value Fund Class IB		604,886		28.82		17,432,817		15,634,168	1
Putnam VT Small Cap Value Fund Class IB		13,206		11.43		150,940		137,389	1
Putnam VT Sustainable Leaders Fund Class IB		2,805		39.60		111,075		111,998	1
SST SA Multi-Managed Mid Cap Value Portfolio Class 3		11,422		15.87		181,264		193,804	1
SAST SA AB Growth Portfolio Class 1		166,872		54.64		9,117,898		8,045,721	1
SAST SA DFA Ultra Short Bond Portfolio Class 1		124,768		10.62		1,325,035		1,327,628	1
SAST SA Federated Hermes Corporate Bond Portfolio Class 1		16,259		11.57		188,118		211,693	1
SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 1		22,558		12.05		271,823		326,013	1
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		152,760		18.01		2,751,212		3,005,728	1
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1		47,117		10.98		517,347		588,106	1
SAST SA Goldman Sachs Global Bond Portfolio Class 1		16,535		9.51		157,250		178,219	1
SAST SA Invesco Growth Opportunities Portfolio Class 1		21,187		6.21		131,569		173,376	1
SAST SA Janus Focused Growth Portfolio Class 1		64,511		16.72		1,078,618		933,917	1

 * Represents the level within the fair value hierarchy under which the portfolio is classified as defined in ASC 820 and described in Note 3 to the financial statements.

  The accompanying Notes to Financial Statements are an integral part of this statement.

7

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

SCHEDULE OF PORTFOLIO INVESTMENTS

December 31, 2023

Sub-accounts	Shares		Net Asset      Value per      Share		Shares at Fair   Value		Cost of Shares   Held		Level*
SAST SA JPMorgan Diversified Balanced Portfolio Class 1		266,710	$	17.78	$	4,742,111	$	4,916,765	1
SAST SA JPMorgan Emerging Markets Portfolio Class 1		41,146		7.36		302,838		335,819	1
SAST SA JPMorgan Equity-Income Portfolio Class 1		100,987		31.82		3,213,399		3,334,823	1
SAST SA JPMorgan Global Equities Portfolio Class 1		19,220		18.88		362,880		361,490	1
SAST SA JPMorgan Large Cap Core Portfolio Class 1		21,152		20.79		439,750		430,567	1
SAST SA JPMorgan MFS Core Bond Portfolio Class 1		8,900		8.13		72,359		77,448	1
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		503,779		16.97		8,549,125		10,457,409	1
SAST SA MFS Blue Chip Growth Portfolio Class 1		5,417		13.87		75,136		66,338	1
SAST SA MFS Massachusetts Investors Trust Portfolio Class 1		30,522		20.86		636,680		654,050	1
SAST SA MFS Total Return Portfolio Class 1		44,940		17.86		802,628		833,327	1
SAST SA Morgan Stanley International Equities Portfolio Class 1		39,639		9.54		378,154		380,595	1
SAST SA PineBridge High-Yield Bond Portfolio Class 1		59,497		5.15		306,407		326,066	1
SAST SA Putnam International Growth and Income Portfolio Class 1		44,779		11.50		514,955		486,274	1
SAST SA Wellington Capital Appreciation Portfolio Class 1		172,929		31.99		5,531,983		6,802,132	1
SAST SA Wellington Capital Appreciation Portfolio Class 3		42,844		24.85		1,064,673		1,298,549	1
SAST SA Wellington Government and Quality Bond Portfolio Class 1		20,153		13.19		265,815		299,631	1
SAST SA Wellington Government and Quality Bond Portfolio Class 3		45,382		13.16		597,231		697,830	1
VALIC Company I Core Bond Fund		44,511		10.00		445,111		485,152	1
VALIC Company I Dynamic Allocation Fund		913,207		9.96		9,095,538		10,367,219	1
VALIC Company I Emerging Economies Fund		88,736		5.85		519,107		696,522	1
VALIC Company I International Equities Index Fund		590,518		8.02		4,735,953		4,375,421	1
VALIC Company I International Value Fund		21,976		9.96		218,881		210,718	1
VALIC Company I Mid Cap Index Fund		691,802		25.88		17,903,847		17,894,859	1
VALIC Company I Mid Cap Value Fund		14,713		18.84		277,198		275,472	1
VALIC Company I Nasdaq-100 Index Fund		529,558		23.32		12,349,293		10,999,664	1
VALIC Company I Science & Technology Fund		268,663		24.66		6,625,232		7,013,445	1
VALIC Company I Small Cap Index Fund		608,151		14.96		9,097,938		10,741,520	1
VALIC Company I Stock Index Fund		550,178		51.17		28,152,592		25,868,911	1
VALIC Company I U.S. Socially Responsible Fund		11,394		19.33		220,245		226,772	1
VanEck VIP Emerging Markets Fund Initial Class		13,755		9.21		126,680		155,827	1
VanEck VIP Global Resources Fund Initial Class		9,960		26.59		264,839		219,102	1
Vanguard VIF High Yield Bond Portfolio		774,168		7.37		5,705,616		5,803,484	1
Vanguard VIF Real Estate Index Portfolio		1,103,435		11.92		13,152,940		13,475,248	1

  * Represents the level within the fair value hierarchy under which the portfolio is classified as defined in ASC 820 and described in Note 3 to the financial statements.

  The accompanying Notes to Financial Statements are an integral part of this statement.

8

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	AB VPS Balanced  Hedged Allocation  Portfolio Class A			AB VPS  Intermediate Bond  Portfolio Class A			AB VPS Large Cap  Growth Portfolio  Class A			AB VPS Relative  Value Portfolio  Class A			AB VPS Small Cap  Growth Portfolio  Class A
For the Year Ended December 31, 2023
From operations:
Dividends	$	2,140		$	—		$	—		$	26,176		$	—
Mortality and expense risk and administrative charges		(904	)		—			(168,813	)		(8,779	)		(2,780	)
Net investment income (loss)		1,236			—			(168,813	)		17,397			(2,780	)
Net realized gain (loss)		(10,316	)		—			67,054			26,258			(25,060	)
Capital gain distribution from mutual funds		9,232			—			2,296,477			137,651			—
Change in unrealized appreciation (depreciation) of investments		21,161			—			7,909,394			12,626			117,510
Increase (decrease) in net assets from operations		21,313			—			10,104,112			193,932			89,670
From contract transactions:
Payments received from contract owners		14,604			—			110,662			84,056			15,436
Payments for contract benefits or terminations		(9,813	)		—			(49,388	)		(77,307	)		(29,535	)
Policy loans		(120	)		—			22,195			3,611			(7,487	)
Transfers between sub-accounts (including fixed account), net		157			—			19,664			347			29
Contract maintenance charges		(15,069	)		—			(227,907	)		(140,456	)		(20,597	)
Increase (decrease) in net assets from contract transactions		(10,241	)		—			(124,774	)		(129,749	)		(42,154	)
Increase (decrease) in net assets		11,072			—			9,979,338			64,183			47,516
Net assets at beginning of period		177,672			—			29,364,827			1,770,325			530,335
Net assets at end of period	$	188,744		$	—		$	39,344,165		$	1,834,508		$	577,851
Beginning units		9,103			—			502,708			18,596			10,800
Units issued		916			—			2,814			1,282			618
Units redeemed		(1,421	)		—			(4,783	)		(2,590	)		(1,398	)
Ending units		8,598			—			500,739			17,288			10,020
For the Year Ended December 31, 2022
From operations:
Dividends	$	6,534		$	—		$	—		$	24,894		$	—
Mortality and expense risk and administrative charges		(976	)		(20	)		(158,695	)		(8,854	)		(3,020	)
Net investment income (loss)		5,558			(20	)		(158,695	)		16,040			(3,020	)
Net realized gain (loss)		(3,665	)		(1,679	)		67,835			37,990			(6,882	)
Capital gain distribution from mutual funds		19,367			—			3,837,779			283,335			245,816
Change in unrealized appreciation (depreciation) of investments		(64,630	)		683			(15,685,245	)		(428,257	)		(581,428	)
Increase (decrease) in net assets from operations		(43,370	)		(1,016	)		(11,938,326	)		(90,892	)		(345,514	)
From contract transactions:
Payments received from contract owners		11,083			53			127,435			101,939			21,038
Payments for contract benefits or terminations		(106	)		—			(37,589	)		(25,596	)		—
Policy loans		(112	)		150			514			13,036			563
Transfers between sub-accounts (including fixed account), net		(21	)		(22,379	)		51,635			2,298			(1,272	)
Contract maintenance charges		(14,914	)		(611	)		(214,331	)		(142,840	)		(21,574	)
Increase (decrease) in net assets from contract transactions		(4,070	)		(22,787	)		(72,336	)		(51,163	)		(1,245	)
Increase (decrease) in net assets		(47,440	)		(23,803	)		(12,010,662	)		(142,055	)		(346,759	)
Net assets at beginning of period		225,112			23,803			41,375,489			1,912,380			877,094
Net assets at end of period	$	177,672		$	—		$	29,364,827		$	1,770,325		$	530,335
Beginning units		9,297			1,519			504,202			19,151			10,824
Units issued		597			92			3,938			1,370			422
Units redeemed		(791	)		(1,611	)		(5,432	)		(1,925	)		(446	)
Ending units		9,103			—			502,708			18,596			10,800

 The accompanying Notes to Financial Statements are an integral part of this statement.

9

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	AB VPS  Sustainable Global  Thematic Growth  Portfolio Class A			Alger Capital  Appreciation  Portfolio Class I-2			Alger Mid Cap  Growth Portfolio  Class I-2			American Century  VP Capital  Appreciation Fund  Class I			American Century  VP Disciplined Core  Value Fund Class I
For the Year Ended December 31, 2023
From operations:
Dividends	$	4,028		$	—		$	—		$	—		$	2,478
Mortality and expense risk and administrative charges		(5,449	)		(35,431	)		(12,193	)		(317	)		(159	)
Net investment income (loss)		(1,421	)		(35,431	)		(12,193	)		(317	)		2,319
Net realized gain (loss)		47,467			(826,499	)		(307,318	)		(3,683	)		(1,591	)
Capital gain distribution from mutual funds		83,339			—			—			456			—
Change in unrealized appreciation (depreciation) of investments		71,530			4,846,844			994,318			63,221			12,952
Increase (decrease) in net assets from operations		200,915			3,984,914			674,807			59,677			13,680
From contract transactions:
Payments received from contract owners		63,679			461,010			202,801			8,612			8,260
Payments for contract benefits or terminations		(45,355	)		(614,524	)		(86,686	)		(3,813	)		—
Policy loans		11,617			(17,070	)		(12,348	)		462			388
Transfers between sub-accounts (including fixed account), net		(16,442	)		(207,483	)		(6,764	)		24			(11	)
Contract maintenance charges		(74,525	)		(360,492	)		(202,493	)		(13,041	)		(7,442	)
Increase (decrease) in net assets from contract transactions		(61,026	)		(738,559	)		(105,490	)		(7,756	)		1,195
Increase (decrease) in net assets		139,889			3,246,355			569,317			51,921			14,875
Net assets at beginning of period		1,322,741			9,330,065			3,038,541			293,931			157,626
Net assets at end of period	$	1,462,630		$	12,576,420		$	3,607,858		$	345,852		$	172,501
Beginning units		44,985			311,250			139,141			7,691			4,861
Units issued		3,132			135,177			65,942			262			269
Units redeemed		(4,563	)		(153,900	)		(71,181	)		(447	)		(229	)
Ending units		43,554			292,527			133,902			7,506			4,901
For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	—		$	—		$	—		$	3,048
Mortality and expense risk and administrative charges		(5,841	)		(39,041	)		(13,643	)		(315	)		(175	)
Net investment income (loss)		(5,841	)		(39,041	)		(13,643	)		(315	)		2,873
Net realized gain (loss)		86,283			(332,684	)		(223,611	)		(3,653	)		(4,408	)
Capital gain distribution from mutual funds		143,580			837,569			109,164			44,588			44,797
Change in unrealized appreciation (depreciation) of investments		(763,540	)		(5,929,576	)		(1,678,997	)		(157,259	)		(68,753	)
Increase (decrease) in net assets from operations		(539,518	)		(5,463,732	)		(1,807,087	)		(116,639	)		(25,491	)
From contract transactions:
Payments received from contract owners		90,672			450,751			154,436			8,193			7,370
Payments for contract benefits or terminations		(57,463	)		(325,160	)		(115,295	)		—			(6,106	)
Policy loans		(9,122	)		111,317			(33,666	)		(589	)		(1,204	)
Transfers between sub-accounts (including fixed account), net		(50,379	)		(345,513	)		(18,112	)		(20	)		(13,136	)
Contract maintenance charges		(90,741	)		(360,140	)		(159,135	)		(12,092	)		(8,129	)
Increase (decrease) in net assets from contract transactions		(117,033	)		(468,745	)		(171,772	)		(4,508	)		(21,205	)
Increase (decrease) in net assets		(656,551	)		(5,932,477	)		(1,978,859	)		(121,147	)		(46,696	)
Net assets at beginning of period		1,979,292			15,262,542			5,017,400			415,078			204,322
Net assets at end of period	$	1,322,741		$	9,330,065		$	3,038,541		$	293,931		$	157,626
Beginning units		48,510			317,031			145,839			7,801			5,493
Units issued		3,842			61,509			14,063			261			235
Units redeemed		(7,367	)		(67,290	)		(20,761	)		(371	)		(867	)
Ending units		44,985			311,250			139,141			7,691			4,861

 The accompanying Notes to Financial Statements are an integral part of this statement.

10

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	American Century  VP Value Fund  Class I			American Funds IS  American High-  Income Trust Class  2			American Funds IS  Asset Allocation  Fund Class 2			American Funds IS  Global Growth Fund  Class 2			American Funds IS  Growth Fund Class  2
For the Year Ended December 31, 2023
From operations:
Dividends	$	391,195		$	98,488		$	213,977		$	27,754		$	28,289
Mortality and expense risk and administrative charges		(48,294	)		(3,606	)		(25,128	)		(7,574	)		(19,368	)
Net investment income (loss)		342,901			94,882			188,849			20,180			8,921
Net realized gain (loss)		368,434			(6,536	)		(7,666	)		44,822			106,444
Capital gain distribution from mutual funds		1,292,143			—			362,610			233,438			433,434
Change in unrealized appreciation (depreciation) of investments		(606,952	)		70,098			709,577			314,276			1,932,321
Increase (decrease) in net assets from operations		1,396,526			158,444			1,253,370			612,716			2,481,120
From contract transactions:
Payments received from contract owners		570,779			129,474			732,968			266,187			898,183
Payments for contract benefits or terminations		(617,387	)		(4,584	)		(34,369	)		(58,256	)		(50,795	)
Policy loans		(22,497	)		389			4,167			3,241			12,035
Transfers between sub-accounts (including fixed account), net		(159,633	)		20,894			50,555			(76,829	)		(264,538	)
Contract maintenance charges		(715,334	)		(102,269	)		(746,729	)		(223,012	)		(713,842	)
Increase (decrease) in net assets from contract transactions		(944,072	)		43,904			6,592			(88,669	)		(118,957	)
Increase (decrease) in net assets		452,454			202,348			1,259,962			524,047			2,362,163
Net assets at beginning of period		16,532,284			1,279,218			8,990,545			2,790,886			6,532,713
Net assets at end of period	$	16,984,738		$	1,481,566		$	10,250,507		$	3,314,933		$	8,894,876
Beginning units		544,184			105,538			624,816			169,450			326,979
Units issued		73,709			14,722			53,892			16,234			58,108
Units redeemed		(105,516	)		(11,412	)		(55,416	)		(21,877	)		(64,605	)
Ending units		512,377			108,848			623,292			163,807			320,482
For the Year Ended December 31, 2022
From operations:
Dividends	$	345,565		$	102,881		$	177,542		$	19,664		$	23,480
Mortality and expense risk and administrative charges		(57,570	)		(3,537	)		(24,932	)		(7,129	)		(18,143	)
Net investment income (loss)		287,995			99,344			152,610			12,535			5,337
Net realized gain (loss)		1,229,449			(13,670	)		55,206			17,948			182,385
Capital gain distribution from mutual funds		1,325,714			—			964,518			321,680			1,027,542
Change in unrealized appreciation (depreciation) of investments		(2,785,668	)		(226,535	)		(2,615,891	)		(1,225,521	)		(3,957,382	)
Increase (decrease) in net assets from operations		57,490			(140,861	)		(1,443,557	)		(873,358	)		(2,742,118	)
From contract transactions:
Payments received from contract owners		602,331			136,815			717,328			302,112			932,091
Payments for contract benefits or terminations		(348,195	)		(163	)		(9,635	)		(6,360	)		(61,342	)
Policy loans		(91,630	)		(5,505	)		(2,738	)		(4,368	)		(10,637	)
Transfers between sub-accounts (including fixed account), net		(604,228	)		(88,335	)		(174,275	)		147,664			(74,591	)
Contract maintenance charges		(690,839	)		(111,017	)		(797,724	)		(249,788	)		(794,673	)
Increase (decrease) in net assets from contract transactions		(1,132,561	)		(68,205	)		(267,044	)		189,260			(9,152	)
Increase (decrease) in net assets		(1,075,071	)		(209,066	)		(1,710,601	)		(684,098	)		(2,751,270	)
Net assets at beginning of period		17,607,355			1,488,284			10,701,146			3,474,984			9,283,983
Net assets at end of period	$	16,532,284		$	1,279,218		$	8,990,545		$	2,790,886		$	6,532,713
Beginning units		584,309			111,292			644,305			158,913			322,442
Units issued		251,878			12,618			50,906			30,531			58,783
Units redeemed		(292,003	)		(18,372	)		(70,395	)		(19,994	)		(54,246	)
Ending units		544,184			105,538			624,816			169,450			326,979

 The accompanying Notes to Financial Statements are an integral part of this statement.

11

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	American Funds IS  Growth-Income  Fund Class 2			American Funds IS  International Fund  Class 2			BNY Mellon IP  MidCap Stock  Portfolio Initial  Shares			BNY Mellon Stock  Index Fund, Inc.  Initial Shares			BNY Mellon VIF  Opportunistic Small  Cap Portfolio Initial  Shares
For the Year Ended December 31, 2023
From operations:
Dividends	$	106,926		$	28,031		$	31,732		$	86,777		$	23,852
Mortality and expense risk and administrative charges		(19,259	)		(5,249	)		(9,711	)		(20,401	)		(17,498	)
Net investment income (loss)		87,667			22,782			22,021			66,376			6,354
Net realized gain (loss)		54,784			(33,394	)		(111,421	)		121,842			(107,607	)
Capital gain distribution from mutual funds		402,300			—			127,576			220,610			160,764
Change in unrealized appreciation (depreciation) of investments		1,222,755			310,362			669,077			974,718			528,398
Increase (decrease) in net assets from operations		1,767,506			299,750			707,253			1,383,546			587,909
From contract transactions:
Payments received from contract owners		884,616			270,089			153,440			136,653			316,558
Payments for contract benefits or terminations		(43,927	)		(26,355	)		(223,268	)		(48,552	)		(228,378	)
Policy loans		11,729			57			(2,860	)		8,001			(26,977	)
Transfers between sub-accounts (including fixed account), net		(249,683	)		3,173			(47,759	)		6,116			533,292
Contract maintenance charges		(613,895	)		(189,575	)		(194,460	)		(276,205	)		(419,960	)
Increase (decrease) in net assets from contract transactions		(11,160	)		57,389			(314,907	)		(173,987	)		174,535
Increase (decrease) in net assets		1,756,346			357,139			392,346			1,209,559			762,444
Net assets at beginning of period		6,837,886			1,899,628			3,930,665			5,507,377			7,183,711
Net assets at end of period	$	8,594,232		$	2,256,767		$	4,323,011		$	6,716,936		$	7,946,155
Beginning units		390,488			177,889			143,420			101,035			271,452
Units issued		45,894			27,953			38,462			2,429			70,425
Units redeemed		(47,396	)		(23,006	)		(49,049	)		(4,593	)		(68,472	)
Ending units		388,986			182,836			132,833			98,871			273,405
For the Year Ended December 31, 2022
From operations:
Dividends	$	91,847		$	34,979		$	30,468		$	80,247		$	—
Mortality and expense risk and administrative charges		(17,907	)		(4,947	)		(13,173	)		(20,300	)		(24,703	)
Net investment income (loss)		73,940			30,032			17,295			59,947			(24,703	)
Net realized gain (loss)		65,968			(23,127	)		(172,363	)		175,735			(362,079	)
Capital gain distribution from mutual funds		694,343			270,676			1,027,710			516,733			1,668,952
Change in unrealized appreciation (depreciation) of investments		(2,200,242	)		(754,026	)		(1,573,116	)		(2,057,198	)		(2,748,919	)
Increase (decrease) in net assets from operations		(1,365,991	)		(476,445	)		(700,474	)		(1,304,783	)		(1,466,749	)
From contract transactions:
Payments received from contract owners		891,452			283,386			154,195			155,086			311,942
Payments for contract benefits or terminations		(37,037	)		(18,441	)		(211,075	)		(95,354	)		(215,673	)
Policy loans		(11,153	)		(716	)		(34,386	)		(14,618	)		123,833
Transfers between sub-accounts (including fixed account), net		(174,090	)		78,260			(5,206	)		(18,046	)		(130,831	)
Contract maintenance charges		(694,695	)		(209,421	)		(201,825	)		(279,473	)		(413,520	)
Increase (decrease) in net assets from contract transactions		(25,523	)		133,068			(298,297	)		(252,405	)		(324,249	)
Increase (decrease) in net assets		(1,391,514	)		(343,377	)		(998,771	)		(1,557,188	)		(1,790,998	)
Net assets at beginning of period		8,229,400			2,243,005			4,929,436			7,064,565			8,974,709
Net assets at end of period	$	6,837,886		$	1,899,628		$	3,930,665		$	5,507,377		$	7,183,711
Beginning units		392,333			166,122			155,754			104,950			285,336
Units issued		51,227			37,212			33,573			3,087			176,215
Units redeemed		(53,072	)		(25,445	)		(45,907	)		(7,002	)		(190,099	)
Ending units		390,488			177,889			143,420			101,035			271,452

 The accompanying Notes to Financial Statements are an integral part of this statement.

12

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	EQ Advisors  Multimanager  Aggressive Equity  Portfolio Class IA			EQ/Common Stock  Index Portfolio  Class IA			EQ/Core Plus Bond  Portfolio Class IA			EQ/International  Equity Index  Portfolio Class IA			EQ/Moderate  Allocation Portfolio  Class IA
For the Year Ended December 31, 2023
From operations:
Dividends	$	1,991		$	22,771		$	305		$	4,016		$	6,446
Mortality and expense risk and administrative charges		(4,124	)		(15,454	)		(102	)		(1,071	)		(2,724	)
Net investment income (loss)		(2,133	)		7,317			203			2,945			3,722
Net realized gain (loss)		3,645			128,701			(354	)		2,078			(81,252	)
Capital gain distribution from mutual funds		11,997			84,721			—			—			7,490
Change in unrealized appreciation (depreciation) of investments		157,724			226,138			621			18,703			108,978
Increase (decrease) in net assets from operations		171,233			446,877			470			23,726			38,938
From contract transactions:
Payments received from contract owners		18,062			50,745			2,679			7,564			31,860
Payments for contract benefits or terminations		(43,201	)		(108,122	)		—			(41	)		(28,109	)
Policy loans		(8,216	)		(14,981	)		(166	)		(4	)		(4,002	)
Transfers between sub-accounts (including fixed account), net		(111	)		(3	)		1			(66	)		(653	)
Contract maintenance charges		(37,668	)		(119,843	)		(4,211	)		(16,880	)		(64,890	)
Increase (decrease) in net assets from contract transactions		(71,134	)		(192,204	)		(1,697	)		(9,427	)		(65,794	)
Increase (decrease) in net assets		100,099			254,673			(1,227	)		14,299			(26,856	)
Net assets at beginning of period		480,482			1,921,262			14,517			134,854			376,272
Net assets at end of period	$	580,581		$	2,175,935		$	13,290		$	149,153		$	349,416
Beginning units		4,878			14,504			45			307			723
Units issued		87			115			6			9			13,058
Units redeemed		(671	)		(1,393	)		(11	)		(29	)		(7,761	)
Ending units		4,294			13,226			40			287			6,020
For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	16,211		$	373		$	3,347		$	4,997
Mortality and expense risk and administrative charges		(4,446	)		(16,374	)		(122	)		(1,038	)		(3,184	)
Net investment income (loss)		(4,446	)		(163	)		251			2,309			1,813
Net realized gain (loss)		12,579			148,729			(205	)		541			(11,759	)
Capital gain distribution from mutual funds		71,382			112,727			14			—			31,240
Change in unrealized appreciation (depreciation) of investments		(334,127	)		(784,679	)		(2,552	)		(23,773	)		(102,209	)
Increase (decrease) in net assets from operations		(254,612	)		(523,386	)		(2,492	)		(20,923	)		(80,915	)
From contract transactions:
Payments received from contract owners		20,133			56,378			3,155			11,084			30,917
Payments for contract benefits or terminations		(44,019	)		(98,529	)		—			(5,114	)		(9,984	)
Policy loans		(5,055	)		(12,104	)		(7	)		(370	)		(5,785	)
Transfers between sub-accounts (including fixed account), net		1			(23,662	)		—			(1	)		(33	)
Contract maintenance charges		(41,413	)		(136,780	)		(4,878	)		(19,458	)		(77,214	)
Increase (decrease) in net assets from contract transactions		(70,353	)		(214,697	)		(1,730	)		(13,859	)		(62,099	)
Increase (decrease) in net assets		(324,965	)		(738,083	)		(4,222	)		(34,782	)		(143,014	)
Net assets at beginning of period		805,447			2,659,345			18,739			169,636			519,286
Net assets at end of period	$	480,482		$	1,921,262		$	14,517		$	134,854		$	376,272
Beginning units		5,507			16,047			50			337			837
Units issued		104			144			9			15			24
Units redeemed		(733	)		(1,687	)		(14	)		(45	)		(138	)
Ending units		4,878			14,504			45			307			723

 The accompanying Notes to Financial Statements are an integral part of this statement.

13

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	EQ/Money Market  Portfolio Class IA			Fidelity VIP Asset  Manager Growth  Portfolio Initial Class			Fidelity VIP Asset  Manager Portfolio  Initial Class			Fidelity VIP Asset  Manager Portfolio  Service Class 2			Fidelity VIP  Contrafund Portfolio  Initial Class
For the Year Ended December 31, 2023
From operations:
Dividends	$	501		$	106,848		$	254,434		$	83,321		$	229,140
Mortality and expense risk and administrative charges		(86	)		(44,755	)		(79,066	)		(10,987	)		(340,643	)
Net investment income (loss)		415			62,093			175,368			72,334			(111,503	)
Net realized gain (loss)		1			166,446			(783,031	)		(32,279	)		2,001,946
Capital gain distribution from mutual funds		—			—			120,156			42,437			1,662,584
Change in unrealized appreciation (depreciation) of investments		(1	)		637,723			1,738,446			362,041			9,597,513
Increase (decrease) in net assets from operations		415			866,262			1,250,939			444,533			13,150,540
From contract transactions:
Payments received from contract owners		2,178			357,934			630,940			240,325			1,330,044
Payments for contract benefits or terminations		(1,505	)		(274,254	)		(479,694	)		(123,236	)		(2,812,640	)
Policy loans		—			(16,747	)		(42,378	)		12,036			(164,603	)
Transfers between sub-accounts (including fixed account), net		—			(66,303	)		(5,439	)		9,513			(57,167	)
Contract maintenance charges		(3,445	)		(471,005	)		(923,582	)		(289,479	)		(2,080,737	)
Increase (decrease) in net assets from contract transactions		(2,772	)		(470,375	)		(820,153	)		(150,841	)		(3,785,103	)
Increase (decrease) in net assets		(2,357	)		395,887			430,786			293,692			9,365,437
Net assets at beginning of period		12,248			5,817,740			10,845,351			3,687,751			42,108,257
Net assets at end of period	$	9,891		$	6,213,627		$	11,276,137		$	3,981,443		$	51,473,694
Beginning units		68			12,136			34,359			200,034			361,439
Units issued		10			124			307,076			42,939			2,715
Units redeemed		(25	)		(1,037	)		(162,234	)		(49,463	)		(30,794	)
Ending units		53			11,223			179,201			193,510			333,360
For the Year Ended December 31, 2022
From operations:
Dividends	$	143		$	113,396		$	239,395		$	73,946		$	237,277
Mortality and expense risk and administrative charges		(110	)		(47,478	)		(85,625	)		(13,693	)		(343,171	)
Net investment income (loss)		33			65,918			153,770			60,253			(105,894	)
Net realized gain (loss)		2			147,620			61,818			(32,188	)		1,467,789
Capital gain distribution from mutual funds		—			412,027			790,649			273,512			2,250,255
Change in unrealized appreciation (depreciation) of investments		(2	)		(1,929,740	)		(3,109,397	)		(1,001,633	)		(19,752,543	)
Increase (decrease) in net assets from operations		33			(1,304,175	)		(2,103,160	)		(700,056	)		(16,140,393	)
From contract transactions:
Payments received from contract owners		1,988			391,614			657,114			249,525			1,328,870
Payments for contract benefits or terminations		(4,701	)		(303,015	)		(475,753	)		(161,403	)		(1,637,298	)
Policy loans		—			1,349			(11,368	)		5,783			14,648
Transfers between sub-accounts (including fixed account), net		—			(3,362	)		(18,544	)		36,511			(196,216	)
Contract maintenance charges		(3,257	)		(488,541	)		(956,480	)		(299,291	)		(2,083,463	)
Increase (decrease) in net assets from contract transactions		(5,970	)		(401,955	)		(805,031	)		(168,875	)		(2,573,459	)
Increase (decrease) in net assets		(5,937	)		(1,706,130	)		(2,908,191	)		(868,931	)		(18,713,852	)
Net assets at beginning of period		18,185			7,523,870			13,753,542			4,556,682			60,822,109
Net assets at end of period	$	12,248		$	5,817,740		$	10,845,351		$	3,687,751		$	42,108,257
Beginning units		102			12,949			37,278			210,498			381,703
Units issued		10			175			2,398			48,395			3,695
Units redeemed		(44	)		(988	)		(5,317	)		(58,859	)		(23,959	)
Ending units		68			12,136			34,359			200,034			361,439

 The accompanying Notes to Financial Statements are an integral part of this statement.

14

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	Fidelity VIP  Contrafund Portfolio  Service Class 2			Fidelity VIP Equity-  Income Portfolio  Initial Class			Fidelity VIP Equity-  Income Portfolio  Service Class 2			Fidelity VIP  Freedom 2020  Portfolio Service  Class 2			Fidelity VIP  Freedom 2025  Portfolio Service  Class 2
For the Year Ended December 31, 2023
From operations:
Dividends	$	105,790		$	607,397		$	337,285		$	7,221		$	15,924
Mortality and expense risk and administrative charges		(119,107	)		(237,317	)		(55,043	)		(814	)		(2,270	)
Net investment income (loss)		(13,317	)		370,080			282,242			6,407			13,654
Net realized gain (loss)		1,634,717			451,099			246,693			(6,069	)		(8,783	)
Capital gain distribution from mutual funds		1,486,967			911,730			578,778			1,717			—
Change in unrealized appreciation (depreciation) of investments		8,356,535			1,263,078			757,531			25,023			71,747
Increase (decrease) in net assets from operations		11,464,902			2,995,987			1,865,244			27,078			76,618
From contract transactions:
Payments received from contract owners		1,574,508			1,371,898			829,744			18,344			32,594
Payments for contract benefits or terminations		(1,397,135	)		(1,777,518	)		(915,327	)		(3,823	)		(61	)
Policy loans		(113,302	)		(59,428	)		(28,925	)		(235	)		22,002
Transfers between sub-accounts (including fixed account), net		(684,839	)		153,104			181,876			837			(279,428	)
Contract maintenance charges		(1,742,846	)		(1,986,573	)		(956,525	)		(26,195	)		(50,392	)
Increase (decrease) in net assets from contract transactions		(2,363,614	)		(2,298,517	)		(889,157	)		(11,072	)		(275,285	)
Increase (decrease) in net assets		9,101,288			697,470			976,087			16,006			(198,667	)
Net assets at beginning of period		35,458,051			32,226,860			19,124,245			233,558			741,849
Net assets at end of period	$	44,559,339		$	32,924,330		$	20,100,332		$	249,564		$	543,182
Beginning units		1,254,816			255,457			765,987			12,228			36,375
Units issued		228,382			1,684			128,065			776			3,940
Units redeemed		(295,332	)		(19,499	)		(162,999	)		(1,309	)		(16,865	)
Ending units		1,187,866			237,642			731,053			11,695			23,450
For the Year Ended December 31, 2022
From operations:
Dividends	$	104,099		$	620,494		$	341,929		$	5,540		$	14,052
Mortality and expense risk and administrative charges		(133,183	)		(246,993	)		(64,851	)		(1,096	)		(2,773	)
Net investment income (loss)		(29,084	)		373,501			277,078			4,444			11,279
Net realized gain (loss)		1,470,909			583,422			421,366			(15,759	)		(4,209	)
Capital gain distribution from mutual funds		1,952,349			1,088,415			685,135			36,912			49,788
Change in unrealized appreciation (depreciation) of investments		(16,830,290	)		(4,097,480	)		(2,621,949	)		(93,013	)		(207,587	)
Increase (decrease) in net assets from operations		(13,436,116	)		(2,052,142	)		(1,238,370	)		(67,416	)		(150,729	)
From contract transactions:
Payments received from contract owners		1,601,855			1,417,179			834,154			24,420			36,280
Payments for contract benefits or terminations		(1,023,593	)		(1,303,210	)		(855,077	)		(87,596	)		(10,497	)
Policy loans		(1,561	)		(16,987	)		(60,090	)		118			13,445
Transfers between sub-accounts (including fixed account), net		(486,950	)		248,988			(945,689	)		(16,665	)		28,941
Contract maintenance charges		(1,776,939	)		(2,059,489	)		(953,596	)		(26,983	)		(50,524	)
Increase (decrease) in net assets from contract transactions		(1,687,188	)		(1,713,519	)		(1,980,298	)		(106,706	)		17,645
Increase (decrease) in net assets		(15,123,304	)		(3,765,661	)		(3,218,668	)		(174,122	)		(133,084	)
Net assets at beginning of period		50,581,355			35,992,521			22,342,913			407,680			874,933
Net assets at end of period	$	35,458,051		$	32,226,860		$	19,124,245		$	233,558		$	741,849
Beginning units		1,305,230			269,140			848,811			17,963			35,751
Units issued		270,670			4,291			288,224			3,053			5,342
Units redeemed		(321,084	)		(17,974	)		(371,048	)		(8,788	)		(4,718	)
Ending units		1,254,816			255,457			765,987			12,228			36,375

 The accompanying Notes to Financial Statements are an integral part of this statement.

15

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	Fidelity VIP  Freedom 2030  Portfolio Service  Class 2			Fidelity VIP  Government Money  Market Portfolio  Initial Class			Fidelity VIP  Government Money  Market Portfolio  Service Class 2			Fidelity VIP Growth  Portfolio Initial Class			Fidelity VIP Growth  Portfolio Service  Class 2
For the Year Ended December 31, 2023
From operations:
Dividends	$	69,049		$	695,875		$	69,717		$	106,811		$	1,141
Mortality and expense risk and administrative charges		(6,415	)		(49,278	)		(3,937	)		(590,313	)		(90,956	)
Net investment income (loss)		62,634			646,597			65,780			(483,502	)		(89,815	)
Net realized gain (loss)		(14,336	)		—			—			1,543,305			1,047,779
Capital gain distribution from mutual funds		—			—			—			3,843,246			1,508,305
Change in unrealized appreciation (depreciation) of investments		362,170			—			—			19,774,581			6,869,908
Increase (decrease) in net assets from operations		410,468			646,597			65,780			24,677,630			9,336,177
From contract transactions:
Payments received from contract owners		91,300			1,282,135			42,765			2,063,220			729,282
Payments for contract benefits or terminations		(41,174	)		(1,350,075	)		(303,863	)		(3,406,618	)		(826,544	)
Policy loans		(12,343	)		(6,706	)		34			(227,114	)		(51,318	)
Transfers between sub-accounts (including fixed account), net		(5,274	)		1,149,942			(44,482	)		(71,800	)		797,000
Contract maintenance charges		(155,738	)		(1,811,241	)		(144,798	)		(3,442,098	)		(1,087,249	)
Increase (decrease) in net assets from contract transactions		(123,229	)		(735,945	)		(450,344	)		(5,084,410	)		(438,829	)
Increase (decrease) in net assets		287,239			(89,348	)		(384,564	)		19,593,220			8,897,348
Net assets at beginning of period		2,940,151			13,695,581			1,622,196			72,156,994			26,453,003
Net assets at end of period	$	3,227,390		$	13,606,233		$	1,237,632		$	91,750,214		$	35,350,351
Beginning units		137,491			1,151,207			157,339			482,060			730,782
Units issued		5,117			905,435			42,238			4,995			196,311
Units redeemed		(10,505	)		(968,729	)		(84,575	)		(32,371	)		(214,318	)
Ending units		132,103			1,087,913			115,002			454,684			712,775
For the Year Ended December 31, 2022
From operations:
Dividends	$	53,879		$	176,973		$	20,586		$	502,089		$	103,937
Mortality and expense risk and administrative charges		(10,346	)		(32,994	)		(3,963	)		(588,079	)		(103,090	)
Net investment income (loss)		43,533			143,979			16,623			(85,990	)		847
Net realized gain (loss)		42,547			—			—			1,216,061			826,676
Capital gain distribution from mutual funds		217,142			—			—			6,050,344			2,270,983
Change in unrealized appreciation (depreciation) of investments		(939,135	)		—			—			(32,227,646	)		(12,234,471	)
Increase (decrease) in net assets from operations		(635,913	)		143,979			16,623			(25,047,231	)		(9,135,965	)
From contract transactions:
Payments received from contract owners		93,428			939,543			69,039			2,137,798			766,932
Payments for contract benefits or terminations		(53,308	)		(967,455	)		(2,723	)		(2,925,778	)		(797,843	)
Policy loans		(25,326	)		(3,610	)		(429	)		(241,186	)		(3,990	)
Transfers between sub-accounts (including fixed account), net		(3,677	)		10,796,878			960,949			(129,289	)		124,835
Contract maintenance charges		(138,996	)		(1,129,637	)		(127,088	)		(3,392,919	)		(1,022,212	)
Increase (decrease) in net assets from contract transactions		(127,879	)		9,635,719			899,748			(4,551,374	)		(932,278	)
Increase (decrease) in net assets		(763,792	)		9,779,698			916,371			(29,598,605	)		(10,068,243	)
Net assets at beginning of period		3,703,943			3,915,883			705,825			101,755,599			36,521,246
Net assets at end of period	$	2,940,151		$	13,695,581		$	1,622,196		$	72,156,994		$	26,453,003
Beginning units		146,780			180,001			69,064			508,683			762,029
Units issued		74,313			1,390,648			224,937			4,124			193,785
Units redeemed		(83,602	)		(419,442	)		(136,662	)		(30,747	)		(225,032	)
Ending units		137,491			1,151,207			157,339			482,060			730,782

 The accompanying Notes to Financial Statements are an integral part of this statement.

16

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	Fidelity VIP High  Income Portfolio  Initial Class			Fidelity VIP Index  500 Portfolio Initial  Class			Fidelity VIP  Investment Grade  Bond Portfolio Initial  Class			Fidelity VIP Mid Cap  Portfolio Service  Class 2			Fidelity VIP  Overseas Portfolio  Initial Class
For the Year Ended December 31, 2023
From operations:
Dividends	$	96,095		$	644,862		$	59,214		$	45,359		$	66,886
Mortality and expense risk and administrative charges		(11,475	)		(328,156	)		(15,940	)		(39,461	)		(47,491	)
Net investment income (loss)		84,620			316,706			43,274			5,898			19,395
Net realized gain (loss)		(44,751	)		2,280,200			(41,528	)		68,690			182,490
Capital gain distribution from mutual funds		—			404,768			—			338,493			16,917
Change in unrealized appreciation (depreciation) of investments		121,922			6,888,503			121,216			1,184,244			931,567
Increase (decrease) in net assets from operations		161,791			9,890,177			122,962			1,597,325			1,150,369
From contract transactions:
Payments received from contract owners		128,792			1,521,000			180,375			505,163			408,300
Payments for contract benefits or terminations		(84,814	)		(1,747,149	)		(94,789	)		(510,061	)		(280,326	)
Policy loans		(1,636	)		(313,044	)		4,911			(44,556	)		(4,827	)
Transfers between sub-accounts (including fixed account), net		(875	)		(89,839	)		(2,279	)		(73,896	)		(7,956	)
Contract maintenance charges		(186,126	)		(2,230,300	)		(255,979	)		(549,839	)		(551,860	)
Increase (decrease) in net assets from contract transactions		(144,659	)		(2,859,332	)		(167,761	)		(673,189	)		(436,669	)
Increase (decrease) in net assets		17,132			7,030,845			(44,799	)		924,136			713,700
Net assets at beginning of period		1,735,324			40,578,068			2,372,446			11,519,093			6,074,911
Net assets at end of period	$	1,752,456		$	47,608,913		$	2,327,647		$	12,443,229		$	6,788,611
Beginning units		19,317			348,525			20,295			486,453			22,574
Units issued		1,415			1,488			1,586			56,620			482
Units redeemed		(3,004	)		(23,545	)		(2,994	)		(81,151	)		(1,564	)
Ending units		17,728			326,468			18,887			461,922			21,492
For the Year Ended December 31, 2022
From operations:
Dividends	$	93,287		$	644,044		$	56,667		$	32,452		$	68,899
Mortality and expense risk and administrative charges		(12,482	)		(331,829	)		(17,591	)		(43,451	)		(48,612	)
Net investment income (loss)		80,805			312,215			39,076			(10,999	)		20,287
Net realized gain (loss)		(52,323	)		2,064,229			(25,715	)		42,523			172,430
Capital gain distribution from mutual funds		—			345,558			138,967			823,702			61,853
Change in unrealized appreciation (depreciation) of investments		(278,143	)		(12,494,983	)		(544,776	)		(3,102,334	)		(2,426,477	)
Increase (decrease) in net assets from operations		(249,661	)		(9,772,981	)		(392,448	)		(2,247,108	)		(2,171,907	)
From contract transactions:
Payments received from contract owners		149,507			1,598,344			190,827			549,329			416,200
Payments for contract benefits or terminations		(83,766	)		(1,696,357	)		(149,407	)		(325,420	)		(277,955	)
Policy loans		8,933			(22,404	)		2,220			1,711			(10,251	)
Transfers between sub-accounts (including fixed account), net		202			5,642			1,770			(64,183	)		(45,202	)
Contract maintenance charges		(207,044	)		(2,212,924	)		(269,500	)		(602,267	)		(555,034	)
Increase (decrease) in net assets from contract transactions		(132,168	)		(2,327,699	)		(224,090	)		(440,830	)		(472,242	)
Increase (decrease) in net assets		(381,829	)		(12,100,680	)		(616,538	)		(2,687,938	)		(2,644,149	)
Net assets at beginning of period		2,117,153			52,678,748			2,988,984			14,207,031			8,719,060
Net assets at end of period	$	1,735,324		$	40,578,068		$	2,372,446		$	11,519,093		$	6,074,911
Beginning units		19,745			367,292			22,024			503,167			23,873
Units issued		2,586			3,757			1,548			101,679			455
Units redeemed		(3,014	)		(22,524	)		(3,277	)		(118,393	)		(1,754	)
Ending units		19,317			348,525			20,295			486,453			22,574

 The accompanying Notes to Financial Statements are an integral part of this statement.

17

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	FTVIP Franklin  Mutual Shares VIP  Fund Class 2			FTVIP Franklin  Small Cap Value  VIP Fund Class 2			FTVIP Franklin  Small-Mid Cap  Growth VIP Fund  Class 2			FTVIP Franklin U.S.  Government  Securities VIP Fund  Class 2			FTVIP Templeton  Foreign VIP Fund  Class 2
For the Year Ended December 31, 2023
From operations:
Dividends	$	120,972		$	41,777		$	—		$	46,157		$	113,304
Mortality and expense risk and administrative charges		(19,441	)		(28,154	)		(54	)		(6,794	)		(12,799	)
Net investment income (loss)		101,531			13,623			(54	)		39,363			100,505
Net realized gain (loss)		(193,645	)		(381,427	)		(3,465	)		(85,250	)		44,191
Capital gain distribution from mutual funds		556,800			452,899			—			—			—
Change in unrealized appreciation (depreciation) of investments		306,187			853,694			8,369			120,175			553,893
Increase (decrease) in net assets from operations		770,873			938,789			4,850			74,288			698,589
From contract transactions:
Payments received from contract owners		350,522			339,996			860			104,071			151,147
Payments for contract benefits or terminations		(91,975	)		(259,490	)		(527	)		(30,102	)		(121,373	)
Policy loans		(5,321	)		(31,687	)		57			13,835			(18,815	)
Transfers between sub-accounts (including fixed account), net		(41,816	)		660,181			(13	)		(1,014,592	)		(237,754	)
Contract maintenance charges		(370,563	)		(420,476	)		(2,244	)		(120,003	)		(223,285	)
Increase (decrease) in net assets from contract transactions		(159,153	)		288,524			(1,867	)		(1,046,791	)		(450,080	)
Increase (decrease) in net assets		611,720			1,227,313			2,983			(972,503	)		248,509
Net assets at beginning of period		6,188,185			7,861,992			19,326			2,657,889			3,324,304
Net assets at end of period	$	6,799,905		$	9,089,305		$	22,309		$	1,685,386		$	3,572,813
Beginning units		344,817			318,474			680			225,652			306,634
Units issued		87,026			91,884			49			25,230			241,007
Units redeemed		(97,113	)		(83,798	)		(107	)		(113,184	)		(274,540	)
Ending units		334,730			326,560			622			137,698			273,101
For the Year Ended December 31, 2022
From operations:
Dividends	$	118,439		$	85,445		$	—		$	55,560		$	103,054
Mortality and expense risk and administrative charges		(22,399	)		(30,798	)		(92	)		(8,998	)		(12,842	)
Net investment income (loss)		96,040			54,647			(92	)		46,562			90,212
Net realized gain (loss)		(198,717	)		(442,202	)		(7,944	)		(147,717	)		(92,789	)
Capital gain distribution from mutual funds		715,268			1,612,453			7,363			—			—
Change in unrealized appreciation (depreciation) of investments		(1,147,176	)		(2,244,356	)		(12,673	)		(144,882	)		(295,280	)
Increase (decrease) in net assets from operations		(534,585	)		(1,019,458	)		(13,346	)		(246,037	)		(297,857	)
From contract transactions:
Payments received from contract owners		366,151			364,959			1,208			113,112			223,043
Payments for contract benefits or terminations		(175,587	)		(263,696	)		(4,922	)		(627,318	)		(62,085	)
Policy loans		560			(18,511	)		(275	)		8,232			8,040
Transfers between sub-accounts (including fixed account), net		(116,169	)		(215,670	)		1,786			1,475,910			(285,140	)
Contract maintenance charges		(382,344	)		(425,284	)		(5,691	)		(115,527	)		(292,216	)
Increase (decrease) in net assets from contract transactions		(307,389	)		(558,202	)		(7,894	)		854,409			(408,358	)
Increase (decrease) in net assets		(841,974	)		(1,577,660	)		(21,240	)		608,372			(706,215	)
Net assets at beginning of period		7,030,159			9,439,652			40,566			2,049,517			4,030,519
Net assets at end of period	$	6,188,185		$	7,861,992		$	19,326		$	2,657,889		$	3,324,304
Beginning units		360,868			337,903			956			155,868			341,923
Units issued		58,726			132,091			278			157,483			88,798
Units redeemed		(74,777	)		(151,520	)		(554	)		(87,699	)		(124,087	)
Ending units		344,817			318,474			680			225,652			306,634

The accompanying Notes to Financial Statements are an integral part of this statement.

18

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	Goldman Sachs VIT  Strategic Growth  Fund Institutional  Shares			Invesco V.I.  American Franchise  Fund Series I			Invesco V.I.  Conservative  Balanced Fund  Series I			Invesco V.I. Core  Equity Fund Series I			Invesco V.I. EQV  International Equity  Fund Series 1
For the Year Ended December 31, 2023
From operations:
Dividends	$	—		$	—		$	23,907		$	63,418		$	15,320
Mortality and expense risk and administrative charges		(9,723	)		(2,201	)		(4,438	)		(18,422	)		(23,530	)
Net investment income (loss)		(9,723	)		(2,201	)		19,469			44,996			(8,210	)
Net realized gain (loss)		(213,511	)		9,262			(34,312	)		(289,880	)		(237,195	)
Capital gain distribution from mutual funds		182,167			15,673			—			204,654			5,736
Change in unrealized appreciation (depreciation) of investments		1,523,617			209,500			160,908			1,809,294			1,559,709
Increase (decrease) in net assets from operations		1,482,550			232,234			146,065			1,769,064			1,320,040
From contract transactions:
Payments received from contract owners		—			25,291			77,893			394,212			450,369
Payments for contract benefits or terminations		(6,702	)		(10,619	)		(41,191	)		(271,336	)		(212,815	)
Policy loans		(73	)		8,469			1,255			(21,042	)		(9,271	)
Transfers between sub-accounts (including fixed account), net		(29	)		(151	)		(219,118	)		(1,086	)		(152,541	)
Contract maintenance charges		(454,017	)		(45,653	)		(92,141	)		(536,835	)		(485,657	)
Increase (decrease) in net assets from contract transactions		(460,821	)		(22,663	)		(273,302	)		(436,087	)		(409,915	)
Increase (decrease) in net assets		1,021,729			209,571			(127,237	)		1,332,977			910,125
Net assets at beginning of period		3,754,625			584,673			1,434,026			7,913,272			7,390,954
Net assets at end of period	$	4,776,354		$	794,244		$	1,306,789		$	9,246,249		$	8,301,079
Beginning units		106,347			21,146			99,201			324,888			479,666
Units issued		6			1,683			13,005			38,646			137,033
Units redeemed		(10,793	)		(2,410	)		(31,600	)		(56,012	)		(157,153	)
Ending units		95,560			20,419			80,606			307,522			459,546
For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	—		$	17,974		$	79,364		$	127,767
Mortality and expense risk and administrative charges		(10,030	)		(2,171	)		(4,844	)		(21,461	)		(24,507	)
Net investment income (loss)		(10,030	)		(2,171	)		13,130			57,903			103,260
Net realized gain (loss)		(4,748	)		19,999			11,789			(79,128	)		(70,667	)
Capital gain distribution from mutual funds		736,427			180,500			97,945			1,348,762			814,994
Change in unrealized appreciation (depreciation) of investments		(2,666,391	)		(470,491	)		(375,411	)		(3,476,712	)		(2,543,649	)
Increase (decrease) in net assets from operations		(1,944,742	)		(272,163	)		(252,547	)		(2,149,175	)		(1,696,062	)
From contract transactions:
Payments received from contract owners		—			34,824			74,650			421,415			490,866
Payments for contract benefits or terminations		(465	)		(12,384	)		(50,491	)		(302,535	)		(220,965	)
Policy loans		(6,524	)		4,466			4,543			(15,997	)		(1,871	)
Transfers between sub-accounts (including fixed account), net		(3	)		(2,636	)		311,839			(23,748	)		69,801
Contract maintenance charges		(381,677	)		(42,328	)		(82,775	)		(510,566	)		(471,344	)
Increase (decrease) in net assets from contract transactions		(388,669	)		(18,058	)		257,766			(431,431	)		(133,513	)
Increase (decrease) in net assets		(2,333,411	)		(290,221	)		5,219			(2,580,606	)		(1,829,575	)
Net assets at beginning of period		6,088,036			874,894			1,428,807			10,493,878			9,220,529
Net assets at end of period	$	3,754,625		$	584,673		$	1,434,026		$	7,913,272		$	7,390,954
Beginning units		116,124			21,731			81,298			344,276			485,451
Units issued		772			1,375			33,078			58,912			140,454
Units redeemed		(10,549	)		(1,960	)		(15,175	)		(78,300	)		(146,239	)
Ending units		106,347			21,146			99,201			324,888			479,666

The accompanying Notes to Financial Statements are an integral part of this statement.

19

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	Invesco V.I. Global  Fund Series I			Invesco V.I. Global  Real Estate Fund  Series I			Invesco V.I. Global  Strategic Income  Fund Series I			Invesco V.I.  Government  Securities Fund  Series I			Invesco V.I. Growth  and Income Fund  Series I
For the Year Ended December 31, 2023
From operations:
Dividends	$	20,494		$	9,707		$	—		$	156		$	175,211
Mortality and expense risk and administrative charges		(29,150	)		(1,182	)		(1	)		(36	)		(33,496	)
Net investment income (loss)		(8,656	)		8,525			(1	)		120			141,715
Net realized gain (loss)		(120,949	)		(34,465	)		1			(705	)		(39,733	)
Capital gain distribution from mutual funds		1,036,355			—			—			—			1,392,245
Change in unrealized appreciation (depreciation) of investments		1,688,653			82,955			25			910			(208,923	)
Increase (decrease) in net assets from operations		2,595,403			57,015			25			325			1,285,304
From contract transactions:
Payments received from contract owners		370,744			52,393			—			344			531,540
Payments for contract benefits or terminations		(345,528	)		(29,076	)		—			—			(463,210	)
Policy loans		(11,594	)		1,822			—			(51	)		(19,508	)
Transfers between sub-accounts (including fixed account), net		(210,598	)		7,807			—			(9	)		(86,490	)
Contract maintenance charges		(362,267	)		(28,596	)		(54	)		(1,031	)		(606,584	)
Increase (decrease) in net assets from contract transactions		(559,243	)		4,350			(54	)		(747	)		(644,252	)
Increase (decrease) in net assets		2,036,160			61,365			(29	)		(422	)		641,052
Net assets at beginning of period		7,794,534			636,895			326			8,242			10,827,720
Net assets at end of period	$	9,830,694		$	698,260		$	297		$	7,820		$	11,468,772
Beginning units		356,891			50,792			31			763			426,195
Units issued		71,815			19,909			—			342			98,065
Units redeemed		(93,589	)		(19,369	)		(5	)		(420	)		(121,796	)
Ending units		335,117			51,332			26			685			402,464
For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	20,468		$	—		$	178		$	183,582
Mortality and expense risk and administrative charges		(29,896	)		(1,251	)		(1	)		(43	)		(38,883	)
Net investment income (loss)		(29,896	)		19,217			(1	)		135			144,699
Net realized gain (loss)		(27,280	)		(5,564	)		(70	)		(101	)		266,309
Capital gain distribution from mutual funds		1,488,935			—			—			—			1,044,629
Change in unrealized appreciation (depreciation) of investments		(5,074,585	)		(217,200	)		20			(1,054	)		(2,161,783	)
Increase (decrease) in net assets from operations		(3,642,826	)		(203,547	)		(51	)		(1,020	)		(706,146	)
From contract transactions:
Payments received from contract owners		438,037			59,490			—			483			511,796
Payments for contract benefits or terminations		(188,985	)		(6,650	)		—			—			(366,631	)
Policy loans		(20,967	)		(3,408	)		—			(49	)		(95,184	)
Transfers between sub-accounts (including fixed account), net		266,135			11,324			(1	)		118			(303,208	)
Contract maintenance charges		(385,818	)		(32,521	)		(54	)		(852	)		(629,855	)
Increase (decrease) in net assets from contract transactions		108,402			28,235			(55	)		(300	)		(883,082	)
Increase (decrease) in net assets		(3,534,424	)		(175,312	)		(106	)		(1,320	)		(1,589,228	)
Net assets at beginning of period		11,328,958			812,207			432			9,562			12,416,948
Net assets at end of period	$	7,794,534		$	636,895		$	326		$	8,242		$	10,827,720
Beginning units		347,509			48,116			37			791			459,197
Units issued		71,953			6,713			35			47			105,786
Units redeemed		(62,571	)		(4,037	)		(41	)		(75	)		(138,788	)
Ending units		356,891			50,792			31			763			426,195

The accompanying Notes to Financial Statements are an integral part of this statement.

20

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	Invesco V.I. High  Yield Fund Series I			Invesco V.I. Main  Street Fund Series I			Janus Henderson  Enterprise Portfolio  Service Shares			Janus Henderson  Forty Portfolio  Service Shares			Janus Henderson  Global Research  Portfolio Service  Shares
For the Year Ended December 31, 2023
From operations:
Dividends	$	43,164		$	6,632		$	7,207		$	2,135		$	27,305
Mortality and expense risk and administrative charges		(3,469	)		(780	)		(19,530	)		(3,594	)		(7,847	)
Net investment income (loss)		39,695			5,852			(12,323	)		(1,459	)		19,458
Net realized gain (loss)		(50,170	)		(6,751	)		(227,398	)		(9,225	)		73,571
Capital gain distribution from mutual funds		—			53,927			596,417			—			102,900
Change in unrealized appreciation (depreciation) of investments		86,496			109,131			905,617			555,108			625,567
Increase (decrease) in net assets from operations		76,021			162,159			1,262,313			544,424			821,496
From contract transactions:
Payments received from contract owners		31,633			20,328			250,197			90,955			129,041
Payments for contract benefits or terminations		(17,088	)		(10,858	)		(313,097	)		(5,724	)		(140,725	)
Policy loans		(3,463	)		(9,879	)		(40,624	)		(407	)		(50,052	)
Transfers between sub-accounts (including fixed account), net		(200,125	)		3,784			(10,951	)		16,801			(22,723	)
Contract maintenance charges		(48,642	)		(28,007	)		(276,285	)		(100,931	)		(159,756	)
Increase (decrease) in net assets from contract transactions		(237,685	)		(24,632	)		(390,760	)		694			(244,215	)
Increase (decrease) in net assets		(161,664	)		137,527			871,553			545,118			577,281
Net assets at beginning of period		916,604			713,635			7,417,232			1,386,984			3,264,433
Net assets at end of period	$	754,940		$	851,162		$	8,288,785		$	1,932,102		$	3,841,714
Beginning units		63,749			21,825			218,571			54,172			149,107
Units issued		5,492			763			34,547			17,804			28,248
Units redeemed		(21,612	)		(1,441	)		(43,072	)		(18,312	)		(39,720	)
Ending units		47,629			21,147			210,046			53,664			137,635
For the Year Ended December 31, 2022
From operations:
Dividends	$	44,195		$	11,489		$	6,471		$	802		$	31,197
Mortality and expense risk and administrative charges		(3,855	)		(772	)		(23,436	)		(3,357	)		(10,297	)
Net investment income (loss)		40,340			10,717			(16,965	)		(2,555	)		20,900
Net realized gain (loss)		(18,994	)		4,911			34,073			(16,989	)		229,922
Capital gain distribution from mutual funds		—			296,128			1,416,867			263,879			399,471
Change in unrealized appreciation (depreciation) of investments		(123,247	)		(498,198	)		(2,993,185	)		(954,363	)		(1,482,895	)
Increase (decrease) in net assets from operations		(101,901	)		(186,442	)		(1,559,210	)		(710,028	)		(832,602	)
From contract transactions:
Payments received from contract owners		39,747			20,463			272,793			95,073			138,113
Payments for contract benefits or terminations		(38,517	)		(13,959	)		(301,965	)		(9,776	)		(68,221	)
Policy loans		(2,005	)		702			(47,444	)		(235	)		(11,490	)
Transfers between sub-accounts (including fixed account), net		96,885			(1,851	)		(432,846	)		23,260			(1,588	)
Contract maintenance charges		(51,455	)		(27,980	)		(299,041	)		(100,266	)		(162,933	)
Increase (decrease) in net assets from contract transactions		44,655			(22,625	)		(808,503	)		8,056			(106,119	)
Increase (decrease) in net assets		(57,246	)		(209,067	)		(2,367,713	)		(701,972	)		(938,721	)
Net assets at beginning of period		973,850			922,702			9,784,945			2,088,956			4,203,154
Net assets at end of period	$	916,604		$	713,635		$	7,417,232		$	1,386,984		$	3,264,433
Beginning units		61,065			22,515			243,118			53,879			155,609
Units issued		12,589			666			36,476			5,650			35,965
Units redeemed		(9,905	)		(1,356	)		(61,023	)		(5,357	)		(42,467	)
Ending units		63,749			21,825			218,571			54,172			149,107

The accompanying Notes to Financial Statements are an integral part of this statement.

21

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	Janus Henderson  Overseas Portfolio  Service Shares			LVIP JPMorgan  Core Bond Fund  Standard Class			LVIP JPMorgan Mid  Cap Value Fund  Standard Class			LVIP JPMorgan  Small Cap Core  Fund Standard  Class			LVIP JPMorgan  U.S. Equity Fund  Standard Class
For the Year Ended December 31, 2023
From operations:
Dividends	$	88,570		$	133,700		$	13,452		$	45,952		$	7,146
Mortality and expense risk and administrative charges		(20,028	)		(8,889	)		(1,361	)		(10,748	)		(450	)
Net investment income (loss)		68,542			124,811			12,091			35,204			6,696
Net realized gain (loss)		272,606			(20,866	)		(7,613	)		(202,621	)		2,150
Capital gain distribution from mutual funds		—			—			38,268			29,083			20,915
Change in unrealized appreciation (depreciation) of investments		335,328			98,262			387			535,724			78,417
Increase (decrease) in net assets from operations		676,476			202,207			43,133			397,390			108,178
From contract transactions:
Payments received from contract owners		295,846			430,095			—			143,311			9,947
Payments for contract benefits or terminations		(187,513	)		(37,596	)		(61,886	)		(245,997	)		—
Policy loans		(11,075	)		3,141			(800	)		(3,952	)		(47	)
Transfers between sub-accounts (including fixed account), net		(1,085,858	)		191,889			(2,323	)		675,606			5,132
Contract maintenance charges		(380,621	)		(338,742	)		(17,071	)		(160,092	)		(6,393	)
Increase (decrease) in net assets from contract transactions		(1,369,221	)		248,787			(82,080	)		408,876			8,639
Increase (decrease) in net assets		(692,745	)		450,994			(38,947	)		806,266			116,817
Net assets at beginning of period		7,031,736			3,419,989			442,065			3,344,635			399,416
Net assets at end of period	$	6,338,991		$	3,870,983		$	403,118		$	4,150,901		$	516,233
Beginning units		613,640			332,110			9,044			115,521			7,064
Units issued		120,649			67,406			711			34,616			226
Units redeemed		(231,244	)		(43,722	)		(2,360	)		(23,607	)		(103	)
Ending units		503,045			355,794			7,395			126,530			7,187
For the Year Ended December 31, 2022
From operations:
Dividends	$	118,872		$	72,263		$	4,414		$	16,239		$	2,263
Mortality and expense risk and administrative charges		(22,006	)		(8,948	)		(1,690	)		(13,007	)		(427	)
Net investment income (loss)		96,866			63,315			2,724			3,232			1,836
Net realized gain (loss)		260,816			(15,209	)		(3,639	)		1,259			19,263
Capital gain distribution from mutual funds		—			18,892			66,344			754,302			62,640
Change in unrealized appreciation (depreciation) of investments		(1,078,128	)		(580,980	)		(108,392	)		(1,598,307	)		(176,176	)
Increase (decrease) in net assets from operations		(720,446	)		(513,982	)		(42,963	)		(839,514	)		(92,437	)
From contract transactions:
Payments received from contract owners		335,210			414,433			—			128,190			9,112
Payments for contract benefits or terminations		(281,215	)		(32,166	)		(37,085	)		(83,484	)		(7,711	)
Policy loans		(35,535	)		(2,309	)		(479	)		(8,392	)		(46	)
Transfers between sub-accounts (including fixed account), net		868,716			(119,725	)		(194	)		(87,242	)		7,500
Contract maintenance charges		(423,517	)		(382,783	)		(15,656	)		(158,095	)		(7,010	)
Increase (decrease) in net assets from contract transactions		463,659			(122,550	)		(53,414	)		(209,023	)		1,845
Increase (decrease) in net assets		(256,787	)		(636,532	)		(96,377	)		(1,048,537	)		(90,592	)
Net assets at beginning of period		7,288,523			4,056,521			538,442			4,393,172			490,008
Net assets at end of period	$	7,031,736		$	3,419,989		$	442,065		$	3,344,635		$	399,416
Beginning units		577,271			343,790			10,155			122,057			7,039
Units issued		407,783			47,749			1,612			24,322			749
Units redeemed		(371,414	)		(59,429	)		(2,723	)		(30,858	)		(724	)
Ending units		613,640			332,110			9,044			115,521			7,064

The accompanying Notes to Financial Statements are an integral part of this statement.

22

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	MFS VIT Growth Series Initial Class			MFS VIT Investors Trust Series Initial Class			MFS VIT New Discovery Series Initial Class			MFS VIT Research Series Initial Class			MFS VIT Total Return Series Initial Class
For the Year Ended December 31, 2023
From operations:
Dividends	$	—		$	22,670		$	—		$	50,041		$	90,938
Mortality and expense risk and administrative charges		(159,856	)		(23,790	)		(19,778	)		(51,520	)		(32,732	)
Net investment income (loss)		(159,856	)		(1,120	)		(19,778	)		(1,479	)		58,206
Net realized gain (loss)		470,413			77,725			(1,366,629	)		57,257			35,150
Capital gain distribution from mutual funds		2,418,565			174,463			—			528,860			189,397
Change in unrealized appreciation (depreciation) of investments		6,525,757			277,648			2,330,909			1,344,564			126,761
Increase (decrease) in net assets from operations		9,254,879			528,716			944,502			1,929,202			409,514
From contract transactions:
Payments received from contract owners		927,712			102,600			387,293			423,141			245,279
Payments for contract benefits or terminations		(1,103,159	)		(270,005	)		(176,471	)		(316,084	)		(220,067	)
Policy loans		(115,387	)		(9,782	)		(12,181	)		(43,283	)		(22,656	)
Transfers between sub-accounts (including fixed account), net		(483,360	)		(75,861	)		274,506			(91,848	)		(3,802	)
Contract maintenance charges		(1,356,309	)		(195,033	)		(350,948	)		(534,571	)		(342,485	)
Increase (decrease) in net assets from contract transactions		(2,130,503	)		(448,081	)		122,199			(562,645	)		(343,731	)
Increase (decrease) in net assets		7,124,376			80,635			1,066,701			1,366,557			65,783
Net assets at beginning of period		27,113,408			3,154,524			6,934,898			9,136,996			4,487,081
Net assets at end of period	$	34,237,784		$	3,235,159		$	8,001,599		$	10,503,553		$	4,552,864
Beginning units		350,145			8,431			230,098			146,183			20,654
Units issued		76,340			58			77,439			33,576			989
Units redeemed		(105,503	)		(1,167	)		(74,369	)		(41,940	)		(3,164	)
Ending units		320,982			7,322			233,168			137,819			18,479
For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	23,208		$	—		$	47,736		$	81,004
Mortality and expense risk and administrative charges		(168,710	)		(26,179	)		(24,808	)		(54,388	)		(34,719	)
Net investment income (loss)		(168,710	)		(2,971	)		(24,808	)		(6,652	)		46,285
Net realized gain (loss)		942,732			182,408			(382,336	)		142,712			117,337
Capital gain distribution from mutual funds		3,574,001			444,871			2,308,599			1,245,890			405,159
Change in unrealized appreciation (depreciation) of investments		(17,937,410	)		(1,337,236	)		(4,914,056	)		(3,525,682	)		(1,110,551	)
Increase (decrease) in net assets from operations		(13,589,387	)		(712,928	)		(3,012,601	)		(2,143,732	)		(541,770	)
From contract transactions:
Payments received from contract owners		1,006,279			114,283			397,331			445,575			264,490
Payments for contract benefits or terminations		(987,113	)		(214,123	)		(243,021	)		(304,712	)		(241,962	)
Policy loans		(123,989	)		(16,743	)		(22,269	)		(49,788	)		(21,051	)
Transfers between sub-accounts (including fixed account), net		(352,750	)		(42,174	)		146,345			46,747			(13,169	)
Contract maintenance charges		(1,372,954	)		(191,359	)		(377,151	)		(529,067	)		(359,605	)
Increase (decrease) in net assets from contract transactions		(1,830,527	)		(350,116	)		(98,765	)		(391,245	)		(371,297	)
Increase (decrease) in net assets		(15,419,914	)		(1,063,044	)		(3,111,366	)		(2,534,977	)		(913,067	)
Net assets at beginning of period		42,533,322			4,217,568			10,046,264			11,671,973			5,400,148
Net assets at end of period	$	27,113,408		$	3,154,524		$	6,934,898		$	9,136,996		$	4,487,081
Beginning units		376,527			9,344			229,302			153,814			22,596
Units issued		133,240			207			57,305			51,695			3,179
Units redeemed		(159,622	)		(1,120	)		(56,509	)		(59,326	)		(5,121	)
Ending units		350,145			8,431			230,098			146,183			20,654

 The accompanying Notes to Financial Statements are an integral part of this statement.

23

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	MFS VIT Utilities Series Initial Class			MFS VIT II Core Equity Portfolio Initial Class			Morgan Stanley VIF Growth Portfolio Class I			Neuberger Berman AMT Mid Cap Growth Portfolio Class I			Neuberger Berman AMT Short Duration Bond Portfolio Class I
For the Year Ended December 31, 2023
From operations:
Dividends	$	261,403		$	72,688		$	—		$	—		$	1,991
Mortality and expense risk and administrative charges		(55,019	)		(70,193	)		(10,725	)		(19,306	)		(43	)
Net investment income (loss)		206,384			2,495			(10,725	)		(19,306	)		1,948
Net realized gain (loss)		737,988			135,834			(1,795,083	)		(170,501	)		(521	)
Capital gain distribution from mutual funds		404,481			648,337			—			—			—
Change in unrealized appreciation (depreciation) of investments		(1,768,306	)		1,959,225			3,407,591			1,376,761			995
Increase (decrease) in net assets from operations		(419,453	)		2,745,891			1,601,783			1,186,954			2,422
From contract transactions:
Payments received from contract owners		343,470			439,039			106,108			319,636			699
Payments for contract benefits or terminations		(394,119	)		(465,273	)		(158,406	)		(217,492	)		(2,966	)
Policy loans		(61,702	)		(10,879	)		(9,289	)		(19,040	)		—
Transfers between sub-accounts (including fixed account), net		190,256			(16,970	)		1,389,820			(22,393	)		(41	)
Contract maintenance charges		(483,494	)		(631,186	)		(158,368	)		(330,318	)		(2,276	)
Increase (decrease) in net assets from contract transactions		(405,589	)		(685,269	)		1,169,865			(269,607	)		(4,584	)
Increase (decrease) in net assets		(825,042	)		2,060,622			2,771,648			917,347			(2,162	)
Net assets at beginning of period		7,974,565			12,552,003			3,363,578			6,646,906			43,407
Net assets at end of period	$	7,149,523		$	14,612,625		$	6,135,226		$	7,564,253		$	41,245
Beginning units		11,942			405,039			95,866			252,636			3,270
Units issued		217,676			60,566			81,920			64,858			57
Units redeemed		(119,428	)		(79,191	)		(60,549	)		(72,449	)		(390	)
Ending units		110,190			386,414			117,237			245,045			2,937
For the Year Ended December 31, 2022
From operations:
Dividends	$	192,678		$	42,925		$	—		$	—		$	1,716
Mortality and expense risk and administrative charges		(60,381	)		(75,662	)		(14,187	)		(22,699	)		(45	)
Net investment income (loss)		132,297			(32,737	)		(14,187	)		(22,699	)		1,671
Net realized gain (loss)		181,939			262,406			(1,254,655	)		129,524			(158	)
Capital gain distribution from mutual funds		305,402			1,508,627			2,302,959			1,347,233			—
Change in unrealized appreciation (depreciation) of investments		(617,520	)		(4,640,244	)		(6,183,824	)		(4,209,062	)		(4,008	)
Increase (decrease) in net assets from operations		2,118			(2,901,948	)		(5,149,707	)		(2,755,004	)		(2,495	)
From contract transactions:
Payments received from contract owners		338,805			458,091			118,915			329,423			707
Payments for contract benefits or terminations		(160,080	)		(625,080	)		(97,914	)		(227,401	)		—
Policy loans		(36,879	)		(67,076	)		(5,981	)		(15,964	)		—
Transfers between sub-accounts (including fixed account), net		(72,586	)		(66,995	)		(192,322	)		(148,027	)		—
Contract maintenance charges		(474,229	)		(632,302	)		(147,445	)		(334,784	)		(2,213	)
Increase (decrease) in net assets from contract transactions		(404,969	)		(933,362	)		(324,747	)		(396,753	)		(1,506	)
Increase (decrease) in net assets		(402,851	)		(3,835,310	)		(5,474,454	)		(3,151,757	)		(4,001	)
Net assets at beginning of period		8,377,416			16,387,313			8,838,032			9,798,663			47,408
Net assets at end of period	$	7,974,565		$	12,552,003		$	3,363,578		$	6,646,906		$	43,407
Beginning units		12,545			436,617			100,880			261,753			3,383
Units issued		257			92,283			58,816			78,512			53
Units redeemed		(860	)		(123,861	)		(63,830	)		(87,629	)		(166	)
Ending units		11,942			405,039			95,866			252,636			3,270

 The accompanying Notes to Financial Statements are an integral part of this statement.

24

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	Neuberger Berman AMT Sustainable Equity Portfolio Class I			PIMCO CommodityRealRet urn Strategy Portfolio Administrative Class			PIMCO Global Bond Opportunities Portfolio (Unhedged) Administrative Class			PIMCO Real Return Portfolio Administrative Class			PIMCO Short-Term Portfolio Administrative Class
For the Year Ended December 31, 2023
From operations:
Dividends	$	1,704		$	159,867		$	10,697		$	202,598		$	197,136
Mortality and expense risk and administrative charges		(1,248	)		(3,290	)		(1,224	)		(17,137	)		(13,170	)
Net investment income (loss)		456			156,577			9,473			185,461			183,966
Net realized gain (loss)		5,639			(65,350	)		(20,476	)		(222,629	)		(7,212	)
Capital gain distribution from mutual funds		8,041			—			5,279			—			—
Change in unrealized appreciation (depreciation) of investments		103,320			(173,408	)		28,920			266,524			59,665
Increase (decrease) in net assets from operations		117,456			(82,181	)		23,196			229,356			236,419
From contract transactions:
Payments received from contract owners		10,389			78,048			47,037			483,437			320,105
Payments for contract benefits or terminations		(2,109	)		(3,745	)		(38,978	)		(229,112	)		(90,656	)
Policy loans		(2,121	)		9,398			(9,744	)		(8,042	)		(9,023	)
Transfers between sub-accounts (including fixed account), net		(50	)		(49,362	)		18,777			(71,623	)		(1,053,423	)
Contract maintenance charges		(13,400	)		(68,307	)		(38,032	)		(633,558	)		(334,087	)
Increase (decrease) in net assets from contract transactions		(7,291	)		(33,968	)		(20,940	)		(458,898	)		(1,167,084	)
Increase (decrease) in net assets		110,165			(116,149	)		2,256			(229,542	)		(930,665	)
Net assets at beginning of period		444,659			1,052,821			487,098			6,961,976			5,184,483
Net assets at end of period	$	554,824		$	936,672		$	489,354		$	6,732,434		$	4,253,818
Beginning units		24,761			100,952			48,477			491,982			435,034
Units issued		1,551			20,858			9,376			133,147			438,989
Units redeemed		(2,189	)		(25,859	)		(11,219	)		(169,876	)		(531,617	)
Ending units		24,123			95,951			46,634			455,253			342,406
For the Year Ended December 31, 2022
From operations:
Dividends	$	2,086		$	214,610		$	7,395		$	536,460		$	90,558
Mortality and expense risk and administrative charges		(1,179	)		(3,455	)		(1,251	)		(25,421	)		(17,926	)
Net investment income (loss)		907			211,155			6,144			511,039			72,632
Net realized gain (loss)		1,930			49,007			(9,292	)		(160,135	)		(77,996	)
Capital gain distribution from mutual funds		44,311			—			7,281			—			9,252
Change in unrealized appreciation (depreciation) of investments		(149,765	)		(211,495	)		(65,654	)		(1,379,401	)		(53,498	)
Increase (decrease) in net assets from operations		(102,617	)		48,667			(61,521	)		(1,028,497	)		(49,610	)
From contract transactions:
Payments received from contract owners		10,214			79,997			53,582			535,574			342,962
Payments for contract benefits or terminations		(343	)		(32,900	)		(8,343	)		(351,934	)		(1,255,765	)
Policy loans		(350	)		(12,744	)		(1,650	)		(2,258	)		5,933
Transfers between sub-accounts (including fixed account), net		29			229,502			(5,798	)		59,562			760,490
Contract maintenance charges		(12,399	)		(64,626	)		(44,340	)		(687,035	)		(350,963	)
Increase (decrease) in net assets from contract transactions		(2,849	)		199,229			(6,549	)		(446,091	)		(497,343	)
Increase (decrease) in net assets		(105,466	)		247,896			(68,070	)		(1,474,588	)		(546,953	)
Net assets at beginning of period		550,125			804,925			555,168			8,436,564			5,731,436
Net assets at end of period	$	444,659		$	1,052,821		$	487,098		$	6,961,976		$	5,184,483
Beginning units		25,139			88,218			48,888			522,699			482,749
Units issued		616			38,337			8,761			218,882			494,996
Units redeemed		(994	)		(25,603	)		(9,172	)		(249,599	)		(542,711	)
Ending units		24,761			100,952			48,477			491,982			435,034

 The accompanying Notes to Financial Statements are an integral part of this statement.

25

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	PIMCO Total Return Portfolio Administrative Class			Pioneer Fund VCT Portfolio Class I			Pioneer Mid Cap Value VCT Portfolio Class I			Pioneer Select Mid Cap Growth VCT Portfolio Class I			Putnam VT Diversified Income Fund Class IB
For the Year Ended December 31, 2023
From operations:
Dividends	$	431,812		$	15,788		$	19,573		$	—		$	253,546
Mortality and expense risk and administrative charges		(35,157	)		(3,772	)		(3,321	)		(5,368	)		(14,335	)
Net investment income (loss)		396,655			12,016			16,252			(5,368	)		239,211
Net realized gain (loss)		(573,825	)		(23,976	)		(81,620	)		(141,022	)		(290,956	)
Capital gain distribution from mutual funds		—			74,312			113,714			—			—
Change in unrealized appreciation (depreciation) of investments		848,459			398,433			74,019			656,776			244,144
Increase (decrease) in net assets from operations		671,289			460,785			122,365			510,386			192,399
From contract transactions:
Payments received from contract owners		914,817			43,065			49,881			123,802			126,958
Payments for contract benefits or terminations		(315,986	)		(20,305	)		(19,749	)		(109,952	)		(42,421	)
Policy loans		(6,126	)		(100	)		4,717			(19,234	)		(19,472	)
Transfers between sub-accounts (including fixed account), net		(621,359	)		(3,430	)		87,139			3,603			292,775
Contract maintenance charges		(1,029,566	)		(74,291	)		(36,693	)		(160,532	)		(329,774	)
Increase (decrease) in net assets from contract transactions		(1,058,220	)		(55,061	)		85,295			(162,313	)		28,066
Increase (decrease) in net assets		(386,931	)		405,724			207,660			348,073			220,465
Net assets at beginning of period		12,871,503			1,638,726			965,818			2,838,193			4,301,269
Net assets at end of period	$	12,484,572		$	2,044,450		$	1,173,478		$	3,186,266		$	4,521,734
Beginning units		943,886			49,838			38,551			84,389			237,959
Units issued		246,032			2,754			6,964			4,673			49,089
Units redeemed		(313,287	)		(4,380	)		(3,868	)		(9,337	)		(45,684	)
Ending units		876,631			48,212			41,647			79,725			241,364
For the Year Ended December 31, 2022
From operations:
Dividends	$	331,471		$	11,745		$	20,521		$	—		$	294,071
Mortality and expense risk and administrative charges		(41,358	)		(4,459	)		(3,396	)		(7,751	)		(15,822	)
Net investment income (loss)		290,113			7,286			17,125			(7,751	)		278,249
Net realized gain (loss)		(437,863	)		20,960			(49,146	)		(202,269	)		(232,978	)
Capital gain distribution from mutual funds		—			282,730			396,828			616,466			92,864
Change in unrealized appreciation (depreciation) of investments		(1,936,160	)		(782,733	)		(438,380	)		(1,718,877	)		(258,555	)
Increase (decrease) in net assets from operations		(2,083,910	)		(471,757	)		(73,573	)		(1,312,431	)		(120,420	)
From contract transactions:
Payments received from contract owners		961,571			42,793			46,363			120,306			139,468
Payments for contract benefits or terminations		(383,860	)		(31,682	)		(32,889	)		(53,826	)		(239,435	)
Policy loans		7,042			(13,354	)		(27,708	)		2,281			(13,396	)
Transfers between sub-accounts (including fixed account), net		1,151,716			(942,015	)		(53,036	)		7,961			48,816
Contract maintenance charges		(1,041,910	)		(71,530	)		(33,983	)		(157,628	)		(301,757	)
Increase (decrease) in net assets from contract transactions		694,559			(1,015,788	)		(101,253	)		(80,906	)		(366,304	)
Increase (decrease) in net assets		(1,389,351	)		(1,487,545	)		(174,826	)		(1,393,337	)		(486,724	)
Net assets at beginning of period		14,260,854			3,126,271			1,140,644			4,231,530			4,787,993
Net assets at end of period	$	12,871,503		$	1,638,726		$	965,818		$	2,838,193		$	4,301,269
Beginning units		904,727			76,616			42,750			87,953			255,644
Units issued		268,528			7,257			5,808			29,264			32,745
Units redeemed		(229,369	)		(34,035	)		(10,007	)		(32,828	)		(50,430	)
Ending units		943,886			49,838			38,551			84,389			237,959

 The accompanying Notes to Financial Statements are an integral part of this statement.

26

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	Putnam VT International Value Fund Class IB			Putnam VT Large Cap Growth Fund Class IB			Putnam VT Large Cap Value Fund Class IB			Putnam VT Small Cap Value Fund Class IB			Putnam VT Sustainable Leaders Fund Class IB
For the Year Ended December 31, 2023
From operations:
Dividends	$	64,748		$	—		$	326,693		$	250		$	502
Mortality and expense risk and administrative charges		(11,610	)		(303	)		(44,858	)		(255	)		(297	)
Net investment income (loss)		53,138			(303	)		281,835			(5	)		205
Net realized gain (loss)		153,286			(15,577	)		399,396			(18,462	)		1,121
Capital gain distribution from mutual funds		—			1,066			915,773			19,277			3,078
Change in unrealized appreciation (depreciation) of investments		493,073			45,062			748,604			32,287			18,335
Increase (decrease) in net assets from operations		699,497			30,248			2,345,608			33,097			22,739
From contract transactions:
Payments received from contract owners		254,887			6,270			483,759			7,169			5,160
Payments for contract benefits or terminations		(122,723	)		(30,444	)		(502,243	)		(60,295	)		—
Policy loans		(11,732	)		(60	)		(95,775	)		(101	)		—
Transfers between sub-accounts (including fixed account), net		260,701			1,850			207,253			(636	)		(517	)
Contract maintenance charges		(309,214	)		(5,830	)		(721,059	)		(19,681	)		(4,004	)
Increase (decrease) in net assets from contract transactions		71,919			(28,214	)		(628,065	)		(73,544	)		639
Increase (decrease) in net assets		771,416			2,034			1,717,543			(40,447	)		23,378
Net assets at beginning of period		3,442,017			91,507			15,715,274			191,387			87,697
Net assets at end of period	$	4,213,433		$	93,541		$	17,432,817		$	150,940		$	111,075
Beginning units		301,692			13,525			600,905			6,901			2,048
Units issued		316,587			3,005			63,991			307			610
Units redeemed		(307,452	)		(6,948	)		(89,092	)		(2,851	)		(610	)
Ending units		310,827			9,582			575,804			4,357			2,048
For the Year Ended December 31, 2022
From operations:
Dividends	$	75,409		$	—		$	236,827		$	352		$	495
Mortality and expense risk and administrative charges		(11,617	)		(377	)		(51,133	)		(456	)		(300	)
Net investment income (loss)		63,792			(377	)		185,694			(104	)		195
Net realized gain (loss)		(24,411	)		2,769			434,032			9,695			5,783
Capital gain distribution from mutual funds		131,510			18,162			1,372,058			28,873			13,787
Change in unrealized appreciation (depreciation) of investments		(454,113	)		(61,047	)		(2,590,214	)		(68,962	)		(45,940	)
Increase (decrease) in net assets from operations		(283,222	)		(40,493	)		(598,430	)		(30,498	)		(26,175	)
From contract transactions:
Payments received from contract owners		275,264			6,187			501,498			5,401			3,508
Payments for contract benefits or terminations		(151,076	)		—			(422,816	)		(167	)		—
Policy loans		(8,787	)		(42	)		(9,876	)		(1,192	)		—
Transfers between sub-accounts (including fixed account), net		(18,195	)		(433	)		(67,377	)		(2,132	)		1,389
Contract maintenance charges		(301,309	)		(5,310	)		(791,312	)		(16,880	)		(3,981	)
Increase (decrease) in net assets from contract transactions		(204,103	)		402			(789,883	)		(14,970	)		916
Increase (decrease) in net assets		(487,325	)		(40,091	)		(1,388,313	)		(45,468	)		(25,259	)
Net assets at beginning of period		3,929,342			131,598			17,103,587			236,855			112,956
Net assets at end of period	$	3,442,017		$	91,507		$	15,715,274		$	191,387		$	87,697
Beginning units		319,635			13,532			634,776			7,491			2,045
Units issued		123,562			5,113			103,554			2,213			705
Units redeemed		(141,505	)		(5,120	)		(137,425	)		(2,803	)		(702	)
Ending units		301,692			13,525			600,905			6,901			2,048

 The accompanying Notes to Financial Statements are an integral part of this statement.

27

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	SST SA Multi- Managed Mid Cap Value Portfolio Class 3			SAST SA AB Growth Portfolio Class 1			SAST SA DFA Ultra Short Bond Portfolio Class 1			SAST SA Federated Hermes Corporate Bond Portfolio Class 1			SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 1
For the Year Ended December 31, 2023
From operations:
Dividends	$	1,647		$	—		$	15,401		$	6,627		$	5,586
Mortality and expense risk and administrative charges		(408	)		(16,369	)		(1,725	)		(382	)		(592	)
Net investment income (loss)		1,239			(16,369	)		13,676			6,245			4,994
Net realized gain (loss)		193			120,093			(1,157	)		(5,046	)		(6,193	)
Capital gain distribution from mutual funds		13,174			619,690			—			—			14,431
Change in unrealized appreciation (depreciation) of investments		7,071			1,697,436			44,850			13,567			20,622
Increase (decrease) in net assets from operations		21,677			2,420,850			57,369			14,766			33,854
From contract transactions:
Payments received from contract owners		18,228			304,032			70,771			9,786			14,046
Payments for contract benefits or terminations		(3,807	)		(247,387	)		(1,462	)		(24,930	)		(11,176	)
Policy loans		505			(72,777	)		(71	)		(50	)		(1,755	)
Transfers between sub-accounts (including fixed account), net		3,459			3,342			(29	)		294			518
Contract maintenance charges		(14,225	)		(466,351	)		(72,815	)		(22,010	)		(29,535	)
Increase (decrease) in net assets from contract transactions		4,160			(479,141	)		(3,606	)		(36,910	)		(27,902	)
Increase (decrease) in net assets		25,837			1,941,709			53,763			(22,144	)		5,952
Net assets at beginning of period		155,427			7,176,189			1,271,272			210,262			265,871
Net assets at end of period	$	181,264		$	9,117,898		$	1,325,035		$	188,118		$	271,823
Beginning units		10,104			183,634			110,280			7,137			5,200
Units issued		1,496			13,951			6,062			334			306
Units redeemed		(1,242	)		(24,442	)		(6,331	)		(1,552	)		(832	)
Ending units		10,358			173,143			110,011			5,919			4,674
For the Year Ended December 31, 2022
From operations:
Dividends	$	836		$	—		$	—		$	8,566		$	2,900
Mortality and expense risk and administrative charges		(412	)		(16,624	)		(1,740	)		(452	)		(1,031	)
Net investment income (loss)		424			(16,624	)		(1,740	)		8,114			1,869
Net realized gain (loss)		2,660			301,900			(5,474	)		(1,295	)		(4,747	)
Capital gain distribution from mutual funds		22,684			1,256,470			—			792			24,680
Change in unrealized appreciation (depreciation) of investments		(41,441	)		(4,631,177	)		(16,325	)		(44,732	)		(182,656	)
Increase (decrease) in net assets from operations		(15,673	)		(3,089,431	)		(23,539	)		(37,121	)		(160,854	)
From contract transactions:
Payments received from contract owners		20,101			270,092			40,789			8,450			16,613
Payments for contract benefits or terminations		(3,058	)		(337,035	)		(12,355	)		—			(87,487	)
Policy loans		294			(76,246	)		(72	)		(194	)		(1,270	)
Transfers between sub-accounts (including fixed account), net		(7,584	)		(145,480	)		(64,354	)		(4	)		(120,779	)
Contract maintenance charges		(14,587	)		(451,009	)		(69,056	)		(20,605	)		(29,590	)
Increase (decrease) in net assets from contract transactions		(4,834	)		(739,678	)		(105,048	)		(12,353	)		(222,513	)
Increase (decrease) in net assets		(20,507	)		(3,829,109	)		(128,587	)		(49,474	)		(383,367	)
Net assets at beginning of period		175,934			11,005,298			1,399,859			259,736			649,238
Net assets at end of period	$	155,427		$	7,176,189		$	1,271,272		$	210,262		$	265,871
Beginning units		10,403			200,658			119,414			7,543			9,259
Units issued		1,311			8,203			3,606			280			427
Units redeemed		(1,610	)		(25,227	)		(12,740	)		(686	)		(4,486	)
Ending units		10,104			183,634			110,280			7,137			5,200

 The accompanying Notes to Financial Statements are an integral part of this statement.

28

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1			SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1			SAST SA Goldman Sachs Global Bond Portfolio Class 1			SAST SA Invesco Growth Opportunities Portfolio Class 1			SAST SA Janus Focused Growth Portfolio Class 1
For the Year Ended December 31, 2023
From operations:
Dividends	$	64,772		$	8,647		$	—		$	—		$	—
Mortality and expense risk and administrative charges		(5,136	)		(1,074	)		(255	)		(307	)		(937	)
Net investment income (loss)		59,636			7,573			(255	)		(307	)		(937	)
Net realized gain (loss)		(45,145	)		(1,574	)		(1,758	)		(2,746	)		1,461
Capital gain distribution from mutual funds		259,173			—			—			—			—
Change in unrealized appreciation (depreciation) of investments		(92,368	)		33,182			8,212			17,484			306,173
Increase (decrease) in net assets from operations		181,296			39,181			6,199			14,431			306,697
From contract transactions:
Payments received from contract owners		112,097			7,308			11,972			2,104			41,325
Payments for contract benefits or terminations		(56,332	)		—			(311	)		—			(8,051	)
Policy loans		2,465			(5	)		(721	)		(7	)		914
Transfers between sub-accounts (including fixed account), net		4,341			(8	)		(754	)		2			33
Contract maintenance charges		(130,042	)		(18,838	)		(7,936	)		(4,698	)		(46,248	)
Increase (decrease) in net assets from contract transactions		(67,471	)		(11,543	)		2,250			(2,599	)		(12,027	)
Increase (decrease) in net assets		113,825			27,638			8,449			11,832			294,670
Net assets at beginning of period		2,637,387			489,709			148,801			119,737			783,948
Net assets at end of period	$	2,751,212		$	517,347		$	157,250		$	131,569		$	1,078,618
Beginning units		41,072			9,191			9,604			7,420			19,540
Units issued		5,550			138			764			124			1,434
Units redeemed		(6,641	)		(351	)		(625	)		(279	)		(1,660	)
Ending units		39,981			8,978			9,743			7,265			19,314
For the Year Ended December 31, 2022
From operations:
Dividends	$	46,064		$	9,471		$	—		$	—		$	—
Mortality and expense risk and administrative charges		(5,502	)		(1,113	)		(270	)		(329	)		(913	)
Net investment income (loss)		40,562			8,358			(270	)		(329	)		(913	)
Net realized gain (loss)		70,134			27,053			(6,031	)		(1,149	)		22,105
Capital gain distribution from mutual funds		438,690			114,658			—			31,349			184,487
Change in unrealized appreciation (depreciation) of investments		(582,078	)		(197,208	)		(29,145	)		(96,912	)		(622,358	)
Increase (decrease) in net assets from operations		(32,692	)		(47,139	)		(35,446	)		(67,041	)		(416,679	)
From contract transactions:
Payments received from contract owners		71,414			7,028			9,358			2,028			33,131
Payments for contract benefits or terminations		(49,276	)		(126,239	)		—			—			(18,759	)
Policy loans		(20,043	)		(6	)		(4,841	)		(7	)		(23,791	)
Transfers between sub-accounts (including fixed account), net		(16,095	)		(1,155	)		72			(1	)		(1,246	)
Contract maintenance charges		(128,397	)		(17,575	)		(7,632	)		(4,442	)		(44,923	)
Increase (decrease) in net assets from contract transactions		(142,397	)		(137,947	)		(3,043	)		(2,422	)		(55,588	)
Increase (decrease) in net assets		(175,089	)		(185,086	)		(38,489	)		(69,463	)		(472,267	)
Net assets at beginning of period		2,812,476			674,795			187,290			189,200			1,256,215
Net assets at end of period	$	2,637,387		$	489,709		$	148,801		$	119,737		$	783,948
Beginning units		43,122			11,666			9,777			7,559			20,788
Units issued		5,757			141			1,983			115			1,368
Units redeemed		(7,807	)		(2,616	)		(2,156	)		(254	)		(2,616	)
Ending units		41,072			9,191			9,604			7,420			19,540

 The accompanying Notes to Financial Statements are an integral part of this statement.

29

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	SAST SA JPMorgan Diversified Balanced Portfolio Class 1			SAST SA JPMorgan Emerging Markets Portfolio Class 1			SAST SA JPMorgan Equity-Income Portfolio Class 1			SAST SA JPMorgan Global Equities Portfolio Class 1			SAST SA JPMorgan Large Cap Core Portfolio Class 1
For the Year Ended December 31, 2023
From operations:
Dividends	$	71,039		$	11,732		$	77,594		$	5,047		$	3,074
Mortality and expense risk and administrative charges		(12,410	)		(675	)		(4,848	)		(745	)		(880	)
Net investment income (loss)		58,629			11,057			72,746			4,302			2,194
Net realized gain (loss)		(191,817	)		6,634			39,216			(6,969	)		2,497
Capital gain distribution from mutual funds		—			—			288,993			11,428			12,763
Change in unrealized appreciation (depreciation) of investments		787,311			11,065			(265,783	)		62,608			79,813
Increase (decrease) in net assets from operations		654,123			28,756			135,172			71,369			97,267
From contract transactions:
Payments received from contract owners		277,190			25,393			71,293			14,852			20,633
Payments for contract benefits or terminations		(265,471	)		(23,260	)		(82,886	)		(9,586	)		(2,588	)
Policy loans		(8,563	)		(3,639	)		753			(5,442	)		(15,103	)
Transfers between sub-accounts (including fixed account), net		(287,510	)		(1,513	)		5,495			(86	)		67
Contract maintenance charges		(308,731	)		(17,901	)		(127,852	)		(21,166	)		(29,136	)
Increase (decrease) in net assets from contract transactions		(593,085	)		(20,920	)		(133,197	)		(21,428	)		(26,127	)
Increase (decrease) in net assets		61,038			7,836			1,975			49,941			71,140
Net assets at beginning of period		4,681,073			295,002			3,211,424			312,939			368,610
Net assets at end of period	$	4,742,111		$	302,838		$	3,213,399		$	362,880		$	439,750
Beginning units		236,228			11,016			95,924			14,302			10,564
Units issued		33,758			3,550			3,705			1,626			596
Units redeemed		(60,212	)		(4,292	)		(7,716	)		(2,508	)		(1,253	)
Ending units		209,774			10,274			91,913			13,420			9,907
For the Year Ended December 31, 2022
From operations:
Dividends	$	57,380		$	9,240		$	62,210		$	5,899		$	3,923
Mortality and expense risk and administrative charges		(14,616	)		(727	)		(5,130	)		(761	)		(927	)
Net investment income (loss)		42,764			8,513			57,080			5,138			2,996
Net realized gain (loss)		(46,033	)		959			159,536			4,453			20,575
Capital gain distribution from mutual funds		652,697			2,616			361,333			57,697			90,303
Change in unrealized appreciation (depreciation) of investments		(1,577,414	)		(113,290	)		(649,758	)		(130,328	)		(217,806	)
Increase (decrease) in net assets from operations		(927,986	)		(101,202	)		(71,809	)		(63,040	)		(103,932	)
From contract transactions:
Payments received from contract owners		270,031			18,049			70,578			13,429			17,597
Payments for contract benefits or terminations		(75,052	)		(9,853	)		(186,398	)		(19,826	)		(28,596	)
Policy loans		(45,249	)		2,051			(59,311	)		(5,426	)		(22,966	)
Transfers between sub-accounts (including fixed account), net		(4,712	)		2,278			11,532			(2,101	)		10,140
Contract maintenance charges		(314,307	)		(19,655	)		(127,472	)		(21,880	)		(29,414	)
Increase (decrease) in net assets from contract transactions		(169,289	)		(7,130	)		(291,071	)		(35,804	)		(53,239	)
Increase (decrease) in net assets		(1,097,275	)		(108,332	)		(362,880	)		(98,844	)		(157,171	)
Net assets at beginning of period		5,778,348			403,334			3,574,304			411,783			525,781
Net assets at end of period	$	4,681,073		$	295,002		$	3,211,424		$	312,939		$	368,610
Beginning units		244,722			11,204			104,534			15,808			12,002
Units issued		29,831			845			3,323			1,023			816
Units redeemed		(38,325	)		(1,033	)		(11,933	)		(2,529	)		(2,254	)
Ending units		236,228			11,016			95,924			14,302			10,564

 The accompanying Notes to Financial Statements are an integral part of this statement.

30

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	SAST SA JPMorgan MFS Core Bond Portfolio Class 1			SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1			SAST SA MFS Blue Chip Growth Portfolio Class 1			SAST SA MFS Massachusetts Investors Trust Portfolio Class 1			SAST SA MFS Total Return Portfolio Class 1
For the Year Ended December 31, 2023
From operations:
Dividends	$	2,093		$	—		$	350		$	5,211		$	15,042
Mortality and expense risk and administrative charges		(122	)		(15,822	)		(86	)		(1,412	)		(1,470	)
Net investment income (loss)		1,971			(15,822	)		264			3,799			13,572
Net realized gain (loss)		(1,393	)		(430,814	)		3,595			2,403			1,701
Capital gain distribution from mutual funds		—			—			1,171			50,893			25,797
Change in unrealized appreciation (depreciation) of investments		3,783			2,077,323			18,269			45,613			33,256
Increase (decrease) in net assets from operations		4,361			1,630,687			23,299			102,708			74,326
From contract transactions:
Payments received from contract owners		5,418			241,047			1,687			24,704			64,208
Payments for contract benefits or terminations		—			(171,933	)		—			(22,844	)		(51,339	)
Policy loans		(1	)		(44,555	)		(2	)		3,564			(77	)
Transfers between sub-accounts (including fixed account), net		(9	)		(11,060	)		4			(15	)		(531	)
Contract maintenance charges		(6,816	)		(336,345	)		(10,089	)		(37,260	)		(67,786	)
Increase (decrease) in net assets from contract transactions		(1,408	)		(322,846	)		(8,400	)		(31,851	)		(55,525	)
Increase (decrease) in net assets		2,953			1,307,841			14,899			70,857			18,801
Net assets at beginning of period		69,406			7,241,284			60,237			565,823			783,827
Net assets at end of period	$	72,359		$	8,549,125		$	75,136		$	636,680		$	802,628
Beginning units		2,898			380,981			2,876			15,680			22,437
Units issued		221			85,730			68			4,182			3,219
Units redeemed		(278	)		(100,365	)		(398	)		(5,007	)		(4,795	)
Ending units		2,841			366,346			2,546			14,855			20,861
For the Year Ended December 31, 2022
From operations:
Dividends	$	1,825		$	—		$	—		$	7,060		$	12,795
Mortality and expense risk and administrative charges		(105	)		(17,115	)		(90	)		(1,454	)		(1,592	)
Net investment income (loss)		1,720			(17,115	)		(90	)		5,606			11,203
Net realized gain (loss)		(327	)		(133,693	)		3,624			15,419			18,233
Capital gain distribution from mutual funds		—			1,877,799			13,953			122,526			73,865
Change in unrealized appreciation (depreciation) of investments		(8,129	)		(4,534,404	)		(44,977	)		(259,677	)		(195,359	)
Increase (decrease) in net assets from operations		(6,736	)		(2,807,413	)		(27,490	)		(116,126	)		(92,058	)
From contract transactions:
Payments received from contract owners		3,870			251,756			1,687			30,469			60,803
Payments for contract benefits or terminations		—			(176,849	)		—			(1,025	)		(35,269	)
Policy loans		(1	)		(67,321	)		(2	)		(2,344	)		(102	)
Transfers between sub-accounts (including fixed account), net		25,734			25,583			(34	)		(1,932	)		(4,501	)
Contract maintenance charges		(4,538	)		(351,353	)		(8,276	)		(49,358	)		(70,293	)
Increase (decrease) in net assets from contract transactions		25,065			(318,184	)		(6,625	)		(24,190	)		(49,362	)
Increase (decrease) in net assets		18,329			(3,125,597	)		(34,115	)		(140,316	)		(141,420	)
Net assets at beginning of period		51,077			10,366,881			94,352			706,139			925,247
Net assets at end of period	$	69,406		$	7,241,284		$	60,237		$	565,823		$	783,827
Beginning units		1,852			400,004			3,158			16,334			23,875
Units issued		1,229			45,859			71			964			1,878
Units redeemed		(183	)		(64,882	)		(353	)		(1,618	)		(3,316	)
Ending units		2,898			380,981			2,876			15,680			22,437

 The accompanying Notes to Financial Statements are an integral part of this statement.

31

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	SAST SA Morgan  Stanley  International  Equities Portfolio  Class 1			SAST SA  PineBridge High-  Yield Bond Portfolio  Class 1			SAST SA Putnam  International Growth  and Income  Portfolio Class 1			SAST SA  Wellington Capital  Appreciation  Portfolio Class 1			SAST SA  Wellington Capital  Appreciation  Portfolio Class 3
For the Year Ended December 31, 2023
From operations:
Dividends	$	5,604		$	18,868		$	12,519		$	—		$	—
Mortality and expense risk and administrative charges		(773	)		(619	)		(1,021	)		(8,755	)		(2,389	)
Net investment income (loss)		4,831			18,249			11,498			(8,755	)		(2,389	)
Net realized gain (loss)		(2,063	)		(1,729	)		(3,340	)		(152,947	)		(175,778	)
Change in unrealized appreciation (depreciation) of investments		51,886			26,136			76,711			1,775,672			482,909
Increase (decrease) in net assets from operations		54,654			42,656			84,869			1,613,970			304,742
From contract transactions:
Payments received from contract owners		16,425			5,592			20,774			88,729			149,002
Payments for contract benefits or terminations		—			—			(12,130	)		(130,477	)		(1,747	)
Policy loans		(5,438	)		1,003			(2,826	)		(20,432	)		—
Transfers between sub-accounts (including fixed account), net		(37	)		—			(1,032	)		(1,519	)		(86,957	)
Contract maintenance charges		(26,119	)		(15,690	)		(30,036	)		(206,582	)		(97,665	)
Increase (decrease) in net assets from contract transactions		(15,169	)		(9,095	)		(25,250	)		(270,281	)		(37,367	)
Increase (decrease) in net assets		39,485			33,561			59,619			1,343,689			267,375
Net assets at beginning of period		338,669			272,846			455,336			4,188,294			797,298
Net assets at end of period	$	378,154		$	306,407		$	514,955		$	5,531,983		$	1,064,673
Beginning units		24,633			9,410			25,590			70,568			45,003
Units issued		1,268			228			1,635			2,202			8,001
Units redeemed		(2,254	)		(520	)		(2,951	)		(5,761	)		(9,979	)
Ending units		23,647			9,118			24,274			67,009			43,025
For the Year Ended December 31, 2022
From operations:
Dividends	$	9,728		$	16,577		$	8,044		$	—		$	—
Mortality and expense risk and administrative charges		(752	)		(617	)		(975	)		(8,622	)		(2,065	)
Net investment income (loss)		8,976			15,960			7,069			(8,622	)		(2,065	)
Net realized gain (loss)		5,592			(3,839	)		1,544			(61,162	)		(20,830	)
Capital gain distribution from mutual funds		36,792			—			22,369			1,306,395			279,535
Change in unrealized appreciation (depreciation) of investments		(109,937	)		(44,668	)		(70,600	)		(3,648,508	)		(635,569	)
Increase (decrease) in net assets from operations		(58,577	)		(32,547	)		(39,618	)		(2,411,897	)		(378,929	)
From contract transactions:
Payments received from contract owners		18,318			6,348			26,987			135,771			180,824
Payments for contract benefits or terminations		(5,647	)		(8,823	)		(20,529	)		(82,772	)		(2,928	)
Policy loans		(20,008	)		(435	)		(10,141	)		(34,675	)		319
Transfers between sub-accounts (including fixed account), net		7,297			542			(550	)		95,283			127,999
Contract maintenance charges		(23,386	)		(13,814	)		(34,216	)		(185,685	)		(103,745	)
Increase (decrease) in net assets from contract transactions		(23,426	)		(16,182	)		(38,449	)		(72,078	)		202,469
Increase (decrease) in net assets		(82,003	)		(48,729	)		(78,067	)		(2,483,975	)		(176,460	)
Net assets at beginning of period		420,672			321,575			533,403			6,672,269			973,758
Net assets at end of period	$	338,669		$	272,846		$	455,336		$	4,188,294		$	797,298
Beginning units		26,268			9,979			27,911			71,221			34,753
Units issued		2,309			324			2,210			4,800			17,340
Units redeemed		(3,944	)		(893	)		(4,531	)		(5,453	)		(7,090	)
Ending units		24,633			9,410			25,590			70,568			45,003

 The accompanying Notes to Financial Statements are an integral part of this statement.

32

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	SAST SA  Wellington  Government and  Quality Bond  Portfolio Class 1			SAST SA  Wellington  Government and  Quality Bond  Portfolio Class 3			VALIC Company I  Core Bond Fund			VALIC Company I  Dynamic Allocation  Fund			VALIC Company I  Emerging  Economies Fund
For the Year Ended December 31, 2023
From operations:
Dividends	$	5,730		$	11,279		$	9,322		$	133,729		$	28,707
Mortality and expense risk and administrative charges		(552	)		(1,448	)		(1,128	)		(20,535	)		(1,276	)
Net investment income (loss)		5,178			9,831			8,194			113,194			27,431
Net realized gain (loss)		(4,839	)		(10,766	)		(5,803	)		(60,847	)		(28,348	)
Capital gain distribution from mutual funds		—			—			961			492,361			53,269
Change in unrealized appreciation (depreciation) of investments		11,769			26,879			22,760			469,068			3,257
Increase (decrease) in net assets from operations		12,108			25,944			26,112			1,013,776			55,609
From contract transactions:
Payments received from contract owners		25,881			40,629			54,009			1,131,568			42,300
Payments for contract benefits or terminations		(1,537	)		(468	)		(8,169	)		(62,511	)		(8,420	)
Policy loans		(195	)		1,352			(76	)		(1,083	)		—
Transfers between sub-accounts (including fixed account), net		47			(5,870	)		(508	)		283,954			(918	)
Contract maintenance charges		(25,479	)		(50,038	)		(29,080	)		(682,725	)		(48,166	)
Increase (decrease) in net assets from contract transactions		(1,283	)		(14,395	)		16,176			669,203			(15,204	)
Increase (decrease) in net assets		10,825			11,549			42,288			1,682,979			40,405
Net assets at beginning of period		254,990			585,682			413,257			7,412,559			478,702
Net assets at end of period	$	265,815		$	597,231		$	455,545		$	9,095,538		$	519,107
Beginning units		14,035			60,561			37,966			574,272			48,898
Units issued		1,393			6,247			6,631			105,737			6,152
Units redeemed		(1,474	)		(7,703	)		(4,863	)		(56,821	)		(7,634	)
Ending units		13,954			59,105			39,734			623,188			47,416
For the Year Ended December 31, 2022
From operations:
Dividends	$	3,498		$	6,099		$	4,860		$	256,908		$	17,275
Mortality and expense risk and administrative charges		(589	)		(1,550	)		(1,094	)		(19,505	)		(1,292	)
Net investment income (loss)		2,909			4,549			3,766			237,403			15,983
Net realized gain (loss)		(3,991	)		(6,757	)		(3,646	)		(99,937	)		(4,385	)
Capital gain distribution from mutual funds		4,215			9,686			4,115			805,380			62,249
Change in unrealized appreciation (depreciation) of investments		(43,819	)		(103,169	)		(67,669	)		(2,378,108	)		(225,845	)
Increase (decrease) in net assets from operations		(40,686	)		(95,691	)		(63,434	)		(1,435,262	)		(151,998	)
From contract transactions:
Payments received from contract owners		28,540			40,033			53,558			1,145,698			48,706
Payments for contract benefits or terminations		(2,952	)		—			—			(46,755	)		(1,909	)
Policy loans		(5,424	)		2,143			(1,229	)		(14,782	)		447
Transfers between sub-accounts (including fixed account), net		(354	)		7,863			24,131			(192,352	)		44,747
Contract maintenance charges		(27,530	)		(53,784	)		(32,794	)		(822,360	)		(51,266	)
Increase (decrease) in net assets from contract transactions		(7,720	)		(3,745	)		43,666			69,449			40,725
Increase (decrease) in net assets		(48,406	)		(99,436	)		(19,768	)		(1,365,813	)		(111,273	)
Net assets at beginning of period		303,396			685,118			433,025			8,778,372			589,975
Net assets at end of period	$	254,990		$	585,682		$	413,257		$	7,412,559		$	478,702
Beginning units		14,430			61,015			34,956			568,912			44,873
Units issued		2,381			6,250			8,229			87,928			17,453
Units redeemed		(2,776	)		(6,704	)		(5,219	)		(82,568	)		(13,428	)
Ending units		14,035			60,561			37,966			574,272			48,898

 The accompanying Notes to Financial Statements are an integral part of this statement.

33

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	VALIC Company I  Government Money  Market I Fund			VALIC Company I  International  Equities Index Fund			VALIC Company I  International Value  Fund			VALIC Company I  Mid Cap Index Fund			VALIC Company I  Mid Cap Value Fund
For the Year Ended December 31, 2023
From operations:
Dividends	$	—		$	111,118		$	7,578		$	188,772		$	1,716
Mortality and expense risk and administrative charges		—			(15,648	)		(515	)		(42,094	)		(690	)
Net investment income (loss)		—			95,470			7,063			146,678			1,026
Net realized gain (loss)		—			93,516			1,583			(8,609	)		(2,693	)
Capital gain distribution from mutual funds		—			—			8,363			1,962,001			41,569
Change in unrealized appreciation (depreciation) of investments		—			585,896			10,151			273,372			(1,075	)
Increase (decrease) in net assets from operations		—			774,882			27,160			2,373,442			38,827
From contract transactions:
Payments received from contract owners		—			154,295			28,157			514,444			26,268
Payments for contract benefits or terminations		—			(78,897	)		(153	)		(409,162	)		—
Policy loans		—			(32,092	)		694			(6,324	)		—
Transfers between sub-accounts (including fixed account), net		—			(89,157	)		(9,291	)		655,375			11,430
Contract maintenance charges		—			(172,583	)		(19,829	)		(728,011	)		(12,463	)
Increase (decrease) in net assets from contract transactions		—			(218,434	)		(422	)		26,322			25,235
Increase (decrease) in net assets		—			556,448			26,738			2,399,764			64,062
Net assets at beginning of period		—			4,179,505			192,143			15,504,083			213,136
Net assets at end of period	$	—		$	4,735,953		$	218,881		$	17,903,847		$	277,198
Beginning units		—			350,742			19,276			503,843			13,105
Units issued		—			160,635			3,096			81,397			3,276
Units redeemed		—			(172,583	)		(3,126	)		(83,336	)		(1,810	)
Ending units		—			338,794			19,246			501,904			14,571
For the Year Ended December 31, 2022
From operations:
Dividends	$	13,782		$	115,091		$	3,227		$	216,311		$	753
Mortality and expense risk and administrative charges		(20,474	)		(15,384	)		(470	)		(49,696	)		(627	)
Net investment income (loss)		(6,692	)		99,707			2,757			166,615			126
Net realized gain (loss)		(3	)		12,563			1,513			18,653			(288	)
Capital gain distribution from mutual funds		—			—			—			1,374,991			17,582
Change in unrealized appreciation (depreciation) of investments		2			(796,604	)		(24,957	)		(4,166,004	)		(40,811	)
Increase (decrease) in net assets from operations		(6,693	)		(684,334	)		(20,687	)		(2,605,745	)		(23,391	)
From contract transactions:
Payments received from contract owners		478,064			164,022			28,770			513,141			31,531
Payments for contract benefits or terminations		(62,653	)		(38,325	)		(29	)		(363,468	)		(2,056	)
Policy loans		(31,896	)		882			1,226			13,213			—
Transfers between sub-accounts (including fixed account), net		(10,695,090	)		344,633			2,644			(85,779	)		(32,958	)
Contract maintenance charges		(799,362	)		(170,504	)		(20,755	)		(718,093	)		(14,213	)
Increase (decrease) in net assets from contract transactions		(11,110,937	)		300,708			11,856			(640,986	)		(17,696	)
Increase (decrease) in net assets		(11,117,630	)		(383,626	)		(8,831	)		(3,246,731	)		(41,087	)
Net assets at beginning of period		11,117,630			4,563,131			200,974			18,750,814			254,223
Net assets at end of period	$	—		$	4,179,505		$	192,143		$	15,504,083		$	213,136
Beginning units		1,109,965			324,922			17,908			529,204			14,394
Units issued		594,026			192,835			4,531			171,861			3,179
Units redeemed		(1,703,991	)		(167,015	)		(3,163	)		(197,222	)		(4,468	)
Ending units		—			350,742			19,276			503,843			13,105

 The accompanying Notes to Financial Statements are an integral part of this statement.

34

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	VALIC Company I  Nasdaq-100 Index  Fund			VALIC Company I  Science &  Technology Fund			VALIC Company I  Small Cap Index  Fund			VALIC Company I  Stock Index Fund			VALIC Company I  U.S. Socially  Responsible Fund
For the Year Ended December 31, 2023
From operations:
Dividends	$	29,119		$	—		$	111,024		$	318,019		$	2,297
Mortality and expense risk and administrative charges		(26,361	)		(15,913	)		(23,292	)		(69,402	)		(584	)
Net investment income (loss)		2,758			(15,913	)		87,732			248,617			1,713
Net realized gain (loss)		409,497			(562,932	)		(588,103	)		291,854			(1,863	)
Capital gain distribution from mutual funds		1,205,983			922,123			1,703,170			1,732,645			32,081
Change in unrealized appreciation (depreciation) of investments		2,980,486			2,153,101			(5,539	)		3,483,743			5,973
Increase (decrease) in net assets from operations		4,598,724			2,496,379			1,197,260			5,756,859			37,904
From contract transactions:
Payments received from contract owners		242,689			218,114			369,783			951,799			22,352
Payments for contract benefits or terminations		(353,252	)		(216,016	)		(255,215	)		(701,180	)		—
Policy loans		19,708			13,615			(1,416	)		(457,433	)		(39	)
Transfers between sub-accounts (including fixed account), net		(281,928	)		(275,578	)		(460,052	)		942,750			3,481
Contract maintenance charges		(386,768	)		(186,585	)		(377,483	)		(1,549,174	)		(13,623	)
Increase (decrease) in net assets from contract transactions		(759,551	)		(446,450	)		(724,383	)		(813,238	)		12,171
Increase (decrease) in net assets		3,839,173			2,049,929			472,877			4,943,621			50,075
Net assets at beginning of period		8,510,120			4,575,303			8,625,061			23,208,971			170,170
Net assets at end of period	$	12,349,293		$	6,625,232		$	9,097,938		$	28,152,592		$	220,245
Beginning units		171,046			123,742			351,834			725,928			8,296
Units issued		52,655			77,185			109,152			94,641			1,553
Units redeemed		(62,700	)		(84,429	)		(135,208	)		(116,793	)		(983	)
Ending units		161,001			116,498			325,778			703,776			8,866
For the Year Ended December 31, 2022
From operations:
Dividends	$	25,512		$	—		$	72,887		$	318,018		$	1,148
Mortality and expense risk and administrative charges		(29,203	)		(17,518	)		(29,751	)		(77,912	)		(510	)
Net investment income (loss)		(3,691	)		(17,518	)		43,136			240,106			638
Net realized gain (loss)		1,078,224			(216,688	)		(249,453	)		1,402,104			431
Capital gain distribution from mutual funds		1,050,305			1,471,972			999,517			2,185,479			22,399
Change in unrealized appreciation (depreciation) of investments		(6,493,965	)		(4,191,949	)		(3,130,630	)		(9,509,359	)		(54,757	)
Increase (decrease) in net assets from operations		(4,369,127	)		(2,954,183	)		(2,337,430	)		(5,681,670	)		(31,289	)
From contract transactions:
Payments received from contract owners		273,973			233,014			373,510			939,119			34,721
Payments for contract benefits or terminations		(146,448	)		(356,448	)		(171,078	)		(306,058	)		(4,658	)
Policy loans		(2,920	)		91,920			(5,185	)		4,098			282
Transfers between sub-accounts (including fixed account), net		(912,068	)		47,565			262,382			(400,648	)		(1,175	)
Contract maintenance charges		(370,064	)		(185,167	)		(411,685	)		(1,489,025	)		(14,526	)
Increase (decrease) in net assets from contract transactions		(1,157,527	)		(169,116	)		47,944			(1,252,514	)		14,644
Increase (decrease) in net assets		(5,526,654	)		(3,123,299	)		(2,289,486	)		(6,934,184	)		(16,645	)
Net assets at beginning of period		14,036,774			7,698,602			10,914,547			30,143,155			186,815
Net assets at end of period	$	8,510,120		$	4,575,303		$	8,625,061		$	23,208,971		$	170,170
Beginning units		187,539			122,614			349,870			770,168			7,378
Units issued		67,772			33,237			143,841			221,819			2,032
Units redeemed		(84,265	)		(32,109	)		(141,877	)		(266,059	)		(1,114	)
Ending units		171,046			123,742			351,834			725,928			8,296

 The accompanying Notes to Financial Statements are an integral part of this statement.

35

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	VanEck VIP  Emerging Markets  Fund Initial Class			VanEck VIP Global  Resources Fund  Initial Class			Vanguard VIF High  Yield Bond Portfolio			Vanguard VIF Real  Estate Index  Portfolio
For the Year Ended December 31, 2023
From operations:
Dividends	$	4,906		$	7,675		$	267,751		$	291,020
Mortality and expense risk and administrative charges		(667	)		(1,356	)		(16,629	)		(37,269	)
Net investment income (loss)		4,239			6,319			251,122			253,751
Net realized gain (loss)		(14,142	)		8,189			(119,986	)		(335,372	)
Capital gain distribution from mutual funds		—			—			—			549,028
Change in unrealized appreciation (depreciation) of investments		20,062			(26,340	)		457,993			900,674
Increase (decrease) in net assets from operations		10,159			(11,832	)		589,129			1,368,081
From contract transactions:
Payments received from contract owners		17,805			15,705			264,448			497,471
Payments for contract benefits or terminations		(1,273	)		—			(174,734	)		(491,677	)
Policy loans		556			906			10,212			(35,942	)
Transfers between sub-accounts (including fixed account), net		(14,428	)		(2,771	)		(133,998	)		545,821
Contract maintenance charges		(17,461	)		(22,888	)		(354,997	)		(622,302	)
Increase (decrease) in net assets from contract transactions		(14,801	)		(9,048	)		(389,069	)		(106,629	)
Increase (decrease) in net assets		(4,642	)		(20,880	)		200,060			1,261,452
Net assets at beginning of period		131,322			285,719			5,505,556			11,891,488
Net assets at end of period	$	126,680		$	264,839		$	5,705,616		$	13,152,940
Beginning units		4,639			7,870			275,240			544,691
Units issued		684			489			40,450			124,304
Units redeemed		(1,226	)		(755	)		(60,714	)		(130,335	)
Ending units		4,097			7,604			254,976			538,660
For the Year Ended December 31, 2022
From operations:
Dividends	$	381		$	4,855		$	273,987		$	265,375
Mortality and expense risk and administrative charges		(675	)		(1,424	)		(18,305	)		(50,424	)
Net investment income (loss)		(294	)		3,431			255,682			214,951
Net realized gain (loss)		(2,952	)		(4,133	)		(67,137	)		(194,032	)
Capital gain distribution from mutual funds		26,434			—			—			599,400
Change in unrealized appreciation (depreciation) of investments		(65,607	)		15,893			(764,269	)		(5,095,956	)
Increase (decrease) in net assets from operations		(42,419	)		15,191			(575,724	)		(4,475,637	)
From contract transactions:
Payments received from contract owners		15,461			13,839			314,608			537,053
Payments for contract benefits or terminations		(519	)		(31,359	)		(83,907	)		(531,235	)
Policy loans		1,036			(455	)		(16,974	)		7,486
Transfers between sub-accounts (including fixed account), net		3,990			73,329			185,551			(256,704	)
Contract maintenance charges		(15,979	)		(21,475	)		(369,056	)		(625,786	)
Increase (decrease) in net assets from contract transactions		3,989			33,879			30,222			(869,186	)
Increase (decrease) in net assets		(38,430	)		49,070			(545,502	)		(5,344,823	)
Net assets at beginning of period		169,752			236,649			6,051,058			17,236,311
Net assets at end of period	$	131,322		$	285,719		$	5,505,556		$	11,891,488
Beginning units		4,513			7,030			272,250			576,958
Units issued		712			2,224			77,759			214,730
Units redeemed		(586	)		(1,384	)		(74,769	)		(246,997	)
Ending units		4,639			7,870			275,240			544,691

 The accompanying Notes to Financial Statements are an integral part of this statement.

36

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS

1. Organization

Separate Account VL-R (“the Separate Account”) is a segregated investment account established by American General Life Insurance Company (”AGL”) to receive and invest premium payments from variable universal life insurance policies issued by AGL. AGL is a wholly owned subsidiary of AGC Life Insurance Company (“AGC Life”), which is wholly owned by Corebridge Life Holdings, Inc. (formerly known as AIG Life Holdings, Inc.) (“Corebridge Life Holdings”). Corebridge Life Holdings is wholly owned by Corebridge Financial, Inc. (“Corebridge”), which American International Group, Inc. (“AIG”) owns 52.2% of their outstanding common stock as of December 31, 2023. AIG is a holding company, which through its subsidiaries provides a wide range of property casualty insurance, life insurance, retirement products and other financial services to commercial and individual customers in more than 190 countries and jurisdictions. The term “AIG” means American International Group, Inc. and not any of AIG’s consolidated subsidiaries.

The Separate Account includes the following products that are no longer available for sale:

AG Corporate Investor	Platinum Choice VUL 2(a)
AG Income Advantage VUL	Platinum Investor FlexDirector
AG Legacy Plus	Platinum Investor I
Corporate America	Platinum Investor II
Corporate Investor Select	Platinum Investor III
Equibuilder	Platinum Investor IV
Equibuilder II	Platinum Investor PLUS
Equibuilder III	Platinum Investor Survivor
Executive Advantage	Platinum Investor Survivor II
Gallery Life	Platinum Investor VIP
Gemstone Life	Polaris Life
Flexible Premium VUL (Group)	Polaris Survivorship Life
Flexible Premium Variable Universal Life Policy	Protection Advantage Select
Income Advantage Select

(a) This product was introduced on November 6, 2014. The name was changed from AG Platinum Choice VUL to AG Platinum Choice VUL 2 on July 3, 2017. The product name was further updated to Platinum Choice VUL 2 on October 7, 2019.

The Separate Account is registered with the Securities and Exchange Commission as a Unit Investment Trust under the Investment Company Act of 1940, as amended. The Separate Account consists of various sub-accounts. Each sub-account invests all its investible assets in a corresponding eligible mutual fund, which is registered under the 1940 Act as an open-ended management investment company. The names in bold in the table below are the diversified, open-ended management investment companies and the names below them are the names of the sub-accounts/corresponding eligible mutual funds. Collectively, all of the mutual funds are referred to as “Funds” throughout these financial statements.

For each sub-account, the financial statements are comprised of a Statement of Assets and Liabilities, including a Schedule of Portfolio Investments, as of December 31, 2023 and related Statements of Operations and Changes in Net Assets for each of the years in the period then ended, all periods reflect a full twelve months, except as noted below.

AB Variable Products Series Fund, Inc. (AB VPS)
AB VPS Balanced Hedged Allocation Portfolio Class A	AB VPS Small Cap Growth Portfolio Class A
AB VPS Intermediate Bond Portfolio Class A(k)	AB VPS Sustainable Global Thematic Growth Portfolio Class A
AB VPS Large Cap Growth Portfolio Class A	AB VPS Sustainable International Thematic Portfolio Class A(e)
AB VPS Relative Value Portfolio Class A(c)
The Alger Portfolios (Alger)
Alger Capital Appreciation Portfolio Class I-2	Alger Mid Cap Growth Portfolio Class I-2
American Century Variable Portfolios, Inc. (American Century VP)
American Century VP Capital Appreciation Fund Class I	American Century VP International Fund Class I(e)
American Century VP Disciplined Core Value Fund Class I	American Century VP Value Fund Class I
American Funds Insurance Series (American Funds IS)
American Funds IS American High-Income Trust Class 2	American Funds IS Growth Fund Class 2
American Funds IS Asset Allocation Fund Class 2	American Funds IS Growth-Income Fund Class 2
American Funds IS Global Growth Fund Class 2	American Funds IS International Fund Class 2

37

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

BlackRock Variable Series Funds, Inc. (BlackRock)
BlackRock Advantage SMID Cap V.I. Fund Class I(e)	BlackRock Capital Appreciation V.I. Fund Class I(e)
BlackRock Basic Value V.I. Fund Class I(e)
BNY Mellon Investment Portfolios (BNY Mellon IP)
BNY Mellon IP MidCap Stock Portfolio Initial Shares
BNY Mellon Stock Index Fund Inc.
BNY Mellon Stock Index Fund, Inc. Initial Shares
BNY Mellon Variable Investment Fund (BNY Mellon VIF)
BNY Mellon VIF Opportunistic Small Cap Portfolio Initial Shares
EQ Advisors Trust SM (EQ/)
EQ Advisors Multimanager Aggressive Equity Portfolio Class IA	EQ/International Equity Index Portfolio Class IA
EQ/Common Stock Index Portfolio Class IA	EQ/Moderate Allocation Portfolio Class IA(n)
EQ/Core Plus Bond Portfolio Class IA(m)	EQ/Money Market Portfolio Class IA
Fidelity Variable Insurance Products (Fidelity VIP)
Fidelity VIP Asset Manager Growth Portfolio Initial Class	Fidelity VIP Freedom 2030 Portfolio Service Class 2
Fidelity VIP Asset Manager Portfolio Initial Class	Fidelity VIP Government Money Market Portfolio Initial Class
Fidelity VIP Asset Manager Portfolio Service Class 2	Fidelity VIP Government Money Market Portfolio Service Class 2
Fidelity VIP Balanced Portfolio Initial Class(e)	Fidelity VIP Growth Portfolio Initial Class
Fidelity VIP Contrafund Portfolio Initial Class	Fidelity VIP Growth Portfolio Service Class 2
Fidelity VIP Contrafund Portfolio Service Class 2	Fidelity VIP High Income Portfolio Initial Class
Fidelity VIP Equity-Income Portfolio Initial Class	Fidelity VIP Index 500 Portfolio Initial Class
Fidelity VIP Equity-Income Portfolio Service Class 2	Fidelity VIP Investment Grade Bond Portfolio Initial Class
Fidelity VIP Freedom 2020 Portfolio Service Class 2	Fidelity VIP Mid Cap Portfolio Service Class 2
Fidelity VIP Freedom 2025 Portfolio Service Class 2	Fidelity VIP Overseas Portfolio Initial Class
Franklin Templeton Variable Insurance Products Trust (FTVIP)
FTVIP Franklin Mutual Shares VIP Fund Class 2	FTVIP Templeton Developing Markets VIP Fund Class 2(e)
FTVIP Franklin Small Cap Value VIP Fund Class 2	FTVIP Templeton Foreign VIP Fund Class 2
FTVIP Franklin Small-Mid Cap Growth VIP Fund Class 2	FTVIP Templeton Growth VIP Fund Class 2(e)
FTVIP Franklin U.S. Government Securities VIP Fund Class 2
Goldman Sachs Variable Insurance Trust (Goldman Sachs VIT)
Goldman Sachs VIT International Equity Insights Fund Institutional Shares(e)	Goldman Sachs VIT U.S. Equity Insights Fund Institutional Shares(e)
Goldman Sachs VIT Strategic Growth Fund Institutional Shares
Invesco Variable Insurance Funds (Invesco V.I.)
Invesco V.I. American Franchise Fund Series I	Invesco V.I. Global Real Estate Fund Series I
Invesco V.I. American Value Fund Series I(e)	Invesco V.I. Global Strategic Income Fund Series I
Invesco V.I. Conservative Balanced Fund Series I	Invesco V.I. Government Securities Fund Series I
Invesco V.I. Core Equity Fund Series I	Invesco V.I. Growth and Income Fund Series I
Invesco V.I. EQV International Equity Fund Series 1	Invesco V.I. High Yield Fund Series I
Invesco V.I. Global Fund Series I	Invesco V.I. Main Street Fund Series I
Janus Aspen Series (Janus)
Janus Henderson Enterprise Portfolio Service Shares	Janus Henderson Global Research Portfolio Service Shares
Janus Henderson Forty Portfolio Service Shares	Janus Henderson Overseas Portfolio Service Shares
Lincoln Variable Insurance Products Trust (LVIP)
LVIP JPMorgan Core Bond Fund Standard Class(d)	LVIP JPMorgan Small Cap Core Fund Standard Class(g)
LVIP JPMorgan Mid Cap Value Fund Standard Class(f)	LVIP JPMorgan U.S. Equity Fund Standard Class(h)

38

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

MFS Variable Insurance Trust (MFS VIT)
MFS VIT Growth Series Initial Class	MFS VIT Research Series Initial Class
MFS VIT Investors Trust Series Initial Class	MFS VIT Total Return Series Initial Class
MFS VIT New Discovery Series Initial Class	MFS VIT Utilities Series Initial Class
MFS Variable Insurance Trust II (MFS VIT II)
MFS VIT II Core Equity Portfolio Initial Class
Morgan Stanley Variable Insurance Fund, Inc. (Morgan Stanley VIF)
Morgan Stanley VIF Emerging Markets Equity Portfolio Class I(e)	Morgan Stanley VIF Growth Portfolio Class I
Neuberger Berman Advisers Management Trust (Neuberger Berman AMT)
Neuberger Berman AMT Mid Cap Growth Portfolio Class I	Neuberger Berman AMT Sustainable Equity Portfolio Class I
Neuberger Berman AMT Short Duration Bond Portfolio Class I
PIMCO Variable Insurance Trust (PIMCO)
PIMCO CommodityRealReturn Strategy Portfolio Administrative Class	PIMCO Real Return Portfolio Administrative Class
PIMCO Global Bond Opportunities Portfolio (Unhedged) Administrative Class	PIMCO Short-Term Portfolio Administrative Class
PIMCO High Yield Portfolio Administrative Class(e)	PIMCO Total Return Portfolio Administrative Class
PIMCO Long-Term U.S. Government Portfolio Administrative Class(e)
Pioneer Variable Contracts Trust (Pioneer)
Pioneer Fund VCT Portfolio Class I	Pioneer Select Mid Cap Growth VCT Portfolio Class I
Pioneer Mid Cap Value VCT Portfolio Class I
Putnam Variable Trust (Putnam VT)
Putnam VT Diversified Income Fund Class IB	Putnam VT Large Cap Value Fund Class IB
Putnam VT International Value Fund Class IB	Putnam VT Small Cap Value Fund Class IB
Putnam VT Large Cap Growth Fund Class IB(i)	Putnam VT Sustainable Leaders Fund Class IB
Seasons Series Trust (SST)
SST SA Multi-Managed Mid Cap Value Portfolio Class 3
SunAmerica Series Trust (SAST)(a)
SAST SA AB Growth Portfolio Class 1	SAST SA JPMorgan Large Cap Core Portfolio Class 1(j)
SAST SA DFA Ultra Short Bond Portfolio Class 1	SAST SA JPMorgan MFS Core Bond Portfolio Class 1
SAST SA Federated Hermes Corporate Bond Portfolio Class 1	SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1
SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 1	SAST SA MFS Blue Chip Growth Portfolio Class 1
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1	SAST SA MFS Massachusetts Investors Trust Portfolio Class 1
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1	SAST SA MFS Total Return Portfolio Class 1
SAST SA Goldman Sachs Global Bond Portfolio Class 1	SAST SA Morgan Stanley International Equities Portfolio Class 1
SAST SA Invesco Growth Opportunities Portfolio Class 1	SAST SA PineBridge High-Yield Bond Portfolio Class 1
SAST SA Janus Focused Growth Portfolio Class 1	SAST SA Putnam International Growth and Income Portfolio Class 1
SAST SA JPMorgan Diversified Balanced Portfolio Class 1	SAST SA Wellington Capital Appreciation Portfolio Class 1
SAST SA JPMorgan Emerging Markets Portfolio Class 1	SAST SA Wellington Capital Appreciation Portfolio Class 3
SAST SA JPMorgan Equity-Income Portfolio Class 1	SAST SA Wellington Government and Quality Bond Portfolio Class 1
SAST SA JPMorgan Global Equities Portfolio Class 1	SAST SA Wellington Government and Quality Bond Portfolio Class 3
VALIC Company I(b)
VALIC Company I Core Bond Fund	VALIC Company I Mid Cap Value Fund
VALIC Company I Dynamic Allocation Fund	VALIC Company I Nasdaq-100 Index Fund
VALIC Company I Emerging Economies Fund	VALIC Company I Science & Technology Fund
VALIC Company I Government Money Market I Fund(I)	VALIC Company I Small Cap Index Fund
VALIC Company I International Equities Index Fund	VALIC Company I Stock Index Fund
VALIC Company I International Value Fund	VALIC Company I U.S. Socially Responsible Fund
VALIC Company I Mid Cap Index Fund

39

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

VanEck VIP Trust (VanEck VIP)
VanEck VIP Emerging Markets Fund Initial Class	VanEck VIP Global Resources Fund Initial Class
Vanguard Variable Insurance Fund (Vanguard VIF)
Vanguard VIF High Yield Bond Portfolio	Vanguard VIF Total Bond Market Index Portfolio(e)
Vanguard VIF Real Estate Index Portfolio	Vanguard VIF Total Stock Market Index Portfolio(e)

(a) These are affiliated investment companies. SunAmerica Asset Management, LLC. (“SunAmerica”), an affiliate of AGL, serves as the investment advisor to Seasons Series Trust and SunAmerica Series Trust.

(b) VALIC Company I is an affiliated investment company. The Variable Annuity Life Insurance Company (VALIC), an affiliate of AGL, serves as the investment advisor to VALIC Company I. VALIC Retirement Services Company, a direct, wholly owned subsidiary of VALIC, serves as the transfer agent and accounting services agent to VALIC Company I, Seasons Series Trust and SunAmerica Series Trust. SunAmerica, an affiliate of AGL, serves as the administrator to each series of VALIC Company I, and as the investment sub-advisor to certain series of VALIC Company I.

(c) Formerly AB VPS Growth and Income Portfolio.

(d) Formerly JPMorgan Insurance Trust Core Bond Portfolio.

(e) Sub-account had no activity during the current or prior year and no assets or liabilities as of December 31, 2023.

(f) Formerly JPMorgan Insurance Trust Mid Cap Value Portfolio.

(g) Formerly JPMorgan Insurance Trust Small Cap Core Portfolio.

(h) Formerly JPMorgan Insurance Trust U.S. Equity Portfolio.

(i) Formerly Putnam VT Growth Opportunities Fund.

(j) Formerly SAST SA Invesco Main Street Large Cap Core Portfolio.

(k) Statements of Operations and Changes in Net Assets for the period January 1, 2022 to March 3, 2022 (cessation of operations).

(l) Statements of Operations and Changes in Net Assets for the period January 1, 2022 to July 22, 2022 (cessation of operations).

(m) Formerly EQ Premier VIP EQ/Core Plus Bond Portfolio.

(n) Formerly EQ Premier VIP EQ/Moderate Allocation Portfolio.

In addition to the sub-accounts above, a contract owner may allocate contract funds to a fixed account, which is part of AGL’s General Account and not included in these financial statements. Contract owners should refer to the product prospectus for the available Funds and fixed account.

The assets of each of the sub-accounts of the Separate Account are registered in the name of AGL. Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from AGL’s other assets and liabilities. The Separate Account assets are not chargeable with liabilities arising out of any other business of AGL may conduct. Net premiums from the contracts are allocated to the sub-accounts and invested in the Funds in accordance with contract owner instructions and are recorded as contract transactions in the Statements of Operations and Changes in Net Assets.

2. Summary of Significant Accounting Policy

The financial statements of the Separate Account have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). The Separate Account is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following is a summary of significant accounting policies consistently followed by the Separate Account in the preparation of its financial statements.

Use of Estimates: The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from assumptions used, the financial statements of the Separate Account could be materially affected.

Investments: Investments in mutual funds are valued at their closing net asset value per share as determined by the respective mutual funds, which generally value their securities at fair value. Purchases and sales of shares of the Funds are made at the net asset values of such Funds. Transactions are recorded on a trade date basis. Realized gains and losses on the sales of investments are recognized at the date of sale and are determined on a first-in, first-out basis. Dividends and capital gain distributions from the Funds are recorded on the ex-dividend date and reinvested upon receipt.

Policy Loans: When a policy loan is made, the loan amount is transferred to AGL from the contract owner’s selected investment, and held as collateral. Interest on this collateral amount is credited to the policy. Loan repayments are invested in the contract owner’s selected investment, after they are first used to repay all loans taken from the declared fixed interest account option.

Accumulation Unit: This is the basic valuation unit used to calculate the contract owner’s interest. Such units are valued daily to reflect investment performance and the prorated daily deduction for expense charges.

40

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Internal Rollovers: A contract owner with an eligible Company life insurance policy may elect to replace their existing policy with another insurance policy offered by AGL. Internal rollovers are included on the payments for contract benefits or terminations line in the Statements of Operations and Changes in Net Assets under contract transactions.

Income Taxes: The operations of the Separate Account are included in the federal income tax return of AGL, which is taxed as a life insurance company under the provision of the Internal Revenue Code (the Code). Under the current provisions of the Code, AGL does not expect to incur federal income taxes on the earnings of the Separate Account to the extent that the earnings are credited under the contracts. As a result, no charge is currently made to the Separate Account for federal income taxes. The Separate Account is not treated as a regulated investment company under the Code. AGL will periodically review changes in the tax law. AGL retains the right to charge for any federal income tax incurred which is applicable to the Separate Account if the law is changed.

3. Fair Value Measurements

Assets recorded at fair value in the Separate Account’s Statement of Assets and Liabilities are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:

• Level 1— Fair value measurements based on quoted prices (unadjusted) in active markets that the Separate Account has the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. The Separate Account does not adjust the quoted price for such instruments.

• Level 2— Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

• Level 3— Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair value positions in Level 3. The circumstances for these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, the Separate Account makes certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The Separate Account assets measured at fair value as of December 31, 2023 consist of investments in registered mutual funds that generally trade daily and are measured at fair value using quoted prices in active markets for identical assets, which are classified as Level 1 throughout the year. As such, no transfers between fair value hierarchy levels occurred during the year. See the Schedule of Portfolio Investments for the table presenting information about assets measured at fair value on a recurring basis at December 31, 2023, and respective hierarchy levels.

4. Expenses

Expense charges are applied against the current value of the Separate Account and are paid to AGL as follows:

Separate Account Annual Charges: Deductions for the mortality and expense risk charges and administrative charges are calculated daily, at an annual rate, on the actual prior day’s net asset value of the underlying Funds comprising the sub-accounts attributable to the contract owners and are paid to AGL. The mortality risk charge represents compensation to AGL for the mortality risks assumed under the contract, which is the obligation to provide payments during the payout period for the life of the contract and to provide the standard death benefit. The expense risk charge represents compensation to AGL for assuming the risk that the current contract administration charges will be insufficient to cover the cost of administering the contract in the future. The administrative charge reimburses AGL for any administrative expenses incurred under the contract. This includes the expenses for administration and marketing. These charges are included on the mortality and expense risk and administrative charges line in the Statements of Operations and Changes in Net Assets. The exact rate depends on the particular product issued. Expense charges for each product are as follows:

41

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Products	Mortality and Expense Risk Maximum Annual Rate and Administrative Charges Maximum Annual Rate	First Reduction in Mortality and Expense Risk and Administrative Charges Rate(a)	Second Reduction in  Mortality and  Expense Risk and  Administrative   Charges Rate(b)
AG Corporate Investor	0.65%	0.25%	0.25%
AG Income Advantage VUL	0.70%	0.35%	0.20%
AG Legacy Plus	0.90%	0.25%	0.25%
Platinum Choice VUL 2	0.70%	0.35%	0.20%
Corporate America	0.35%	0.10%	0.10%
Corporate America (reduced surrender charge)	0.65%	0.25%	0.25%
Corporate Investor Select	0.65%	0.25%	0.25%
Income Advantage Select	0.70%	0.35%	0.20%
Platinum Investor FlexDirector	0.70%	0.25%	0.35%
Platinum Investor I	0.75%	0.25%	0.25%
Platinum Investor II	0.75%	0.25%	0.25%
Platinum Investor III	0.70%	0.25%	0.35%
Platinum Investor IV	0.70%	0.35%	0.25%
Platinum Investor PLUS	0.70%	0.25%	0.35%
Platinum Investor Survivor	0.40%	0.20%	0.10%(c)
Platinum Investor Survivor II	0.75%	0.25%(d)	0.35%(c)
Platinum Investor VIP	0.70%	0.35%	0.20%
Protection Advantage Select	0.70%	0.35%	0.20%

(a) After 10^th policy year.

(b) After 20^th policy year.

(c) After 30^th policy year.

(d) After 15^th policy year.

Expense charges for the following products are as follows:

Products	Separate Account Current Annual Rate	Separate Account Maximum    Annual Rate
Executive Advantage®	0.10%	1.00%
Gallery Life	0.50%	0.90%
Gemstone Life	0.10%	0.90%
Polaris Life	0.25%	0.90%
Polaris Survivorship Life	0.10%	0.90%
Flexible Premium VUL (Group)	0.50%	0.90%
Flexible Premium Variable Universal Life Policy	0.50%	0.90%

The separate account annual charge for Equibuilder, Equibuilder II and Equibuilder III is calculated as a percentage of the net asset value and deducted at an annual rate of 0.75 percent.

Monthly Administrative Charge: AGL makes a monthly charge against each policy account for the administrative expenses. These charges are included as part of the contract maintenance charges line in the Statements of Operations and Changes in Net Assets.

The maximum monthly administrative expense charge is $15. AGL may deduct an additional monthly expense charge for expenses associated with acquisition, administrative and underwriting of the policy. The monthly expense charge is applied against each $1,000 of base coverage. This charge varies according to the ages, gender and the premium classes of both of the contingent insurers, as well as the amount of coverage. There may be an additional monthly administrative charge during the first policy year and the 12 months after an increase in face amount per insured. This charge will not exceed $25 a month per insured.

For Equibuilder II and Equibuilder II AGL currently charges $9 per month guaranteed to be no more than $12 per month.

42

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

For Equibuilder AGL currently charges $6 per month plus an additional charge of $24 per month for each of the first 12 months a policy is in effect.

Contract Maintenance Charge: Monthly contract maintenance charges are paid to AGL for the administrative services provided under the current policies. AGL may deduct an additional monthly expense charge for expenses associated with acquisition, administrative and underwriting of your policy. The monthly expense charge is applied only against each $1,000 of coverage (if the policy offers both base and supplement coverage, then only each $1,000 of base coverage). This charge varies according to the ages, gender and the premium class of the insured, as well as the amount of coverage. These charges are included as part of the contract maintenance charges line in the Statements of Operations and Changes in Net Assets.

AGL may charge a maximum fee of $12 for the monthly contract maintenance charge.

Withdrawal Charge: A withdrawal charge is applicable to certain contract withdrawals pursuant to the contract and is payable to AGL. The withdrawal charges are included as part of the payments for contract benefits or terminations line in the Statements of Operations and Changes in Net Assets.

The amount of the withdrawal charge depends on the age and other insurance characteristics of the insured person. For partial withdrawals, AGL may charge a maximum transaction fee per partial withdrawal equal to the lesser of 2 percent of the amount withdrawn or $25. Currently, a $10 transaction fee per policy is charged for each partial withdrawal. In addition, for Equibuilder AGL charges for a partial withdrawal of net cash surrender value (currently $10 or 2 percent of the amount withdrawn, whichever is less).

For Equibuilder I, Equibuilder II and Equibuilder III, during the first ten years a policy is in effect, a withdrawal charge may be assessed by AGL. The maximum withdrawal charge is equal to 50 percent of one “target” premium. This maximum will not vary with premiums paid or when premiums are paid. At the end of the sixth policy year, and at the end of each of the four succeeding policy years, the maximum withdrawal charge will decrease by 20 percent. The current withdrawal charge for Equibuilder, EquiBuilder II and EquiBuilder III will equal 30 percent, 30 percent and 25 percent, respectively, of premium payments made during the first policy year up to one “target” premium and 9 percent of any additional premiums paid during the first ten policy years.

Policy Loan Interest Charge: A loan may be requested against a policy while the policy has a net cash surrender value. The daily interest charge on the loan is paid to AGL for the expenses of administering and providing policy loans. The interest charge is collected through any loan repayment from the policyholder.

Cost of Insurance Charge: Since determination of both the insurance rate and AGL’s net amount at risk depends upon several factors, the cost of insurance deduction may vary from month to month. Policy accumulation value, specified amount of insurance and certain characteristics of the insured person are among the variables included in the calculation for the monthly cost of insurance deduction. The cost of insurance charge is included as part of the contract maintenance charges line of the Statements of Operations and Changes in Net Assets.

Transfer Fee: A transfer fee may be assessed on each transfer of funds in excess of the maximum transactions allowed within a contract year depending on the contract provision. The transfer fee is included as part of the payments for contract benefits or terminations line in the Statements of Operations and Changes in Net Assets.

A transfer fee of $25 is assessed on each transfer in excess of 12 transfers during the policy year. For Equibuilder, Equibuilder II and Equibuilder III a transfer fee of $25 is assessed on each transfer in excess of four transfers during the policy year.

Premium Tax Charge: Certain states charge taxes on purchase payments up to a maximum of 3.5 percent. AGL deducts from each premium payment a charge to cover costs associated with the issuance of the policy, administrative services AGL performs and a premium tax that is applicable to AGL in the state or other jurisdiction of the policy owner. Premium tax charges are included as part of the contract maintenance charges line in the Statements of Operations and Changes in Net Assets.

A summary of premium tax charges follows:

Products	Premium Tax Charge
AG Corporate Investor*	4.00% up to the “target premium” and 5.00% on any premium amounts in excess of the “target premium” for policy years 1-3. 9.00% up to the “target premium” and 5.00% on any premium amounts in excess of the “target premium” for policy years 4-7. 5.00% of all premium payments in policy years 8 and thereafter.
AG Income Advantage VUL	5.00% of after-tax premium payment
Platinum Choice VUL 2	9.00% of after-tax premium payment

43

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Products	Premium Tax Charge
Corporate America*	9.00% up to the “target premium” and 5.00% on any premium amounts in excess of the “target premium” for policy years 1-7. 5.00% of all premium payments in policy years 8 and thereafter.
Corporate Investor Select*	4.00% up to the “target premium” and 5.00% on any premium amounts in excess of the “target premium” for policy years 1-3. 9.00% up to the “target premium” and 5.00% on any premium amounts in excess of the “target premium” for policy years 4-7. 5.00% of all premium payments in policy years 8 and thereafter.
Income Advantage Select	3.50% of each premium payment
Platinum Investor FlexDirector	3.50% of each premium payment
Platinum Investor I	3.50% of each premium payment
Platinum Investor II	3.50% of each premium payment
Platinum Investor III	3.50% of each premium payment
Platinum Investor IV	3.50% of each premium payment
Platinum Investor PLUS	3.50% of each premium payment
Platinum Investor Survivor	3.50% of each premium payment
Platinum Investor Survivor II	3.50% of each premium payment
Platinum Investor VIP	3.50% of each premium payment
Protection Advantage Select	3.50% of each premium payment
Executive Advantage®	The maximum charge is 9% of each premium payment.
Gallery Life	5% of each premium payment plus the state specific premium taxes.
Gemstone Life *	5% of each premium payment up to the target premium amount plus 2% of any premium paid in excess of the target premium amount for policy years 1-10. 3% of each premium payment up to the target premium amount plus 2% of any premium paid in excess of the target premium amount beginning in policy year 11. The maximum charge is 8% of each premium payment.
Polaris Life	Currently 5% for the first 10 policy years and 3% thereafter. The maximum charge allowed is 8% of each premium payment.
Polaris Survivorship Life	Currently 5% for the first 10 policy years and 3% thereafter. The maximum charge allowed is 8% of each premium payment.
Flexible Premium VUL (Group)	5% of each premium payment plus the state specific premium taxes.
Flexible Premium Variable Universal Life Policy	5% of each premium payment plus the state specific premium taxes.

* The target premium is an amount of premium that is approximately equal to the seven-pay premium, which is the maximum amount of premium that may be paid without the policy becoming a modified endowment contract.

Optional Rider Charge: Monthly charges are deducted if the contract owner selects additional benefit riders. The charges for any rider selected will vary by policy within a range based on either the personal characteristics of the insured person or the specific coverage chosen under the rider. The rider charges are included as part of contract maintenance charges line in the Statements of Operations and Changes in Net Assets.

Face Amount Increase Charge: AGL charges for an increase in the face amount of insurance. These charges are included as part of the contract maintenance charges line in the Statements of Operations and Changes in Net Assets.

For Equibuilder, the face amount increase charge is $1.50 per $1,000 increase in the face amount of insurance up to a maximum charge of $300.

Guaranteed Minimum Withdrawal Benefit (GMWB) Charge: Daily charges for the GMWB rider are assessed through the daily unit value calculation on all policies that have elected this option. These charges are included as part of the contract maintenance charges line in the Statements of Operations and Changes in Net Assets.

The annualized GMWB charge is 0.75 percent, which may be increased to a maximum of 1.50 percent.

44

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

5. Purchases and Sales of Investments

For the year ended December 31, 2023, the aggregate cost of purchases and proceeds from the sales of investments were:

Sub-accounts		Cost of Purchases			Proceeds from Sales
AB VPS Balanced Hedged Allocation Portfolio Class A	$		27,169	$		26,943
AB VPS Large Cap Growth Portfolio Class A			2,370,594			367,703
AB VPS Relative Value Portfolio Class A			227,057			201,758
AB VPS Small Cap Growth Portfolio Class A			26,131			71,065
AB VPS Sustainable Global Thematic Growth Portfolio Class A			136,126			115,235
Alger Capital Appreciation Portfolio Class I-2			5,771,994			6,545,986
Alger Mid Cap Growth Portfolio Class I-2			1,622,335			1,740,018
American Century VP Capital Appreciation Fund Class I			7,730			15,346
American Century VP Disciplined Core Value Fund Class I			8,396			4,882
American Century VP Value Fund Class I			3,967,854			3,276,882
American Funds IS American High-Income Trust Class 2			217,551			78,766
American Funds IS Asset Allocation Fund Class 2			1,023,601			465,551
American Funds IS Global Growth Fund Class 2			418,511			253,562
American Funds IS Growth Fund Class 2			1,502,732			1,179,336
American Funds IS Growth-Income Fund Class 2			918,283			439,477
American Funds IS International Fund Class 2			228,539			148,368
BNY Mellon IP MidCap Stock Portfolio Initial Shares			1,321,084			1,486,394
BNY Mellon Stock Index Fund, Inc. Initial Shares			380,872			267,873
BNY Mellon VIF Opportunistic Small Cap Portfolio Initial Shares			2,208,057			1,866,406
EQ Advisors Multimanager Aggressive Equity Portfolio Class IA			23,363			84,633
EQ/Common Stock Index Portfolio Class IA			122,316			222,482
EQ/Core Plus Bond Portfolio Class IA			2,089			3,584
EQ/International Equity Index Portfolio Class IA			8,036			14,519
EQ/Moderate Allocation Portfolio Class IA			363,563			418,145
EQ/Money Market Portfolio Class IA			2,248			4,605
Fidelity VIP Asset Manager Growth Portfolio Initial Class			161,758			570,040
Fidelity VIP Asset Manager Portfolio Initial Class			9,206,428			9,731,056
Fidelity VIP Asset Manager Portfolio Service Class 2			955,524			991,594
Fidelity VIP Contrafund Portfolio Initial Class			2,068,427			4,302,449
Fidelity VIP Contrafund Portfolio Service Class 2			9,148,257			10,038,222
Fidelity VIP Equity-Income Portfolio Initial Class			1,708,931			2,725,639
Fidelity VIP Equity-Income Portfolio Service Class 2			4,172,659			4,200,799
Fidelity VIP Freedom 2020 Portfolio Service Class 2			24,401			27,350
Fidelity VIP Freedom 2025 Portfolio Service Class 2			102,458			364,090
Fidelity VIP Freedom 2030 Portfolio Service Class 2			181,991			242,586
Fidelity VIP Government Money Market Portfolio Initial Class			10,336,392			10,425,740
Fidelity VIP Government Money Market Portfolio Service Class 2			486,215			870,779
Fidelity VIP Growth Portfolio Initial Class			4,434,404			6,159,070
Fidelity VIP Growth Portfolio Service Class 2			10,259,830			9,280,170
Fidelity VIP High Income Portfolio Initial Class			143,360			203,399
Fidelity VIP Index 500 Portfolio Initial Class			1,211,684			3,349,529
Fidelity VIP Investment Grade Bond Portfolio Initial Class			117,274			241,761
Fidelity VIP Mid Cap Portfolio Service Class 2			1,684,059			2,012,856
Fidelity VIP Overseas Portfolio Initial Class			161,537			561,894
FTVIP Franklin Mutual Shares VIP Fund Class 2			2,358,733			1,859,554
FTVIP Franklin Small Cap Value VIP Fund Class 2			2,982,443			2,227,398
FTVIP Franklin Small-Mid Cap Growth VIP Fund Class 2			1,461			3,381
FTVIP Franklin U.S. Government Securities VIP Fund Class 2			354,366			1,361,794
FTVIP Templeton Foreign VIP Fund Class 2			3,011,734			3,361,309
Goldman Sachs VIT Strategic Growth Fund Institutional Shares			182,439			470,818
Invesco V.I. American Franchise Fund Series I			63,636			72,828
Invesco V.I. Conservative Balanced Fund Series I			221,194			475,027
Invesco V.I. Core Equity Fund Series I			1,305,682			1,492,119
Invesco V.I. EQV International Equity Fund Series 1			2,186,469			2,598,860
Invesco V.I. Global Fund Series I			2,977,230			2,508,776
Invesco V.I. Global Real Estate Fund Series I			214,368			201,494
Invesco V.I. Global Strategic Income Fund Series I			0			55
Invesco V.I. Government Securities Fund Series I			3,965			4,592
Invesco V.I. Growth and Income Fund Series I			3,889,292			2,999,585
Invesco V.I. High Yield Fund Series I			127,050			325,040
Invesco V.I. Main Street Fund Series I			76,341			41,194

45

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Sub-accounts		Cost of Purchases			Proceeds from Sales
Janus Henderson Enterprise Portfolio Service Shares	$		1,910,094	$		1,716,766
Janus Henderson Forty Portfolio Service Shares			576,575			577,339
Janus Henderson Global Research Portfolio Service Shares			843,520			965,378
Janus Henderson Overseas Portfolio Service Shares			1,570,332			2,871,013
LVIP JPMorgan Core Bond Fund Standard Class			564,172			190,574
LVIP JPMorgan Mid Cap Value Fund Standard Class			87,932			119,653
LVIP JPMorgan Small Cap Core Fund Standard Class			1,182,501			709,337
LVIP JPMorgan U.S. Equity Fund Standard Class			40,391			4,142
MFS VIT Growth Series Initial Class			6,197,848			6,069,640
MFS VIT Investors Trust Series Initial Class			215,760			490,497
MFS VIT New Discovery Series Initial Class			2,521,193			2,418,772
MFS VIT Research Series Initial Class			1,678,084			1,713,348
MFS VIT Total Return Series Initial Class			362,544			458,671
MFS VIT Utilities Series Initial Class			7,744,776			7,539,500
MFS VIT II Core Equity Portfolio Initial Class			2,186,125			2,220,562
Morgan Stanley VIF Growth Portfolio Class I			3,748,003			2,588,863
Neuberger Berman AMT Mid Cap Growth Portfolio Class I			1,895,906			2,184,818
Neuberger Berman AMT Short Duration Bond Portfolio Class I			2,662			5,298
Neuberger Berman AMT Sustainable Equity Portfolio Class I			34,370			33,166
PIMCO CommodityRealReturn Strategy Portfolio Administrative Class			357,733			235,125
PIMCO Global Bond Opportunities Portfolio (Unhedged) Administrative Class			88,633			94,822
PIMCO Real Return Portfolio Administrative Class			2,175,933			2,449,372
PIMCO Short-Term Portfolio Administrative Class			5,768,468			6,751,585
PIMCO Total Return Portfolio Administrative Class			3,446,685			4,108,252
Pioneer Fund VCT Portfolio Class I			186,474			155,207
Pioneer Mid Cap Value VCT Portfolio Class I			315,697			100,435
Pioneer Select Mid Cap Growth VCT Portfolio Class I			186,291			353,971
Putnam VT Diversified Income Fund Class IB			995,020			727,742
Putnam VT International Value Fund Class IB			4,042,880			3,917,822
Putnam VT Large Cap Growth Fund Class IB			27,702			55,153
Putnam VT Large Cap Value Fund Class IB			3,463,031			2,893,488
Putnam VT Small Cap Value Fund Class IB			28,431			82,702
Putnam VT Sustainable Leaders Fund Class IB			35,265			31,343
SST SA Multi-Managed Mid Cap Value Portfolio Class 3			34,851			16,278
SAST SA AB Growth Portfolio Class 1			892,458			768,277
SAST SA DFA Ultra Short Bond Portfolio Class 1			70,869			60,800
SAST SA Federated Hermes Corporate Bond Portfolio Class 1			10,827			41,491
SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 1			28,958			37,434
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1			638,031			386,692
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1			14,792			18,762
SAST SA Goldman Sachs Global Bond Portfolio Class 1			9,684			7,688
SAST SA Invesco Growth Opportunities Portfolio Class 1			1,051			3,957
SAST SA Janus Focused Growth Portfolio Class 1			31,801			44,764
SAST SA JPMorgan Diversified Balanced Portfolio Class 1			739,488			1,273,943
SAST SA JPMorgan Emerging Markets Portfolio Class 1			61,448			71,312
SAST SA JPMorgan Equity-Income Portfolio Class 1			423,472			194,930
SAST SA JPMorgan Global Equities Portfolio Class 1			32,633			38,331
SAST SA JPMorgan Large Cap Core Portfolio Class 1			28,247			39,418
SAST SA JPMorgan MFS Core Bond Portfolio Class 1			7,273			6,710
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1			791,338			1,130,005
SAST SA MFS Blue Chip Growth Portfolio Class 1			3,065			10,029
SAST SA MFS Massachusetts Investors Trust Portfolio Class 1			139,254			116,412
SAST SA MFS Total Return Portfolio Class 1			112,025			128,181
SAST SA Morgan Stanley International Equities Portfolio Class 1			13,863			24,199
SAST SA PineBridge High-Yield Bond Portfolio Class 1			23,070			13,916
SAST SA Putnam International Growth and Income Portfolio Class 1			32,806			46,558
SAST SA Wellington Capital Appreciation Portfolio Class 1			70,706			349,742
SAST SA Wellington Capital Appreciation Portfolio Class 3			108,431			148,186
SAST SA Wellington Government and Quality Bond Portfolio Class 1			27,392			23,498
SAST SA Wellington Government and Quality Bond Portfolio Class 3			54,678			59,240
VALIC Company I Core Bond Fund			61,224			34,924
VALIC Company I Dynamic Allocation Fund			1,507,473			232,715
VALIC Company I Emerging Economies Fund			123,727			58,230
VALIC Company I International Equities Index Fund			2,190,321			2,313,285
VALIC Company I International Value Fund			41,673			26,670

46

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Sub-accounts		Cost of Purchases			Proceeds from Sales
VALIC Company I Mid Cap Index Fund	$		4,862,970	$		2,727,970
VALIC Company I Mid Cap Value Fund			96,935			29,105
VALIC Company I Nasdaq-100 Index Fund			4,947,329			4,498,139
VALIC Company I Science & Technology Fund			5,211,595			4,751,835
VALIC Company I Small Cap Index Fund			4,873,336			3,806,817
VALIC Company I Stock Index Fund			5,405,479			4,237,459
VALIC Company I U.S. Socially Responsible Fund			65,523			19,558
VanEck VIP Emerging Markets Fund Initial Class			20,928			31,489
VanEck VIP Global Resources Fund Initial Class			21,355			24,084
Vanguard VIF High Yield Bond Portfolio			1,127,142			1,265,089
Vanguard VIF Real Estate Index Portfolio			3,667,863			2,971,714

47

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

6. Financial Highlights

The summary of unit values and units outstanding for sub-accounts, investment income ratios, total return and expense ratios, excluding expenses of the underlying mutual funds, for each of the five years in the period ended December 31, 2023, follows:

	December 31, 2023								For the Year Ended December 31, 2023
			Unit Value ($)(a)(f)				Net		Investment Income		Expense Ratio (%)(d)(f)				Total Return (%)(e)(f)
Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
AB VPS Balanced Hedged Allocation Portfolio Class A		8,598				21.95		188,744		1.17				0.50				12.47
AB VPS Large Cap Growth Portfolio Class A		500,739		47.67		77.69		39,344,165		0.00		0.10		0.50		34.46		34.99
AB VPS Relative Value Portfolio Class A		17,288				106.12		1,834,508		1.45				0.50				11.47
AB VPS Small Cap Growth Portfolio Class A		10,020				57.67		577,851		0.00				0.50				17.44
AB VPS Sustainable Global Thematic Growth Portfolio Class A		43,554		19.38		45.87		1,462,630		0.29		0.10		0.50		15.43		15.89
Alger Capital Appreciation Portfolio Class I-2		292,527		45.11		83.49		12,576,420		0.00		0.00		1.10		41.57		43.13
Alger Mid Cap Growth Portfolio Class I-2		133,902		26.11		53.23		3,607,858		0.00		0.00		0.50		22.56		23.17
American Century VP Capital Appreciation Fund Class I		7,506				46.08		345,852		0.00				0.10				20.57
American Century VP Disciplined Core Value Fund Class I		4,901				35.20		172,501		1.50				0.10				8.54
American Century VP Value Fund Class I		512,377		23.47		46.98		16,984,738		2.33		0.00		0.70		8.34		9.10
American Funds IS American High-Income Trust Class 2		108,848		14.62		15.19		1,481,566		7.13		0.20		0.70		11.67		12.23
American Funds IS Asset Allocation Fund Class 2		623,292		20.54		22.02		10,250,507		2.22		0.00		0.70		13.47		14.27
American Funds IS Global Growth Fund Class 2		163,807		26.87		28.34		3,314,933		0.91		0.20		0.70		21.75		22.36
American Funds IS Growth Fund Class 2		320,482		40.84		43.78		8,894,876		0.37		0.00		0.70		37.52		38.48
American Funds IS Growth-Income Fund Class 2		388,986		30.35		32.53		8,594,232		1.39		0.00		0.70		25.26		26.14
American Funds IS International Fund Class 2		182,836		14.51		15.25		2,256,767		1.35		0.20		0.70		15.04		15.61
BNY Mellon IP MidCap Stock Portfolio Initial Shares		132,833		33.20		42.65		4,323,011		0.77		0.10		0.70		17.49		18.19
BNY Mellon Stock Index Fund, Inc. Initial Shares		98,871		45.34		104.62		6,716,936		1.42		0.10		0.50		25.30		25.80
BNY Mellon VIF Opportunistic Small Cap Portfolio Initial Shares		273,405		29.61		34.08		7,946,155		0.32		0.10		0.75		8.47		9.17
EQ Advisors Multimanager Aggressive Equity Portfolio Class IA		4,294				135.21		580,581		0.38				0.75				37.27
EQ/Common Stock Index Portfolio Class IA		13,226				164.52		2,175,935		1.11				0.75				24.20
EQ/Core Plus Bond Portfolio Class IA		40				333.42		13,290		2.19				0.75				3.75
EQ/International Equity Index Portfolio Class IA		287				519.89		149,153		2.83				0.75				18.17
EQ/Moderate Allocation Portfolio Class IA		6,020				58.04		349,416		1.78				0.75				11.51
EQ/Money Market Portfolio Class IA		53				185.55		9,891		4.53				0.75				3.67
Fidelity VIP Asset Manager Growth Portfolio Initial Class		11,223				553.67		6,213,627		1.78				0.75				15.50
Fidelity VIP Asset Manager Portfolio Initial Class		179,201		27.56		65.13		11,276,137		2.30		0.10		0.75		12.10		12.83
Fidelity VIP Asset Manager Portfolio Service Class 2		193,510		19.79		30.14		3,981,443		2.17		0.00		0.50		12.09		12.65
Fidelity VIP Contrafund Portfolio Initial Class		333,360		65.68		163.54		51,473,694		0.49		0.10		0.75		32.46		33.32
Fidelity VIP Contrafund Portfolio Service Class 2		1,187,866		35.25		66.02		44,559,339		0.26		0.00		1.10		31.67		33.12
Fidelity VIP Equity-Income Portfolio Initial Class		237,642				138.55		32,924,330		1.86				0.75				9.82
Fidelity VIP Equity-Income Portfolio Service Class 2		731,053		25.45		48.00		20,100,332		1.72		0.00		1.10		9.17		10.38
Fidelity VIP Freedom 2020 Portfolio Service Class 2		11,695		20.91		31.35		249,564		2.99		0.00		0.45		11.72		12.22
Fidelity VIP Freedom 2025 Portfolio Service Class 2		23,450		22.64		34.55		543,182		2.48		0.00		0.45		12.82		13.32
Fidelity VIP Freedom 2030 Portfolio Service Class 2		132,103		21.21		37.41		3,227,390		2.24		0.00		1.10		13.21		14.46
Fidelity VIP Government Money Market Portfolio Initial Class		1,087,913		10.45		10.64		13,606,233		5.10		0.00		1.10		3.75		4.89
Fidelity VIP Government Money Market Portfolio Service Class 2		115,002		10.22		10.82		1,237,632		4.88		0.25		0.70		3.91		4.37
Fidelity VIP Growth Portfolio Initial Class		454,684		51.60		226.25		91,750,214		0.13		0.10		0.75		35.22		36.10
Fidelity VIP Growth Portfolio Service Class 2		712,775		42.27		84.47		35,350,351		0.00		0.00		0.70		34.94		35.89
Fidelity VIP High Income Portfolio Initial Class		17,728		27.97		354.24		1,752,456		5.51		0.10		0.75		9.65		10.37
Fidelity VIP Index 500 Portfolio Initial Class		326,468				145.83		47,608,913		1.46				0.75				25.25
Fidelity VIP Investment Grade Bond Portfolio Initial Class		18,887		21.67		358.16		2,327,647		2.52		0.10		0.75		5.41		6.10
Fidelity VIP Mid Cap Portfolio Service Class 2		461,922		27.86		51.95		12,443,229		0.38		0.00		1.10		13.55		14.80
Fidelity VIP Overseas Portfolio Initial Class		21,492		37.58		522.87		6,788,611		1.04		0.50		0.75		19.61		19.91
FTVIP Franklin Mutual Shares VIP Fund Class 2		334,730		19.29		33.04		6,799,905		1.86		0.00		1.10		12.23		13.46
FTVIP Franklin Small Cap Value VIP Fund Class 2		326,560		27.66		49.73		9,089,305		0.49		0.00		1.10		11.51		12.75
FTVIP Franklin Small-Mid Cap Growth VIP Fund Class 2		622		34.68		36.06		22,309		0.00		0.25		0.50		26.11		26.42
FTVIP Franklin U.S. Government Securities VIP Fund Class 2		137,698		12.75		14.50		1,685,386		2.13		0.10		0.70		3.74		4.36
FTVIP Templeton Foreign VIP Fund Class 2		273,101		12.76		13.58		3,572,813		3.29		0.10		0.50		20.16		20.64
Goldman Sachs VIT Strategic Growth Fund Institutional Shares		95,560		47.90		50.98		4,776,354		0.00		0.10		0.50		41.24		41.80
Invesco V.I. American Franchise Fund Series I		20,419		38.12		39.37		794,244		0.00		0.10		0.50		40.23		40.79
Invesco V.I. Conservative Balanced Fund Series I		80,606		15.61		24.51		1,306,789		1.74		0.00		0.50		12.04		12.60
Invesco V.I. Core Equity Fund Series I		307,522		28.71		30.56		9,246,249		0.74		0.10		0.50		22.75		23.24
Invesco V.I. EQV International Equity Fund Series 1		459,546		15.84		29.97		8,301,079		0.20		0.00		1.10		16.86		18.15
Invesco V.I. Global Fund Series I		335,117		27.45		51.04		9,830,694		0.23		0.00		1.10		33.27		34.73
Invesco V.I. Global Real Estate Fund Series I		51,332		11.89		23.67		698,260		1.45		0.00		0.70		8.29		9.05
Invesco V.I. Global Strategic Income Fund Series I		26				11.47		297		0.00				0.25				8.61
Invesco V.I. Government Securities Fund Series I		685		11.23		11.59		7,820		1.94		0.25		0.50		4.10		4.36
Invesco V.I. Growth and Income Fund Series I		402,464		43.05		45.44		11,468,772		1.57		0.00		0.75		11.82		12.66
Invesco V.I. High Yield Fund Series I		47,629		15.60		16.41		754,940		5.16		0.10		0.50		9.63		10.07
Invesco V.I. Main Street Fund Series I		21,147				40.25		851,162		0.85				0.10				23.09
Janus Henderson Enterprise Portfolio Service Shares		210,046		33.11		77.41		8,288,785		0.09		0.00		0.70		16.96		17.78
Janus Henderson Forty Portfolio Service Shares		53,664		38.69		76.29		1,932,102		0.13		0.00		0.70		38.68		39.65

48

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

	December 31, 2023								For the Year Ended December 31, 2023
			Unit Value ($)(a)(f)				Net		Investment  Income		Expense Ratio (%)(d)(f)				Total Return (%)(e)(f)
Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
Janus Henderson Global Research Portfolio Service Shares		137,635		20.53		28.30		3,841,714		0.77		0.10		0.70		25.59		26.34
Janus Henderson Overseas Portfolio Service Shares		503,045		11.13		13.22		6,338,991		1.32		0.00		1.10		9.38		10.58
LVIP JPMorgan Core Bond Fund Standard Class		355,794		10.92		15.49		3,870,983		3.67		0.00		0.70		5.17		5.91
LVIP JPMorgan Mid Cap Value Fund Standard Class		7,395		52.72		55.91		403,118		3.18		0.10		0.50		10.36		10.80
LVIP JPMorgan Small Cap Core Fund Standard Class		126,530		33.80		46.89		4,150,901		1.23		0.10		0.70		12.31		12.99
LVIP JPMorgan U.S. Equity Fund Standard Class		7,187				71.83		516,233		1.56				0.10				27.03
MFS VIT Growth Series Initial Class		320,982		53.80		69.62		34,237,784		0.00		0.10		0.75		34.85		35.73
MFS VIT Investors Trust Series Initial Class		7,322				441.84		3,235,159		0.71				0.75				18.09
MFS VIT New Discovery Series Initial Class		233,168		37.33		69.61		8,001,599		0.00		0.00		1.10		13.16		14.41
MFS VIT Research Series Initial Class		137,819		63.61		498.27		10,503,553		0.51		0.00		0.75		21.51		22.42
MFS VIT Total Return Series Initial Class		18,479		25.29		388.56		4,552,864		2.01		0.25		0.75		9.62		10.17
MFS VIT Utilities Series Initial Class		110,190				64.88		7,149,523		3.46				0.75				-2.84
MFS VIT II Core Equity Portfolio Initial Class		386,414		26.06		59.02		14,612,625		0.54		0.10		0.75		22.22		23.02
Morgan Stanley VIF Growth Portfolio Class I		117,237		53.49		68.44		6,135,226		0.00		0.10		0.75		47.56		48.52
Neuberger Berman AMT Mid Cap Growth Portfolio Class I		245,045		25.72		56.07		7,564,253		0.00		0.00		0.70		17.32		18.15
Neuberger Berman AMT Short Duration Bond Portfolio Class I		2,937				14.04		41,245		4.70				0.10				5.80
Neuberger Berman AMT Sustainable Equity Portfolio Class I		24,123		16.35		57.93		554,824		0.34		0.00		0.50		26.27		26.90
PIMCO CommodityRealReturn Strategy Portfolio Administrative Class		95,951		10.46		22.03		936,672		16.07		0.00		1.10		-8.86		-7.85
PIMCO Global Bond Opportunities Portfolio (Unhedged) Administrative Class		46,634		10.00		16.25		489,354		2.19		0.00		0.70		4.53		5.26
PIMCO Real Return Portfolio Administrative Class		455,253		17.44		24.65		6,732,434		2.96		0.00		0.75		2.90		3.67
PIMCO Short-Term Portfolio Administrative Class		342,406		11.44		13.62		4,253,818		4.18		0.00		1.10		4.75		5.91
PIMCO Total Return Portfolio Administrative Class		876,631		13.89		17.04		12,484,572		3.41		0.00		1.10		4.78		5.93
Pioneer Fund VCT Portfolio Class I		48,212		43.13		49.47		2,044,450		0.86		0.10		0.70		28.03		28.80
Pioneer Mid Cap Value VCT Portfolio Class I		41,647		27.13		43.13		1,173,478		1.83		0.00		0.50		11.90		12.46
Pioneer Select Mid Cap Growth VCT Portfolio Class I		79,725		38.00		40.45		3,186,266		0.00		0.10		0.50		18.18		18.65
Putnam VT Diversified Income Fund Class IB		241,364		19.76		21.26		4,521,734		5.75		0.00		0.75		4.04		4.82
Putnam VT International Value Fund Class IB		310,827		11.92		13.93		4,213,433		1.69		0.10		1.10		17.39		18.56
Putnam VT Large Cap Growth Fund Class IB		9,582		9.63		9.80		93,541		0.00		0.25		0.50		43.76		44.12
Putnam VT Large Cap Value Fund Class IB		575,804		35.79		38.09		17,432,817		1.97		0.10		0.50		15.09		15.55
Putnam VT Small Cap Value Fund Class IB		4,357		32.91		52.74		150,940		0.15		0.00		0.35		23.32		23.75
Putnam VT Sustainable Leaders Fund Class IB		2,048				54.24		111,075		0.51				0.25				25.79
SST SA Multi-Managed Mid Cap Value Portfolio Class 3		10,358		21.86		23.05		181,264		0.98		0.20		0.70		13.15		13.71
SAST SA AB Growth Portfolio Class 1		173,143		52.64		53.11		9,117,898		0.00		0.10		0.25		34.69		34.89
SAST SA DFA Ultra Short Bond Portfolio Class 1		110,011		11.96		12.07		1,325,035		1.19		0.10		0.25		4.37		4.53
SAST SA Federated Hermes Corporate Bond Portfolio Class 1		5,919		31.68		31.96		188,118		3.33		0.10		0.25		7.79		7.95
SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 1		4,674		58.08		58.60		271,823		2.08		0.10		0.25		13.73		13.90
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		39,981		68.64		69.26		2,751,212		2.40		0.10		0.25		7.11		7.27
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1		8,978		57.51		58.03		517,347		1.72		0.10		0.25		8.10		8.27
SAST SA Goldman Sachs Global Bond Portfolio Class 1		9,743		16.71		16.85		157,250		0.00		0.10		0.25		4.02		4.17
SAST SA Invesco Growth Opportunities Portfolio Class 1		7,265		18.11		18.27		131,569		0.00		0.10		0.25		12.22		12.39
SAST SA Janus Focused Growth Portfolio Class 1		19,314				55.85		1,078,618		0.00				0.10				39.19
SAST SA JPMorgan Diversified Balanced Portfolio Class 1		209,774		18.74		35.51		4,742,111		1.51		0.00		0.70		14.63		15.43
SAST SA JPMorgan Emerging Markets Portfolio Class 1		10,274		29.42		29.68		302,838		3.92		0.10		0.25		10.02		10.18
SAST SA JPMorgan Equity-Income Portfolio Class 1		91,913		35.91		36.23		3,213,399		2.42		0.10		0.25		4.42		4.58
SAST SA JPMorgan Global Equities Portfolio Class 1		13,420		26.99		27.23		362,880		1.49		0.10		0.25		23.53		23.71
SAST SA JPMorgan Large Cap Core Portfolio Class 1		9,907		44.31		44.70		439,750		0.76		0.10		0.25		27.16		27.35
SAST SA JPMorgan MFS Core Bond Portfolio Class 1		2,841		25.36		25.58		72,359		2.95		0.10		0.25		6.28		6.44
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		366,346		8.45		8.54		8,549,125		0.00		0.00		0.45		22.78		23.33
SAST SA MFS Blue Chip Growth Portfolio Class 1		2,546		29.29		29.56		75,136		0.52		0.10		0.25		40.73		40.94
SAST SA MFS Massachusetts Investors Trust Portfolio Class 1		14,855		42.84		43.22		636,680		0.87		0.10		0.25		18.76		18.93
SAST SA MFS Total Return Portfolio Class 1		20,861		38.33		38.67		802,628		1.90		0.10		0.25		10.04		10.20
SAST SA Morgan Stanley International Equities Portfolio Class 1		23,647		15.96		16.10		378,154		1.56		0.1		0.25		16.27		16.45
SAST SA PineBridge High-Yield Bond Portfolio Class 1		9,118		33.54		33.84		306,407		6.51		0.1		0.25		15.88		16.05
SAST SA Putnam International Growth and Income Portfolio Class 1		24,274		21.16		21.35		514,955		2.58		0.10		0.25		19.18		19.36
SAST SA Wellington Capital Appreciation Portfolio Class 1		67,009		92.70		93.53		5,531,983		0.00		0.10		0.25		39.35		39.56
SAST SA Wellington Capital Appreciation Portfolio Class 3		43,025		36.45		38.43		1,064,673		0.00		0.20		0.70		38.33		39.02
SAST SA Wellington Government and Quality Bond Portfolio Class 1		13,954		19.01		19.18		265,815		2.20		0.10		0.25		4.81		4.97
SAST SA Wellington Government and Quality Bond Portfolio Class 3		59,105		10.07		10.62		597,231		1.91		0.20		0.70		4.05		4.57
VALIC Company I Core Bond Fund		39,734		11.58		12.21		455,545		2.15		0.20		0.70		5.77		6.30
VALIC Company I Dynamic Allocation Fund		623,188		16.12		17.00		9,095,538		1.62		0.20		0.70		12.53		13.09
VALIC Company I Emerging Economies Fund		47,416		10.94		11.54		519,107		5.75		0.20		0.70		11.33		11.89
VALIC Company I International Equities Index Fund		338,794		20.30		24.78		4,735,953		2.49		0.00		0.75		16.38		17.25
VALIC Company I International Value Fund		19,246		11.37		12.81		218,881		3.69		0.25		0.70		13.59		14.10
VALIC Company I Mid Cap Index Fund		501,904		32.96		61.02		17,903,847		1.13		0.00		1.10		14.68		15.94
VALIC Company I Mid Cap Value Fund		14,571		23.40		24.68		277,198		0.70		0.20		0.70		16.16		16.74
VALIC Company I Nasdaq-100 Index Fund		161,001		123.76		138.29		12,349,293		0.28		0.00		0.75		53.34		54.49
VALIC Company I Science & Technology Fund		116,498		31.08		115.01		6,625,232		0.00		0.00		0.70		54.71		55.79

49

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

	December 31, 2023									For the Year Ended December 31, 2023
										Investment		Expense				Total
			Unit Value ($)(a)(f)				Net			Income		Ratio (%)(d)(f)				Return (%)(e)(f)
Sub-accounts	Units		Lowest		Highest		Assets ($)(b)			Ratio(%)(C)		Lowest		Highest		Lowest		Highest
VALIC Company I Small Cap Index Fund		325,778		21.51		46.12		9,097,938			1.25		0.00		0.70		15.55		16.35
VALIC Company I Stock Index Fund		703,776		53.49		65.43		28,152,592			1.24		0.00		0.75		24.86		25.80
VALIC Company I U.S. Socially Responsible Fund		8,866		30.90		33.12		220,245			1.18		0.00		0.70		20.85		21.70
VanEck VIP Emerging Markets Fund Initial Class		4,097				30.92		126,680			3.80				0.50				9.23
VanEck VIP Global Resources Fund Initial Class		7,604				34.83		264,839			2.79				0.50				-4.06
Vanguard VIF High Yield Bond Portfolio		254,976		19.68		30.69		5,705,616			4.78		0.00		1.10		10.45		11.67
Vanguard VIF Real Estate Index Portfolio		538,660		21.45		38.51		13,152,940			2.32		0.00		1.10		10.48		11.70

	December 31, 2022									For the Year Ended December 31, 2022
										Investment		Expense				Total
			Unit Value ($)(a)(f)				Net			Income		Ratio (%)(d)(f)				Return (%)(e)(f)
Sub-accounts	Units		Lowest		Highest		Assets ($)(b)			Ratio (%)(c)		Lowest		Highest		Lowest		Highest
AB VPS Balanced Hedged Allocation Portfolio Class A		9,103				19.52		177,672			3.24				0.50				-19.39
AB VPS Intermediate Bond Portfolio Class A		—				15.02		—			0.00				0.50				-4.13
AB VPS Large Cap Growth Portfolio Class A		502,708		35.31		57.78		29,364,827			0.00		0.10		0.50		-28.86		-28.58
AB VPS Relative Value Portfolio Class A		18,596				95.20		1,770,325			1.35				0.50				-4.67
AB VPS Small Cap Growth Portfolio Class A		10,800				49.11		530,335			0.00				0.50				-39.40
AB VPS Sustainable Global Thematic Growth Portfolio Class A		44,985		16.72		39.74		1,322,741			0.00		0.10		0.50		-27.35		-27.06
Alger Capital Appreciation Portfolio Class I-2		311,250		31.86		58.33		9,330,065			0.00		0.00		1.10		-37.22		-36.52
Alger Mid Cap Growth Portfolio Class I-2		139,141		21.31		43.22		3,038,541			0.00		0.00		0.50		-36.39		-36.07
American Century VP Capital Appreciation Fund Class I		7,691				38.22		293,931			0.00				0.10				-28.18
American Century VP Disciplined Core Value Fund Class I		4,861				32.43		157,626			1.68				0.10				-12.82
American Century VP Value Fund Class I		544,184		43.06		43.62		16,532,284			2.02		0.00		0.75		-0.21		0.54
American Funds IS American High-Income Trust Class 2		105,538		13.09		13.53		1,279,218			7.43		0.20		0.70		-9.90		-9.45
American Funds IS Asset Allocation Fund Class 2		624,816		18.10		18.99		8,990,545			1.80		0.20		0.70		-14.01		-13.58
American Funds IS Global Growth Fund Class 2		169,450		22.07		23.16		2,790,886			0.63		0.20		0.70		-25.26		-24.89
American Funds IS Growth Fund Class 2		326,979		29.70		31.16		6,532,713			0.30		0.20		0.70		-30.43		-30.08
American Funds IS Growth-Income Fund Class 2		390,488		24.23		25.42		6,837,886			1.22		0.20		0.70		-17.07		-16.66
American Funds IS International Fund Class 2		177,889		12.62		13.19		1,899,628			1.69		0.20		0.70		-21.34		-20.94
BNY Mellon IP MidCap Stock Portfolio Initial Shares		143,420		28.09		36.30		3,930,665			0.69		0.10		0.70		-14.68		-14.16
BNY Mellon Stock Index Fund, Inc. Initial Shares		101,035		36.04		83.50		5,507,377			1.28		0.10		0.50		-18.72		-18.40
BNY Mellon VIF Opportunistic Small Cap Portfolio Initial Shares		271,452		27.12		31.42		7,183,711			-3.51		0.10		0.75		-17.24		-16.70
EQ Advisors Multimanager Aggressive Equity Portfolio Class IA		4,878				98.50		480,482			0.00				0.75				-32.66
EQ/Common Stock Index Portfolio Class IA		14,504				132.46		1,921,262			0.71				0.75				-20.07
EQ/Core Plus Bond Portfolio Class IA		45				321.38		14,517			2.24				0.75				-13.58
EQ/International Equity Index Portfolio Class IA		307				439.94		134,854			2.20				0.75				-12.56
EQ/Moderate Allocation Portfolio Class IA		723				520.51		376,272			1.12				0.75				-16.10
EQ/Money Market Portfolio Class IA		68				178.98		12,248			0.94				0.75				0.34
Fidelity VIP Asset Manager Growth Portfolio Initial Class		12,136				479.37		5,817,740			1.70				0.75				-17.50
Fidelity VIP Asset Manager Portfolio Initial Class		34,359		24.42		581.00		10,845,351			1.95		0.10		0.75		-15.57		-15.02
Fidelity VIP Asset Manager Portfolio Service Class 2		200,034		24.38		26.75		3,687,751			1.79		0.00		0.75		-15.78		-15.15
Fidelity VIP Contrafund Portfolio Initial Class		361,439		49.27		123.46		42,108,257			0.46		0.10		0.75		-26.86		-26.39
Fidelity VIP Contrafund Portfolio Service Class 2		1,254,816		26.77		49.60		35,458,051			0.24		0.00		1.10		-27.29		-26.49
Fidelity VIP Equity-Income Portfolio Initial Class		255,457				126.15		32,226,860			1.82				0.75				-5.67
Fidelity VIP Equity-Income Portfolio Service Class 2		765,987		23.31		43.49		19,124,245			1.65		0.00		1.10		-6.28		-5.24
Fidelity VIP Freedom 2020 Portfolio Service Class 2		12,228		18.72		27.93		233,558			1.73		0.00		0.45		-16.34		-15.97
Fidelity VIP Freedom 2025 Portfolio Service Class 2		36,375		20.07		30.49		741,849			1.74		0.00		0.45		-17.01		-16.64
Fidelity VIP Freedom 2030 Portfolio Service Class 2		137,491		18.73		32.68		2,940,151			1.62		0.00		1.10		-17.99		-17.09
Fidelity VIP Government Money Market Portfolio Initial Class		1,151,207		10.07		10.14		13,695,581			2.01		0.00		1.10		0.74		1.23
Fidelity VIP Government Money Market Portfolio Service Class 2		157,339		9.84		10.36		1,622,196			1.77		0.25		0.70		0.56		1.01
Fidelity VIP Growth Portfolio Initial Class		482,060		37.91		167.32		72,156,994			0.58		0.10		0.75		-25.02		-24.53
Fidelity VIP Growth Portfolio Service Class 2		730,782		31.32		62.16		26,453,003			0.33		0.00		0.70		-25.17		-24.64
Fidelity VIP High Income Portfolio Initial Class		19,317		25.34		323.06		1,735,324			4.84		0.10		0.75		-12.04		-11.46
Fidelity VIP Index 500 Portfolio Initial Class		348,525				116.43		40,578,068			1.38				0.75				-18.82
Fidelity VIP Investment Grade Bond Portfolio Initial Class		20,295		20.42		339.78		2,372,446			2.11		0.10		0.75		-13.61		-13.05
Fidelity VIP Mid Cap Portfolio Service Class 2		486,453		24.54		45.25		11,519,093			0.25		0.00		1.10		-15.90		-14.97
Fidelity VIP Overseas Portfolio Initial Class		22,574		31.34		437.15		6,074,911			0.93		0.50		0.75		-25.05		-24.86
FTVIP Franklin Mutual Shares VIP Fund Class 2		344,817		17.19		29.12		6,188,185			1.79		0.00		1.10		-8.44		-7.43
FTVIP Franklin Small Cap Value VIP Fund Class 2		318,474		24.80		44.11		7,861,992			0.99		0.00		1.10		-11.05		-10.06
FTVIP Franklin Small-Mid Cap Growth VIP Fund Class 2		680		27.50		28.52		19,326			0.00		0.25		0.50		-34.02		-33.86
FTVIP Franklin U.S. Government Securities VIP Fund Class 2		225,652		12.22		13.97		2,657,889			2.36		0.10		0.70		-10.38		-9.84
FTVIP Templeton Foreign VIP Fund Class 2		306,634		11.26		18.14		3,324,304			2.80		0.10		0.75		-8.29		-7.70
Goldman Sachs VIT Strategic Growth Fund Institutional Shares		106,347		33.92		35.95		3,754,625			0.00		0.10		0.50		-32.85		-32.58
Invesco V.I. American Franchise Fund Series I		21,146		27.18		27.97		584,673			0.00		0.10		0.50		-31.46		-31.18
Invesco V.I. Conservative Balanced Fund Series I		99,201		19.96		21.77		1,434,026			1.26		0.00		0.75		-17.48		-16.85
Invesco V.I. Core Equity Fund Series I		324,888		23.39		24.80		7,913,272			0.86		0.10		0.50		-20.94		-20.63
Invesco V.I. EQV International Equity Fund Series 1		479,666		13.55		25.36		7,390,954			1.54		0.00		1.10		-19.20		-18.31

50

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

	December 31, 2022									For the Year Ended December 31, 2022
										Investment		Expense				Total
			Unit Value ($)(a)(f)				Net			Income		Ratio (%)(d)(f)				Return (%)(e)(f)
Sub-accounts	Units		Lowest		Highest		Assets ($)(b)			Ratio (%)(c)		Lowest		Highest		Lowest		Highest
Invesco V.I. Global Fund Series I		356,891		20.59		37.88		7,794,534			0.00		0.00		1.10		-32.51		-31.76
Invesco V.I. Global Real Estate Fund Series I		50,792		10.98		21.71		636,895			2.82		0.00		0.70		-25.46		-24.93
Invesco V.I. Global Strategic Income Fund Series I		31				10.56		326			0.00				0.25				-11.68
Invesco V.I. Government Securities Fund Series I		763		10.79		11.11		8,242			2.00		0.25		0.50		-10.74		-10.52
Invesco V.I. Growth and Income Fund Series I		426,195		38.50		40.34		10,827,720			1.58		0.00		0.75		-6.45		-5.75
Invesco V.I. High Yield Fund Series I		63,749		14.23		14.91		916,604			4.68		0.10		0.50		-10.01		-9.65
Invesco V.I. Main Street Fund Series I		21,825				32.70		713,635			1.40				0.10				-20.21
Janus Henderson Enterprise Portfolio Service Shares		218,571		28.31		65.72		7,417,232			0.08		0.00		0.70		-16.73		-16.15
Janus Henderson Forty Portfolio Service Shares		54,172		27.90		54.63		1,386,984			0.05		0.00		0.70		-34.19		-33.73
Janus Henderson Global Research Portfolio Service Shares		149,107		16.34		22.40		3,264,433			0.84		0.10		0.70		-20.17		-19.69
Janus Henderson Overseas Portfolio Service Shares		613,640		10.18		11.95		7,031,736			0.00		0.00		1.10		-9.83		-8.84
LVIP JPMorgan Core Bond Fund Standard Class		332,110		10.38		14.63		3,419,989			0.00		0.00		0.70		-13.18		-12.58
LVIP JPMorgan Mid Cap Value Fund Standard Class		9,044		47.77		50.46		442,065			0.00		0.10		0.50		-8.62		-8.25
LVIP JPMorgan Small Cap Core Fund Standard Class		115,521		29.91		43.40		3,344,635			0.00		0.10		0.75		-19.95		-19.43
LVIP JPMorgan U.S. Equity Fund Standard Class		7,064				56.54		399,416			0.00				0.10				-18.78
MFS VIT Growth Series Initial Class		350,145		39.64		51.63		27,113,408			0.00		0.10		0.75		-32.15		-31.70
MFS VIT Investors Trust Series Initial Class		8,431				374.14		3,154,524			0.00				0.75				-17.11
MFS VIT New Discovery Series Initial Class		230,098		32.99		60.84		6,934,898			0.00		0.00		1.10		-30.53		-29.76
MFS VIT Research Series Initial Class		146,183		51.96		410.08		9,136,996			0.46		0.00		0.75		-17.83		-17.21
MFS VIT Total Return Series Initial Class		20,654		22.96		354.46		4,487,081			1.64		0.25		0.75		-10.26		-9.81
MFS VIT Utilities Series Initial Class		11,942				667.79		7,974,565			2.36				0.75		0.00		0.00
MFS VIT II Core Equity Portfolio Initial Class		405,039		21.18		48.29		12,552,003			0.30		0.10		0.75		-17.89		-17.35
Morgan Stanley VIF Growth Portfolio Class I		95,866		36.01		46.38		3,363,578			0.00		0.10		0.75		-60.37		-60.11
Neuberger Berman AMT Mid Cap Growth Portfolio Class I		252,636		21.92		47.46		6,646,906			0.00		0.00		0.70		-29.23		-28.73
Neuberger Berman AMT Short Duration Bond Portfolio Class I		3,270				13.27		43,407			3.78				0.10				-5.28
Neuberger Berman AMT Sustainable Equity Portfolio Class I		24,761		12.95		45.65		444,659			0.42		0.00		0.50		-18.86		-18.45
PIMCO CommodityRealReturn Strategy Portfolio Administrative Class		100,952		11.47		23.91		1,052,821			23.10		0.00		1.10		7.43		8.61
PIMCO Global Bond Opportunities Portfolio (Unhedged) Administrative Class		48,477		9.57		15.44		487,098			1.42		0.00		0.70		-11.62		-11.00
PIMCO Real Return Portfolio Administrative Class		491,982		16.83		20.58		6,961,976			6.97		0.00		0.75		-12.56		-11.90
PIMCO Short-Term Portfolio Administrative Class		435,034		10.92		12.86		5,184,483			1.66		0.00		1.10		-1.24		-0.15
PIMCO Total Return Portfolio Administrative Class		943,886		13.26		16.08		12,871,503			2.44		0.00		1.10		-15.24		-14.30
Pioneer Fund VCT Portfolio Class I		49,838		33.49		38.64		1,638,726			0.49		0.10		0.70		-20.06		-19.58
Pioneer Mid Cap Value VCT Portfolio Class I		38,551		24.24		38.35		965,818			1.95		0.00		0.50		-6.11		-5.64
Pioneer Select Mid Cap Growth VCT Portfolio Class I		84,389		32.16		34.09		2,838,193			0.00		0.10		0.50		-31.40		-31.13
Putnam VT Diversified Income Fund Class IB		237,959		18.85		20.43		4,301,269			6.47		0.00		0.75		-3.07		-2.35
Putnam VT International Value Fund Class IB		301,692		10.16		11.75		3,442,017			2.05		0.10		1.10		-7.83		-6.90
Putnam VT Large Cap Growth Fund Class IB		13,525		6.70		6.80		91,507			0.00		0.25		0.50		-30.85		-30.68
Putnam VT Large Cap Value Fund Class IB		600,905		31.10		32.97		15,715,274			1.44		0.10		0.50		-3.61		-3.23
Putnam VT Small Cap Value Fund Class IB		6,901		26.11		42.62		191,387			0.16		0.00		0.50		-13.41		-12.98
Putnam VT Sustainable Leaders Fund Class IB		2,048		41.82		43.12		87,697			0.49		0.25		0.50		-23.29		-23.10
SST SA Multi-Managed Mid Cap Value Portfolio Class 3		10,104		19.32		20.27		155,427			0.50		0.20		0.70		-9.64		-9.19
SAST SA AB Growth Portfolio Class 1		183,634		39.08		39.37		7,176,189			0.00		0.10		0.25		-28.78		-28.67
SAST SA DFA Ultra Short Bond Portfolio Class 1		110,280		11.46		11.55		1,271,272			0.00		0.10		0.25		-1.78		-1.63
SAST SA Federated Hermes Corporate Bond Portfolio Class 1		7,137		29.39		29.61		210,262			3.65		0.10		0.25		-14.49		-14.36
SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 1		5,200		51.07		51.45		265,871			0.63		0.10		0.25		-27.13		-27.02
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		41,072		64.09		64.56		2,637,387			1.69		0.10		0.25		-1.59		-1.44
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1		9,191		53.20		53.60		489,709			1.63		0.10		0.25		-7.93		-7.80
SAST SA Goldman Sachs Global Bond Portfolio Class 1		9,604		16.06		16.18		148,801			0.00		0.10		0.25		-19.14		-19.01
SAST SA Invesco Growth Opportunities Portfolio Class 1		7,420		16.14		16.26		119,737			0.00		0.10		0.25		-35.53		-35.43
SAST SA Janus Focused Growth Portfolio Class 1		19,540				40.12		783,948			0.00				0.10				-33.61
SAST SA JPMorgan Diversified Balanced Portfolio Class 1		236,228		16.35		30.76		4,681,073			1.10		0.00		0.70		-16.55		-15.96
SAST SA JPMorgan Emerging Markets Portfolio Class 1		11,016		26.74		26.94		295,002			2.65		0.10		0.25		-25.64		-25.52
SAST SA JPMorgan Equity-Income Portfolio Class 1		95,924		34.39		34.64		3,211,424			1.83		0.10		0.25		-2.08		-1.94
SAST SA JPMorgan Global Equities Portfolio Class 1		14,302		21.85		22.01		312,939			1.63		0.10		0.25		-16.03		-15.90
SAST SA JPMorgan Large Cap Core Portfolio Class 1		10,564		34.84		35.10		368,610			0.88		0.10		0.25		-20.39		-20.27
SAST SA JPMorgan MFS Core Bond Portfolio Class 1		2,898		23.86		24.04		69,406			3.03		0.10		0.25		-13.35		-13.22
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		380,981		6.88		6.92		7,241,284			0.00		0.00		0.50		-27.43		-27.07
SAST SA MFS Blue Chip Growth Portfolio Class 1		2,876		20.82		20.97		60,237			0.00		0.10		0.25		-29.99		-29.88
SAST SA MFS Massachusetts Investors Trust Portfolio Class 1		15,680		36.07		36.34		565,823			1.11		0.10		0.25		-16.54		-16.41
SAST SA MFS Total Return Portfolio Class 1		22,437		34.84		35.09		783,827			1.50		0.10		0.25		-9.92		-9.78
SAST SA Morgan Stanley International Equities Portfolio Class 1		24,633		13.72		13.83		338,669			2.56		0.10		0.25		-14.20		-14.07
SAST SA PineBridge High-Yield Bond Portfolio Class 1		9,410		28.95		29.16		272,846			5.58		0.10		0.25		-10.05		-9.91
SAST SA Putnam International Growth and Income Portfolio Class 1		25,590		17.76		17.89		455,336			1.63		0.10		0.25		-6.93		-6.79
SAST SA Wellington Capital Appreciation Portfolio Class 1		70,568		66.52		67.02		4,188,294			0.00		0.10		0.25		-36.50		-36.40
SAST SA Wellington Capital Appreciation Portfolio Class 3		45,003		26.35		27.64		797,298			0.00		0.20		0.70		-36.92		-36.60
SAST SA Wellington Government and Quality Bond Portfolio Class 1		14,035		18.14		18.27		254,990			1.25		0.10		0.25		-13.63		-13.50
SAST SA Wellington Government and Quality Bond Portfolio Class 3		60,561		9.68		10.15		585,682			0.96		0.20		0.70		-14.27		-13.84
VALIC Company I Core Bond Fund		37,966		10.95		11.49		413,257			1.15		0.20		0.70		-14.85		-14.42

51

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

	December 31, 2022									For the Year Ended December 31, 2022
										Investment		Expense				Total
			Unit Value ($)(a)(f)				Net			Income		Ratio (%)(d)(f)				Return (%)(e)(f)
Sub-accounts	Units		Lowest		Highest		Assets ($)(b)			Ratio (%)(c)		Lowest		Highest		Lowest		Highest
VALIC Company I Dynamic Allocation Fund		574,272		14.33		15.03		7,412,559			3.17		0.20		0.70		-16.80		-16.38
VALIC Company I Emerging Economies Fund		48,898		9.83		10.31		478,702			3.23		0.20		0.70		-25.87		-25.50
VALIC Company I Government Money Market I Fund		—		9.01		10.53		—			0.25		0.00		1.10		-0.50		0.11
VALIC Company I International Equities Index Fund		350,742		17.44		21.13		4,179,505			0.12		0.00		0.75		-15.16		-14.52
VALIC Company I International Value Fund		19,276		9.96		11.28		192,143			1.64		0.25		0.70		-11.56		-11.16
VALIC Company I Mid Cap Index Fund		503,843		28.74		52.63		15,504,083			1.26		0.00		1.10		-14.30		-13.35
VALIC Company I Mid Cap Value Fund		13,105		20.15		21.14		213,136			0.32		0.20		0.70		-9.12		-8.66
VALIC Company I Nasdaq-100 Index Fund		171,046		80.71		89.51		8,510,120			0.23		0.00		0.75		-33.31		-32.81
VALIC Company I Science & Technology Fund		123,742		60.48		73.82		4,575,303			0.00		0.00		0.75		-39.45		-39.00
VALIC Company I Small Cap Index Fund		351,834		39.63		42.82		8,625,061			0.75		0.00		0.75		-21.26		-20.66
VALIC Company I Stock Index Fund		725,928		41.35		52.01		23,208,971			1.19		0.00		0.75		-18.94		-18.33
VALIC Company I U.S. Socially Responsible Fund		8,296		25.57		26.82		170,170			0.64		0.20		0.70		-17.70		-17.28
VanEck VIP Emerging Markets Fund Initial Class		4,639				28.31		131,322			0.25				0.50				-24.75
VanEck VIP Global Resources Fund Initial Class		7,870				36.31		285,719			1.86				0.50				7.85
Vanguard VIF High Yield Bond Portfolio		275,240		17.82		27.48		5,505,556			4.74		0.00		1.10		-10.35		-9.36
Vanguard VIF Real Estate Index Portfolio		544,691		19.42		34.48		11,891,488			1.82		0.00		1.10		-27.10		-26.30

	December 31, 2021									For the Year Ended December 31, 2021
										Investment		Expense				Total
			Unit Value ($)(a)(f)				Net			Income		Ratio (%)(d)(f)				Return (%)(e)(f)
Sub-accounts	Units		Lowest		Highest		Assets ($)(b)			Ratio (%)(c)		Lowest		Highest		Lowest		Highest
AB VPS Balanced Hedged Allocation Portfolio Class A		9,297				24.21		225,112			0.49				0.50				13.16
AB VPS Intermediate Bond Portfolio Class A		1,519				15.67		23,803			1.48				0.50				-1.94
AB VPS Large Cap Growth Portfolio Class A		504,202		49.44		81.23		41,375,489			0.00		0.10		0.50		28.33		28.84
AB VPS Relative Value Portfolio Class A		19,151				99.86		1,912,380			0.85				0.50				27.52
AB VPS Small Cap Growth Portfolio Class A		10,824				81.03		877,094			0.00				0.50				8.91
AB VPS Sustainable Global Thematic Growth Portfolio Class A		48,510		22.92		54.70		1,979,292			0.00		0.10		0.50		22.26		22.75
Alger Capital Appreciation Portfolio Class I-2		317,031		50.75		91.90		15,262,542			0.00		0.00		1.10		17.82		19.13
Alger Mid Cap Growth Portfolio Class I-2		145,839		67.13		67.60		5,017,400			0.00		0.00		0.75		3.43		4.20
American Century VP Capital Appreciation Fund Class I		7,801				53.21		415,078			0.00				0.10				11.04
American Century VP Disciplined Core Value Fund Class I		5,493				37.20		204,322			1.12				0.10				23.53
American Century VP Value Fund Class I		584,309		42.83		43.71		17,607,355			1.82		0.00		0.75		23.58		24.51
American Funds IS American High-Income Trust Class 2		111,292		14.53		14.95		1,488,284			4.68		0.20		0.70		7.66		8.20
American Funds IS Asset Allocation Fund Class 2		644,305		21.05		21.97		10,701,146			1.77		0.20		0.70		14.30		14.87
American Funds IS Global Growth Fund Class 2		158,913		29.53		30.83		3,474,984			0.35		0.20		0.70		15.61		16.19
American Funds IS Growth Fund Class 2		322,442		42.68		44.56		9,283,983			0.23		0.20		0.70		21.14		21.75
American Funds IS Growth-Income Fund Class 2		392,333		29.22		30.50		8,229,400			1.17		0.20		0.70		23.23		23.85
American Funds IS International Fund Class 2		166,122		16.04		16.68		2,243,005			2.57		0.20		0.70		-2.18		-1.69
BNY Mellon IP MidCap Stock Portfolio Initial Shares		155,754		32.73		42.54		4,929,436			0.64		0.10		0.70		25.00		25.76
BNY Mellon Stock Index Fund, Inc. Initial Shares		104,950		44.17		102.73		7,064,565			1.13		0.10		0.50		27.77		28.28
BNY Mellon VIF Opportunistic Small Cap Portfolio Initial Shares		285,336		32.56		37.97		8,974,709			0.12		0.10		0.75		15.59		16.34
EQ Advisors Multimanager Aggressive Equity Portfolio Class IA		5,507				146.27		805,447			0.00				0.75				19.60
EQ/Common Stock Index Portfolio Class IA		16,047				165.72		2,659,345			0.62				0.75				24.00
EQ/Core Plus Bond Portfolio Class IA		50				371.90		18,739			1.30				0.75				-2.42
EQ/International Equity Index Portfolio Class IA		337				503.16		169,636			2.58				0.75				10.12
EQ/Moderate Allocation Portfolio Class IA		837				620.37		519,286			2.49				0.75				7.61
EQ/Money Market Portfolio Class IA		102				178.36		18,185			0.00				0.75				-0.56
Fidelity VIP Asset Manager Growth Portfolio Initial Class		12,949				581.04		7,523,870			1.40				0.75				13.11
Fidelity VIP Asset Manager Portfolio Initial Class		37,278		28.74		688.15		13,753,542			1.70		0.10		0.75		9.10		9.81
Fidelity VIP Asset Manager Portfolio Service Class 2		210,498		28.95		31.53		4,556,682			1.39		0.00		0.75		8.86		9.68
Fidelity VIP Contrafund Portfolio Initial Class		381,703		66.93		168.81		60,822,109			0.06		0.10		0.75		26.88		27.71
Fidelity VIP Contrafund Portfolio Service Class 2		1,305,230		36.82		67.47		50,581,355			0.03		0.00		1.10		26.12		27.51
Fidelity VIP Equity-Income Portfolio Initial Class		269,140				133.73		35,992,521			1.93				0.75				23.96
Fidelity VIP Equity-Income Portfolio Service Class 2		848,811		24.87		45.89		22,342,913			1.73		0.00		1.10		23.24		24.60
Fidelity VIP Freedom 2020 Portfolio Service Class 2		17,963		22.38		33.24		407,680			0.85		0.00		0.45		8.77		9.26
Fidelity VIP Freedom 2025 Portfolio Service Class 2		35,751		24.18		36.58		874,933			0.91		0.00		0.45		10.05		10.55
Fidelity VIP Freedom 2030 Portfolio Service Class 2		146,780		22.84		39.42		3,703,943			0.89		0.00		1.10		10.84		12.07
Fidelity VIP Government Money Market Portfolio Initial Class		180,001		11.81		167.85		3,915,883			0.01		0.10		0.75		-0.74		-0.09
Fidelity VIP Government Money Market Portfolio Service Class 2		69,064		9.78		10.21		705,825			0.02		0.20		0.70		-0.69		-0.19
Fidelity VIP Growth Portfolio Initial Class		508,683		50.23		223.15		101,755,599			0.00		0.10		0.75		22.29		23.09
Fidelity VIP Growth Portfolio Service Class 2		762,029		59.39		82.49		36,521,246			0.00		0.00		0.75		21.98		22.90
Fidelity VIP High Income Portfolio Initial Class		19,745		28.62		367.26		2,117,153			5.40		0.10		0.75		3.63		4.31
Fidelity VIP Index 500 Portfolio Initial Class		367,292				143.42		52,678,748			1.26				0.75				27.62
Fidelity VIP Investment Grade Bond Portfolio Initial Class		22,024		23.48		393.30		2,988,984			2.00		0.10		0.75		-1.35		-0.71
Fidelity VIP Mid Cap Portfolio Service Class 2		503,167		29.17		53.22		14,207,031			0.37		0.00		1.10		23.94		25.31
Fidelity VIP Overseas Portfolio Initial Class		23,873		41.71		583.24		8,719,060			0.52		0.50		0.75		18.80		19.10
FTVIP Franklin Mutual Shares VIP Fund Class 2		360,868		18.77		31.46		7,030,159			3.03		0.00		1.10		17.86		19.17

52

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

	December 31, 2021									For the Year Ended December 31, 2021
			Unit Value ($)(a)(f)				Net			Investment Income		Expense Ratio (%)(d)(f)				Total Return (%)(e)(f)
Sub-accounts	Units		Lowest		Highest		Assets ($)(b)			Ratio (%)(c)		Lowest		Highest		Lowest		Highest
FTVIP Franklin Small Cap Value VIP Fund Class 2		337,903		27.88		49.05		9,439,652			1.04		0.00		1.10		24.00		25.37
FTVIP Franklin Small-Mid Cap Growth VIP Fund Class 2		956		41.68		43.13		40,566			0.00		0.25		0.50		9.46		9.74
FTVIP Franklin U.S. Government Securities VIP Fund Class 2		155,868		13.55		15.96		2,049,517			2.62		0.10		0.75		-2.56		-1.92
FTVIP Templeton Foreign VIP Fund Class 2		341,923		12.20		19.78		4,030,519			1.87		0.10		0.75		3.38		4.05
Goldman Sachs VIT Strategic Growth Fund Institutional Shares		116,124		50.51		53.33		6,088,036			0.00		0.10		0.50		21.32		21.80
Invesco V.I. American Franchise Fund Series I		21,731		39.66		40.64		874,894			0.00		0.10		0.50		11.37		11.81
Invesco V.I. Conservative Balanced Fund Series I		81,298		24.19		26.18		1,428,807			0.00		0.00		0.75		9.81		10.63
Invesco V.I. Core Equity Fund Series I		344,276		29.59		31.24		10,493,878			0.00		0.10		0.50		27.10		27.61
Invesco V.I. EQV International Equity Fund Series 1		485,451		16.78		31.05		9,220,529			1.29		0.00		1.10		4.73		5.89
Invesco V.I. Global Fund Series I		347,509		30.52		55.52		11,328,958			0.00		0.00		1.10		14.23		15.49
Invesco V.I. Global Real Estate Fund Series I		48,116		14.72		28.92		812,207			0.00		0.00		0.70		24.83		25.71
Invesco V.I. Global Strategic Income Fund Series I		37				11.69		432			0.00				0.50				-3.89
Invesco V.I. Government Securities Fund Series I		791		12.09		12.41		9,562			2.40		0.25		0.50		-2.75		-2.51
Invesco V.I. Growth and Income Fund Series I		459,197		41.16		42.80		12,416,948			1.71		0.00		0.75		27.55		28.51
Invesco V.I. High Yield Fund Series I		61,065		15.81		16.50		973,850			4.61		0.10		0.50		3.86		4.28
Invesco V.I. Main Street Fund Series I		22,515				40.98		922,702			0.72				0.10				27.44
Janus Henderson Enterprise Portfolio Service Shares		243,118		34.00		78.38		9,784,945			0.23		0.00		0.70		15.73		16.54
Janus Henderson Forty Portfolio Service Shares		53,879		42.40		82.44		2,088,956			0.00		0.00		0.70		21.75		22.60
Janus Henderson Global Research Portfolio Service Shares		155,609		20.47		27.89		4,203,154			0.37		0.10		0.70		16.97		17.68
Janus Henderson Overseas Portfolio Service Shares		577,271		11.29		13.11		7,288,523			1.04		0.00		1.10		12.05		13.29
LVIP JPMorgan Core Bond Fund Standard Class		343,790		11.96		16.73		4,056,521			1.94		0.00		0.70		-2.04		-1.35
LVIP JPMorgan Mid Cap Value Fund Standard Class		10,155		52.28		55.00		538,442			0.90		0.10		0.50		29.24		29.75
LVIP JPMorgan Small Cap Core Fund Standard Class		122,057		37.13		54.21		4,393,172			0.54		0.10		0.75		20.48		21.26
LVIP JPMorgan U.S. Equity Fund Standard Class		7,039				69.61		490,008			0.74				0.10				29.21
MFS VIT Growth Series Initial Class		376,527		58.04		76.09		42,533,322			0.00		0.10		0.75		22.61		23.41
MFS VIT Investors Trust Series Initial Class		9,344				451.39		4,217,568			0.62				0.75				25.87
MFS VIT New Discovery Series Initial Class		229,302		47.48		86.62		10,046,264			0.00		0.00		1.10		0.69		1.80
MFS VIT Research Series Initial Class		153,814		62.76		499.05		11,671,973			0.54		0.00		0.75		23.87		24.80
MFS VIT Total Return Series Initial Class		22,596		25.46		394.97		5,400,148			1.80		0.25		0.75		13.26		13.83
MFS VIT Utilities Series Initial Class		12,545				667.76		8,377,416			1.66				0.75				13.24
MFS VIT II Core Equity Portfolio Initial Class		436,617		25.63		58.81		16,387,313			0.43		0.10		0.75		24.38		25.19
Morgan Stanley VIF Growth Portfolio Class I		100,880		90.27		117.03		8,838,032			0.00		0.10		0.75		-0.64		0.00
Neuberger Berman AMT Mid Cap Growth Portfolio Class I		261,753		61.08		66.60		9,798,663			0.00		0.00		0.75		12.15		12.99
Neuberger Berman AMT Short Duration Bond Portfolio Class I		3,383				14.01		47,408			2.64				0.10				0.64
Neuberger Berman AMT Sustainable Equity Portfolio Class I		25,139		15.96		55.98		550,125			0.39		0.00		0.50		22.86		23.48
PIMCO CommodityRealReturn Strategy Portfolio Administrative Class		88,218		10.68		22.01		804,925			4.45		0.00		1.10		31.88		33.34
PIMCO Global Bond Opportunities Portfolio (Unhedged) Administrative Class		48,888		10.82		17.34		555,168			4.96		0.00		0.70		-4.83		-4.16
PIMCO Real Return Portfolio Administrative Class		522,699		19.10		23.54		8,436,564			4.65		0.00		0.75		4.80		5.59
PIMCO Short-Term Portfolio Administrative Class		482,749		11.06		12.88		5,731,436			1.14		0.00		1.10		-1.15		-0.06
PIMCO Total Return Portfolio Administrative Class		904,727		15.64		18.77		14,260,854			1.79		0.00		1.10		-2.35		-1.27
Pioneer Fund VCT Portfolio Class I		76,616		41.64		48.33		3,126,271			0.32		0.10		0.70		27.09		27.85
Pioneer Mid Cap Value VCT Portfolio Class I		42,750		26.91		40.64		1,140,644			0.96		0.00		0.75		28.70		29.67
Pioneer Select Mid Cap Growth VCT Portfolio Class I		87,953		46.88		49.50		4,231,530			0.00		0.10		0.50		7.53		7.96
Putnam VT Diversified Income Fund Class IB		255,644		19.30		21.08		4,787,993			0.66		0.00		0.75		-7.65		-6.95
Putnam VT International Value Fund Class IB		319,635		11.02		12.62		3,929,342			2.03		0.10		1.10		13.68		14.82
Putnam VT Large Cap Growth Fund Class IB		13,532		9.69		9.81		131,598			0.00		0.25		0.50		22.04		22.35
Putnam VT Large Cap Value Fund Class IB		634,776		32.26		34.07		17,103,587			1.24		0.10		0.50		26.67		27.18
Putnam VT Small Cap Value Fund Class IB		7,491		30.15		48.97		236,855			0.79		0.00		0.50		39.20		39.90
Putnam VT Sustainable Leaders Fund Class IB		2,045		54.51		56.07		112,956			0.14		0.25		0.50		22.92		23.22
SST SA Multi-Managed Mid Cap Value Portfolio Class 3		10,403		21.38		22.32		175,934			1.55		0.20		0.70		26.21		26.84
SAST SA AB Growth Portfolio Class 1		200,658		54.88		55.20		11,005,298			0.00		0.10		0.25		28.48		28.67
SAST SA DFA Ultra Short Bond Portfolio Class 1		119,414		11.67		11.74		1,399,859			0.05		0.10		0.25		-0.77		-0.62
SAST SA Federated Hermes Corporate Bond Portfolio Class 1		7,543		34.37		34.57		259,736			3.31		0.10		0.25		0.35		0.50
SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 1		9,259		70.08		70.49		649,238			1.63		0.10		0.25		38.88		39.08
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		43,122		65.12		65.50		2,812,476			1.89		0.10		0.25		29.54		29.74
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1		11,666		57.79		58.13		674,795			2.38		0.10		0.25		23.79		23.97
SAST SA Goldman Sachs Global Bond Portfolio Class 1		9,777		19.86		19.98		187,290			2.53		0.10		0.25		-7.54		-7.41
SAST SA Invesco Growth Opportunities Portfolio Class 1		7,559		25.03		25.17		189,200			0.00		0.10		0.25		7.06		7.22
SAST SA Janus Focused Growth Portfolio Class 1		20,788				60.43		1,256,215			0.00				0.10				23.19
SAST SA JPMorgan Diversified Balanced Portfolio Class 1		244,722		30.67		36.60		5,778,348			0.73		0.00		0.75		10.98		11.81
SAST SA JPMorgan Emerging Markets Portfolio Class 1		11,204		35.96		36.18		403,334			1.79		0.10		0.25		0.94		1.09
SAST SA JPMorgan Equity-Income Portfolio Class 1		104,534		35.12		35.33		3,574,304			1.90		0.10		0.25		25.50		25.69
SAST SA JPMorgan Global Equities Portfolio Class 1		15,808		26.02		26.18		411,783			1.73		0.10		0.25		23.01		23.20
SAST SA JPMorgan Large Cap Core Portfolio Class 1		12,002		43.77		44.03		525,781			0.67		0.10		0.25		27.46		27.65
SAST SA JPMorgan MFS Core Bond Portfolio Class 1		1,852		27.54		27.70		51,077			2.55		0.10		0.25		-1.17		-1.02
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		400,004		9.48		9.49		10,366,881			0.00		0.00		0.50		-5.17		-5.10
SAST SA MFS Blue Chip Growth Portfolio Class 1		3,158		29.73		29.91		94,352			0.21		0.10		0.25		28.66		28.85
SAST SA MFS Massachusetts Investors Trust Portfolio Class 1		16,334		43.22		43.47		706,139			0.67		0.10		0.25		26.59		26.78

53

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

	December 31, 2021									For the Year Ended December 31, 2021
			Unit Value ($)(a)(f)				Net			Investment Income		Expense Ratio (%)(d)(f)				Total Return (%)(e)(f)
Sub-accounts	Units		Lowest		Highest		Assets ($)(b)			Ratio (%)(c)		Lowest		Highest		Lowest		Highest
SAST SA MFS Total Return Portfolio Class 1		23,875		38.67		38.90		925,247			1.53		0.10		0.25		13.75		13.92
SAST SA Morgan Stanley International Equities Portfolio Class 1		26,268		15.99		16.09		420,672			1.27		0.10		0.25		4.08		4.23
SAST SA PineBridge High-Yield Bond Portfolio Class 1		9,979		32.18		32.37		321,575			5.02		0.10		0.25		5.76		5.91
SAST SA Putnam International Growth and Income Portfolio Class 1		27,911		19.08		19.19		533,403			2.12		0.10		0.25		14.70		14.87
SAST SA Wellington Capital Appreciation Portfolio Class 1		71,221		104.76		105.38		6,672,269			0.00		0.10		0.25		5.36		5.52
SAST SA Wellington Capital Appreciation Portfolio Class 3		34,753		41.77		43.61		973,758			0.00		0.20		0.70		4.64		5.16
SAST SA Wellington Government and Quality Bond Portfolio Class 1		14,430		21.00		21.12		303,396			1.65		0.10		0.25		-2.11		-1.96
SAST SA Wellington Government and Quality Bond Portfolio Class 3		61,015		11.29		11.78		685,118			0.00		0.20		0.70		-2.79		-2.30
VALIC Company I Core Bond Fund		34,956		12.86		13.42		433,025			0.00		0.20		0.70		-1.45		-0.96
VALIC Company I Dynamic Allocation Fund		568,912		17.22		17.98		8,778,372			1.67		0.20		0.70		9.43		9.97
VALIC Company I Emerging Economies Fund		44,873		13.26		13.84		589,975			1.50		0.20		0.70		0.49		0.99
VALIC Company I Government Money Market I Fund		1,109,965		9.05		10.52		11,117,630			0.01		0.00		1.10		-1.08		0.01
VALIC Company I International Equities Index Fund		324,922		20.56		24.72		4,563,131			1.16		0.00		0.75		10.20		11.03
VALIC Company I International Value Fund		17,908		11.21		12.75		200,974			1.56		0.25		0.70		6.29		6.77
VALIC Company I Mid Cap Index Fund		529,204		33.54		60.75		18,750,814			1.08		0.00		1.10		22.96		24.32
VALIC Company I Mid Cap Value Fund		14,394		22.17		23.14		254,223			0.51		0.20		0.70		26.78		27.41
VALIC Company I Nasdaq-100 Index Fund		187,539		97.27		133.22		14,036,774			0.28		0.00		0.75		25.98		26.93
VALIC Company I Science & Technology Fund		122,614		76.48		121.02		7,698,602			0.04		0.00		0.75		11.18		12.01
VALIC Company I Small Cap Index Fund		349,870		49.96		54.38		10,914,547			0.83		0.00		0.75		13.58		14.44
VALIC Company I Stock Index Fund		770,168		51.02		63.68		30,143,155			1.46		0.00		0.75		27.39		28.35
VALIC Company I U.S. Socially Responsible Fund		7,378		31.06		32.43		186,815			0.93		0.20		0.70		26.21		26.84
VanEck VIP Emerging Markets Fund Initial Class		4,513				37.62		169,752			0.95				0.50				-12.31
VanEck VIP Global Resources Fund Initial Class		7,030				33.66		236,649			0.45				0.50				18.33
Vanguard VIF High Yield Bond Portfolio		272,250		19.88		30.32		6,051,058			4.04		0.00		1.10		2.54		3.68
Vanguard VIF Real Estate Index Portfolio		576,958		26.64		46.78		17,236,311			1.97		0.00		1.10		38.67		40.21
	December 31, 2020									For the Year Ended December 31, 2020
			Unit Value ($)(a)(f)				Net			Investment Income		Expense Ratio (%)(d)(f)				Total Return (%)(e)(f)
Sub-accounts	Units		Lowest		Highest		Assets ($)(b)			Ratio (%)(c)		Lowest		Highest		Lowest		Highest
AB VPS Balanced Hedged Allocation Portfolio Class A		9,346				21.40		199,980			2.19				0.50				8.87
AB VPS Intermediate Bond Portfolio Class A		1,602				15.98		25,595			3.16				0.50				5.43
AB VPS Large Cap Growth Portfolio Class A		507,220		38.37		63.29		32,392,495			0.00		0.10		0.50		34.81		35.35
AB VPS Relative Value Portfolio Class A		19,623				78.31		1,536,730			1.32				0.50				2.21
AB VPS Small Cap Growth Portfolio Class A		11,167				74.40		830,859			0.00				0.50				53.22
AB VPS Sustainable Global Thematic Growth Portfolio Class A		50,507		18.67		44.74		1,663,885			0.59		0.10		0.50		38.72		39.27
Alger Capital Appreciation Portfolio Class I-2		297,914		43.07		77.14		12,356,372			0.00		0.00		1.10		40.20		41.75
Alger Mid Cap Growth Portfolio Class I-2		161,088		64.87		64.91		5,510,915			0.00		0.00		0.75		63.40		64.63
American Century VP Capital Appreciation Fund Class I		8,130				47.92		389,574			0.00				0.10				42.31
American Century VP Disciplined Core Value Fund Class I		5,771				30.11		173,791			1.83				0.10				11.70
American Century VP Value Fund Class I		611,711		34.40		35.37		14,948,597			1.98		0.00		0.75		0.22		0.98
American Funds IS American High-Income Trust Class 2		93,793		13.50		13.81		1,161,636			10.11		0.20		0.70		7.19		7.73
American Funds IS Asset Allocation Fund Class 2		468,644		18.42		19.13		6,942,615			1.83		0.20		0.70		11.67		12.23
American Funds IS Global Growth Fund Class 2		152,109		25.55		26.54		2,864,272			0.38		0.20		0.70		29.56		30.20
American Funds IS Growth Fund Class 2		296,616		35.24		36.60		6,971,840			0.29		0.20		0.70		51.02		51.78
American Funds IS Growth-Income Fund Class 2		374,071		23.71		24.63		6,357,731			1.41		0.20		0.70		12.75		13.32
American Funds IS International Fund Class 2		155,226		16.40		16.97		2,131,305			0.71		0.20		0.70		13.18		13.75
BNY Mellon IP MidCap Stock Portfolio Initial Shares		165,719		26.03		38.84		4,155,515			0.70		0.10		0.75		7.30		8.00
BNY Mellon Stock Index Fund, Inc. Initial Shares		111,020		34.43		80.40		5,807,942			1.42		0.10		0.50		17.42		17.89
BNY Mellon VIF Opportunistic Small Cap Portfolio Initial Shares		308,719		27.99		29.68		8,316,650			0.55		0.10		0.75		19.00		19.77
EQ Advisors Multimanager Aggressive Equity Portfolio Class IA		8,125				122.30		993,674			0.00				0.75				37.78
EQ/Common Stock Index Portfolio Class IA		21,024				133.65		2,809,931			1.01				0.75				18.88
EQ/Core Plus Bond Portfolio Class IA		53				381.11		20,383			1.64				0.75				14.01
EQ/International Equity Index Portfolio Class IA		571				456.93		261,132			1.63				0.75				3.06
EQ/Moderate Allocation Portfolio Class IA		957				576.51		551,561			2.03				0.75				10.43
EQ/Money Market Portfolio Class IA		105				179.37		18,831			0.21				0.75				-0.54
Fidelity VIP Asset Manager Growth Portfolio Initial Class		14,061				513.69		7,222,827			1.04				0.75				16.39
Fidelity VIP Asset Manager Portfolio Initial Class		37,082		26.17		630.76		12,040,995			1.42		0.10		0.75		14.01		14.76
Fidelity VIP Asset Manager Portfolio Service Class 2		229,493		26.60		28.75		4,515,366			1.22		0.00		0.75		13.68		14.54
Fidelity VIP Contrafund Portfolio Initial Class		409,646		52.41		133.05		51,476,464			0.24		0.10		0.75		29.59		30.44
Fidelity VIP Contrafund Portfolio Service Class 2		1,327,214		29.20		52.91		40,690,884			0.07		0.00		1.10		28.81		30.23
Fidelity VIP Equity-Income Portfolio Initial Class		289,433				107.88		31,224,792			1.62				0.75				5.90
Fidelity VIP Equity-Income Portfolio Service Class 2		846,780		20.18		36.83		17,930,083			1.47		0.00		1.10		5.28		6.44
Fidelity VIP Freedom 2020 Portfolio Service Class 2		18,324		20.57		30.42		381,192			0.93		0.00		0.45		14.21		14.72
Fidelity VIP Freedom 2025 Portfolio Service Class 2		31,513		21.97		33.09		699,934			0.84		0.00		0.45		15.16		15.68
Fidelity VIP Freedom 2030 Portfolio Service Class 2		146,485		20.61		35.17		3,309,069			0.92		0.00		1.10		15.37		16.64
Fidelity VIP Government Money Market Portfolio Initial Class		171,042		11.82		169.09		3,799,178			0.30		0.10		0.75		-0.43		0.22

54

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

	December 31, 2020									For the Year Ended December 31, 2020
			Unit Value ($)(a)(f)				Net			Investment Income			Expense Ratio (%)(d)(f)				Total Return (%)(e)(f)
Sub-accounts	Units		Lowest		Highest		Assets ($)(b)			Ratio (%)(c)			Lowest		Highest		Lowest		Highest
Fidelity VIP Government Money Market Portfolio Service Class 2		134,978		9.85		10.23		1,381,631			0.20			0.20		0.70		-0.46		0.04
Fidelity VIP Growth Portfolio Initial Class		553,386		40.81		182.47		90,854,058			0.07			0.10		0.75		42.82		43.75
Fidelity VIP Growth Portfolio Service Class 2		799,737		48.69		67.12		31,349,047			0.04			0.00		0.75		42.48		43.55
Fidelity VIP High Income Portfolio Initial Class		20,131		27.44		354.39		2,128,481			4.70			0.10		0.75		1.98		2.64
Fidelity VIP Index 500 Portfolio Initial Class		385,566				112.39		43,332,718			1.62					0.75				17.36
Fidelity VIP Investment Grade Bond Portfolio Initial Class		23,607		23.65		398.68		3,365,272			2.28			0.10		0.75		8.58		9.28
Fidelity VIP Mid Cap Portfolio Service Class 2		532,984		23.54		42.47		12,117,996			0.36			0.00		1.10		16.58		17.87
Fidelity VIP Overseas Portfolio Initial Class		25,535		35.02		490.93		8,084,538			0.41			0.50		0.75		14.75		15.04
FTVIP Franklin Mutual Shares VIP Fund Class 2		367,970		15.93		26.40		6,083,490			2.42			0.00		1.10		-6.08		-5.04
FTVIP Franklin Small Cap Value VIP Fund Class 2		354,169		22.49		39.12		7,997,455			1.27			0.00		1.10		4.04		5.19
FTVIP Franklin Small-Mid Cap Growth VIP Fund Class 2		1,353				38.08		51,520			0.00					0.50				54.32
FTVIP Franklin U.S. Government Securities VIP Fund Class 2		204,914		13.82		16.38		2,762,837			3.95			0.10		0.75		3.06		3.73
FTVIP Templeton Foreign VIP Fund Class 2		340,880		11.72		19.13		3,884,754			2.89			0.10		0.75		-1.90		-1.26
Goldman Sachs VIT Strategic Growth Fund Institutional Shares		123,199		41.63		43.24		5,303,755			0.09			0.20		0.50		39.81		40.22
Invesco V.I. American Franchise Fund Series I		22,052		35.61		36.34		795,624			0.07			0.10		0.50		41.64		42.21
Invesco V.I. Conservative Balanced Fund Series I		89,737		22.03		23.66		1,429,125			2.19			0.00		0.75		14.00		14.86
Invesco V.I. Core Equity Fund Series I		364,666		23.28		24.48		8,641,820			1.24			0.10		0.50		13.28		13.74
Invesco V.I. EQV International Equity Fund Series 1		490,361		16.02		29.32		8,910,059			2.11			0.00		1.10		12.75		14.00
Invesco V.I. Global Fund Series I		353,724		26.72		48.07		10,103,855			0.63			0.00		1.10		26.24		27.64
Invesco V.I. Global Real Estate Fund Series I		45,942		11.80		23.00		624,203			4.83			0.00		0.70		-12.93		-12.32
Invesco V.I. Global Strategic Income Fund Series I		39				12.16		479			5.04					0.50				2.89
Invesco V.I. Government Securities Fund Series I		816				12.43		10,139			2.43					0.50				5.74
Invesco V.I. Growth and Income Fund Series I		487,210		32.27		33.31		10,255,446			2.01			0.00		0.75		1.33		2.09
Invesco V.I. High Yield Fund Series I		65,841		15.22		15.67		1,005,249			5.50			0.20		0.50		2.80		3.11
Invesco V.I. Main Street Fund Series I		22,794				32.16		733,001			1.41					0.10				13.83
Janus Henderson Enterprise Portfolio Service Shares		231,136		67.26		68.00		8,518,410			0.00			0.00		0.75		18.29		19.18
Janus Henderson Forty Portfolio Service Shares		53,497		34.82		67.24		1,698,223			0.17			0.00		0.70		38.06		39.03
Janus Henderson Global Research Portfolio Service Shares		168,736		17.50		23.70		3,835,385			0.50			0.10		0.70		18.93		19.64
Janus Henderson Overseas Portfolio Service Shares		642,381		10.08		11.57		7,224,208			1.00			0.00		1.10		14.75		16.02
LVIP JPMorgan Core Bond Fund Standard Class		271,303		12.21		16.96		3,262,989			1.86			0.00		0.70		7.09		7.84
LVIP JPMorgan Mid Cap Value Fund Standard Class		11,850		40.45		42.39		482,175			1.46			0.10		0.50		-0.13		0.27
LVIP JPMorgan Small Cap Core Fund Standard Class		126,120		30.23		45.00		3,748,836			0.79			0.20		0.75		12.84		13.46
LVIP JPMorgan U.S. Equity Fund Standard Class		7,188				53.87		387,243			0.75					0.10				25.14
MFS VIT Growth Series Initial Class		412,757		47.03		59.51		38,044,030			0.00			0.10		0.75		30.87		31.73
MFS VIT Investors Trust Series Initial Class		10,277				358.62		3,685,435			0.59					0.75				13.02
MFS VIT New Discovery Series Initial Class		254,191		47.16		85.08		11,221,056			0.00			0.00		1.10		44.29		45.89
MFS VIT Research Series Initial Class		162,314		43.37		50.29		10,263,625			0.67			0.00		0.75		15.72		16.59
MFS VIT Total Return Series Initial Class		25,370		21.67		348.72		5,106,241			2.13			0.50		0.75		8.99		9.27
MFS VIT Utilities Series Initial Class		13,944				589.69		8,222,528			2.29					0.75				5.11
MFS VIT II Core Equity Portfolio Initial Class		478,673		20.36		47.29		14,510,138			0.67			0.20		0.75		17.82		18.47
Morgan Stanley VIF Growth Portfolio Class I		113,144		90.27		111.19		9,920,974			0.00			0.10		0.75		115.69		117.09
Neuberger Berman AMT Mid Cap Growth Portfolio Class I		270,180		54.47		58.94		9,055,584			0.00			0.00		0.75		38.94		39.98
Neuberger Berman AMT Short Duration Bond Portfolio Class I		3,568				13.92		49,686			2.82					0.10				3.35
Neuberger Berman AMT Sustainable Equity Portfolio Class I		25,920		12.99		45.33		457,181			0.59			0.00		0.50		18.97		19.56
PIMCO CommodityRealReturn Strategy Portfolio Administrative Class		88,010		8.10		16.51		583,878			5.51			0.00		1.10		0.24		1.35
PIMCO Global Bond Opportunities Portfolio (Unhedged) Administrative Class		42,381		11.37		18.10		506,300			2.43			0.00		0.70		9.35		10.12
PIMCO Real Return Portfolio Administrative Class		569,630		18.09		22.46		8,849,841			1.48			0.00		0.75		10.88		11.71
PIMCO Short-Term Portfolio Administrative Class		452,081		11.19		12.89		5,434,342			1.23			0.00		1.10		1.12		2.24
PIMCO Total Return Portfolio Administrative Class		892,854		16.02		19.01		14,647,654			2.16			0.00		1.10		7.46		8.65
Pioneer Fund VCT Portfolio Class I		55,909		32.57		38.03		1,773,793			0.74			0.10		0.70		23.41		24.16
Pioneer Mid Cap Value VCT Portfolio Class I		44,058		20.91		31.34		907,496			1.06			0.00		0.75		1.37		2.14
Pioneer Select Mid Cap Growth VCT Portfolio Class I		97,252		43.60		45.85		4,315,429			0.00			0.10		0.50		38.48		39.03
Putnam VT Diversified Income Fund Class IB		273,752		20.74		22.82		5,552,581			7.28			0.00		0.75		-1.64		-0.90
Putnam VT International Value Fund Class IB		323,916		9.69		10.99		3,470,346			2.15			0.10		1.10		2.80		3.84
Putnam VT Large Cap Growth Fund Class IB		41,380				7.94		328,451			0.04					0.50				38.02
Putnam VT Large Cap Value Fund Class IB		676,476		25.47		26.79		14,265,927			1.53			0.10		0.50		5.28		5.70
Putnam VT Small Cap Value Fund Class IB		8,070		21.66		35.01		180,270			0.90			0.00		0.50		3.44		3.96
Putnam VT Sustainable Leaders Fund Class IB		2,077		44.35		45.50		92,797			0.32			0.25		0.50		28.10		28.42
SST SA Multi-Managed Mid Cap Value Portfolio Class 3		10,789		16.94		17.60		143,819			0.00			0.20		0.70		4.71		5.23
SAST SA AB Growth Portfolio Class 1		213,911		42.72		42.90		9,128,125			0.00			0.10		0.25		35.28		35.48
SAST SA DFA Ultra Short Bond Portfolio Class 1		122,238		11.76		11.81		1,442,320			2.35			0.10		0.25		-0.04		0.11
SAST SA Federated Hermes Corporate Bond Portfolio Class 1		6,883		34.25		34.40		235,918			2.97			0.10		0.25		8.75		8.91
SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 1		7,555		50.46		50.68		381,462			1.83			0.10		0.25		-1.35		-1.20
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		46,357		50.27		50.49		2,332,881			1.83			0.10		0.25		-1.52		-1.37
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1		11,805		46.68		46.89		551,489			2.19			0.10		0.25		7.24		7.40
SAST SA Goldman Sachs Global Bond Portfolio Class 1		9,479		21.48		21.58		196,046			0.45			0.10		0.25		11.56		11.73
SAST SA Invesco Growth Opportunities Portfolio Class 1		7,682		23.38		23.48		179,604			0.00			0.10		0.25		55.44		55.67
SAST SA Janus Focused Growth Portfolio Class 1		24,927				49.05		1,222,773			0.07					0.10				38.86

55

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

	December 31, 2020									For the Year Ended December 31, 2020
			Unit Value ($)(a)(f)				Net			Investment Income			Expense Ratio (%)(d)(f)				Total Return (%)(e)(f)
Sub-accounts	Units		Lowest		Highest		Assets ($)(b)			Ratio (%)(c)			Lowest		Highest		Lowest		Highest
SAST SA JPMorgan Diversified Balanced Portfolio Class 1		225,228		27.64		32.74		4,818,696			2.07			0.00		0.75		13.48		14.34
SAST SA JPMorgan Emerging Markets Portfolio Class 1		11,756		35.63		35.79		419,144			1.46			0.10		0.25		16.11		16.29
SAST SA JPMorgan Equity-Income Portfolio Class 1		109,251		27.99		28.11		2,974,267			1.92			0.10		0.25		2.96		3.11
SAST SA JPMorgan Global Equities Portfolio Class 1		16,830		21.15		21.25		356,296			1.22			0.10		0.25		9.49		9.66
SAST SA JPMorgan Large Cap Core Portfolio Class 1		12,339		34.34		34.49		424,042			0.78			0.10		0.25		13.10		13.27
SAST SA JPMorgan MFS Core Bond Portfolio Class 1		1,880		27.86		27.98		52,427			3.42			0.10		0.25		8.10		8.27
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		120,821		51.66		51.89		4,937,756			0.16			0.10		0.25		48.17		48.39
SAST SA MFS Blue Chip Growth Portfolio Class 1		3,389		23.11		23.21		78,598			0.58			0.10		0.25		30.36		30.55
SAST SA MFS Massachusetts Investors Trust Portfolio Class 1		18,233		34.14		34.29		622,869			0.64			0.10		0.25		14.05		14.22
SAST SA MFS Total Return Portfolio Class 1		24,273		34.00		34.15		826,502			1.89			0.10		0.25		9.33		9.49
SAST SA Morgan Stanley International Equities Portfolio Class 1		25,729		15.37		15.43		395,720			1.49			0.10		0.25		11.22		11.39
SAST SA PineBridge High-Yield Bond Portfolio Class 1		10,235		30.43		30.56		311,767			5.81			0.10		0.25		7.80		7.96
SAST SA Putnam International Growth and Income Portfolio Class 1		28,163		16.64		16.71		469,063			2.07			0.10		0.25		3.49		3.64
SAST SA Wellington Capital Appreciation Portfolio Class 1		70,945		99.42		99.86		6,272,205			0.00			0.10		0.25		64.12		64.37
SAST SA Wellington Capital Appreciation Portfolio Class 3		33,593		39.92		41.47		927,206			0.00			0.20		0.70		62.97		63.79
SAST SA Wellington Government and Quality Bond Portfolio Class 1		11,468		21.45		21.54		245,993			2.08			0.10		0.25		6.84		7.00
SAST SA Wellington Government and Quality Bond Portfolio Class 3		47,327		11.61		12.06		544,623			2.48			0.20		0.70		6.13		6.66
VALIC Company I Dynamic Allocation Fund		512,661		15.74		16.35		7,202,276			1.89			0.20		0.70		10.31		10.86
VALIC Company I Emerging Economies Fund		34,192		13.19		13.70		445,724			1.60			0.20		0.70		14.67		15.24
VALIC Company I Government Money Market I Fund		1,263,613		9.15		10.51		12,677,171			0.17			0.00		1.10		-0.88		0.22
VALIC Company I International Equities Index Fund		279,915		18.65		22.26		3,541,441			2.43			0.00		0.75		6.58		7.38
VALIC Company I International Value Fund		16,176		10.50		12.00		170,050			1.77			0.25		0.70		4.21		4.68
VALIC Company I Mid Cap Index Fund		551,970		27.28		48.86		16,131,614			1.27			0.00		1.10		12.06		13.30
VALIC Company I Mid Cap Value Fund		10,102		17.48		18.16		146,944			0.77			0.20		0.70		2.92		3.43
VALIC Company I Nasdaq-100 Index Fund		185,559		69.02		77.21		11,316,911			0.67			0.00		0.75		46.84		47.94
VALIC Company I Science & Technology Fund		131,394		68.79		108.04		7,683,701			0.00			0.00		0.75		55.65		56.82
VALIC Company I Small Cap Index Fund		312,262		43.65		47.87		8,605,861			1.39			0.00		0.75		18.59		19.48
VALIC Company I Stock Index Fund		815,306		40.05		49.62		25,095,341			1.75			0.00		0.75		17.11		17.99
VALIC Company I U.S. Socially Responsible Fund		6,927		24.61		25.57		138,183			1.15			0.20		0.70		15.04		15.62
VanEck VIP Emerging Markets Fund Initial Class		4,674				42.90		200,519			1.83					0.50				16.67
VanEck VIP Global Resources Fund Initial Class		7,350				28.45		209,091			0.88					0.50				18.52
Vanguard VIF High Yield Bond Portfolio		257,078		19.39		29.25		5,596,270			5.41			0.00		1.10		4.52		5.67
Vanguard VIF Real Estate Index Portfolio		586,643		19.21		33.36		12,544,401			2.41			0.00		1.10		-5.89		-4.85
	December 31, 2019									For the Year Ended December 31, 2019
			Unit Value ($)(a)(f)				Net			Investment Income			Expense Ratio (%)(d)(f)				Total Return (%)(e)(f)
Sub-accounts	Units		Lowest		Highest		Assets ($)(b)			Ratio (%)(c)			Lowest		Highest		Lowest		Highest
AB VPS Balanced Hedged Allocation Portfolio Class A		9,135				19.65		179,548			0.00					0.50				17.94
AB VPS Intermediate Bond Portfolio Class A		1,732				15.15		26,241			0.00					0.50				7.66
AB VPS Large Cap Growth Portfolio Class A		513,128		28.35		46.95		24,275,974			0.00			0.10		0.50		34.02		34.56
AB VPS Relative Value Portfolio Class A		23,150				76.62		1,773,682			0.00					0.50				23.30
AB VPS Small Cap Growth Portfolio Class A		11,654				48.56		565,922			0.00					0.50				35.72
AB VPS Sustainable Global Thematic Growth Portfolio Class A		54,375		13.41		32.25		1,308,315			0.00			0.10		0.50		29.51		30.03
Alger Capital Appreciation Portfolio Class I-2		291,367		30.72		54.42		9,351,752			0.00			0.00		1.10		32.12		33.58
Alger Mid Cap Growth Portfolio Class I-2		164,124		39.41		39.72		3,437,812			0.00			0.00		0.75		29.28		30.26
American Century VP Capital Appreciation Fund Class I		8,289				33.67		279,113			0.00					0.10				35.43
American Century VP Disciplined Core Value Fund Class I		5,973				26.96		161,024			0.44					0.10				23.83
American Century VP Value Fund Class I		652,422		34.06		35.29		16,105,554			2.13			0.00		0.75		26.08		27.03
American Funds IS American High-Income Trust Class 2		49,880		12.59		12.82		584,058			7.19			0.20		0.70		11.77		12.33
American Funds IS Asset Allocation Fund Class 2		259,425		16.49		17.04		3,594,184			2.13			0.20		0.70		20.39		20.99
American Funds IS Global Growth Fund Class 2		78,701		19.72		20.38		1,222,981			1.24			0.20		0.70		34.33		35.01
American Funds IS Growth Fund Class 2		226,545		23.33		24.12		3,701,516			0.87			0.20		0.70		29.86		30.51
American Funds IS Growth-Income Fund Class 2		254,489		21.03		21.73		3,966,295			1.88			0.20		0.70		25.26		25.88
American Funds IS International Fund Class 2		77,071		14.49		14.92		946,867			1.71			0.20		0.70		22.03		22.64
BNY Mellon IP MidCap Stock Portfolio Initial Shares		183,177		23.82		36.20		4,266,195			0.67			0.20		0.75		19.28		19.94
BNY Mellon Stock Index Fund, Inc. Initial Shares		112,604		29.20		68.47		5,123,079			0.41			0.10		0.50		30.00		30.52
BNY Mellon VIF Opportunistic Small Cap Portfolio Initial Shares		327,113		23.10		24.95		7,354,635			0.00			0.20		0.75		20.87		21.53
EQ Advisors Multimanager Aggressive Equity Portfolio Class IA		8,662				88.76		768,854			0.71					0.75				32.35
EQ/Common Stock Index Portfolio Class IA		22,984				112.43		2,584,070			1.34					0.75				29.26
EQ/Core Plus Bond Portfolio Class IA		88				334.29		29,347			2.08					0.75				6.11
EQ/International Equity Index Portfolio Class IA		651				443.38		288,461			2.65					0.75				21.23
EQ/Moderate Allocation Portfolio Class IA		1,067				522.06		556,912			1.56					0.75				14.67
EQ/Money Market Portfolio Class IA		111				180.35		20,108			0.08					0.75				0.76
Fidelity VIP Asset Manager Growth Portfolio Initial Class		14,985				441.36		6,613,810			1.48					0.75				21.91
Fidelity VIP Asset Manager Portfolio Initial Class		41,230		22.81		553.24		11,362,509			1.71			0.10		0.75		17.37		18.13
Fidelity VIP Asset Manager Portfolio Service Class 2		247,336		23.40		25.10		4,263,300			1.62			0.00		0.75		17.13		18.01

56

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

	December 31, 2019									For the Year Ended December 31, 2019
			Unit Value ($)(a)(f)				Net			Investment Income			Expense Ratio (%)(d)(f)				Total Return (%)(e)(f)
Sub-accounts	Units		Lowest		Highest		Assets ($)(b)			Ratio (%)(c)			Lowest		Highest		Lowest		Highest
Fidelity VIP Contrafund Portfolio Initial Class		440,562		40.18		102.67		42,751,380			0.34			0.10		0.75		30.60		31.45
Fidelity VIP Contrafund Portfolio Service Class 2		1,384,642		22.67		40.63		33,661,127			0.22			0.00		1.10		29.84		31.27
Fidelity VIP Equity-Income Portfolio Initial Class		313,223				101.87		31,909,561			1.52					0.75				26.49
Fidelity VIP Equity-Income Portfolio Service Class 2		882,628		19.17		34.60		18,088,082			1.86			0.00		1.10		25.72		27.11
Fidelity VIP Freedom 2020 Portfolio Service Class 2		21,469		18.01		26.52		390,288			1.79			0.00		0.45		19.34		19.88
Fidelity VIP Freedom 2025 Portfolio Service Class 2		41,219		18.88		28.60		791,771			1.99			0.00		0.70		20.66		21.51
Fidelity VIP Freedom 2030 Portfolio Service Class 2		155,511		17.86		30.16		3,031,071			1.85			0.00		1.10		22.75		24.11
Fidelity VIP Government Money Market Portfolio Initial Class		134,695		11.79		169.82		3,236,128			0.13			0.10		0.75		1.24		1.90
Fidelity VIP Government Money Market Portfolio Service Class 2		181,390		9.90		10.23		1,863,271			0.69			0.20		0.70		1.04		1.55
Fidelity VIP Growth Portfolio Initial Class		598,554		28.39		127.77		69,113,633			0.16			0.10		0.75		33.31		34.18
Fidelity VIP Growth Portfolio Service Class 2		786,010		34.17		46.76		22,218,119			0.06			0.00		0.75		32.98		33.98
Fidelity VIP High Income Portfolio Initial Class		21,285		26.74		347.52		2,291,072			4.21			0.10		0.75		14.25		14.99
Fidelity VIP Index 500 Portfolio Initial Class		414,896				95.77		39,733,040			1.38					0.75				30.37
Fidelity VIP Investment Grade Bond Portfolio Initial Class		25,150		21.64		367.19		3,004,195			2.27			0.10		0.75		8.85		9.56
Fidelity VIP Mid Cap Portfolio Service Class 2		444,262		20.19		36.03		9,728,732			0.70			0.00		1.10		21.82		23.17
Fidelity VIP Overseas Portfolio Initial Class		26,858		30.45		427.82		7,528,776			1.61			0.50		0.75		26.81		27.13
FTVIP Franklin Mutual Shares VIP Fund Class 2		387,388		16.96		27.80		6,990,565			1.89			0.00		1.10		21.23		22.57
FTVIP Franklin Small Cap Value VIP Fund Class 2		340,926		21.61		37.19		7,866,199			1.05			0.00		1.10		24.97		26.35
FTVIP Franklin Small-Mid Cap Growth VIP Fund Class 2		1,498				24.68		36,954			0.00					0.50				30.78
FTVIP Franklin U.S. Government Securities VIP Fund Class 2		117,941		13.17		15.89		1,573,882			2.73			0.20		0.75		4.44		5.02
FTVIP Templeton Foreign VIP Fund Class 2		380,450		11.73		19.50		4,409,037			1.72			0.20		0.75		11.69		12.30
Goldman Sachs VIT Strategic Growth Fund Institutional Shares		130,777		29.78		30.83		4,016,873			0.30			0.20		0.50		34.85		35.26
Invesco V.I. American Franchise Fund Series I		24,603		25.14		25.56		625,477			0.00			0.10		0.50		36.07		36.62
Invesco V.I. Conservative Balanced Fund Series I		92,036		19.32		20.60		1,283,827			2.33			0.00		0.75		16.64		17.51
Invesco V.I. Core Equity Fund Series I		393,150		20.55		21.28		8,163,616			0.96			0.20		0.50		28.32		28.71
Invesco V.I. EQV International Equity Fund Series 1		520,538		14.21		25.72		8,415,497			1.54			0.00		1.10		27.17		28.57
Invesco V.I. Global Fund Series I		364,965		21.16		37.66		8,481,067			0.87			0.00		1.10		30.35		31.79
Invesco V.I. Global Real Estate Fund Series I		35,927		13.55		26.24		593,951			4.77			0.00		0.70		22.14		23.00
Invesco V.I. Global Strategic Income Fund Series I		50				11.82		593			5.46					0.50				10.25
Invesco V.I. Government Securities Fund Series I		879				11.75		10,327			2.33					0.50				5.54
Invesco V.I. Growth and Income Fund Series I		468,695		31.84		32.62		10,106,364			1.86			0.00		0.75		24.26		25.19
Invesco V.I. High Yield Fund Series I		69,930		14.81		15.20		1,038,324			4.23			0.20		0.50		12.94		13.28
Invesco V.I. Main Street Fund Series I		23,214				28.25		655,807			0.00					0.10				31.95
Janus Henderson Enterprise Portfolio Service Shares		260,287		56.43		57.48		8,265,729			0.05			0.00		0.75		34.15		35.16
Janus Henderson Forty Portfolio Service Shares		30,158		25.22		48.36		881,536			0.02			0.00		0.70		35.90		36.85
Janus Henderson Global Research Portfolio Service Shares		172,281		19.58		22.34		3,288,452			0.86			0.20		0.75		27.75		28.46
Janus Henderson Overseas Portfolio Service Shares		738,332		8.78		9.98		7,210,325			1.83			0.00		1.10		25.32		26.71
LVIP JPMorgan Core Bond Fund Standard Class		166,374		11.40		15.73		1,919,775			2.42			0.00		0.70		7.42		8.18
LVIP JPMorgan Mid Cap Value Fund Standard Class		18,033		39.44		41.82		735,488			1.59			0.20		0.75		25.81		26.51
LVIP JPMorgan Small Cap Core Fund Standard Class		134,603		26.65		39.88		3,528,388			0.41			0.20		0.75		23.65		24.33
LVIP JPMorgan U.S. Equity Fund Standard Class		8,096				43.05		348,551			0.00					0.10				31.62
MFS VIT Growth Series Initial Class		448,318		35.29		45.47		31,104,500			0.00			0.20		0.75		37.12		37.87
MFS VIT Investors Trust Series Initial Class		10,855				317.32		3,444,515			0.00					0.75				30.60
MFS VIT New Discovery Series Initial Class		218,357		32.68		58.32		6,929,746			0.00			0.00		1.10		40.15		41.70
MFS VIT Research Series Initial Class		163,953		37.48		43.13		9,550,685			0.44			0.00		0.75		31.95		32.95
MFS VIT Total Return Series Initial Class		27,592		19.83		319.95		5,026,339			0.21			0.50		0.75		19.48		19.78
MFS VIT Utilities Series Initial Class		15,123				561.02		8,484,108			0.00					0.75				24.13
MFS VIT II Core Equity Portfolio Initial Class		502,755		16.74		17.18		12,971,471			0.45			0.20		0.75		32.20		32.93
Morgan Stanley VIF Growth Portfolio Class I		117,398		41.10		51.55		4,708,577			0.00			0.20		0.75		30.82		31.54
Neuberger Berman AMT Mid Cap Growth Portfolio Class I		275,120		39.20		42.11		6,866,553			0.00			0.00		0.75		31.76		32.75
Neuberger Berman AMT Short Duration Bond Portfolio Class I		4,621				13.47		62,253			0.00					0.10				3.58
Neuberger Berman AMT Sustainable Equity Portfolio Class I		28,121		23.53		37.92		405,849			0.27			0.00		0.70		25.01		25.88
PIMCO CommodityRealReturn Strategy Portfolio Administrative Class		103,793		8.08		16.29		638,851			4.56			0.00		1.10		10.21		11.43
PIMCO Global Bond Opportunities Portfolio (Unhedged) Administrative Class		34,086		10.40		16.43		379,069			2.39			0.00		0.70		5.38		6.12
PIMCO Real Return Portfolio Administrative Class		539,109		16.19		20.26		7,579,608			1.66			0.00		0.75		7.63		8.44
PIMCO Short-Term Portfolio Administrative Class		368,021		11.07		12.60		4,371,680			2.51			0.00		1.10		1.67		2.80
PIMCO Total Return Portfolio Administrative Class		829,145		14.90		17.49		12,898,225			3.01			0.00		1.10		7.17		8.36
Pioneer Fund VCT Portfolio Class I		67,449		25.93		30.81		1,719,428			1.05			0.20		0.70		30.42		31.07
Pioneer Mid Cap Value VCT Portfolio Class I		47,037		20.62		30.69		950,313			1.37			0.00		0.75		27.48		28.44
Pioneer Select Mid Cap Growth VCT Portfolio Class I		97,512		31.48		32.60		3,103,723			0.00			0.20		0.50		32.42		32.82
Putnam VT Diversified Income Fund Class IB		296,872		19.25		20.93		6,083,964			3.29			0.00		0.75		10.40		11.23
Putnam VT International Value Fund Class IB		340,563		9.43		10.47		3,538,249			2.66			0.20		1.10		18.91		19.98
Putnam VT Large Cap Growth Fund Class IB		41,313				5.75		237,590			0.13					0.50				36.06
Putnam VT Large Cap Value Fund Class IB		705,479		25.05		27.79		14,038,302			2.03			0.20		0.75		29.43		30.14
Putnam VT Small Cap Value Fund Class IB		9,006		20.67		33.67		193,870			0.67			0.00		0.70		23.37		24.24
Putnam VT Sustainable Leaders Fund Class IB		1,548				34.62		53,579			0.46					0.50				35.68
SST SA Multi-Managed Mid Cap Value Portfolio Class 3		4,576		16.18		16.72		62,563			1.16			0.20		0.70		24.20		24.82
SAST SA AB Growth Portfolio Class 1		236,793		31.58		31.67		7,466,841			0.00			0.10		0.25		34.54		34.74

57

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

	December 31, 2019								For the Year Ended December 31, 2019
			Unit Value ($)(a)(f)				Net		Investment Income			Expense Ratio (%)(d)(f)					Total Return (%)(e)(f)
Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)			Lowest			Highest		Lowest		Highest
SAST SA DFA Ultra Short Bond Portfolio Class 1		45,992		11.76		11.80		541,676		0.00			0.10			0.25		2.02		2.17
SAST SA Federated Hermes Corporate Bond Portfolio Class 1		12,126		31.49		31.58		382,383		0.00			0.10			0.25		14.59		14.76
SAST SA Fidelity Institutional AM® Real Estate Portfolio Class 1		7,659		51.15		51.30		391,975		0.00			0.10			0.25		25.90		26.09
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		50,973		51.04		51.19		2,603,629		0.00			0.10			0.25		25.37		25.56
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1		12,070		43.53		43.66		525,615		0.00			0.10			0.25		24.47		24.66
SAST SA Goldman Sachs Global Bond Portfolio Class 1		17,482		19.26		19.31		329,522		0.00			0.10			0.25		6.60		6.76
SAST SA Invesco Growth Opportunities Portfolio Class 1		9,634		15.04		15.08		144,960		0.00			0.10			0.25		28.65		28.84
SAST SA Janus Focused Growth Portfolio Class 1		26,003				35.33		918,607		0.00						0.10				36.08
SAST SA JPMorgan Diversified Balanced Portfolio Class 1		223,521		24.35		28.63		4,355,160		1.80			0.00			0.75		18.08		18.97
SAST SA JPMorgan Emerging Markets Portfolio Class 1		16,999		30.68		30.77		522,209		0.00			0.10			0.25		20.83		21.02
SAST SA JPMorgan Equity-Income Portfolio Class 1		113,829		27.18		27.26		3,013,363		0.00			0.10			0.25		26.84		27.03
SAST SA JPMorgan Global Equities Portfolio Class 1		22,032		19.32		19.38		425,973		0.00			0.10			0.25		19.59		19.77
SAST SA JPMorgan Large Cap Core Portfolio Class 1		21,346		30.36		30.45		648,366		0.00			0.10			0.25		31.59		31.79
SAST SA JPMorgan MFS Core Bond Portfolio Class 1		2,636		25.77		25.85		67,971		0.00			0.10			0.25		9.19		9.36
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		135,809		34.87		34.97		3,754,790		0.00			0.10			0.25		39.23		39.44
SAST SA MFS Blue Chip Growth Portfolio Class 1		3,602		17.73		17.78		64,014		0.00			0.10			0.25		31.89		32.09
SAST SA MFS Massachusetts Investors Trust Portfolio Class 1		19,580		29.93		30.02		586,315		0.00			0.10			0.25		31.47		31.66
SAST SA MFS Total Return Portfolio Class 1		25,472		31.10		31.19		792,968		0.00			0.10			0.25		20.06		20.24
SAST SA Morgan Stanley International Equities Portfolio Class 1		36,084		13.82		13.86		499,102		0.00			0.10			0.25		20.33		20.51
SAST SA PineBridge High-Yield Bond Portfolio Class 1		11,230		28.23		28.31		317,204		0.00			0.10			0.25		14.59		14.76
SAST SA Putnam International Growth and Income Portfolio Class 1		30,996		16.07		16.12		498,755		0.00			0.10			0.25		20.02		20.20
SAST SA Wellington Capital Appreciation Portfolio Class 1		81,637		60.58		60.76		4,396,176		0.00			0.10			0.25		30.84		31.04
SAST SA Wellington Capital Appreciation Portfolio Class 3		23,904		24.49		25.32		411,439		0.00			0.20			0.70		29.93		30.58
SAST SA Wellington Government and Quality Bond Portfolio Class 1		11,443		20.08		20.13		229,734		0.00			0.10			0.25		7.06		7.22
SAST SA Wellington Government and Quality Bond Portfolio Class 3		12,242		10.94		11.31		134,230		2.38			0.20			0.70		6.31		6.84
VALIC Company I Dynamic Allocation Fund		457,632		14.27		14.75		5,825,237		1.11			0.20			0.70		19.48		20.07
VALIC Company I Emerging Economies Fund		14,839		11.50		11.89		168,796		1.39			0.20			0.70		19.46		20.06
VALIC Company I Government Money Market I Fund		766,161		9.24		10.49		7,707,898		1.66			0.00			1.10		0.56		1.68
VALIC Company I International Equities Index Fund		264,885		17.50		20.73		3,145,594		3.37			0.00			0.75		20.39		21.29
VALIC Company I International Value Fund		8,511		10.03		11.51		85,546		2.60			0.25			0.70		15.61		16.13
VALIC Company I Mid Cap Index Fund		586,733		24.34		43.13		15,258,763		1.42			0.00			1.10		24.34		25.71
VALIC Company I Mid Cap Value Fund		6,482		16.99		17.56		93,860		0.54			0.20			0.70		29.24		29.88
VALIC Company I Nasdaq-100 Index Fund		185,531		46.65		52.58		8,086,410		0.41			0.00			0.75		37.63		38.66
VALIC Company I Science & Technology Fund		136,105		44.20		68.89		5,447,113		0.00			0.00			0.75		38.43		39.47
VALIC Company I Small Cap Index Fund		314,899		36.54		40.37		7,697,084		1.13			0.00			0.75		24.21		25.14
VALIC Company I Stock Index Fund		880,829		34.20		42.05		23,486,571		1.55			0.00			0.75		30.11		31.09
VALIC Company I U.S. Socially Responsible Fund		4,948		21.39		22.11		90,187		1.25			0.20			0.70		30.77		31.43
VanEck VIP Emerging Markets Fund Initial Class		4,711				36.77		173,208		0.00						0.50				29.94
VanEck VIP Global Resources Fund Initial Class		5,102				24.00		122,467		0.00						0.50				11.31
Vanguard VIF High Yield Bond Portfolio		276,717		18.55		27.68		5,720,005		5.61			0.00			1.10		14.41		15.67
Vanguard VIF Real Estate Index Portfolio		630,273		20.41		35.06		14,240,366		2.80			0.00			1.10		27.40		28.81

(a) Because the unit values are presented as a range of lowest to highest, based on the product grouping representing the minimum and maximum expense ratio amounts, some individual contract unit values are not within the ranges presented.

(b) These amounts represent the net asset value before adjustments allocated to the contracts in payout period.

(c) These amounts represent the dividends, excluding distributions of capital gains, received by the sub-account from the Funds, net of management fees assessed by the portfolio manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-account is affected by the timing of the declaration of dividends by the Funds in which the sub-account invests. The average net assets are calculated using the net asset balances at the beginning and end of the year. If there are no assets at either the beginning or end of the year, the asset balance of the first or last day the sub-account had assets is used.

(d) These amounts represent the annualized contract expenses of the sub-account, consisting of distribution, mortality and expense charges, for each period indicated. The ratios include only those expenses that result in direct reduction to unit values. Charges made directly to the contract owners account through the redemption of units and expenses of the Funds have been excluded. For additional information on charges and deductions, see Note 4.

(e) These amounts represent the total return for the periods indicated, including changes in the value of the Funds, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through 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 each of the periods indicated or from the effective date through the end of the reporting period. Because the total return is presented as a range of minimum and maximum values, based on the product grouping representing the minimum and maximum expense ratios, some individual contract total returns are not within the ranges presented.

(f) A blank in the lowest unit value, lowest expense ratio and lowest total return columns indicates that the lowest value is the same as the highest value.

58

SEPARATE ACCOUNT VL-R

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

7. Subsequent Events

Management considered Separate Accounts related events and transactions that occurred after the date of the Statement of Assets and Liabilities, but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that required additional disclosures. Management has evaluated events through the date the financial statements were issued.

59

American General Life Insurance Company

(An indirect wholly owned subsidiary of Corebridge Financial, Inc.)

Statutory Financial Statements and

Supplemental Information and

Report of Independent Auditors

At December 31, 2023 and 2022 and

for each of the three years ended December 31, 2023

AMERICAN GENERAL LIFE INSURANCE COMPANY

TABLE OF CONTENTS

STATUTORY FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION	Page
Report of Independent Auditors		2
Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus at December 31, 2023 and 2022		4
Statutory Statements of Operations for the Years Ended December  31, 2023, 2022 and 2021		6
Statutory Statements of Changes in Capital and Surplus for the Years Ended December 31, 2023, 2022 and 2021		7
Statutory Statements of Cash Flows for the Years Ended December  31, 2023, 2022 and 2021		8
Notes to Statutory Financial Statements		10
Supplemental Schedule of Selected Financial Data		73
Supplemental Investment Risks Interrogatories		75
Supplemental Summary Investment Schedule		81
Supplemental Schedule of Reinsurance Disclosures		82

1

Report of Independent Auditors

To the Board of Directors and Shareholder of American General Life Insurance Company

Opinions

We have audited the accompanying statutory financial statements of American General Life Insurance Company (the “Company”), which comprise the statutory statements of admitted assets, liabilities and capital and surplus as of December 31, 2023 and 2022, and the related statutory statements of operations, of changes in capital and surplus, and of cash flows for each of the three years in the period ended December 31, 2023, including the related notes (collectively referred to as the “financial statements”).

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities and capital and surplus of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in accordance with the accounting practices prescribed or permitted by the Texas Department of Insurance described in Note 2.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the accompanying financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2023 and 2022, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2023.

Basis for Opinions

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 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 opinions.

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

As described in Note 2 to the financial statements, the financial statements are prepared by the Company on the basis of the accounting practices prescribed or permitted by the Texas Department of Insurance, which is a basis of accounting other than accounting principles generally accepted in the United States of America.

The effects on the financial statements of the variances between the statutory basis of accounting described in Note 2 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.

Responsibilities of Management for the Financial Statements

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

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

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of

2

not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with US GAAS, we:

^○  Exercise professional judgment and maintain professional skepticism throughout the audit.

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

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

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

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

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

Supplemental Information

Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental schedule of selected financial data, investment risks interrogatories, summary investment schedule, and schedule of reinsurance disclosures (collectively referred to as the “supplemental schedules”) of the Company as of December 31, 2023 and for the year then ended are presented to comply with the National Association of Insurance Commissioners’ Annual Statement Instructions and Accounting Practices and Procedures Manual and for purposes of additional analysis and are not a required part of the financial statements. The supplemental schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves and other additional procedures, in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplemental schedules are fairly stated, in all material respects, in relation to the financial statements taken as a whole.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 18, 2024

3

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF ADMITTED ASSETS, LIABILITIES AND CAPITAL AND SURPLUS

	December 31,
(in millions)	2023		2022
Admitted assets
Cash and investments	$	112,132	$	108,455
Bonds
Preferred stock		80		93
Common stock		266		927
Cash, cash equivalents and short-term investments		900		951
Mortgage loans		29,652		25,131
Real estate		75		9
Contract loans		1,157		1,138
Derivatives		1,884		466
Derivative cash collateral and deferred asset for SSAP 108		1,985		1,660
Other invested assets		6,556		7,940
Total cash and investments		154,687		146,770
Amounts recoverable from reinsurers		251		270
Amounts receivable under reinsurance contracts		520		492
Current federal income tax recoverable		337		232
Deferred tax asset		1,164		1,087
Due and accrued investment income		1,413		1,136
Premiums due, deferred and uncollected		62		153
Receivables from affiliates		222		263
Other assets		2,323		1,515
Separate account assets		68,792		59,701
Total admitted assets	$	229,771	$	211,619

 See accompanying Notes to Statutory Financial Statements.

4

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF ADMITTED ASSETS, LIABILITIES AND CAPITAL AND SURPLUS (CONTINUED)

	December 31,
(in millions, except for share data)	2023		2022
Liabilities
Policy reserves and contractual liabilities	$	113,699	$	108,850
Life and annuity reserves
Liabilities for deposit-type contracts		14,014		12,316
Accident and health reserves		697		711
Premiums received in advance		10		10
Policy and contract claims		657		715
Policyholder dividends		17		17
Total policy reserves and contractual liabilities		129,094		122,619
Payable to affiliates		224		483
Interest maintenance reserve		1,389		1,804
Derivatives		953		807
Repurchase agreements		1,623		1,725
Collateral for derivatives program		1,729		205
Funds held under coinsurance		12,849		11,826
Accrued expenses and other liabilities		3,598		2,424
Net transfers from separate accounts due or accrued		(1,745)		(1,323)
Asset valuation reserve		2,343		1,681
Separate account liabilities		68,785		59,618
Total liabilities		220,842		201,869
Commitments and contingencies (see Note 21)
Capital and surplus		6		6
Common stock, $10 par value; 600,000 shares authorized, issued and outstanding
Preferred stock, $100 par value; 8,500 shares authorized, issued and outstanding		1		1
Gross paid-in and contributed surplus		5,410		5,410
Special surplus funds		1,279		916
Unassigned surplus		2,233		3,417
Total capital and surplus		8,929		9,750
Total liabilities and capital and surplus	$	229,771	$	211,619

 See accompanying Notes to Statutory Financial Statements.

5

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF OPERATIONS

	December 31,
(in millions)	2023		2022		2021
Revenues
Premiums and annuity considerations	$	23,157	$	39,948	$	15,409
Net investment income		6,574		7,172		7,503
Amortization of interest maintenance reserve		113		123		162
Reserve adjustments on reinsurance ceded		(4,276)		(2,112)		(2,273)
Commissions and expense allowances		679		779		703
Separate account fees		902		1,648		1,845
Other income		1,018		741		578
Total revenues		28,167		48,299		23,927
Benefits and expenses
Death benefits		749		811		736
Annuity benefits		3,244		2,652		2,806
Surrender benefits		15,931		9,350		8,453
Other benefits		1,077		692		668
Change in reserves		4,817		4,769		2,729
Commissions		1,519		2,672		1,099
General insurance expenses		946		928		978
Net transfers to (from) separate accounts		2,078		1,109		1,682
Modco reinsurance assumed		(3,394)		22,095		—
Other expenses		742		716		704
Total benefits and expenses		27,709		45,794		19,855
Net gain from operations before dividends to policyholders and federal income taxes		457		2,505		4,072
Dividends to policyholders		2		6		1
Net gain from operations after dividends to policyholders and before federal income taxes		455		2,499		4,071
Federal income tax (benefit) expense		(52)		518		1,422
Net gain from operations		507		1,981		2,649
Net realized capital (losses), net of tax after transfers to interest maintenance reserves		(363)		(1,190)		(405)
Net income	$	144	$	791	$	2,244

 See accompanying Notes to Statutory Financial Statements.

6

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS

(in millions)	Common & Preferred Stock		Gross Paid- In and Contributed Surplus		Special Surplus Funds			Unassigned Surplus			Total Capital and Surplus
Balance, January 1, 2021	$	7	$	3,510	$	(128	)	$	4,122			7,511
Net income		—		—		—			2,244			2,244
Change in net unrealized capital gains (losses)		—		—		—			206			206
Change in net unrealized foreign exchange capital gains (losses)		—		—		—			(267	)		(267	)
Change in deferred tax		—		—		—			853			853
Change in non-admitted assets		—		—		—			(587	)		(587	)
Change in asset valuation reserve		—		—		—			(205	)		(205	)
Change in surplus from separate accounts		—		—		—			450			450
Other changes in surplus in separate accounts		—		—		—			(450	)		(450	)
Change in surplus as a result of reinsurance		—		—		—			(2	)		(2	)
Dividends		—		—		—			(1,045	)		(1,045	)
Prior period corrections		—		—		—			(161	)		(161	)
Reinsurance permitted practice		—		—		—			(30	)		(30	)
Other changes		—		—		254			(239	)		15
Balance, December 31, 2021	$	7	$	3,510	$	126		$	4,889			8,532
Net income		—		—		—			791			791
Change in net unrealized capital gains (losses)		—		—		—			(694	)		(694	)
Change in net unrealized foreign exchange capital gains (losses)		—		—		—			(705	)		(705	)
Change in deferred tax		—		—		—			(40	)		(40	)
Change in non-admitted assets		—		—		—			(84	)		(84	)
Change in liability for reinsurance in unauthorized and certified companies		—		—		—			(22	)		(22	)
Change in asset valuation reserve		—		—		—			621			621
Change in surplus from separate accounts		—		—		—			296			296
Other changes in surplus in separate accounts		—		—		—			(296	)		(296	)
Additional paid in surplus		—		1,900		—			—			1,900
Change in surplus as a result of reinsurance		—		—		—			(256	)		(256	)
Dividends		—		—		—			(800	)		(800	)
Prior period corrections		—		—		—			73			73
Reinsurance permitted practice		—		—		—			433			433
Other changes		—		—		790			(789	)		1
Balance, December 31, 2022	$	7	$	5,410	$	916		$	3,417			9,750
Net income		—		—		—			144			144
Change in net unrealized capital gains (losses)		—		—		—			58			58
Change in net unrealized foreign exchange capital gains (losses)		—		—		—			492			492
Change in deferred tax		—		—		—			167			167
Change in non-admitted assets		—		—		—			(7	)		(7	)
Change in liability for reinsurance in unauthorized and certified companies		—		—		—			21			21
Change in asset valuation reserve		—		—		—			(662	)		(662	)
Change in surplus from separate accounts		—		—		—			(367	)		(367	)
Other changes in surplus in separate accounts		—		—		—			367			367
Additional paid in surplus		—		—		—			—			—
Change in surplus as a result of reinsurance		—		—		—			249			249
Dividends		—		—		—			(2,000	)		(2,000	)
Prior period corrections		—		—		—			(8	)		(8	)
Reinsurance permitted practice		—		—		—			725			725
Other changes		—		—		363			(363	)		—
Balance, December 31, 2023	$	7	$	5,410	$	1,279		$	2,233		$	8,929

 See accompanying Notes to Statutory Financial Statements.

7

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF CASH FLOWS

	December 31,
(in millions)	2023		2022		2021
Cash from operations
Premium and annuity considerations, collected, net of reinsurance	$	23,059	$	18,180	$	13,618
Net investment income collected		5,711		6,547		6,966
Other income		(1,038)		557		851
Total revenue received		27,732		25,284		21,435
Benefits paid		21,098		13,473		12,474
Net transfers to (from) separate accounts		(2,569)		536		2,192
Commissions and expenses paid		2,447		3,584		2,129
Dividends paid to policyholders		3		2		4
Federal income taxes paid		(26)		1,089		1,227
Total benefits and expenses paid		20,953		18,684		18,026
Net cash provided by operations		6,779		6,600		3,409
Cash from investments
Proceeds from investments sold, matured or repaid:
Bonds		8,775		15,962		23,554
Stocks		144		498		233
Mortgage loans		3,446		3,005		3,082
Other invested assets		1,436		1,136		2,057
Securities lending reinvested collateral assets		—		1,727		—
Other, net		—		124		421
Total proceeds from investments sold, matured or repaid		13,801		22,452		29,347
Cost of investments acquired:
Bonds		16,318		17,824		24,029
Stocks		43		300		643
Mortgage loans		7,349		6,465		4,066
Real estate		—		1		1
Derivatives, net		2,103		823		407
Other invested assets		952		2,791		2,496
Securities lending reinvested collateral assets		—		—		35
Other, net		539		1,878		127
Total cost of investments acquired		27,304		30,082		31,804
Net adjustment in contract loans		15		(26)		(69)
Net cash provided by (used in) investing activities		(13,518)		(7,604)		(2,388)
Cash from financing and miscellaneous sources
Cash provided (applied):
Capital and paid-in surplus		—		1,900		—
Net deposits on (withdrawals from) deposit-type contracts		1,698		(11)		(707)
Dividends to parent		(2,000)		(800)		(750)
Change in securities lending		—		(2,426)		747
Other, net		6,988		2,490		(568)
Net cash provided by (used in) provided by financing and miscellaneous activities		6,686		1,153		(1,278)
Net increase (decrease) in cash, cash equivalents and short-term investments		(51)		149		(257)
Cash, cash equivalents and short-term investments at beginning of year		951		802		1,059
Cash, cash equivalents and short-term investments at end of year	$	900	$	951	$	802

8

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF CASH FLOWS

	December 31,
(in millions)	2023		2022		2021
Non-cash activities, excluded from above:
Non-cash transfer from separate to general account	$	4,068	$	—	$	—
Non-cash transfer from general to separate account		1,002		—		—
Non-cash AGLIC -Bermuda redemption		642		—		—
Non-cash transfer from other invested assets to bonds		456		—		—
Non-cash transfer from other invested assets to mortgage loans		425		12		154
Non-cash Modco to FRL settlements		274		204		448
Non-cash Hannover reinsurance transaction		253		—		—
Non-cash Modco adjustment on assumed reinsurance		—		22,924		—
Non-cash transfer from other invested assets to common stocks		1		—		34
Non-cash pension risk transfer premiums		—		1,159		1,809
Settlement of non-cash dividends payable		—		—		295

See accompanying Notes to Statutory Financial Statements.

9

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS

1. NATURE OF OPERATIONS

American General Life Insurance Company (“AGL” or the “Company”), including its wholly owned subsidiaries, is a wholly owned subsidiary of AGC Life Insurance Company (“AGC Life” or the “Parent”), a Missouri-domiciled life insurance company, which is wholly owned by Corebridge Life Holdings, Inc. (formerly known as AIG Life Holdings, Inc.) (“Corebridge Life Holdings”). Corebridge Life Holdings is wholly owned by Corebridge Financial, Inc. (“Corebridge”), which American International Group, Inc. (“AIG”) owns 52.2% of their outstanding common stock as of December 31, 2023. AIG is a holding company, which through its subsidiaries provides a wide range of property casualty insurance, life insurance, retirement products and other financial services to commercial and individual customers in more than 190 countries and jurisdictions. The term “AIG” means American International Group, Inc. and not any of AIG’s consolidated subsidiaries.

The Company is a stock life insurance company domiciled and licensed under the laws of the State of Texas and is subject to regulation by the Texas Department of Insurance (“TDI”). The Company is also subject to regulation by the states in which it is authorized to transact business. The Company is licensed in 49 states and the District of Columbia.

The Company is a leading provider in the United States of individual term and universal life insurance solutions to middle-income and high-net-worth customers, as well as a leading provider in the United States of fixed and variable annuities. The Company’s primary products include term life insurance, universal, variable universal and whole life insurance, accident and health insurance, single- and flexible-premium deferred fixed and variable annuities, fixed index deferred annuities, single-premium immediate and delayed-income annuities, private placement variable annuities, private placement variable universal life, structured settlements, corporate- and bank-owned life insurance, pension risk transfer annuities, guaranteed investment contracts, funding agreements, stable value wrap products and group benefits. The Company distributes its products through a broad multi-channel distribution network, which includes independent marketing organizations, independent insurance agents and financial advisors, banks, broker dealers, structured settlement brokers and benefit consultants and direct-to-consumer through Corebridge Direct Insurance Services, Inc. (formerly known as AIG Direct Insurance, Inc.) (“Corebridge Direct”).

10

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The financial statements of the Company are presented on the basis of accounting practices prescribed or permitted by the TDI. These accounting practices vary in certain respects from accounting principles generally accepted in the United States of America (“U.S. GAAP”), as described herein.

The TDI recognizes only statutory accounting practices (“SAP”) prescribed or permitted by the State of Texas for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under the Texas Insurance Law. The National Association of Insurance Commissioners’ (“NAIC”) Accounting Practices and Procedures Manual (“NAIC SAP”) has been adopted as a component of prescribed or permitted practices by the State of Texas. The Insurance Commissioner of the State of Texas has the right to permit other specific practices that deviate from prescribed practices.

At December 31, 2023, 2022 and 2021, the Company used the following permitted practices that resulted in reported statutory surplus or risk-based capital that is different from the statutory surplus or risk-based capital that would have been reported had NAIC statutory accounting practices or the prescribed regulatory accounting practices of the TDI been followed in all respects:

Effective December 31, 2020 and periods through September 30, 2023, the Company renewed a permitted statutory accounting practice to recognize an admitted asset related to the notional value of coverage defined in an excess of loss (“XOL”) reinsurance agreement with a 20-year term that provides coverage to the Company for aggregate claims incurred during the agreement term associated with guaranteed living benefits on certain fixed index annuities generally issued prior to April 2019 (“Block 1”) exceeding an attachment point as defined in the agreement. This permitted practice was previously expanded on October 1, 2020 to similarly recognize an additional admitted asset related to the net notional value of coverage as defined in a separate XOL reinsurance agreement with a 25-year term that provides coverage to the Company for aggregate XOL claims associated with guaranteed living benefits on a block of fixed index annuities generally issued in April 2019 or later, including certain new business issued after the effective date of October 1, 2020 (“Block 2”).

Effective September 30, 2023, the permitted practice for Block 1 and Block 2 was extended through September 30, 2026 and the maximum notional value of Block 2 was increased for certain new business. Effective October 1, 2022 and periods through September 30, 2023, this permitted practice was expanded to similarly recognize an additional admitted asset related to the net notional value of coverage as defined in a separate XOL agreement with a 25-year term that provides coverage to the Company for aggregate XOL claims associated with the base contract along with the guaranteed living benefits rider on a block of fixed annuities inforce on October 1, 2022, including certain new business issued after the effective date of October 1, 2022 (“Block 3”). Effective September 30, 2023, the permitted practice for Block 3 was extended through September 30, 2026 and the maximum notional value was increased for certain new business.

The value of the assets subject to the above permitted practices was approximately $1,742 million, $1,017 million and $584 million in total at December 31, 2023, 2022 and 2021 respectively and are reported in Other assets.

11

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents a reconciliation of the Company’s net income and capital and surplus between NAIC SAP and practices prescribed or permitted by the State of Texas:

		December 31,
(in millions)	SSAP#	2023		2022			2021
NET INCOME
State basis		$	144	$	791		$	2,244
Net (loss) income, NAIC SAP		$	144	$	791		$	2,244
SURPLUS
State basis		$	8,929	$	9,750		$	8,532
State permitted practices that increase (decrease) NAIC SAP:
XoL reinsurance agreement	4		(1,742)		(1,017	)		(584)
Statutory capital and surplus, NAIC SAP		$	7,187	$	8,733		$	7,948

In the event the Company had not employed any or all of these permitted and prescribed practices, the Company’s risk-based capital (“RBC”) would not have triggered a regulatory event.

Certain prior year amounts have been reclassified to conform to the current year presentation.

The statement of cash flows in this report has balances that are different from those in the annual statement filed with the NAIC. The annual statement for 2023 had net cash provided by operations, investments and financing of $6.3 billion, $(12.9) billion and $6.5 billion, respectively, while this report has $6.8 billion, $(13.5) billion and $6.7 billion, respectively.

Use of Estimates

The preparation of financial statements in conformity with accounting practices prescribed or permitted by the TDI requires management to make estimates and assumptions that affect the reported amounts in the statutory financial statements and the accompanying notes. It also requires disclosure of contingent assets and liabilities at the date of the statutory financial statements and the reported amounts of revenue and expense during the period. The areas of significant judgments and estimates include the following:

• application of other-than-temporary impairments;

• estimates with respect to income taxes, including recoverability of deferred tax assets;

• fair value measurements of certain financial assets; and

• policy reserves for life, annuity and accident and health insurance contracts, including guarantees.

These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, the Company’s Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus, Statutory Statements of Operations and Statutory Statements of Cash Flows could be materially affected.

Significant Accounting Policies

Bonds not backed by other loans are carried at amortized cost except for those with a NAIC designation of “6” or “6*”. Bonds with a NAIC 6 designation are carried at the lower of amortized cost or fair value, with unrealized losses charged directly to unassigned surplus. Bonds that have not been filed and have not received a designation in over one year from the NAIC’s Investment Analysis Office (“IAO”) receive a “6*” designation and are carried at zero, with the unrealized loss charged directly to unassigned surplus. Bonds filed with the IAO which receive a “6*” designation may carry a value greater than zero. Securities are assigned a NAIC 5* designation if the Company certifies that (1) the documentation necessary to permit a full credit analysis does not exist, (2) the issuer or obligor is current on all contracted interest and principal payments and (3) the Company has an actual expectation of ultimate repayment of all contracted interest and principal. Securities with NAIC 5* designations are deemed to possess the credit characteristics of securities assigned a NAIC 5 designation. The discount or premium on bonds is amortized using the effective yield method.

12

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Loan-backed and structured securities (“LBaSS”) include residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”), asset-backed securities (“ABS”), pass-thru securities, lease-backed securities, equipment trust certificates, loan-backed securities issued by special purpose corporations or trusts, and securities where there is not direct recourse to the issuer. LBaSS are carried on a basis consistent with that of bonds not backed by loans. Income recognition for LBaSS is determined using the effective yield method and estimated cash flows. Prepayment assumptions for single-class and multi-class mortgage-backed securities (“MBS”) and ABS were obtained from an outside vendor or internal estimates. The Company uses independent pricing services and broker quotes in determining the fair value of its LBaSS. The Company uses the retrospective adjustment method to account for the effect of unscheduled payments affecting high credit quality securities, while securities with less than high credit quality and securities for which the collection of all contractual cash flows is not probable are both accounted for using the prospective adjustment method.

Reference to “non-rated residual tranches or interests” intends to capture securitization tranches, beneficial interests, interests of structured finance investments, as well as other structures, that reflect loss layers without contractual interest or principal payments. Payments to holders of these investments occur after contractual interest and principal payments have been made to other tranches or interests and are based on the remaining available funds. Although payments to holders can occur throughout an investment’s duration (and not just at maturity), such instances still reflect the residual amount permitted to be distributed after other holders have received contractual interest and principal payments.

NAIC designations are determined with a multi-step approach. The initial designation is used to determine the carrying value of the security. The final NAIC designation is used for reporting and affects RBC. The final NAIC designation is determined for most RMBS and CMBS by financial modeling conducted by BlackRock. For credit tenant loans, equipment trust certificates, any corporate-like securities rated by the IAO, interest-only securities, and those securities with an original NAIC designation of 5, 5*, 6, or 6*, the final NAIC designation is based on the IAO or Credit Rating Provider rating and is not subject to financial modeling.

Redeemable preferred stocks with NAIC designations of “1” through “3” are carried at amortized cost. All other redeemable preferred stocks are stated at the lower of cost, amortized cost or fair value, with unrealized capital losses charged directly to unassigned surplus. Perpetual preferred stocks are valued at fair value, not to exceed any currently effective call price. Provisions made for impairment are recorded as realized capital losses when declines in fair value are determined to be other than temporary.

Unaffiliated common stocks are carried at fair value, with unrealized capital gains and losses credited or charged directly to unassigned surplus. Provisions made for impairment are recorded as realized capital losses when declines in fair value are determined to be other than temporary. For Federal Home Loan Bank (“FHLB”) capital stock, which is only redeemable at par, the fair value shall be presumed to be par, unless considered other-than-temporarily impaired.

Subsidiary, controlled, and affiliated (“SCA”) entities: The Company has no investments in insurance SCA entities. Investments in non-insurance SCA entities are recorded based on the equity of the investee per audited financial statements prepared pursuant to U.S. GAAP, which is adjusted to a statutory basis of accounting, if applicable. All investments in non-insurance SCA entities for which audited U.S. GAAP financial statements are not available are non-admitted as assets. Undistributed equity in earnings of affiliates is included in unassigned surplus as a component of unrealized capital gains or losses. Dividends received from such affiliates are recorded as investment income when declared.

Mortgage and mezzanine real estate loans are carried at unpaid principal balances less allowances for credit losses and plus or minus adjustments for the accretion or amortization of discount or premium. Interest income on performing loans is accrued as earned.

Mortgage and mezzanine real estate loans are considered impaired when collection of all amounts due under contractual terms is not probable. Impairment is measured using either i) the present value of expected future cash flows discounted at the loan’s effective interest rate, ii) the loan’s observable market price, if available, or iii) the fair value of the collateral if the loan is collateral dependent. An allowance is typically established for the difference between the impaired value of the loan and its current carrying amount. Additional allowance amounts are established for incurred but not specifically identified impairments, based on statistical models primarily driven by past due status, debt service coverage, loan-to-value ratio, property occupancy, profile of the borrower and of the major property tenants, and

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economic trends in the market where the property is located. When all or a portion of a loan is deemed uncollectible, the uncollectible portion of the carrying amount of the loan is charged off against the allowance.

Real estate consists of properties occupied by the Company, properties held for the production of income and properties held for sale. Properties occupied by the Company and held for the production of income are carried at depreciated cost, less encumbrances, unless events or circumstances indicate the carrying amount of the asset (amount prior to reduction for encumbrances) may not be recoverable. Properties held for sale are carried at the lower of its depreciated cost or fair value less estimated costs to sell the property and net of encumbrances. Real estate obtained through foreclosure, in satisfaction of a loan, is recorded at the time of foreclosure at the lower of fair value as determined by acceptable appraisal methodologies, or the carrying amount of the related loan. Land is reported at cost.

Cash, cash equivalents and short-term investments include cash on hand and amounts due from banks, highly liquid debt instruments that have original maturities within one year of date of purchase and are carried at amortized cost, interest-bearing money market funds, investment pools and other investments with original maturities within one year from the date of purchase.

Contract loans are carried at unpaid balances, which include unpaid principal plus accrued interest, including 90 days or more past due. All loan amounts in excess of the contract cash surrender value are considered non-admitted assets.

Derivative instruments used in hedging transactions that meet the criteria of a highly effective hedge are reported in a manner consistent with the hedged asset or liability (“hedge accounting”). Changes in statement value or cash flow of derivatives that qualify for hedge accounting are recorded consistently with how the changes in the statement value or cash flow of the hedged asset or liability are recorded. Derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge (“ineffective hedges”) are accounted for at fair value and the changes in fair value are recorded as unrealized gains or losses.

Statement of Statutory Accounting Principles (“SSAP”) 108, Derivatives Hedging Variable Annuity Guarantees, was used as allowed. SSAP 108 allows special accounting treatment for limited derivatives hedging variable annuity guarantee benefits subject to fluctuation as a result of interest rate sensitivity. Starting in 2022 the Company designated, under SSAP 86, Derivatives, certain foreign exchange derivatives as effective hedges of certain invested assets. During 2023, the Company also designated certain interest rate swaps as effective cash flow hedges of floating-rate investment assets.

Other invested assets principally consist of investments in limited partnerships and limited liability companies. Investments in these assets, except for joint ventures, partnerships and limited liability companies with a minor ownership interest, are reported using the equity method. Under SAP, such investments are generally reported based on audited U.S. GAAP equity of the investee, with subsequent adjustment to a statutory basis of accounting, if applicable.

Joint ventures, partnerships and limited liability companies in which the Company has a minor ownership interest (i.e., less than 10 percent) or lacks control, are generally recorded based on the underlying audited U.S. GAAP equity of the investee, with some prescribed exceptions. SAP allows the use of (a) the U.S. GAAP equity as set forth in the footnote reconciliation of foreign GAAP equity and income to U.S. GAAP within audited foreign GAAP financial statements or (b) the International Financial Reporting Standards (“IFRS”) basis equity in audited IFRS financial statements as an acceptable basis for the valuation of minor/non-controlled investments. The audited U.S. tax basis equity may also be used in certain circumstances.

All other investments in entities for which audited U.S. GAAP financial statements, or another acceptable audited basis of accounting as described above were not available have been non-admitted as assets. Undistributed accumulated earnings of such entities are included in unassigned surplus as a component of unrealized capital gains or losses. Distributions received that are not in excess of the undistributed accumulated earnings are recognized as investment income. Impairments that are determined to be other than temporary are recognized as realized capital losses.

Securities lending and repurchase agreements: The Company has a securities lending program, which was approved by its Board of Directors, and lends securities from its investment portfolio to supplement liquidity or for other uses as deemed appropriate by management. Under the program, securities are lent to financial institutions, and in return the Company receives cash as collateral equal to 102 percent of the fair value of the loaned securities. The cash collateral received is invested in cash and/or short-term investments that may be sold or repledged or partially used for short-term liquidity purposes based on conservative cash flow forecasts. Securities lent by the Company under these

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transactions may be sold or repledged by the counterparties. The liability for cash collateral received would be reported in payable for securities lending in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus. The Company monitors the fair value of securities loaned and obtains additional collateral as necessary. At the termination of the transactions, the Company and its counterparties are obligated to return the collateral provided and the securities lent, respectively. These transactions are treated as secured financing arrangements.

In addition, the Company is a party to secured financing transactions involving securities sold under agreements to repurchase (repurchase agreements), in which the Company transfers securities in exchange for cash, with an agreement by the Company to repurchase the same or substantially similar securities on agreed upon dates specified in the agreements.

Investment income due and accrued is non-admitted from investment income for bonds and other invested assets when collection of interest is overdue by more than 90 days, or is uncertain, and for mortgage loans when loans are foreclosed, or delinquent in payment for greater than 180 days, or when collection of interest is uncertain.

Net realized capital gains and losses, which are determined by using the specific identification method, are reflected in income net of applicable federal income taxes and transfers to the interest maintenance reserve.

The Company regularly evaluates its investments for other-than-temporary impairment (“OTTI”) in value. The determination that a security has incurred an OTTI in value and the amount of any loss recognition requires the judgment of the Company’s management and a continual review of its investments. For bonds, other than LBaSS, an OTTI shall be considered to have occurred if it is probable that the Company will not be able to collect all amounts due under the contractual terms in effect at the acquisition date of the debt security. If it is determined an OTTI has occurred, the cost basis of bonds are written down to fair value and the amount of the write-down is recognized as a realized capital loss.

For LBaSS, a non-interest related OTTI resulting from a decline in value due to fundamental credit problems of the issuer is recognized when the projected discounted cash flows for a particular security are less than its amortized cost. When a non-interest related OTTI occurs, the LBaSS is written down to the present value of future cash flows expected to be collected. An OTTI is also deemed to have occurred if the Company intends to sell the LBaSS or does not have the intent and ability to retain the LBaSS until recovery. If the decline is interest-related, the LBaSS is written down to fair value.

In periods subsequent to the recognition of an OTTI loss, the Company generally accretes the difference between the new cost basis and the future cash flows expected to be collected, if applicable, as interest income over the remaining life of the security based on the amount and timing of estimated future cash flows.

Non-admitted assets are excluded from admitted assets and the change in the aggregate amount of such assets is reflected as a separate component of unassigned surplus. Non-admitted assets include all assets specifically designated as non-admitted and assets not designated as admitted, such as a certain portion of DTAs, prepaid expenses, electronic data processing (“EDP”) equipment assets, agents’ balances or other receivables over 90 days. Non-admitted assets were $4.6 billion and $4.6 billion at December 31, 2023 and 2022, respectively.

Interest maintenance reserve (“IMR”) is calculated based on methods prescribed by the NAIC and was established to prevent large fluctuations in interest-related investment gains and losses resulting from sales (net of taxes) and interest-related OTTI (net of taxes). IMR applies to all types of fixed maturity investments, including bonds, preferred stocks, MBS, ABS and mortgage loans. An OTTI occurs when the Company, at the reporting date, has the intent to sell an investment or does not have the intent and ability to hold the security before recovery of the cost of the investment. For LBaSS, if the Company recognizes an interest-related OTTI, the non-interest-related OTTI is recorded to the asset valuation reserve, and the interest-related portion to IMR. Such gains and losses are deferred into the IMR and amortized into income using the grouped method over the remaining contractual lives of the securities sold.

Asset valuation reserve (“AVR”) is used to stabilize surplus from fluctuations in the market value of bonds, stocks, mortgage loans, real estate, limited partnerships and other investments. Changes in the AVR are recorded as direct increases or decreases in surplus.

Separate account assets and liabilities generally represent funds for which the contract holder, rather than the Company, bears the investment risk. Separate account contract holders have no claim against the assets of the general account of the Company, except for certain guaranteed products. Separate account assets are generally reported at fair

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value. In addition, certain products with fixed guarantees and market-value-adjusted (“MVA”) fixed annuity contracts in which the assets are generally carried at amortized cost are required by certain states to be carried in a separate account. The operations of the separate accounts are excluded from the Statutory Statements of Operations and Statutory Statements of Cash Flows of the Company. The Company receives fees for assuming mortality and certain expense risks. Such fees are included in separate account fees in the Statutory Statements of Operations. Reserves for variable annuity contracts are provided in accordance with the Variable Annuity Commissioners’ Annuity Reserve Valuation Method (“VACARVM”) under subsection 21 of the Valuation Manual (“VM-21”). Reserves for variable universal life accounts are provided in accordance with subsection 20 of the Valuation Manual (“VM-20”) for new business issued beginning in 2020, and in accordance with the Commissioners’ Reserve Valuation Method (“CRVM”) for policies issued prior to 2020.

Policy reserves are established according to different methods.

Life, annuity, and health reserves are developed by actuarial methods and are generally determined based on published tables using specified interest rates, mortality or morbidity assumptions, and valuation methods prescribed or permitted by statutes that will provide, in the aggregate, reserves that are greater than or equal to the minimum or guaranteed policy cash values or the amounts required by the TDI.

Principle-based reserving (“PBR”) is designed to tailor the reserving process to more closely reflect the risks of specific products, rather than the previous prescribed approach. Reserve requirements for the Company’s life insurance policies issued after January 1, 2020 are contained in VM-20, Requirements for Principle-Based Reserves for Life Products, policies issued prior to 2020 are reserved for using the CRVM. Under VM-20, these reserves are generally more sensitive to changes in actuarial assumptions.

The Company waives the deduction of deferred fractional premiums on the death of the life and annuity policy insured and returns any premium beyond the date of death. The Company reported additional reserves for surrender values in excess of the corresponding policy reserves.

The Company performs annual cash flow testing in accordance with the Actuarial Opinion and Memorandum Regulation to ensure adequacy of the reserves. Additional reserves are established where the results of cash flow testing under various interest rate scenarios indicate the need for such reserves or where the net premiums exceed the gross premiums on any insurance in force. Total cash flow testing reserves were $175 million and $175 million at December 31, 2023 and 2022, respectively.

A majority of the Company’s variable annuity products are issued with a guaranteed minimum death benefit (“GMDB”) which provides that, upon the death of a contractholder, the contractholder’s beneficiary will receive the greater of (1) the contractholder’s account value, or (2) a GMDB that varies by product. Depending on the product, the GMDB may equal the principal invested, adjusted for withdrawals; or the greatest contract value, adjusted for withdrawals, at the specified contract anniversaries; or the principal invested, adjusted for withdrawals, accumulated at the specified rate per annum. These benefits have issue age and other restrictions to reduce mortality risk exposure. The Company bears the risk that death claims following a decline in the financial markets may exceed contract holder account balances, and that the fees collected under the contract are insufficient to cover the costs of the benefit to be provided. Death benefits on GMDB policies generally reduce on a proportional basis or on a dollar-for-dollar basis when a partial withdrawal occurs.

Reserves for GMDB benefits are included in the VACARVM reserve. PBR is designed to tailor the reserving process to more closely reflect the risks of specific products, rather than the factor-based approach typically employed historically. Variable Annuity (“VA”) reserving requirements are contained in VM-21, Reserves for Variable Requirements for Principle-Based Annuities.

Life policies underwritten as substandard are charged extra premiums. Reserves are computed for a substandard policy by adding the reserve for an otherwise identical non-substandard policy plus a factor times the extra premium charge for the year. The factor varies by duration, type of plan, and underwriting. In addition, an extra mortality reserve is reported for ordinary life insurance policies classified as group conversions. Substandard structured settlement annuity reserves are determined by making a constant addition to the mortality rate of the applicable valuation mortality table so that the life expectancy on the adjusted table is equal to the life expectancy determined by the Company’s underwriters at issue.

Tabular interest, tabular less actual reserves released, and tabular cost have been determined by formula, except for universal life insurance and deferred annuity reserves, which include fund accumulations for which tabular interest has

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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

been determined from basic data. For the determination of tabular interest on funds not involving life contingencies, the actual credited interest is used.

Liabilities for deposit-type contracts, which include supplementary contracts without life contingencies and annuities certain, are based on the discounting of future payments at an annual statutory effective rate. Tabular interest on other funds not involving life contingencies is based on the interest rate at which the liability accrues.

Policy and contract claims represent the ultimate net cost of all reported and unreported claims incurred during the year. Reserves for unpaid claims are estimated using individual case-basis valuations and statistical analyses. Those estimates are subject to the effects of trends in claim severity and frequency. The estimates are continually reviewed and adjusted as necessary, as experience develops or new information becomes known; such adjustments are included in current operations.

Reserves for future policy benefits to be paid on life and accident and health policies, incurred in the statement period, but not yet reported, were established using historical data from claim lag experience. The data is aggregated from product specific studies performed on the Company’s business.

Premiums and annuity considerations and related expenses are recognized over different periods. Life premiums are recognized as income over the premium paying periods of the related policies. Annuity considerations are recognized as revenue when received. Premiums for deposit-type products are credited directly to the respective reserves and are not recorded in the Statutory Statement of Operations. Health premiums are earned ratably over the terms of the related insurance and reinsurance contracts or policies. Acquisition costs such as commissions and other expenses related to the production of new business are charged to the Statutory Statements of Operations as incurred.

Reinsurance premiums and benefits paid or provided are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts.

Annuity and deposit-type contract surrender benefits are reported on a cash basis, and include annuity benefits, payments under supplementary contracts with life contingencies, surrenders and withdrawals. Withdrawals from deposit-type contracts directly reduce the liability for deposit-type contracts and are not reported in the Statutory Statements of Operations.

General insurance expenses include allocated expenses pursuant to cost allocation agreements. The Company purchases administrative, accounting, marketing and data processing services from AIG, Corebridge and affiliates and is charged based on estimated levels of usage, transactions or time incurred in providing the respective services. The allocation of costs for investment management services purchased from affiliates is based on the level of assets under management.

Federal income tax expense (benefit) is recognized and computed on a separate company basis pursuant to tax sharing agreements, because the Company is included in the consolidated federal income tax returns of its parent company filing group. For the period prior to the Corebridge initial public offering (the “IPO”) on September 19, 2022, the Company joined in the filing of a consolidated federal income tax return with AIG. For the period following the IPO, the Company will join with AGC Life, Variable Annuity Life Insurance Company (“VALIC”), United States Life Insurance Company in the City of New York (“USL”), and Corebridge Insurance Company of Bermuda, Ltd. (formerly AIG Life of Bermuda, Ltd.) (“Corebridge Bermuda”), in filing a consolidated life company federal income tax return. To the extent that benefits for net operating losses, foreign tax credits, corporate alternative minimum tax (“CAMT”) credits or net capital losses are utilized on a consolidated basis, the Company would recognize tax benefits based upon the amount of those deductions and credits utilized in the consolidated federal income tax return. The federal income tax expense or benefit reflected in the Statutory Statements of Operations represents income taxes provided on income that is currently taxable, but excludes tax on the net realized capital gains or losses.

Income taxes on capital gains or losses reflect differences in the recognition of capital gains or losses on a statutory accounting basis versus a tax accounting basis. The most significant of such differences involve impairments of investments, which are recorded as realized losses in the Statutory Statements of Operations but are not recognized for tax purposes, and the deferral of net capital gains and losses into the IMR for statutory income but not for taxable income. Capital gains and losses on certain related-party transactions are recognized for statutory financial reporting purposes but are deferred for income tax reporting purposes until the security is sold to an outside party.

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AMERICAN GENERAL LIFE INSURANCE COMPANY

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A deferred tax asset (“DTA”) or deferred tax liability (“DTL”) is included in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus, which reflects the expected future tax consequences of temporary differences between the statement values of assets and liabilities for statutory financial reporting purposes and the amounts used for income tax reporting purposes. The change in the net DTA or DTL is reflected in a separate component of unassigned surplus. Net DTAs are limited in their admissibility.

The CAMT is disregarded when evaluating the need for a valuation allowance for the Company’s non-CAMT DTAs.

Accounting Changes

The Company had no accounting changes during 2023 or 2022.

Substantive changes were made to SSAP 26R, Bonds, SSAP 21R, Other Admitted Assets, and SSAP 43R, Loan-Backed and Structured Securities, effective January 1, 2025. The changes provide a new principle-based bond definition to be used for determining which investments are eligible for reporting on Schedule D as a bond. The changes focus on ensuring appropriate consideration of whether an investment qualifies as an issuer credit obligation or asset-backed security prior to reporting as a bond.

Correction of Errors

SAP requires that corrections of errors related to prior periods be reported as adjustments to unassigned surplus to the extent that they are not material to prior periods.

In 2023, two out-of-period errors were identified and corrected, the largest of which was related to an understatement of reserves for variable annuities due to model implementations in 2022. The total of these corrections decreased unassigned surplus by $8 million.

In 2022, three out-of-period errors were identified and corrected, which increased unassigned surplus by $72 million. This decreased claims reserved as a result of overstated claim reserves from 2019-2021.

In 2021, five out-of-period errors were identified and corrected, which decreased unassigned surplus by $161 million. The most significant of these was a tax correction related to 2013 - 2018.

The Company’s management does not believe these corrections to be material to the Company’s results of operations, financial position, or cash flow for the Company’s previously filed annual statement.

Differences in Statutory Accounting and U.S. GAAP Accounting

The accompanying statutory financial statements have been prepared in accordance with accounting practices prescribed or permitted by the TDI. These accounting practices vary in certain respects from U.S. GAAP. The primary differences between NAIC SAP and U.S. GAAP are as follows.

The objectives of U.S. GAAP differ from the objectives of SAP. U.S. GAAP is designed to measure the entity as a going concern and to produce general purpose financial statements to meet the varying needs of the different users of financial statements. SAP is designed to address the accounting requirements of regulators, who are the primary users of statutory-basis financial statements and whose primary objective is to measure solvency. As a result, U.S. GAAP stresses measurement of earnings and financial condition of a business from period to period, while SAP stresses measurement of the ability of the insurer to pay claims in the future.

Investments. Under SAP, investments in bonds and redeemable preferred stocks are generally reported at amortized cost. However, if bonds are designated category “6” and redeemable preferred stocks are designated categories “4 – 6” by the NAIC, these investments are reported at the lesser of amortized cost or fair value with a credit or charge to unrealized investment gains or losses. For U.S. GAAP, such fixed-maturity investments are designated at purchase as held-to-maturity, trading, or available-for-sale. Held-to-maturity fixed-maturity investments are reported at amortized cost, and the remaining fixed-maturity investments are reported at fair value, with unrealized capital gains and losses reported in operations for those designated as trading and as a component of other comprehensive income for those designated as available-for-sale.

Under SAP, all single- and multi-class MBS or other ABS (e.g., Collateralized Mortgage Obligations (“CMO”) are adjusted for the effects of changes in prepayment assumptions on the related accretion of discount or amortization of premium with respect to such securities using either the retrospective or prospective method. For LBaSS, if it is

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NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

determined that a decline in fair value is other than temporary, the cost basis of the security is written down to the discounted estimated future cash flows. Bonds, other than LBaSS, that are other-than-temporarily impaired are written down to fair value. For U.S. GAAP purposes, all securities, purchased or retained, that represent beneficial interests in securitized assets (e.g., CMO, MBS and ABS securities), other than high credit quality securities, would be adjusted using the prospective method when there is a change in estimated future cash flows. If high-credit quality securities must be adjusted, the retrospective method would be used. For all bonds, if it is determined that a decline in fair value is other-than-temporary, the cost basis of the security would be written down to the discounted estimated future cash flows, while the non-credit portion of the impairment would be recorded as an unrealized loss in other comprehensive income.

Under SAP, when it is probable that the insurer will be unable to collect all amounts due according to the contractual terms of the mortgage agreement, allowances are established for temporarily-impaired mortgage loans based on the difference between the unpaid loan balance and the estimated fair value of the underlying real estate, less estimated costs to obtain and sell. The initial allowance and subsequent changes in the allowance for mortgage loans are charged or credited directly to unassigned surplus rather than as a component of earnings as would be required under U.S. GAAP. If the impairment is other-than-temporary, a direct write down is recognized as a realized loss, and a new cost basis is established. Under U.S. GAAP, an allowance for credit losses is based on the expectation of lifetime credit losses.

Under SAP, joint ventures, partnerships and limited liability companies in which the insurer has a minor ownership interest (i.e., less than 10 percent) or lacks control are generally recorded based on the underlying audited U.S. GAAP basis equity of the investee. Under U.S. GAAP, joint ventures, partnerships and limited liability companies in which the insurer has a significant ownership interest or is deemed to have control are accounted for under the equity method. Where that is not the case, such investments are carried at fair value with changes in fair value recognized in earnings.

Real Estate. Under SAP, investments in real estate are reported net of related obligations; under U.S. GAAP, investments in real estate are reported on a gross basis. Under SAP, real estate owned and occupied by the insurer is included in investments; under U.S. GAAP, real estate owned and occupied by the insurer is reported as an operating asset, and operating income and expenses include rent for the insurer’s occupancy of those properties.

Derivatives. Under SAP, derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge are accounted for at fair value with the changes in fair value recorded as unrealized capital gains or losses. Under U.S. GAAP, such derivative instruments are accounted for at fair value with the changes in fair value recorded as realized capital gains or losses. Under U.S. GAAP, fair value measurement for free standing derivatives incorporate either counterparty’s credit risk for derivative assets or the insurer’s credit risk for derivative liabilities by determining the explicit cost to protect against credit exposure. This credit exposure evaluation takes into consideration observable credit default swap rates. Under SAP, non-performance risk (own credit-risk) is not reflected in the fair value calculations for derivative liabilities. Under U.S. GAAP, index life insurance features in indexed universal life contracts and certain guaranteed features of variable annuities are bifurcated and accounted for separately as embedded policy derivatives and market risk benefits, respectively. Under SAP, embedded derivatives and market risk benefits are not bifurcated or accounted for separately from the host contract.

Interest Maintenance Reserve. Under SAP, the insurer is required to maintain an IMR. IMR is calculated based on methods prescribed by the NAIC and was established to prevent large fluctuations in interest-related capital gains and losses realized through sales or OTTI. IMR applies to all types of fixed maturity investments, including bonds, preferred stocks, MBS, ABS and mortgage loans. After-tax capital gains or losses realized upon the sale or impairment of such investments resulting from changes in the overall level of interest rates are excluded from current period net income and transferred to the IMR. The transferred after-tax net realized capital gains or losses are then amortized into income over the remaining period to maturity of the divested asset. Realized capital gains and losses are reported net of tax and transfers to the IMR, after net gain from operations. Any negative IMR balance is treated as a non-admitted asset, unless certain criteria are met. This reserve is not required under U.S. GAAP and pre-tax realized capital gains and losses are reported as a component of total revenues, with related taxes included in taxes from operations.

Asset Valuation Reserve. Under SAP, the insurer is required to maintain an AVR, which is computed in accordance with a prescribed formula and represents a provision for possible fluctuations in the value of bonds, equity securities, mortgage loans, real estate, and other invested assets. The level of AVR is based on both the type of investment and its

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AMERICAN GENERAL LIFE INSURANCE COMPANY

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credit rating. Under SAP, AVR is included in total adjusted capital for RBC analysis purposes. Changes to AVR are charged or credited directly to unassigned surplus. This reserve is not required under U.S. GAAP.

Subsidiaries. Under SAP, investments in insurance subsidiaries are recorded based upon the underlying audited statutory equity of a subsidiary with all undistributed earnings or losses shown as an unrealized capital gain or loss in unassigned surplus. Dividends received by the parent company from its subsidiaries are recorded through net investment income. Under U.S. GAAP, subsidiaries’ financial statements are combined with the parent company’s financial statements through consolidation. All intercompany balances and transactions are eliminated under U.S. GAAP. Dividends received by the parent company from its subsidiaries reduce the parent company’s investment in the subsidiaries.

Policy Acquisition Costs and Sales Inducements. Under SAP, policy acquisition costs are expensed when incurred. Under U.S. GAAP, acquisition costs that are incremental and directly related to the successful acquisition of new and renewal of existing insurance contracts are deferred as deferred policy acquisition costs (“DAC”). DAC is amortized on a constant level basis (i.e., approximating straight line amortization with adjustments for expected terminations) over the expected term of the related contracts using assumptions consistent with those used in estimating the related liability for future policy benefits, or any other related balances. Under SAP, sales inducements are expensed when incurred. Under U.S. GAAP, certain sales inducements on interest-sensitive life insurance contracts and deferred annuities are deferred and amortized over the life of the contract using the same methodology and assumptions used to amortize DAC.

Deferred Premiums. Under SAP, when deferred premiums exist, statutory deferred premiums are held as a statutory asset, while under U.S. GAAP, deferred premiums are held as a contra-liability in the future policy benefits liability.

Non-admitted Assets. Certain assets designated as “non-admitted,” principally any agents’ balances or unsecured loans or advances to agents, certain DTAs, furniture, equipment and computer software, receivables over 90 days and prepaid expenses, as well as other assets not specifically identified as admitted assets within the NAIC SAP, are excluded from the Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus and are charged directly to unassigned surplus. Under U.S. GAAP, such assets are included in the balance sheet.

Universal Life and Annuity Policies. Under SAP, revenues for universal life and annuity policies containing mortality or morbidity risk considerations consist of the entire premium received, and benefits incurred consist of the total of death benefits paid and the change in policy reserves. Payments received on contracts that do not incorporate any mortality or morbidity risk considerations (deposit-type contracts) are credited directly to an appropriate liability for deposit-type contract account without recognizing premium income. Interest credited to deposit-type contracts is recorded as an expense in the Statutory Statements of Operations as incurred. Payments that represent a return of policyholder balances are recorded as a direct reduction of the liability for deposit-type contracts, rather than a benefit expense. Under U.S. GAAP, premiums received in excess of policy charges are not recognized as premium revenue, and benefits represent the excess of benefits paid over the policy account value and interest credited to the account values.

Benefit Reserves. Under SAP, loading is the difference between the gross and valuation net premium. Valuation net premium is calculated using valuation assumptions which are different for statutory and U.S. GAAP. Statutory valuation assumptions are set by the insurer within limits as defined by statutory law. U.S. GAAP valuation assumptions are set by the insurer based on management’s estimates and judgment.

Policyholder funds not involving life contingencies use different valuation assumptions for SAP and U.S. GAAP. Under SAP, prescribed rates of interest related to payout annuities are used in the discounting of expected benefit payments, while under U.S. GAAP, the insurer’s best estimates of interest rates are used.

Under SAP, the CRVM is used for the majority of individual insurance reserves. Under U.S. GAAP, individual insurance policyholder liabilities for traditional forms of insurance are generally established using the net premium ratio (“NPR”) method. For interest-sensitive policies, a liability for policyholder account balances is established under U.S. GAAP based on the contract value that has accrued to the benefit of the policyholder. Policy assumptions used in the estimation of policyholder liabilities are generally prescribed under SAP. Under U.S. GAAP, policy assumptions are based upon best estimates.

Under SAP, the CARVM is used for the majority of individual deferred annuity reserves, while under U.S. GAAP, individual deferred annuity policyholder liabilities are generally equal to the contract value that has accrued to the benefit of the policyholder, together with liabilities for certain contractual guarantees, if applicable. Under SAP, reserves

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AMERICAN GENERAL LIFE INSURANCE COMPANY

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for fixed rate deposit-type contracts are based upon their accumulated values, discounted at an annual statutory effective rate, while under U.S. GAAP, reserves for deposit-type contracts are recorded at their accumulated values.

Under GAAP, indexed interest credits and guarantees in excess of contract account values are bifurcated from the host contract as embedded derivatives and market risk benefits, respectively, and reported at fair value. Under SAP, embedded derivatives and market risk benefits are not bifurcated and accounted for separately, but rather are included in the benefit reserve valuation for the host contract.

Reinsurance. Under SAP, policy and contract liabilities ceded to reinsurers are reported as reductions of the related reserves rather than as assets as required under U.S. GAAP. Under SAP, a liability for reinsurance balances has been provided for unsecured policy reserves, unearned premiums, and unpaid losses ceded to reinsurers not licensed to assume such business. Changes to these amounts are credited or charged directly to unassigned surplus. Under U.S. GAAP, an allowance for amounts deemed uncollectible would be established through a charge to earnings. Under SAP, the criteria used to demonstrate risk transfer varies from U.S. GAAP, which may result in transactions that are accounted for as reinsurance for SAP and deposit accounting for U.S. GAAP. Under SAP, the reserve credit permitted for unauthorized reinsurers is less than or equal to the amount of letter of credit or funds held in trust by the reinsurer. Under U.S. GAAP, assumed and ceded reinsurance is reflected on a gross basis in the balance sheet, and certain commissions allowed by reinsurers on ceded business are deferred and amortized generally on a basis consistent with DAC.

Policyholder Dividend Liabilities. Under SAP, policyholder dividends are recognized when declared. Under U.S. GAAP, policyholder dividends are recognized over the term of the related policies.

Separate Accounts. Under SAP, separate account surplus created through the use of the CRVM, the VACARVM or other reserving methods is reported by the general account as an unsettled transfer from the separate account. The net change on such transfers is included as a part of the net gain from operations in the general account. This is not required under U.S. GAAP.

Separate accounts include certain non-unitized assets which primarily represent MVA fixed options of variable annuity contracts and certain pension risk transfer annuities issued in various states. Under SAP, these contracts are accounted for in the separate account financial statements, while under U.S. GAAP, they are accounted for in the general account.

Deferred Income Taxes. Under SAP, statutory DTAs that are more likely than not to be realized are limited to: 1) the amount of federal income taxes paid in prior years that can be recovered through loss carrybacks for existing temporary differences that reverse by the end of the subsequent calendar year, plus 2) the lesser of the remaining gross DTA expected to be realized within a maximum three years of the reporting date or a maximum 15 percent of the capital and surplus excluding any net DTA, EDP equipment and operating software and any net positive goodwill, plus 3) the amount of the remaining gross DTA that can be offset against existing gross DTLs. The remaining DTAs are non-admitted. Deferred taxes do not include amounts for state taxes. Under U.S. GAAP, state taxes are included in the computation of deferred taxes, all DTAs are recorded and a valuation allowance is established if it is more likely than not that some portion of the DTA will not be realized. Under SAP, income tax expense is based upon taxes currently payable. Changes in deferred taxes are reported in surplus and subject to admissibility limits. Under U.S. GAAP, changes in deferred taxes are recorded in income tax expense.

Offsetting of Assets and Liabilities. Under SAP, offsetting of assets and liabilities is not permitted when there are master netting agreements unless four requirements for valid right of offset are met. The requirements include 1) each of the two parties owes the other determinable amounts, 2) the reporting party has the right to set off the amount owed with the amount owed by the other party, 3) the reporting party intends to set off, and 4) the right of setoff is enforceable. The prohibition against offsetting extends to derivatives and collateral posted against derivative positions, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions, when the reporting entity does not have the intent to set off. Under U.S. GAAP, these amounts under master netting arrangements may generally be offset and presented on a net basis pursuant to an accounting election, even when the reporting entity does not have the intent to set off.

21

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

3. INVESTMENTS

Bonds and Equity Securities

The following table presents the statement value, gross unrealized gain, gross unrealized loss and the estimated fair value of bonds and equity securities by major security type:

(in millions)	Statement Value		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2023
Bonds:
U.S. government obligations	$	1,321	$	5	$	(214)		$	1,112
All other governments		2,041		21		(249)			1,813
States, territories and possessions		239		2		(23)			218
Political subdivisions of states, territories and possessions		210		4		(12)			202
Special revenue		5,392		39		(532)			4,899
Industrial and miscellaneous		98,249		1,546		(9,929)			89,866
Hybrid securities		377		10		(15)			372
Bank loans		3,937		16		(96)			3,857
Parent, subsidiaries and affiliates		366		—		—			366
Total bonds		112,132		1,643		(11,070)			102,705
Preferred stock		80		3		—			83
Common stock*		266		—		—			266
Total equity securities		346		3		—			349
Total	$	112,478	$	1,646	$	(11,070	)	$	103,054
December 31, 2022
Bonds:
U.S. government obligations	$	1,314	$	4	$	(198)		$	1,120
All other government		2,629		20		(385)			2,264
States, territories and possessions		268		2		(30)			240
Political subdivisions of states, territories and possessions		332		8		(21)			319
Special revenue		6,159		35		(710)			5,484
Industrial and miscellaneous		93,378		1,001		(13,217)			81,162
Hybrid securities		435		10		(28)			417
Bank loans		3,580		3		(115)			3,468
Parent, subsidiaries and affiliates		360		—		—			360
Total bonds		108,455		1,083		(14,704)			94,834
Preferred stock		93		—		(4)			89
Common stock*		927		—		—			927
Total equity securities		1,020		—		(4)			1,016
Total	$	109,475	$	1,083	$	(14,708)		$	95,850

* Common stock includes $73 million and $753 million of investments in affiliates at December 31, 2023 and 2022, respectively.

22

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Bonds and Equity Securities in Loss Positions

The following table summarizes the fair value and gross unrealized losses (where fair value is less than amortized cost) on bonds and equity securities, including amounts on NAIC 6 and 6* bonds, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position:

	Less than 12 Months					12 Months or More					Total
(in millions)	Fair Value		Gross   Unrealized   Losses			Fair Value		Gross   Unrealized   Losses			Fair Value		Gross  Unrealized  Losses
December 31, 2023
Bonds:
U.S. government obligations	$	88	$	(6	)	$	889	$	(208	)	$	977	$	(214	)
All other government		158		(20	)		1,344		(227	)		1,502		(247	)
U.S. States, territories and possessions		32		(1	)		139		(22	)		171		(23	)
Political subdivisions of states, territories and possessions		28		(2	)		82		(11	)		110		(13	)
Special revenue		1,001		(81	)		2,977		(450	)		3,978		(531	)
Industrial and miscellaneous		11,361		(1,080	)		53,785		(8,851	)		65,146		(9,931	)
Hybrid securities		40		(1	)		199		(14	)		239		(15	)
Bank loans		813		(40	)		1,695		(62	)		2,508		(102	)
Parents, subsidiaries & affliates		—		—			8		—			8		—
Total bonds		13,521		(1,231	)		61,118		(9,845	)		74,639		(11,076	)
Preferred stock		—		—			—		—			—		—
Common stock		—		—			—		—			—		—
Total equity securities		—		—			—		—			—		—
Total	$	13,521	$	(1,231	)	$	61,118	$	(9,845	)	$	74,639	$	(11,076	)
December 31, 2022
Bonds:
U.S. government obligations	$	990	$	(197	)	$	1	$	—		$	991	$	(197	)
All other government		1,953		(389	)		—		—			1,953		(389	)
U.S States, territories and possessions		180		(30	)		—		—			180		(30	)
Political subdivisions of states, territories and possessions		177		(21	)		—		—			177		(21	)
Special revenue		4,565		(694	)		78		(16	)		4,643		(710	)
Industrial and miscellaneous		57,098		(10,308	)		12,196		(2,927	)		69,294		(13,235	)
Hybrid securities		268		(30	)		—		—			268		(30	)
Bank loans		2,184		(71	)		897		(47	)		3,081		(118	)
Total	$	67,415	$	(11,740	)	$	13,172	$	(2,990	)	$	80,587	$	(14,730	)
Preferred stock		84		(6	)		—		—			84		(6	)
Common stock		2		—			—		—			2		—
Total equity securities		86		(6	)		—		—			86		(6	)
Total	$	67,501	$	(11,746	)	$	13,172	$	(2,990	)	$	80,673	$	(14,736	)

As of December 31, 2023 and 2022, the number of bonds and equity securities in an unrealized loss position was 7,290 and 8,092, respectively. Bonds comprised 7,288 of the total, of which 5,725 were in a continuous loss position greater than 12 months at December 31, 2023. Bonds comprised 8,010 of the total, of which 1,189 were in a continuous loss position greater than 12 months at December 31, 2022.

The Company did not recognize the unrealized losses in earnings on these fixed maturity securities at December 31, 2023 and 2022, respectively, because the Company neither intends to sell the securities nor does the Company believe that it is more likely than not that the Company will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, the Company performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, expected defaults on underlying collateral, review of relevant industry analyst reports and forecasts and other available market data.

23

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Contractual Maturities of Bonds

The following table presents the statement value and fair value of bonds by contractual maturity:

(in millions)	Statement Value		Fair Value
December 31, 2023
Due in one year or less	$	1,433	$	1,423
Due after one year through five years		12,717		12,396
Due after five years through ten years		15,311		14,262
Due after ten years		44,241		37,416
LBaSS		38,552		37,330
Total	$	112,254	$	102,827

Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.

Bonds in or near default as to payment of principal or interest had a statement value of $25 million and $124 million at December 31, 2023 and 2022, respectively, which is the fair value. At December 31, 2023 and 2022, the Company had no income excluded from due and accrued for bonds.

December 31, 2023 , the Company’s bond portfolio included bonds totaling $6.4 billion not rated investment grade by the NAIC designations (categories 3-6). These bonds accounted for 3 percent of the Company’s total assets and 4 percent of invested assets. These below investment grade securities, excluding structured securities, span across 14 industries. At December 31, 2022, the Company’s bond portfolio included bonds totaling $7.0 billion not rated investment grade by the NAIC designations (categories 3-6). These bonds accounted for 3 percent of the Company’s total assets and 5 percent of invested assets. These below investment grade securities, excluding structured securities, span across 14 industries.

December 31, 2023 and 2022 The following table presents the industries that constitute more than 10% of the below investment grade securities:

	December 31,
	2023		2022
Consumer cyclical		17.3%		21.3%
Consumer non-cyclical		16.0		16.1
Capital Goods		8.0		8.3

LBaSS

The Company determines fair value of LBaSS based on the amount at which a security could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The majority of the Company’s ABS, RMBS, CMBS, and collateralized debt obligations (“CDO”) are priced by approved independent third-party valuation service providers and broker dealer quotations. Small portions of the LBaSS that are not traded in active markets are priced by market standard internal valuation methodologies, which include discounted cash flow methodologies and matrix pricing. The estimated fair values are based on available market information and management’s judgments.

The following table presents the statement value and fair value of LBaSS:

	December 31, 2023					December 31, 2022
(in millions)	Statement Value		Fair Value			Statement Value		Fair Value
Loan-backed and structured securities	$	38,552	$	37,330		$	30,699	$	28,853

Prepayment assumptions for single class, multi-class mortgage-backed and ABS were obtained from independent third-party valuation service providers or internal estimates. These assumptions are consistent with the current interest rate and economic environment.

24

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

At December 31, 2023 and 2022, the Company had exposure to a variety of LBaSS. These securities could have significant concentrations of credit risk by country, geographical region, property type, servicer or other characteristics. As part of the quarterly surveillance process, the Company takes into account many of these characteristics in making the OTTI assessment.

At December 31, 2023 and 2022, the Company did not have any LBaSS with a recognized OTTI due to the intent to sell or an inability or lack of intent to retain the security for a period of time sufficient to recover the amortized cost basis.

During 2023, 2022 and 2021, the Company recognized total OTTI of $36 million, $114 million and $13 million, respectively, on LBaSS that were still held by the Company. In addition, at December 31, 2023 and 2022, the Company held loan-backed impaired securities (fair value is less than cost or amortized cost) for which an OTTI had not been recognized in earnings as a realized loss. Such impairments include securities with a recognized OTTI for non-interest (credit) related declines that were recognized in earnings, but for which an associated interest-related decline has not been recognized in earnings as a realized capital loss.

The following table summarizes the fair value and aggregate amount of unrealized losses on LBaSS and length of time that individual securities have been in a continuous unrealized loss position:

	Less than 12 Months						12 Months or More					Total
(in millions)	Fair Value		Gross Unrealized Losses				Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
December 31, 2023
LBaSS	$	7,184	$	(454	)		$	16,089	$	(1,699	)	$	23,273	$	(2,153	)
December 31, 2022
LBaSS	$	16,448	$	(1,565	)		$	6,349	$	(999	)	$	22,797	$	(2,564	)

In its OTTI assessment, the Company considers all information relevant to the collectability of the security, including past history, current conditions and reasonable forecasts when developing an estimate of future cash flows. Relevant analyst reports and forecasts for the asset class also receive appropriate consideration. The Company also considers how credit enhancements affect the expected performance of the security. In addition, the Company generally considers its cash and working capital requirements and expected cash flows in relation to its business plans and how such forecasts affect the intent and ability to hold such securities to recovery of their amortized cost.

The Company does not have any LBaSS for which it is not practicable to estimate fair values.

The following table presents the rollforward of non-interest related OTTI for LBaSS:

	December 31,
(in millions)	2023		2022
Balance, beginning of year	$	1,256	$	1,263
Increases due to:
Credit impairment on new securities subject to impairment losses		26		42
Additional credit impairment on previously impaired investments		10		71
Reduction due to:
Credit impaired securities fully disposed for which there was no prior intent or requirement to sell		80		120
Balance, end of year	$	1,212	$	1,256

See Note 4 for a list with each LBaSS at a CUSIP level where the present value of cash flows expected to be collected is less than the amortized cost basis during the current year and a list of the Company’s structured notes holding at December 31, 2023.

Mortgage Loans

Mortgage loans had outstanding principal balances of $30.4 billion and $25.8 billion at December 31, 2023 and 2022, respectively. Contractual interest rates range from 0.00 percent to 35.00 percent. The mortgage loans at December 31, 2023 had maturity dates ranging from 2023 to 2069.

25

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The Company’s mortgage loans are collateralized by a variety of commercial real estate property types located throughout the U.S. and Canada. The commercial mortgage loans are non-recourse to the borrower.

The following tables present the geographic and property-type distribution of the Company’s mortgage loan portfolio:

	December 31,
	2023			2022
Geographic distribution:
Mid-Atlantic		26.2	%		28.0	%
Foreign		20.0			22.5
Pacific		15.1			14.7
South Atlantic		15.4			12.1
West South Central		6.4			6.5
East North Central		5.1			5.8
New England		5.3			4.5
Mountain		4.4			3.9
East South Central		1.5			1.5
West North Central		0.6			0.5
Total		100.0	%		100.0	%
Property type distribution:
Multi-family		32.6	%		35.9	%
Office		19.5			23.8
Retail		8.5			8.3
Industrial		14.9			16.2
Hotel/Motel		4.1			4.8
Other		20.4			11.0
Total		100.0	%		100.0	%

At December 31, 2023, there were 331 mortgage loans with outstanding balances of $20 million or more, which loans collectively, aggregated approximately 75 percent of this portfolio.

The following table presents the minimum and maximum lending rates for new mortgage loans during 2023 and 2022:

	Years Ended December 31,
	2023						2022
(in millions)	Maximum			Minimum			Maximum			Minimum
Office		12.00	%		3.00	%		12.60	%		3.00	%
Multi-family		9.84			3.01			15.03			2.98
Retail		8.84			5.06			—			—
Industrial		10.34			4.08			9.34			2.68
Hotel/Motel		9.69			6.95			8.68			4.04
Other		26.01			(0.16	)		37.35			—

The Company did not reduce any interest rates during 2023 and 2022.

The maximum percentage of any one loan to the value of security at the time of the loan, exclusive of insured or guaranteed or purchase money mortgage was 144 percent and 90 percent, in 2023 and 2022, respectively.

At December 31, 2023, the Company held $560 million in impaired mortgage loans with a related allowance for credit losses. There were no impaired mortgage loans without a related allowance. At December 31, 2022, the Company held $800 million in impaired mortgages with $492 million of related allowances for credit losses and $308 million in impaired loans without a related allowance. The Company’s average recorded investment in impaired loans was $604 million and $669 million, at December 31, 2023 and 2022, respectively. The Company recognized interest income of $15 million, $22 million and $14 million, in 2023, 2022 and 2021, respectively.

26

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents a rollforward of the changes in the allowance for losses on mortgage loans receivable:

	December 31,
(in millions)	2023		2022		2021
Balance, beginning of year	$	294	$	245	$	274
Additions (reductions) charged to unrealized capital loss		148		58		(28)
Direct write-downs charged against allowance		(87)		(9)		(1)
Balance, end of year	$	355	$	294	$	245

During 2023, the Company derecognized $71 million of mortgage loans and recognized $71 million of real estate collateral as a result of foreclosure.

The mortgage loan portfolio has been originated by the Company under strict underwriting standards. Commercial mortgage loans on properties such as offices, hotels and shopping centers generally represent a higher level of risk than do mortgage loans secured by multi-family residences. This greater risk is due to several factors, including the larger size of such loans and the more immediate effects of general economic conditions on these commercial property types. However, due to the Company’s strict underwriting standards, the Company believes that it has prudently managed the risk attributable to its mortgage loan portfolio while maintaining attractive yields.

The following table presents the age analysis of mortgage loans:

	December 31,
(in millions)	2023		2022
Current	$	29,547	$	24,981
30 - 59 days past due		68		21
60 - 89 days past due		13		3
90 - 179 days past due		24		125
Greater than 180 days past due		—		1
Total	$	29,652	$	25,131

At December 31, 2023 and 2022, the Company had mortgage loans outstanding under participant or co-lender agreements of $22.7 billion and $21.2 billion, respectively.

The Company had $307 million and $466 million in restructured loans at December 31, 2023 and 2022, respectively.

Aggregate mortgage loans having the following loan-to-value ratios as determined from the most current appraisal as of December 31, 2023:

(in millions)	Residential					Commercial					Agricultural
Loan-to-Value	Amount		Percentage of Total Admitted Assets			Amount		Percentage of Total Admitted Assets			Amount		Percentage of Total Admitted Assets
a. above 95%	$	1		—	%	$	609		0.40	%	$	—		— %
b. 91% to 95%		1		—			246		0.20			—		—
c. 81% to 90%		264		0.20			1,133		0.70			—		—
d. 71% to 80%		1,645		1.00			2,751		1.70			—		—
e. below 70%		3,689		2.30			19,314		12.00			—		—

Troubled Debt Restructuring

The Company held no restructured debt for which impairment was recognized for both December 31, 2023 and 2022. At December 31, 2023 , the Company had $4 million outstanding commitments to debtors that hold loans with restructured terms. At December 31, 2022, the Company had $4 million of outstanding commitments to debtors that held loans with restructured terms.

27

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Real Estate

The following table presents the components of the Company’s investment in real estate:

	December 31,
(in millions)	2023		2022
Properties occupied by the Company	$	—	$	6
Properties held for production of income		73		3
Properties held for sale		2		—
Total	$	75	$	9

The Company recognized no gains or losses in 2023, 2022 and 2021. The Company recognized $3 million in impairment write-downs for its investment in real estate in 2023. The Company did not recognize any impairment write-downs for its investment in real estate during 2022 and 2021.

Other Invested Assets

The following table presents the components of the Company’s other invested assets:

	December 31,
(in millions)	2023		2022
Investments in limited liability companies	$	644	$	972
Investments in limited partnerships		3,921		4,188
Other unaffiliated investments		1,892		2,717
Receivable for securities		100		73
Non-admitted assets		(1)		(10)
Total	$	6,556	$	7,940

The Company utilizes the look-through approach in valuing its investments in affiliated joint ventures or partnerships that have the characteristics of real estate investments. These affiliated real estate investments had an aggregate value of $955 million at December 31, 2023. All liabilities, commitments, contingencies, guarantees, or obligations of these holding company entities, which are required to be recorded as liabilities, commitments, contingencies, guarantees or obligations under applicable accounting guidance, are reflected in the Company’s determination of the carrying value of the investment in each of the respective holding company entities, if applicable.

The Company recorded impairment write-downs in joint ventures was $4 million, $13 million and $15 million during 2023, 2022 and 2021, respectively.

28

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Net Investment Income

The following table presents the components of net investment income:

	Years ended December 31,
(in millions)		2023		2022		2021
Bonds	$	5,259	$	4,608	$	4,802
Preferred stocks		2		10		4
Common stocks		11		2		7
Cash and short-term investments		57		44		15
Mortgage loans		1,437		1,038		946
Real estate*		4		4		4
Contract loans		78		68		65
Derivatives		(283)		994		167
Investment income from affiliates		148		399		1,419
Other invested assets		246		320		271
Gross investment income		6,959		7,487		7,700
Investment expenses		(385)		(315)		(197)
Net investment income	$	6,574	$	7,172	$	7,503

* Includes amounts for the occupancy of Company-owned property of $2 million in 2023, 2022 and 2021.

Net Realized and Unrealized Capital Gains (Losses)

The following table presents the components of Net realized capital gains (losses):

	Years ended December 31,
(in millions)		2023		2022		2021
Bonds	$	(460)	$	(551)	$	446
Preferred stocks		(12)		—		14
Common stocks		8		(2)		16
Cash and short-term investments		36		(79)		(1)
Mortgage loans		(162)		(107)		18
Real estate		(3)		—		—
Derivatives		(329)		(1,233)		(659)
Other invested assets		113		80		199
Other		—		—		(49)
Realized capital (losses) gains		(809)		(1,892)		(16)
Federal income tax benefit (expense)		170		397		3
Net gains transferred to IMR		276		305		(392)
Net realized capital (losses) gains	$	(363)	$	(1,190)	$	(405)

During 2023, 2022 and 2021, the Company recognized $87 million, $167 million and $42 million, respectively, of impairment write-downs in accordance with the impairment policy described in Note 2.

The following table presents the proceeds from sales of bonds and equities and the related gross realized capital gains and gross realized capital losses:

	Years ended December 31,
(in millions)		2023		2022		2021
Proceeds	$	3,401	$	9,787	$	11,495
Gross realized capital gains	$	64	$	112	$	823
Gross realized capital losses	$	(456)		(472)		(405)
Net realized capital (losses) gains	$	(392)	$	(360)	$	418

29

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents the net change in unrealized capital gains (losses) of investments (including foreign exchange capital gains (losses):

	Years ended December 31,
(in millions)	2023		2022		2021
Bonds	$	280	$	(369)	$	(171)
Preferred and common stocks		53		(59)		(311)
Mortgage loans		273		(523)		(129)
Derivatives		148		(497)		139
Other invested assets		(68)		(280)		502
Other		(10)		19		25
Federal income tax benefit (expense)		(126)		310		(116)
Net change in unrealized (losses) gains of investments	$	550	$	(1,399)	$	(61)

5GI Securities Measured at Aggregate Book Adjusted Carrying Value and Fair Value

The following table presents 5GI Securities measured at aggregate book adjusted carrying value (BACV) and aggregate fair value at December 31:

Investment	Number of 5GI Securities				Aggregate BACV (in millions)				Aggregate Fair Value (in millions)
	2023		2022		2023		2022		2023		2022
Bonds - AC		5		11	$	45	$	15	$	45	$	13
LB&SS - AC		3		14		3		11		1		11
Preferred Stock - AC		—		—		—		—		—		—
Preferred Stock - FV		3		4		1		7		1		7
Total		11		29	$	49	$	33	$	47	$	31

AC - Amortized Cost

FV - Fair Value

30

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

4.LOAN-BACKED AND STRUCTURED SECURITY IMPAIRMENTS AND STRUCTURED NOTES HOLDINGS

LBaSS

The following table presents the LBaSS held by the Company at December 31, 2023 for which it had recognized non-interest related OTTI subsequent to the adoption of SSAP 43R:

(in thousands)
CUSIP	Amortized Cost Before Current Period OTTI		Present Value of Projected Cash Flows		Recognized OTTI		Amortized Cost After OTTI		Fair Value at Time of OTTI		Date of Financial Statement Where Reported
25702@AB2	$	899	$	1	$	898	$	1	$	1		3/31/2023
25150WAA2		6,490		—		6,490		—		—		3/31/2023
16163HAE1		504		503		—		503		526		3/31/2023
05952GAA9	$	2,344	$	2,293	$	51	$	2,293	$	2,278		3/31/2023
22541QQJ4		4		—		4		—		—		3/31/2023
12668BKA0		1,929		1,904		25		1,904		1,844		3/31/2023
32051GPW9	$	1,749	$	1,747	$	3	$	1,747	$	1,712		3/31/2023
Quarterly Total	$	13,919	$	6,448	$	7,471	$	6,448	$	6,361
75114GAC3		22		—		22		—		—		6/30/2023
23312RAE5		27,786		13,657		14,129		13,657		11,312		6/30/2023
17029RAA9		1,278		—		1,278		—		—		6/30/2023
Quarterly Total	$	29,086	$	13,657	$	15,429	$	13,657	$	11,312
007036UQ7		2,543		2,528		16		2,528		2,437		9/30/2023
94984NAA0		1,474		1,464		11		1,464		1,565		9/30/2023
02660KAA0		24,925		24,825		100		24,825		28,597		9/30/2023
93934FGB2		8,242		8,164		78		8,164		9,131		9/30/2023
362480AD7		4,575		4,550		25		4,550		5,646		9/30/2023
05952EAA4		420		417		3		417		430		9/30/2023
17025TBE0		3,595		3,591		4		3,591		3,263		9/30/2023
232434AE0		68,655		68,509		146		68,509		71,719		9/30/2023
655378AH0		21,296		21,149		147		21,149		24,021		9/30/2023
45669BAA0		60,942		60,915		27		60,915		65,476		9/30/2023
45660LEF2		14,309		14,261		48		14,261		14,441		9/30/2023
61915YAD3		14,284		14,188		95		14,188		15,795		9/30/2023
126694PP7		3,041		3,029		13		3,029		2,558		9/30/2023
45669FAC7		3,944		3,940		4		3,940		4,052		9/30/2023
761118HU5		2,196		2,173		23		2,173		2,632		9/30/2023
74923WAB4		5,131		5,130		1		5,130		5,068		9/30/2023
Quarterly Total	$	239,572	$	238,833	$	741	$	238,833	$	256,831
67088CAA5		2,670		204		2,466		204		204		12/31/2023
058928AN2		1,083		724		360		724		713		12/31/2023
61748HJY8		6,601		6,581		20		6,581		5,868		12/31/2023
059522BG6		2,626		2,623		3		2,623		2,491		12/31/2023
466286AA9		13,771		13,748		23		13,748		15,245		12/31/2023
45661XAD4		11,277		11,244		33		11,244		9,860		12/31/2023
02147HAF9		5,644		5,603		40		5,603		5,197		12/31/2023
92990GAC7		2,086		2,083		4		2,083		1,886		12/31/2023
17029PAA3		24,063		14,513		9,550		14,513		11,747		12/31/2023
Quarterly Total	$	69,821	$	57,323	$	12,499	$	57,323	$	53,211
				Year-end Total	$	36,139

None of the structured notes held by the Company are defined as a Mortgage-Referenced Security by the IAO.

31

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

5. SECURITIES LENDING AND REPURCHASE AGREEMENTS

Securities Lending

At December 31, 2023 and 2022, the Company had no bonds loaned pursuant to the securities lending program.

The following table presents the aggregate fair value of cash collateral received related to the securities lending program and the terms of the contractually obligated collateral positions:

	December 31,
(in millions)	2023		2022
30 days or less	$	—	$	—
31 to 60 days		—		—
61 to 90 days		—		—
Subtotal		—		—
Securities collateral received		—		—
Total collateral received	$	—	$	—

The following table presents the aggregate amortized cost and fair value of cash collateral reinvested related to the securities lending program by maturity date:

	December 31, 2023				December 31, 2022
(in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Open positions	$	—	$	—	$	—	$	—
Subtotal		—		—		—		—
Securities collateral received		—		—		—		—
Total collateral reinvested	$	—	$	—	$	—	$	—

Repurchase Agreements

At December 31, 2023 and 2022, bonds with a fair value of approximately $1,675 million and $1,668 million, respectively, were subject to repurchase agreements to secure amounts borrowed by the Company.

The following table presents the aggregate fair value of cash collateral received related to the repurchase agreement program and the terms of the contractually obligated collateral positions:

	December 31,
(in millions)	2023		2022
Open positions	$	—	$	—
30 days or less		1,623		1,316
31 to 60 days		—		145
61 to 90 days		—		—
Greater than 90 days		—		264
Subtotal		1,623		1,725
Securities collateral received		—		—
Total collateral received	$	1,623	$	1,725

32

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents the original (flow) and residual maturity for bi-lateral repurchase agreement transactions for the year ended December 31, 2023:

(in millions)	FIRST QUARTER			SECOND QUARTER			THIRD QUARTER			FOURTH QUARTER
a.   Maximum Amount
1. Open - No Maturity	$	21		$	21		$	29		$	28
2. Overnight		658			465			—			344
3. 2 Days to 1 Week		1,989			560			—			1,004
4. > 1 Week to 1 Month		1,801			274			—			1,597
5. > 1 Month to 3 Months		73			—			—			—
6. > 3 Months to 1 Year		—			—			—			—
7. > 1 Year		—			—			—			—
b.   Ending Balance
1. Open - No Maturity	$	21		$	21		$	29		$	28
2. Overnight		—			75			—			—
3. 2 Days to 1 Week		179			—			—			1,004
4. > 1 Week to 1 Month		1,751			—			—			586
5. > 1 Month to 3 Months		—			—			—			—
6. > 3 Months to 1 Year		—			—			—			—
7. > 1 Year		—			—			—			—

The following table presents the Company’s liability to return collateral for the year ended December 31, 2023:

(in millions)	FIRST QUARTER			SECOND QUARTER			THIRD QUARTER			FOURTH QUARTER
a. Maximum Amount
1. Cash (Collateral - All)	$	4,542		$	1,320		$	29		$	2,973
2. Securities Collateral (FV)		—			—			—			—
b. Ending Balance
1. Cash (Collateral - All)	$	1,951		$	96		$	29		$	1,618
2. Securities Collateral (FV)		—			—			—			—

The Company requires a minimum of 95 percent of the fair value of securities sold under the repurchase agreements to be maintained as collateral. Cash collateral received is invested in corporate bonds and the offsetting collateral liability for repurchase agreements is included in other liabilities.

The following table presents the aggregate amortized cost and fair value of cash collateral reinvested related to the repurchase agreement program by maturity date:

	December 31, 2023				December 31, 2022
(in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Open positions	$	2,036	$	1,675	$	1,933	$	1,668
Greater than three years		—		—		—		—
Subtotal		2,036		1,675		1,933		1,668
Securities collateral received		—		—		—		—
Total collateral reinvested	$	2,036	$	1,675	$	1,933	$	1,668

33

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents the fair value of securities under bi-lateral repurchase agreement transactions for the year ended December 31, 2023:

(in millions)	FIRST QUARTER			SECOND QUARTER			THIRD QUARTER			FOURTH QUARTER
a.   Maximum Amount
1. BACV	$	—		$	—		$	—		$	—
2. Nonadmitted - Subset of BACV		—			—			—			—
3. Fair Value		—			—			—			—
b.   Ending Balance
1. BACV	$	2,436		$	120		$	39		$	2,036
2. Nonadmitted - Subset of BACV		—			—			—			—
3. Fair Value		2,021			100			26			1,675

34

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents the fair value of securities under bi-lateral repurchase agreement transactions for the year ended December 31, 2023:

(in millions)	1 None			2 NAIC 1			3 NAIC 2			4 NAIC 3
Ending Balance
a. Bonds - BACV	$	—		$	1,094		$	942		$	—
b. Bonds - FV		—			850			825			—
c. LB & SS - BACV		—			—			—			—
d. LB & SS - FV		—			—			—			—
e. Preferred Stock - BACV		—			—			—			—
f. Preferred Stock - FV		—			—			—			—
g. Common Stock		—			—			—			—
h. Mortgage Loans - BACV		—			—			—			—
i. Mortgage Loans - FV		—			—			—			—
j. Real Estate - BACV		—			—			—			—
k. Real Estate - FV		—			—			—			—
l. Derivatives - BACV		—			—			—			—
m. Derivatives - FV		—			—			—			—
n. Other Invested Assets - BACV		—			—			—			—
o. Other Invested Assets - FV		—			—			—			—
p. Total Assets - BACV		—			1,094			942			—
q. Total Assets - FV		—			850			825			—
(in millions)	5 NAIC 4			6 NAIC 5			7 NAIC 6			8 Non-Admitted
Ending Balance
a. Bonds - BACV	$	—		$	—		$	—		$	—
b. Bonds - FV		—			—			—			—
c. LB & SS - BACV		—			—			—			—
d. LB & SS - FV		—			—			—			—
e. Preferred Stock - BACV		—			—			—			—
f. Preferred Stock - FV		—			—			—			—
g. Common Stock		—			—			—			—
h. Mortgage Loans - BACV		—			—			—			—
i. Mortgage Loans - FV		—			—			—			—
j. Real Estate - BACV		—			—			—			—
k. Real Estate - FV		—			—			—			—
l. Derivatives - BACV		—			—			—			—
m. Derivatives - FV		—			—			—			—
n. Other Invested Assets - BACV		—			—			—			—
o. Other Invested Assets - FV		—			—			—			—
p. Total Assets - BACV		—			—			—			—
q. Total Assets - FV		—			—			—			—

35

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

6. RESTRICTED ASSETS

The Company has restricted assets as detailed below. Assets under restriction are general account assets and are not part of the Separate Accounts.

The following table presents the carrying value of the Company’s restricted assets:

	December 31,
(in millions)	2023		2022
On deposit with states	$	47	$	47
FHLB stock and collateral pledged		6,938		5,043
Subject to repurchase agreements		1,618		1,933
Collateral for derivatives		1,412		1,541
Guaranteed interest contracts		66		68
Other restricted assets		985		464
Total	$	11,066	$	9,096

7. SUBPRIME MORTGAGE RISK EXPOSURE

The following features are commonly recognized characteristics of subprime mortgage loans:

• An interest rate above prime to borrowers who do not qualify for prime rate loans;

• Borrowers with low credit ratings (FICO scores);

• Interest-only or negative amortizing loans;

• Unconventionally high initial loan-to-value ratios;

• Low initial payments based on a fixed introductory rate that expires after a short initial period, then adjusts to a variable index rate plus a margin for the remaining term of the loan;

• Borrowers with less than conventional documentation of their income and/or net assets;

• Very high or no limits on how much the payment amount or the interest rate may increase at reset periods, potentially causing a substantial increase in the monthly payment amount; and/or

• Substantial prepayment penalties and/or prepayment penalties that extend beyond the initial interest rate adjustment period.

Non-agency RMBS can belong to one of several different categories depending on the characteristics of the borrower, the property and the loan used to finance the property. Categorization is a function of FICO score, the type of loan, loan-to-value ratio, and property type and loan documentation.

Generally, subprime loans are made to borrowers with low FICO scores, low levels of equity and reduced income/asset documentation. Due to these characteristics, subprime borrowers pay a substantially higher interest rate than prime borrowers. In addition, they often utilize mortgage products that reduce their monthly payments in the near-term. These include adjustable-rate mortgages with low initial rates or interest-only loans. Borrowers in products like this often experience significant “payment shock” when the teaser payment resets upwards after the initial fixed period.

The primary classification mechanism the Company uses for subprime loans is FICO score. Specifically, a pool with an average FICO at origination less than 650 is considered to be subprime. However, the Company may subjectively adjust this classification based on an assessment of the other parameters mentioned above.

To monitor subprime securities, the Company uses a model with vintage-specific assumptions for delinquency roll rates, loss severities and the timing of losses. As and when needed, these vintage-based assumptions are supplemented with deal-specific information including, but not limited to, geographic distribution, realized loss severities, trigger status and scenario analysis.

36

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The Company has no direct exposure through investments in subprime mortgage loans. The Company’s exposure is through other investments, primarily in RMBS, as described above.

The following table presents information regarding the Company’s investments with subprime exposures:

(in millions)	Actual Cost		Book Adjusted Statement Value		Fair Value		OTTI Recognized to Date
December 31, 2023
In general account:
RMBS	$	810	$	791	$	903	$	(14	)
CDOs		101		117		113		—
Total subprime exposure	$	911	$	908	$	1,016	$	(14	)
December 31, 2022
In general account:
RMBS	$	868	$	842	$	963	$	(14	)
CDOs		74		88		83		—
Total subprime exposure	$	942	$	930	$	1,046	$	(14	)

The Company has no underwriting exposure to subprime mortgage risk through mortgage guaranty or financial guaranty insurance coverage.

8. DERIVATIVES

The Company has taken positions in certain derivative financial instruments to mitigate or hedge the impact of changes in interest rates, foreign currencies, equity markets, swap spreads, volatility, correlations and yield curve risk on cash flows from investment income, policyholder liabilities and equity. Financial instruments used by the Company for such purposes include interest rate swaps, interest rate swaptions, cross-currency swaps, futures and futures options on equity indices, and futures and futures options on government securities. The Company does not engage in the use of derivative instruments for speculative purposes and is neither a dealer nor trader in derivative instruments.

All derivative instruments are recognized in the financial statements. SSAP 108 allows special accounting treatment for limited derivatives hedging variable annuity guarantee benefits subject to fluctuation as a result of interest rate sensitivity. The special accounting provision permits reporting entities to utilize a form of macro-hedging in which a portfolio of variable annuity policies are jointly designated as the host contracts containing the hedge item, in a fair value hedge, pursuant to a Clearly Defined Hedging Strategy defined within VM-21.

At inception and on an ongoing basis, the hedging relationship must be highly effective in achieving offsetting changes in fair value attributed to the hedged risk during the period that the hedge is designated. The term “highly effective” describes a fair value hedge relationship where the change in fair value of the derivative instrument is within 80 to 125 percent of the opposite change in fair value of the hedged item attributed to the hedged risk.

SSAP 108 requires the Company use the same fair value definition that is used for its economic hedge target, which enables the Company to leverage the existing modeling and attribution platform currently in place for hedging analysis. In addition, the Company uses the VM-21 interest rate sensitivities measured at the beginning of the quarter to estimate the reserve movement attributed to interest rate movement, which leverages the existing modeling and attribution platform in place for Statutory analysis. These approaches and the overall use of the special accounting provision of SSAP 108 in 2022 and 2023 have received the approval of the TDI.

The Company uses a portfolio of interest rates swaps and swaptions to hedge the interest rate risk associated with a portfolio of guaranteed minimum withdrawal benefits (“GMWB”) riders on its variable annuities. This hedging relationship was highly effective and complied with the Clearly Defined Hedging Strategy of VM-21.

Under SSAP 108 all derivatives are reported at fair value. Fair value change in hedge instruments attributable to the hedged risk that offset the change in reserve attributable to the hedged risk is recognized as realized gain/loss in the current period there were no excludable components.

37

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

At December 31, 2023 and 2022, fair value of the derivatives was a liability of $455 million and $1.2 billion, full contract fair value was a liability of $1 billion and $1.7 billion and hedge target fair value was a liability of $963 million and $841 million. For the period ending December 31, 2023 and 2022, fair value change in hedge instruments attributable to the hedged risk that offset the change in reserve attributable to the hedged risk was a realized loss of $193 million and a realized gain $1 billion, respectively. Fair value change in hedge instruments attributable to the hedged risk that do not offset the change in reserve attributable to the hedged risk are recognized as deferred assets/liabilities in the current period and amortized over projected VA guarantees’ Macaulay Duration within the Standard Projection, but not more than 10 years. At December 31, 2023 and 2022, the fair value change in hedge instruments attributable to the hedged risk that do not offset the change in reserve attributable to the hedged risk was a deferred assets of $1.1 billion and deferred assets $739 million, respectively. For the periods ending December 31, 2023 and 2022, amortization was a realized loss of $93 million and a realized loss of $32 million, respectively. Fair value change in hedge instruments not attributable to the hedged risk are recognized as unrealized gain/loss, if any. All fair value changes in hedge instruments were attributable to the hedged risk for the period. Based on the currently liability profile, deferred asset/ liabilities are being amortized over 10 years.

Starting in 2022, the Company designated, under SSAP 86, certain foreign exchange derivatives as effective hedges of certain invested assets. During 2023, the Company also designated certain interest rate swaps as effective cash flow hedges of floating-rate investment assets. Derivatives not designated for hedge accounting are accounted for at fair value with the changes in fair value recorded in surplus as unrealized gains or losses, net of deferred taxes. The value of the Company’s exchange traded futures contracts relates to the one-day lag in the net cash settlement of these contracts.

The Company recognized a net unrealized capital gain of $167 million in 2023, an unrealized capital gain of $478 million in 2022 and an unrealized capital gain of $139 million in 2021, related to derivatives that did not qualify for hedge accounting.

Net cash collateral received for derivative transactions increased in the year 2023, as a result of increases in fair values of derivatives covered by an International Swaps and Derivative Association Master Agreement (“ISDA Master Agreement”) and Credit Support Annex provisions. At December 31, 2023, the Company held collateral for SSAP 86 and SSAP 108 derivatives of $1,861 million, which is invested in cash, cash equivalents and/or short-term investments.

Refer to Note 3 for disclosures related to net realized capital gains (losses).

Swaps, Options, and Futures

Interest rate or cross-currency swap agreements are agreements to exchange with a counterparty, at specified intervals, payments of differing character (for example, variable-rate payments exchanged for fixed-rate payments) or in different currencies, based on an underlying principal balance, notional amount. Generally no cash is exchanged at the outset of the contract and no principal payments are made by either party. A single net payment is usually made by one counterparty at each contractual payment due date, and this net payment is included in the Statutory Statement of Operations.

Options are contracts that grant the purchaser, for a premium payment, the right, but not the obligation, either to purchase or sell a financial instrument at a specified price within a specified period of time. The Company purchases call options on the S&P 500 Index to offset the risk of certain guarantees of specific equity-index annuity and universal life policy values. The Company also purchases put options on the S&P 500 Index to offset volatility risk arising from minimum guarantees embedded in variable annuities. The options are carried at fair value, with changes in fair value recognized in unrealized investment gains and losses.

Financial futures are contracts between two parties that commit one party to purchase and the other to sell a particular commodity or financial instrument at a price determined on the final settlement day of the contract. Futures contracts detail the quality and quantity of the underlying asset; they are standardized to facilitate trading on a futures exchange. Some futures contracts may call for physical delivery of the asset, while others are settled in cash. The Company uses futures contracts on Euro dollar deposits, U.S. Treasury Notes, U.S. Treasury Bonds, the S&P 500 Index, MidCap 400, Russell 2000, MSCI EAFE, foreign government debt securities, and foreign denominated equity indices to offset the risk of certain guarantees on annuity policy values.

38

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Interest Rate Risk

Interest rate derivatives are used to manage interest rate risk associated with certain guarantees of variable annuities and equity indexed annuities and certain bonds. The Company’s interest rate hedging derivative instruments include (1) interest rate swaps and swaptions; (2) listed futures on government securities; and (3) listed futures options on government securities; and (4) unlisted swaps and swaptions in U.S. Dollar Secured Overnight Financing Rate.

Currency Risk

Foreign exchange contracts used by the Company include cross-currency swaps, which are used to reduce risks from changes in currency exchange rates with respect to investments denominated in foreign currencies that the Company holds.

Equity Risk

Equity derivatives are used to mitigate financial risk embedded in certain insurance liabilities.

Credit Risk

The Company is exposed to credit-related losses in the event of non-performance by counterparties to financial instruments, but it does not expect any counterparties to fail to meet their obligations given their high credit ratings. For over-the-counter (“OTC”) derivatives, the Company’s net credit exposure is determined based on master netting agreements, which take into consideration all derivative positions with the counterparty, as well as collateral posted by the counterparty at the balance sheet date. The Company is exposed to credit risk when the net position with a particular counterparty results in an asset that exceeds collateral pledged by that counterparty.

For OTC contracts, the Company generally uses an ISDA Master Agreement and Credit Support Annexes with bilateral collateral provisions to reduce counterparty credit exposures. An ISDA Master Agreement is an agreement between two counterparties, which may cover multiple derivative transactions and such ISDA Master Agreement generally provides for the net settlement of all or a specified group of these derivative transactions, as well as transferred collateral, through a single payment, in a single currency, in the event of a default affecting any one derivative transaction or a termination event affecting all or a specified group of the transactions. The Company minimizes the risk that counterparties might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value and may require additional collateral to be posted upon the occurrence of certain events or circumstances. In the unlikely event of a failure to perform by any of the counterparties to these derivative transactions, there would not be a material effect on the Company’s admitted assets, liabilities or capital and surplus.

The Company has also entered into exchange-traded options and futures contracts. Under exchange-traded futures contracts, the Company agrees to purchase a specified number of contracts with other parties and to post or receive variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts. The parties with whom the Company enters into exchange-traded futures are regulated futures commission merchants who are members of a trading exchange. The credit risk of exchange-traded futures is partially mitigated because variation margin is settled daily in cash. Exchange-traded option contracts are not subject to daily margin settlements and amounts due to the Company based upon favorable movements in the underlying securities or indices are owed upon exercise.

39

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents the notional amounts, statement values and fair values of the Company’s derivative instruments:

	December 31, 2023						December 31, 2022
(in millions)	Contract or Notional Amount		Statement Value		Fair Value		Contract or Notional Amount		Statement Value		Fair Value
Assets:
Interest rate contracts	$	25,958	$	1,808	$	1,808	$	18,022	$	1,700	$	1,700
Foreign exchange contracts		6,641		679		679		5,190		822		826
Equity contracts		104,770		5,372		5,371		58,131		1,505		1,504
Other contracts		14		—		—		49		1		1
Derivative assets, gross		137,383		7,859		7,858		81,392		4,028		4,031
Counter party netting*		—		(5,975)		(5,975)		—		(3,562)		(3,562)
Derivative assets, net	$	137,383	$	1,884	$	1,883	$	81,392	$	466	$	469
Liabilities:
Interest rate contracts	$	31,308	$	2,070	$	2,063	$	22,448	$	2,653	$	2,653
Foreign exchange contracts		9,001		453		467		7,484		523		521
Equity contracts		43,063		4,403		4,403		39,808		1,193		1,193
Other contracts		47		2		2		—		—		—
Derivative liabilities, gross		83,419		6,928		6,935		69,740		4,369		4,367
Counter party netting*		—		(5,975)		(5,975)		—		(3,562)		(3,562)
Derivative liabilities, net	$	83,419	$	953	$	960	$	69,740	$	807	$	805

* Represents netting of derivative exposures covered by a qualifying master netting agreement.

The Company has a right of offset of its derivatives asset and liability positions with various counterparties.

The following table presents the effect of the right of offsets:

	December 31, 2023				December 31, 2022
(in millions)	Assets		Liabilities		Assets		Liabilities
Gross amount recognized	$	7,859	$	6,927	$	4,028	$	4,369
Amount offset		(5,975)		(5,975)		(3,562)		(3,562)
Net amount presented in the Statement of Admitted
Assets, Liabilities, and Capital and Surplus	$	1,884	$	952	$	466	$	807

40

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

9. INFORMATION ABOUT FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK AND FINANCIAL INSTRUMENTS WITH CONCENTRATIONS OF CREDIT RISK

The following table presents the Company’s derivative financial instruments with concentrations of credit risk:

	December 31, 2023						December 31, 2022
(in millions)	Contract or Notional Amount		Final  Maturity  Date				Contract or Notional Amount		Final Maturity  Date
Derivative assets:
Interest rate contracts	$	25,958		2056			$	18,022		2069
Foreign exchange contracts		6,641		2061				5,190		2061
Equity contracts		104,770		2028				58,131		2028
Credit contracts		—		—				—		—
Other contracts		14		2053				49		2042
Derivative liabilities:
Interest rate contracts		31,308		2071				22,448		2071
Foreign exchange contracts		9,001		2063				7,484		2060
Equity contracts		43,063		2025				39,808		2024
Other contracts		47		2042				—		—

The credit exposure to the Company’s derivative contracts is limited to the fair value of such contracts that are favorable to the Company at the reporting date.

The credit exposure to the Company’s derivative contracts aggregated $829.4 million and $848.9 million at December 31, 2023 and 2022, respectively.

10. FAIR VALUE INSTRUMENTS

Fair Value Measurements

The Company carries certain financial instruments at fair value. The Company defines the fair value of a financial instrument as the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company is responsible for the determination of the value of the investments carried at fair value and the supporting methodologies and assumptions.

The degree of judgment used in measuring the fair value of financial instruments generally inversely correlates with the level of observable valuation inputs. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Conversely, financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Pricing observability is affected by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction, liquidity and general market conditions

Fair Value Hierarchy

Assets and liabilities recorded at fair value are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:

• Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that the Company has the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. The Company does not adjust the quoted price for such instruments.

• Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

42

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

• Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, the Company must make certain assumptions as to the inputs a hypothetical market participant would use to value that asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In those cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value.

Bonds: Fair value is based principally on value from independent third-party valuation service providers, broker quotes and other independent information.

Preferred stocks: Fair value of unaffiliated preferred stocks is based principally on value from independent third-party service providers, broker quotes and other independent information.

Cash, cash equivalents and short term investments: Carrying amount approximate fair value because of the relatively short period of time between origination and expected realization and their limited exposure to credit risk.

Mortgage loans: Fair values are primarily determined by discounting future cash flows to the present at current market rates, using expected prepayment rates.

Contract loans: Carrying amounts, which approximate fair value, are generally equal to unpaid principal amount as of each reporting date. No consideration is given to credit risk because contract loans are effectively collateralized by the cash surrender value of the policies.

Securities lending reinvested collateral assets: Securities lending assets are generally invested in short-term investments and thus carrying amounts approximate fair values because of the relatively short period of time between origination and expected realizations.

Separate account assets: Variable annuity and variable universal life assets are carried at the market value of the underlying securities. Certain separate account assets related to market value adjustment fixed annuity contracts are carried at book value. Fair value is based principally on the value from independent third-party valuation service providers, broker quotes and other independent information.

Policy reserves and contractual liabilities: Fair value for investment contracts (those without significant mortality risk) not accounted for at fair value were estimated for disclosure purposes using discounted cash flow calculations based upon interest rates currently being offered for similar contracts with maturities consistent with those remaining for the contracts being valued. When no similar contracts are being offered, the discount rate is the appropriate swap rates (if available) or current risk-free interest rates consistent with the currency in which cash flows are denominated.

Payable for securities lending: Cash collateral received from the securities lending program is invested in short-term investments and the offsetting liability is included in payable for securities lending. The carrying amount of this liability approximates fair value because of the relatively short period between origination of the liability and expected settlement.

Receivables/payables for securities: Such amounts represent transactions of a short-term nature for which the statement value is considered a reasonable estimate of fair value.

42

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Fair Value Information about Financial Instruments Not Measured at Fair Value

The following table presents the aggregate fair values of the Company’s financial instruments not measured at fair value compared to their statement values:

(in millions)	Aggregate Fair Value		Admitted Assets or Liabilities		Level 1		Level 2		Level 3
December 31, 2023
Assets:
Bonds	$	102,685	$	112,112	$	22	$	84,726	$	17,937
Preferred stocks		79		76		—		79		—
Common stocks		196		196		—		196		—
Cash, cash equivalents and short-term investments		900		900		778		122		—
Mortgage loans		27,861		29,652		—		—		27,861
Contract loans		1,157		1,157		—		—		1,157
Derivatives		(46)		(39)				(46)
Receivables for securities		100		100		—		100		—
Separate account assets		19,068		21,379		—		19,068		—
Liabilities:
Policy reserves and contractual liabilities		13,330		13,439		—		79		13,251
Derivatives		—		—		—		—		—
Payable for securities		182		182		—		182		—
December 31, 2022
Assets:
Bonds	$	94,784	$	108,404	$	—	$	80,029	$	14,755
Preferred stocks		78		82		—		78		—
Common stocks		163		163		—		163		—
Cash, cash equivalents and short-term investments		951		951		564		387		—
Mortgage loans		23,082		25,131		—		—		23,082
Contract loans		1,138		1,138		—		—		1,138
Derivatives		5		2				5
Receivables for securities		73		73		—		73		—
Separate account assets		12,087		14,525		—		12,087		—
Liabilities:
Policy reserves and contractual liabilities		11,734		11,635		—		106		11,628
Derivatives		20		22				20
Payable for securities		369		369		—		369		—

43

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Valuation Methodologies of Financial Instruments Measured at Fair Value

Bonds

Bonds with NAIC 6 or 6* designations and redeemable preferred stocks with NAIC 4, 5 or 6 designations are carried at the lower of amortized cost or fair value. Perpetual preferred stocks are carried at fair value, not to exceed any currently effective call rate. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. Whenever available, the Company obtains quoted prices in active markets for identical assets at the balance sheet date to measure bonds at fair value. Market price data generally is obtained from exchange or dealer markets.

The Company estimates the fair value of securities not traded in active markets, by referring to traded securities with similar attributes, using dealer quotations, a matrix pricing methodology, discounted cash flow analyses or internal valuation models. This methodology considers such factors as the issuer’s industry, the security’s rating and tenor, its coupon rate, its position in the capital structure of the issuer, yield curves, credit curves, prepayment rates and other relevant factors. For bonds that are not traded in active markets or that are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments generally are based on available market evidence. In the absence of such evidence, management’s best estimate is used.

Fair values for bonds and preferred stocks based on observable market prices for identical or similar instruments implicitly include the incorporation of counterparty credit risk. Fair values for bonds and preferred stocks based on internal models incorporate counterparty credit risk by using discount rates that take into consideration cash issuance spreads for similar instruments or other observable information.

Common Stocks (Unaffiliated)

Whenever available, the Company obtains quoted prices in active markets for identical assets at the balance sheet date to measure equity securities at fair value. Market price data is generally obtained from exchanges or dealer markets.

Freestanding Derivatives

Derivative assets and liabilities can be exchange-traded or traded OTC. The Company generally values exchange-traded derivatives, such as futures and options, using quoted prices in active markets for identical derivatives at the balance sheet date.

OTC derivatives are valued using market transactions and other observable market evidence whenever possible, including market-based inputs to models, model calibration to market clearing transactions, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. When models are used, the selection of a particular model to value an OTC derivative depends on the contractual terms of, and specific risks inherent in, the instrument as well as the availability of pricing information in the market. The Company generally uses similar models to value similar instruments. Valuation models can require a variety of inputs, including contractual terms, market prices and rates, yield curves, credit curves, measures of volatility, prepayment rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, such as generic forwards, swaps and options, model inputs can generally be corroborated by observable market data by correlation or other means, and model selection does not involve significant management judgment.

Certain OTC derivatives trade in less liquid markets with limited pricing information, and the determination of fair value for these derivatives is inherently more difficult. When the Company does not have corroborating market evidence to support significant model inputs and cannot verify the model using market transactions, the transaction price is initially used as the best estimate of fair value. Accordingly, when a pricing model is used to value such an instrument, the model is adjusted so the model value at inception equals the transaction price. Subsequent to initial recognition, the Company updates valuation inputs when corroborated by evidence such as similar market transactions, independent third-party valuation services and/or broker or dealer quotations, or other empirical market data. When appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads and credit considerations. Such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used.

44

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Separate Account Assets

Separate account assets are comprised primarily of registered and open-ended variable funds that trade daily and are measured at fair value using quoted prices in active markets for identical assets. Certain separate account assets are carried at amortized cost.

45

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Assets and Liabilities Measured at Fair Value

The following table presents information about assets and liabilities measured at fair value:

(in millions)	Level 1		Level 2		Level 3		Counterparty Netting*			Total
December 31, 2023
Assets at fair value:
Bonds
All Other Government				—							—
Industrial and miscellaneous		—		14		6		—			20
Bank loans		—		—		—		—			—
Total bonds		—		14		6		—			20
Preferred stock
Industrial and miscellaneous		4		—		1		—			5
Total preferred stock		4		—		1		—			5
Common stock
Industrial and miscellaneous		—		—		—		—			—
Mutual funds		1		—		—		—			1
Total common stock		1		—		—		—			1
Derivative assets:
Interest rate contracts		—		1,401		408		—			1,809
Foreign exchange contracts		—		679		—		—			679
Equity contracts		6		4,665		700		—			5,371
Other Contracts		—		—		—					—
Counterparty netting		—		—				(5,975	)		(5,975	)
Total derivative assets		6		6,745		1,108		(5,975	)		1,884
Separate account assets		45,987		1,426		—		—			47,414
Total assets at fair value	$	45,998	$	8,185	$	1,115	$	(5,975	)	$	49,324
Liabilities at fair value:
Derivative liabilities:
Interest rate contracts	$	—	$	2,070	$	—	$	—		$	2,070
Foreign exchange contracts		—		414		—		—			414
Equity contracts		2		4,336		65		—			4,403
Credit contracts		—		—		—		—			—
Other contracts		—		—		2		—			2
Counterparty netting		—		—		—		(5,975	)		(5,975	)
Total derivative liabilities		2		6,820		67		(5,975	)		914
Total liabilities at fair value	$	2	$	6,820	$	67	$	(5,975	)	$	914
December 31, 2022
Assets at fair value:
Bonds
All Other Government				2						$	2
Industrial and miscellaneous	$	—	$	46	$	3	$	—		$	49
Total bonds		—		48		3		—			51
Preferred stock
Industrial and miscellaneous		4		—		7		—			11
Total preferred stock		4		—		7		—			11
Common stock
Industrial and miscellaneous		7		2		2		—			11
Mutual funds		—		—		—		—			—
Total common stock		7		2		2		—			11
Derivative assets:
Interest rate contracts		1		1,411		288		—			1,700
Foreign exchange contracts		—		821		—		—			821
Equity contracts		9		1,255		240		—			1,504
Other Contracts						1					1
Counterparty netting		—		—		—		(3,562	)		(3,562	)
Total derivative assets		10		3,487		529		(3,562	)		464
Separate account assets		43,653		1,523		—		—			45,176
Total assets at fair value	$	43,674	$	5,060	$	541	$	(3,562	)	$	45,713
Liabilities at fair value:
Derivative liabilities:
Interest rate contracts	$	—	$	2,653	$	—	$	—		$	2,653
Foreign exchange contracts		—		502		—		—			502
Equity contracts		2		1,174		16		—			1,192
Counterparty netting		—		—		—		(3,562	)		(3,562	)
Total derivative liabilities		2		4,329		16		(3,562	)		785
Total liabilities at fair value	$	2	$	4,329	$	16	$	(3,562	)	$	785

* Represents netting of derivative exposures covered by a qualifying master netting agreement.

46

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Changes in Level 3 Fair Value Measurements

The following tables present changes in Level 3 assets and liabilities measured at fair value and the gains (losses) related to the Level 3 assets and liabilities that remained on the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus:

(in millions)	Bonds			Preferred Stocks			Common Stocks			Derivative Assets			Total Assets			Derivative Liabilities
Balance, January 1, 2021	$	12		$	—		$	—		$	181		$	193		$	55
Total realized/unrealized capital gains or losses:
Included in net (loss) income		(9	)		14			10			(56	)		(41	)		7
Included in surplus		15			—			—			28			43			(49	)
Purchases, issuances and settlements		(43	)		(12	)		(10	)		258			193			9
Transfers into Level 3		38			4			—			52			94			—
Transfers out of Level 3		(2	)		—			—			(53	)		(55	)		—
Balance, December 31, 2021	$	11		$	6		$	—		$	410		$	427		$	22
Total realized/unrealized capital gains or losses:
Included in net (loss) income		13			—			—			(232	)		(219	)		(29	)
Included in surplus		(11	)		(1	)		—			(214	)		(226	)		(22	)
Purchases, issuances and settlements		(44	)		2			1			565			524			45
Transfers into Level 3		73			—			1			—			74			—
Transfers out of Level 3		(39	)		—			—			—			(39	)		—
Balance, December 31, 2022	$	3		$	7		$	2		$	529		$	541		$	16
Total realized/unrealized capital gains or losses:
Included in net (loss) income		(10	)		(7	)		—			(444	)		(461	)		(29	)
Included in surplus		—			1			—			329			330			30
Purchases, issuances and settlements		9			—			(2	)		694			701			50
Transfers into Level 3		4			—			—			—			4			—
Transfers out of Level 3		—			—			—			—			—			—
Balance, December 31, 2023	$	6		$	1		$	—		$	1,108		$	1,115		$	67

Assets are transferred out of Level 3 when circumstances change such that significant inputs can be corroborated with market observable data or when the asset is no longer carried at fair value. This may be due to a significant increase in market activity for the asset, a specific event, one or more significant inputs becoming observable or when a long-term interest rate significant to a valuation becomes short-term and thus observable. Transfers out of level 3 can also occur due to favorable credit migration resulting in a higher NAIC designation. Securities are generally transferred into Level 3 due to a decrease in market transparency, downward credit migration and an overall increase in price disparity for certain individual security types. The Company’s policy is to recognize transfers in and out at the end of the reporting period, consistent with the date of the determination of fair value.

In both 2023 and 2022, there were no transfers between Level 1 and Level 2 securities.

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized capital gains (losses) on instruments held at December 31, 2023 and 2022 may include changes in fair value that were attributable to both observable and unobservable inputs.

Quantitative Information About Level 3 Fair Value Measurements

The Company had no quantitative information about level 3 fair value measurements to report at December 31, 2023.

Gross Basis Fair Value Measurements

The following table presents the Company’s derivative assets and liabilities measured at fair value, on a gross basis, before counterparty and cash collateral netting:

(in millions)	Level 1		Level 2		Level 3		Total
December 31, 2023
Derivative assets at fair value	$	6	$	6,745	$	1,108	$	7,859
Derivative liabilities at fair value		(2)		(6,820)		(67)		(6,889)
December 31, 2022
Derivative assets at fair value	$	10	$	3,487	$	529	$	4,026
Derivative liabilities at fair value		(2)		(4,329)		(16)		(4,347)

47

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

11. AGGREGATE POLICY RESERVES AND DEPOSIT FUND LIABILITIES

The following table presents the Company’s reserves by major category:

(in millions)	Years ended December 31,
	2023			2022
Life insurance	$	41,544		$	41,157
Annuities (excluding supplementary contracts with life contingencies)		95,144			88,847
Supplementary contracts with life contingencies		371			480
Accidental death benefits		15			15
Disability - active lives		29			31
Disability - disabled lives		208			210
Excess of VM-21 reserves over basic reserves		111			18
Deficiency reserves		1,180			1,272
Other miscellaneous reserve		1,065			1,154
Gross life and annuity reserves		139,667			133,184
Reinsurance ceded		(25,967	)		(24,335	)
Net life and annuity reserves		113,700			108,849
Accident and health reserves
Unearned premium reserves		7			7
Present value of amounts not yet due on claims		192			193
Additional contract reserves		504			520
Gross accident and health reserves		703			720
Reinsurance ceded		(6	)		(9	)
Net accident and health reserves		697			711
Aggregate policy reserves	$	114,397			109,560

The following table presents the withdrawal characteristics of annuity actuarial reserves and deposit-type contract funds and other liabilities without life contingencies:

A. Individual Annuities:

	December 31, 2023
(in millions)	General account		Separate account with guarantees		Separate account non- guaranteed		Total		% of Total
(1) Subject to discretionary withdrawal :
a. With market value adjusted	$	44,316	$	3,563	$	—	$	47,879		38.34	%
b. At book value less current surrender charge of 5% or more		10,554		—		—		10,554		8.45	%
c. At fair value		—		26		29,877		29,903		23.95	%
d. Total with market adjustment or at fair value		54,870		3,589		29,877		88,336		70.74	%
e. At book value without adjustment   (minimal or no charge or adjustment)		22,365		—		12		22,377		17.92	%
(2) Not subject to discretionary withdrawal		14,102		—		60		14,162		11.34	%
(3) Total (gross: direct + assumed)	$	91,337	$	3,589	$	29,949	$	124,875		100.00	%
(4) Reinsurance ceded		244		—		—		244
(5) Total (net)* (3) - (4)	$	91,093	$	3,589	$	29,949	$	124,631
(6) Amount included in A(1)b above that will move to A(1)e in the year after statement date:	$	2,966	$	—	$	—	$	2,966

* Reconciliation of total annuity actuarial reserves and deposit fund liabilities.

48

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

B. Group Annuities:

		December 31, 2023
(in millions)		General account		Separate account with guarantees		Separate account non- guaranteed		Total		% of Total
(1)	Subject to discretionary withdrawal :
a. With market value adjusted		$	162	$	54	$	—	$	216		0.63	%
b. At book value less current surrender charge of 5% or more			30		—		—		30		0.09	%
c. At fair value			—		—		13,681		13,681		39.80	%
d. Total with market adjustment or at fair value			192		54		13,681		13,927		40.52	%
e. At book value without adjustment (minimal or no charge or adjustment)			2,108		—		—		2,108		6.13	%
(2)	Not subject to discretionary withdrawal		1,878		16,434		25		18,337		53.35	%
(3)	Total (gross: direct + assumed)	$	4,178	$	16,488	$	13,706	$	34,372		100.00	%
(4)	Reinsurance ceded		65		—		—		65
(5)	Total (net)* (3) - (4)	$	4,113	$	16,488	$	13,706	$	34,307
(6) Amount included in B(1)b above that will move to B(1)e in the year after statement date:		$	2	$	—	$	—	$	2

* Reconciliation of total annuity actuarial reserves and deposit fund liabilities.

C. Deposit-Type Contracts (no life contingencies):

		December 31, 2023
(in millions)		General account		Separate account with guarantees		Separate account non- guaranteed		Total		% of Total
(1)	Subject to discretionary withdrawal :
a. With market value adjusted		$	—	$	—	$	—	$	—		—	%
b. At book value less current surrender charge of 5% or more			—		—		—		—		—	%
c. At fair value			—		—		—		—		—	%
d. Total with market adjustment or at fair value			—		—		—		—		—	%
e. At book value without adjustment			537		—		8		545		3.87	%
	(minimal or no charge or adjustment)
(2)	Not subject to discretionary withdrawal		13,495		—		54		13,549		96.13	%
(3)	Total (gross: direct + assumed)	$	14,032	$	—	$	62	$	14,094		100.00	%
(4)	Reinsurance ceded		17		—		—		17
(5)	Total (net)* (3) - (4)	$	14,015	$	—	$	62	$	14,077
(6) Amount included in C(1)b above that will move to C(1)e in the year after statement date:		$	—	$	—	$	—	$	—

* Represents annuity reserves reported in separate accounts liabilities.

49

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Withdrawal characteristics of Life Actuarial Reserves as of December 31, 2023:

		December 31, 2023
		General Account						Separate Account - non-guaranteed
		Account		Cash value		Reserve		Account		Cash value		Reserve
(in millions)		value						value
A. Subject to discretionary withdrawal,
surrender values, or policy loans:
(1)	Term policies with cash value	$	—	$	642	$	3,239	$	—	$	—	$	—
(2)	Universal life		5,478		5,499		6,238		—		—		—
(3)	Universal life with secondary guarantees		1,641		1,453		7,987		—		—		—
(4)	Indexed universal life		743		665		730		—		—		—
(5)	Indexed universal life with secondary		1,833		1,187		1,842		—		—		—
	guarantees
(6)	Indexed life		—		—		—		—		—		—
(7)	Other permanent cash value life insurance		2,183		8,605		9,854		1,760		1,760		1,760
(8)	Variable life		—		—		—		—		—		—
(9)	Variable universal life		113		103		140		1,649		1,642		1,636
(10) Miscellaneous reserves			—		—		—		—		—		—
B. Not subject to discretionary withdrawal
or no cash values
(1)	Term policies without cash value		XXX		XXX	$	11,514		XXX		XXX	$	—
(2)	Accidental death benefits		XXX		XXX		15		XXX		XXX		—
(3)	Disability - active lives		XXX		XXX		29		XXX		XXX		—
(4)	Disability - disabled lives		XXX		XXX		208		XXX		XXX		—
(5)	Miscellaneous reserves		XXX		XXX		2,200		XXX		XXX		—
C. Total (gross: direct + assumed)		$	11,991	$	18,154	$	43,996	$	3,409	$	3,402	$	3,396
D. Reinsurance ceded			6,979		10,192		25,651		—		—		—
E. Total (net) (C) - (D)		$	5,012	$	7,962	$	18,345	$	3,409	$	3,402	$	3,396

12. SEPARATE ACCOUNTS

Separate Accounts

The separate accounts held by the Company consist primarily of variable life insurance policies and variable annuities. These contracts generally are non-guaranteed in nature such that the benefit is determined by the performance and/or market value of the investments held in the separate account. The net investment experience of the separate account is credited directly to the policyholder and can be positive or negative.

Certain other separate accounts relate to MVA fixed annuity contracts in which the assets are carried at amortized cost.

These policies are required to be held in the Company’s separate account by certain states, including Texas.

Certain other separate accounts relate to flexible premium adjustable life insurance and pension risk transfer annuities in which the assets are carried at amortized cost. These contracts provide the greater of guaranteed interest returns defined in the policy or interest in excess of the guaranteed rate as defined by the Company.

The Company does not engage in securities lending transactions within the separate accounts.

In accordance with the products/transactions recorded within the separate account, some assets are considered legally insulated whereas others are not legally insulated from the general account. The legal insulation of the separate account assets prevents such assets from being generally available to satisfy claims resulting from the general account.

General account reserves of $13 million and $7 million were established for the separate account reserve in excess of assets in subaccounts TFA1-B and TFA1-D, respectively.

50

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents separate account assets by product or transaction:

	December 31, 2023				December 31, 2022
(in millions)	Legally Insulated Assets		Separate Accounts Assets (Not Legally Insulated)		Legally Insulated Assets		Separate Accounts Assets (Not Legally Insulated)
Variable annuities	$	44,445	$	—	$	42,104	$	—
Variable life		2,969		—		3,073		—
Bank-owned life insurance – hybrid		503		—		482		—
Deferred annuities with MVA features		401		—		417		—
Pension risk transfer annuities		18,022		—		11,453		—
Annuities with MVA features		—		2,427		—		2,148
Fixed annuities excess interest adjustment features		—		25		—		24
Total	$	66,340	$	2,452	$	57,529	$	2,172

Some separate account liabilities are guaranteed by the general account. To compensate the general account for the risks taken, the separate accounts pay risk charges to the general account.

If claims were filed on all contracts, the current total maximum guarantee the general account would provide to the separate account as of December 31, 2023 and 2022 is $5.4 billion and $3.9 billion, respectively.

The separate account business seed money balances were $6 million and $0 million at December 31, 2023 and 2022, respectively.

The following table presents the risk charges paid by the separate accounts and the guarantees paid by the general account:

(in millions)	Risk Charge paid by the Separate Account		Guarantees Paid by the General Account
2023	$	558	$	65
2022		596		64
2021		539		36
2020		450		43
2019		383		35

51

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents information regarding the separate accounts:

(in millions)	Indexed		Non- indexed guarantee less than or equal to 4%		Non- indexed guarantee more than 4%		Non- guaranteed separate accounts		Total
December 31, 2023
Premiums, considerations or deposits	$	803	$	—	$	178	$	6,597	$	7,578
Reserves for accounts with assets at:
Market value	$	—	$	—	$	—	$	46,589	$	46,589
Amortized costs		2,611		17,306		617		—		20,534
Total reserves	$	2,611	$	17,306	$	617	$	46,589	$	67,123
By withdrawal characteristics:
Subject to discretionary withdrawal with MVA	$	2,611	$	17,179	$	617	$	—	$	20,407
At market value		—		—		—		46,488		46,488
Subtotal		2,611		17,179		617		46,488		66,895
Not subject to discretionary withdrawal		—		127		—		101		228
Total reserves	$	2,611	$	17,306	$	617	$	46,589	$	67,123
December 31, 2022
Premiums, considerations or deposits	$	434	$	—	$	41	$	4,964	$	5,439
Reserves for accounts with assets at:
Market value	$	—	$	—	$	—	$	44,187	$	44,187
Amortized costs		2,071		11,613		385		—		14,069
Total reserves	$	2,071	$	11,613	$	385	$	44,187	$	58,256
By withdrawal characteristics:
Subject to discretionary withdrawal with MVA	$	2,071	$	11,154	$	385	$	—	$	13,610
At market value		—		—		—		44,094		44,094
Subtotal		2,071		11,154		385		44,094		57,704
Not subject to discretionary withdrawal		—		458		—		93		551
Total reserves	$	2,071	$	11,612	$	385	$	44,187	$	58,255
December 31, 2021
Premiums, considerations or deposits	$	414	$	—	$	9	$	6,659	$	7,082
Reserves for accounts with assets at:
Market value	$	—	$	—	$	—	$	56,703	$	56,703
Amortized costs		1,805		9,370		361		—		11,536
Total reserves	$	1,805	$	9,370	$	361	$	56,703	$	68,239
By withdrawal characteristics:
Subject to discretionary withdrawal with MVA	$	1,805	$	8,840	$	361	$	—	$	11,006
At market value		—		—		—		56,565		56,565
Subtotal		1,805		8,840		361		56,565		67,571
Not subject to discretionary withdrawal		—		530		—		138		668
Total reserves	$	1,805	$	9,370	$	361	$	56,703	$	68,239

Reconciliation of Net Transfers to or from Separate Accounts

The following table presents a reconciliation of the net transfers to (from) separate accounts:

	Years Ended December 31,
(in millions)	2023		2022			2021
Transfers to separate accounts	$	7,578	$	5,439		$	7,082
Transfers from separate accounts		(5,500)		(4,330	)		(5,400	)
Net transfers to (from) separate accounts		2,078		1,109			1,682
Reconciling adjustments:
Deposit-type contracts		—		—			—
Total reconciling adjustments		—		—			—
Transfers as reported in the Statutory Statements of Operations	$	2,078	$	1,109		$	1,682

52

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

13. RESERVES FOR GUARANTEED POLICY BENEFITS AND ENHANCEMENTS

Variable annuity contracts may include certain contractually guaranteed benefits to the contract holder. These guaranteed features include GMDB that are payable in the event of death, and living benefits that are payable in the event of annuitization, or, in other instances, at specified dates during the accumulation period. Living benefits include GMWB and, to a lesser extent, guaranteed minimum accumulation benefits (“GMAB”), which are no longer offered. A variable annuity contract may include more than one type of guaranteed benefit feature; for example, it may have both a GMDB and a GMWB. However, a policyholder generally can only receive payout from one guaranteed feature on a contract containing a death benefit and a living benefit, i.e. the features are mutually exclusive. A policyholder cannot purchase more than one living benefit on one contract.

Reserves for GMDB, GMIB and GMWB were included in the VACARVM reserves. Total reserves in excess of cash surrender value were $103.1 million and none at December 31, 2023 and 2022, respectively.

GMDB and GMIB

Depending on the product, the GMDB feature may provide a death benefit of either (a) total deposits made to the contract less any partial withdrawals plus a minimum return or (b) the highest contract value attained, typically on any anniversary date minus any subsequent withdrawals following the contract anniversary. GMIB guarantees a minimum level of periodic income payments upon annuitization. GMDB is the Company’s most widely offered benefit; variable annuity contracts may also include GMIB to a lesser extent, which is no longer offered.

GMWB

Certain of the Company’s variable annuity contracts offer optional GMWB. With a GMWB, the contract holder can monetize the excess of the guaranteed amount over the account value of the contract only through a series of withdrawals that do not exceed a specific percentage per year of the guaranteed amount. If, after the series of withdrawals, the account value is exhausted, the contract holder will receive a series of annuity payments equal to the remaining guaranteed amount, and, for lifetime GMWB products, the annuity payments continue as long as the covered person(s) are living.

14. PARTICIPATING POLICY CONTRACTS

Participating policy contracts entitle a policyholder to share in earnings through dividend payments. These contracts represented less than 1.0 percent of gross insurance in-force at December 31, 2023, 2022 and 2021, respectively. Policyholder dividends for the years ended December 31, 2023, 2022 and 2021 were $13 million, $10 million, and $13 million, respectively.

15. PREMIUM AND ANNUITY CONSIDERATIONS DEFERRED AND UNCOLLECTED

The following table presents the deferred and uncollected insurance premiums and annuity consideration (before deduction for amounts non-admitted):

	December 31, 2023							December 31, 2022
(in millions)	Gross			Net of Loading				Gross			Net of Loading
Ordinary new business	$	22		$	22			$	22		$	22
Ordinary renewal		(503	)		39				(416	)		132
Group life		(1	)		(1	)			(2	)		(2	)
Total	$	(482	)	$	60			$	(396	)	$	152

53

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

16. REINSURANCE

In the ordinary course of business, the Company utilizes internal and third-party reinsurance transactions to manage insurance risks and to facilitate capital management strategies. Long-duration reinsurance is effected principally under yearly renewable term treaties. Pools of highly-rated third party reinsurers are utilized to manage net amounts at risk in excess of retention limits. Reinsurance agreements do not relieve the Company of its direct obligations to insureds and beneficiaries. Thus, a credit exposure exists with respect to reinsurance ceded to the extent that any reinsurer fails to meet the obligations assumed under any reinsurance agreement. In addition, the Company assumes reinsurance from other insurance companies.

Reinsurance premiums assumed in 2023, 2022 and 2021 were $4.9 billion, $24.5 billion and $2.3 billion, respectively. Reinsurance premiums ceded in 2023, 2022 and 2021 were $2.5 billion, $2.7 billion and $3.3 billion, respectively. Additionally, reserves on reinsurance assumed were $9.8 billion, $5.5 billion and $4.5 billion at December 31, 2023, 2022 and 2021, respectively. The reserve credit taken on reinsurance ceded was $26.0 billion, $24.4 billion and $24.6 billion at December 31, 2023, 2022 and 2021, respectively. Amounts payable or recoverable for reinsurance on policy and contract liabilities are not subject to periodic or maximum limits. At December 31, 2023 and 2022, the Company’s reinsurance recoverables were $251 million and $270 million, respectively.

The Company does not have any reinsurance agreements in effect under which the reinsurer may unilaterally cancel any reinsurance for reasons other than for nonpayment of premium or other similar credits. The Company has no reinsurance agreements in effect such that the amount of losses paid or accrued through the statement date may result in a payment to the reinsurer of amounts which, in aggregate and allowing for offset of mutual credits from other reinsurance agreements with the same reinsurer, exceed the total revenue collected under the reinsured policies.

The Company previously entered into a reinsurance agreement with Hannover Life Reassurance Company of America (“Hannover”) effective July 1, 2016, under which the Company ceded blocks of whole life policies on a coinsurance with funds withheld basis and a block of current assumption universal life business on a yearly renewable term basis. Effective December 31, 2016, the Company recaptured certain term and universal life policies that had been ceded to AGC Life and concurrently amended and restated the July 1, 2016 reinsurance treaty (the “A&R Treaty”) with Hannover to add this in-force term and guaranteed universal life business on a coinsurance basis and additional current assumption universal life on a yearly renewable term basis.

54

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Effective March 31, 2023, the Company recaptured term life business issued from 2017 through 2019 that had previously been ceded to AGC Life on a coinsurance/modified coinsurance basis and concurrently amended the A&R Treaty with Hannover to add this in-force term life business on a coinsurance with funds withheld basis. The Company recognized the net benefit of the recapture and simultaneous cession as a direct credit to surplus of $93 million at March 31, 2023. This increase in surplus will be amortized to income over the life of the treaty.

(in millions)		March 31 Recapture  from AGC Life		March 31 Cession to  Hannover		Net Impact of   Reinsurance
Increase (Decrease)
Summary Of Operations
Premiums	$	1,538	$	(1,738)	$	(200)
Commissions on reinsurance ceded		(1,054)		1054		—
Reserve adjustments on reinsurance ceded		(484)		—		(484)
Total revenue	$	—	$	(684)	$	(684)
Increase in aggregate reserves for life contracts	$	1,054	$	(1,738)	$	(684)
Federal income tax expense (benefit)		(221)		221		—
Net income	$	(833)	$	833	$	—
Capital and Surplus Account
Change in surplus as a result of reinsurance	$	—	$	93	$	93

Effective September 30, 2023, the Company recaptured universal life business issued from 2017 through 2019 that had previously been ceded to AGC Life on a coinsurance/modified coinsurance basis and concurrently amended the A&R Treaty with Hannover to add this in-force universal life business on a coinsurance with funds withheld basis. The Company recognized the net benefit of the recapture and simultaneous cession as a direct credit to surplus of $253 million at September 30, 2023. This increase in surplus will be amortized to income over the life of the treaty.

(in millions)		Sept 30 Recapture  from AGC Life		Sept 30 Cession to  Hannover		Net Impact of   Reinsurance
Increase (Decrease)
Summary Of Operations
Premiums	$	2,092	$	(2,035)	$	57
Commissions on reinsurance ceded		(939)		939		—
Reserve adjustments on reinsurance ceded		(1,153)		—		(1,153)
Total Revenue	$	—	$	(1,096)	$	(1,096)
Increase in aggregate reserves for life contracts	$	939	$	(2,035)	$	(1,096)
Federal income tax expense (benefit)		(197)		197		—
Net Income	$	(742)	$	742	$	—
Capital and Surplus Account
Change in surplus as a result of reinsurance	$	—	$	253	$	253

55

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The Company previously ceded term and universal life insurance business issued from January 1, 2020 to December 31, 2021 to AGC Life on a coinsurance/modified coinsurance basis. Effective October 1, 2023, AGL recaptured this business, resulting in a $66 million decrease in the Company’s net income.

(in millions)		Oct 1 Recapture from  AGC Life
Increase (Decrease)
Summary Of Operations
Premiums	$		129
Commissions on reinsurance ceded			(83)
Reserve adjustments on reinsurance ceded			(46)
Total Revenue	$		—
Increase in aggregate reserves for life contracts	$		83
Federal income tax expense (benefit)			(17	)
Net Income	$		(66	)

The coinsurance/modified coinsurance agreements with AGC Life increased the Company’s pre-tax earnings by $63 million in 2023 (excluding the impact of recaptures). In 2022 and 2021, the coinsurance/modified coinsurance agreements with AGC Life increased the Company’s pre-tax earnings by $91 million and $333 million, respectively.

The Company has a modified coinsurance reinsurance agreement with VALIC, pursuant to which certain blocks of VALIC’s VA business are ceded to the Company. At December 31, 2023 and 2022, the liabilities resulting from the agreement and recorded in the accompanying financial statements were $19.9 billion and $22.4 billion, respectively. In 2023 and 2022, the agreement increased the Company’s pre-tax earnings by $319 million and $120 million (excluding initial accounting), respectively. Related to the agreement, included within Other income are assumed expense risk charges of $393 million and $88 million for 2023 and 2022, respectively.

As of December 31, 2023, and 2022, $22.0 billion and $23.9 billion of the Company’s reserves representing a mix of run-off life and annuity risks were ceded to Fortitude Reinsurance Company Ltd.(“Fortitude Re”) under modified coinsurance agreements.

The Company has an annuity coinsurance/modified coinsurance agreement with Corebridge Bermuda in which Corebridge Bermuda reinsures certain deferred annuity contracts issued between 2003 and 2007. The agreement is such that the Company retains and controls assets held in relation to the related reserve. At December 31, 2023 and 2022, the liabilities resulting from the agreement and recorded in the accompanying financial statements were $4.1 billion and $5.0 billion, respectively. In each of 2023, 2022 and 2021, the agreement decreased the Company’s pre-tax earnings by $1 million.

17. FEDERAL INCOME TAXES

Recent U.S. Tax Law Changes

On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022, which finances climate and energy provisions and an extension of enhanced subsidies under the Affordable Care Act with a 15%, CAMT, on adjusted financial statement income for corporations with profits over $1 billion, a 1% stock buyback tax, increased Internal Revenue Service (“IRS”) enforcement funding, and Medicare’s new ability to negotiate prescription drug prices. The AGC Life Insurance Company consolidated federal income tax return group, of which the Company is a member, has determined that as of the reporting date it is an applicable reporting entity for the CAMT.

Although the U.S. Treasury and IRS issued interim CAMT guidance during 2023, many details and specifics of application of the CAMT remain subject to future guidance. The Company’s estimated CAMT liability will continue to be refined based on future guidance.

56

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents the components of the net deferred tax assets and liabilities:

	December 31, 2023						December 31, 2022						Change
(in millions)	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary			Capital			Total
Gross DTA	$	3,478	$	1,993	$	5,471	$	3,280	$	2,472	$	5,752	$	198		$	(479	)	$	(281	)
Statutory valuation allowance adjustment		—		183		183		—		303		303		—			(120	)		(120	)
Adjusted gross DTA		3,478		1,810		5,288		3,280		2,169		5,449		198			(359	)		(161	)
DTA non-admitted		2,195		1,810		4,005		1,983		2,169		4,152		212			(359	)		(147	)
Net admitted DTA		1,283		—		1,283		1,297		—		1,297		(14	)		—			(14	)
DTL		119		—		119		210		—		210		(91	)		—			(91	)
Total	$	1,164	$	—	$	1,164	$	1,087	$	—	$	1,087	$	77		$	—		$	77

The following table presents the ordinary and capital DTA admitted assets as the result of the application of SSAP 101:

	December 31, 2023						December 31, 2022						Change
(in millions)	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary			Capital		Total
Admission calculation components
SSAP 101
Federal income taxes paid in prior years recoverable through loss carry backs	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—	$	—
Adjusted gross DTA expected to be realized (excluding amount of DTA from above) after application of the threshold limitation		1,164		—		1,164		1,087		—		1,087		77			—		77
1. Adjusted gross DTA expected to be realized following the reporting date		1,164		—		1,164		1,087		—		1,087		77			—		77
2. Adjusted gross DTA allowed per limitation threshold		—		—		1,164		—		—		1,299		—			—		(135	)
Adjusted gross DTA (excluding the amount of DTA from above) offset by gross DTL		119		—		119		210		—		210		(91	)		—		(91	)
DTA admitted as the result of application of SSAP 101	$	1,283	$	—	$	1,283	$	1,297	$	—	$	1,297	$	(14	)	$	—	$	(14	)

The following table presents the ratio percentage and amount of adjusted capital to determine the recovery period and threshold limitation amount:

	Years Ended December 31,
($ in millions)	2023			2022
Ratio percentage used to determine recovery period and threshold limitation amount		700	%		736	%
Amount of adjusted capital and surplus used to determine recovery period and threshold limitation amount	$	7,759		$	8,662

The Company has no tax planning strategies used in the determination of adjusted gross DTA’s or net admitted DTA’s.

The Company’s planning strategy does not include the use of reinsurance.

The Company is not aware of any significant DTLs that are not recognized in the statutory financial statements.

57

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following tables present the major components of the current income tax expense and net deferred tax assets (liabilities):

	Years Ended December 31,
(in millions)	2023			2022			2021
Current income tax expense
Federal	$	(52	)	$	518		$	1,421
Foreign		—			—			1
Subtotal		(52	)		518			1,422
Federal income tax on net capital gains (losses)		(170	)		(397	)		(3	)
Federal income tax incurred		(222	)		121			1,419
	Years Ended December 31,
(in millions)	2023			2022			Change
Deferred tax assets:
Ordinary:
Policyholder reserves	$	1,644		$	1,343		$	301
Investments		223			243			(20)
Deferred acquisition costs		1,133			1,080			53
Fixed assets		401			102			299
Policyholder Dividend Accruals		4			4			—
Compensation and benefits accrual		42			45			(3	)
Tax credit carryforward		—			—			—
Net operating loss carry-forward		1			435			(434	)
Other (including items less than 5% of total ordinary tax assets)		30			28			2
Subtotal		3,478			3,280			198
Non-admitted		2,195			1,983			212
Admitted ordinary deferred tax assets		1,283			1,297			(14	)
Capital:
Investments		1,993			2,472			(479	)
Subtotal		1,993			2,472			(479	)
Statutory Valuation Adjustment		183			303			(120	)
Non-admitted		1,810			2,169			(359	)
Admitted capital deferred tax assets		—			—			—
Admitted deferred tax assets		1,283			1,297			(14	)
Deferred tax liabilities:
Ordinary:
Deferred and uncollected premium		56			105			(49	)
Policyholder reserves		62			104			(42	)
General expense		—			—			—
Other (including items less than 5% of total ordinary tax liabilities)		1			1			—
Subtotal		119			210			(91	)
Capital:
Other (including items less than 5% of total capital tax liabilities)		—			—			—
Subtotal		—		$	—		$	—
Deferred tax liabilities		119			210			(91	)
Net deferred tax assets	$	1,164		$	1,087			77

58

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The change in net deferred income taxes is comprised of the following (this analysis is exclusive of non-admitted assets as the change in non-admitted assets and the change in net deferred income taxes are reported in separate components of capital and surplus):

(in millions)	Years Ended December 31,				Change
	2023		2022
Total adjusted deferred tax assets	$	5,288	$	5,449	$	(161)
Total deferred tax liabilities		119		210		(91)
Net adjusted deferred tax assets	$	5,169	$	5,239		(70)
Tax effect of unrealized gains (losses)						126
Change in net deferred income tax						56

The provision for incurred federal taxes is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The following table presents the significant items causing this difference:

	December 31, 2023						December 31, 2022						December 31, 2021
(in millions)	Amount			Effective Tax Rate			Amount			Effective Tax Rate			Amount			Effective Tax Rate
Income tax expense at applicable rate	$	(16	)		21.0	%	$	191			21.0	%	$	769			21.0	%
Change in valuation adjustment		(120	)		154.8			303			33.2			—			—
Disregarded entities		1			(1.2	)		(56	)		(6.2	)		(152	)		(4.3	)
Amortization of interest maintenance reserve		(82	)		105.5			(97	)		(10.4	)		21			0.6
Surplus adjustments		50			(65.0	)		(38	)		(4.2	)		(17	)		(0.5	)
Dividend received deduction		(26	)		33.2			(14	)		(1.6	)		(15	)		(0.4	)
Prior year return true-ups and adjustments		(84	)		108.5			(25	)		(2.8	)		(11	)		(0.3	)
Other permanent adjustments		(3	)		3.8			(8	)		(0.9	)		11			0.3
Change in non-admitted assets		10			(12.7	)		8			0.9			6			0.2
LTIP shortfall deduction		(8	)		10.7			(4	)		(0.4	)		2			0.1
Separation adjustment on pensions	$	—			—		$	(99	)		(10.9	)	$	—			—
Statutory income tax expense (benefit)	$	(278	)		358.6	%	$	161			17.7	%	$	614			16.7	%
Federal income taxes incurred	$	(222	)		286.4	%	$	121			13.3	%	$	1,419			38.7	%
Change in net deferred income taxes		(56	)		72.2			40			4.4			(805	)		(22.0	)
Total statutory income taxes	$	(278	)		358.6	%	$	161			17.7	%	$	614			16.7	%

At December 31, 2023, the Company had no foreign tax credit carryforwards.

At December 31, 2023, the Company had U.S federal operating loss carryforwards of $0.6 million.

At December 31, 2023, the Company had no capital loss carryforwards.

At December 31, 2023, the Company had no alternative minimum tax credits.

At December 31, 2023, the Company had no general business credit carryforwards.

At December 31, 2023, the Company had no CAMT credits.

The following table presents income tax incurred that is available for recoupment in the event of future net losses:

(in millions)
December 31,	Capital
2021	$	532
2022		—
2023		—
Total	$	532

In general, realization of DTAs depends on a company’s ability to generate sufficient taxable income of the appropriate character within the carryforward periods in the jurisdictions in which the net operating losses and deductible temporary differences were incurred. In accordance with the requirements established in SSAP 101, the Company assessed its

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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

ability to realize DTAs of $5.5 billion and concluded that $183 million valuation allowance was required at December 31, 2023. The Company had concluded that $303 million valuation allowance was required on the DTAs of $5.8 billion at December 31, 2022.

The Company had no deposits admitted under Internal Revenue Code Section 6603.

The following table presents a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits, excluding interest and penalties:

(in millions)	Years Ended December 31,
	2023		2022
Gross unrecognized tax benefits at beginning of year	$	7	$	7
Increases in tax position for prior years		—		—
Decreases in tax position for prior years		—		—
Gross unrecognized tax benefits at end of year	$	7	$	7

At December 31, 2023 and 2022, the amounts of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate were $7 million & $7 million, respectively.

Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. At December 31, 2023 and 2022, the Company had accrued liabilities of $(0.1) million, respectively, for the payment of interest (net of the federal benefit) and penalties. In 2023 and 2022, the Company did not recognize any expense of interest (net of the federal benefit) and penalties. In 2021, the Company recognized benefit of interest (net of the federal expense) and penalties of $7 million.

The Company regularly evaluates proposed adjustments by taxing authorities. At December 31, 2023, such proposed adjustments would not have resulted in a material change to the Company’s financial condition, although it is possible that the effect could be material to the Company’s results of operations for an individual reporting period. Although it is reasonably possible that a change in the balance of unrecognized tax benefits may occur within the next twelve months, based on the information currently available, the Company does not expect any change to be material to its financial condition.

The Company is currently under IRS examinations for the taxable years 2011-2019 and engaging in the IRS Appeals process in regard to years 2007-2010. Although the final outcome of possible issues raised in any future examination are uncertain, the Company believes that the ultimate liability, including interest, will not materially exceed amounts recorded in the financial statements. The Company’s taxable years 2007-2022 remain subject to examination by major tax jurisdictions.

The Company is not subject to the repatriation transition tax for the year ended December 31, 2023.

For the period prior to the Corebridge IPO on September 19, 2022, the Company joined in the filing of a consolidated federal income tax return with AIG. For the period following the IPO, the Company will join with AGC Life, VALIC, USL and Corebridge Bermuda in filing a consolidated life company federal income tax return.

The Company has a written agreement with both parent entities, AIG and AGC Life, under which each subsidiary agrees to pay the parent company an amount equal to the consolidated federal income tax expense multiplied by the ratio that the subsidiary’s separate return tax liability bears to the consolidated tax liability, plus one hundred percent of the excess of the subsidiary’s separate return tax liability over the allocated consolidated tax liability. Both AIG and AGC Life agree to pay each subsidiary for the tax benefits, if any, of net operating losses, net capital losses and tax credits which are not usable by the subsidiary but which are used by other members of the consolidated group.

The Company may be charged with a portion of CAMT incurred by the AGC Life consolidated group (or credited with a portion of the consolidated group’s CAMT credit utilization).

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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

18. CAPITAL AND SURPLUS

RBC standards are designed to measure the adequacy of an insurer’s statutory capital and surplus in relation to the risks inherent in its business. The RBC standards consist of formulas that establish capital requirements relating to asset, insurance, business and interest rate risks. The standards are intended to help identify companies that are under-capitalized, and require specific regulatory actions in the event an insurer’s RBC is deficient. The RBC formula develops a risk-adjusted target level of adjusted statutory capital and surplus by applying certain factors to various asset, premium and reserve items. Higher factors are applied to more risky items and lower factors are applied to less risky items. Thus, the target level of statutory surplus varies not only because of the insurer’s size, but also on the risk profile of the insurer’s operations. At December 31, 2023, the Company exceeded RBC requirements that would require any regulatory action.

The Company is subject to the Texas Insurance Code (“TIC”), which imposes certain restrictions on shareholder dividends. Pursuant to TIC 823.107, the maximum amount of dividends in a 12-month period, measured retrospectively from the date of payment, which can be paid by the Company without prior approval of the Texas Insurance Commissioner (the “Commissioner”), is the greater of (i) 10% of its policyholder surplus as of the end of the immediately preceding calendar year; or (ii) its net gain from operations for the immediately preceding calendar year (excluding realized gains), not including pro rata distributions of such insurance company’s own securities. The Company will be permitted to pay a dividend to its shareholder in excess of the greater of such two amounts (i.e., an extraordinary dividend) only if it files notice of the declaration of such an extraordinary dividend and the amount thereof with the Commissioner and the Commissioner either approves the distribution of the extraordinary dividend or does not disapprove the distribution within 30 days of its filing. In addition, any dividend that exceeds earned surplus (“unassigned funds (surplus)”) calculated as of the most recent financial information available would require the filing of a notice of an extraordinary dividend with the Commissioner.

The maximum amount, before considering the dividend test discussed below, that would qualify as an ordinary dividend, which would consequently be free from restriction and available for payment of dividends to AGC Life (as immediate parent company), by the Company in 2024 is $892 million. The estimated ordinary dividend capacity of the Company is further limited by the fact that the dividend test under Texas insurance law is based on dividends previously paid over a rolling twelve-month period. Consequently, depending on the actual payment dates during 2024, some or all of the dividends estimated to be ordinary in 2024 may require regulatory approval or non-disapproval. Dividend payments in excess of positive retained earnings are classified and reported as a return of capital.

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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Dividends are paid as determined by the Board of Directors and are noncumulative. The following table presents the dividends paid by the Company during 2023, 2022 and 2021:

Date	Type	Cash or Non-cash	Amount (in millions)
2023
March 27, 2023	Ordinary	Cash	$	500
June 20, 2023	Ordinary	Cash		500
September 19, 2023	Ordinary	Cash		500
December 20 2023	Ordinary	Cash		481
December 20 2023	Extraordinary	Cash		19
2022
March 28, 2022	Ordinary	Cash	$	400
June 24, 2022	Ordinary	Cash		400
2021
March 15, 2021	Ordinary	Cash	$	199
June 15, 2021	Ordinary	Cash		266
September 24, 2021	Ordinary	Cash		214
December 22, 2021	Extraordinary	Non-Cash		295
December 27, 2021	Ordinary	Cash		71

The Company has 8,500 shares of $100 par value cumulative preferred stock authorized and outstanding at December 31, 2023.

19. RETIREMENT AND SHARE-BASED AND DEFERRED COMPENSATION

The Company does not directly sponsor any defined benefit or defined contribution plans and does not participate in any multi-employer plans.

Employee Retirement and Postretirement Benefit Plans

Certain employees and retirees of the Company participated in various AIG-sponsored defined benefit pension and postretirement plans. AIG, as sponsor, is ultimately responsible for the maintenance of these plans in compliance with applicable laws. The Company is not directly liable for obligations under these plans; its obligation results from AIG’s allocation of the Company’s share of expenses from the plans based on participants’ earnings for the pension plans and on estimated claims less contributions from participants for the postretirement plans.

The following table presents information about employee-related costs (expense credits) allocated to the Company:

	Years Ended December 31,
(in millions)	2023		2022			2021
Defined benefit plans	$	7	$	(9	)	$	(11)
Postretirement medical and life insurance plans		—		1			1
Total	$	7	$	(8	)	$	(10)

Defined Contribution Plan

Prior to August 22, 2022, the Company’s employees participated in AIG’s qualified defined contribution plan that provided for contributions by employees, as well as an employer contribution. On August 22, 2022, participants’ accounts in the AIG plan were transferred to the Corebridge Financial Inc. Retirement Savings 401(k) Plan.

The 401(k) plan provides for pre-tax salary reduction contributions by its U.S. employees. Employer matching contributions of 100 percent were made on the first six percent of participant contributions, subject to IRS-imposed limitations, and an additional fully vested, non-elective, non-discretionary employer contribution equal to three percent of

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AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

the participant’s annual base compensation for the plan year, paid each pay period regardless of whether the participant currently contributes to the plan, and subject to the IRS-imposed limitations.

The Company’s pre-tax expense associated with this plan was $23 million, $28 million and $27 million in 2023, 2022 and 2021, respectively.

Share-based and Deferred Compensation Plans

Prior to the IPO, certain Corebridge employees received grants of equity awards under the AIG Long Term Incentive Plan (as amended) and its predecessor plan, the AIG 2013 Long Term Incentive Plan, which are governed by the AIG 2013 Omnibus Incentive Plan. The value of AIG equity awards are linked to the performance of AIG’s common stock. AIG granted equity awards to the Company’s employees primarily in the form of AIG restricted stock units (“RSUs”) but also granted AIG performance share units (“PSUs”) and AIG stock options to certain executives. AIG RSUs that were held by the Company’s active employees on September 14, 2022 (the pricing date for the IPO) were converted into RSUs linked to the performance of Corebridge stock (“Corebridge RSUs”), on terms and conditions that are substantially the same as the corresponding AIG RSUs, with the number of AIG RSUs adjusted in a manner intended to preserve their intrinsic value as of immediately before and immediately following the conversion (subject to rounding).

Following the IPO, the Company’s employees participate in several stock compensation programs under the Corebridge Financial, Inc. Long-term Incentive Plan (each as applicable, the “LTIP”), which are governed by the Corebridge Financial, Inc. 2022 Omnibus Incentive Plan, as amended and restated on February 16, 2023. Corebridge’s LTIP provides for an annual award to certain employees, including senior executive officers and other highly compensated employees, that may comprise a combination of one or more of the following units: RSUs or stock options. RSUs and stock options are earned based solely on continued service by the participant and vesting occurs in three equal installments on the first, second and third anniversaries of the grant date.

The Company recognized compensation expenses of $23 million, $31 million and $28 million for the years ending December 31, 2023, 2022 and 2021, respectively, on the grant date of the awards.

20. DEBT

The Company is a member of the Federal Home Loan Bank (“FHLB”) of Dallas. Membership with the FHLB provides the Company with collateralized borrowing opportunities, primarily as an additional source of liquidity or for other uses deemed appropriate by management. The Company’s ownership in the FHLB stock is reported as common stock.

Pursuant to the membership terms, the Company elected to pledge such stock to the FHLB as collateral for the Company’s obligations under agreements entered into with the FHLB.

Cash advances obtained from the FHLB are reported in and accounted for as borrowed money. The Company may periodically obtain cash advances on a same-day basis, up to a limit determined by management and applicable laws.

The Company is required to pledge certain mortgage-backed securities, government and agency securities and other qualifying assets to secure advances obtained from the FHLB. To provide adequate collateral for potential advances, the Company has pledged securities to the FHLB in excess of outstanding borrowings. Upon any event of default by the Company, the recovery by the FHLB would generally be limited to the amount of the Company’s liability under advances borrowed. The Company’s net borrowing capacity at December 31, 2023 is $2 billion

The following table presents the aggregate carrying value of stock held with the FHLB of Dallas and the classification of the stock:

	December 31,
(in millions)	2023		2022
Membership stock - Class B	$	7	$	7
Activity stock		183		141
Excess stock		5		15
Total	$	195	$	163
Actual or estimated borrowing capacity as determined by the insurer	$	6,536	$	5,525

The Company did not hold any Class A at December 31, 2023 or 2022.

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The following table presents the amount of collateral pledged, including FHLB common stock held, to secure advances from the FHLB:

	December 31, 2023				December 31, 2022
(in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Amount pledged	$	6,938	$	6,239	$	5,043	$	4,432
Maximum amount pledged during reporting period		7,070		6,098		5,131		4,486

The Company’s borrowing capacity determined quarterly based upon the borrowing limit imposed by statute in the state of domicile.

The following table presents the outstanding funding agreements and maximum borrowings from the FHLB:

	December 31,
(in millions)	2023		2022
Amount outstanding	$	4,475	$	3,448
Maximum amount borrowed during reporting period	$	4,475	$	3,448

While the funding agreements are presented herein to show all amounts received from FHLB, the funding agreements are treated as deposit-type contracts, consistent with the other funding agreements for which the Company’s intent is to earn a spread and not to fund operations. The Company had no debt outstanding with the FHLB at December 31, 2023 or 2022.

The following table reflects the principal amounts of the funding agreements issued to the FHLB:

(in millions)
Funding Agreements	Date Issued	Amounts
10-year floating rate	February 15, 2018	$	1,148
10-year floating rate	February 15, 2018		1,277
10-year floating rate	February 15, 2018		175
10-year floating rate	February 6, 2018		87
10-year floating rate	January 25, 2018		31
10-year floating rate	May 23, 2017		52
10-year floating rate	January 31, 2017		67
10-year floating rate	January 12, 2017		57
10-year floating rate	June 14, 2016		254
5-year fixed rate	August 25, 2022		300
5-year fixed rate	March 01, 2023		506
5-year fixed rate	September 12, 2023		521

21. COMMITMENTS AND CONTINGENCIES

Commitments

The Company had commitments to provide funding to various limited partnerships totaling $2.9 billion and at December 31, 2023 and $3.2 billion at December 31, 2022. The commitments to invest in limited partnerships and other funds may be called at the discretion of each fund, as needed and subject to the provisions of such fund’s governing documents, for funding new investments, follow-on investments and/or fees and other expenses of the fund. Of the total commitments at December 31, 2023, $1.4 billion are currently expected to expire in 2024, and the remainder by 2029 based on the expected life cycle of the related funds and the Company’s historical funding trends for such commitments.

At December 31, 2023 and 2022, the Company had $2.8 billion and $3.8 billion, respectively, of outstanding commitments related to various funding obligations associated with its investments in commercial mortgage loans. Of

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the total current commitments, $1.0 billion are expected to expire in 2024 and the remainder by 2036, based on the expected life cycle of the related loans and the Company’s historical funding trends for such commitments.

The Company has various long-term, noncancelable operating leases, primarily for office space and equipment, which expire at various dates over the next several years. At December 31, 2023, the future minimum lease payments under the operating leases are as follows:

(in millions)
2024	$	6
2025		6
2026		6
2027		2
2028		2
Thereafter		—
Total	$	22

Rent expense was $15 million, $16 million and $18 million in 2023, 2022 and 2021, respectively.

Contingencies

Legal Matters

Certain reinsurers have sought rate increases on certain yearly renewable term agreements. The Company is disputing the requested rate increases under these agreements. Certain reinsurers with whom the Company has disputes have initiated arbitration proceedings against the Company, and others may initiate them in the future. To the extent reinsurers have sought retroactive premium increases, the Company has accrued its current estimate of probable loss with respect to these matters.

AGL continues to defend against Moriarty v. American General Life Insurance Co. (S.D. Cal.), a putative class action involving Sections 10113.71 and 10113.72 of the California Insurance Code which was instituted against AGL on July 18, 2017. In general, those statutes require that for life-insurance policies issued and delivered in California: (1) the policy must contain a 60-day grace period during which the policy remains in force; (2) the insurer must provide a 30-day pre-lapse notice; and (3) the insurer must notify policy owners of the right to designate a secondary recipient for lapse notices. The Moriarty plaintiff contends AGL did not comply with these requirements for a policy issued before these statutes went into effect. The plaintiff seeks damages and other relief. AGL asserts various defenses to the plaintiff’s claims and to class certification. In 2022, the District Court held a trial was necessary to determine whether AGL was liable, and it denied class certification. In May 2023, the case was reassigned to a new judge. On August 14, 2023, the District Court granted the plaintiff’s motion for summary judgment on the plaintiff’s breach-of-contract claim. On September 26, 2023, the District Court decided that good cause exists to allow the plaintiff to file a third motion for class certification. At the same time, however, the District Court certified its August 14, 2013 order for interlocutory appeal to the Ninth Circuit and stayed trial-court proceedings pending the outcome of AGL’s appeal. The Ninth Circuit granted AGL’s petition for interlocutory appeal on November 21, 2023. Briefing in the Ninth Circuit appeal is expected to be complete in mid-2024, with a decision by the Ninth Circuit at some time after that.

AGL is defending other actions in California involving similar issues: Allen v. Protective Life Insurance Co. (E.D. Cal.), filed on June 6, 2022, in which the individual plaintiff filed a motion on August 11, 2023 seeking leave to amend the complaint to add class-action allegations against AGL; and Chuck v. American General Life Insurance Co. (C.D. Cal.), which was filed on September 6, 2023 as a putative class action. However, Plaintiff filed an amended complaint on January 8, 2024 dropping the class action allegation against AGL and adding a sales agent as a defendant.

These cases are in the early stages, and AGL expects their progress will be influenced by future developments in Moriarty and cases against other insurers involving the same statutes.

AGL has accrued its current estimate of probable loss with respect to these litigation matters.

Various other lawsuits against the Company have arisen in the ordinary course of business. The Company believes it is unlikely that contingent liabilities arising from such lawsuits will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

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Regulatory Matters

Various federal, state or other regulatory agencies may from time to time review, examine or inquire into the operations, practices and procedures of the Company, such as through financial examinations, subpoenas, investigations, market conduct exams or other regulatory inquiries. Based on the current status of pending regulatory examinations, investigations, and inquiries involving the Company, the Company believes it is not likely that these regulatory examinations, investigations, or inquiries will have a material adverse effect on the financial position, results of operations or cash flows of the Company.

Other Contingencies

All fifty states and the District of Columbia have laws requiring solvent life insurance companies, through participation in guaranty associations, to pay assessments to protect the interests of policyholders of insolvent life insurance companies. These state insurance guaranty associations generally levy assessments, up to prescribed limits, on member insurers in a particular state based on the proportionate share of the premiums written by member insurers in the lines of business in which the impaired, insolvent or failed insurer is engaged. Such assessments are used to pay certain contractual insurance benefits owed pursuant to insurance policies issued by impaired, insolvent or failed insurers. Some states permit member insurers to recover assessments paid through full or partial premium tax offsets. The Company accrues liabilities for guaranty fund assessments (“GFA”) when an assessment is probable and can be reasonably estimated. The Company estimates the liability using the latest information available from the National Organization of Life and Health Insurance Guaranty Associations. While the Company cannot predict the amount and timing of any future GFA, the Company has established reserves it believes are adequate for assessments relating to insurance companies that are currently subject to insolvency proceedings.

The Company accrued $41 million and $39 million for GFA at December 31, 2023 and 2022, respectively. The Company has recorded receivables of $31 million and $31 million at December 31, 2023 and 2022, respectively, for expected recoveries against the payment of future premium taxes.

During 1997 and 1998, the Company participated in a workers’ compensation underwriting pool with a third party insurance company. Both companies share equally in the pool. Collectively, the workers’ compensation business is assumed from over 50 ceding companies and retro-ceded to 15 programs. The business covers risks primarily from the 1997 and 1998 underwriting years but also includes risk from the 1996 underwriting year. There were no reinsurance recoverables on claim liabilities and reserves included in these financial statements related to the workers’ compensation business at both December 31, 2023 and 2022. While not included in these statutory financial statements, the Company is contingently liable for losses incurred by its 50 percent pool participant should that third party become insolvent or otherwise unable to meet its obligations under the pool agreement.

At December 31, 2023 and 2022, the Company had admitted assets of $62 million and $153 million, respectively, in premiums receivable due from policyholders (or agents). The Company routinely evaluates the collectability of these receivables. Based upon Company experience, the potential for any loss is not believed to be material to the Company’s financial condition.

The Company did not receive any business interruption insurance recoveries during the periods covered by this report.

22. RELATED PARTY TRANSACTIONS

Sale of Retail Mutual Funds Business

On February 8, 2021, Corebridge announced the execution of a definitive agreement with Touchstone Investments, Inc. (“Touchstone”), an indirect wholly owned subsidiary of Western & Southern Financial Group, to sell certain assets of its retail mutual funds business. This sale consisted of the reorganization of twelve of the retail mutual funds managed by the Company’s subsidiary SunAmerica Asset Management, LLC (“SAAMCo”) into certain Touchstone funds. Concurrently, the twelve retail mutual funds managed by SAAMCo, with $6.8 billion in assets, were reorganized into Touchstone funds. Additional consideration has been and may be earned over a three-year period based on asset levels in certain reorganized funds. Six retail mutual funds managed by SAAMCo and not included in the transaction were liquidated. Corebridge continues to retain its fund management platform and capabilities dedicated to its variable annuity insurance products.

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Events Related to AIG and Corebridge

Separation of Life and Retirement Business from AIG and Relationship with Blackstone

On September 19, 2022, Corebridge completed an IPO in which AIG sold 80 million shares of Corebridge common stock to the public. Since the IPO, AIG has sold 159.8 million shares of Corebridge common stock and Corebridge has repurchased 17.2 million shares of its common stock from AIG. As of December 31, 2023, AIG owns 52.2% of outstanding common stock of Corebridge.

On November 2, 2021, Argon Holdco LLC (“Argon”), a wholly-owned subsidiary of Blackstone, Inc. (“Blackstone”), acquired a 9.9% equity stake in Corebridge and Corebridge entered into a long-term asset management relationship with Blackstone ISG-1 Advisors L.L.C (“Blackstone IM”). Pursuant to the partnership, Corebridge initially transferred $50 billion in book value of assets in its consolidated investment portfolio to Blackstone IM, with that amount to increase to an aggregate of $92.5 billion by the third quarter of 2027. As of December 31, 2023, Blackstone IM managed approximately $55.4 billion in book value of assets in Corebridge’s investment portfolio.

Pursuant to the Stockholders’ Agreement that Corebridge entered into with AIG and Argon at the time of acquisition of Argon’s Corebridge equity stake, Argon may not sell its ownership interest in Corebridge subject to exceptions permitting Argon to sell 25%, 67% and 75% of its shares after the first, second and third anniversaries, respectively, of the IPO, with the transfer restrictions terminating in full on the fifth anniversary of the IPO. Also, until Argon no longer owns at least 50% of its initial investment in Corebridge, it will have the right to designate for nomination for election one member of the Corebridge Board of Directors.

Prior to the IPO, Corebridge and certain U.S. subsidiaries were included in the consolidated federal income tax return of AIG as well as certain state tax returns where AIG files on a combined or unitary basis. The provision for income taxes is calculated on a separate return basis. Following the IPO, AIG owns a less than 80% interest in Corebridge, resulting in tax deconsolidation of Corebridge from the AIG Consolidated Tax Group and in a small minority of state jurisdictions which follow federal consolidation rules, the most significant being Florida. In addition, under the applicable law, AGC Life and its directly owned life insurance subsidiaries (the “AGC Group”) will not be permitted to join in the filing of a U.S. consolidated federal income tax return with other subsidiaries (collectively, the “Non-Life Group”) for the five year waiting period. Instead, the AGC Group is expected to file separately as members of the AGC consolidated U.S. federal income tax return during the five-year waiting period. Following the five-year waiting period, the AGC Group is expected to join the U.S. consolidated federal income tax return with the Non-Life Group.

Investment Management Agreements with BlackRock

Since April 2022, certain of the Corebridge insurers, including the Company, entered into investment management agreements with BlackRock Financial Management, Inc. (“BlackRock”) and its investment advisory affiliates. Under the investment management agreements with BlackRock, Corebridge completed the transfer of the management of liquid fixed income and certain private placement assets to BlackRock in 2022. As of December 31, 2023, BlackRock managed approximately $85.3 billion in book value of assets in Corebridge’s consolidated investment portfolio. In addition, liquid fixed income assets associated with the Fortitude Re portfolio were separately transferred to BlackRock for management in 2023. The investment management agreements contain detailed investment guidelines and reporting requirements. These agreements also contain reasonable and customary representations and warranties, standard of care, expense reimbursement, liability, indemnity and other provisions.

American Home and National Union Guarantees

The Company has a General Guarantee Agreement with American Home Assurance Company (“American Home”), an indirect wholly owned subsidiary of AIG. Pursuant to the terms of this agreement, American Home has unconditionally and irrevocably guaranteed insurance policies the Company issued between March 3, 2003 and December 29, 2006.

The Company, as successor-in-interest to American General Life and Accident Insurance Company (“AGLA”) has a General Guarantee Agreement with American Home. Pursuant to the terms of this agreement, American Home has unconditionally and irrevocably guaranteed policies of insurance issued by AGLA between March 3, 2003 and September 30, 2010.

The Company, as successor-in-interest to SunAmerica Annuity and Life Assurance Company (“SAAL”) and SunAmerica Life Insurance Company (“SALIC”) has a General Guarantee Agreement with American Home. Pursuant to the terms of

67

this agreement, American Home has unconditionally and irrevocably guaranteed policies of insurance issued by SAAL and SALIC between January 4, 1999 and December 29, 2006.

The Company, as successor-in-interest to American General Life Insurance Company of Delaware, formerly known as AIG Life Insurance Company (“AIG Life”), has a General Guarantee Agreement with National Union Fire Insurance Company of Pittsburg, Pa. (“National Union”), an indirect wholly owned subsidiary of AIG. Pursuant to the terms of this agreement, National Union has unconditionally and irrevocably guaranteed insurance policies issued by AIG Life Holding, Inc. between July 13, 1998 and April 30, 2010.

Cut-Through Agreement

The Company and Corebridge Bermuda entered into a Cut-through Agreement in which insureds, their beneficiaries and owners were granted a direct right of action against the Company in the event Corebridge Bermuda becomes insolvent or otherwise cannot or refuses to perform its obligations under certain life insurance policies issued by Corebridge Bermuda. The Cut-through Agreement was approved by the TDI. The amount of the retained liability on Corebridge Bermuda’s books related to this agreement was approximately $320,000 and $330,000 for the years ending December 31, 2023 and 2022. The Company believes the probability of loss under this agreement is remote. No liability has been recognized in relation to this guarantee due to immateriality.

Affiliate Transactions

Effective January 1, 2011, the Company entered into a Reinsurance Agreement with AGC Life pursuant to which certain blocks of life business issued by the Company were ceded to AGC Life. The Reinsurance Agreement was non-disapproved by the TDI and Missouri Department of Commerce and Insurance (“MDCI”). Amendment 29 to the reinsurance agreement was approved by the TDI and MDCI effective December 31, 2020 to add certain term and universal life policies issued by AGL on or after January 1, 2020 to the reinsurance agreement. Amendment 29 was closed to new business as of December 31, 2021. Effective March 31, 2023, the Company recaptured certain XXX business issued from 2017 through 2019 from the treaty and concurrently ceded the business to an external reinsurer. Effective September 30, 2023, the Company recaptured certain AXXX business from the treaty issued from 2017 through 2019 and concurrently ceded the business to an external reinsurer. Effective October 1, 2023, the Company recaptured certain term and universal life business issued from 2020 through 2021 from the treaty.

Effective October 1, 2022, the Company entered into a modified coinsurance reinsurance agreement with VALIC, pursuant to which certain blocks of VALIC’s VA business were ceded to the Company. The ceded reserves and assets supporting the reserves remain on VALIC’s balance sheet, pursuant to the modified coinsurance structure. The business covered by the agreement includes substantially all of VALIC’s VA contracts, excluding those issued by VALIC in the State of New York and those that have been previously assumed (through reinsurance) by VALIC. At inception, VALIC ceded $22.9 billion of reserves and received a ceding commission of $1.5 billion from the Company representing the embedded profits in the business ceded. The majority of the initial ceding commission was recognized directly in surplus on an after-tax basis, while a portion of the ceding commission ($0.3 billion) was recognized as Commission and expense allowances on reinsurance ceded in the Summary of Operations as an offset to the related tax expense. The after-tax surplus impact will be amortized over the life of the treaty as the after-tax profits emerge on the reinsured business and will be recognized as Commission and expense allowances on reinsurance ceded in the Summary of Operations, offset by a corresponding charge to change in surplus as a result of reinsurance with no net impact on capital and surplus. After contract inception, the Company paid a ceding commission and expense allowance to reimburse VALIC for its commissions, related issue and policy administration expenses. The agreement was non-disapproved by the TDI. The agreement allows the Company and VALIC to more efficiently manage the reserve and capital requirements for their VA business.

In December 2022, the Company received capital contributions of $1.9 billion from AGC Life in connection with the Company and VALIC reinsurance transaction.

During 2023, the Company purchased $396 million and sold $10 million of securities, at fair market value, from or to one or more of its affiliates in the ordinary course of business.

On January 2, 2020, the Company sold its Houston Campus properties to an affiliate, 2929 REH, a newly formed limited liability company incorporated in the state of Texas. 2929 REH is owned by AIG Life Holdings, Inc. and Knickerbocker Corporation, a Texas corporation wholly owned by Corebridge Life Holdings. The sale of the properties is treated as a sale and leaseback transaction pursuant to SSAP 22R. The gain on sale of $253 million was recognized directly to

68

special surplus funds and is subsequently amortized to unassigned surplus over a 10 year period. Amortization for the years ending December 31, 2023 and 2022 was $25 million each year.

Corebridge Life Holdings issued two senior promissory notes to the Company in the amount of $150,000,000 and $200,000,000 (“2019 Promissory Notes”) respectively in exchange for cash. Each of the promissory notes was supported by a guarantee issued by AIG for the benefit of the Company, with maturity dates of five and four years, respectively, and interest rates of 2.52% and 2.40% per year, respectively. On December 30, 2019, the TDI issued a letter allowing AGL to record the total amounts due under each promissory note as an admitted asset for the period ending March 31, 2020 and in each subsequent quarter thereafter subject to certain conditions and in accordance with applicable provisions of SSAP No. 25. On August 1, 2023, the guarantee of these promissory notes was novated from AIG to Corebridge. Effective January 2, 2024, Corebridge Life Holdings amended and restated the $200,000,000 promissory note to the Company, extending the note term for five years and updating the interest rate to 5.314%. The amended and restated promissory note was supported by an amended and restated guarantee issued by Corebridge for the benefit of the Company. On January 8, 2024, the TDI issued a letter allowing the Company to record the total amounts due under the amended and restated promissory note as an admitted asset for the period ending March 31, 2024, and in each subsequent quarter thereafter subject to certain conditions and in accordance with applicable provisions of SSAP No. 25.

On May 18, 2022, SAFG Capital LLC, a subsidiary of Corebridge, issued a senior promissory to the Company in the amount of up to $150,000,000. The promissory note is supported by a guarantee issued by Corebridge for the benefit of the Company. The promissory note has a maturity date and a rate per annum equal to term SOFR plus a total spread as defined in the agreement.

In 2018, AGLIC Investments Bermuda Limited, a Bermuda corporation (“AGLIC Bermuda”) was formed by the Company as an investment subsidiary under Texas Insurance Code Section 823.255. The Company made capital contributions of $11 million, $76 million, and $263 million in 2023, 2022 and 2021, respectively. AGLIC Bermuda made distributions to the Company of $738 million in 2023, $214 million in 2022 and $113 million in 2021.

At December 31, 2023, the Company’s unfunded capital commitment to US Fund I, US Fund II, US Fund III, US Fund IV, Europe Fund I and Europe Fund II (which are managed by an affiliate) were approximately $86.9 million, $73.8 million, $73.3 million ,$142.1 million, $49.8 million and $83.7 million, respectively.

At December 31, 2022, the Company’s unfunded capital commitment to US Fund I, US Fund II, US Fund III, US Fund IV, Europe Fund I and Europe Fund II were approximately $86.9 million, $79 million, $191 million, $75.8 million, $47 million and $179 million, respectively.

Financing Agreements

On May 17, 2022, the Company and certain of its affiliates entered into a revolving loan facility with Corebridge, pursuant to which the Company and each such affiliate can, on a several basis, borrow monies from Corebridge (as lender) subject to the terms and conditions stated therein. Principal amounts borrowed under this facility may be repaid and re-borrowed, in whole or in part, from time to time, without penalty. However, the total aggregate amount of loans borrowed by all borrowers under the facility cannot exceed $500,000,000.The loan facility also sets forth individual borrowing limits for each borrower, with the Company’s maximum borrowing limit being $500,000,000.

At both December 31, 2023 and 2022, the Company did not have a balance outstanding under this facility.

69

Investments in Subsidiary, Controlled and Affiliated Entities

The following table presents information regarding the Company’s investments in non-insurance SCA entities as of December 31, 2023:

(in millions)	Gross  Amount			Non-  admitted Amount		Admitted Asset Amount			Date of NAIC Filing
AGL LOAN INVESTMENTS CORPORATION	$	69		$	—	$	69			5/7/2020
AIG Direct - SER B		1			1		—			NA
AIG Direct - SER A		1			1		—			NA
AGLIC INVESTMENTS BERMUDA LTD.		1			—		1			10/3/2020
AIG Direct - NON VOTING		1			1		—			NA
American Gen Annuity Svc Corp		—			—		—			NA
UG Corp COM		—			—		—			NA
AGL Alternative Holdings, LLC		270			—		270
SA Affordable Housing LLC		207			—		207			NA
SunAmerica Asset Management LLC		27			—		27			NA
Corebridge Commercial Real Estate Lending Holdings, LLC		2			—		2			NA
SunAmerica Investors 3, LP		65			—		65			NA
GRE LB Industrial Joint Venture II, LP		33			—		33			NA
Corebridge Europe Real Estate Fund II LR Feeder, LLC		95			—		95			NA
Bayshore PII Company LLC		9			—		9			NA
Corebridge U.S. Real Estate Fund IV Development Sidecar LP		48			—		48			NA
SPAIG North Williams, LLC		(3	)		—		(3	)		NA
Clinton Grand Holdings LLC		8			—		8			NA
AIG LIQUID ALTERNATIVE EQUITY ALPHA FUND, LLC		1			—		1			NA
Corebridge U.S. Real Estate Fund III, LP		154			—		154			NA
Corebridge U.S. Real Estate Fund IV, LP		179			—		179			NA
Touchdown MGP, LLC		—			—		—			NA
Corebridge Europe Real Estate Fund I S.C.SP		25			—		25			NA
Bayshore Shopping Center JV LLC		24			—		24			NA
Corebridge U.S. Real Estate Fund II, LP		102			—		102			NA
Corebridge REI LB Southeast Industrial JV LLC		74			—		74			NA
Corebridge U.S. Real Estate Fund I, LP		(26	)		—		(26	)		NA
Branch Retail Partners II, LP		(1	)		—		(1	)		NA
Corebridge Bartlett Investor II LLC		1			—		1			NA
Corebridge Papermill Investor II LLC		1			—		1			NA
Corebridge U.S. LT Apartments JV, LP		34			—		34			NA
Total	$	1,402		$	3	$	1,399

Operating Agreements

The Company has investments in a Liquidity Pool in which funds are managed by an affiliate, AIG Asset Management (U.S.), LLC, in the amount of $856 million and $585 million at December 31, 2023 and 2022, respectively.

Pursuant to service and expense agreements, AIG, Corebridge and affiliates provide, or cause to be provided, administrative, marketing, investment management, accounting, occupancy, and data processing services to the Company. The allocation of costs for services is based generally on estimated levels of usage, transactions or time incurred in providing the respective services. Generally, these agreements provide for the allocation of costs upon either the specific identification basis or a proportional cost allocation basis which management believes to be reasonable. In all cases, billed amounts pursuant to these agreements do not exceed the cost to AIG, Corebridge or the affiliate providing the service. The Company was charged $48 million, $69 million and $134 million under such agreements in 2023, 2022 and 2021, respectively.

70

Pursuant to an amended and restated investment advisory agreement, the majority of the Company’s invested assets are managed by an affiliate. The investment management fees incurred were $119 million in 2023, $112 million in 2022 and $102 million in 2021.

The majority of the Company’s Swap agreements are entered into with an affiliated counterparty, AIG Markets, Inc. and Corebridge Markets, Inc. (See Note 8).

Other

The Company engages in structured settlement transactions, certain of which involve affiliated property and casualty insurance companies that are subsidiaries of AIG. In a structured settlement arrangement, a property and casualty insurance policy claimant has agreed to settle a casualty insurance claim in exchange for fixed payments over either a fixed determinable period of time or a life contingent period. In such claim settlement arrangements, a casualty insurance claim payment provides the funding for the purchase of a single premium immediate annuity issued by the Company for the ultimate benefit of the claimant. In certain structured settlement arrangements, the affiliated property and casualty insurance company remains contingently liable for the payments to the claimant.

23. SUBSEQUENT EVENTS

Management considers events or transactions that occur after the reporting date, but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosures. The Company has evaluated subsequent events through April 18, 2024, the date the financial statements were issued.

On March 11, 2024, Corebridge entered into an Amendment and Waiver of Consent and Voting Rights (the “Amendment and Waiver”) with AIG and certain affiliates of Argon and Blackstone that (i) amends the Stockholders Agreement, dated as of November 2, 2021, between Corebridge, AIG and Argon such that Argon shall have no right to consent to any repurchase of shares of common stock of Corebridge, par value $0.01 per share (“Corebridge Common Stock”) if such repurchase would result in Argon owning, of record, more than 9.9% of the then-outstanding Corebridge Common Stock, provided that, no such repurchase will be permitted if it would result in Argon owning, of record, more than 14.9% of the then-outstanding Corebridge Common Stock and (ii) waives the right of Argon, Blackstone and certain of their affiliates to vote or act by written consent with respect to any shares of Corebridge Common Stock owned by them from time to time.

71

Supplemental Information

72

AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA

(in millions)	December 31, 2023
Investment income earned:
Government bonds	$	42
Other bonds (unaffiliated)		5,217
Bonds of affiliates		13
Preferred stocks (unaffiliated)		2
Common stocks (unaffiliated)		11
Common stocks of affiliates		25
Cash and short-term investments		57
Mortgage loans		1,449
Real estate		4
Contract loans		78
Other invested assets		335
Derivative instruments		(283)
Miscellaneous income		10
Gross investment income	$	6,960
Real estate owned - book value less encumbrances	$	75
Mortgage loans - book value:
Commercial mortgages	$	23,562
Residential mortgages		5,601
Mezzanine loans		844
Affiliated residential mortgages		—
Total mortgage loans	$	30,007
Mortgage loans by standing - book value:
Good standing	$	29,676
Good standing with restructured terms		307
Interest overdue more than 90 days, not in foreclosure		17
Foreclosure in process		7
Total mortgage loans	$	30,007
Partnerships - statement value	$	6,556
Bonds and stocks of parents, subsidiaries and affiliates - statement value:
Bonds	$	366
Common stocks		73
Bonds, short-term and cash equivalent bond investments by class and maturity:
Bonds, short-term and cash equivalent bond investments by maturity - statement value:
Due within one year or less	$	5,622
Over 1 year through 5 years		29,992
Over 5 years through 10 years		29,009
Over 10 years through 20 years		20,066
Over 20 years		27,574
Total maturity	$	112,263
Bonds, short-term and cash equivalent bond investments by class - statement value:
Class 1	$	67,401
Class 2		38,494
Class 3		3,480
Class 4		2,638
Class 5		225
Class 6		25
Total by class	$	112,263
Total bonds, short-term and cash equivalent bond investments publicly traded		52,674
Total bonds, short-term and cash equivalent bond investments privately traded		59,590
Preferred stocks - statement value	$	80
Common stocks - market value		266
Short-term investments - book value		122
Cash equivalents - book value		856
Options, caps and floors owned - statement value		1,414
Collar, swap and forward agreements open - statement value		(487)
Futures contracts open - current value		4
Cash on deposit		(78)

73

AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA - (Continued)

(in millions)	December 31, 2023
Life insurance in-force:
Industrial	$	696
Ordinary		263,929
Credit		—
Group		3,274
Amount of accidental death insurance in-force under ordinary policies		4,467
Life insurance policies with disability provisions in-force:
Industrial		195
Ordinary		37,623
Group life		30
Supplementary contracts in-force:
Ordinary - not involving life contingencies:
Amount on deposit		651
Income payable		299
Ordinary - involving life contingencies:
Amount on deposit		270
Income payable		113
Group - not involving life contingencies:
Amount on deposit		1
Annuities:
Ordinary:
Immediate - amount of income payable	$	1,408
Deferred, fully paid - account balance		71,226
Deferred, not fully paid - account balance		36,165
Group:
Amount of income payable		615
Fully paid - account balance		630
Not fully paid - account balance		15,587
Accident and health insurance - premiums in-force:
Other	$	64
Group		—
Credit		—
Deposit funds and dividend accumulations:
Deposit funds - account balance	$	8,907
Dividend accumulations - account balance		488
Claim payments in 2022
Group accident & health:
2023	$	—
2022		—
2021		—
2020		—
2019		—
Prior		166
Other accident & health:
2023		12
2022		(1	)
2021		(80	)
2020		(58	)
2019		(14	)
Prior		427

74

AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES

DECEMBER 31, 2023

(in millions)

1. The Company’s total admitted assets as of December 31, 2023 are $229.8 billion.

The Company’s total admitted assets, excluding separate accounts, as of December 31, 2023 are $161 billion.

2. Following are the 10 largest exposures to a single issuer/borrower/investment, by investment category, excluding: (i) U.S. Government, U.S. Government agency securities and those U.S. Government money market funds listed in the Appendix to the IAO Practices and Procedures Manual as exempt, (ii) property occupied by the Company, and (iii) policy loans:

Issuer	Description of Exposure	Amount		Percentage    of Total    Admitted    Assets
a.  Carlyle Group	OIA	$	1,513	0.90 %
b.  Senior Direct Lending Program LLC	BONDS		908	0.60
c.  Corebridge Real Estate Investors Inc.	OIA		769	0.50
d.  Amazon.com, Inc.	BONDS		602	0.40
e.  Duke Energy Corporation	BONDS		560	0.30
f.   American Electric Power Company, Inc.	BONDS		491	0.30
g.  Exelon Corporation	BONDS		491	0.30
h.  Southern Company, The	BONDS		458	0.30
i.   Microsoft Corporation	BONDS		438	0.30
j.   CVS Health Corporation	BONDS		429	0.30

3. The Company’s total admitted assets held in bonds and preferred stocks, by NAIC rating, are:

Bonds and Short-Term Investments							Preferred Stocks
NAIC Rating	Amount		Percentage of Total Admitted Assets				NAIC Rating	Amount		Percentage of Total Admitted Assets
NAIC - 1	$	67,401		41.90	%		P/RP - 1	$	76		—	%
NAIC - 2		38,494		23.90			P/RP - 2		4		—
NAIC - 3		3,480		2.20			P/RP - 3		—		—
NAIC - 4		2,638		1.60			P/RP - 4		—		—
NAIC - 5		225		0.10			P/RP - 5		1		—
NAIC - 6		25		—			P/RP - 6		—		—

4.  Assets held in foreign investments:

	Amount		Percentage of Total Admitted Assets
a.  Total admitted assets held in foreign investments	$	27,858		17.30	%
b.  Foreign currency denominated investments		11,584		7.20
c.  Insurance liabilities denominated in that same foreign currency		—		—

5. Aggregate foreign investment exposure categorized by NAIC sovereign rating:

	Amount		Percentage of Total Admitted Assets
a.  Countries rated NAIC - 1	$	25,729		16.00	%
b.  Countries rated NAIC - 2		1,471		0.90
c.  Countries rated NAIC - 3 or below		657		0.40

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AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES (Continued)

DECEMBER 31, 2023

(in millions)

6. Two largest foreign investment exposures to a single country, categorized by the country’s NAIC sovereign rating:

	Amount		Percentage of Total Admitted Assets
a. Countries rated NAIC - 1
Country 1: United Kingdom	$	6,489		4.00	%
Country 2: Cayman Islands		4,755		3.00
b. Countries rated NAIC - 2
Country 1: Mexico		467		0.30
Country 2: Indonesia		251		0.20
c. Countries rated NAIC - 3 or below
Country 1: Colombia		188		0.10
Country 2: British Virgin Islands		94		0.10

7. Aggregate unhedged foreign currency exposure:

	Amount		Percentage of Total Admitted Assets
Aggregate unhedged foreign currency exposure	$	11,584		7.20	%

 8.  Aggregate unhedged foreign currency exposure categorized by NAIC sovereign rating:

	Amount		Percentage of Total Admitted Assets
a. Countries rated NAIC - 1	$	11,577		7.20	%
b. Countries rated NAIC - 2		5		—
c. Countries rated NAIC - 3 or below		2		—

9. Two largest unhedged foreign currency exposures to a single country, categorized by the country’s NAIC sovereign rating:

	Amount		Percentage of Total Admitted Assets
a. Countries rated NAIC - 1
Country 1: United Kingdom	$	4,907		3.00	%
Country 2: Ireland		2,270		1.40
b. Countries rated NAIC - 2
Country 1: Peru		3		—
Country 2: Mexico		2		—
c. Countries rated NAIC - 3 or below
Country 1: Brazil		2		—
Country 2:		—		—

76

AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES (Continued)

DECEMBER 31, 2023

(in millions)

10. Ten largest non-sovereign (i.e. non-governmental) foreign issues:

		NAIC Rating	Amount		Percentage of Total Admitted Assets
a.	5555233	MORTGAGE LOAN	$	390		0.20	%
b.	Granite DEBTCO 9 Limited	MORTGAGE LOAN		314		0.20
c.	5555143	MORTGAGE LOAN		268		0.20
d.	5555184	MORTGAGE LOAN		255		0.20
e.	5555239	MORTGAGE LOAN		254		0.20
f.	Silver (BREDS)	Other invested Assest		245		0.20
g.	5555187	MORTGAGE LOAN		222		0.10
h.	Royal Dutch Shell plc	NAIC 1 - Bonds		221		0.10
i.	5555164	MORTGAGE LOAN		220		0.10
j.	5555138	MORTGAGE LOAN		210		0.10

11. Assets held in Canadian investments are less than 2.5% of the reporting entity’s total admitted assets.

12. Assets held in investments with contractual sales restrictions are less than 2.5 percent of the Company’s total admitted assets.

13. The Company’s admitted assets held in the ten largest equity interests (including investments in the shares of mutual funds, preferred stocks, publicly traded equity securities, and other equity securities and excluding money market and bond mutual funds listed in the Appendix to the SVO Practices and Procedures Manual as exempt or Class 1) are:

		Amount		Percentage of Total Admitted Assets
a.	Carlyle Group	$	1,513		0.90	%
b.	Corebridge Real Estate Investors Inc.		769		0.50
c.	Silver (BREDS)		245		0.20
d.	SUNAMERICA INVESTMENT INC.		233		0.10
e.	BLACKSTONE GROUP		202		0.10
f.	The Spiral		185		0.10
g.	GENERAL ATLANTIC		179		0.10
h.	TEACHERS INSUR & ANNUITY		142		0.10
i.	THOMA BRAVO LLC		138		0.10
j.	Think Investments LLC		130		0.10

77

AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES (Continued)

DECEMBER 31, 2023

(in millions)

 14. Assets held in nonaffiliated, privately placed equities:

		Amount		Percentage of Total Admitted Assets
Aggregate statement value of investment held in nonaffiliated, privately placed equities:		$	1,775		1.10	%
Largest three investments held in nonaffiliated, privately placed equities:
a.	Carlyle Alternative Opportunities Fund L.P.	$	368		0.20
b.	Silver (BREDS)		245		0.20
c.	The Spiral		185		0.10

Ten largest fund managers:
	Fund Manager	Total Invested		Diversified		Non- diversified
a.	Carlyle Group	$	1,513	$	1,513	$	—
b.	Corebridge Real Estate Investors Inc.		769		—		769
c.	Silver (BREDS)		245		—		245
d.	SUNAMERICA INVESTMENT INC.		233		233		—
e.	BLACKSTONE GROUP		202		202		—
f.	The Spiral		185		—		185
g.	GENERAL ATLANTIC		179		179		—
h.	TEACHERS INSUR & ANNUITY		142		142		—
i.	THOMA BRAVO LLC		138		138		—
j.	Think Investments LLC		130		130		—

15. Assets held in general partnership interests are less than 2.5 percent of the Company’s total admitted assets.

16. Mortgage loans reported in Schedule B, include the following ten largest aggregate mortgage interests. The aggregate mortgage interest represents the combined value of all mortgages secured by the same property or same group of properties:

		Amount		Percentage of Total Admitted Assets
a.	COMMERCIAL MORTGAGE LOAN, Loan No. 5555233, ESP	$	390		0.20	%
b.	COMMERCIAL MORTGAGE LOAN, Loan No. 8002341, NY		366		0.20
c.	COMMERCIAL MORTGAGE LOAN, Loan No. 8002930, CA		272		0.20
d.	COMMERCIAL MORTGAGE LOAN, Loan No. 5555143, GBR		268		0.20
e.	COMMERCIAL MORTGAGE LOAN, Loan No. 8002711, NJ		265		0.20
f.	COMMERCIAL MORTGAGE LOAN, Loan No. 5555184, GBR		255		0.20
g.	COMMERCIAL MORTGAGE LOAN, Loan No. 5555239, ESP		254		0.20
h.	COMMERCIAL MORTGAGE LOAN, Loan No. 8002917, NY		227		0.10
i.	COMMERCIAL MORTGAGE LOAN, Loan No. 5555187, GBR		222		0.10
j.	COMMERCIAL MORTGAGE LOAN, Loan No. 5555164, GBR		220		0.10

78

AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES (Continued)

DECEMBER 31, 2023

(in millions)

Amount and percentage of the reporting entity’s total admitted assets held in the following categories of mortgage loans:

	Amount		Percentage of Total Admitted Assets
a.  Construction loans	$	1,615		1.00	%
b.  Mortgage loans over 90 days past due		18		—
c.  Mortgage loans in the process of foreclosure		7		—
d.  Mortgage loans foreclosed		—		—
e.  Restructured mortgage loans		307		0.20

17. Aggregate mortgage loans having the following loan-to-value ratios as determined from the most current appraisal as of the annual statement date:

	Residential					Commercial					Agricultural
Loan-to-Value	Amount		Percentage of Total Admitted Assets			Amount		Percentage of Total Admitted Assets			Amount		Percentage of Total Admitted Assets
a.  above 95%	$	1		—	%	$	609		0.40	%	$	—		—	%
b.  91% to 95%		1		—			246		0.20			—		—
c.  81% to 90%		264		0.20			1,133		0.70			—		—
d.  71% to 80%		1,645		1.00			2,751		1.70			—		—
e.  below 70%		3,689		2.30			19,314		12.00			—		—

18. Assets held in each of the five largest investments in one parcel or group of contiguous parcels of real estate reported in Schedule A are less than 2.5 percent of the Company’s total admitted assets.

19. Assets held in mezzanine real estate loans are less than 2.5 percent of the Company’s total admitted assets.

20. The Company’s total admitted assets subject to the following types of agreements as of the following dates:

						Unaudited At End of Each Quarter
	At Year-End					Quarter		Quarter		Quarter
	Amount		Percentage of Total Admitted Assets			Amount		Amount		Amount
a.  Securities lending (do not include assets held as collateral      for such transactions)	$	—		—	%	$	—	$	—	$	—
b.  Repurchase agreements		2,036		1.30			2,436		120		39
c.  Reverse repurchase agreements		—		—			—		—		—
d.  Dollar repurchase agreements		—		—			—		—		—
e.  Dollar reverse repurchase agreements		—		—			—		—		—

79

AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES (Continued)

DECEMBER 31, 2023

(in millions)

21. The Company’s potential exposure to warrants not attached to other financial instruments, options, caps, and floors:

	Owned					Written
	Amount		Percentage of Total Admitted Assets			Amount		Percentage of Total Admitted Assets
a. Hedging	$	—		—	%	$	—		—	%
b. Income generation		—		—			—		—
c. Other		—		—			—		—

22. The Company’s potential exposure (defined as the amount determined in accordance with the NAIC Annual Statement Instructions) for collars, swaps, and forwards as of the following dates:

						Unaudited At End of Each Quarter
	At Year-End					1st Quarter		2nd Quarter		3rd Quarter
	Amount		Percentage of Total Admitted Assets			Amount		Amount		Amount
a. Hedging	$	752		0.50	%	$	715	$	718	$	806
b. Income generation		—		—			—		—		—
c. Replications		—		—			—		—		—
d. Other		—		—			—		—		—
23. The Company’s potential exposure (defined as the amount determined in accordance with the NAIC Annual Statement Instructions) for futures contracts as of the following dates:
						Unaudited At End of Each Quarter
	At Year-End					1st Quarter		2nd Quarter		3rd Quarter
	Amount		Percentage of Total Admitted Assets			Amount		Amount		Amount
a. Hedging	$	77		—	%	$	160	$	142	$	143
b. Income generation		—		—			—		—		—
c. Replications		—		—			—		—		—
d. Other		—		—			—		—		—

80

AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL SUMMARY INVESTMENT SCHEDULE

DECEMBER 31, 2023

(in millions)	Gross Investment Holdings						Admitted Assets as Reported in the Annual Statement
Investment Categories	Amount			Percentage			Amount			Securities Lending Reinvested Collateral Amount		Total Amount			Percentage
Bonds:
U.S. governments	$	1,321			0.9		$	1,321		$	—	$	1,321			0.9	%
All other governments		2,041			1.3			2,041		$	—		2,041			1.3
U.S. states, territories and possessions, etc. guaranteed		239			0.2			239		$	—		239			0.2
U.S. political subdivisions of states, territories, and possessions, guaranteed		210			0.1			210		$	—		210			0.1
U.S. special revenue and special assessment obligations, etc. non-guaranteed		5,392			3.5			5,392		$	—		5,392			3.5
Industrial and miscellaneous		98,249			63.5			98,249		$	—		98,249			63.5
Hybrid securities		377			0.2			377		$	—		377			0.2
Parent, subsidiaries and affiliates		366			0.2			366		$	—		366			0.2
Unaffiliated Bank loans		3,937			2.6			3,937		$	—		3,937			2.6
Total long-term bonds	$	112,132			72.5		$	112,132		$	—	$	112,132			72.5
Preferred stocks:
Industrial and miscellaneous (Unaffiliated)	$	80			0.1		$	80		$	—	$	80			0.1
Parent, subsidiaries and affiliates		—			—			—		$	—		—			—
Total preferred stocks	$	80			0.1		$	80		$	—	$	80			0.1
Common stocks:
Industrial and miscellaneous Publicly traded (Unaffiliated)	$	—			—		$	—		$	—	$	—			—
Industrial and miscellaneous Other (Unaffiliated)		196			0.1			196		$	—		196			0.1
Parent, subsidiaries and affiliates Publicly traded		1			—			1		$	—		1			—
Parent, subsidiaries and affiliates Other		72			0.1			68		$	—		68			—
Mutual funds		1			—			1		$	—		1			—
Total common stocks	$	270			0.2		$	266		$	—	$	266			0.1
Mortgage loans:
Farm mortgages	$	—			—		$	—		$	—	$	—			—
Residential mortgages		5,601			3.6			5,601		$	—		5,601			3.6
Commercial mortgages		23,562			15.2			23,562		$	—		23,562			15.2
Mezzanine real estate loans		844			0.6			844		$	—		844			0.6
Total valuation allowance		(355	)		(0.2	)		(355	)	$	—		(355	)		(0.2	)
Total mortgage loans	$	29,652			19.2		$	29,652		$	—	$	29,652			19.2
Real estate:
Properties occupied by company	$	—			—		$	—		$	—	$	—			—
Properties held for production of income		73			0.1			73		$	—		73			0.1
Properties held for sale		2			—			2		$	—		2			—
Total real estate	$	75			0.1		$	75		$	—	$	75			0.1
Cash, cash equivalents and short-term investments:
Cash	$	(78	)		(0.1	)	$	(78	)	$	—	$	(78	)		(0.1	)
Cash equivalents		856			0.6			856		$	—		856			0.6
Short-term investments		122			0.1			122		$	—		122			0.1
Total cash, cash equivalents and short-term investments		900			0.6			900		$	—		900			0.6
Contract loans		1,174			0.8			1,157		$	—		1,157			0.8
Derivatives		1,884			1.2			1,884		$	—		1,884			1.2
Other invested assets		6,457			4.2			6,456		$	—		6,456			4.2
Receivables for securities		100			0.1			100		$	—		100			0.1
Securities Lending		—			—			—			XXX		XXX			XXX
Other invested assets		1,985			1.3			1,985		$	—		1,985			1.3
Total invested assets	$	154,709			100.0		$	154,687		$	—	$	154,687			100	%

81

AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL SCHEDULE OF REINSURANCE DISCLOSURES

DECEMBER 31, 2023

The following information regarding reinsurance contracts is presented to satisfy the disclosure requirements in SSAP No. 61R, Life, Deposit-Type and Accident and Health Reinsurance, which apply to reinsurance contracts entered into, renewed or amended on or after January 1, 1996.

1. Has the Company reinsured any risk with any other entity under a reinsurance contract (or multiple contracts with the same reinsurer or its affiliates) that is subject to Appendix A-791, Life and Health Reinsurance Agreements, and includes a provision that limits the reinsurer’s assumption of significant risks identified in Appendix A-791?

Yes [ ] No [ X ]

If yes, indicate the number of reinsurance contracts to which such provisions apply: __________

If yes, indicate if deposit accounting was applied for all contracts subject to Appendix A-791 that limit significant risks.

Yes [ ] No [ ] N/A [ X ]

2. Has the Company reinsured any risk with any other entity under a reinsurance contract (or multiple contracts with the same reinsurer or its affiliates) that is not subject to Appendix A-791, for which reinsurance accounting was applied and includes a provision that limits the reinsurer’s assumption of risk?

Yes [ ] No [ X ]

If yes, indicate the number of reinsurance contracts to which such provisions apply: __________

If yes, indicate whether the reinsurance credit was reduced for the risk-limiting features.

Yes [ ] No [ ] N/A [ X ]

3. Does the Company have any reinsurance contracts (other than reinsurance contracts with a federal or state facility) that contain one or more of the following features which may result in delays in payment in form or in fact:

(a) Provisions that permit the reporting of losses to be made less frequently than quarterly;

(b) Provisions that permit settlements to be made less frequently than quarterly;

(c) Provisions that permit payments due from the reinsurer to not be made in cash within ninety (90) days of the settlement date (unless there is no activity during the period); or

(d) The existence of payment schedules, accumulating retentions from multiple years, or any features inherently designed to delay timing of the reimbursement to the ceding entity.

Yes [ ] No [ X ]

4. Has the Company reflected reinsurance accounting credit for any contracts that are not subject to Appendix A-791 and not yearly renewable term reinsurance, which meet the risk transfer requirements of SSAP No. 61R?

Type of contract:	Response:	Identify reinsurance contract(s):	Has the insured event(s) triggering contract coverage been recognized?
Assumption reinsurance – new for the reporting period	Yes [ ] No [ X ]		N/A
Non-proportional reinsurance, which does not result in significant surplus relief	Yes [ ] No [ X ]		N/A

82

AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL SCHEDULE OF REINSURANCE DISCLOSURES - (Continued)

DECEMBER 31, 2023

5.	Has the Company ceded any risk, which is not subject to Appendix A-791 and not yearly renewable term reinsurance, under any reinsurance contract (or multiple contracts with the same reinsurer or its affiliates) during the period covered by the financial statements, and either:
	(a) Accounted for that contract as reinsurance under statutory accounting principles (SAP) and as a deposit under generally accepted accounting principles (GAAP); or Yes [ ] No [ X ] N/A [ ] (b) Accounted for that contract as reinsurance under GAAP and as a deposit under SAP? Yes [ ] No [ X ] N/A [ ] If the answer to item (a) or item (b) is yes, include relevant information regarding GAAP to SAP differences from the accounting policy footnote to the audited statutory-basis financial statements to explain why the contract(s) is treated differently for GAAP and SAP below:

83