As filed with the Securities and Exchange Commission on April 10, 2015
Registration No. 333-194100; 811-08183
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-4
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
PRE-EFFECTIVE AMENDMENT NO. | ( ) |
POST-EFFECTIVE AMENDMENT NO. | ( 1 ) |
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 AMENDMENT NO. | (40) |
(Check appropriate box or boxes.)
VARIABLE ANNUITY–1 SERIES ACCOUNT
(Exact Name of Registrant)
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
(Name of Depositor)
50 Main Street
White Plains, New York 10606
(Address of Depositor’s Principal Executive Offices) (Zip Code)
Depositor’s Telephone Number, including Area Code:
(800) 537-2033
Louis J. Mannello, Jr.
President and Chief Executive Officer
Great-West Life & Annuity Insurance Company of New York
50 Main Street
White Plains, New York 10606
(Name and Address of Agent for Service)
Copy to:
Ann B. Furman, Esq.
Carlton Fields Jorden Burt, P.A.
1025 Thomas Jefferson Street, N.W., Suite 400 East
Washington, D.C. 20007-5208
Approximate Date of Proposed Public Offering: Upon the effective date of this Registration Statement.
It is proposed that this filing will become effective (check appropriate box):
___ Immediately upon filing pursuant to paragraph (b) of Rule 485
___ On [Date] pursuant to paragraph (b) of Rule 485
_X_60 days after filing pursuant to paragraph (a)(1) of Rule 485
___ On [Date] pursuant to paragraph (a)(1) of Rule 485.
If appropriate, check the following box:
___ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
Title of Securities Being Registered: Flexible Premium Deferred Variable Annuity Contracts
EXPLANATORY NOTE
Registrant is filing this Post-Effective Amendment No. 1 for the purpose of including in the registration statement a Contract amendment, a prospectus supplement relating to the Contract amendment, Part B, and Part C. In all other respects the registration statement (including the prospectus dated May 29, 2014) remains the same. This Post-Effective Amendment No. 1 does not otherwise delete, amend or supersede any information contained in the Registration Statement, except as expressly provided herein. This Post-Effective Amendment No. 1 incorporates by reference the information contained in Part A of Pre-Effective Amendment No. 1, filed on May 22, 2014.
SCHWAB ADVISOR CHOICE VARIABLE ANNUITYTM
Supplement dated May 1, 2015
to the Prospectus
dated May 29, 2014
for the Variable Annuity-1 Series Account
of Great-West Life & Annuity Insurance Company of New York
Effective immediately, the section entitled “Right to Cancellation Period” on page 12 of the Prospectus is deleted in its entirety and replaced with the following:
Right of Cancellation Period
After you receive your Contract, you may examine it for 10 days during which time you may cancel your Contract as described in more detail in this Prospectus. The money you contribute to the Contract will be invested at your direction. If you purchase the Contract as a replacement of an existing life insurance or annuity contract, your right of cancellation period will be extended to 60 days.
Effective immediately, the section entitled “Right of Cancellation Period” on page 20 of the Prospectus is deleted in its entirety and replaced with the following:
Right of Cancellation Period
During the ten day right of cancellation period, you may cancel your Contract. If you purchased your Contract as a replacement of an existing contract, the right of cancellation period is extended to 60 days from the date you received it. If you exercise your right of cancellation, you must return the Contract to the Retirement Resource Operations Center or an agent of Great-West. Contracts returned during the right of cancellation period will be void from the start.
Initial Contributions will be allocated to the Sub-Accounts you select in your application. During the right to cancel period, the Owner may change the Sub-Account allocations as well as the allocation percentages. If you exercise your right to cancel, we will refund your Annuity Account Value plus any charges and fees as of the Transaction Date the Request for cancellation is received. This amount may be higher or lower than your Contributions depending on the investment performance, which means you bear the risk until we receive your Contract and Request of cancellation.
This Supplement must be accompanied by or read in conjunction with the current Prospectus,
dated May 29, 2014. Please keep this Supplement for future reference.
VARIABLE ANNUITY-1 SERIES ACCOUNT
SCHWAB ADVISOR CHOICE VARIABLE ANNUITYTM
Individual Flexible Premium Deferred
Variable Annuity Contracts
issued by
Great-West Life & Annuity Insurance Company of New York
50 Main Street
White Plains, New York 10606
Telephone: (800) 537-2033
STATEMENT OF ADDITIONAL INFORMATION
This Statement of Additional Information is not a prospectus and should be read in conjunction with the Prospectus, dated May , 2015, which is available without charge by contacting the Retirement Resource Operations Center, P.O. Box 173921, Denver, Colorado 80217-3921 or at 1-1-877-723-8723.
The date of this Statement of Additional Information is
May , 2015.
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TABLE OF CONTENTS
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GENERAL INFORMATION
In order to supplement the description in the Prospectus, the following provides additional information about the Contracts and other matters which may be of interest to you. Terms not defined in this Statement of Additional Information have the same meanings as are defined in the Prospectus under the heading "Definitions."
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
AND THE VARIABLE ANNUITY-1 SERIES ACCOUNT
Great-West Life & Annuity Insurance Company of New York (the "Company" or "Great-West") (formerly known as First Great-West Life & Annuity Insurance Company, and before that as Canada Life Insurance Company of New York), the issuer of the Contract, is a New York corporation qualified to sell life insurance and annuity contracts in New York. It was qualified to do business on June 7, 1971. The Company is a wholly-owned subsidiary of Great-West Life & Annuity Insurance Company ("GWL&A"), a Colorado stock life insurance company. GWL&A is a wholly owned subsidiary of GWL&A Financial, Inc., a Delaware holding company. GWL&A Financial, Inc. is an indirect wholly-owned subsidiary of Great-West Lifeco Inc., a Canadian holding company. Great-West Lifeco Inc. is a subsidiary of Power Financial Corporation, a Canadian holding company with substantial interests in the financial services industry. Power Financial Corporation is a subsidiary of Power Corporation of Canada, a Canadian holding and management company. Through a group of private holding companies, The Desmarais Family Residuary Trust, which was created on October 8, 2013 under the Last Will and Testament of Paul G. Desmarais, has voting control of Power Corporation of Canada.
The assets allocated to the Variable Annuity-1 Series Account (the (“Series Account”) are the exclusive property of the Company. Registration of the Series Account under the Investment Company Act of 1940 does not involve supervision of the management or investment practices or policies of the Series Account or of the Company by the Securities and Exchange Commission. The Company may accumulate in the Series Account proceeds from charges under the Contracts and other amounts in excess of the Series Account assets representing reserves and liabilities under the Contract and other variable annuity contracts issued by the Company. The Company may from time to time transfer to its general account any of such excess amounts. Under certain remote circumstances, the assets of one Sub-Account may not be insulated from liability associated with another Sub-Account.
CALCULATION OF ANNUITY PAYOUTS
Variable Annuity Options
The Company converts the Accumulation Units for each Investment Segment Sub-Account held by you into Annuity Units at their values determined as of the end of the valuation period which contains the Annuity Commencement Date. The number of Annuity Units paid for each Investment Segment Sub-Account is determined by dividing the amount of the first payment by the Annuity Unit value on the first valuation date preceding the date the first payout is due. The number of Annuity Units used to calculate each payout for an Investment Segment Sub-Account remains fixed during the Annuity Payout Period.
The first payment under a variable annuity payout option will be based on the value of each Investment Segment Sub-Account on the first valuation date preceding the Annuity Commencement Date. We will determine it by applying the appropriate rate to the amount applied under the payout option. Payments after the first will vary depending upon the investment experience of the Investment Segment Sub-Accounts. The subsequent amount paid is determined by multiplying (a) by (b) where (a) is the number of Annuity Units to be paid and (b) is the Annuity Unit value on the first valuation date preceding the date the annuity payout is due. The total amount of each variable annuity payout will be the sum of the variable annuity payments for each Sub-Account.
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POSTPONEMENT OF PAYOUTS
With respect to amounts allocated to the Series Account, payout of any amount due upon a total or partial surrender, death or under an annuity option will ordinarily be made within seven days after all documents required for such payout are received by the Retirement Resource Operations Center. However, the determination, application or payout of any death benefit, Transfer, full surrender, partial withdrawal or annuity payout may be deferred to the extent dependent on Accumulation or Annuity Unit Values, for any period during which the New York Stock Exchange is closed (other than customary weekend and holiday closings) or trading on the New York Stock Exchange is restricted as determined by the Securities and Exchange Commission, for any period during which any emergency exists as a result of which it is not reasonably practicable for the Company to determine the investment experience of such Accumulation or Annuity Units or for such other periods as the Securities and Exchange Commission may by order permit for the protection of investors.
SERVICES
A. Safekeeping of Series Account Assets
The assets of the Series Account are held by Great-West. The assets of the Series Account are kept physically segregated and held separate and apart from the general account of Great-West. Great-West maintains records of all purchases and redemptions of shares of the underlying Portfolios. Additional protection for the assets of the Series Account is afforded by a financial institution bond that includes fidelity coverage issued to Great-West Lifeco Inc. and subsidiary companies in the amount of $50 million (Canadian) per occurrence and $100 million (Canadian) in the aggregate, which covers all officers and employees of Great-West.
B. Independent Registered Public Accounting Firm and Independent Auditors
Deloitte & Touche LLP, 555 Seventeenth Street, Suite 3600, Denver, Colorado 80202, serves as the Company’s independent auditor and serves as the Series Account’s independent registered public accounting firm. Deloitte & Touche LLP audits financial statements for the Company and the Series Account and provides other audit, tax, and related services.
The financial statements and financial highlights of each of the investment divisions of the Variable Annuity-1 Series Account of Great-West Life & Annuity Insurance Company of New York included in this Statement of Additional Information have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report appearing in the Registration Statement. Such financial statements and financial highlights have been so included in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.
The financial statements of Great-West Life & Annuity Insurance Company of New York included in this Statement of Additional Information have been audited by Deloitte & Touche LLP, independent auditors, as stated in their report appearing in the Registration Statement (which report expresses an unqualified opinion and includes an emphasis-of-matter paragraph referring to the financial statements which have been prepared from the separate records maintained by the Company and may not necessarily be indicative of the conditions that would have existed or the results of operations if the Company had been operated as an unaffiliated company). Such financial statements have been so included in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.
C. Principal Underwriter
The offering of the Contracts is made on a continuous basis by GWFS Equities, Inc. ("GWFS"), an affiliate of Great-West. GWFS is a Delaware corporation and is a member of FINRA. The Company does not anticipate
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discontinuing the offering of the Contract, although it reserves the right to do so. The Contract generally will be issued for Annuitants from birth to age eighty-five.
D. Administrative Services
Great-West and GWL&A have entered into an Administrative Services Agreement dated August 1, 2003, as amended. Pursuant to the agreement, GWL&A performs certain corporate support services, investment services and other back office administrative services for Great-West. In addition, certain of GWL&A's property, equipment, and facilities are made available for Great-West for its operations. All charges for services and use of facilities to the extent practicable reflect actual costs, and are intended to be in accordance with New York Insurance Laws.
Certain administrative services are provided by GWFS to assist Great-West in processing the Contracts. These services are described in written agreements between GWFS and Great-West.
WITHHOLDING
Annuity payouts and other amounts received under the Contract are subject to income tax withholding unless the recipient elects not to have taxes withheld. The amounts withheld will vary among recipients depending on the tax status of the individual and the type of payouts from which taxes are withheld.
Notwithstanding the recipient's election, withholding may be required with respect to certain payouts to be delivered outside the United States and with respect to certain distributions from certain types of qualified retirement plans, unless the proceeds are transferred directly to another qualified retirement plan. Moreover, special "backup withholding" rules may require the Company to disregard the recipient's election if the recipient fails to supply the Company with a taxpayer identification number ("TIN") (social security number for individuals), or if the Internal Revenue Service notifies the Company that the TIN provided by the recipient is incorrect.
Foreign Account Tax Compliance Act (“FATCA”)
We may be required to withhold at a rate of 30% under FATCA on certain distributions to foreign financial institutions and non-financial foreign entities holding accounts on behalf of and/or the assets of U.S. persons unless the foreign entities provide us with certain certifications regarding their status under FATCA on the applicable IRS forms. Prospective purchasers with accounts in foreign financial institutions or non-financial foreign entities are advised to consult with a competent tax advisor regarding the application of FATCA to their purchase situation.
FINANCIAL STATEMENTS
The financial statements of Great-West Life & Annuity Insurance Company of New York should be considered only as bearing upon Depositor's ability to meet its obligations under the Contracts, and they should not be considered as bearing on the investment performance of the Series Account. The variable interests of Contract Owners under the Contracts are affected solely by the investment results of the Series Account.
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Great-West Life & Annuity Insurance Company of New York (a wholly-owned subsidiary of Great-West Life & Annuity Insurance Company) Balance Sheets as of December 31, 2014 and 2013 and Related Statements of Income, Comprehensive Income, Stockholder’s Equity and Cash Flows for Each of the Three Years in the Period Ended December 31, 2014 and Independent Auditors’ Report | |
 | Deloitte & Touche LLP Suite 3600 555 Seventeenth Street Denver, CO 80202-3942 USA Tel: +1 303 292 5400 Fax: +1 303 312-4000 www.deloitte.com |
INDEPENDENT AUDITORS’ REPORT
To the Board of Directors and Stockholder of
Great-West Life & Annuity Insurance Company of New York White Plains, New York
We have audited the accompanying financial statements of Great-West Life & Annuity Insurance Company of New York (the "Company") (a wholly-owned subsidiary of Great-West Life & Annuity Insurance Company), which comprise the balance sheets as of December 31, 2014 and 2013, and the related statements of income, comprehensive income, stockholder’s equity, and cash flows for each of the three years in the period ended December 31, 2014, and the related notes to the financial statements.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes 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.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements 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, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Member of
Deloitte Touche Tohmatsu Limited
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Great-West Life & Annuity Insurance Company of New York as of December 31, 2014 and 2013, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2014, in accordance with accounting principles generally accepted in the United States of America.
Emphasis of Matter
As discussed in Note 1 to the financial statements, the accompanying financial statements have been prepared from separate records maintained by the Company and may not necessarily be indicative of conditions that would have existed or the results of operations if the Company had been operated as an unaffiliated company, as portions of certain expenses represent allocations made from affiliates.
March 31, 2015
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Balance Sheets
December 31, 2014 and 2013
(In Thousands, Except Share Amounts)
December 31, | ||||||||
2014 | 2013 | |||||||
Assets | ||||||||
Investments: | ||||||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $802,727 and $673,162) | $ | 833,705 | $ | 679,104 | ||||
Fixed maturities, held for trading, at fair value (amortized cost of $10,826 and $67,216) | 11,156 | 65,571 | ||||||
Mortgage loans on real estate (net of allowances of $100 and $100) | 97,624 | 95,152 | ||||||
Policy loans | 24,149 | 23,127 | ||||||
Short-term investments, available-for-sale (amortized cost of $23,807 and $26,778) | 23,807 | 26,778 | ||||||
Equity investments | 148 | 251 | ||||||
Total investments | 990,589 | 889,983 | ||||||
Other assets: | ||||||||
Cash | 625 | 1,078 | ||||||
Reinsurance receivable | 4,519 | 5,495 | ||||||
Deferred acquisition costs (“DAC”) | 15,481 | 12,761 | ||||||
Investment income due and accrued | 8,411 | 7,647 | ||||||
Deferred income tax assets, net | 3,304 | 11,196 | ||||||
Collateral under securities lending agreements | 13,741 | 11,177 | ||||||
Due from parent and affiliates | 4,452 | 1,218 | ||||||
Other assets | 4,556 | 3,996 | ||||||
Assets of discontinued operations | 240 | 408 | ||||||
Separate account assets | 599,324 | 542,384 | ||||||
Total assets | $ | 1,645,242 | $ | 1,487,343 | ||||
See notes to financial statements. (Continued)
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GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Balance Sheets
December 31, 2014 and 2013
(In Thousands, Except Share Amounts)
December 31, | ||||||||
2014 | 2013 | |||||||
Liabilities and stockholder’s equity | ||||||||
Policy benefit liabilities: | ||||||||
Future policy benefits | $ | 868,208 | $ | 788,355 | ||||
Policy and contract claims | 1,967 | 2,173 | ||||||
Policyholders’ funds | 2,457 | 2,188 | ||||||
Provision for policyholders’ dividends | 3,200 | 3,000 | ||||||
Undistributed earnings on participating business | 20,050 | 16,578 | ||||||
Total policy benefit liabilities | 895,882 | 812,294 | ||||||
General liabilities: | ||||||||
Due to parent and affiliates | 624 | 4,094 | ||||||
Payable under securities lending agreements | 13,741 | 11,177 | ||||||
Other liabilities | 6,926 | 7,063 | ||||||
Liabilities of discontinued operations | 240 | 408 | ||||||
Separate account liabilities | 599,324 | 542,384 | ||||||
Total liabilities | 1,516,737 | 1,377,420 | ||||||
Commitments and contingencies (See Note 12) | ||||||||
Stockholder’s equity: | ||||||||
Common stock, $1,000 par value, 10,000 shares | ||||||||
authorized; 2,500 shares issued and outstanding | 2,500 | 2,500 | ||||||
Additional paid-in capital | 56,350 | 56,350 | ||||||
Accumulated other comprehensive income | 12,654 | 2,259 | ||||||
Retained earnings | 57,001 | 48,814 | ||||||
Total stockholder’s equity | 128,505 | 109,923 | ||||||
Total liabilities and stockholder’s equity | $ | 1,645,242 | $ | 1,487,343 | ||||
See notes to financial statements. (Concluded)
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GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Statements of Income
Years ended December 31, 2014, 2013 and 2012
(In Thousands)
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues: | ||||||||||||
Premium income | $ | 13,455 | $ | 52,905 | $ | 8,847 | ||||||
Fee income | 11,735 | 8,331 | 6,169 | |||||||||
Other revenue | — | 7,355 | — | |||||||||
Net investment income | 37,243 | 31,117 | 30,594 | |||||||||
Realized investment gains (losses), net: | ||||||||||||
Total other-than-temporary losses | — | (273 | ) | (424 | ) | |||||||
Other-than-temporary (gains) losses transferred to other comprehensive income | — | — | 72 | |||||||||
Other realized investment gains (losses), net | 1,430 | 2,307 | 4,657 | |||||||||
Total realized investment gains (losses), net | 1,430 | 2,034 | 4,305 | |||||||||
Total revenues | 63,863 | 101,742 | 49,915 | |||||||||
Benefits and expenses: | ||||||||||||
Life and other policy benefits | 19,962 | 17,495 | 18,577 | |||||||||
(Decrease) increase in future policy benefits | (6,546 | ) | 38,011 | (4,746 | ) | |||||||
Interest paid or credited to contractholders | 15,784 | 13,398 | 12,932 | |||||||||
Provision for policyholders’ share of (losses) earnings on participating business | (1,041 | ) | 6,117 | (2,370 | ) | |||||||
Dividends to policyholders | 3,296 | 3,998 | 1,254 | |||||||||
Total benefits | 31,455 | 79,019 | 25,647 | |||||||||
General insurance expenses | 18,892 | 17,427 | 12,885 | |||||||||
Amortization of DAC | 1,184 | 608 | 2,379 | |||||||||
Total benefits and expenses | 51,531 | 97,054 | 40,911 | |||||||||
Income before income taxes | 12,332 | 4,688 | 9,004 | |||||||||
Income tax expense | 4,145 | 2,069 | 2,460 | |||||||||
Net income | $ | 8,187 | $ | 2,619 | $ | 6,544 | ||||||
See notes to financial statements.
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GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Statements of Comprehensive Income (Loss)
Years ended December 31, 2014, 2013 and 2012
(In Thousands)
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income | $ | 8,187 | $ | 2,619 | $ | 6,544 | ||||||
Components of other comprehensive income (loss) | ||||||||||||
Unrealized holding gains (losses) arising on available-for-sale fixed maturity investments | 20,782 | (24,933 | ) | 20,197 | ||||||||
Reclassification adjustment for (gains) losses realized in net income | (269 | ) | (2,672 | ) | (2,886 | ) | ||||||
Net unrealized gains (losses) related to investments | 20,513 | (27,605 | ) | 17,311 | ||||||||
Future policy benefits, DAC adjustments | (4,520 | ) | 4,805 | (6,100 | ) | |||||||
Other comprehensive income (loss) before income taxes | 15,993 | (22,800 | ) | 11,211 | ||||||||
Income tax expense (benefit) related to items of other comprehensive income | 5,598 | (7,979 | ) | 3,924 | ||||||||
Other comprehensive income (loss) (1) | 10,395 | (14,821 | ) | 7,287 | ||||||||
Total comprehensive income (loss) | $ | 18,582 | $ | (12,202 | ) | $ | 13,831 | |||||
(1) Other comprehensive income (loss) includes the non-credit component of impaired losses (gains) on fixed maturities available-for-sale, net of future policy benefits, DAC and income taxes, in the amounts of $(47), $665 and $1,543 for the years ended December 31, 2014, 2013 and 2012, respectively.
See notes to financial statements.
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GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Statements of Stockholder’s Equity
Years ended December 31, 2014, 2013 and 2012
(In Thousands, Except Share Amounts)
Common stock | Additional paid-in capital | Accumulated other comprehensive income (loss) | Retained earnings | Total | |||||||||||
Balances, January 1, 2012 | $ | 2,500 | $ | 56,350 | $ | 9,793 | $ | 39,651 | $ | 108,294 | |||||
Net income | 6,544 | 6,544 | |||||||||||||
Other comprehensive income, net of income taxes | 7,287 | 7,287 | |||||||||||||
Balances, December 31, 2012 | 2,500 | 56,350 | 17,080 | 46,195 | 122,125 | ||||||||||
Net income | 2,619 | 2,619 | |||||||||||||
Other comprehensive loss, net of income taxes | (14,821 | ) | (14,821 | ) | |||||||||||
Balances, December 31, 2013 | 2,500 | 56,350 | 2,259 | 48,814 | 109,923 | ||||||||||
Net income | 8,187 | 8,187 | |||||||||||||
Other comprehensive income, net of income taxes | 10,395 | 10,395 | |||||||||||||
Balances, December 31, 2014 | $ | 2,500 | $ | 56,350 | $ | 12,654 | $ | 57,001 | $ | 128,505 | |||||
See notes to financial statements.
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GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Statements of Cash Flows
Years ended December 31, 2014, 2013 and 2012
(In Thousands)
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 8,187 | $ | 2,619 | $ | 6,544 | ||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
(Losses) earnings allocated to participating policyholders | (1,041 | ) | 1,336 | (2,370 | ) | |||||||
Amortization of premiums (accretion of discounts) on investments, net | 2,697 | 2,972 | 2,009 | |||||||||
Net realized (gains) losses on investments | (3,406 | ) | 103 | (4,305 | ) | |||||||
Net proceeds (purchases) of trading securities | 57,164 | (36,096 | ) | (28,917 | ) | |||||||
Interest credited to contractholders | 15,724 | 13,317 | 12,849 | |||||||||
Depreciation and amortization | 1,181 | 615 | 2,381 | |||||||||
Deferral of acquisition costs | (6,250 | ) | (3,574 | ) | (4,660 | ) | ||||||
Deferred income taxes | 2,296 | (3,099 | ) | 58 | ||||||||
Other, net | — | (2 | ) | (219 | ) | |||||||
Changes in assets and liabilities: | ||||||||||||
Policy benefit liabilities | (14,899 | ) | (11,001 | ) | (12,152 | ) | ||||||
Reinsurance receivable | 1,144 | 1,301 | 4,057 | |||||||||
Investment income due and accrued | (764 | ) | (741 | ) | (922 | ) | ||||||
Other assets | (342 | ) | 1,170 | (1,993 | ) | |||||||
Other liabilities | (673 | ) | (312 | ) | 1,410 | |||||||
Net cash provided by (used in) operating activities | 61,018 | (31,392 | ) | (26,230 | ) | |||||||
Cash flows from investing activities: | ||||||||||||
Proceeds from sales, maturities and redemptions of investments: | ||||||||||||
Fixed maturities, available-for-sale | 73,911 | 139,347 | 197,804 | |||||||||
Mortgage loans on real estate | 6,445 | 8,324 | 10,028 | |||||||||
Other investments | 115 | 495 | 64 | |||||||||
Purchases of investments: | ||||||||||||
Fixed maturities, available-for-sale | (205,680 | ) | (138,704 | ) | (250,371 | ) | ||||||
Mortgage loans on real estate | (8,985 | ) | (10,000 | ) | (10,704 | ) | ||||||
Other investments | (3 | ) | — | (687 | ) | |||||||
Net change in short-term investments | 2,971 | (360 | ) | (9,713 | ) | |||||||
Policy loans, net | (890 | ) | (160 | ) | (2,143 | ) | ||||||
Net cash used in investing activities | (132,116 | ) | (1,058 | ) | (65,722 | ) | ||||||
See notes to financial statements (Continued)
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GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Statements of Cash Flows
Years ended December 31, 2014, 2013 and 2012
(In Thousands)
Year ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Cash flows from financing activities: | ||||||||||||
Contract deposits | $ | 138,908 | $ | 97,907 | $ | 129,970 | ||||||
Contract withdrawals | (62,095 | ) | (69,044 | ) | (35,678 | ) | ||||||
Change in due to/from parent and affiliates | (6,704 | ) | (2,090 | ) | 4,068 | |||||||
Change in book overdrafts | 536 | 369 | (191 | ) | ||||||||
Net cash provided by financing activities | 70,645 | 27,142 | 98,169 | |||||||||
Net (decrease) increase in cash | (453 | ) | (5,308 | ) | 6,217 | |||||||
Cash, beginning of year | 1,078 | 6,386 | 169 | |||||||||
Cash, end of year | $ | 625 | $ | 1,078 | $ | 6,386 | ||||||
Supplemental disclosures of cash flow information: | ||||||||||||
Net cash paid during the year for income taxes | $ | (7,936 | ) | $ | (1,752 | ) | $ | (1,094 | ) | |||
Non-cash investing transactions during the year: | ||||||||||||
Fixed maturity investments, available-for-sale acquired in reinsurance termination (See Note 3) | $ | — | $ | (44,104 | ) | $ | — | |||||
Policy loans acquired in reinsurance termination (See Note 3) | — | (6,468 | ) | — | ||||||||
See notes to financial statements (Concluded)
- 9 -
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Notes to Financial Statements
(Dollars in Thousands, Except Share Amounts)
1. Organization and Significant Accounting Policies
Organization
Great-West Life & Annuity Insurance Company of New York (the “Company”) is a direct wholly-owned subsidiary of Great-West Life & Annuity Insurance Company (“GWL&A”) which is a direct wholly-owned subsidiary of GWL&A Financial Inc. (“GWL&A Financial”), a holding company formed in 1998. GWL&A Financial is a direct wholly-owned subsidiary of Great-West Lifeco U.S. Inc. (“Lifeco U.S.”) and an indirect wholly-owned subsidiary of Great-West Lifeco Inc. (“Lifeco”), a Canadian holding company. The Company offers a wide range of life insurance, retirement and investment products to individuals, businesses and other private and public organizations throughout the United States. The Company is an insurance company domiciled in the State of New York and is subject to regulation by the New York State Department of Financial Services.
Basis of Presentation
The financial statements include the accounts of the Company and are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates are required to account for items and matters such as, but not limited to, the valuation of investments in the absence of quoted market values, impairment of investments, valuation of DAC, valuation of policy benefit liabilities and the valuation of deferred tax assets or liabilities, net. Actual results could differ from those estimates.
The Company is a member of a controlled group. Therefore, its results may not be indicative of those of a stand-alone company.
Summary of Significant Accounting Policies
Investments
Investments are reported as follows:
1. | The Company classifies the majority of its fixed maturity investments as available-for-sale which are recorded at fair value with the related net unrealized gain or loss, net of policyholder related amounts and deferred taxes, recorded in accumulated other comprehensive income (loss) (“AOCI”). |
Premiums and discounts are recognized as a component of net investment income using the effective interest method, realized gains and losses are included in net realized investment gains (losses) and declines in value determined to be other-than-temporary are included in total other-than-temporary losses.
The Company also classifies certain fixed maturity investments as held for trading. Assets in the held for trading category are carried at fair value with changes in fair value reported in net investment income.
The recognition of income on certain investments (e.g. loan-backed securities, including mortgage-backed and asset-backed securities) is dependent upon market conditions, which may result in prepayments and changes in amounts to be earned. Prepayments on all mortgage-backed and asset-backed securities are monitored monthly and amortization of the premium and/or the accretion of the discount associated with the purchase of such securities are adjusted by such prepayments.
The Company recognizes the acquisition of its public fixed maturity and equity investments on a trade date basis.
2. | Mortgage loans on real estate consist of domestic commercial collateralized loans and are carried at their unpaid principal balances adjusted for any unamortized premiums or discounts, origination fees and mortgage provision allowances. Interest income is accrued on the unpaid principal balance for all loans, except for loans on non-accrual status. Premiums, discounts |
- 10 -
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Notes to Financial Statements
(Dollars in Thousands, Except Share Amounts)
and origination fees are amortized to net investment income using the effective interest method. Prepayment penalty fees are recognized in other realized investment gains upon receipt.
The Company actively manages its mortgage loan portfolio by completing ongoing comprehensive analysis of factors such as debt service coverage ratios, loan-to-value ratios, payment status, default or legal status, annual collateral property evaluations and general market conditions. On a quarterly basis, the Company reviews the above primary credit quality indicators in its internal risk assessment of loan impairment and credit loss. Management’s risk assessment process is subjective and includes the categorization of all loans, based on the above mentioned credit quality indicators, into one of the following categories:
• | Performing - generally indicates the loan has standard market risk and is within its original underwriting guidelines. |
• | Non-performing - generally indicates there is a potential for loss due to the deterioration of financial/monetary default indicators or potential foreclosure. Due to the potential for loss, these loans are evaluated for impairment. |
The adequacy of the Company’s mortgage provision allowance is reviewed quarterly. The determination of the calculation and the adequacy of the mortgage provision allowance and mortgage impairments involve judgments that incorporate qualitative and quantitative Company and industry mortgage performance data. Management’s periodic evaluation and assessment of the adequacy of the mortgage provision allowance and the need for mortgage impairments is based on known and inherent risks in the portfolio, adverse situations that may affect the borrower’s ability to repay, the fair value of the underlying collateral, composition of the loan portfolio, current economic conditions, loss experience and other relevant factors. Loans included in the non-performing category and other loans with certain substandard credit quality indicators are individually reviewed to determine if a specific impairment is required. Risk is mitigated through first position collateralization, guarantees, loan covenants and borrower reporting requirements. Since the Company does not originate or hold uncollateralized mortgages, loans are generally not deemed fully uncollectable. Generally, unrecoverable amounts are written off during the final stage of the foreclosure process.
Loan balances are considered past due when payment has not been received based on contractually agreed upon terms. The accrual of interest is discontinued when concerns exist regarding the realization of loan principal or interest. The Company resumes interest accrual on loans when a loan returns to current status or under new terms when loans are restructured or modified.
On a quarterly basis, any loans with terms that were modified during that period are reviewed to determine if the loan modifications constitute a troubled debt restructuring (“TDR”). In evaluating whether a loan modification constitutes a TDR, it must be determined that the modification is a significant concession and the debtor is experiencing financial difficulties.
3. | Policy loans are carried at their unpaid balances. Interest income on policy loans is recognized in net investment income at the contract interest rate when earned. Policy loans are fully collateralized by the cash surrender value of the associated insurance policy. |
4. | Short-term investments include securities purchased with investment intent and with initial maturities of one year or less and are generally carried at fair value which is approximated from amortized cost. |
5. | The Company participates in a securities lending program in which the Company lends fixed maturity securities that are held as part of its general account investment portfolio to third parties. The Company does not enter into these types of transactions for liquidity purposes, but rather for yield enhancement on its investment portfolio. The borrower can return and the Company can request the loaned securities at any time. The Company maintains ownership of the securities at all times and is entitled to receive from the borrower any payments for interest received on such securities during the loan term. Securities lending transactions are accounted for as secured borrowings. The securities lending agent indemnifies the Company against borrower risk, meaning that the lending agent agrees contractually to replace securities not returned due to a borrower default. The Company generally requires initial collateral in an amount greater than or equal to 102% of the fair value of domestic securities loaned and 105% of foreign securities loaned. Such collateral is used to replace the securities loaned in event of default by the borrower. Acceptable collateral is generally defined as government securities, letters of credit and/or cash collateral. Some cash collateral may be invested in short-term repurchase agreements which are also collateralized by U.S. Government or U.S. Government Agency securities. Non-cash collateral is not recognized as the Company does not have effective control. |
- 11 -
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Notes to Financial Statements
(Dollars in Thousands, Except Share Amounts)
6. | The Company’s other-than-temporary impairments (“OTTI”) accounting policy requires that a decline in the value of a security below its cost or amortized cost basis be assessed to determine if the decline is other-than-temporary. The assessment of whether an OTTI has occurred on fixed maturity investments where management does not intend to sell the fixed maturity investment and it is not more likely than not the Company will be required to sell the fixed maturity investment before recovery of its amortized cost basis, is based upon management’s case-by-case evaluation of the underlying reasons for the decline in fair value of each individual security. Management considers a wide range of factors, as described below, regarding the security issuer and uses its best judgment in evaluating the cause of the decline in its estimated fair value and in assessing the prospects for near-term recovery. |
Considerations used by the Company in the impairment evaluation process include, but are not limited to, the following:
• | The extent to which estimated fair value is below cost; |
• | Whether the decline in fair value is attributable to specific adverse conditions affecting a particular instrument, its issuer, an industry or geographic area; |
• | The length of time for which the estimated fair value has been below cost; |
• | Downgrade of a fixed maturity investment by a credit rating agency; |
• | Deterioration of the financial condition of the issuer; |
• | The payment structure of the fixed maturity investment and the likelihood of the issuer being able to make payments in the future; and |
• | Whether dividends have been reduced or eliminated or scheduled interest payments have not been made. |
If either (a) management has the intent to sell a fixed maturity investment or (b) it is more likely than not the Company will be required to sell a fixed maturity investment before its anticipated recovery, a charge is recorded in net realized investment losses equal to the difference between the fair value and cost or amortized cost basis of the security. If management does not intend to sell the security and it is not more likely than not the Company will be required to sell the fixed maturity investment before recovery of its amortized cost basis, but the present value of the cash flows expected to be collected (discounted at the effective interest rate implicit in the fixed maturity investment prior to impairment) is less than the amortized cost basis of the fixed maturity investment (referred to as the credit loss portion), an OTTI is considered to have occurred. In this instance, total OTTI is bifurcated into two components: the amount related to the credit loss, which is recognized in current period earnings; and the amount attributed to other factors (referred to as the non-credit portion), which is recognized as a separate component in AOCI. The expected cash flows utilized during the impairment evaluation process are determined using judgment and the best information available to the Company including default rates, credit ratings, collateral characteristics and current levels of subordination. After the recognition of an OTTI, a fixed maturity investment is accounted for as if it had been purchased on the measurement date of the OTTI, with an amortized cost basis equal to the previous amortized cost basis less the OTTI recognized in earnings. The difference between the new amortized cost basis and the future cash flows is accreted into net investment income. The Company continues to estimate the present value of cash flows expected to be collected over the life of the security.
Fair Value
Certain assets and liabilities are recorded at fair value on the Company’s balance sheets. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company categorizes its assets and liabilities measured at fair value on a recurring basis into a three-level hierarchy, based on the priority of the inputs to the respective valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Company’s assets and liabilities recorded at fair value on a recurring basis have been categorized based upon the following fair value hierarchy:
• | Level 1 inputs utilize observable, quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Financial assets and liabilities utilizing Level 1 inputs include certain money market funds. |
• | Level 2 inputs utilize 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 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. The fair values for some Level 2 securities are obtained from pricing services. |
- 12 -
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Notes to Financial Statements
(Dollars in Thousands, Except Share Amounts)
The inputs used by the pricing services are reviewed at least quarterly or when the pricing vendor issues updates to its pricing methodology. For fixed maturity securities and separate account assets, inputs include benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Additional inputs utilized for assets and liabilities classified as Level 2 are:
• | Asset-backed, residential mortgage-backed, commercial mortgage-backed securities and collateralized debt obligations - new issue data, monthly payment information, collateral performance and third party real estate analysis. |
• | U.S. states and their subdivisions - material event notices. |
• | Equity investments - exchange rates, various index data and news sources. |
• | Short-term investments - valued based on amortized cost with consideration of issuer credit quality. |
• | Separate account assets - various index data and news sources, amortized cost (which approximates fair value), trading activity, swap curves, credit spreads, recovery rates, restructuring, net present value of cash flows and quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. |
• | Level 3 inputs are unobservable and include situations where there is little, if any, market activity for the asset or liability. In general, the prices of Level 3 securities are obtained from single broker quotes and internal pricing models. If the broker’s inputs are largely unobservable, the valuation is classified as a Level 3. Broker quotes are validated through an internal analyst review process, which includes validation through known market conditions and other relevant data, as noted below. Internal models are usually cash flow based utilizing characteristics of the underlying collateral of the security such as default rate and other relevant data. Inputs utilized for securities classified as Level 3 are as follows: |
• | Corporate debt securities - unadjusted single broker quotes which may be in an illiquid market or otherwise deemed unobservable. |
• | Asset-backed securities - internal models utilizing asset-backed securities index spreads. |
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 has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.
Overall, transfers between levels are attributable to a change in the observability of inputs. Assets and liabilities are transferred to a lower level in the hierarchy when a significant input cannot be corroborated with market observable data. This may occur when market activity decreases and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred to a higher level in the hierarchy when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity including recent trades, a specific event, or one or more significant input(s) becoming observable. All transfers between levels are recognized at the beginning of the reporting period in which the transfer occurred.
The policies and procedures utilized to review, account for and report on the value and level of the Company’s securities were determined and implemented by the Finance division. The Investments division is responsible for the processes related to security purchases and sales and provides valuation and leveling input to the Finance division when necessary. Both divisions within the Company have worked in conjunction to establish thorough pricing, review, approval, accounting and reporting policies and procedures around the securities valuation process.
Internal pricing models may be used to value certain Level 3 securities. Internal model input assumptions may include: prepayment speeds, constant default rates and the Asset Backed Securities Index (“ABX Index”) spread adjusted by an internally calculated liquidity premium with the primary inputs being the constant default rate and the internally adjusted ABX Index spread. These models are recalibrated monthly by adjusting the inputs based on current public security market conditions and a monthly comparison to pricing vendor evaluations is performed and analyzed.
In some instances, securities are priced using external broker quotes. In most cases, when broker quotes are used as pricing inputs, more than one broker quote is obtained. External broker quotes are reviewed internally by comparing the quotes to similar securities
- 13 -
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Notes to Financial Statements
(Dollars in Thousands, Except Share Amounts)
in the public market and/or to vendor pricing, if available. Additionally, external broker quotes are compared to market reported trade activity to ascertain whether the price is reasonable, reflective of the current market prices and takes into account the characteristics of the Company’s securities.
Cash
Cash includes only amounts in demand deposit accounts.
Book overdrafts occur when checks have been issued by the Company, but have not been presented to the Company’s disbursement bank accounts for payment. These bank accounts allow the Company to delay funding of the issued checks until they are presented for payment. This delay in funding results in a temporary source of financing. The activity related to book overdrafts is included in the financing activities in the statement of cash flows. The book overdrafts in the amounts of $905 and $369 are included in other liabilities at December 31, 2014 and 2013, respectively.
Deferred acquisition costs
The Company incurs costs in connection with the acquisition of new and renewal insurance business. Costs that vary directly with and relate to the successful production of new business are deferred as DAC. These costs consist primarily of commissions, costs associated with the Company’s sales representatives and policy issuance and underwriting expenses related to the production of successfully acquired new business. A success factor is derived from actual contracts issued by the Company from requests for proposals or applications received and applied to the deferrable costs. The recoverability of such costs is dependent upon the future profitability of the related business. Recoverability testing is performed for current issue year products to determine if gross revenues are sufficient to cover DAC and expenses. At least annually, loss recognition testing is performed on aggregated blocks of business to adjust the DAC balance.
DAC associated with the annuity products and flexible premium universal life insurance products is being amortized over the life of the contracts in proportion to the emergence of gross profits. Retrospective adjustments of this amount is made when the Company revises its estimates of current or future gross profits on an annual basis. DAC associated with traditional life insurance is amortized over the premium-paying period of the related policies in proportion to premium revenues recognized. DAC, for applicable products, is adjusted for the impact of unrealized gains or losses on investments as if these gains or losses had been realized, with corresponding credits or charges included in AOCI.
Separate accounts
Separate account assets and related liabilities are carried at fair value in the accompanying balance sheets. The Company issues variable annuity contracts and variable universal life contracts through separate accounts for which investment income and investment gains and losses accrue directly to, and investment risk is borne by, the contract holder and therefore, are not included in the Company’s statements of income.
Revenues to the Company from the separate accounts consist of contract maintenance fees, investment management fees, administrative fees and mortality and expense risk charges.
The Company’s separate accounts invest in shares of Great-West Funds, Inc. and Putnam Funds, open-end management investment companies, which are affiliates of the Company, and shares of other non-affiliated mutual funds.
Future policy benefits liabilities
Life insurance and annuity future benefits liabilities with life contingencies in the amounts of $477,533 and $411,097 at December 31, 2014 and 2013, respectively, are computed on the basis of assumed investment yield, mortality, morbidity and expenses, including a margin for adverse deviation. These future policy benefits are calculated as the present value of future benefits (including dividends) and expenses less the present value of future net premiums. The assumptions used in calculating the future policy benefits generally vary by plan, year of issue and policy duration. Additionally, these future policy benefits are established for claims that have been incurred but not reported based on factors derived from past experience.
Annuity contract benefits liabilities without life contingencies in the amounts of $390,223 and $377,020 at December 31, 2014 and 2013, respectively, are established at the contract holder’s account value, which is equal to cumulative deposits and credited
- 14 -
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Notes to Financial Statements
(Dollars in Thousands, Except Share Amounts)
interest, less withdrawals and mortality and expense and/or administrative service charges. The Company’s general account also has some immediate annuities. Future benefits for immediate annuities without life contingent payouts are computed on the basis of assumed investment yield and expenses.
Reinsurance ceded
In the normal course of its business, the Company seeks to limit its exposure to loss on any single insured and to recover a portion of benefits paid by ceding risks to other insurance enterprises under excess coverage, quota share, yearly renewable term, coinsurance and modified coinsurance contracts. For each of its reinsurance agreements, the Company determines if the agreement provides indemnification against loss or liability relating to insurance risk in accordance with applicable accounting standards. If the Company determines that a reinsurance agreement does not provide indemnification against loss or liability relating to insurance risk, the Company records the agreement using the deposit method of accounting. The Company reviews all contractual features, particularly those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims.
Policy benefits and policy and contract claims ceded to other insurance companies are carried as a reinsurance receivable in the accompanying balance sheets. Premiums, fee income and policyholder benefits are reported net of reinsurance ceded in the accompanying statements of income. The cost of reinsurance related to long duration contracts is accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies.
The Company strives to cede risks to highly rated, well-capitalized reinsurers. The Company monitors and evaluates the financial condition of reinsurers to minimize exposure to credit risk.
Policy and contract claims
Policy and contract claims include provisions for claims incurred but not reported and claims in the process of settlement. The provision for claims incurred but not reported is valued based primarily on the Company’s prior experience. Claims in the process of settlement are valued in accordance with the terms of the related policies and contracts.
Participating business
The Company has participating policies in which the policyholder shares in the Company’s earnings through policyholder dividends that reflect the difference between the assumptions used in the premium charged and the actual experience on those policies. The amount of dividends to be paid is determined by the Board of Directors.
Participating life and annuity policy benefit liabilities were $113,475 and $113,849 at December 31, 2014 and 2013, respectively. Participating business composed approximately 15% and 16% of the Company’s individual life insurance in-force at December 31, 2014 and 2013, and 49%, 92% and 43% of individual life insurance premium income for the years ended December 31, 2014, 2013 and 2012, respectively. The policyholder’s share of net income on participating policies that cannot be distributed to the Company’s stockholder is excluded from stockholder’s equity and recorded as undistributed earnings on participating business in the balance sheet.
Revenue recognition
Life insurance premiums are recognized when due in premiums. Annuity contract premiums with life contingencies are recognized as received. Revenues for annuity and other contracts without significant life contingencies consist of contract charges for the cost of insurance and contract administration and surrender fees that have been assessed against the contract account balance during the period and are recognized when earned in fee income. Fees from assets under management, assets under administration, shareholder servicing, mortality and expense risk charges, administration and record-keeping services and investment advisory services are recognized when due in fee income.
Net investment income
Interest income from fixed maturities, mortgage loans on real estate and policy loans is recognized when earned. Net investment income on equity securities is primarily comprised of dividend income and is recognized on the ex-dividend date.
- 15 -
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Notes to Financial Statements
(Dollars in Thousands, Except Share Amounts)
Realized investment gains (losses)
Realized investment gains and losses are reported as a component of revenues and are determined on a specific identification basis.
Benefits and expenses
Benefits and expenses on policies with life contingencies are associated with earned premiums so as to result in recognition of profits over the life of the contracts.
Income taxes
Income taxes are recorded using the asset and liability method in which deferred tax assets and liabilities are recorded for expected future tax consequences of events that have been recognized in either the Company’s financial statements or consolidated tax returns. In estimating future tax consequences, all expected future events, other than enactments or changes in the tax laws or rules, are considered. A valuation allowance is provided to the extent that it is more likely than not that deferred tax assets will not be realized. Although realization is not assured, management believes it is more likely than not that the deferred tax asset will be realized. The effect on deferred taxes from a change in tax rates is recognized in income in the period that includes the enactment date.
2. Application of Recent Accounting Pronouncements
Future adoption of new accounting pronouncements
In May 2014, the FASB issued ASU No. 2014-09 Revenue from Contracts with Customers (Topic 606) (“ASU No. 2014-09”). The update outlines a comprehensive model for accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. While the update does not apply to insurance contracts within the scope of Topic 944, it does apply to other fee income earned by the Company which includes fees from assets under management, assets under administration, shareholder servicing, administration and record-keeping services and investment advisory services. The core principle of the model requires that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. The update also requires increased disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. In adopting ASU No. 2014-09, the Company may use either a full retrospective or a modified retrospective approach. The update is effective for public business entities for interim and annual periods beginning after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating the impact of this update on its financial statements.
In June 2014, the FASB issued ASU No. 2014-11 Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures (“ASU No. 2014-11”). ASU No. 2014-11 amends the accounting for entities that enter into repurchase-to-maturity transactions and repurchase agreements executed as repurchase financings. ASU No. 2014-11 requires new footnote disclosures for repurchase agreements and securities lending transactions accounted for as secured borrowings. The accounting changes in ASU 2014-11 are effective for public business entities for the first interim or annual period beginning after December 15, 2014. The disclosure for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions accounted for as secured borrowings is required to be presented for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The Company is currently evaluating the impact of this update on its financial statements.
In August 2014, the FASB issued ASU 2014-15 Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40). The update will require management to evaluate whether there is substantial doubt about the Company’s ability to continue as a going concern. If there is substantial doubt about the Company’s ability to continue as a going concern, the Company will be required to disclose that fact, along with managements’ evaluation of the effectiveness of its plan to alleviate that doubt. The update defines substantial doubt as when it is probable that the Company will be unable to
- 16 -
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Notes to Financial Statements
(Dollars in Thousands, Except Share Amounts)
meet its obligations as they become due within one year of the date the financial statements are issued. The assessment and disclosure requirements, if applicable, will be required quarterly. The update is effective for the annual period ending after December 15, 2016, and for interim and annual periods thereafter. The Company does not expect this update to have an impact on the Company’s financial statements.
In November 2014, the FASB issued ASU 2014-17 Pushdown Accounting (Topic 805). The update gives an acquired entity the option of applying pushdown accounting in its stand-alone financial statements when a change in control occurs. The update is effective immediately and will apply to business combinations executed by the Company after November 18, 2014.
3. Related Party Transactions
In the normal course of its business, the Company enters into reinsurance agreements with related parties. Included in the balance sheets are the following amounts related to reinsurance ceded to related parties:
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Reinsurance receivable | $ | 2,471 | $ | 2,624 | ||||
Included in the statements of income are the following related party amounts:
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Premium income | $ | (4,713 | ) | $ | 37,760 | (7,158 | ) | ||||
Life and other policy benefits | (3,004 | ) | (2,395 | ) | (3,673 | ) | |||||
On January 1, 2013, the Company terminated its reinsurance agreement with its affiliate, The Canada Life Assurance Company (“CLAC”), pursuant to which it had ceded certain participating life business on a coinsurance basis.
The Company recorded, at fair value, the following on January 1, 2013, in its balance sheet in connection with the termination of the reinsurance agreement:
Assets | Liabilities | |||||||||
Fixed maturities, available-for-sale | $ | 44,104 | Undistributed earnings on participating business | $ | 7,355 | |||||
Policy loans | 6,468 | Due to parent and affiliates | 3,841 | |||||||
Reinsurance receivable | (42,297 | ) | ||||||||
Investment income due and accrued | 347 | |||||||||
Deferred income tax assets, net | 2,574 | |||||||||
Total | $ | 11,196 | Total | $ | 11,196 | |||||
- 17 -
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Notes to Financial Statements
(Dollars in Thousands, Except Share Amounts)
The Company recorded the following on January 1, 2013, in its statement of income in connection with the termination of the reinsurance agreement:
Premium income | $ | 42,297 | ||
Other revenue | 7,355 | |||
Total | 49,652 | |||
Increase in future policy benefits | 41,297 | |||
Dividends to policyholders | 1,000 | |||
Total | 42,297 | |||
Participating policyholders’ net income | 7,355 | |||
Provision for policyholders’ share of earnings on participating business | 7,355 | |||
Net income available to shareholder | $ | — | ||
In the normal course of business the Company enters into agreements with related parties whereby it provides and/or receives record-keeping services and investment advisory services, as well as corporate support services which include general and administrative services, information technology services, and marketing services. The following table presents revenue, expenses incurred and expense reimbursement from related parties for services provided and/or received pursuant to these service agreements. These amounts, in accordance with the terms of the contracts, are based upon estimated costs incurred or resources expended as determined by number of policies, number of participants, certificates in-force, administered assets or other similar drivers.
Year Ended December 31, | Financial statement line | |||||||||||||||
Description | Related party | 2014 | 2013 | 2012 | ||||||||||||
Receives corporate support services. | GWL&A and CLAC (1) | $ | 6,947 | $ | 6,592 | $ | 5,915 | General insurance expenses | ||||||||
Receives recordkeeping services. | FASCore, LLC (2) | 3,142 | 2,692 | 1,857 | General insurance expenses | |||||||||||
Receives investment advisory. | GWL&A | (597 | ) | (722 | ) | (623 | ) | Net investment income | ||||||||
Provides recordkeeping services. | GWL&A | 1,981 | 435 | — | Fee income | |||||||||||
(1) An indirect wholly-owned subsidiary of Lifeco
(2) A wholly-owned subsidiary of GWL&A
The following table summarizes amounts due from parent and affiliates:
December 31, | ||||||||||||
Related party | Indebtedness | Due date | 2014 | 2013 | ||||||||
Lifeco | On account | On demand | $ | 2,853 | $ | — | ||||||
GWFS Equities, Inc.(1) | On account | On demand | 1,445 | 1,218 | ||||||||
GWL&A | On account | On demand | 154 | — | ||||||||
Total | $ | 4,452 | $ | 1,218 | ||||||||
(1) An wholly-owned subsidiary of GWL&A
- 18 -
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Notes to Financial Statements
(Dollars in Thousands, Except Share Amounts)
The following table summarizes amounts due to parent and affiliates:
December 31, | ||||||||||||
Related party | Indebtedness | Due date | 2014 | 2013 | ||||||||
CLAC | On account | On demand | $ | 334 | $ | 274 | ||||||
Lifeco | On account | On demand | — | 3,234 | ||||||||
GWL&A | On account | On demand | — | 308 | ||||||||
Other related party receivables | On account | On demand | 290 | 278 | ||||||||
Total | $ | 624 | $ | 4,094 | ||||||||
The Company’s separate accounts invest in shares of Great-West Funds, Inc. and Putnam Funds, which are affiliates of the Company and shares of other non-affiliated mutual funds. The Company’s separate accounts include mutual funds or other investment options that purchase guaranteed interest annuity contracts issued by GWL&A. The separate account balances in the accompanying consolidated balance sheets include GWL&A general account investment contracts of $7,219 and $6,295 at December 31, 2014 and 2013, respectively.
In September 2013, GWL&A transferred $24,858 of cash and future policy benefits to the Company. The transfer of cash and future policy benefits relate to contracts with policyholders domiciled in the state of New York that were previously accounted for on the books of GWL&A.
In addition, the Company and GWL&A have an agreement whereby GWL&A has committed to provide financial support related to the maintenance of adequate regulatory surplus and liquidity.
4. Summary of Investments
The following tables summarize fixed maturity investments and equity securities classified as available-for-sale and the non-credit-related component of OTTI in AOCI:
December 31, 2014 | ||||||||||||||||||||
Fixed maturities: | Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value and carrying value | OTTI (gain) loss included in AOCI (1) | |||||||||||||||
U.S. government direct obligations and U.S. agencies | $ | 70,831 | $ | 1,760 | $ | 259 | $ | 72,332 | $ | — | ||||||||||
Obligations of U.S. states and their subdivisions | 42,673 | 5,849 | 53 | 48,469 | — | |||||||||||||||
Foreign government securities | 2,455 | — | 4 | 2,451 | — | |||||||||||||||
Corporate debt securities | 566,323 | 23,084 | 2,411 | 586,996 | (283 | ) | ||||||||||||||
Asset-backed securities | 60,448 | 2,239 | 703 | 61,984 | (1,131 | ) | ||||||||||||||
Residential mortgage-backed securities | 22,106 | 781 | 466 | 22,421 | — | |||||||||||||||
Commercial mortgage-backed securities | 37,891 | 1,161 | — | 39,052 | — | |||||||||||||||
Total fixed maturities | $ | 802,727 | $ | 34,874 | $ | 3,896 | $ | 833,705 | $ | (1,414 | ) | |||||||||
Equity investments: | ||||||||||||||||||||
Fixed income mutual funds | $ | 19 | $ | 2 | $ | 1 | $ | 20 | $ | — | ||||||||||
Equity mutual funds | 93 | 33 | 5 | 121 | — | |||||||||||||||
Balance and asset allocation mutual funds | 6 | 1 | — | 7 | — | |||||||||||||||
Total equity investments | $ | 118 | $ | 36 | $ | 6 | $ | 148 | $ | — | ||||||||||
(1) Indicates the amount of any OTTI (gain) loss included in AOCI that is included in gross unrealized gains and losses. OTTI (gain) loss included in AOCI, as presented above, includes both the initial recognition of non-credit losses and the effects of subsequent increases and decreases in estimated fair value for those fixed maturity securities with previous non-credit
- 19 -
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Notes to Financial Statements
(Dollars in Thousands, Except Share Amounts)
impairment. The non-credit loss component of OTTI (gain) loss was in an unrealized gain position due to increases in estimated fair value subsequent to initial recognition of non-credit losses on such securities.
December 31, 2013 | ||||||||||||||||||||
Fixed maturities: | Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value and carrying value | OTTI (gain) loss included in AOCI (1) | |||||||||||||||
U.S. government direct obligations and U.S. agencies | $ | 70,361 | $ | 866 | $ | 3,167 | $ | 68,060 | $ | — | ||||||||||
Obligations of U.S. states and their subdivisions | 30,968 | 3,228 | 282 | 33,914 | — | |||||||||||||||
Foreign government securities | 2,617 | — | 14 | 2,603 | — | |||||||||||||||
Corporate debt securities | 454,164 | 13,488 | 9,881 | 457,771 | (325 | ) | ||||||||||||||
Asset-backed securities | 74,909 | 2,409 | 848 | 76,470 | (1,064 | ) | ||||||||||||||
Residential mortgage-backed securities | 26,709 | 580 | 819 | 26,470 | — | |||||||||||||||
Commercial mortgage-backed securities | 13,434 | 580 | 198 | 13,816 | — | |||||||||||||||
Total fixed maturities | $ | 673,162 | $ | 21,151 | $ | 15,209 | $ | 679,104 | $ | (1,389 | ) | |||||||||
Equity investments: | ||||||||||||||||||||
Fixed income mutual funds | $ | 35 | $ | 1 | $ | 1 | $ | 35 | $ | — | ||||||||||
Equity mutual funds | 152 | 39 | 4 | 187 | — | |||||||||||||||
Balance and asset allocation mutual funds | 23 | 6 | — | 29 | — | |||||||||||||||
Total equity investments | $ | 210 | $ | 46 | $ | 5 | $ | 251 | $ | — | ||||||||||
(1) Indicates the amount of any OTTI (gain) loss included in AOCI that is included in gross unrealized gains and losses. OTTI (gain) loss included in AOCI, as presented above, includes both the initial recognition of non-credit losses and the effects of subsequent increases and decreases in estimated fair value for those fixed maturity securities with previous non-credit impairment. The non-credit loss component of OTTI (gain) loss was in an unrealized gain position due to increases in estimated fair value subsequent to initial recognition of non-credit losses on such securities.
See Note 5 for additional discussion regarding fair value measurements.
The amortized cost and estimated fair value of fixed maturity investments classified as available-for-sale, based on estimated cash flows, are shown in the table below. Actual maturities will likely differ from these projections because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
December 31, 2014 | |||||||
Amortized cost | Estimated fair value | ||||||
Maturing in one year or less | $ | 23,530 | $ | 24,167 | |||
Maturing after one year through five years | 174,895 | 182,685 | |||||
Maturing after five years through ten years | 264,406 | 273,813 | |||||
Maturing after ten years | 179,599 | 189,651 | |||||
Mortgage-backed and asset-backed securities | 160,297 | 163,389 | |||||
Total fixed maturities | $ | 802,727 | $ | 833,705 | |||
Mortgage -backed (commercial and residential) and asset-backed securities include those issued by U.S. government and U.S. agencies.
- 20 -
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Notes to Financial Statements
(Dollars in Thousands, Except Share Amounts)
The following table summarizes information regarding the sales of securities classified as available-for-sale:
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Proceeds from sales | $ | 15,595 | $ | 80,975 | $ | 134,090 | ||||||
Gross realized gains from sales | 553 | 2,988 | 3,253 | |||||||||
Gross realized losses from sales | 1 | 42 | 15 | |||||||||
Included in net investment income are unrealized gains (losses) of $1,244, $(2,125) and $221 on held for trading fixed maturity investments still held at December 31, 2014, 2013 and 2012, respectively.
Mortgage loans on real estate - The following table summarizes the carrying value of the mortgage loan portfolio by component:
December 31, | |||||||
2014 | 2013 | ||||||
Principal | $ | 97,290 | $ | 94,657 | |||
Unamortized premium (discount) and fees, net | 434 | 595 | |||||
Mortgage provision allowance | (100 | ) | (100 | ) | |||
Total mortgage loans | $ | 97,624 | $ | 95,152 | |||
The recorded investment of the mortgage loan portfolio categorized as performing was $97,724 and $95,252 as of December 31, 2014 and 2013, respectively.
The following table summarizes activity in the mortgage provision allowance:
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Commercial mortgages | Commercial mortgages | Commercial mortgages | ||||||||||
Beginning balance | $ | 100 | $ | 100 | $ | 880 | ||||||
Provision increases | — | 273 | — | |||||||||
Charge-off | — | (273 | ) | — | ||||||||
Provision decreases | — | — | (780 | ) | ||||||||
Ending balance | $ | 100 | $ | 100 | $ | 100 | ||||||
Allowance ending balance by basis of impairment method: | ||||||||||||
Collectively evaluated for impairment | $ | 100 | $ | 100 | $ | 100 | ||||||
Recorded investment balance in the mortgage loan portfolio, gross of allowance, by basis of impairment method: | $ | 97,724 | $ | 95,252 | $ | 93,602 | ||||||
Individually evaluated for impairment | 3,980 | 4,178 | 4,985 | |||||||||
Collectively evaluated for impairment | 93,744 | 91,074 | 88,617 | |||||||||
Occasionally, the Company elects to grant a concession to a debtor with financial difficulties in an attempt to protect as much of its investment as possible. During the year ended December 31, 2014, there were no loans classified as troubled debt restructuring.
During the year ended December 31, 2013, the Company had two loans, with remaining principal balances of $1,234, classified as troubled debt restructurings. The loan modification on one loan forgave $247 of principal and, subsequent to the concession, the remaining loan balance was paid in full. The loan modifications on the second loan included a reduced interest rate and maturity extension but the Company expects a full recovery.
Securities lending - The Company participates in a securities lending program whereby securities are loaned to third parties. Securities with a cost or amortized cost of $15,252 and $13,169 and estimated fair values of $15,423 and $12,838 were on loan
- 21 -
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Notes to Financial Statements
(Dollars in Thousands, Except Share Amounts)
under the program at December 31, 2014 and 2013, respectively. The Company received restricted cash of $13,741 and $11,177 and a security with a fair value of $2,131 and $2,033 as collateral at December 31, 2014 and 2013, respectively.
Unrealized losses on fixed maturity investments classified as available-for-sale - The following tables summarize unrealized investment losses, including the non-credit-related portion of OTTI losses reported in AOCI, by class of investment:
December 31, 2014 | ||||||||||||||||||||||||
Less than twelve months | Twelve months or longer | Total | ||||||||||||||||||||||
Fixed maturities: | Estimated fair value | Unrealized loss and OTTI | Estimated fair value | Unrealized loss and OTTI | Estimated fair value | Unrealized loss and OTTI | ||||||||||||||||||
U.S. government direct obligations and U.S. agencies | $ | — | $ | — | $ | 29,990 | $ | 259 | $ | 29,990 | $ | 259 | ||||||||||||
Obligations of U.S. states and their subdivisions | 3,219 | 53 | — | — | 3,219 | 53 | ||||||||||||||||||
Foreign government securities | 2,451 | 4 | — | — | 2,451 | 4 | ||||||||||||||||||
Corporate debt securities | 67,636 | 665 | 48,337 | 1,746 | 115,973 | 2,411 | ||||||||||||||||||
Asset-backed securities | 5,427 | 174 | 11,389 | 529 | 16,816 | 703 | ||||||||||||||||||
Residential mortgage-backed securities | 1,365 | 3 | 6,473 | 463 | 7,838 | 466 | ||||||||||||||||||
Total fixed maturities | $ | 80,098 | $ | 899 | $ | 96,189 | $ | 2,997 | $ | 176,287 | $ | 3,896 | ||||||||||||
Total number of securities in an | ||||||||||||||||||||||||
unrealized loss position | 21 | 25 | 46 | |||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Less than twelve months | Twelve months or longer | Total | ||||||||||||||||||||||
Fixed maturities: | Estimated fair value | Unrealized loss and OTTI | Estimated fair value | Unrealized loss and OTTI | Estimated fair value | Unrealized loss and OTTI | ||||||||||||||||||
U.S. government direct obligations and U.S. agencies | $ | 53,401 | $ | 3,167 | $ | — | $ | — | $ | 53,401 | $ | 3,167 | ||||||||||||
Obligations of U.S. states and their subdivisions | 2,523 | 282 | — | — | 2,523 | 282 | ||||||||||||||||||
Foreign government securities | 2,604 | 14 | — | — | 2,604 | 14 | ||||||||||||||||||
Corporate debt securities | 149,452 | 7,673 | 21,535 | 2,208 | 170,987 | 9,881 | ||||||||||||||||||
Asset-backed securities | 8,955 | 231 | 5,182 | 617 | 14,137 | 848 | ||||||||||||||||||
Residential mortgage-backed securities | 9,136 | 819 | — | — | 9,136 | 819 | ||||||||||||||||||
Commercial mortgage-backed securities | 5,742 | 198 | — | — | 5,742 | 198 | ||||||||||||||||||
Total fixed maturities | $ | 231,813 | $ | 12,384 | $ | 26,717 | $ | 2,825 | $ | 258,530 | $ | 15,209 | ||||||||||||
Total number of securities in an | ||||||||||||||||||||||||
unrealized loss position | 65 | 9 | 74 | |||||||||||||||||||||
Fixed maturity investments - Total unrealized losses and OTTI decreased by $11,313 from December 31, 2013 to December 31, 2014. The overall decrease in unrealized losses was due to lower interest rates at December 31, 2014 compared to December 31, 2013 resulting in generally higher valuations of these fixed maturity securities.
Total unrealized losses greater than twelve months increased by $172 from December 31, 2013 to December 31, 2014. Corporate debt securities account for 58%, or $1,746, of the unrealized losses and OTTI greater than twelve months as of December 31, 2014. These securities continue to be rated investment grade. Management does not have the intent to sell these assets; therefore, an OTTI was not recognized in earnings.
- 22 -
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Notes to Financial Statements
(Dollars in Thousands, Except Share Amounts)
Asset-backed and residential mortgage-backed securities account for 33% of unrealized losses and OTTI greater than twelve months as of December 31, 2014. Of the $992 of unrealized losses and OTTI over twelve months on asset-backed and residential mortgage-backed securities, 89%, or $885, are on securities which continue to be rated investment grade. The present value of the cash flows expected to be collected is not less than amortized cost and management does not have the intent to sell these assets; therefore, an OTTI was not recognized in earnings.
See Note 5 for additional discussion regarding fair value measurements.
Other-than-temporary impairment recognition - The OTTI on fixed maturity securities where the loss portion is bifurcated and the credit related component is recognized in realized investment gains (losses) is summarized as follows:
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Beginning balance | $ | 2,133 | $ | 2,133 | $ | 4,841 | ||||||
Additions: | ||||||||||||
Initial impairments - credit loss on securities not previously impaired | — | — | 352 | |||||||||
Reductions: | ||||||||||||
Due to sales, maturities, or payoffs during the period | — | — | (3,060 | ) | ||||||||
Due to increase in cash flows expected to be collected that are recognized over the remaining life of the security | (151 | ) | — | — | ||||||||
Ending balance | $ | 1,982 | $ | 2,133 | $ | 2,133 | ||||||
Net Investment Income
The following table summarizes net investment income:
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Investment income: | ||||||||||||
Fixed maturity and short-term investments | $ | 31,851 | $ | 26,197 | $ | 25,940 | ||||||
Mortgage loans on real estate | 4,775 | 4,857 | 5,110 | |||||||||
Policy loans | 1,174 | 1,017 | 353 | |||||||||
Other | 40 | (232 | ) | (186 | ) | |||||||
37,840 | 31,839 | 31,217 | ||||||||||
Investment expenses | (597 | ) | (722 | ) | (623 | ) | ||||||
Net investment income | $ | 37,243 | $ | 31,117 | $ | 30,594 | ||||||
Realized Investment Gains (Losses)
The following table summarizes realized investment gains (losses):
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Realized investment gains (losses): | ||||||||||||
Fixed maturity and short-term investments | $ | 1,335 | $ | 1,795 | $ | 3,235 | ||||||
Mortgage loans on real estate | 75 | 156 | 1,071 | |||||||||
Other | 20 | 83 | (1 | ) | ||||||||
Realized investment gains: | $ | 1,430 | $ | 2,034 | $ | 4,305 | ||||||
- 23 -
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Notes to Financial Statements
(Dollars in Thousands, Except Share Amounts)
Included in net investment income and realized investment gains (losses) are amounts allocable to the participating fund account. This allocation is based upon the activity in a specific block of investments that is segmented for the benefit of the participating fund account. The amounts of net investment income allocated to the participating fund account were $4,468, $4,176 and $3,165 for the years ended December 31, 2014, 2013 and 2012, respectively. The amounts of realized investment gains (losses) allocated to the participating fund account were $397, $(327) and $503 for the years ended December 31, 2014, 2013 and 2012, respectively.
5. Fair Value Measurements
Recurring fair value measurements
The following tables present the Company’s financial assets and liabilities carried at fair value on a recurring basis by fair value hierarchy category:
Assets and liabilities measured at fair value on a recurring basis | ||||||||||||||||
December 31, 2014 | ||||||||||||||||
Quoted prices in active markets for identical assets | Significant other observable inputs | Significant unobservable inputs | ||||||||||||||
Assets: | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
Fixed maturities available-for-sale: | ||||||||||||||||
U.S. government direct obligations | ||||||||||||||||
and U.S. agencies | $ | — | $ | 72,332 | $ | — | $ | 72,332 | ||||||||
Obligations of U.S. states and | ||||||||||||||||
their subdivisions | — | 48,469 | — | 48,469 | ||||||||||||
Foreign government securities | — | 2,451 | — | 2,451 | ||||||||||||
Corporate debt securities | — | 586,996 | — | 586,996 | ||||||||||||
Asset-backed securities | — | 61,984 | — | 61,984 | ||||||||||||
Residential mortgage-backed securities | — | 22,421 | — | 22,421 | ||||||||||||
Commercial mortgage-backed securities | — | 39,052 | — | 39,052 | ||||||||||||
Total fixed maturities available-for-sale | — | 833,705 | — | 833,705 | ||||||||||||
Fixed maturities held for trading: | ||||||||||||||||
U.S. government direct obligations | ||||||||||||||||
and U.S. agencies | — | 6,820 | — | 6,820 | ||||||||||||
Corporate debt securities | — | 3,245 | — | 3,245 | ||||||||||||
Commercial mortgage-backed securities | — | 1,091 | — | 1,091 | ||||||||||||
Total fixed maturities held for trading | — | 11,156 | — | 11,156 | ||||||||||||
Equity investments available-for-sale | ||||||||||||||||
Fixed income mutual funds | — | 20 | — | 20 | ||||||||||||
Equity mutual funds | — | 121 | — | 121 | ||||||||||||
Balanced and asset allocation mutual funds | — | 7 | — | 7 | ||||||||||||
Total equity investments available-for-sale | — | 148 | — | 148 | ||||||||||||
Short-term investments available-for-sale | 13,807 | 10,000 | — | 23,807 | ||||||||||||
Collateral under securities lending agreements | 13,741 | — | — | 13,741 | ||||||||||||
Separate account assets | 598,156 | 1,168 | — | 599,324 | ||||||||||||
Total assets | $ | 625,704 | $ | 856,177 | $ | — | $ | 1,481,881 | ||||||||
Liabilities | ||||||||||||||||
Payable under securities lending agreement | $ | 13,741 | $ | — | $ | — | $ | 13,741 | ||||||||
- 24 -
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Notes to Financial Statements
(Dollars in Thousands, Except Share Amounts)
Assets and liabilities measured at fair value on a recurring basis | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Quoted prices in active markets for identical assets | Significant other observable inputs | Significant unobservable inputs | ||||||||||||||
Assets: | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||
Fixed maturities available-for-sale: | ||||||||||||||||
U.S. government direct obligations | ||||||||||||||||
and U.S. agencies | $ | — | $ | 68,060 | $ | — | $ | 68,060 | ||||||||
Obligations of U.S. states and | ||||||||||||||||
their subdivisions | — | 33,914 | — | 33,914 | ||||||||||||
Foreign government securities | — | 2,603 | — | 2,603 | ||||||||||||
Corporate debt securities | — | 457,771 | — | 457,771 | ||||||||||||
Asset-backed securities | — | 72,479 | 3,991 | 76,470 | ||||||||||||
Residential mortgage-backed securities | — | 26,470 | — | 26,470 | ||||||||||||
Commercial mortgage-backed securities | — | 13,816 | — | 13,816 | ||||||||||||
Total fixed maturities available-for-sale | — | 675,113 | 3,991 | 679,104 | ||||||||||||
Fixed maturities held for trading: | ||||||||||||||||
U.S. government direct obligations | ||||||||||||||||
and U.S. agencies | — | 61,392 | — | 61,392 | ||||||||||||
Corporate debt securities | — | 3,153 | — | 3,153 | ||||||||||||
Commercial mortgage-backed securities | — | 1,026 | — | 1,026 | ||||||||||||
Total fixed maturities held for trading | — | 65,571 | — | 65,571 | ||||||||||||
Equity investments available-for-sale | ||||||||||||||||
Fixed income mutual funds | — | 35 | 35 | |||||||||||||
Equity mutual funds | — | 187 | 187 | |||||||||||||
Balanced and asset allocation mutual funds | — | 29 | 29 | |||||||||||||
Total equity investments available-for-sale | — | 251 | — | 251 | ||||||||||||
Short-term investments available-for-sale | 18,778 | 8,000 | — | 26,778 | ||||||||||||
Collateral under securities lending agreements | 11,177 | — | — | 11,177 | ||||||||||||
Separate account assets | 541,267 | 1,117 | — | 542,384 | ||||||||||||
Total assets | $ | 571,222 | $ | 750,052 | $ | 3,991 | $ | 1,325,265 | ||||||||
Liabilities | ||||||||||||||||
Payable under securities lending agreement | $ | 11,177 | $ | — | $ | — | $ | 11,177 | ||||||||
The methods and assumptions used to estimate the fair value of the Company’s financial assets and liabilities carried at fair value on a recurring basis are as follows:
Fixed maturity and equity investments
The fair values for fixed maturity and equity investments are based upon market prices from independent pricing services. In cases where market prices are not readily available, fair values are estimated by the Company. To determine estimated fair value for these instruments, the Company generally utilizes discounted cash flow models with market observable pricing inputs such as spreads, average life and credit quality. Fair value estimates are made at a specific point in time, based on available market information and judgments about financial instruments, including estimates of the timing and amounts of expected future cash flows and the credit standing of the issuer or counterparty.
- 25 -
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Notes to Financial Statements
(Dollars in Thousands, Except Share Amounts)
Short-term investments and securities lending agreements
The amortized cost of short-term investments, collateral under securities lending agreements and payable under securities lending agreements is a reasonable estimate of fair value due to their short-term nature and high credit quality of the issuers.
Separate account assets
Separate account assets include investments in mutual fund securities. Mutual funds are recorded at net asset value, which approximates fair value, on a daily basis.
Assets measured at fair value using significant unobservable inputs (Level 3)
The following tables present additional information about assets measured at fair value on a recurring basis and for which the Company has utilized Level 3 inputs to determine fair value:
Recurring Level 3 financial assets | ||||
Year Ended December 31, 2014 | ||||
Fixed maturities available-for-sale | ||||
Asset-backed securities | ||||
Balance, January 1, 2014 | $ | 3,991 | ||
Transfers out of Level 3 (1) | (3,991 | ) | ||
Balance, December 31, 2014 | $ | — | ||
Total gains (losses) for the period included in net income | ||||
attributable to the change in unrealized gains and losses relating | ||||
to assets held at December 31, 2014 | $ | — | ||
(1) Transfers out of Level 3 are due primarily to increased observability of inputs in valuation methodologies as evidenced by corroboration of market prices with multiple pricing vendors and internal models.
Recurring Level 3 financial assets | ||||
Year Ended December 31, 2013 | ||||
Fixed maturities available-for-sale | ||||
Asset-backed securities | ||||
Balance, January 1, 2013 | $ | 4,829 | ||
Realized and unrealized gains (losses) included in: | ||||
Other comprehensive income (loss) | 342 | |||
Settlements | (1,180 | ) | ||
Balance, December 31, 2013 | $ | 3,991 | ||
Total gains (losses) for the period included in net income | ||||
attributable to the change in unrealized gains and losses relating | ||||
to assets held at December 31, 2013 | $ | — | ||
- 26 -
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Notes to Financial Statements
(Dollars in Thousands, Except Share Amounts)
Recurring Level 3 financial assets | ||||||||||||
Year Ended December 31, 2012 | ||||||||||||
Fixed maturities available-for-sale | ||||||||||||
Corporate debt securities | Asset-backed securities | Total | ||||||||||
Balance, January 1, 2012 | $ | 1,434 | $ | 5,545 | $ | 6,979 | ||||||
Realized and unrealized gains (losses) included in: | ||||||||||||
Net income | 21 | — | 21 | |||||||||
Other comprehensive income (loss) | (2 | ) | 414 | 412 | ||||||||
Sales | (104 | ) | — | (104 | ) | |||||||
Settlements | (92 | ) | (1,130 | ) | (1,222 | ) | ||||||
Transfers out of Level 3 (1) | (1,257 | ) | — | (1,257 | ) | |||||||
Balance, December 31, 2012 | $ | — | $ | 4,829 | $ | 4,829 | ||||||
Total gains (losses) for the period included in net income | ||||||||||||
attributable to the change in unrealized gains and losses | ||||||||||||
relating to assets held at December 31, 2012 | $ | — | $ | — | $ | — | ||||||
(1) Transfers out of Level 3 are due primarily to increased observability of inputs in valuation methodologies as evidenced by corroboration of market prices with multiple pricing vendors and internal models.
The following table presents significant unobservable inputs used during the valuation of certain assets categorized within Level 3 of the recurring fair value measurements table:
December 31, 2013 | |||||||||||
Fair Value | Valuation Technique | Unobservable Input | Weighted Average | ||||||||
Fixed maturities available-for-sale: | |||||||||||
Asset-backed securities (1) | $ | 3,991 | Internal model pricing | Prepayment speed assumption | 7 | ||||||
Constant default rate assumption | 4 | ||||||||||
Adjusted ABX Index spread assumption (2) | 467 | ||||||||||
(1) Includes home improvement loans only.
(2) Includes an internally calculated liquidity premium adjustment of 217.
At December 31, 2013, after adjusting the ABX Index spread assumption by the liquidity premium, the overall discount rate ranged from 373 to 647 basis points. The constant default rate assumption ranged from 2.1 to 4.6.
The significant unobservable inputs used in the fair value measurement of asset-backed securities are prepayment speed assumptions, constant default rate assumptions and the ABX Index spread adjusted by an internally calculated liquidity premium with the primary inputs being the constant default rate assumption and the adjusted ABX Index spread assumption. As the constant default rate assumption or the adjusted ABX Index spread assumption decreases, the price and therefore, the fair value, of the securities increases.
- 27 -
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Notes to Financial Statements
(Dollars in Thousands, Except Share Amounts)
Fair value of financial instruments
The following tables summarize the carrying amounts and estimated fair values of the Company’s financial instruments not carried at fair value on a recurring basis:
December 31, 2014 | December 31, 2013 | |||||||||||||||
Assets | Carrying amount | Estimated fair value | Carrying amount | Estimated fair value | ||||||||||||
Mortgage loans on real estate | $ | 97,624 | $ | 104,530 | $ | 95,152 | $ | 98,503 | ||||||||
Policy loans | 24,149 | 24,149 | 23,127 | 23,127 | ||||||||||||
Liabilities | ||||||||||||||||
Annuity contract benefits without | ||||||||||||||||
life contingencies | $ | 390,223 | $ | 381,203 | $ | 377,020 | $ | 367,432 | ||||||||
Policyholders’ funds | 2,457 | 2,457 | 2,188 | 2,188 | ||||||||||||
The methods and assumptions used to estimate the fair value of financial instruments not carried at fair value on a recurring basis are summarized as follows:
Mortgage loans on real estate
Mortgage loan fair value estimates are generally based on discounted cash flows. A discount rate matrix is used where the discount rate valuing a specific mortgage generally corresponds to that mortgage’s remaining term and credit quality. Management believes the discount rate used is comparable to the credit, interest rate, term, servicing costs and risks of loans similar to the portfolio loans that the Company would make today given its internal pricing strategy. The estimated fair value was classified as Level 2.
Policy loans
Policy loans are funds provided to policyholders in return for a claim on the policy. The funds provided are limited to the cash surrender value of the underlying policy. The nature of policy loans is to have a negligible default risk as the loans are fully collateralized by the value of the policy. Policy loans do not have a stated maturity and the balances and accrued interest are repaid either by the policyholder or with proceeds from the policy. Due to the collateralized nature of policy loans and unpredictable timing of repayments, the Company believes the fair value of policy loans approximates their carrying value. The estimated fair value is classified as Level 2.
Annuity contract benefits without life contingencies
The estimated fair value of annuity contract benefits without life contingencies is estimated by discounting the projected expected cash flows to the maturity of the contracts utilizing risk-free spot interest rates plus a provision for the Company’s credit risk. The estimated fair value was classified as Level 2.
Policyholders’ funds
The carrying amount of policyholders’ funds approximates the fair value since the Company can change the interest credited rates with 30 days notice. The estimated fair value was classified as Level 2.
6. Reinsurance
In the normal course of its business, the Company seeks to limit its exposure to loss on any single insured and to recover a portion of benefits paid by ceding risks to other insurance enterprises under excess coverage, quota share, yearly renewable term and coinsurance contracts. On existing business, the Company retains a maximum of $250 of coverage per individual life. For new term life insurance policies, the Company retains 100% of the first $50 of coverage per individual life and 50% of coverage in excess of $50 up to a maximum retention of $250 per individual life. For new business-owned life insurance policies, the Company
- 28 -
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Notes to Financial Statements
(Dollars in Thousands, Except Share Amounts)
retains 100% of the first $250 per individual life. New term and business-owned life insurance policies are reinsured to GWL&A. The Company does not assume business under reinsurance agreements.
Ceded reinsurance contracts do not relieve the Company from its obligations to policyholders. The failure of reinsurers to honor their obligations could result in losses to the Company. The Company evaluates the financial condition of its reinsurers and monitors concentrations of credit risk arising from similar geographic regions, activities or economic characteristics of the reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. At December 31, 2014 and 2013, the reinsurance receivables had carrying values in the amounts of $4,519 and $5,495, respectively. Included in these amounts are $2,471 and $2,624 at December 31, 2014 and 2013, respectively, associated with reinsurance agreements with related parties. At December 31, 2014 and 2013, 28% and 14%, respectively, of the total reinsurance receivable was due from GWL&A. In addition, 27% and 24%, respectively, of the total reinsurance receivable was due from CLAC at December 31, 2014 and 2013.
The following tables summarize life insurance in-force and total premium income at and for the year ended December 31, 2014:
Written and earned direct | Reinsurance ceded | Net | ||||||||||
Life insurance in-force: | ||||||||||||
Individual | $ | 3,334,623 | $ | (1,739,173 | ) | $ | 1,595,450 | |||||
Premium income: | ||||||||||||
Life insurance | $ | 20,802 | $ | (7,347 | ) | $ | 13,455 | |||||
The following tables summarize life insurance in-force and total premium income at and for the year ended December 31, 2013:
Written and earned direct | Reinsurance ceded | Net | ||||||||||
Life insurance in-force: | ||||||||||||
Individual | $ | 3,413,560 | $ | (1,839,552 | ) | $ | 1,574,008 | |||||
Premium income: | ||||||||||||
Life insurance (1) | $ | 17,836 | $ | 35,069 | $ | 52,905 | ||||||
(1) Reinsurance ceded premium income includes the impact from the termination of the reinsurance agreement with CLAC. See Note 3 for additional discussion regarding the transaction.
The following tables summarize total premium income for the year ended December 31, 2012:
Written and earned direct | Reinsurance ceded | Net | ||||||||||
Premium income: | ||||||||||||
Life insurance | $ | 18,541 | $ | (9,694 | ) | $ | 8,847 | |||||
Reinsurance recoveries for life and other policy benefits were $4,976, $3,879 and $4,871 for the years ended December 31, 2014, 2013 and 2012, respectively.
- 29 -
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Notes to Financial Statements
(Dollars in Thousands, Except Share Amounts)
7. Deferred Acquisition Costs
The following table summarizes activity in DAC:
2014 | 2013 | 2012 | ||||||||||
Balance, January 1, | $ | 12,761 | $ | 7,032 | $ | 6,195 | ||||||
Capitalized additions | 6,248 | 3,574 | 4,660 | |||||||||
Amortization and writedowns | (1,184 | ) | (608 | ) | (2,379 | ) | ||||||
Unrealized investment (gains) losses | (2,344 | ) | 2,763 | (1,444 | ) | |||||||
Balance, December 31, | $ | 15,481 | $ | 12,761 | $ | 7,032 | ||||||
8. Stockholder’s Equity and Dividend Restrictions
At December 31, 2014 and 2013, the Company had 10,000 shares of $1,000 par value common stock authorized, 2,500 of which were issued and outstanding at both dates.
The Company’s net income and capital and surplus, as determined in accordance with statutory accounting principles and practices as prescribed by the National Association of Insurance Commissioners (“NAIC”), is as follows:
Year Ended December 31, | December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | ||||||||||||||||||
Net income (loss) | $ | 1,510 | $ | (4,477 | ) | $ | 4,505 | Capital and surplus | $ | 82,864 | $ | 79,530 | ||||||||||
Regulatory compliance is determined by a ratio of a company’s total adjusted capital (“TAC”) to its authorized control level risk-based capital (“ACL”), as determined in accordance with statutory accounting principles and practices as prescribed by the NAIC. Companies below specific trigger points or ratios are classified within certain levels, each of which requires specified corrective action. The minimum level of TAC before corrective action commences is 200% of ACL. The Company’s risk-based capital ratio was in excess of the required amount as of December 31, 2014.
Dividends are paid as determined by the Board of Directors, subject to restrictions as discussed below.
As an insurance company domiciled in the State of New York, the Company is required to maintain a minimum of $2,250 of capital and surplus. In addition, the maximum amount of dividends which can be paid to stockholders by insurance companies domiciled in the State of New York, without prior approval of the Superintendent, is subject to restrictions relating to statutory capital and surplus and statutory net gain from operations. As filed with the New York State Department of Financial Services, statutory capital and surplus and net gain from operations at and for the year ended December 31, 2014 were $82,864 and $2,842, respectively. Based on the as filed amounts, the Company may pay an amount less than $2,842 of dividends during the year ended December 31, 2015 without the approval of the New York Superintendent of Financial Services. Prior to any payments of dividends, the Company seeks approval from the Superintendent.
- 30 -
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Notes to Financial Statements
(Dollars in Thousands, Except Share Amounts)
9. Other Comprehensive Income
The following tables present the accumulated balances for each classification of other comprehensive income (loss):
Year Ended December 31, 2014 | ||||||||||||
Unrealized holding gains / losses arising on fixed maturities, available-for-sale | Future policy benefits and DAC adjustments | Total | ||||||||||
Balances, January 1, 2014 | $ | 4,483 | $ | (2,224 | ) | $ | 2,259 | |||||
Other comprehensive income (loss) before reclassifications | 13,508 | (2,938 | ) | 10,570 | ||||||||
Amounts reclassified from AOCI | (175 | ) | — | (175 | ) | |||||||
Net current period other comprehensive income (loss) | 13,333 | (2,938 | ) | 10,395 | ||||||||
Balances, December 31, 2014 | $ | 17,816 | $ | (5,162 | ) | $ | 12,654 | |||||
Year Ended December 31, 2013 | ||||||||||||
Unrealized holding gains / losses arising on fixed maturities, available-for-sale | Future policy benefits and DAC adjustments | Total | ||||||||||
Balances, January 1, 2013 | $ | 22,426 | $ | (5,346 | ) | $ | 17,080 | |||||
Other comprehensive income (loss) before reclassifications | (16,206 | ) | 3,122 | (13,084 | ) | |||||||
Amounts reclassified from AOCI | (1,737 | ) | — | (1,737 | ) | |||||||
Net current period other comprehensive income (loss) | (17,943 | ) | 3,122 | (14,821 | ) | |||||||
Balances, December 31, 2013 | $ | 4,483 | $ | (2,224 | ) | $ | 2,259 | |||||
Year Ended December 31, 2012 | ||||||||||||
Unrealized holding gains / losses arising on fixed maturities, available-for-sale | Future policy benefits and DAC adjustments | Total | ||||||||||
Balances, January 1, 2012 | $ | 11,174 | $ | (1,381 | ) | $ | 9,793 | |||||
Other comprehensive income (loss) before reclassifications | 13,128 | (3,965 | ) | 9,163 | ||||||||
Amounts reclassified from AOCI | (1,876 | ) | — | (1,876 | ) | |||||||
Net current period other comprehensive income (loss) | 11,252 | (3,965 | ) | 7,287 | ||||||||
Balances, December 31, 2012 | $ | 22,426 | $ | (5,346 | ) | $ | 17,080 | |||||
- 31 -
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Notes to Financial Statements
(Dollars in Thousands, Except Share Amounts)
The following tables present the composition of other comprehensive income (loss):
Year Ended December 31, 2014 | ||||||||||||
Before-tax amount | Tax (expense) benefit | Net-of-tax amount | ||||||||||
Unrealized holding gains (losses) arising on fixed maturities, available-for-sale | $ | 20,782 | $ | (7,274 | ) | $ | 13,508 | |||||
Reclassification adjustment for (gains) losses realized in net income | (269 | ) | 94 | (175 | ) | |||||||
Net unrealized gains (losses) related to investments | 20,513 | (7,180 | ) | 13,333 | ||||||||
Future policy benefits and DAC adjustments | (4,520 | ) | 1,582 | (2,938 | ) | |||||||
Net unrealized gains (losses) | 15,993 | (5,598 | ) | 10,395 | ||||||||
Other comprehensive income (loss) | $ | 15,993 | $ | (5,598 | ) | $ | 10,395 | |||||
Year Ended December 31, 2013 | ||||||||||||
Before-tax amount | Tax (expense) benefit | Net-of-tax amount | ||||||||||
Unrealized holding gains (losses) arising on fixed maturities, available-for-sale | $ | (24,933 | ) | $ | 8,727 | $ | (16,206 | ) | ||||
Reclassification adjustment for (gains) losses realized in net income | (2,672 | ) | 935 | (1,737 | ) | |||||||
Net unrealized gains (losses) related to investments | (27,605 | ) | 9,662 | (17,943 | ) | |||||||
Future policy benefits and DAC adjustments | 4,805 | (1,683 | ) | 3,122 | ||||||||
Net unrealized gains (losses) | (22,800 | ) | 7,979 | (14,821 | ) | |||||||
Other comprehensive income (loss) | $ | (22,800 | ) | $ | 7,979 | $ | (14,821 | ) | ||||
Year Ended December 31, 2012 | ||||||||||||
Before-tax amount | Tax (expense) benefit | Net-of-tax amount | ||||||||||
Unrealized holding gains (losses) arising on fixed maturities, available-for-sale | $ | 20,197 | $ | (7,069 | ) | $ | 13,128 | |||||
Reclassification adjustment for (gains) losses realized in net income | (2,886 | ) | 1,010 | (1,876 | ) | |||||||
Net unrealized gains (losses) related to investments | 17,311 | (6,059 | ) | 11,252 | ||||||||
Future policy benefits and DAC adjustments | (6,100 | ) | 2,135 | (3,965 | ) | |||||||
Net unrealized gains (losses) | 11,211 | (3,924 | ) | 7,287 | ||||||||
Other comprehensive income (loss) | $ | 11,211 | $ | (3,924 | ) | $ | 7,287 | |||||
The following table presents the reclassifications out of accumulated other comprehensive income (loss):
Year Ended December 31, | ||||||||||
2014 | 2013 | |||||||||
Details about accumulated other comprehensive income (loss) components | Amount reclassified from accumulated other comprehensive income (loss) | Affected line item in the statement where net income is presented | ||||||||
Unrealized holdings (gains) losses arising on fixed maturities, available-for-sale | $ | (269 | ) | $ | (2,672 | ) | Other realized investment (gains) losses, net | |||
(269 | ) | (2,672 | ) | Total before tax | ||||||
(94 | ) | (935 | ) | Tax expense | ||||||
Total reclassification for the period | $ | (175 | ) | $ | (1,737 | ) | Net of tax | |||
10. General Insurance Expenses
The following table summarizes the significant components of general insurance expenses:
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Commissions | $ | 11,759 | $ | 7,979 | $ | 7,517 | ||||||
Compensation | 6,732 | 6,552 | 5,378 | |||||||||
Other (1) | 401 | 2,896 | (10 | ) | ||||||||
Total general insurance expenses | $ | 18,892 | $ | 17,427 | $ | 12,885 | ||||||
(1) Other general insurance expense includes capitalized additions to DAC, guaranty fund assessments and other regulatory fees and assessments.
11. Income Taxes
The provision for income taxes is comprised of the following:
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current | $ | 1,849 | $ | 5,168 | $ | 2,402 | ||||||
Deferred | 2,296 | (3,099 | ) | 58 | ||||||||
Total income tax provision | $ | 4,145 | $ | 2,069 | $ | 2,460 | ||||||
The following table presents a reconciliation between the statutory federal income tax rate and the Company’s effective income tax rate:
Year Ended December 31, | |||||||||
2014 | 2013 | 2012 | |||||||
Statutory federal income tax rate | 35.0 | % | 35.0 | % | 35.0 | % | |||
Income tax effect of: | |||||||||
State income taxes net of federal benefit | 0.0 | % | 8.7 | % | 2.8 | % | |||
Provision for participating policies | 0.0 | % | 0.0 | % | (9.2 | )% | |||
Other, net | (1.4 | )% | 0.4 | % | (1.3 | )% | |||
Effective income tax rate | 33.6 | % | 44.1 | % | 27.3 | % | |||
- 32 -
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
Notes to Financial Statements
(Dollars in Thousands, Except Share Amounts)
Deferred income taxes represent the tax effect of the differences between the book and tax bases of assets and liabilities. The tax effect of temporary differences, which give rise to the deferred tax assets and liabilities, is as follows:
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Deferred tax asset | Deferred tax liability | Deferred tax asset | Deferred tax liability | |||||||||||||
Policyholder reserves | $ | 4,882 | $ | — | $ | 5,216 | $ | — | ||||||||
Deferred acquisition costs | 1,398 | — | 987 | — | ||||||||||||
Investment assets | — | 11,499 | — | 2,269 | ||||||||||||
Policyholder dividends | 1,120 | — | 1,050 | — | ||||||||||||
Guarantee fund accrual | — | — | 185 | — | ||||||||||||
Deferred director’s fees | 336 | — | 340 | — | ||||||||||||
Earnings on participating business | 7,017 | — | 5,802 | — | ||||||||||||
Other | 50 | — | — | 115 | ||||||||||||
Total deferred taxes | $ | 14,803 | $ | 11,499 | $ | 13,580 | $ | 2,384 | ||||||||
The deferred tax liability amounts presented for investment assets above include $6,813 and $897 related to the unrealized (gains) losses on the Company’s fixed maturity and equity investments, which are classified as available-for-sale at December 31, 2014 and 2013, respectively.
The Company and its ultimate U.S. parent, Lifeco U.S., have entered into an income tax allocation agreement whereby Lifeco U.S. files a consolidated federal income tax return. Under the agreement, these companies are responsible for and will receive the benefits of any income tax liability or benefit computed on a separate tax return basis.
The Company files income tax returns in the U.S. federal jurisdiction and various states. With few exceptions, the Company is no longer subject to U.S. federal income tax examinations by tax authorities for years 2010 and prior. Tax years 2011 through 2013 are open to federal examination by the Internal Revenue Service. The Company does not expect significant increases or decreases to unrecognized tax benefits relating to federal, state or local audits.
Included in due from parent and affiliates at December 31, 2014 is $2,853 of income taxes receivable from affiliates related to the consolidated income tax return filed by GWL&A and certain subsidiaries. Included in due to parent and affiliates at December 31, 2013 is $3,234 of income taxes payable to affiliates related to the consolidated income tax return filed by GWL&A and certain subsidiaries. Included in the balance sheet at December 31, 2014 and 2013 is zero and $143, respectively, of income taxes receivable in other assets primarily related to the separate state income tax returns filed by the Company.
12. Commitments and Contingencies
From time to time, the Company may be threatened with, or named as a defendant in, lawsuits, arbitrations, and administrative claims. Any such claims that are decided against the Company could harm the Company’s business. The Company is also subject to periodic regulatory audits and inspections which could result in fines or other disciplinary actions. Unfavorable outcomes in such matters may result in a material impact on the Company's financial position, results of operations or cash flows.
The Company makes commitments to fund investments in the normal course of its business. The amounts of these unfunded commitments at December 31, 2014 and 2013 were $6,000 and $4,000, respectively, all of which is due within one year from the dates indicated.
13. Subsequent Event
Management has evaluated subsequent events for potential recognition or disclosure in the Company’s financial statements through March 31, 2015, the date on which the Company’s financial statements were issued. No subsequent event has occurred requiring its recognition or disclosure in the Company’s financial statements.
- 33 -
Variable Annuity-1 Series Account of Great-West Life & Annuity Insurance Company of New York Annual Report for the Year Ended December 31, 2014 and Report of Independent Registered Public Accounting Firm | ||
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Contract Owners of
Variable Annuity-1 Series Account
and the Board of Directors of
Great-West Life & Annuity Insurance Company of New York
We have audited the accompanying statements of assets and liabilities of each of the investment divisions which comprise Variable Annuity-1 Series Account of Great-West Life & Annuity Insurance Company of New York (the “Series Account”) as listed in Appendix A as of December 31, 2014, and the related statements of operations, the statements of changes in net assets, and the financial highlights in Note 4 for the periods presented. These financial statements and financial highlights are the responsibility of the Series Account’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform our audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Series Account is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Series Account's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the mutual fund companies; where replies were not received from mutual fund companies, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the investment divisions constituting the Variable Annuity-1 Series Account of Great-West Life & Annuity Insurance Company of New York as of December 31, 2014, the results of their operations, the changes in their net assets, and the financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America.
/s/ DELOITTE & TOUCHE LLP
Denver, Colorado
April 6, 2015
VARIABLE ANNUITY-1 SERIES ACCOUNT OF GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK APPENDIX A |
ALGER LARGE CAP GROWTH PORTFOLIO |
ALGER MID CAP GROWTH PORTFOLIO |
ALLIANCEBERNSTEIN VPS GROWTH AND INCOME PORTFOLIO |
ALLIANCEBERNSTEIN VPS GROWTH PORTFOLIO |
ALLIANCEBERNSTEIN VPS INTERNATIONAL GROWTH PORTFOLIO |
ALLIANCEBERNSTEIN VPS INTERNATIONAL VALUE PORTFOLIO |
ALLIANCEBERNSTEIN VPS REAL ESTATE INVESTMENT PORTFOLIO |
ALLIANCEBERNSTEIN VPS SMALL/MID CAP VALUE PORTFOLIO |
AMERICAN CENTURY INVESTMENTS VP BALANCED FUND |
AMERICAN CENTURY INVESTMENTS VP INCOME & GROWTH FUND |
AMERICAN CENTURY INVESTMENTS VP INTERNATIONAL FUND |
AMERICAN CENTURY INVESTMENTS VP MID CAP VALUE FUND |
AMERICAN CENTURY INVESTMENTS VP VALUE FUND |
BLACKROCK GLOBAL ALLOCATION VI FUND |
COLUMBIA VARIABLE PORTFOLIO - MARSICO 21ST CENTURY FUND |
COLUMBIA VARIABLE PORTFOLIO - SELIGMAN GLOBAL TECHNOLOGY FUND |
COLUMBIA VARIABLE PORTFOLIO - SMALL CAP VALUE FUND |
DELAWARE VIP EMERGING MARKETS SERIES |
DELAWARE VIP SMALL CAP VALUE SERIES |
DELAWARE VIP SMID CAP GROWTH SERIES |
DEUTSCHE CAPITAL GROWTH VIP |
DEUTSCHE CORE EQUITY VIP |
DEUTSCHE LARGE CAP VALUE VIP |
DEUTSCHE SMALL CAP INDEX VIP |
DEUTSCHE SMALL MID CAP VALUE VIP |
DREYFUS IP MIDCAP STOCK PORTFOLIO |
DREYFUS VIF APPRECIATION PORTFOLIO |
DREYFUS VIF GROWTH AND INCOME PORTFOLIO |
FEDERATED FUND FOR US GOVERNMENT SECURITIES II |
FEDERATED MANAGED TAIL RISK FUND II |
FEDERATED MANAGED VOLATILITY FUND II |
FRANKLIN SMALL CAP VALUE SECURITIES FUND |
GREAT-WEST SECUREFOUNDATION BALANCED FUND |
INVESCO V.I. COMSTOCK FUND |
INVESCO V.I. CORE EQUITY FUND |
INVESCO V.I. GROWTH & INCOME FUND |
INVESCO V.I. HIGH YIELD FUND |
INVESCO V.I. INTERNATIONAL GROWTH FUND |
INVESCO V.I. MID CAP CORE EQUITY FUND |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK APPENDIX A (Continued) |
INVESCO V.I. SMALL CAP EQUITY FUND |
INVESCO V.I. TECHNOLOGY FUND |
JANUS ASPEN BALANCED PORTFOLIO INSTITUTIONAL SHARES |
JANUS ASPEN BALANCED PORTFOLIO SERVICE SHARES |
JANUS ASPEN FLEXIBLE BOND PORTFOLIO INSTITUTIONAL SHARES |
JANUS ASPEN FLEXIBLE BOND PORTFOLIO SERVICE SHARES |
JANUS ASPEN GLOBAL RESEARCH PORTFOLIO |
JANUS ASPEN GLOBAL TECHNOLOGY PORTFOLIO |
JANUS ASPEN JANUS PORTFOLIO |
JANUS ASPEN OVERSEAS PORTFOLIO INSTITUTIONAL SHARES |
JANUS ASPEN OVERSEAS PORTFOLIO SERVICE SHARES |
LAZARD RETIREMENT EMERGING MARKETS EQUITY PORTFOLIO |
LVIP BARON GROWTH OPPORTUNITIES FUND |
MFS INTERNATIONAL VALUE PORTFOLIO |
MFS UTILITIES SERIES |
NEUBERGER BERMAN AMT MID CAP INTRINSIC VALUE PORTFOLIO |
NVIT MID CAP INDEX FUND |
OPPENHEIMER GLOBAL FUND/VA |
OPPENHEIMER MAIN STREET SMALL CAP FUND/VA |
OPPENHIEMER INTERNATIONAL GROWTH FUND/VA |
PIMCO VIT COMMODITY REALRETURN STRATEGY PORTFOLIO |
PIMCO VIT HIGH YIELD PORTFOLIO |
PIMCO VIT LOW DURATION PORTFOLIO |
PIMCO VIT TOTAL RETURN PORTFOLIO |
PIONEER EMERGING MARKETS VCT PORTFOLIO |
PIONEER FUND VCT PORTFOLIO |
PIONEER MID CAP VALUE VCT PORTFOLIO |
PIONEER SELECT MID CAP GROWTH VCT PORTFOLIO |
PRUDENTIAL SERIES FUND EQUITY PORTFOLIO |
PRUDENTIAL SERIES FUND NATURAL RESOURCES PORTFOLIO |
PUTNAM VT AMERICAN GOVERNMENT INCOME FUND |
PUTNAM VT EQUITY INCOME FUND |
PUTNAM VT GLOBAL HEALTH CARE FUND |
PUTNAM VT INVESTORS FUND |
ROYCE CAPITAL FUND - SMALL-CAP PORTFOLIO |
SCHWAB MARKETTRACK GROWTH PORTFOLIO II |
SCHWAB MONEY MARKET PORTFOLIO |
SCHWAB S&P 500 INDEX PORTFOLIO |
SENTINEL VARIABLE PRODUCTS BOND FUND |
SENTINEL VARIABLE PRODUCTS COMMON STOCK FUND |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK APPENDIX A (Concluded) |
SENTINEL VARIABLE PRODUCTS SMALL COMPANY FUND |
T. ROWE PRICE HEALTH SCIENCES PORTFOLIO |
TEMPLETON FOREIGN VIP FUND |
TEMPLETON GLOBAL BOND VIP FUND |
THIRD AVENUE VALUE PORTFOLIO |
TOUCHSTONE VST MID CAP GROWTH FUND |
UNIVERSAL INSTITUTIONAL FUNDS U.S. REAL ESTATE PORTFOLIO |
VAN ECK VIP GLOBAL HARD ASSETS FUND |
VAN ECK VIP UNCONSTRAINED EMERGING MARKETS BOND FUND |
VANGUARD VIF MID-CAP INDEX PORTFOLIO |
VANGUARD VIF SMALL COMPANY GROWTH PORTFOLIO |
WELLS FARGO ADVANTAGE VT DISCOVERY FUND |
WELLS FARGO ADVANTAGE VT OMEGA GROWTH FUND |
WELLS FARGO ADVANTAGE VT OPPORTUNITY FUND |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2014
INVESTMENT DIVISIONS | ||||||||||||||||||||
ALGER LARGE CAP GROWTH PORTFOLIO | ALGER MID CAP GROWTH PORTFOLIO | ALLIANCE-BERNSTEIN VPS GROWTH AND INCOME PORTFOLIO | ALLIANCE-BERNSTEIN VPS GROWTH PORTFOLIO | ALLIANCE-BERNSTEIN VPS INTERNATIONAL GROWTH PORTFOLIO | ALLIANCE-BERNSTEIN VPS INTERNATIONAL VALUE PORTFOLIO | |||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments at fair value (1) | $ | 1,252,478 | $ | 306,388 | $ | 54,134 | $ | 74,731 | $ | 326,983 | $ | 136,848 | ||||||||
Investment income due and accrued | 1 | |||||||||||||||||||
Receivable for investments sold | ||||||||||||||||||||
Due from Great-West Life & Annuity Insurance Company of New York | 2,614 | |||||||||||||||||||
Total assets | 1,252,479 | 306,388 | 54,134 | 74,731 | 329,597 | 136,848 | ||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Redemptions payable | ||||||||||||||||||||
Due to Great-West Life & Annuity Insurance Company of New York | 144 | 34 | 6 | 10 | 39 | 17 | ||||||||||||||
Total liabilities | 144 | 34 | 6 | 10 | 39 | 17 | ||||||||||||||
NET ASSETS | $ | 1,252,335 | $ | 306,354 | $ | 54,128 | $ | 74,721 | $ | 329,558 | $ | 136,831 | ||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||
Accumulation units | $ | 1,252,335 | $ | 306,354 | $ | 54,128 | $ | 74,721 | $ | 310,912 | $ | 136,831 | ||||||||
Contracts in payout phase | 18,646 | |||||||||||||||||||
NET ASSETS | $ | 1,252,335 | $ | 306,354 | $ | 54,128 | $ | 74,721 | $ | 329,558 | $ | 136,831 | ||||||||
ACCUMULATION UNITS OUTSTANDING | 48,363 | 16,399 | 3,300 | 4,630 | 22,314 | 18,653 | ||||||||||||||
UNIT VALUE (ACCUMULATION) | $ | 25.89 | $ | 18.68 | $ | 16.40 | $ | 16.14 | $ | 13.93 | $ | 7.34 | ||||||||
(1 | ) | Cost of investments: | $ | 1,072,994 | $ | 185,292 | $ | 23,500 | $ | 49,612 | $ | 285,314 | $ | 146,679 | ||||||
Shares of investments: | 21,319 | 15,459 | 1,802 | 2,168 | 17,173 | 10,114 | ||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2014
INVESTMENT DIVISIONS | ||||||||||||||||||||
ALLIANCE-BERNSTEIN VPS REAL ESTATE INVESTMENT PORTFOLIO | ALLIANCE-BERNSTEIN VPS SMALL/MID CAP VALUE PORTFOLIO | AMERICAN CENTURY INVESTMENTS VP BALANCED FUND | AMERICAN CENTURY INVESTMENTS VP INCOME & GROWTH FUND | AMERICAN CENTURY INVESTMENTS VP INTERNATIONAL FUND | AMERICAN CENTURY INVESTMENTS VP MID CAP VALUE FUND | |||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments at fair value (1) | $ | 374,854 | $ | 270,364 | $ | 731,659 | $ | 70,712 | $ | 159,258 | $ | 252,059 | ||||||||
Investment income due and accrued | ||||||||||||||||||||
Receivable for investments sold | ||||||||||||||||||||
Due from Great-West Life & Annuity Insurance Company of New York | 4,348 | |||||||||||||||||||
Total assets | 374,854 | 270,364 | 736,007 | 70,712 | 159,258 | 252,059 | ||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Redemptions payable | ||||||||||||||||||||
Due to Great-West Life & Annuity Insurance Company of New York | 38 | 30 | 82 | 6 | 18 | 27 | ||||||||||||||
Total liabilities | 38 | 30 | 82 | 6 | 18 | 27 | ||||||||||||||
NET ASSETS | $ | 374,816 | $ | 270,334 | $ | 735,925 | $ | 70,706 | $ | 159,240 | $ | 252,032 | ||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||
Accumulation units | $ | 374,816 | $ | 270,334 | $ | 713,591 | $ | 70,706 | $ | 159,240 | $ | 252,032 | ||||||||
Contracts in payout phase | 22,334 | |||||||||||||||||||
NET ASSETS | $ | 374,816 | $ | 270,334 | $ | 735,925 | $ | 70,706 | $ | 159,240 | $ | 252,032 | ||||||||
ACCUMULATION UNITS OUTSTANDING | 23,748 | 14,385 | 39,816 | 4,718 | 8,573 | 10,827 | ||||||||||||||
UNIT VALUE (ACCUMULATION) | $ | 15.78 | $ | 18.79 | $ | 17.92 | $ | 14.99 | $ | 18.57 | $ | 23.28 | ||||||||
(1 | ) | Cost of investments: | $ | 430,353 | $ | 248,850 | $ | 674,837 | $ | 41,255 | $ | 143,922 | $ | 234,359 | ||||||
Shares of investments: | 37,485 | 12,317 | 91,802 | 6,994 | 15,958 | 12,698 | ||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2014
INVESTMENT DIVISIONS | ||||||||||||||||||||
AMERICAN CENTURY INVESTMENTS VP VALUE FUND | BLACKROCK GLOBAL ALLOCATION VI FUND | COLUMBIA VARIABLE PORTFOLIO - MARSICO 21ST CENTURY FUND | COLUMBIA VARIABLE PORTFOLIO - SELIGMAN GLOBAL TECHNOLOGY FUND | COLUMBIA VARIABLE PORTFOLIO - SMALL CAP VALUE FUND | DELAWARE VIP EMERGING MARKETS SERIES | |||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments at fair value (1) | $ | 1,767,761 | $ | 99,868 | $ | 106,333 | $ | 347,279 | $ | 11,480 | $ | 3,417 | ||||||||
Investment income due and accrued | ||||||||||||||||||||
Receivable for investments sold | ||||||||||||||||||||
Due from Great-West Life & Annuity Insurance Company of New York | ||||||||||||||||||||
Total assets | 1,767,761 | 99,868 | 106,333 | 347,279 | 11,480 | 3,417 | ||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Redemptions payable | ||||||||||||||||||||
Due to Great-West Life & Annuity Insurance Company of New York | 202 | 11 | 11 | 40 | 1 | |||||||||||||||
Total liabilities | 202 | 11 | 11 | 40 | 1 | |||||||||||||||
NET ASSETS | $ | 1,767,559 | $ | 99,857 | $ | 106,322 | $ | 347,239 | $ | 11,479 | $ | 3,417 | ||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||
Accumulation units | $ | 1,767,559 | $ | 99,857 | $ | 106,322 | $ | 347,239 | $ | 11,479 | $ | 3,417 | ||||||||
Contracts in payout phase | ||||||||||||||||||||
NET ASSETS | $ | 1,767,559 | $ | 99,857 | $ | 106,322 | $ | 347,239 | $ | 11,479 | $ | 3,417 | ||||||||
ACCUMULATION UNITS OUTSTANDING | 81,704 | 9,935 | 7,391 | 22,887 | 514 | 366 | ||||||||||||||
UNIT VALUE (ACCUMULATION) | $ | 21.63 | $ | 10.05 | $ | 14.39 | $ | 15.17 | $ | 22.33 | $ | 9.34 | ||||||||
(1 | ) | Cost of investments: | $ | 1,214,926 | $ | 109,513 | $ | 97,493 | $ | 303,942 | $ | 10,372 | $ | 3,391 | ||||||
Shares of investments: | 187,860 | 6,153 | 6,168 | 11,934 | 626 | 175 | ||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2014
INVESTMENT DIVISIONS | ||||||||||||||||||||
DELAWARE VIP SMALL CAP VALUE SERIES | DELAWARE VIP SMID CAP GROWTH SERIES | DEUTSCHE CAPITAL GROWTH VIP | DEUTSCHE CORE EQUITY VIP | DEUTSCHE LARGE CAP VALUE VIP | DEUTSCHE SMALL CAP INDEX VIP | |||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments at fair value (1) | $ | 464,199 | $ | 189,504 | $ | 760,255 | $ | 147,500 | $ | 454,543 | $ | 940,895 | ||||||||
Investment income due and accrued | ||||||||||||||||||||
Receivable for investments sold | ||||||||||||||||||||
Due from Great-West Life & Annuity Insurance Company of New York | 4,414 | |||||||||||||||||||
Total assets | 464,199 | 189,504 | 760,255 | 151,914 | 454,543 | 940,895 | ||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Redemptions payable | ||||||||||||||||||||
Due to Great-West Life & Annuity Insurance Company of New York | 51 | 22 | 84 | 17 | 54 | 99 | ||||||||||||||
Total liabilities | 51 | 22 | 84 | 17 | 54 | 99 | ||||||||||||||
NET ASSETS | $ | 464,148 | $ | 189,482 | $ | 760,171 | $ | 151,897 | $ | 454,489 | $ | 940,796 | ||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||
Accumulation units | $ | 464,148 | $ | 189,482 | $ | 760,171 | $ | 129,225 | $ | 454,489 | $ | 940,796 | ||||||||
Contracts in payout phase | 22,672 | |||||||||||||||||||
NET ASSETS | $ | 464,148 | $ | 189,482 | $ | 760,171 | $ | 151,897 | $ | 454,489 | $ | 940,796 | ||||||||
ACCUMULATION UNITS OUTSTANDING | 17,707 | 9,002 | 44,610 | 7,944 | 27,280 | 44,474 | ||||||||||||||
UNIT VALUE (ACCUMULATION) | $ | 26.21 | $ | 21.05 | $ | 17.04 | $ | 16.27 | $ | 16.66 | $ | 21.15 | ||||||||
(1 | ) | Cost of investments: | $ | 393,752 | $ | 179,176 | $ | 552,848 | $ | 116,889 | $ | 356,267 | $ | 830,032 | ||||||
Shares of investments: | 11,539 | 6,275 | 25,384 | 11,560 | 26,153 | 54,324 | ||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2014
INVESTMENT DIVISIONS | ||||||||||||||||||||
DEUTSCHE SMALL MID CAP VALUE VIP | DREYFUS IP MIDCAP STOCK PORTFOLIO | DREYFUS VIF APPRECIATION PORTFOLIO | DREYFUS VIF GROWTH AND INCOME PORTFOLIO | FEDERATED FUND FOR US GOVERNMENT SECURITIES II | FEDERATED MANAGED TAIL RISK FUND II | |||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments at fair value (1) | $ | 267,767 | $ | 66,846 | $ | 557,861 | $ | 68,170 | $ | 3,210,500 | $ | 100,241 | ||||||||
Investment income due and accrued | 2,649 | 127 | ||||||||||||||||||
Receivable for investments sold | 206 | 459 | ||||||||||||||||||
Due from Great-West Life & Annuity Insurance Company of New York | 2,274 | |||||||||||||||||||
Total assets | 267,767 | 66,846 | 560,716 | 68,297 | 3,213,233 | 100,241 | ||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Redemptions payable | 206 | 459 | ||||||||||||||||||
Due to Great-West Life & Annuity Insurance Company of New York | 30 | 8 | 66 | 8 | 370 | 12 | ||||||||||||||
Total liabilities | 30 | 8 | 272 | 8 | 829 | 12 | ||||||||||||||
NET ASSETS | $ | 267,737 | $ | 66,838 | $ | 560,444 | $ | 68,289 | $ | 3,212,404 | $ | 100,229 | ||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||
Accumulation units | $ | 267,737 | $ | 66,838 | $ | 560,444 | $ | 68,289 | $ | 3,197,989 | $ | 100,229 | ||||||||
Contracts in payout phase | 14,415 | |||||||||||||||||||
NET ASSETS | $ | 267,737 | $ | 66,838 | $ | 560,444 | $ | 68,289 | $ | 3,212,404 | $ | 100,229 | ||||||||
ACCUMULATION UNITS OUTSTANDING | 16,412 | 2,520 | 32,212 | 3,898 | 173,899 | 6,303 | ||||||||||||||
UNIT VALUE (ACCUMULATION) | $ | 16.31 | $ | 26.52 | $ | 17.40 | $ | 17.52 | $ | 18.39 | $ | 15.90 | ||||||||
(1 | ) | Cost of investments: | $ | 171,857 | $ | 23,316 | $ | 494,707 | $ | 44,451 | $ | 3,188,630 | $ | 113,341 | ||||||
Shares of investments: | 15,052 | 2,903 | 11,268 | 2,086 | 288,714 | 18,061 | ||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2014
INVESTMENT DIVISIONS | ||||||||||||||||||||
FEDERATED MANAGED VOLATILITY FUND II | FRANKLIN SMALL CAP VALUE SECURITIES FUND | GREAT-WEST SECURE-FOUNDATION BALANCED FUND | INVESCO V.I. COMSTOCK FUND | INVESCO V.I. CORE EQUITY FUND | INVESCO V.I. GROWTH & INCOME FUND | |||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments at fair value (1) | $ | 26,841 | $ | 334,135 | $ | 2,049,518 | $ | 576,933 | $ | 126,678 | $ | 753,118 | ||||||||
Investment income due and accrued | ||||||||||||||||||||
Receivable for investments sold | ||||||||||||||||||||
Due from Great-West Life & Annuity Insurance Company of New York | ||||||||||||||||||||
Total assets | 26,841 | 334,135 | 2,049,518 | 576,933 | 126,678 | 753,118 | ||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Redemptions payable | ||||||||||||||||||||
Due to Great-West Life & Annuity Insurance Company of New York | 3 | 38 | 195 | 65 | 15 | 81 | ||||||||||||||
Total liabilities | 3 | 38 | 195 | 65 | 15 | 81 | ||||||||||||||
NET ASSETS | $ | 26,838 | $ | 334,097 | $ | 2,049,323 | $ | 576,868 | $ | 126,663 | $ | 753,037 | ||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||
Accumulation units | $ | 26,838 | $ | 334,097 | $ | 2,049,323 | $ | 576,868 | $ | 126,663 | $ | 753,037 | ||||||||
Contracts in payout phase | ||||||||||||||||||||
NET ASSETS | $ | 26,838 | $ | 334,097 | $ | 2,049,323 | $ | 576,868 | $ | 126,663 | $ | 753,037 | ||||||||
ACCUMULATION UNITS OUTSTANDING | 1,272 | 20,759 | 200,226 | 32,227 | 4,723 | 44,221 | ||||||||||||||
UNIT VALUE (ACCUMULATION) | $ | 21.10 | $ | 16.09 | $ | 10.24 | $ | 17.90 | $ | 26.82 | $ | 17.03 | ||||||||
(1 | ) | Cost of investments: | $ | 21,897 | $ | 271,371 | $ | 2,056,852 | $ | 425,335 | $ | 76,743 | $ | 599,815 | ||||||
Shares of investments: | 2,549 | 14,970 | 160,621 | 30,111 | 3,089 | 29,945 | ||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2014
INVESTMENT DIVISIONS | ||||||||||||||||||||
INVESCO V.I. HIGH YIELD FUND | INVESCO V.I. INTERNATIONAL GROWTH FUND | INVESCO V.I. MID CAP CORE EQUITY FUND | INVESCO V.I. SMALL CAP EQUITY FUND | INVESCO V.I. TECHNOLOGY FUND | JANUS ASPEN BALANCED PORTFOLIO INSTITUTIONAL SHARES | |||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments at fair value (1) | $ | 142,972 | $ | 673,805 | $ | 70,034 | $ | 66,457 | $ | 222,792 | $ | 498,571 | ||||||||
Investment income due and accrued | ||||||||||||||||||||
Receivable for investments sold | ||||||||||||||||||||
Due from Great-West Life & Annuity Insurance Company of New York | ||||||||||||||||||||
Total assets | 142,972 | 673,805 | 70,034 | 66,457 | 222,792 | 498,571 | ||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Redemptions payable | ||||||||||||||||||||
Due to Great-West Life & Annuity Insurance Company of New York | 16 | 76 | 8 | 8 | 26 | 58 | ||||||||||||||
Total liabilities | 16 | 76 | 8 | 8 | 26 | 58 | ||||||||||||||
NET ASSETS | $ | 142,956 | $ | 673,729 | $ | 70,026 | $ | 66,449 | $ | 222,766 | $ | 498,513 | ||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||
Accumulation units | $ | 142,956 | $ | 673,729 | $ | 70,026 | $ | 66,449 | $ | 222,766 | $ | 498,513 | ||||||||
Contracts in payout phase | ||||||||||||||||||||
NET ASSETS | $ | 142,956 | $ | 673,729 | $ | 70,026 | $ | 66,449 | $ | 222,766 | $ | 498,513 | ||||||||
ACCUMULATION UNITS OUTSTANDING | 10,098 | 50,654 | 3,895 | 2,780 | 53,768 | 21,188 | ||||||||||||||
UNIT VALUE (ACCUMULATION) | $ | 14.16 | $ | 13.30 | $ | 17.98 | $ | 23.90 | $ | 4.14 | $ | 23.53 | ||||||||
(1 | ) | Cost of investments: | $ | 138,066 | $ | 629,381 | $ | 64,313 | $ | 54,725 | $ | 169,051 | $ | 424,046 | ||||||
Shares of investments: | 25,854 | 19,323 | 4,981 | 2,811 | 11,281 | 15,863 | ||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2014
INVESTMENT DIVISIONS | ||||||||||||||||||||
JANUS ASPEN BALANCED PORTFOLIO SERVICE SHARES | JANUS ASPEN FLEXIBLE BOND PORTFOLIO INSTITUTIONAL SHARES | JANUS ASPEN FLEXIBLE BOND PORTFOLIO SERVICE SHARES | JANUS ASPEN GLOBAL RESEARCH PORTFOLIO | JANUS ASPEN GLOBAL TECHNOLOGY PORTFOLIO | JANUS ASPEN JANUS PORTFOLIO | |||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments at fair value (1) | $ | 2,238,651 | $ | 449,116 | $ | 3,471,238 | $ | 434,146 | $ | 2,549 | $ | 283,559 | ||||||||
Investment income due and accrued | ||||||||||||||||||||
Receivable for investments sold | 564 | 265 | ||||||||||||||||||
Due from Great-West Life & Annuity Insurance Company of New York | 1,561 | 103 | ||||||||||||||||||
Total assets | 2,238,651 | 449,680 | 3,473,064 | 434,249 | 2,549 | 283,559 | ||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Redemptions payable | 564 | 265 | ||||||||||||||||||
Due to Great-West Life & Annuity Insurance Company of New York | 236 | 52 | 394 | 51 | 33 | |||||||||||||||
Total liabilities | 236 | 616 | 659 | 51 | 33 | |||||||||||||||
NET ASSETS | $ | 2,238,415 | $ | 449,064 | $ | 3,472,405 | $ | 434,198 | $ | 2,549 | $ | 283,526 | ||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||
Accumulation units | $ | 2,238,415 | $ | 449,064 | $ | 3,464,387 | $ | 412,440 | $ | 2,549 | $ | 283,526 | ||||||||
Contracts in payout phase | 8,018 | 21,758 | ||||||||||||||||||
NET ASSETS | $ | 2,238,415 | $ | 449,064 | $ | 3,472,405 | $ | 434,198 | $ | 2,549 | $ | 283,526 | ||||||||
ACCUMULATION UNITS OUTSTANDING | 136,942 | 20,738 | 231,377 | 19,119 | 229 | 11,039 | ||||||||||||||
UNIT VALUE (ACCUMULATION) | $ | 16.35 | $ | 21.65 | $ | 14.97 | $ | 21.57 | $ | 11.13 | $ | 25.68 | ||||||||
(1 | ) | Cost of investments: | $ | 2,032,513 | $ | 440,017 | $ | 3,518,741 | $ | 273,281 | $ | 2,495 | $ | 165,847 | ||||||
Shares of investments: | 67,900 | 37,489 | 267,430 | 10,474 | 298 | 7,930 | ||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2014
INVESTMENT DIVISIONS | ||||||||||||||||||||
JANUS ASPEN OVERSEAS PORTFOLIO INSTITUTIONAL SHARES | JANUS ASPEN OVERSEAS PORTFOLIO SERVICE SHARES | LAZARD RETIREMENT EMERGING MARKETS EQUITY PORTFOLIO | LVIP BARON GROWTH OPPORTUNITIES FUND | MFS INTERNATIONAL VALUE PORTFOLIO | MFS UTILITIES SERIES | |||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments at fair value (1) | $ | 146,304 | $ | 265,479 | $ | 824,957 | $ | 1,462,487 | $ | 794,827 | $ | 377,283 | ||||||||
Investment income due and accrued | ||||||||||||||||||||
Receivable for investments sold | 66 | 113 | 64 | |||||||||||||||||
Due from Great-West Life & Annuity Insurance Company of New York | 9,456 | 1,586 | 5,377 | |||||||||||||||||
Total assets | 155,826 | 265,479 | 824,957 | 1,464,186 | 800,268 | 377,283 | ||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Redemptions payable | 66 | 113 | 64 | |||||||||||||||||
Due to Great-West Life & Annuity Insurance Company of New York | 17 | 31 | 88 | 169 | 89 | 39 | ||||||||||||||
Total liabilities | 83 | 31 | 88 | 282 | 153 | 39 | ||||||||||||||
NET ASSETS | $ | 155,743 | $ | 265,448 | $ | 824,869 | $ | 1,463,904 | $ | 800,115 | $ | 377,244 | ||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||
Accumulation units | $ | 120,515 | $ | 265,448 | $ | 824,869 | $ | 1,453,854 | $ | 787,290 | $ | 377,244 | ||||||||
Contracts in payout phase | 35,228 | 10,050 | 12,825 | |||||||||||||||||
NET ASSETS | $ | 155,743 | $ | 265,448 | $ | 824,869 | $ | 1,463,904 | $ | 800,115 | $ | 377,244 | ||||||||
ACCUMULATION UNITS OUTSTANDING | 4,990 | 28,777 | 51,804 | 43,457 | 39,300 | 25,374 | ||||||||||||||
UNIT VALUE (ACCUMULATION) | $ | 24.15 | $ | 9.22 | $ | 15.92 | $ | 33.46 | $ | 20.03 | $ | 14.87 | ||||||||
(1 | ) | Cost of investments: | $ | 183,134 | $ | 359,670 | $ | 893,617 | $ | 1,061,564 | $ | 692,881 | $ | 328,311 | ||||||
Shares of investments: | 4,493 | 8,415 | 41,331 | 31,094 | 37,072 | 11,269 | ||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2014
INVESTMENT DIVISIONS | ||||||||||||||||||||
NEUBERGER BERMAN AMT MID CAP INTRINSIC VALUE PORTFOLIO | NVIT MID CAP INDEX FUND | OPPENHEIMER GLOBAL FUND/VA | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA | OPPENHIEMER INTERNATIONAL GROWTH FUND/VA | PIMCO VIT COMMODITY REALRETURN STRATEGY PORTFOLIO | |||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments at fair value (1) | $ | 19,199 | $ | 751,266 | $ | 1,019,109 | $ | 38,765 | $ | 271,074 | $ | 6,016 | ||||||||
Investment income due and accrued | ||||||||||||||||||||
Receivable for investments sold | ||||||||||||||||||||
Due from Great-West Life & Annuity Insurance Company of New York | 786 | |||||||||||||||||||
Total assets | 19,199 | 751,266 | 1,019,895 | 38,765 | 271,074 | 6,016 | ||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Redemptions payable | ||||||||||||||||||||
Due to Great-West Life & Annuity Insurance Company of New York | 2 | 81 | 118 | 4 | 27 | 1 | ||||||||||||||
Total liabilities | 2 | 81 | 118 | 4 | 27 | 1 | ||||||||||||||
NET ASSETS | $ | 19,197 | $ | 751,185 | $ | 1,019,777 | $ | 38,761 | $ | 271,047 | $ | 6,015 | ||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||
Accumulation units | $ | 19,197 | $ | 751,185 | $ | 1,014,797 | $ | 38,761 | $ | 271,047 | $ | 6,015 | ||||||||
Contracts in payout phase | 4,980 | |||||||||||||||||||
NET ASSETS | $ | 19,197 | $ | 751,185 | $ | 1,019,777 | $ | 38,761 | $ | 271,047 | $ | 6,015 | ||||||||
ACCUMULATION UNITS OUTSTANDING | 1,174 | 34,140 | 43,550 | 3,530 | 22,516 | 813 | ||||||||||||||
UNIT VALUE (ACCUMULATION) | $ | 16.35 | $ | 22.00 | $ | 23.30 | $ | 10.98 | $ | 12.04 | $ | 7.40 | ||||||||
(1 | ) | Cost of investments: | $ | 14,863 | $ | 688,614 | $ | 768,013 | $ | 36,629 | $ | 292,023 | $ | 7,499 | ||||||
Shares of investments: | 962 | 30,111 | 25,800 | 1,460 | 117,348 | 1,238 | ||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2014
INVESTMENT DIVISIONS | ||||||||||||||||||||
PIMCO VIT HIGH YIELD PORTFOLIO | PIMCO VIT LOW DURATION PORTFOLIO | PIMCO VIT TOTAL RETURN PORTFOLIO | PIONEER EMERGING MARKETS VCT PORTFOLIO | PIONEER FUND VCT PORTFOLIO | PIONEER MID CAP VALUE VCT PORTFOLIO | |||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments at fair value (1) | $ | 891,761 | $ | 3,451,814 | $ | 2,980,250 | $ | 4,248 | $ | 189,254 | $ | 136,650 | ||||||||
Investment income due and accrued | 4,302 | 5,417 | 6,835 | |||||||||||||||||
Receivable for investments sold | 765 | |||||||||||||||||||
Due from Great-West Life & Annuity Insurance Company of New York | 2,602 | |||||||||||||||||||
Total assets | 896,063 | 3,457,996 | 2,989,687 | 4,248 | 189,254 | 136,650 | ||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Redemptions payable | 765 | |||||||||||||||||||
Due to Great-West Life & Annuity Insurance Company of New York | 313 | 373 | 332 | 22 | 16 | |||||||||||||||
Total liabilities | 313 | 1,138 | 332 | 22 | 16 | |||||||||||||||
NET ASSETS | $ | 895,750 | $ | 3,456,858 | $ | 2,989,355 | $ | 4,248 | $ | 189,232 | $ | 136,634 | ||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||
Accumulation units | $ | 870,141 | $ | 3,456,858 | $ | 2,972,861 | $ | 4,248 | $ | 189,232 | $ | 136,634 | ||||||||
Contracts in payout phase | 25,609 | 16,494 | ||||||||||||||||||
NET ASSETS | $ | 895,750 | $ | 3,456,858 | $ | 2,989,355 | $ | 4,248 | $ | 189,232 | $ | 136,634 | ||||||||
ACCUMULATION UNITS OUTSTANDING | 48,978 | 271,137 | 197,692 | 691 | 10,752 | 8,438 | ||||||||||||||
UNIT VALUE (ACCUMULATION) | $ | 17.77 | $ | 12.75 | $ | 15.04 | $ | 6.15 | $ | 17.60 | $ | 16.19 | ||||||||
(1 | ) | Cost of investments: | $ | 909,937 | $ | 3,452,635 | $ | 3,000,005 | $ | 5,326 | $ | 160,338 | $ | 98,512 | ||||||
Shares of investments: | 112,738 | 326,258 | 266,094 | 198 | 7,051 | 6,049 | ||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2014
INVESTMENT DIVISIONS | ||||||||||||||||||||
PIONEER SELECT MID CAP GROWTH VCT PORTFOLIO | PRUDENTIAL SERIES FUND EQUITY PORTFOLIO | PRUDENTIAL SERIES FUND NATURAL RESOURCES PORTFOLIO | PUTNAM VT AMERICAN GOVERNMENT INCOME FUND | PUTNAM VT EQUITY INCOME FUND | PUTNAM VT GLOBAL HEALTH CARE FUND | |||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments at fair value (1) | $ | 115,040 | $ | 259,772 | $ | 54,502 | $ | 221,764 | $ | 908,857 | $ | 602,317 | ||||||||
Investment income due and accrued | ||||||||||||||||||||
Receivable for investments sold | ||||||||||||||||||||
Due from Great-West Life & Annuity Insurance Company of New York | ||||||||||||||||||||
Total assets | 115,040 | 259,772 | 54,502 | 221,764 | 908,857 | 602,317 | ||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Redemptions payable | ||||||||||||||||||||
Due to Great-West Life & Annuity Insurance Company of New York | 14 | 30 | 6 | 25 | 96 | 68 | ||||||||||||||
Total liabilities | 14 | 30 | 6 | 25 | 96 | 68 | ||||||||||||||
NET ASSETS | $ | 115,026 | $ | 259,742 | $ | 54,496 | $ | 221,739 | $ | 908,761 | $ | 602,249 | ||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||
Accumulation units | $ | 115,026 | $ | 259,742 | $ | 54,496 | $ | 221,739 | $ | 908,761 | $ | 602,249 | ||||||||
Contracts in payout phase | ||||||||||||||||||||
NET ASSETS | $ | 115,026 | $ | 259,742 | $ | 54,496 | $ | 221,739 | $ | 908,761 | $ | 602,249 | ||||||||
ACCUMULATION UNITS OUTSTANDING | 5,224 | 14,339 | 4,507 | 19,797 | 50,909 | 33,782 | ||||||||||||||
UNIT VALUE (ACCUMULATION) | $ | 22.02 | $ | 18.11 | $ | 12.09 | $ | 11.20 | $ | 17.85 | $ | 17.83 | ||||||||
(1 | ) | Cost of investments: | $ | 104,164 | $ | 211,596 | $ | 66,524 | $ | 220,917 | $ | 829,973 | $ | 545,995 | ||||||
Shares of investments: | 4,004 | 6,719 | 1,848 | 22,199 | 40,251 | 29,862 | ||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2014
INVESTMENT DIVISIONS | ||||||||||||||||||||
PUTNAM VT INVESTORS FUND | ROYCE CAPITAL FUND - SMALL-CAP PORTFOLIO | SCHWAB MARKETTRACK GROWTH PORTFOLIO II | SCHWAB MONEY MARKET PORTFOLIO | SCHWAB S&P 500 INDEX PORTFOLIO | SENTINEL VARIABLE PRODUCTS BOND FUND | |||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments at fair value (1) | $ | 51,915 | $ | 193,158 | $ | 795,328 | $ | 7,451,191 | $ | 11,664,621 | $ | 894,122 | ||||||||
Investment income due and accrued | 93 | |||||||||||||||||||
Receivable for investments sold | 37 | 94 | ||||||||||||||||||
Due from Great-West Life & Annuity Insurance Company of New York | 37,493 | 3,401 | ||||||||||||||||||
Total assets | 51,915 | 193,158 | 795,328 | 7,488,814 | 11,668,116 | 894,122 | ||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Redemptions payable | 37 | 94 | ||||||||||||||||||
Due to Great-West Life & Annuity Insurance Company of New York | 5 | 22 | 84,952 | 824 | 1,296 | 97 | ||||||||||||||
Total liabilities | 5 | 22 | 84,952 | 861 | 1,390 | 97 | ||||||||||||||
NET ASSETS | $ | 51,910 | $ | 193,136 | $ | 710,376 | $ | 7,487,953 | $ | 11,666,726 | $ | 894,025 | ||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||
Accumulation units | $ | 51,910 | $ | 193,136 | $ | 655,642 | $ | 7,442,290 | $ | 11,608,434 | $ | 894,025 | ||||||||
Contracts in payout phase | 54,734 | 45,663 | 58,292 | |||||||||||||||||
NET ASSETS | $ | 51,910 | $ | 193,136 | $ | 710,376 | $ | 7,487,953 | $ | 11,666,726 | $ | 894,025 | ||||||||
ACCUMULATION UNITS OUTSTANDING | 4,743 | 8,517 | 35,545 | 643,256 | 507,360 | 73,576 | ||||||||||||||
UNIT VALUE (ACCUMULATION) | $ | 10.94 | $ | 22.68 | $ | 18.45 | $ | 11.57 | $ | 22.88 | $ | 12.15 | ||||||||
(1 | ) | Cost of investments: | $ | 50,420 | $ | 173,269 | $ | 592,686 | $ | 7,451,191 | $ | 7,597,261 | $ | 923,239 | ||||||
Shares of investments: | 2,989 | 15,527 | 40,933 | 7,451,191 | 386,118 | 90,959 | ||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2014
INVESTMENT DIVISIONS | ||||||||||||||||||||
SENTINEL VARIABLE PRODUCTS COMMON STOCK FUND | SENTINEL VARIABLE PRODUCTS SMALL COMPANY FUND | T. ROWE PRICE HEALTH SCIENCES PORTFOLIO | TEMPLETON FOREIGN VIP FUND | TEMPLETON GLOBAL BOND VIP FUND | THIRD AVENUE VALUE PORTFOLIO | |||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments at fair value (1) | $ | 143,845 | $ | 36,201 | $ | 80,166 | $ | 473,868 | $ | 266,849 | $ | 103,511 | ||||||||
Investment income due and accrued | ||||||||||||||||||||
Receivable for investments sold | ||||||||||||||||||||
Due from Great-West Life & Annuity Insurance Company of New York | ||||||||||||||||||||
Total assets | 143,845 | 36,201 | 80,166 | 473,868 | 266,849 | 103,511 | ||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Redemptions payable | ||||||||||||||||||||
Due to Great-West Life & Annuity Insurance Company of New York | 15 | 3 | 7 | 50 | 24 | 1,412 | ||||||||||||||
Total liabilities | 15 | 3 | 7 | 50 | 24 | 1,412 | ||||||||||||||
NET ASSETS | $ | 143,830 | $ | 36,198 | $ | 80,159 | $ | 473,818 | $ | 266,825 | $ | 102,099 | ||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||
Accumulation units | $ | 143,830 | $ | 36,198 | $ | 80,159 | $ | 473,818 | $ | 266,825 | $ | 92,219 | ||||||||
Contracts in payout phase | 9,880 | |||||||||||||||||||
NET ASSETS | $ | 143,830 | $ | 36,198 | $ | 80,159 | $ | 473,818 | $ | 266,825 | $ | 102,099 | ||||||||
ACCUMULATION UNITS OUTSTANDING | 5,969 | 1,454 | 6,377 | 39,153 | 26,677 | 8,549 | ||||||||||||||
UNIT VALUE (ACCUMULATION) | $ | 24.10 | $ | 24.90 | $ | 12.57 | $ | 12.10 | $ | 10.00 | $ | 10.79 | ||||||||
(1 | ) | Cost of investments: | $ | 155,280 | $ | 39,959 | $ | 76,406 | $ | 513,198 | $ | 274,206 | $ | 74,112 | ||||||
Shares of investments: | 8,131 | 2,474 | 2,211 | 31,486 | 14,833 | 6,161 | ||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2014
INVESTMENT DIVISIONS | ||||||||||||||||||||
TOUCHSTONE VST MID CAP GROWTH FUND | UNIVERSAL INSTITUTIONAL FUNDS U.S. REAL ESTATE PORTFOLIO | VAN ECK VIP GLOBAL HARD ASSETS FUND | VAN ECK VIP UNCONSTRAINED EMERGING MARKETS BOND FUND | VANGUARD VIF MID-CAP INDEX PORTFOLIO | VANGUARD VIF SMALL COMPANY GROWTH PORTFOLIO | |||||||||||||||
ASSETS: | ||||||||||||||||||||
Investments at fair value (1) | $ | 169,425 | $ | 1,079,177 | $ | 343,384 | $ | 452,473 | $ | 27,579 | $ | 27,974 | ||||||||
Investment income due and accrued | ||||||||||||||||||||
Receivable for investments sold | ||||||||||||||||||||
Due from Great-West Life & Annuity Insurance Company of New York | 7,092 | |||||||||||||||||||
Total assets | 169,425 | 1,086,269 | 343,384 | 452,473 | 27,579 | 27,974 | ||||||||||||||
LIABILITIES: | ||||||||||||||||||||
Redemptions payable | ||||||||||||||||||||
Due to Great-West Life & Annuity Insurance Company of New York | 18 | 127 | 32 | 51 | 3 | 3 | ||||||||||||||
Total liabilities | 18 | 127 | 32 | 51 | 3 | 3 | ||||||||||||||
NET ASSETS | $ | 169,407 | $ | 1,086,142 | $ | 343,352 | $ | 452,422 | $ | 27,576 | $ | 27,971 | ||||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||||||||
Accumulation units | $ | 169,407 | $ | 1,049,712 | $ | 343,352 | $ | 452,422 | $ | 27,576 | $ | 27,971 | ||||||||
Contracts in payout phase | 36,430 | |||||||||||||||||||
NET ASSETS | $ | 169,407 | $ | 1,086,142 | $ | 343,352 | $ | 452,422 | $ | 27,576 | $ | 27,971 | ||||||||
ACCUMULATION UNITS OUTSTANDING | 6,794 | 22,608 | 26,739 | 38,457 | 2,551 | 2,589 | ||||||||||||||
UNIT VALUE (ACCUMULATION) | $ | 24.93 | $ | 46.43 | $ | 12.84 | $ | 11.76 | $ | 10.81 | $ | 10.80 | ||||||||
(1 | ) | Cost of investments: | $ | 157,335 | $ | 654,165 | $ | 415,347 | $ | 525,972 | $ | 26,805 | $ | 26,805 | ||||||
Shares of investments: | 9,089 | 53,610 | 13,936 | 48,497 | 1,226 | 1,159 | ||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2014
INVESTMENT DIVISIONS | ||||||||||||||
WELLS FARGO ADVANTAGE VT DISCOVERY FUND | WELLS FARGO ADVANTAGE VT OMEGA GROWTH FUND | WELLS FARGO ADVANTAGE VT OPPORTUNITY FUND | WELLS FARGO ADVANTAGE VT SMALL CAP VALUE FUND | |||||||||||
ASSETS: | ||||||||||||||
Investments at fair value (1) | $ | 48,139 | $ | 15,875 | $ | 111,407 | $ | 169,971 | ||||||
Investment income due and accrued | ||||||||||||||
Receivable for investments sold | ||||||||||||||
Due from Great-West Life & Annuity Insurance Company of New York | ||||||||||||||
Total assets | 48,139 | 15,875 | 111,407 | 169,971 | ||||||||||
LIABILITIES: | ||||||||||||||
Redemptions payable | ||||||||||||||
Due to Great-West Life & Annuity Insurance Company of New York | 5 | 2 | 2,402 | 20 | ||||||||||
Total liabilities | 5 | 2 | 2,402 | 20 | ||||||||||
NET ASSETS | $ | 48,134 | $ | 15,873 | $ | 109,005 | $ | 169,951 | ||||||
NET ASSETS REPRESENTED BY: | ||||||||||||||
Accumulation units | $ | 48,134 | $ | 15,873 | $ | 92,160 | $ | 169,951 | ||||||
Contracts in payout phase | 16,845 | |||||||||||||
NET ASSETS | $ | 48,134 | $ | 15,873 | $ | 109,005 | $ | 169,951 | ||||||
ACCUMULATION UNITS OUTSTANDING | 2,570 | 1,466 | 5,235 | 9,069 | ||||||||||
UNIT VALUE (ACCUMULATION) | $ | 18.73 | $ | 10.83 | $ | 17.60 | $ | 18.74 | ||||||
(1 | ) | Cost of investments: | $ | 48,143 | $ | 15,531 | $ | 90,366 | $ | 159,288 | ||||
Shares of investments: | 1,568 | 590 | 3,860 | 15,244 | ||||||||||
The accompanying notes are an integral part of these financial statements. | (Concluded) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2014
INVESTMENT DIVISIONS | |||||||||||||||||||
ALGER LARGE CAP GROWTH PORTFOLIO | ALGER MID CAP GROWTH PORTFOLIO | ALLIANCE-BERNSTEIN VPS GROWTH AND INCOME PORTFOLIO | ALLIANCE-BERNSTEIN VPS GROWTH PORTFOLIO | ALLIANCE-BERNSTEIN VPS INTERNATIONAL GROWTH PORTFOLIO | ALLIANCE-BERNSTEIN VPS INTERNATIONAL VALUE PORTFOLIO | ||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||||
Dividends | $ | 1,926 | $ | $ | 698 | $ | $ | $ | 5,301 | ||||||||||
EXPENSES: | |||||||||||||||||||
Mortality and expense risk | 9,480 | 2,351 | 434 | 586 | 3,258 | 1,228 | |||||||||||||
NET INVESTMENT INCOME (LOSS) | (7,554 | ) | (2,351 | ) | 264 | (586 | ) | (3,258 | ) | 4,073 | |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | |||||||||||||||||||
Net realized gain (loss) on sale of fund shares | 57,851 | 27,300 | 249 | 171 | 36,933 | 4,352 | |||||||||||||
Realized gain distributions | 195,111 | 1,333 | |||||||||||||||||
Net realized gain (loss) on investments | 252,962 | 27,300 | 249 | 1,504 | 36,933 | 4,352 | |||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | (131,428 | ) | (4,942 | ) | 3,781 | 7,279 | (39,872 | ) | (19,096 | ) | |||||||||
Net realized and unrealized gain (loss) on investments | 121,534 | 22,358 | 4,030 | 8,783 | (2,939 | ) | (14,744 | ) | |||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | |||||||||||||||||||
RESULTING FROM OPERATIONS | $ | 113,980 | $ | 20,007 | $ | 4,294 | $ | 8,197 | $ | (6,197 | ) | $ | (10,671 | ) | |||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2014
INVESTMENT DIVISIONS | |||||||||||||||||||
ALLIANCE-BERNSTEIN VPS REAL ESTATE INVESTMENT PORTFOLIO | ALLIANCE-BERNSTEIN VPS SMALL/MID CAP VALUE PORTFOLIO | AMERICAN CENTURY INVESTMENTS VP BALANCED FUND | AMERICAN CENTURY INVESTMENTS VP INCOME & GROWTH FUND | AMERICAN CENTURY INVESTMENTS VP INTERNATIONAL FUND | AMERICAN CENTURY INVESTMENTS VP MID CAP VALUE FUND | ||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||||
Dividends | $ | 9,640 | $ | 2,002 | $ | 9,950 | $ | 1,255 | $ | 3,745 | $ | 2,690 | |||||||
EXPENSES: | |||||||||||||||||||
Mortality and expense risk | 2,678 | 2,452 | 5,190 | 391 | 1,899 | 2,046 | |||||||||||||
NET INVESTMENT INCOME (LOSS) | 6,962 | (450 | ) | 4,760 | 864 | 1,846 | 644 | ||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | |||||||||||||||||||
Net realized gain (loss) on sale of fund shares | (12,769 | ) | 28,172 | 11,095 | 2,731 | 15,716 | 77,910 | ||||||||||||
Realized gain distributions | 86,422 | 33,014 | 51,836 | 24,675 | |||||||||||||||
Net realized gain (loss) on investments | 73,653 | 61,186 | 62,931 | 2,731 | 15,716 | 102,585 | |||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | (1,616 | ) | (37,492 | ) | (12,955 | ) | 3,053 | (32,262 | ) | (65,724 | ) | ||||||||
Net realized and unrealized gain (loss) on investments | 72,037 | 23,694 | 49,976 | 5,784 | (16,546 | ) | 36,861 | ||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | |||||||||||||||||||
RESULTING FROM OPERATIONS | $ | 78,999 | $ | 23,244 | $ | 54,736 | $ | 6,648 | $ | (14,700 | ) | $ | 37,505 | ||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2014
INVESTMENT DIVISIONS | ||||||||||||||||||||
AMERICAN CENTURY INVESTMENTS VP VALUE FUND | BLACKROCK GLOBAL ALLOCATION VI FUND | COLUMBIA VARIABLE PORTFOLIO - MARSICO 21ST CENTURY FUND | COLUMBIA VARIABLE PORTFOLIO - SELIGMAN GLOBAL TECHNOLOGY FUND | COLUMBIA VARIABLE PORTFOLIO - SMALL CAP VALUE FUND | DELAWARE VIP EMERGING MARKETS SERIES | |||||||||||||||
(1) | (2) | |||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Dividends | $ | 25,095 | $ | 2,110 | $ | $ | $ | 53 | $ | |||||||||||
EXPENSES: | ||||||||||||||||||||
Mortality and expense risk | 13,275 | 230 | 455 | 2,791 | 79 | 1 | ||||||||||||||
NET INVESTMENT INCOME (LOSS) | 11,820 | 1,880 | (455 | ) | (2,791 | ) | (26 | ) | (1 | ) | ||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||
Net realized gain (loss) on sale of fund shares | 81,784 | (31 | ) | 6,066 | 22,697 | (130 | ) | |||||||||||||
Realized gain distributions | 6,735 | 1,975 | 33,802 | 1,391 | ||||||||||||||||
Net realized gain (loss) on investments | 81,784 | 6,704 | 8,041 | 56,499 | 1,261 | |||||||||||||||
Change in net unrealized appreciation (depreciation) | ||||||||||||||||||||
on investments | 93,305 | (9,645 | ) | (2,558 | ) | 24,798 | (1,115 | ) | 26 | |||||||||||
Net realized and unrealized gain (loss) on investments | 175,089 | (2,941 | ) | 5,483 | 81,297 | 146 | 26 | |||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
RESULTING FROM OPERATIONS | $ | 186,909 | $ | (1,061 | ) | $ | 5,028 | $ | 78,506 | $ | 120 | $ | 25 | |||||||
(1 | ) | For the period August 1, 2014 to December 31, 2014 | ||||||||||||||||||
(2 | ) | For the period December 19, 2014 to December 31, 2014 | ||||||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2014
INVESTMENT DIVISIONS | |||||||||||||||||||
DELAWARE VIP SMALL CAP VALUE SERIES | DELAWARE VIP SMID CAP GROWTH SERIES | DEUTSCHE CAPITAL GROWTH VIP | DEUTSCHE CORE EQUITY VIP | DEUTSCHE LARGE CAP VALUE VIP | DEUTSCHE SMALL CAP INDEX VIP | ||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||||
Dividends | $ | 3,199 | $ | 214 | $ | 4,944 | $ | 1,480 | $ | 5,759 | $ | 5,812 | |||||||
EXPENSES: | |||||||||||||||||||
Mortality and expense risk | 4,232 | 2,043 | 5,914 | 1,158 | 3,177 | 6,016 | |||||||||||||
NET INVESTMENT INCOME (LOSS) | (1,033 | ) | (1,829 | ) | (970 | ) | 322 | 2,582 | (204 | ) | |||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | |||||||||||||||||||
Net realized gain (loss) on sale of fund shares | 80,920 | 41,346 | 81,571 | 15,198 | 9,374 | 41,770 | |||||||||||||
Realized gain distributions | 49,283 | 29,633 | 45,201 | 33,101 | |||||||||||||||
Net realized gain (loss) on investments | 130,203 | 70,979 | 126,772 | 15,198 | 9,374 | 74,871 | |||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | (101,850 | ) | (77,984 | ) | (47,553 | ) | (5,307 | ) | 21,258 | (32,764 | ) | ||||||||
Net realized and unrealized gain (loss) on investments | 28,353 | (7,005 | ) | 79,219 | 9,891 | 30,632 | 42,107 | ||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | |||||||||||||||||||
RESULTING FROM OPERATIONS | $ | 27,320 | $ | (8,834 | ) | $ | 78,249 | $ | 10,213 | $ | 33,214 | $ | 41,903 | ||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2014
INVESTMENT DIVISIONS | |||||||||||||||||||
DEUTSCHE SMALL MID CAP VALUE VIP | DREYFUS IP MIDCAP STOCK PORTFOLIO | DREYFUS VIF APPRECIATION PORTFOLIO | DREYFUS VIF GROWTH AND INCOME PORTFOLIO | FEDERATED FUND FOR US GOVERNMENT SECURITIES II | FEDERATED MANAGED TAIL RISK FUND II | ||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||||
Dividends | $ | 2,132 | $ | 616 | $ | 11,536 | $ | 511 | $ | 44,856 | $ | 2,255 | |||||||
EXPENSES: | |||||||||||||||||||
Mortality and expense risk | 2,185 | 536 | 5,163 | 550 | 18,346 | 1,071 | |||||||||||||
NET INVESTMENT INCOME (LOSS) | (53 | ) | 80 | 6,373 | (39 | ) | 26,510 | 1,184 | |||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | |||||||||||||||||||
Net realized gain (loss) on sale of fund shares | 19,310 | 1,993 | 170,061 | 151 | (1,613 | ) | (61,885 | ) | |||||||||||
Realized gain distributions | 1,275 | 334 | 18,939 | 24,698 | |||||||||||||||
Net realized gain (loss) on investments | 20,585 | 2,327 | 189,000 | 151 | (1,613 | ) | (37,187 | ) | |||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | (9,330 | ) | 4,337 | (157,448 | ) | 5,609 | 53,506 | 34,304 | |||||||||||
Net realized and unrealized gain (loss) on investments | 11,255 | 6,664 | 31,552 | 5,760 | 51,893 | (2,883 | ) | ||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | |||||||||||||||||||
RESULTING FROM OPERATIONS | $ | 11,202 | $ | 6,744 | $ | 37,925 | $ | 5,721 | $ | 78,403 | $ | (1,699 | ) | ||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2014
INVESTMENT DIVISIONS | ||||||||||||||||||||
FEDERATED MANAGED VOLATILITY FUND II | FRANKLIN SMALL CAP VALUE SECURITIES FUND | GREAT-WEST SECURE-FOUNDATION BALANCED FUND | INVESCO V.I. COMSTOCK FUND | INVESCO V.I. CORE EQUITY FUND | INVESCO V.I. GROWTH & INCOME FUND | |||||||||||||||
(1) | ||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Dividends | $ | 869 | $ | 1,775 | $ | 21,778 | $ | 7,984 | $ | 1,072 | $ | 13,030 | ||||||||
EXPENSES: | ||||||||||||||||||||
Mortality and expense risk | 258 | 2,605 | 3,266 | 4,772 | 1,054 | 6,115 | ||||||||||||||
NET INVESTMENT INCOME (LOSS) | 611 | (830 | ) | 18,512 | 3,212 | 18 | 6,915 | |||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||
Net realized gain (loss) on sale of fund shares | 8,817 | 17,051 | (81 | ) | 65,786 | 644 | 75,987 | |||||||||||||
Realized gain distributions | 1,830 | 21,400 | 33,720 | 599 | 84,737 | |||||||||||||||
Net realized gain (loss) on investments | 10,647 | 38,451 | 33,639 | 65,786 | 1,243 | 160,724 | ||||||||||||||
Change in net unrealized appreciation (depreciation) | ||||||||||||||||||||
on investments | (11,742 | ) | (39,890 | ) | (7,334 | ) | (24,470 | ) | 7,309 | (96,470 | ) | |||||||||
Net realized and unrealized gain (loss) on investments | (1,095 | ) | (1,439 | ) | 26,305 | 41,316 | 8,552 | 64,254 | ||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
RESULTING FROM OPERATIONS | $ | (484 | ) | $ | (2,269 | ) | $ | 44,817 | $ | 44,528 | $ | 8,570 | $ | 71,169 | ||||||
(1 | ) | For the period August 22, 2014 to December 31, 2014 | ||||||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2014
INVESTMENT DIVISIONS | |||||||||||||||||||
INVESCO V.I. HIGH YIELD FUND | INVESCO V.I. INTERNATIONAL GROWTH FUND | INVESCO V.I. MID CAP CORE EQUITY FUND | INVESCO V.I. SMALL CAP EQUITY FUND | INVESCO V.I. TECHNOLOGY FUND | JANUS ASPEN BALANCED PORTFOLIO INSTITUTIONAL SHARES | ||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||||
Dividends | $ | 3,915 | $ | 10,848 | $ | 25 | $ | $ | $ | 8,418 | |||||||||
EXPENSES: | |||||||||||||||||||
Mortality and expense risk | 755 | 5,343 | 459 | 538 | 1,918 | 4,068 | |||||||||||||
NET INVESTMENT INCOME (LOSS) | 3,160 | 5,505 | (434 | ) | (538 | ) | (1,918 | ) | 4,350 | ||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | |||||||||||||||||||
Net realized gain (loss) on sale of fund shares | (26 | ) | 50,114 | 225 | 5,364 | 46,311 | 377 | ||||||||||||
Realized gain distributions | 7,179 | 5,329 | 18,014 | 12,568 | |||||||||||||||
Net realized gain (loss) on investments | (26 | ) | 50,114 | 7,404 | 10,693 | 64,325 | 12,945 | ||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | (2,785 | ) | (55,662 | ) | (4,731 | ) | (9,116 | ) | (42,428 | ) | 17,870 | ||||||||
Net realized and unrealized gain (loss) on investments | (2,811 | ) | (5,548 | ) | 2,673 | 1,577 | 21,897 | 30,815 | |||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | |||||||||||||||||||
RESULTING FROM OPERATIONS | $ | 349 | $ | (43 | ) | $ | 2,239 | $ | 1,039 | $ | 19,979 | $ | 35,165 | ||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2014
INVESTMENT DIVISIONS | ||||||||||||||||||||
JANUS ASPEN BALANCED PORTFOLIO SERVICE SHARES | JANUS ASPEN FLEXIBLE BOND PORTFOLIO INSTITUTIONAL SHARES | JANUS ASPEN FLEXIBLE BOND PORTFOLIO SERVICE SHARES | JANUS ASPEN GLOBAL RESEARCH PORTFOLIO | JANUS ASPEN GLOBAL TECHNOLOGY PORTFOLIO | JANUS ASPEN JANUS PORTFOLIO | |||||||||||||||
(1) | ||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Dividends | $ | 32,857 | $ | 15,400 | $ | 92,831 | $ | 4,799 | $ | $ | 1,014 | |||||||||
EXPENSES: | ||||||||||||||||||||
Mortality and expense risk | 16,462 | 3,874 | 24,658 | 3,818 | 5 | 2,355 | ||||||||||||||
NET INVESTMENT INCOME (LOSS) | 16,395 | 11,526 | 68,173 | 981 | (5 | ) | (1,341 | ) | ||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||
Net realized gain (loss) on sale of fund shares | 31,636 | 3,105 | (10,601 | ) | 19,421 | 9,945 | ||||||||||||||
Realized gain distributions | 54,323 | 20,015 | ||||||||||||||||||
Net realized gain (loss) on investments | 85,959 | 3,105 | (10,601 | ) | 19,421 | 29,960 | ||||||||||||||
Change in net unrealized appreciation (depreciation) | ||||||||||||||||||||
on investments | 61,190 | 3,778 | 50,665 | 10,043 | 54 | 3,507 | ||||||||||||||
Net realized and unrealized gain (loss) on investments | 147,149 | 6,883 | 40,064 | 29,464 | 54 | 33,467 | ||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
RESULTING FROM OPERATIONS | $ | 163,544 | $ | 18,409 | $ | 108,237 | $ | 30,445 | $ | 49 | $ | 32,126 | ||||||||
(1 | ) | For the period September 5, 2014 to December 31, 2014 | ||||||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2014
INVESTMENT DIVISIONS | |||||||||||||||||||
JANUS ASPEN OVERSEAS PORTFOLIO INSTITUTIONAL SHARES | JANUS ASPEN OVERSEAS PORTFOLIO SERVICE SHARES | LAZARD RETIREMENT EMERGING MARKETS EQUITY PORTFOLIO | LVIP BARON GROWTH OPPORTUNITIES FUND | MFS INTERNATIONAL VALUE PORTFOLIO | MFS UTILITIES SERIES | ||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||||
Dividends | $ | 12,202 | $ | 16,729 | $ | 14,142 | $ | 2,624 | $ | 14,322 | $ | 7,163 | |||||||
EXPENSES: | |||||||||||||||||||
Mortality and expense risk | 1,693 | 2,442 | 6,187 | 15,660 | 6,293 | 2,630 | |||||||||||||
NET INVESTMENT INCOME (LOSS) | 10,509 | 14,287 | 7,955 | (13,036 | ) | 8,029 | 4,533 | ||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | |||||||||||||||||||
Net realized gain (loss) on sale of fund shares | (15,018 | ) | (4,873 | ) | (7,123 | ) | 398,991 | 66,218 | 5,350 | ||||||||||
Realized gain distributions | 14,676 | 20,596 | 7,586 | 10,955 | 13,807 | ||||||||||||||
Net realized gain (loss) on investments | (342 | ) | 15,723 | 463 | 409,946 | 66,218 | 19,157 | ||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | (31,632 | ) | (68,407 | ) | (62,615 | ) | (356,193 | ) | (67,637 | ) | 12,806 | ||||||||
Net realized and unrealized gain (loss) on investments | (31,974 | ) | (52,684 | ) | (62,152 | ) | 53,753 | (1,419 | ) | 31,963 | |||||||||
NET INCREASE (DECREASE) IN NET ASSETS | |||||||||||||||||||
RESULTING FROM OPERATIONS | $ | (21,465 | ) | $ | (38,397 | ) | $ | (54,197 | ) | $ | 40,717 | $ | 6,610 | $ | 36,496 | ||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2014
INVESTMENT DIVISIONS | ||||||||||||||||||||
NEUBERGER BERMAN AMT MID CAP INTRINSIC VALUE PORTFOLIO | NVIT MID CAP INDEX FUND | OPPENHEIMER GLOBAL FUND/VA | OPPENHEIMER MAIN STREET SMALL CAP FUND/VA | OPPENHIEMER INTERNATIONAL GROWTH FUND/VA | PIMCO VIT COMMODITY REALRETURN STRATEGY PORTFOLIO | |||||||||||||||
(1) | (2) | |||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Dividends | $ | 127 | $ | 6,393 | $ | 11,195 | $ | $ | 3,960 | $ | 14 | |||||||||
EXPENSES: | ||||||||||||||||||||
Mortality and expense risk | 152 | 4,902 | 8,606 | 65 | 1,832 | 14 | ||||||||||||||
NET INVESTMENT INCOME (LOSS) | (25 | ) | 1,491 | 2,589 | (65 | ) | 2,128 | |||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||
Net realized gain (loss) on sale of fund shares | 13 | 32,412 | 115,840 | 2 | 27,514 | (1 | ) | |||||||||||||
Realized gain distributions | 464 | 39,216 | 45,673 | 6,970 | ||||||||||||||||
Net realized gain (loss) on investments | 477 | 71,628 | 161,513 | 2 | 34,484 | (1 | ) | |||||||||||||
Change in net unrealized appreciation (depreciation) | ||||||||||||||||||||
on investments | 1,697 | (21,582 | ) | (151,454 | ) | 2,136 | (61,473 | ) | (1,483 | ) | ||||||||||
Net realized and unrealized gain (loss) on investments | 2,174 | 50,046 | 10,059 | 2,138 | (26,989 | ) | (1,484 | ) | ||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
RESULTING FROM OPERATIONS | $ | 2,149 | $ | 51,537 | $ | 12,648 | $ | 2,073 | $ | (24,861 | ) | $ | (1,484 | ) | ||||||
(1 | ) | For the period August 13, 2014 to December 31, 2014 | ||||||||||||||||||
(2 | ) | For the period September 5, 2014 to December 31, 2014 | ||||||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2014
INVESTMENT DIVISIONS | |||||||||||||||||||
PIMCO VIT HIGH YIELD PORTFOLIO | PIMCO VIT LOW DURATION PORTFOLIO | PIMCO VIT TOTAL RETURN PORTFOLIO | PIONEER EMERGING MARKETS VCT PORTFOLIO | PIONEER FUND VCT PORTFOLIO | PIONEER MID CAP VALUE VCT PORTFOLIO | ||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||||
Dividends | $ | 101,333 | $ | 42,653 | $ | 91,033 | $ | 10 | $ | 2,339 | $ | 810 | |||||||
EXPENSES: | |||||||||||||||||||
Mortality and expense risk | 15,996 | 30,152 | 37,559 | 41 | 1,643 | 1,074 | |||||||||||||
NET INVESTMENT INCOME (LOSS) | 85,337 | 12,501 | 53,474 | (31 | ) | 696 | (264 | ) | |||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | |||||||||||||||||||
Net realized gain (loss) on sale of fund shares | 34,278 | 40,183 | 26,809 | (6 | ) | 18,314 | 3,341 | ||||||||||||
Realized gain distributions | 28 | 12,600 | 16,636 | ||||||||||||||||
Net realized gain (loss) on investments | 34,278 | 40,183 | 26,809 | 22 | 30,914 | 19,977 | |||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | (52,226 | ) | (48,917 | ) | 75,975 | (656 | ) | (11,767 | ) | (3,274 | ) | ||||||||
Net realized and unrealized gain (loss) on investments | (17,948 | ) | (8,734 | ) | 102,784 | (634 | ) | 19,147 | 16,703 | ||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | |||||||||||||||||||
RESULTING FROM OPERATIONS | $ | 67,389 | $ | 3,767 | $ | 156,258 | $ | (665 | ) | $ | 19,843 | $ | 16,439 | ||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2014
INVESTMENT DIVISIONS | |||||||||||||||||||
PIONEER SELECT MID CAP GROWTH VCT PORTFOLIO | PRUDENTIAL SERIES FUND EQUITY PORTFOLIO | PRUDENTIAL SERIES FUND NATURAL RESOURCES PORTFOLIO | PUTNAM VT AMERICAN GOVERNMENT INCOME FUND | PUTNAM VT EQUITY INCOME FUND | PUTNAM VT GLOBAL HEALTH CARE FUND | ||||||||||||||
INVESTMENT INCOME: | |||||||||||||||||||
Dividends | $ | $ | $ | $ | 101 | $ | 4,799 | $ | 879 | ||||||||||
EXPENSES: | |||||||||||||||||||
Mortality and expense risk | 1,262 | 1,885 | 639 | 371 | 4,218 | 3,543 | |||||||||||||
NET INVESTMENT INCOME (LOSS) | (1,262 | ) | (1,885 | ) | (639 | ) | (270 | ) | 581 | (2,664 | ) | ||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | |||||||||||||||||||
Net realized gain (loss) on sale of fund shares | 17,975 | 18,748 | (508 | ) | 14 | 19,085 | 51,636 | ||||||||||||
Realized gain distributions | 32,488 | 31,856 | |||||||||||||||||
Net realized gain (loss) on investments | 50,463 | 18,748 | (508 | ) | 14 | 19,085 | 83,492 | ||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | (37,831 | ) | (4,665 | ) | (12,807 | ) | 840 | 37,168 | 16,396 | ||||||||||
Net realized and unrealized gain (loss) on investments | 12,632 | 14,083 | (13,315 | ) | 854 | 56,253 | 99,888 | ||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | |||||||||||||||||||
RESULTING FROM OPERATIONS | $ | 11,370 | $ | 12,198 | $ | (13,954 | ) | $ | 584 | $ | 56,834 | $ | 97,224 | ||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2014
INVESTMENT DIVISIONS | ||||||||||||||||||||
PUTNAM VT INVESTORS FUND | ROYCE CAPITAL FUND - SMALL-CAP PORTFOLIO | SCHWAB MARKETTRACK GROWTH PORTFOLIO II | SCHWAB MONEY MARKET PORTFOLIO | SCHWAB S&P 500 INDEX PORTFOLIO | SENTINEL VARIABLE PRODUCTS BOND FUND | |||||||||||||||
(1) | ||||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Dividends | $ | $ | $ | 10,186 | $ | 626 | $ | 166,552 | $ | 27,405 | ||||||||||
EXPENSES: | ||||||||||||||||||||
Mortality and expense risk | 103 | 1,848 | 6,199 | 49,670 | 89,728 | 2,132 | ||||||||||||||
NET INVESTMENT INCOME (LOSS) | (103 | ) | (1,848 | ) | 3,987 | (49,044 | ) | 76,824 | 25,273 | |||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||
Net realized gain (loss) on sale of fund shares | 2 | 46,371 | 8,786 | 451,742 | 307 | |||||||||||||||
Realized gain distributions | 22,670 | 25,927 | ||||||||||||||||||
Net realized gain (loss) on investments | 2 | 69,041 | 34,713 | 451,742 | 307 | |||||||||||||||
Change in net unrealized appreciation (depreciation) | ||||||||||||||||||||
on investments | 1,495 | (65,782 | ) | (3,260 | ) | 767,451 | (26,634 | ) | ||||||||||||
Net realized and unrealized gain (loss) on investments | 1,497 | 3,259 | 31,453 | 1,219,193 | (26,327 | ) | ||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
RESULTING FROM OPERATIONS | $ | 1,394 | $ | 1,411 | $ | 35,440 | $ | (49,044 | ) | $ | 1,296,017 | $ | (1,054 | ) | ||||||
(1 | ) | For the period July 1, 2014 to December 31, 2014 | ||||||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2014
INVESTMENT DIVISIONS | ||||||||||||||||||||
SENTINEL VARIABLE PRODUCTS COMMON STOCK FUND | SENTINEL VARIABLE PRODUCTS SMALL COMPANY FUND | T. ROWE PRICE HEALTH SCIENCES PORTFOLIO | TEMPLETON FOREIGN VIP FUND | TEMPLETON GLOBAL BOND VIP FUND | THIRD AVENUE VALUE PORTFOLIO | |||||||||||||||
(1) | (2) | |||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Dividends | $ | 2,363 | $ | 176 | $ | $ | 9,732 | $ | 4,225 | $ | 4,234 | |||||||||
EXPENSES: | ||||||||||||||||||||
Mortality and expense risk | 1,801 | 420 | 197 | 3,876 | 663 | 1,161 | ||||||||||||||
NET INVESTMENT INCOME (LOSS) | 562 | (244 | ) | (197 | ) | 5,856 | 3,562 | 3,073 | ||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||
Net realized gain (loss) on sale of fund shares | 48,515 | 4,290 | 324 | 5,028 | (157 | ) | 19,520 | |||||||||||||
Realized gain distributions | 16,487 | 5,640 | 5,562 | |||||||||||||||||
Net realized gain (loss) on investments | 65,002 | 9,930 | 5,886 | 5,028 | (157 | ) | 19,520 | |||||||||||||
Change in net unrealized appreciation (depreciation) | ||||||||||||||||||||
on investments | (44,126 | ) | (7,915 | ) | 3,760 | (77,757 | ) | (7,357 | ) | (16,100 | ) | |||||||||
Net realized and unrealized gain (loss) on investments | 20,876 | 2,015 | 9,646 | (72,729 | ) | (7,514 | ) | 3,420 | ||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
RESULTING FROM OPERATIONS | $ | 21,438 | $ | 1,771 | $ | 9,449 | $ | (66,873 | ) | $ | (3,952 | ) | $ | 6,493 | ||||||
(1 | ) | For the period July 1, 2014 to December 31, 2014 | ||||||||||||||||||
(2 | ) | For the period June 2, 2014 to December 31, 2014 | ||||||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2014
INVESTMENT DIVISIONS | ||||||||||||||||||||
TOUCHSTONE VST MID CAP GROWTH FUND | UNIVERSAL INSTITUTIONAL FUNDS U.S. REAL ESTATE PORTFOLIO | VAN ECK VIP GLOBAL HARD ASSETS FUND | VAN ECK VIP UNCONSTRAINED EMERGING MARKETS BOND FUND | VANGUARD VIF MID-CAP INDEX PORTFOLIO | VANGUARD VIF SMALL COMPANY GROWTH PORTFOLIO | |||||||||||||||
(1) | (1) | |||||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Dividends | $ | $ | 13,503 | $ | $ | 34,357 | $ | $ | ||||||||||||
EXPENSES: | ||||||||||||||||||||
Mortality and expense risk | 1,191 | 8,507 | 2,765 | 4,632 | 24 | 24 | ||||||||||||||
NET INVESTMENT INCOME (LOSS) | (1,191 | ) | 4,996 | (2,765 | ) | 29,725 | (24 | ) | (24 | ) | ||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||
Net realized gain (loss) on sale of fund shares | 7,846 | 109,973 | (377 | ) | (49,969 | ) | 1 | 1 | ||||||||||||
Realized gain distributions | 20,411 | 54,909 | ||||||||||||||||||
Net realized gain (loss) on investments | 28,257 | 109,973 | (377 | ) | 4,940 | 1 | 1 | |||||||||||||
Change in net unrealized appreciation (depreciation) | ||||||||||||||||||||
on investments | (10,326 | ) | 133,012 | (86,111 | ) | (16,836 | ) | 774 | 1,169 | |||||||||||
Net realized and unrealized gain (loss) on investments | 17,931 | 242,985 | (86,488 | ) | (11,896 | ) | 775 | 1,170 | ||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
RESULTING FROM OPERATIONS | $ | 16,740 | $ | 247,981 | $ | (89,253 | ) | $ | 17,829 | $ | 751 | $ | 1,146 | |||||||
(1 | ) | For the period October 29, 2014 to December 31, 2014 | ||||||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 2014
INVESTMENT DIVISIONS | ||||||||||||||
WELLS FARGO ADVANTAGE VT DISCOVERY FUND | WELLS FARGO ADVANTAGE VT OMEGA GROWTH FUND | WELLS FARGO ADVANTAGE VT OPPORTUNITY FUND | WELLS FARGO ADVANTAGE VT SMALL CAP VALUE FUND | |||||||||||
(1) | ||||||||||||||
INVESTMENT INCOME: | ||||||||||||||
Dividends | $ | $ | $ | 77 | $ | 785 | ||||||||
EXPENSES: | ||||||||||||||
Mortality and expense risk | 302 | 42 | 1,109 | 1,810 | ||||||||||
NET INVESTMENT INCOME (LOSS) | (302 | ) | (42 | ) | (1,032 | ) | (1,025 | ) | ||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||
Net realized gain (loss) on sale of fund shares | 4,604 | 1 | 24,355 | (4,625 | ) | |||||||||
Realized gain distributions | 5,387 | |||||||||||||
Net realized gain (loss) on investments | 9,991 | 1 | 24,355 | (4,625 | ) | |||||||||
Change in net unrealized appreciation (depreciation) | ||||||||||||||
on investments | (11,335 | ) | 344 | (11,490 | ) | 13,485 | ||||||||
Net realized and unrealized gain (loss) on investments | (1,344 | ) | 345 | 12,865 | 8,860 | |||||||||
NET INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||
RESULTING FROM OPERATIONS | $ | (1,646 | ) | $ | 303 | $ | 11,833 | $ | 7,835 | |||||
(1 | ) | For the period August 13, 2014 to December 31, 2014 | ||||||||||||
The accompanying notes are an integral part of these financial statements. | (Concluded) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||||
ALGER LARGE CAP GROWTH PORTFOLIO | ALGER MID CAP GROWTH PORTFOLIO | ALLIANCEBERNSTEIN VPS GROWTH AND INCOME PORTFOLIO | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Net investment income (loss) | $ | (7,554 | ) | $ | (689 | ) | $ | (2,351 | ) | $ | (1,174 | ) | $ | 264 | $ | 206 | |||
Net realized gain (loss) on investments | 252,962 | 9,178 | 27,300 | 9,584 | 249 | 185 | |||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | (131,428 | ) | 311,525 | (4,942 | ) | 64,326 | 3,781 | 12,201 | |||||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||||
from operations | 113,980 | 320,014 | 20,007 | 72,736 | 4,294 | 12,592 | |||||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||||
Purchase payments received | 2,379 | 2,379 | |||||||||||||||||
Transfers for contract benefits and terminations | (43,234 | ) | (10,975 | ) | (753 | ) | (4,373 | ) | (1 | ) | |||||||||
Net transfers | (6,430 | ) | (245,006 | ) | 11,045 | (9,877 | ) | ||||||||||||
Contract maintenance charges | (95 | ) | (16 | ) | |||||||||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||||
in payout phase | |||||||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||||
contract transactions | (47,380 | ) | (255,981 | ) | 12,655 | (14,250 | ) | (1 | ) | ||||||||||
Total increase (decrease) in net assets | 66,600 | 64,033 | 32,662 | 58,486 | 4,294 | 12,591 | |||||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of period | 1,185,735 | 1,121,702 | 273,692 | 215,206 | 49,834 | 37,243 | |||||||||||||
End of period | $ | 1,252,335 | $ | 1,185,735 | $ | 306,354 | $ | 273,692 | $ | 54,128 | $ | 49,834 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||||
Units issued | 11,077 | 2,651 | 3,148 | 267 | |||||||||||||||
Units redeemed | (8,909 | ) | (13,643 | ) | (2,210 | ) | (1,504 | ) | |||||||||||
Net increase (decrease) | 2,168 | (10,992 | ) | 938 | (1,237 | ) | |||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||||
ALLIANCEBERNSTEIN VPS GROWTH PORTFOLIO | ALLIANCEBERNSTEIN VPS INTERNATIONAL GROWTH PORTFOLIO | ALLIANCEBERNSTEIN VPS INTERNATIONAL VALUE PORTFOLIO | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Net investment income (loss) | $ | (586 | ) | $ | (325 | ) | $ | (3,258 | ) | $ | (103 | ) | $ | 4,073 | $ | 9,192 | |||
Net realized gain (loss) on investments | 1,504 | 71 | 36,933 | 102,697 | 4,352 | 24,920 | |||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | 7,279 | 16,716 | (39,872 | ) | (35,273 | ) | (19,096 | ) | 5,320 | ||||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||||
from operations | 8,197 | 16,462 | (6,197 | ) | 67,321 | (10,671 | ) | 39,432 | |||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||||
Purchase payments received | |||||||||||||||||||
Transfers for contract benefits and terminations | (3 | ) | (31,227 | ) | (213,100 | ) | (104 | ) | (65,322 | ) | |||||||||
Net transfers | (68,174 | ) | (148,876 | ) | (14,823 | ) | (31,740 | ) | |||||||||||
Contract maintenance charges | (31 | ) | (7 | ) | (6 | ) | |||||||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||||
in payout phase | 2,229 | 1,118 | |||||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||||
contract transactions | (3 | ) | (97,203 | ) | (360,865 | ) | (14,933 | ) | (97,062 | ) | |||||||||
Total increase (decrease) in net assets | 8,197 | 16,459 | (103,400 | ) | (293,544 | ) | (25,604 | ) | (57,630 | ) | |||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of period | 66,524 | 50,065 | 432,958 | 726,502 | 162,435 | 220,065 | |||||||||||||
End of period | $ | 74,721 | $ | 66,524 | $ | 329,558 | $ | 432,958 | $ | 136,831 | $ | 162,435 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||||
Units issued | 916 | 2,421 | |||||||||||||||||
Units redeemed | (7,392 | ) | (33,669 | ) | (1,815 | ) | (13,299 | ) | |||||||||||
Net increase (decrease) | (6,476 | ) | (31,248 | ) | (1,815 | ) | (13,299 | ) | |||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||||
ALLIANCEBERNSTEIN VPS REAL ESTATE INVESTMENT PORTFOLIO | ALLIANCEBERNSTEIN VPS SMALL/MID CAP VALUE PORTFOLIO | AMERICAN CENTURY INVESTMENTS VP BALANCED FUND | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Net investment income (loss) | $ | 6,962 | $ | 2,839 | $ | (450 | ) | $ | (701 | ) | $ | 4,760 | $ | 4,105 | |||||
Net realized gain (loss) on investments | 73,653 | 48,189 | 61,186 | 51,075 | 62,931 | 65,297 | |||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | (1,616 | ) | (47,525 | ) | (37,492 | ) | 36,148 | (12,955 | ) | 13,879 | |||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||||
from operations | 78,999 | 3,503 | 23,244 | 86,522 | 54,736 | 83,281 | |||||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||||
Purchase payments received | 13,992 | 9,960 | 120 | 320 | |||||||||||||||
Transfers for contract benefits and terminations | (3,217 | ) | (4,722 | ) | (20,447 | ) | (97,063 | ) | (6,901 | ) | (19,005 | ) | |||||||
Net transfers | (76,154 | ) | 118,733 | (64,410 | ) | 136,812 | 99,377 | (10,957 | ) | ||||||||||
Contract maintenance charges | (30 | ) | (9 | ) | (3 | ) | |||||||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||||
in payout phase | 1,060 | (1,439 | ) | ||||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||||
contract transactions | (65,379 | ) | 123,971 | (84,887 | ) | 39,749 | 93,647 | (31,084 | ) | ||||||||||
Total increase (decrease) in net assets | 13,620 | 127,474 | (61,643 | ) | 126,271 | 148,383 | 52,197 | ||||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of period | 361,196 | 233,722 | 331,977 | 205,706 | 587,542 | 535,345 | |||||||||||||
End of period | $ | 374,816 | $ | 361,196 | $ | 270,334 | $ | 331,977 | $ | 735,925 | $ | 587,542 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||||
Units issued | 2,441 | 15,618 | 1,487 | 9,714 | 8,455 | 11,443 | |||||||||||||
Units redeemed | (7,159 | ) | (6,201 | ) | (6,284 | ) | (6,999 | ) | (3,293 | ) | (11,751 | ) | |||||||
Net increase (decrease) | (4,718 | ) | 9,417 | (4,797 | ) | 2,715 | 5,162 | (308 | ) | ||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||||
AMERICAN CENTURY INVESTMENTS VP INCOME & GROWTH FUND | AMERICAN CENTURY INVESTMENTS VP INTERNATIONAL FUND | AMERICAN CENTURY INVESTMENTS VP MID CAP VALUE FUND | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Net investment income (loss) | $ | 864 | $ | 830 | $ | 1,846 | $ | 2,113 | $ | 644 | $ | 1,117 | |||||||
Net realized gain (loss) on investments | 2,731 | 138 | 15,716 | 231 | 102,585 | 15,665 | |||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | 3,053 | 14,566 | (32,262 | ) | 48,484 | (65,724 | ) | 62,009 | |||||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||||
from operations | 6,648 | 15,534 | (14,700 | ) | 50,828 | 37,505 | 78,791 | ||||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||||
Purchase payments received | 4,230 | 1,178 | |||||||||||||||||
Transfers for contract benefits and terminations | (1,824 | ) | (1 | ) | (28,934 | ) | (700 | ) | (1,958 | ) | (39,827 | ) | |||||||
Net transfers | 5,894 | (84,619 | ) | (5,000 | ) | (151,242 | ) | 104,982 | |||||||||||
Contract maintenance charges | (28 | ) | |||||||||||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||||
in payout phase | |||||||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||||
contract transactions | 4,070 | (1 | ) | (113,581 | ) | (5,700 | ) | (148,970 | ) | 66,333 | |||||||||
Total increase (decrease) in net assets | 10,718 | 15,533 | (128,281 | ) | 45,128 | (111,465 | ) | 145,124 | |||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of period | 59,988 | 44,455 | 287,521 | 242,393 | 363,497 | 218,373 | |||||||||||||
End of period | $ | 70,706 | $ | 59,988 | $ | 159,240 | $ | 287,521 | $ | 252,032 | $ | 363,497 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||||
Units issued | 835 | 1,346 | 8,030 | 5,812 | |||||||||||||||
Units redeemed | (331 | ) | (6,055 | ) | (309 | ) | (13,257 | ) | (2,187 | ) | |||||||||
Net increase (decrease) | 504 | (4,709 | ) | (309 | ) | (5,227 | ) | 3,625 | |||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||
AMERICAN CENTURY INVESTMENTS VP VALUE FUND | BLACKROCK GLOBAL ALLOCATION VI FUND | COLUMBIA VARIABLE PORTFOLIO - MARSICO 21ST CENTURY FUND | |||||||||||||||
2014 | 2013 | 2014 | 2014 | 2013 | |||||||||||||
(1) | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||
OPERATIONS: | |||||||||||||||||
Net investment income (loss) | $ | 11,820 | $ | 11,699 | $ | 1,880 | $ | (455 | ) | $ | (200 | ) | |||||
Net realized gain (loss) on investments | 81,784 | 182,554 | 6,704 | 8,041 | 630 | ||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||
on investments | 93,305 | 184,855 | (9,645 | ) | (2,558 | ) | 11,842 | ||||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||
from operations | 186,909 | 379,108 | (1,061 | ) | 5,028 | 12,272 | |||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||
Purchase payments received | 4,789 | 1,365 | |||||||||||||||
Transfers for contract benefits and terminations | (30,991 | ) | (168,533 | ) | (1,477 | ) | (10 | ) | |||||||||
Net transfers | 181,591 | (104,758 | ) | 102,395 | 37,550 | 30,654 | |||||||||||
Contract maintenance charges | (37 | ) | (3 | ) | (2 | ) | |||||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||
in payout phase | |||||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||
contract transactions | 155,352 | (271,929 | ) | 100,918 | 37,548 | 30,644 | |||||||||||
Total increase (decrease) in net assets | 342,261 | 107,179 | 99,857 | 42,576 | 42,916 | ||||||||||||
NET ASSETS: | |||||||||||||||||
Beginning of period | 1,425,298 | 1,318,119 | 63,746 | 20,830 | |||||||||||||
End of period | $ | 1,767,559 | $ | 1,425,298 | $ | 99,857 | $ | 106,322 | $ | 63,746 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||
Units issued | 17,641 | 12,964 | 10,084 | 5,295 | 2,457 | ||||||||||||
Units redeemed | (9,466 | ) | (30,291 | ) | (149 | ) | (951 | ) | (814 | ) | |||||||
Net increase (decrease) | 8,175 | (17,327 | ) | 9,935 | 4,344 | 1,643 | |||||||||||
(1 | ) | For the period August 1, 2014 to December 31, 2014 | |||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||
COLUMBIA VARIABLE PORTFOLIO - SELIGMAN GLOBAL TECHNOLOGY FUND | COLUMBIA VARIABLE PORTFOLIO - SMALL CAP VALUE FUND | DELAWARE VIP EMERGING MARKETS SERIES | |||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | |||||||||||||
(1) | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||
OPERATIONS: | |||||||||||||||||
Net investment income (loss) | $ | (2,791 | ) | $ | (651 | ) | $ | (26 | ) | $ | (64 | ) | $ | (1 | ) | ||
Net realized gain (loss) on investments | 56,499 | 1,110 | 1,261 | 10,908 | |||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||
on investments | 24,798 | 18,643 | (1,115 | ) | 6,941 | 26 | |||||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||
from operations | 78,506 | 19,102 | 120 | 17,785 | 25 | ||||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||
Purchase payments received | |||||||||||||||||
Transfers for contract benefits and terminations | (101 | ) | (5,673 | ) | (1,130 | ) | |||||||||||
Net transfers | 101,197 | 128,958 | 147 | (89,475 | ) | 3,392 | |||||||||||
Contract maintenance charges | |||||||||||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||
in payout phase | |||||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||
contract transactions | 101,096 | 123,285 | 147 | (90,605 | ) | 3,392 | |||||||||||
Total increase (decrease) in net assets | 179,602 | 142,387 | 267 | (72,820 | ) | 3,417 | |||||||||||
NET ASSETS: | |||||||||||||||||
Beginning of period | 167,637 | 25,250 | 11,212 | 84,032 | |||||||||||||
End of period | $ | 347,239 | $ | 167,637 | $ | 11,479 | $ | 11,212 | $ | 3,417 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||
Units issued | 20,477 | 11,682 | 418 | 514 | 366 | ||||||||||||
Units redeemed | (11,297 | ) | (546 | ) | (418 | ) | (5,158 | ) | |||||||||
Net increase (decrease) | 9,180 | 11,136 | (4,644 | ) | 366 | ||||||||||||
(1 | ) | For the period December 19, 2014 to December 31, 2014 | |||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||||
DELAWARE VIP SMALL CAP VALUE SERIES | DELAWARE VIP SMID CAP GROWTH SERIES | DEUTSCHE CAPITAL GROWTH VIP | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Net investment income (loss) | $ | (1,033 | ) | $ | (789 | ) | $ | (1,829 | ) | $ | (2,809 | ) | $ | (970 | ) | $ | 3,245 | ||
Net realized gain (loss) on investments | 130,203 | 25,369 | 70,979 | 31,493 | 126,772 | 18,140 | |||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | (101,850 | ) | 97,188 | (77,984 | ) | 102,490 | (47,553 | ) | 170,068 | ||||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||||
from operations | 27,320 | 121,768 | (8,834 | ) | 131,174 | 78,249 | 191,453 | ||||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||||
Purchase payments received | 1,740 | 1,740 | 15,158 | 10,790 | 15,218 | 10,850 | |||||||||||||
Transfers for contract benefits and terminations | (13,003 | ) | (11,811 | ) | (408 | ) | (11,951 | ) | (125,683 | ) | (79,158 | ) | |||||||
Net transfers | (115,904 | ) | 129,150 | (218,076 | ) | (266,460 | ) | 69,844 | (2,073 | ) | |||||||||
Contract maintenance charges | (8 | ) | (3 | ) | (1 | ) | |||||||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||||
in payout phase | |||||||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||||
contract transactions | (127,175 | ) | 119,076 | (203,327 | ) | (267,621 | ) | (40,621 | ) | (70,381 | ) | ||||||||
Total increase (decrease) in net assets | (99,855 | ) | 240,844 | (212,161 | ) | (136,447 | ) | 37,628 | 121,072 | ||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of period | 564,003 | 323,159 | 401,643 | 538,090 | 722,543 | 601,471 | |||||||||||||
End of period | $ | 464,148 | $ | 564,003 | $ | 189,482 | $ | 401,643 | $ | 760,171 | $ | 722,543 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||||
Units issued | 2,232 | 7,000 | 2,248 | 4,774 | 9,409 | 2,132 | |||||||||||||
Units redeemed | (7,308 | ) | (894 | ) | (12,711 | ) | (21,701 | ) | (11,881 | ) | (7,739 | ) | |||||||
Net increase (decrease) | (5,076 | ) | 6,106 | (10,463 | ) | (16,927 | ) | (2,472 | ) | (5,607 | ) | ||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||||
DEUTSCHE CORE EQUITY VIP | DEUTSCHE LARGE CAP VALUE VIP | DEUTSCHE SMALL CAP INDEX VIP | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Net investment income (loss) | $ | 322 | $ | 1,937 | $ | 2,582 | $ | 4,021 | $ | (204 | ) | $ | 4,067 | ||||||
Net realized gain (loss) on investments | 15,198 | 43,739 | 9,374 | 21,648 | 74,871 | 96,733 | |||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | (5,307 | ) | 27,547 | 21,258 | 54,311 | (32,764 | ) | 58,408 | |||||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||||
from operations | 10,213 | 73,223 | 33,214 | 79,980 | 41,903 | 159,208 | |||||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||||
Purchase payments received | 600 | 551 | |||||||||||||||||
Transfers for contract benefits and terminations | (1,818 | ) | (3,780 | ) | (1,172 | ) | (1,749 | ) | (18,737 | ) | (20,608 | ) | |||||||
Net transfers | (124,222 | ) | (52,369 | ) | 98,840 | (38,165 | ) | 405,321 | (73,561 | ) | |||||||||
Contract maintenance charges | (3 | ) | (3 | ) | (6 | ) | (2 | ) | (2 | ) | |||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||||
in payout phase | 1,137 | (743 | ) | ||||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||||
contract transactions | (124,906 | ) | (56,895 | ) | 97,662 | (39,914 | ) | 387,182 | (93,620 | ) | |||||||||
Total increase (decrease) in net assets | (114,693 | ) | 16,328 | 130,876 | 40,066 | 429,085 | 65,588 | ||||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of period | 266,590 | 250,262 | 323,613 | 283,547 | 511,711 | 446,123 | |||||||||||||
End of period | $ | 151,897 | $ | 266,590 | $ | 454,489 | $ | 323,613 | $ | 940,796 | $ | 511,711 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||||
Units issued | 1,312 | 17,554 | 8,543 | 3,180 | 26,447 | 4,160 | |||||||||||||
Units redeemed | (10,369 | ) | (22,526 | ) | (1,364 | ) | (5,933 | ) | (3,548 | ) | (8,247 | ) | |||||||
Net increase (decrease) | (9,057 | ) | (4,972 | ) | 7,179 | (2,753 | ) | 22,899 | (4,087 | ) | |||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||||
DEUTSCHE SMALL MID CAP VALUE VIP | DREYFUS IP MIDCAP STOCK PORTFOLIO | DREYFUS VIF APPRECIATION PORTFOLIO | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Net investment income (loss) | $ | (53 | ) | $ | 1,550 | $ | 80 | $ | 272 | $ | 6,373 | $ | 12,178 | ||||||
Net realized gain (loss) on investments | 20,585 | 45,491 | 2,327 | 274 | 189,000 | 192,509 | |||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | (9,330 | ) | 45,019 | 4,337 | 15,298 | (157,448 | ) | 6,992 | |||||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||||
from operations | 11,202 | 92,060 | 6,744 | 15,844 | 37,925 | 211,679 | |||||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||||
Purchase payments received | 13,992 | 9,960 | |||||||||||||||||
Transfers for contract benefits and terminations | (309 | ) | (87,835 | ) | (2,552 | ) | (1 | ) | (50,964 | ) | (119,159 | ) | |||||||
Net transfers | (31,364 | ) | (19,369 | ) | (508,616 | ) | (359,967 | ) | |||||||||||
Contract maintenance charges | (6 | ) | (17 | ) | |||||||||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||||
in payout phase | |||||||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||||
contract transactions | (31,679 | ) | (107,204 | ) | (2,552 | ) | (1 | ) | (545,605 | ) | (469,166 | ) | |||||||
Total increase (decrease) in net assets | (20,477 | ) | (15,144 | ) | 4,192 | 15,843 | (507,680 | ) | (257,487 | ) | |||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of period | 288,214 | 303,358 | 62,646 | 46,803 | 1,068,124 | 1,325,611 | |||||||||||||
End of period | $ | 267,737 | $ | 288,214 | $ | 66,838 | $ | 62,646 | $ | 560,444 | $ | 1,068,124 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||||
Units issued | 438 | 339 | 7,400 | 4,433 | |||||||||||||||
Units redeemed | (2,514 | ) | (7,991 | ) | (105 | ) | (42,698 | ) | (38,033 | ) | |||||||||
Net increase (decrease) | (2,076 | ) | (7,652 | ) | (105 | ) | (35,298 | ) | (33,600 | ) | |||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||||
DREYFUS VIF GROWTH AND INCOME PORTFOLIO | FEDERATED FUND FOR US GOVERNMENT SECURITIES II | FEDERATED MANAGED TAIL RISK FUND II | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Net investment income (loss) | $ | (39 | ) | $ | 25 | $ | 26,510 | $ | 28,907 | $ | 1,184 | $ | 273 | ||||||
Net realized gain (loss) on investments | 151 | 1,345 | (1,613 | ) | (8,473 | ) | (37,187 | ) | 2,517 | ||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | 5,609 | 16,428 | 53,506 | (55,871 | ) | 34,304 | 28,442 | ||||||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||||
from operations | 5,721 | 17,798 | 78,403 | (35,437 | ) | (1,699 | ) | 31,232 | |||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||||
Purchase payments received | 1,010 | ||||||||||||||||||
Transfers for contract benefits and terminations | (40,629 | ) | (184,061 | ) | (29,045 | ) | (611 | ) | |||||||||||
Net transfers | (1 | ) | (5,999 | ) | 1,662,795 | 403,433 | (101,614 | ) | |||||||||||
Contract maintenance charges | (1 | ) | (28 | ) | (1 | ) | (9 | ) | |||||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||||
in payout phase | 845 | (836 | ) | ||||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||||
contract transactions | (2 | ) | (5,999 | ) | 1,622,983 | 219,545 | (130,668 | ) | (611 | ) | |||||||||
Total increase (decrease) in net assets | 5,719 | 11,799 | 1,701,386 | 184,108 | (132,367 | ) | 30,621 | ||||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of period | 62,570 | 50,771 | 1,511,018 | 1,326,910 | 232,596 | 201,975 | |||||||||||||
End of period | $ | 68,289 | $ | 62,570 | $ | 3,212,404 | $ | 1,511,018 | $ | 100,229 | $ | 232,596 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||||
Units issued | 95,753 | 28,177 | |||||||||||||||||
Units redeemed | (392 | ) | (5,853 | ) | (23,981 | ) | (8,060 | ) | (38 | ) | |||||||||
Net increase (decrease) | (392 | ) | 89,900 | 4,196 | (8,060 | ) | (38 | ) | |||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||
FEDERATED MANAGED VOLATILITY FUND II | FRANKLIN SMALL CAP VALUE SECURITIES FUND | GREAT-WEST SECURE-FOUNDATION BALANCED FUND | |||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | |||||||||||||
(1) | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||
OPERATIONS: | |||||||||||||||||
Net investment income (loss) | $ | 611 | $ | 1,461 | $ | (830 | ) | $ | 1,087 | $ | 18,512 | ||||||
Net realized gain (loss) on investments | 10,647 | 1,675 | 38,451 | 21,118 | 33,639 | ||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||
on investments | (11,742 | ) | 9,755 | (39,890 | ) | 47,138 | (7,334 | ) | |||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||
from operations | (484 | ) | 12,891 | (2,269 | ) | 69,343 | 44,817 | ||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||
Purchase payments received | |||||||||||||||||
Transfers for contract benefits and terminations | (9,315 | ) | (21,235 | ) | (8,749 | ) | (3,579 | ) | |||||||||
Net transfers | (41,400 | ) | 81,403 | 31,585 | 2,008,085 | ||||||||||||
Contract maintenance charges | (1 | ) | (6 | ) | (2 | ) | |||||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||
in payout phase | |||||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||
contract transactions | (41,401 | ) | (9,315 | ) | 60,162 | 22,834 | 2,004,506 | ||||||||||
Total increase (decrease) in net assets | (41,885 | ) | 3,576 | 57,893 | 92,177 | 2,049,323 | |||||||||||
NET ASSETS: | |||||||||||||||||
Beginning of period | 68,723 | 65,147 | 276,204 | 184,027 | |||||||||||||
End of period | $ | 26,838 | $ | 68,723 | $ | 334,097 | $ | 276,204 | $ | 2,049,323 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||
Units issued | 5,540 | 3,940 | 200,579 | ||||||||||||||
Units redeemed | (2,085 | ) | (485 | ) | (1,907 | ) | (2,229 | ) | (353 | ) | |||||||
Net increase (decrease) | (2,085 | ) | (485 | ) | 3,633 | 1,711 | 200,226 | ||||||||||
(1 | ) | For the period August 22, 2014 to December 31, 2014 | |||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||||
INVESCO V.I. COMSTOCK FUND | INVESCO V.I. CORE EQUITY FUND | INVESCO V.I. GROWTH & INCOME FUND | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Net investment income (loss) | $ | 3,212 | $ | 4,453 | $ | 18 | $ | 743 | $ | 6,915 | $ | 4,866 | |||||||
Net realized gain (loss) on investments | 65,786 | 1,730 | 1,243 | 18,754 | 160,724 | 108,792 | |||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | (24,470 | ) | 123,996 | 7,309 | 16,058 | (96,470 | ) | 126,372 | |||||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||||
from operations | 44,528 | 130,179 | 8,570 | 35,555 | 71,169 | 240,030 | |||||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||||
Purchase payments received | |||||||||||||||||||
Transfers for contract benefits and terminations | (38,171 | ) | (1,892 | ) | (441 | ) | (12,102 | ) | (37,719 | ) | (25,107 | ) | |||||||
Net transfers | (47,570 | ) | 199,424 | (36,299 | ) | (145,286 | ) | (119,511 | ) | ||||||||||
Contract maintenance charges | (19 | ) | (17 | ) | (4 | ) | |||||||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||||
in payout phase | |||||||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||||
contract transactions | (85,741 | ) | 197,532 | (460 | ) | (48,401 | ) | (183,022 | ) | (144,622 | ) | ||||||||
Total increase (decrease) in net assets | (41,213 | ) | 327,711 | 8,110 | (12,846 | ) | (111,853 | ) | 95,408 | ||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of period | 618,081 | 290,370 | 118,553 | 131,399 | 864,890 | 769,482 | |||||||||||||
End of period | $ | 576,868 | $ | 618,081 | $ | 126,663 | $ | 118,553 | $ | 753,037 | $ | 864,890 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||||
Units issued | 4,518 | 14,551 | 709 | 18,143 | |||||||||||||||
Units redeemed | (9,400 | ) | (715 | ) | (17 | ) | (1,993 | ) | (11,926 | ) | (23,719 | ) | |||||||
Net increase (decrease) | (4,882 | ) | 13,836 | (17 | ) | (1,993 | ) | (11,217 | ) | (5,576 | ) | ||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||||
INVESCO V.I. HIGH YIELD FUND | INVESCO V.I. INTERNATIONAL GROWTH FUND | INVESCO V.I. MID CAP CORE EQUITY FUND | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Net investment income (loss) | $ | 3,160 | $ | 3,350 | $ | 5,505 | $ | 3,377 | $ | (434 | ) | $ | (21 | ) | |||||
Net realized gain (loss) on investments | (26 | ) | (361 | ) | 50,114 | 54,529 | 7,404 | 5,986 | |||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | (2,785 | ) | 1,831 | (55,662 | ) | 54,424 | (4,731 | ) | 7,619 | ||||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||||
from operations | 349 | 4,820 | (43 | ) | 112,330 | 2,239 | 13,584 | ||||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||||
Purchase payments received | 1,250 | ||||||||||||||||||
Transfers for contract benefits and terminations | (3,807 | ) | (6,533 | ) | (39,326 | ) | |||||||||||||
Net transfers | 59,994 | (2,000 | ) | 78,187 | (156,577 | ) | 5,391 | 912 | |||||||||||
Contract maintenance charges | (16 | ) | (10 | ) | |||||||||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||||
in payout phase | |||||||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||||
contract transactions | 59,978 | (5,807 | ) | 72,894 | (195,903 | ) | 5,391 | 912 | |||||||||||
Total increase (decrease) in net assets | 60,327 | (987 | ) | 72,851 | (83,573 | ) | 7,630 | 14,496 | |||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of period | 82,629 | 83,616 | 600,878 | 684,451 | 62,396 | 47,900 | |||||||||||||
End of period | $ | 142,956 | $ | 82,629 | $ | 673,729 | $ | 600,878 | $ | 70,026 | $ | 62,396 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||||
Units issued | 6,119 | 23,095 | 6,972 | 760 | 686 | ||||||||||||||
Units redeemed | (1 | ) | (293 | ) | (18,956 | ) | (22,875 | ) | (228 | ) | (625 | ) | |||||||
Net increase (decrease) | 6,118 | (293 | ) | 4,139 | (15,903 | ) | 532 | 61 | |||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||||
INVESCO V.I. SMALL CAP EQUITY FUND | INVESCO V.I. TECHNOLOGY FUND | JANUS ASPEN BALANCED PORTFOLIO INSTITUTIONAL SHARES | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Net investment income (loss) | $ | (538 | ) | $ | (477 | ) | $ | (1,918 | ) | $ | (2,730 | ) | $ | 4,350 | $ | 9,614 | |||
Net realized gain (loss) on investments | 10,693 | 1,567 | 64,325 | 28,704 | 12,945 | 59,533 | |||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | (9,116 | ) | 16,779 | (42,428 | ) | 44,946 | 17,870 | 48,112 | |||||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||||
from operations | 1,039 | 17,869 | 19,979 | 70,920 | 35,165 | 117,259 | |||||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||||
Purchase payments received | |||||||||||||||||||
Transfers for contract benefits and terminations | (1,476 | ) | (35,218 | ) | (3,883 | ) | (25 | ) | (266,565 | ) | |||||||||
Net transfers | (12,072 | ) | 12,424 | (125,024 | ) | ||||||||||||||
Contract maintenance charges | (33 | ) | (6 | ) | (25 | ) | |||||||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||||
in payout phase | |||||||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||||
contract transactions | (13,548 | ) | 12,424 | (160,275 | ) | (3,889 | ) | (50 | ) | (266,565 | ) | ||||||||
Total increase (decrease) in net assets | (12,509 | ) | 30,293 | (140,296 | ) | 67,031 | 35,115 | (149,306 | ) | ||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of period | 78,958 | 48,665 | 363,062 | 296,031 | 463,398 | 612,704 | |||||||||||||
End of period | $ | 66,449 | $ | 78,958 | $ | 222,766 | $ | 363,062 | $ | 498,513 | $ | 463,398 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||||
Units issued | 183 | 964 | 228 | ||||||||||||||||
Units redeemed | (755 | ) | (428 | ) | (43,653 | ) | (1,143 | ) | (2 | ) | (12,190 | ) | |||||||
Net increase (decrease) | (572 | ) | 536 | (43,425 | ) | (1,143 | ) | (2 | ) | (12,190 | ) | ||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||||
JANUS ASPEN BALANCED PORTFOLIO SERVICE SHARES | JANUS ASPEN FLEXIBLE BOND PORTFOLIO INSTITUTIONAL SHARES | JANUS ASPEN FLEXIBLE BOND PORTFOLIO SERVICE SHARES | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Net investment income (loss) | $ | 16,395 | $ | 16,327 | $ | 11,526 | $ | 15,212 | $ | 68,173 | $ | 69,020 | |||||||
Net realized gain (loss) on investments | 85,959 | 91,864 | 3,105 | 24,298 | (10,601 | ) | 56,928 | ||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | 61,190 | 136,116 | 3,778 | (46,084 | ) | 50,665 | (153,815 | ) | |||||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||||
from operations | 163,544 | 244,307 | 18,409 | (6,574 | ) | 108,237 | (27,867 | ) | |||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||||
Purchase payments received | 120 | 192,635 | 5,995 | 5,510 | |||||||||||||||
Transfers for contract benefits and terminations | (14,677 | ) | (236,227 | ) | (43,032 | ) | (47,930 | ) | (104,209 | ) | (487,194 | ) | |||||||
Net transfers | 308,719 | 404,544 | 4,534 | (94,823 | ) | 767,379 | 530,206 | ||||||||||||
Contract maintenance charges | (62 | ) | (3 | ) | (14 | ) | (61 | ) | (2 | ) | |||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||||
in payout phase | 323 | (861 | ) | ||||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||||
contract transactions | 294,100 | 360,949 | (38,512 | ) | (142,753 | ) | 669,427 | 47,659 | |||||||||||
Total increase (decrease) in net assets | 457,644 | 605,256 | (20,103 | ) | (149,327 | ) | 777,664 | 19,792 | |||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of period | 1,780,771 | 1,175,515 | 469,167 | 618,494 | 2,694,741 | 2,674,949 | |||||||||||||
End of period | $ | 2,238,415 | $ | 1,780,771 | $ | 449,064 | $ | 469,167 | $ | 3,472,405 | $ | 2,694,741 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||||
Units issued | 33,521 | 45,342 | 451 | 64,592 | 60,341 | ||||||||||||||
Units redeemed | (13,597 | ) | (19,791 | ) | (1,991 | ) | (6,803 | ) | (19,544 | ) | (57,803 | ) | |||||||
Net increase (decrease) | 19,924 | 25,551 | (1,540 | ) | (6,803 | ) | 45,048 | 2,538 | |||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||
JANUS ASPEN GLOBAL RESEARCH PORTFOLIO | JANUS ASPEN GLOBAL TECHNOLOGY PORTFOLIO | JANUS ASPEN JANUS PORTFOLIO | |||||||||||||||
2014 | 2013 | 2014 | 2014 | 2013 | |||||||||||||
(1) | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||
OPERATIONS: | |||||||||||||||||
Net investment income (loss) | $ | 981 | $ | 1,653 | $ | (5 | ) | $ | (1,341 | ) | $ | (144 | ) | ||||
Net realized gain (loss) on investments | 19,421 | 28,216 | 29,960 | 3,182 | |||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||
on investments | 10,043 | 78,591 | 54 | 3,507 | 58,701 | ||||||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||
from operations | 30,445 | 108,460 | 49 | 32,126 | 61,739 | ||||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||
Purchase payments received | |||||||||||||||||
Transfers for contract benefits and terminations | (10,875 | ) | (3,080 | ) | (415 | ) | (7,575 | ) | |||||||||
Net transfers | (26,575 | ) | (62,654 | ) | 2,500 | (19,069 | ) | ||||||||||
Contract maintenance charges | (80 | ) | (25 | ) | (94 | ) | |||||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||
in payout phase | 666 | (563 | ) | ||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||
contract transactions | (36,864 | ) | (66,322 | ) | 2,500 | (19,578 | ) | (7,575 | ) | ||||||||
Total increase (decrease) in net assets | (6,419 | ) | 42,138 | 2,549 | 12,548 | 54,164 | |||||||||||
NET ASSETS: | |||||||||||||||||
Beginning of period | 440,617 | 398,479 | 270,978 | 216,814 | |||||||||||||
End of period | $ | 434,198 | $ | 440,617 | $ | 2,549 | $ | 283,526 | $ | 270,978 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||
Units issued | 2,401 | (1,075 | ) | 229 | |||||||||||||
Units redeemed | (3,994 | ) | (3,272 | ) | (782 | ) | (402 | ) | |||||||||
Net increase (decrease) | (1,593 | ) | (4,347 | ) | 229 | (782 | ) | (402 | ) | ||||||||
(1 | ) | For the period September 5, 2014 to December 31, 2014 | |||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||||
JANUS ASPEN OVERSEAS PORTFOLIO INSTITUTIONAL SHARES | JANUS ASPEN OVERSEAS PORTFOLIO SERVICE SHARES | LAZARD RETIREMENT EMERGING MARKETS EQUITY PORTFOLIO | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Net investment income (loss) | $ | 10,509 | $ | 4,391 | $ | 14,287 | $ | 6,248 | $ | 7,955 | $ | 2,313 | |||||||
Net realized gain (loss) on investments | (342 | ) | (53,702 | ) | 15,723 | (18,876 | ) | 463 | 21,359 | ||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | (31,632 | ) | 79,685 | (68,407 | ) | 50,310 | (62,615 | ) | (52,828 | ) | |||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||||
from operations | (21,465 | ) | 30,374 | (38,397 | ) | 37,682 | (54,197 | ) | (29,156 | ) | |||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||||
Purchase payments received | 300 | 276 | 3,476 | 1,179 | |||||||||||||||
Transfers for contract benefits and terminations | (44,086 | ) | (130,906 | ) | (33,661 | ) | (41,030 | ) | (99,305 | ) | |||||||||
Net transfers | (4,150 | ) | (17,981 | ) | 10,063 | (77,074 | ) | 278,365 | (315,713 | ) | |||||||||
Contract maintenance charges | (58 | ) | (9 | ) | (23 | ) | (10 | ) | (2 | ) | |||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||||
in payout phase | 1,081 | (678 | ) | ||||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||||
contract transactions | (47,213 | ) | (149,574 | ) | 10,340 | (110,459 | ) | 240,801 | (413,841 | ) | |||||||||
Total increase (decrease) in net assets | (68,678 | ) | (119,200 | ) | (28,057 | ) | (72,777 | ) | 186,604 | (442,997 | ) | ||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of period | 224,421 | 343,621 | 293,505 | 366,282 | 638,265 | 1,081,262 | |||||||||||||
End of period | $ | 155,743 | $ | 224,421 | $ | 265,448 | $ | 293,505 | $ | 824,869 | $ | 638,265 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||||
Units issued | 147 | 170 | 2,754 | 576 | 22,549 | 8,325 | |||||||||||||
Units redeemed | (1,759 | ) | (5,933 | ) | (1,709 | ) | (12,060 | ) | (7,817 | ) | (32,816 | ) | |||||||
Net increase (decrease) | (1,612 | ) | (5,763 | ) | 1,045 | (11,484 | ) | 14,732 | (24,491 | ) | |||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||||
LVIP BARON GROWTH OPPORTUNITIES FUND | MFS INTERNATIONAL VALUE PORTFOLIO | MFS UTILITIES SERIES | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Net investment income (loss) | $ | (13,036 | ) | $ | (6,494 | ) | $ | 8,029 | $ | 2,928 | $ | 4,533 | $ | 2,959 | |||||
Net realized gain (loss) on investments | 409,946 | 347,442 | 66,218 | 50,183 | 19,157 | 40,280 | |||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | (356,193 | ) | 251,423 | (67,637 | ) | 103,240 | 12,806 | 11,015 | |||||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||||
from operations | 40,717 | 592,371 | 6,610 | 156,351 | 36,496 | 54,254 | |||||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||||
Purchase payments received | 3,479 | 550 | 4,228 | 550 | 1,699 | 300 | |||||||||||||
Transfers for contract benefits and terminations | (90,782 | ) | (131,045 | ) | (33,978 | ) | (147,636 | ) | (2,455 | ) | (1,345 | ) | |||||||
Net transfers | (531,550 | ) | 18,240 | 114,107 | 84,708 | 19,798 | (81,424 | ) | |||||||||||
Contract maintenance charges | (40 | ) | (30 | ) | (17 | ) | (15 | ) | (4 | ) | |||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||||
in payout phase | 593 | (106 | ) | 1,255 | 1,747 | ||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||||
contract transactions | (618,300 | ) | (112,361 | ) | 85,582 | (60,648 | ) | 19,027 | (82,473 | ) | |||||||||
Total increase (decrease) in net assets | (577,583 | ) | 480,010 | 92,192 | 95,703 | 55,523 | (28,219 | ) | |||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of period | 2,041,487 | 1,561,477 | 707,923 | 612,220 | 321,721 | 349,940 | |||||||||||||
End of period | $ | 1,463,904 | $ | 2,041,487 | $ | 800,115 | $ | 707,923 | $ | 377,244 | $ | 321,721 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||||
Units issued | 4,756 | 16,638 | 14,851 | 6,718 | 3,538 | 7,011 | |||||||||||||
Units redeemed | (22,911 | ) | (24,160 | ) | (10,131 | ) | (9,988 | ) | (2,318 | ) | (14,278 | ) | |||||||
Net increase (decrease) | (18,155 | ) | (7,522 | ) | 4,720 | (3,270 | ) | 1,220 | (7,267 | ) | |||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||||
NEUBERGER BERMAN AMT MID CAP INTRINSIC VALUE PORTFOLIO | NVIT MID CAP INDEX FUND | OPPENHEIMER GLOBAL FUND/VA | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Net investment income (loss) | $ | (25 | ) | $ | (9 | ) | $ | 1,491 | $ | 284 | $ | 2,589 | $ | 5,753 | |||||
Net realized gain (loss) on investments | 477 | (1,463 | ) | 71,628 | 100,862 | 161,513 | 89,607 | ||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | 1,697 | 6,877 | (21,582 | ) | 11,040 | (151,454 | ) | 162,703 | |||||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||||
from operations | 2,149 | 5,405 | 51,537 | 112,186 | 12,648 | 258,063 | |||||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||||
Purchase payments received | 3,479 | 1,376 | |||||||||||||||||
Transfers for contract benefits and terminations | (2,750 | ) | (3,983 | ) | (6,370 | ) | (95,353 | ) | (27,724 | ) | |||||||||
Net transfers | (1 | ) | (3,698 | ) | 257,669 | (8,806 | ) | (57,108 | ) | (167,087 | ) | ||||||||
Contract maintenance charges | (4 | ) | (7 | ) | (13 | ) | (25 | ) | (5 | ) | |||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||||
in payout phase | 282 | (110 | ) | ||||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||||
contract transactions | (5 | ) | (6,448 | ) | 253,679 | (15,189 | ) | (148,725 | ) | (193,550 | ) | ||||||||
Total increase (decrease) in net assets | 2,144 | (1,043 | ) | 305,216 | 96,997 | (136,077 | ) | 64,513 | |||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of period | 17,053 | 18,096 | 445,969 | 348,972 | 1,155,854 | 1,091,341 | |||||||||||||
End of period | $ | 19,197 | $ | 17,053 | $ | 751,185 | $ | 445,969 | $ | 1,019,777 | $ | 1,155,854 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||||
Units issued | 18,564 | 7,760 | 8,374 | 1,530 | |||||||||||||||
Units redeemed | (515 | ) | (3,940 | ) | (7,969 | ) | (9,884 | ) | (10,535 | ) | |||||||||
Net increase (decrease) | (515 | ) | 14,624 | (209 | ) | (1,510 | ) | (9,005 | ) | ||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | ||||||||||||||
OPPENHEIMER MAIN STREET SMALL CAP FUND/VA | OPPENHIEMER INTERNATIONAL GROWTH FUND/VA | PIMCO VIT COMMODITY REALRETURN STRATEGY PORTFOLIO | ||||||||||||
2014 | 2014 | 2013 | 2014 | |||||||||||
(1) | (2) | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||
OPERATIONS: | ||||||||||||||
Net investment income (loss) | $ | (65 | ) | $ | 2,128 | $ | 875 | $ | ||||||
Net realized gain (loss) on investments | 2 | 34,484 | 5,199 | (1 | ) | |||||||||
Change in net unrealized appreciation (depreciation) | ||||||||||||||
on investments | 2,136 | (61,473 | ) | 23,571 | (1,483 | ) | ||||||||
Increase (decrease) in net assets resulting | ||||||||||||||
from operations | 2,073 | (24,861 | ) | 29,645 | (1,484 | ) | ||||||||
CONTRACT TRANSACTIONS: | ||||||||||||||
Purchase payments received | 2,380 | 3,579 | 600 | |||||||||||
Transfers for contract benefits and terminations | ||||||||||||||
Net transfers | 34,308 | 90,924 | 91,280 | 7,499 | ||||||||||
Contract maintenance charges | ||||||||||||||
Adjustments to net assets allocated to contracts | ||||||||||||||
in payout phase | ||||||||||||||
Increase (decrease) in net assets resulting from | ||||||||||||||
contract transactions | 36,688 | 94,503 | 91,880 | 7,499 | ||||||||||
Total increase (decrease) in net assets | 38,761 | 69,642 | 121,525 | 6,015 | ||||||||||
NET ASSETS: | ||||||||||||||
Beginning of period | 201,405 | 79,880 | ||||||||||||
End of period | $ | 38,761 | $ | 271,047 | $ | 201,405 | $ | 6,015 | ||||||
CHANGES IN UNITS OUTSTANDING: | ||||||||||||||
Units issued | 3,530 | 12,985 | 8,789 | 813 | ||||||||||
Units redeemed | (5,924 | ) | (1,010 | ) | ||||||||||
Net increase (decrease) | 3,530 | 7,061 | 7,779 | 813 | ||||||||||
(1 | ) | For the period August 13, 2014 to December 31, 2014 | ||||||||||||
(2 | ) | For the period September 5, 2014 to December 31, 2014 | ||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||||
PIMCO VIT HIGH YIELD PORTFOLIO | PIMCO VIT LOW DURATION PORTFOLIO | PIMCO VIT TOTAL RETURN PORTFOLIO | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Net investment income (loss) | $ | 85,337 | $ | 115,267 | $ | 12,501 | $ | 21,183 | $ | 53,474 | $ | 82,256 | |||||||
Net realized gain (loss) on investments | 34,278 | 88,619 | 40,183 | 53,285 | 26,809 | 110,167 | |||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | (52,226 | ) | (98,156 | ) | (48,917 | ) | (109,454 | ) | 75,975 | (374,646 | ) | ||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||||
from operations | 67,389 | 105,730 | 3,767 | (34,986 | ) | 156,258 | (182,223 | ) | |||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||||
Purchase payments received | 4,795 | 4,495 | |||||||||||||||||
Transfers for contract benefits and terminations | (27,713 | ) | (244,381 | ) | (278,373 | ) | (258,959 | ) | (242,141 | ) | (446,078 | ) | |||||||
Net transfers | (1,696,655 | ) | (55,203 | ) | (158,022 | ) | 936,409 | (2,590,734 | ) | (3,697 | ) | ||||||||
Contract maintenance charges | (10 | ) | (39 | ) | (1 | ) | (52 | ) | (5 | ) | |||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||||
in payout phase | 2,443 | (439 | ) | 965 | (947 | ) | |||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||||
contract transactions | (1,717,140 | ) | (295,528 | ) | (436,434 | ) | 677,449 | (2,831,962 | ) | (450,727 | ) | ||||||||
Total increase (decrease) in net assets | (1,649,751 | ) | (189,798 | ) | (432,667 | ) | 642,463 | (2,675,704 | ) | (632,950 | ) | ||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of period | 2,545,501 | 2,735,299 | 3,889,525 | 3,247,062 | 5,665,059 | 6,298,009 | |||||||||||||
End of period | $ | 895,750 | $ | 2,545,501 | $ | 3,456,858 | $ | 3,889,525 | $ | 2,989,355 | $ | 5,665,059 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||||
Units issued | 10,562 | 91,765 | 45,831 | 99,261 | 20,720 | 95,558 | |||||||||||||
Units redeemed | (99,408 | ) | (110,426 | ) | (78,617 | ) | (47,153 | ) | (205,457 | ) | (128,325 | ) | |||||||
Net increase (decrease) | (88,846 | ) | (18,661 | ) | (32,786 | ) | 52,108 | (184,737 | ) | (32,767 | ) | ||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||||
PIONEER EMERGING MARKETS VCT PORTFOLIO | PIONEER FUND VCT PORTFOLIO | PIONEER MID CAP VALUE VCT PORTFOLIO | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Net investment income (loss) | $ | (31 | ) | $ | 4 | $ | 696 | $ | 998 | $ | (264 | ) | $ | (124 | ) | ||||
Net realized gain (loss) on investments | 22 | (6 | ) | 30,914 | 15,057 | 19,977 | 1,728 | ||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | (656 | ) | (151 | ) | (11,767 | ) | 41,638 | (3,274 | ) | 26,652 | |||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||||
from operations | (665 | ) | (153 | ) | 19,843 | 57,693 | 16,439 | 28,256 | |||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||||
Purchase payments received | 2,439 | 660 | |||||||||||||||||
Transfers for contract benefits and terminations | (18,903 | ) | (2,708 | ) | (5,089 | ) | (515 | ) | |||||||||||
Net transfers | (39,969 | ) | (10,684 | ) | 5,627 | 1,778 | |||||||||||||
Contract maintenance charges | |||||||||||||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||||
in payout phase | |||||||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||||
contract transactions | (56,433 | ) | (12,732 | ) | 538 | 1,263 | |||||||||||||
Total increase (decrease) in net assets | (665 | ) | (153 | ) | (36,590 | ) | 44,961 | 16,977 | 29,519 | ||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of period | 4,913 | 5,066 | 225,822 | 180,861 | 119,657 | 90,138 | |||||||||||||
End of period | $ | 4,248 | $ | 4,913 | $ | 189,232 | $ | 225,822 | $ | 136,634 | $ | 119,657 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||||
Units issued | 1,117 | 674 | 517 | 424 | |||||||||||||||
Units redeemed | (4,881 | ) | (1,668 | ) | (496 | ) | (335 | ) | |||||||||||
Net increase (decrease) | (3,764 | ) | (994 | ) | 21 | 89 | |||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||||
PIONEER SELECT MID CAP GROWTH VCT PORTFOLIO | PRUDENTIAL SERIES FUND EQUITY PORTFOLIO | PRUDENTIAL SERIES FUND NATURAL RESOURCES PORTFOLIO | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Net investment income (loss) | $ | (1,262 | ) | $ | (1,296 | ) | $ | (1,885 | ) | $ | (1,713 | ) | $ | (639 | ) | $ | (678 | ) | |
Net realized gain (loss) on investments | 50,463 | 21,558 | 18,748 | 48,148 | (508 | ) | (7,703 | ) | |||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | (37,831 | ) | 34,960 | (4,665 | ) | 15,566 | (12,807 | ) | 14,580 | ||||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||||
from operations | 11,370 | 55,222 | 12,198 | 62,001 | (13,954 | ) | 6,199 | ||||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||||
Purchase payments received | 3,479 | 1,178 | |||||||||||||||||
Transfers for contract benefits and terminations | (52,985 | ) | (927 | ) | (34,632 | ) | (3,558 | ) | (2,239 | ) | (11,625 | ) | |||||||
Net transfers | (20,576 | ) | (27,323 | ) | 125,073 | (185,165 | ) | (4,497 | ) | (13,662 | ) | ||||||||
Contract maintenance charges | (13 | ) | (12 | ) | |||||||||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||||
in payout phase | |||||||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||||
contract transactions | (70,095 | ) | (27,072 | ) | 90,429 | (188,723 | ) | (6,736 | ) | (25,287 | ) | ||||||||
Total increase (decrease) in net assets | (58,725 | ) | 28,150 | 102,627 | (126,722 | ) | (20,690 | ) | (19,088 | ) | |||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of period | 173,751 | 145,601 | 157,115 | 283,837 | 75,186 | 94,274 | |||||||||||||
End of period | $ | 115,026 | $ | 173,751 | $ | 259,742 | $ | 157,115 | $ | 54,496 | $ | 75,186 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||||
Units issued | 903 | 3,014 | 7,922 | 198 | |||||||||||||||
Units redeemed | (4,028 | ) | (3,851 | ) | (2,603 | ) | (13,242 | ) | (633 | ) | (1,789 | ) | |||||||
Net increase (decrease) | (3,125 | ) | (837 | ) | 5,319 | (13,242 | ) | (435 | ) | (1,789 | ) | ||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||||
PUTNAM VT AMERICAN GOVERNMENT INCOME FUND | PUTNAM VT EQUITY INCOME FUND | PUTNAM VT GLOBAL HEALTH CARE FUND | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Net investment income (loss) | $ | (270 | ) | $ | 17 | $ | 581 | $ | 1,092 | $ | (2,664 | ) | $ | 38 | |||||
Net realized gain (loss) on investments | 14 | 19,085 | 8,225 | 83,492 | 569 | ||||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | 840 | (46 | ) | 37,168 | 27,490 | 16,396 | 36,309 | ||||||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||||
from operations | 584 | (29 | ) | 56,834 | 36,807 | 97,224 | 36,916 | ||||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||||
Purchase payments received | 15,158 | 10,790 | |||||||||||||||||
Transfers for contract benefits and terminations | (75,631 | ) | (10,547 | ) | (40,210 | ) | (10 | ) | |||||||||||
Net transfers | 218,647 | 2 | 728,175 | 94,452 | 320,037 | 96,151 | |||||||||||||
Contract maintenance charges | (4 | ) | (8 | ) | |||||||||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||||
in payout phase | |||||||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||||
contract transactions | 218,647 | 2 | 652,540 | 83,905 | 294,977 | 106,931 | |||||||||||||
Total increase (decrease) in net assets | 219,231 | (27 | ) | 709,374 | 120,712 | 392,201 | 143,847 | ||||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of period | 2,508 | 2,535 | 199,387 | 78,675 | 210,048 | 66,201 | |||||||||||||
End of period | $ | 221,739 | $ | 2,508 | $ | 908,761 | $ | 199,387 | $ | 602,249 | $ | 210,048 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||||
Units issued | 19,797 | 44,350 | 8,192 | 31,582 | 22,400 | ||||||||||||||
Units redeemed | (231 | ) | (5,348 | ) | (2,457 | ) | (12,142 | ) | (14,407 | ) | |||||||||
Net increase (decrease) | 19,566 | 39,002 | 5,735 | 19,440 | 7,993 | ||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||
PUTNAM VT INVESTORS FUND | ROYCE CAPITAL FUND - SMALL-CAP PORTFOLIO | SCHWAB MARKETTRACK GROWTH PORTFOLIO II | |||||||||||||||
2014 | 2014 | 2013 | 2014 | 2013 | |||||||||||||
(1) | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||
OPERATIONS: | |||||||||||||||||
Net investment income (loss) | $ | (103 | ) | $ | (1,848 | ) | $ | 86 | $ | 3,987 | $ | 6,440 | |||||
Net realized gain (loss) on investments | 2 | 69,041 | 69,637 | 34,713 | 7,376 | ||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||
on investments | 1,495 | (65,782 | ) | 32,656 | (3,260 | ) | 130,958 | ||||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||
from operations | 1,394 | 1,411 | 102,379 | 35,440 | 144,774 | ||||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||
Purchase payments received | 60 | 60 | |||||||||||||||
Transfers for contract benefits and terminations | (4,383 | ) | (60,780 | ) | (19,938 | ) | |||||||||||
Net transfers | 50,516 | (135,524 | ) | (161,137 | ) | 99,147 | (48,784 | ) | |||||||||
Contract maintenance charges | (31 | ) | |||||||||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||
in payout phase | (84,864 | ) | |||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||
contract transactions | 50,516 | (135,524 | ) | (165,520 | ) | (46,468 | ) | (68,662 | ) | ||||||||
Total increase (decrease) in net assets | 51,910 | (134,113 | ) | (63,141 | ) | (11,028 | ) | 76,112 | |||||||||
NET ASSETS: | |||||||||||||||||
Beginning of period | 327,249 | 390,390 | 721,404 | 645,292 | |||||||||||||
End of period | $ | 51,910 | $ | 193,136 | $ | 327,249 | $ | 710,376 | $ | 721,404 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||
Units issued | 4,743 | 942 | 155 | 3,285 | 571 | ||||||||||||
Units redeemed | (7,141 | ) | (8,872 | ) | (3,260 | ) | (3,299 | ) | |||||||||
Net increase (decrease) | 4,743 | (6,199 | ) | (8,717 | ) | 25 | (2,728 | ) | |||||||||
(1 | ) | For the period July 1, 2014 to December 31, 2014 | |||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||||
SCHWAB MONEY MARKET PORTFOLIO | SCHWAB S&P 500 INDEX PORTFOLIO | SENTINEL VARIABLE PRODUCTS BOND FUND | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Net investment income (loss) | $ | (49,044 | ) | $ | (61,232 | ) | $ | 76,824 | $ | 77,422 | $ | 25,273 | $ | 1,615 | |||||
Net realized gain (loss) on investments | 451,742 | 288,758 | 307 | 557 | |||||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | 767,451 | 2,107,943 | (26,634 | ) | (4,210 | ) | |||||||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||||
from operations | (49,044 | ) | (61,232 | ) | 1,296,017 | 2,474,123 | (1,054 | ) | (2,038 | ) | |||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||||
Purchase payments received | 4,964,284 | 1,845,495 | 2,490 | 3,601 | |||||||||||||||
Transfers for contract benefits and terminations | (285,512 | ) | (3,151,399 | ) | (202,929 | ) | (429,340 | ) | (20,562 | ) | (52,194 | ) | |||||||
Net transfers | (2,401,077 | ) | (1,069,930 | ) | 107,731 | 611,016 | 827,376 | (70,736 | ) | ||||||||||
Contract maintenance charges | (1,024 | ) | (1,149 | ) | (296 | ) | (5 | ) | |||||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||||
in payout phase | 1,718 | (4,581 | ) | 4,687 | (1,122 | ) | |||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||||
contract transactions | 2,278,389 | (2,381,564 | ) | (88,317 | ) | 184,150 | 806,814 | (122,930 | ) | ||||||||||
Total increase (decrease) in net assets | 2,229,345 | (2,442,796 | ) | 1,207,700 | 2,658,273 | 805,760 | (124,968 | ) | |||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of period | 5,258,608 | 7,701,404 | 10,459,026 | 7,800,753 | 88,265 | 213,233 | |||||||||||||
End of period | $ | 7,487,953 | $ | 5,258,608 | $ | 11,666,726 | $ | 10,459,026 | $ | 894,025 | $ | 88,265 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||||
Units issued | 829,490 | 643,232 | 79,648 | 93,119 | 68,101 | 1,689 | |||||||||||||
Units redeemed | (636,471 | ) | (834,912 | ) | (60,615 | ) | (67,436 | ) | (1,598 | ) | (11,453 | ) | |||||||
Net increase (decrease) | 193,019 | (191,680 | ) | 19,033 | 25,683 | 66,503 | (9,764 | ) | |||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||
SENTINEL VARIABLE PRODUCTS COMMON STOCK FUND | SENTINEL VARIABLE PRODUCTS SMALL COMPANY FUND | T. ROWE PRICE HEALTH SCIENCES PORTFOLIO | |||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | |||||||||||||
(1) | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||
OPERATIONS: | |||||||||||||||||
Net investment income (loss) | $ | 562 | $ | 3,203 | $ | (244 | ) | $ | (404 | ) | $ | (197 | ) | ||||
Net realized gain (loss) on investments | 65,002 | 57,443 | 9,930 | 18,390 | 5,886 | ||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||
on investments | (44,126 | ) | 4,226 | (7,915 | ) | 4,184 | 3,760 | ||||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||
from operations | 21,438 | 64,872 | 1,771 | 22,170 | 9,449 | ||||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||
Purchase payments received | 14,992 | 9,960 | |||||||||||||||
Transfers for contract benefits and terminations | 140 | (13,909 | ) | ||||||||||||||
Net transfers | (243,616 | ) | 68,185 | (59,150 | ) | 19,682 | 70,710 | ||||||||||
Contract maintenance charges | (4 | ) | |||||||||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||
in payout phase | |||||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||
contract transactions | (228,488 | ) | 78,145 | (59,150 | ) | 5,773 | 70,710 | ||||||||||
Total increase (decrease) in net assets | (207,050 | ) | 143,017 | (57,379 | ) | 27,943 | 80,159 | ||||||||||
NET ASSETS: | |||||||||||||||||
Beginning of period | 350,880 | 207,863 | 93,577 | 65,634 | |||||||||||||
End of period | $ | 143,830 | $ | 350,880 | $ | 36,198 | $ | 93,577 | $ | 80,159 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||
Units issued | 5,126 | 11,160 | 1,454 | 920 | 6,568 | ||||||||||||
Units redeemed | (15,141 | ) | (7,566 | ) | (3,981 | ) | (669 | ) | (191 | ) | |||||||
Net increase (decrease) | (10,015 | ) | 3,594 | (2,527 | ) | 251 | 6,377 | ||||||||||
(1 | ) | For the period July 1, 2014 to December 31, 2014 | |||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||
TEMPLETON FOREIGN VIP FUND | TEMPLETON GLOBAL BOND VIP FUND | THIRD AVENUE VALUE PORTFOLIO | |||||||||||||||
2014 | 2013 | 2014 | 2014 | 2013 | |||||||||||||
(1) | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||
OPERATIONS: | |||||||||||||||||
Net investment income (loss) | $ | 5,856 | $ | 3,074 | $ | 3,562 | $ | 3,073 | $ | 5,280 | |||||||
Net realized gain (loss) on investments | 5,028 | 3,129 | (157 | ) | 19,520 | 25,525 | |||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||
on investments | (77,757 | ) | 32,157 | (7,357 | ) | (16,100 | ) | 3,362 | |||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||
from operations | (66,873 | ) | 38,360 | (3,952 | ) | 6,493 | 34,167 | ||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||
Purchase payments received | |||||||||||||||||
Transfers for contract benefits and terminations | (23,505 | ) | (2,880 | ) | (18,119 | ) | (4,328 | ) | |||||||||
Net transfers | 286,664 | 152,325 | 270,777 | (36,951 | ) | (88,843 | ) | ||||||||||
Contract maintenance charges | (13 | ) | |||||||||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||
in payout phase | 1,282 | (23 | ) | ||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||
contract transactions | 263,159 | 149,445 | 270,777 | (53,801 | ) | (93,194 | ) | ||||||||||
Total increase (decrease) in net assets | 196,286 | 187,805 | 266,825 | (47,308 | ) | (59,027 | ) | ||||||||||
NET ASSETS: | |||||||||||||||||
Beginning of period | 277,532 | 89,727 | 149,407 | 208,434 | |||||||||||||
End of period | $ | 473,818 | $ | 277,532 | $ | 266,825 | $ | 102,099 | $ | 149,407 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||
Units issued | 23,236 | 14,760 | 26,958 | 212 | 230 | ||||||||||||
Units redeemed | (4,310 | ) | (2,488 | ) | (281 | ) | (5,060 | ) | (9,325 | ) | |||||||
Net increase (decrease) | 18,926 | 12,272 | 26,677 | (4,848 | ) | (9,095 | ) | ||||||||||
(1 | ) | For the period June 2, 2014 to December 31, 2014 | |||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||||
TOUCHSTONE VST MID CAP GROWTH FUND | UNIVERSAL INSTITUTIONAL FUNDS U.S. REAL ESTATE PORTFOLIO | VAN ECK VIP GLOBAL HARD ASSETS FUND | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||||
OPERATIONS: | |||||||||||||||||||
Net investment income (loss) | $ | (1,191 | ) | $ | (450 | ) | $ | 4,996 | $ | 2,242 | $ | (2,765 | ) | $ | (644 | ) | |||
Net realized gain (loss) on investments | 28,257 | 1,540 | 109,973 | 49,069 | (377 | ) | 1,557 | ||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||||
on investments | (10,326 | ) | 18,663 | 133,012 | (33,454 | ) | (86,111 | ) | 30,992 | ||||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||||
from operations | 16,740 | 19,753 | 247,981 | 17,857 | (89,253 | ) | 31,905 | ||||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||||
Purchase payments received | 15,158 | 10,790 | 5,665 | 5,750 | |||||||||||||||
Transfers for contract benefits and terminations | (537 | ) | (122,531 | ) | (107,111 | ) | (66,544 | ) | |||||||||||
Net transfers | 50,580 | 6,920 | (38,272 | ) | (49,072 | ) | 54,723 | 107,862 | |||||||||||
Contract maintenance charges | (75 | ) | (2 | ) | |||||||||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||||
in payout phase | 2,556 | (2,957 | ) | ||||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||||
contract transactions | 65,738 | 17,173 | (152,657 | ) | (153,392 | ) | 54,723 | 41,318 | |||||||||||
Total increase (decrease) in net assets | 82,478 | 36,926 | 95,324 | (135,535 | ) | (34,530 | ) | 73,223 | |||||||||||
NET ASSETS: | |||||||||||||||||||
Beginning of period | 86,929 | 50,003 | 990,818 | 1,126,353 | 377,882 | 304,659 | |||||||||||||
End of period | $ | 169,407 | $ | 86,929 | $ | 1,086,142 | $ | 990,818 | $ | 343,352 | $ | 377,882 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||||
Units issued | 4,143 | 926 | 3,629 | 1,519 | 3,452 | 7,188 | |||||||||||||
Units redeemed | (1,245 | ) | (29 | ) | (7,644 | ) | (5,488 | ) | (288 | ) | (4,420 | ) | |||||||
Net increase (decrease) | 2,898 | 897 | (4,015 | ) | (3,969 | ) | 3,164 | 2,768 | |||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | ||||||||||||||
VAN ECK VIP UNCONSTRAINED EMERGING MARKETS BOND FUND | VANGUARD VIF MID-CAP INDEX PORTFOLIO | VANGUARD VIF SMALL COMPANY GROWTH PORTFOLIO | ||||||||||||
2014 | 2013 | 2014 | 2014 | |||||||||||
(1) | (1) | |||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||
OPERATIONS: | ||||||||||||||
Net investment income (loss) | $ | 29,725 | $ | 12,137 | $ | (24 | ) | $ | (24 | ) | ||||
Net realized gain (loss) on investments | 4,940 | (2,527 | ) | 1 | 1 | |||||||||
Change in net unrealized appreciation (depreciation) | ||||||||||||||
on investments | (16,836 | ) | (86,853 | ) | 774 | 1,169 | ||||||||
Increase (decrease) in net assets resulting | ||||||||||||||
from operations | 17,829 | (77,243 | ) | 751 | 1,146 | |||||||||
CONTRACT TRANSACTIONS: | ||||||||||||||
Purchase payments received | ||||||||||||||
Transfers for contract benefits and terminations | (66,306 | ) | (86,804 | ) | ||||||||||
Net transfers | (155,726 | ) | (46,947 | ) | 26,825 | 26,825 | ||||||||
Contract maintenance charges | (12 | ) | ||||||||||||
Adjustments to net assets allocated to contracts | ||||||||||||||
in payout phase | ||||||||||||||
Increase (decrease) in net assets resulting from | ||||||||||||||
contract transactions | (222,044 | ) | (133,751 | ) | 26,825 | 26,825 | ||||||||
Total increase (decrease) in net assets | (204,215 | ) | (210,994 | ) | 27,576 | 27,971 | ||||||||
NET ASSETS: | ||||||||||||||
Beginning of period | 656,637 | 867,631 | ||||||||||||
End of period | $ | 452,422 | $ | 656,637 | $ | 27,576 | $ | 27,971 | ||||||
CHANGES IN UNITS OUTSTANDING: | ||||||||||||||
Units issued | 2,281 | 8,107 | 2,551 | 2,589 | ||||||||||
Units redeemed | (20,400 | ) | (18,865 | ) | ||||||||||
Net increase (decrease) | (18,119 | ) | (10,758 | ) | 2,551 | 2,589 | ||||||||
(1 | ) | For the period October 29, 2014 to December 31, 2014 | ||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||||||||||||
WELLS FARGO ADVANTAGE VT DISCOVERY FUND | WELLS FARGO ADVANTAGE VT OMEGA GROWTH FUND | WELLS FARGO ADVANTAGE VT OPPORTUNITY FUND | |||||||||||||||
2014 | 2013 | 2014 | 2014 | 2013 | |||||||||||||
(1) | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||||||||||||
OPERATIONS: | |||||||||||||||||
Net investment income (loss) | $ | (302 | ) | $ | (319 | ) | $ | (42 | ) | $ | (1,032 | ) | $ | (831 | ) | ||
Net realized gain (loss) on investments | 9,991 | 5,554 | 1 | 24,355 | 33,304 | ||||||||||||
Change in net unrealized appreciation (depreciation) | |||||||||||||||||
on investments | (11,335 | ) | 9,726 | 344 | (11,490 | ) | 1,093 | ||||||||||
Increase (decrease) in net assets resulting | |||||||||||||||||
from operations | (1,646 | ) | 14,961 | 303 | 11,833 | 33,566 | |||||||||||
CONTRACT TRANSACTIONS: | |||||||||||||||||
Purchase payments received | 17,471 | 11,337 | 2,379 | ||||||||||||||
Transfers for contract benefits and terminations | (4,597 | ) | (3,532 | ) | |||||||||||||
Net transfers | (17,492 | ) | (20,153 | ) | 15,570 | (14,516 | ) | (53,792 | ) | ||||||||
Contract maintenance charges | (7 | ) | |||||||||||||||
Adjustments to net assets allocated to contracts | |||||||||||||||||
in payout phase | 1,936 | (421 | ) | ||||||||||||||
Increase (decrease) in net assets resulting from | |||||||||||||||||
contract transactions | (21 | ) | (8,816 | ) | 15,570 | (14,805 | ) | (57,745 | ) | ||||||||
Total increase (decrease) in net assets | (1,667 | ) | 6,145 | 15,873 | (2,972 | ) | (24,179 | ) | |||||||||
NET ASSETS: | |||||||||||||||||
Beginning of period | 49,801 | 43,656 | 111,977 | 136,156 | |||||||||||||
End of period | $ | 48,134 | $ | 49,801 | $ | 15,873 | $ | 109,005 | $ | 111,977 | |||||||
CHANGES IN UNITS OUTSTANDING: | |||||||||||||||||
Units issued | 2,169 | 1,065 | 1,466 | 2,906 | 1,356 | ||||||||||||
Units redeemed | (2,249 | ) | (1,734 | ) | (3,543 | ) | (5,154 | ) | |||||||||
Net increase (decrease) | (80 | ) | (669 | ) | 1,466 | (637 | ) | (3,798 | ) | ||||||||
(1 | ) | For the period August 13, 2014 to December 31, 2014 | |||||||||||||||
The accompanying notes are an integral part of these financial statements. | (Continued) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
STATEMENT OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 2014 AND 2013
INVESTMENT DIVISIONS | |||||||
WELLS FARGO ADVANTAGE VT SMALL CAP VALUE FUND | |||||||
2014 | 2013 | ||||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||
OPERATIONS: | |||||||
Net investment income (loss) | $ | (1,025 | ) | $ | (321 | ) | |
Net realized gain (loss) on investments | (4,625 | ) | (982 | ) | |||
Change in net unrealized appreciation (depreciation) | |||||||
on investments | 13,485 | 28,285 | |||||
Increase (decrease) in net assets resulting | |||||||
from operations | 7,835 | 26,982 | |||||
CONTRACT TRANSACTIONS: | |||||||
Purchase payments received | |||||||
Transfers for contract benefits and terminations | (50,751 | ) | |||||
Net transfers | (4,000 | ) | (6,908 | ) | |||
Contract maintenance charges | (5 | ) | |||||
Adjustments to net assets allocated to contracts | |||||||
in payout phase | |||||||
Increase (decrease) in net assets resulting from | |||||||
contract transactions | (54,756 | ) | (6,908 | ) | |||
Total increase (decrease) in net assets | (46,921 | ) | 20,074 | ||||
NET ASSETS: | |||||||
Beginning of period | 216,872 | 196,798 | |||||
End of period | $ | 169,951 | $ | 216,872 | |||
CHANGES IN UNITS OUTSTANDING: | |||||||
Units issued | |||||||
Units redeemed | (2,918 | ) | (389 | ) | |||
Net increase (decrease) | (2,918 | ) | (389 | ) | |||
The accompanying notes are an integral part of these financial statements. | (Concluded) |
VARIABLE ANNUITY-1 SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2014
1. | ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES |
The Variable Annuity-1 Series Account (the Series Account), a separate account of Great-West Life & Annuity Insurance Company of New York (the Company), is registered as a unit investment trust under the Investment Company Act of 1940, as amended, and exists in accordance with regulations of the New York State Department of Financial Services. The Series Account is an investment company and, therefore, applies specialized accounting guidance in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies” (ASC Topic 946). It is a funding vehicle for individual variable annuity contracts. The Series Account consists of numerous investment divisions (Investment Divisions), each being treated as an individual accounting entity for financial reporting purposes, and each investing all of its investible assets in the named underlying mutual fund.
Under applicable insurance law, the assets and liabilities of each of the Investment Divisions of the Series Account are clearly identified and distinguished from the Company's other assets and liabilities. The portion of the Series Account's assets applicable to the reserves and other contract liabilities with respect to the Series Account is not chargeable with liabilities arising out of any other business the Company may conduct.
The preparation of financial statements and financial highlights of each of the Investment Divisions in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and financial highlights and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Security Valuation
Mutual fund investments held by the Investment Divisions are valued at the reported net asset values of such underlying mutual funds, which value their investment securities at fair value.
The Series Account classifies its valuations into three levels based upon the observability of inputs to the valuation of the Series Account’s investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. Classification is based on the lowest level of input significant to the fair value measurement. The three levels are defined as follows:
Level 1 - Unadjusted quoted prices for identical securities in active markets.
Level 2 - Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. These may include quoted prices for similar assets in active markets.
Level 3 - Unobservable inputs to the extent observable inputs are not available and may include prices obtained from single broker quotes. Unobservable inputs reflect the reporting entity’s own assumptions and would be based on the best information available under the circumstances.
As of December 31, 2014, the only investments of each of the Investment Divisions of the Series Account were in underlying mutual funds that are actively traded, therefore 100% of the investments are valued using Level 1 inputs. The Series Account recognizes transfers between the levels as of the beginning of the quarter in which the transfer occurred. There were no transfers between Levels 1 and 2 during the year.
Security Transactions and Investment Income
Transactions are recorded on the trade date. Realized gains and losses on sales of investments are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date and the amounts distributed to the Investment Division for its share of dividends are reinvested in additional full and fractional shares of the related mutual funds.
Contracts in the Payout Phase
Net assets of each Investment Division allocated to contracts in the payout phase are computed according to the 2000 Individual Annuitant Mortality Table. The assumed investment return is 5 percent. The mortality risk is fully borne by the Company and may result in additional amounts being transferred into the Series Account by the Company to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to the Company. Any adjustments to these amounts are reflected in Adjustments to net assets allocated to contracts in payout phase on the Statement of Changes in Net Assets of the applicable Investment Divisions.
Federal Income Taxes
The operations of each of the Investment Divisions of the Series Account are included in the federal income tax return of the Company, which is taxed as a life insurance company under the provisions of the Internal Revenue Code (IRC). The Company is included in the consolidated federal tax return of Great-West Lifeco U.S. Inc. Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of each of the Investment Divisions of the Series Account to the extent the earnings are credited under the contracts. Based on this, no charge is being made currently to the Series Account for federal income taxes. The Company will periodically review the status of the federal income tax policy in the event of changes in the tax law. A charge may be made in future years for any federal income taxes that would be attributable to the contracts.
Purchase Payments Received
Purchase payments received from contract owners by the Company are credited as accumulation units, and are reported as Contract Transactions on the Statement of Changes in Net Assets of the applicable Investment Divisions.
Net Transfers
Net transfers include transfers between Investment Divisions of the Series Account as well as transfers between other investment options of the Company, not included in the Series Account.
2. | PURCHASES AND SALES OF INVESTMENTS |
The cost of purchases and proceeds from sales of investments for the year ended December 31, 2014 were as follows:
Investment Division | Purchases | Sales | ||||||
Alger Large Cap Growth Portfolio | $ | 392,120 | $ | 251,935 | ||||
Alger Mid Cap Growth Portfolio | 60,543 | 50,235 | ||||||
Alliancebernstein VPS Growth And Income Portfolio | 698 | 434 | ||||||
Alliancebernstein VPS Growth Portfolio | 1,333 | 585 | ||||||
Investment Division | Purchases | Sales | ||||||
Alliancebernstein VPS International Growth Portfolio | $ | 9,959 | $ | 112,661 | ||||
Alliancebernstein VPS International Value Portfolio | 5,301 | 16,163 | ||||||
Alliancebernstein VPS Real Estate Investment Portfolio | 131,009 | 103,002 | ||||||
Alliancebernstein VPS Small/Mid Cap Value Portfolio | 61,086 | 113,417 | ||||||
American Century Investments VP Balanced Fund | 211,142 | 61,942 | ||||||
American Century Investments VP Income & Growth Fund | 10,149 | 5,214 | ||||||
American Century Investments VP International Fund | 17,034 | 128,784 | ||||||
American Century Investments VP Mid Cap Value Fund | 198,843 | 322,504 | ||||||
American Century Investments VP Value Fund | 351,400 | 184,188 | ||||||
Blackrock Global Allocation VI Fund | 111,240 | 1,696 | ||||||
Columbia Variable Portfolio - Marsico 21St Century Fund | 60,323 | 21,251 | ||||||
Columbia Variable Portfolio - Seligman Global Technology Fund | 293,041 | 160,913 | ||||||
Columbia Variable Portfolio - Small Cap Value Fund | 10,171 | 8,659 | ||||||
Delaware VIP Emerging Markets Series | 3,392 | 1 | ||||||
Delaware VIP Small Cap Value Series | 101,433 | 180,368 | ||||||
Delaware VIP Smid Cap Growth Series | 74,176 | 249,718 | ||||||
Deutsche Capital Growth VIP | 191,141 | 187,528 | ||||||
Deutsche Core Equity VIP | 18,373 | 144,107 | ||||||
Deutsche Large Cap Value VIP | 126,334 | 26,074 | ||||||
Deutsche Small Cap Index VIP | 515,104 | 94,983 | ||||||
Deutsche Small Mid Cap Value VIP | 10,239 | 40,698 | ||||||
Dreyfus IP Midcap Stock Portfolio | 950 | 3,087 | ||||||
Dreyfus VIF Appreciation Portfolio | 154,847 | 675,186 | ||||||
Dreyfus VIF Growth And Income Portfolio | 511 | 551 | ||||||
Federated Fund For Us Government Securities II | 1,778,545 | 129,702 | ||||||
Federated Managed Tail Risk Fund II | 26,952 | 131,753 | ||||||
Federated Managed Volatility Fund II | 2,699 | 41,664 | ||||||
Franklin Small Cap Value Securities Fund | 114,246 | 33,508 | ||||||
Great-West Securefoundation Balanced Fund | 2,063,583 | 6,650 | ||||||
Invesco V.I. Comstock Fund | 81,417 | 163,951 | ||||||
Invesco V.I. Core Equity Fund | 1,671 | 1,516 | ||||||
Invesco V.I. Growth & Income Fund | 107,618 | 198,998 | ||||||
Invesco V.I. High Yield Fund | 63,909 | 765 | ||||||
Invesco V.I. International Growth Fund | 321,262 | 242,851 | ||||||
Invesco V.I. Mid Cap Core Equity Fund | 16,808 | 4,671 | ||||||
Invesco V.I. Small Cap Equity Fund | 9,657 | 18,415 | ||||||
Invesco V.I. Technology Fund | 20,514 | 164,709 | ||||||
Janus Aspen Balanced Portfolio Institutional Shares | 20,986 | 4,145 | ||||||
Janus Aspen Balanced Portfolio Service Shares | 601,097 | 236,230 | ||||||
Janus Aspen Flexible Bond Portfolio Institutional Shares | 19,934 | 46,923 | ||||||
Janus Aspen Flexible Bond Portfolio Service Shares | 1,044,482 | 307,107 | ||||||
Investment Division | Purchases | Sales | ||||||
Janus Aspen Global Research Portfolio | $ | 27,233 | $ | 63,788 | ||||
Janus Aspen Global Technology Portfolio | 2,500 | 5 | ||||||
Janus Aspen Janus Portfolio | 21,029 | 21,931 | ||||||
Janus Aspen Overseas Portfolio Institutional Shares | 26,878 | 49,995 | ||||||
Janus Aspen Overseas Portfolio Service Shares | 64,918 | 19,698 | ||||||
Lazard Retirement Emerging Markets Equity Portfolio | 395,194 | 138,832 | ||||||
LVIP Baron Growth Opportunities Fund | 107,505 | 728,544 | ||||||
MFS International Value Portfolio | 309,027 | 216,658 | ||||||
MFS Utilities Series | 71,864 | 34,490 | ||||||
Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio | 590 | 156 | ||||||
NVIT Mid Cap Index Fund | 385,690 | 91,273 | ||||||
Oppenheimer Global Fund/VA | 156,085 | 256,846 | ||||||
Oppenheimer Main Street Small Cap Fund/VA | 36,688 | 61 | ||||||
Oppenhiemer International Growth Fund/VA | 183,435 | 79,828 | ||||||
Pimco VIT Commodity RealReturn Strategy Portfolio | 7,514 | 14 | ||||||
Pimco VIT High Yield Portfolio | 265,800 | 1,900,240 | ||||||
Pimco VIT Low Duration Portfolio | 636,385 | 1,060,351 | ||||||
Pimco VIT Total Return Portfolio | 403,563 | 3,183,323 | ||||||
Pioneer Emerging Markets VCT Portfolio | 37 | 41 | ||||||
Pioneer Fund VCT Portfolio | 30,151 | 73,290 | ||||||
Pioneer Mid Cap Value VCT Portfolio | 25,198 | 8,286 | ||||||
Pioneer Select Mid Cap Growth VCT Portfolio | 48,741 | 87,616 | ||||||
Prudential Series Fund Equity Portfolio | 136,087 | 47,531 | ||||||
Prudential Series Fund Natural Resources Portfolio | 3,206 | 10,584 | ||||||
Putnam VT American Government Income Fund | 221,346 | 2,945 | ||||||
Putnam VT Equity Income Fund | 736,396 | 83,198 | ||||||
Putnam VT Global Health Care Fund | 526,040 | 201,824 | ||||||
Putnam VT Investors Fund | 50,516 | 98 | ||||||
Royce Capital Fund - Small-Cap Portfolio | 43,583 | 158,298 | ||||||
Schwab Markettrack Growth Portfolio II | 154,054 | 85,736 | ||||||
Schwab Money Market Portfolio | 8,747,196 | 6,519,316 | ||||||
Schwab S&P 500 Index Portfolio | 1,494,706 | 1,510,767 | ||||||
Sentinel Variable Products Bond Fund | 854,892 | 22,719 | ||||||
Sentinel Variable Products Common Stock Fund | 138,133 | 349,594 | ||||||
Sentinel Variable Products Small Company Fund | 40,143 | 93,903 | ||||||
T. Rowe Price Health Sciences Portfolio | 78,613 | 2,531 | ||||||
Templeton Foreign VIP Fund | 330,592 | 61,556 | ||||||
Templeton Global Bond VIP Fund | 277,868 | 3,505 | ||||||
Third Avenue Value Portfolio | 4,234 | 56,249 | ||||||
Touchstone VST Mid Cap Growth Fund | 112,922 | 27,954 | ||||||
Universal Institutional Funds U.S. Real Estate Portfolio | 163,595 | 313,800 | ||||||
Investment Division | Purchases | Sales | ||||||
Van Eck VIP Global Hard Assets Fund | $ | 58,988 | $ | 7,033 | ||||
Van Eck VIP Unconstrained Emerging Markets Bond Fund | 118,039 | 255,472 | ||||||
Vanguard VIF Mid-Cap Index Portfolio | 26,826 | 22 | ||||||
Vanguard VIF Small Company Growth Portfolio | 26,826 | 22 | ||||||
Wells Fargo Advantage VT Discovery Fund | 44,683 | 39,619 | ||||||
Wells Fargo Advantage VT Omega Growth Fund | 15,570 | 40 | ||||||
Wells Fargo Advantage VT Opportunity Fund | 44,191 | 61,964 | ||||||
Wells Fargo Advantage VT Small Cap Value Fund | 785 | 56,571 | ||||||
3. | EXPENSE AND RELATED PARTY TRANSACTIONS |
Contract Maintenance Charges
The Company deducts from each participant account in the Schwab Select Annuity contract a $25 annual maintenance charge on accounts under $50,000 as of each contract's anniversary date. This charge is recorded as Contract maintenance charges on the Statement of Changes in Net Assets of the applicable Investment Divisions.
Transfer Fees
The Company charges $10 in the Schwab Select Annuity contract for each transfer between Investment Divisions in excess of 12 transfers in any calendar year. This charge is recorded as Transfers for contract benefits and terminations on the Statement of Changes in Net Assets of the applicable Investment Divisions.
Deductions for Premium Taxes
The Company may deduct from each contribution any applicable state premium tax or retaliatory tax, which currently ranges from 0% to 3.5%. This charge is netted with Purchase payments received on the Statement of Changes in Net Assets of the applicable Investment Divisions.
Deductions for Assumption of Mortality and Expense Risks
The Company assumes mortality and expense risks related to the operations of the Series Acount. It deducts a daily charge from the unit value of each Investment Division of the Schwab Select annuity contract, equal to an annual rate of 0.85%; a daily charge from the unit value of each Investment Division of the Schwab OneSource annuity contract, equal to an annual rate of 0.65% to 0.85%, depending on the death benefit option chosen; a daily charge from the unit value of each Investment Division of Schwab Advisor Choice annuity contract, equal to an annual rate of 0.49% to 0.69%, depending on the death benefit option chosen; and a daily charge from the unit value of each Investment Division of Schwab OneSource Choice annuity contract, equal to an annual rate of 0.65% to 0.85%, depending on the death benefit option chosen. The level of these charges is guaranteed and will not change. The charges are recorded as Mortality and expense risk in the Statement of Operations of the applicable Investment Divisions.
Optional GLWB Rider Benefit Fee
The Company deducts a quarterly charge equal to a maximum annual rate of 1.50% from the covered fund value in Schwab Advisor Choice and Schwab OneSource Choice annuity contracts for the guaranteed lifetime withdrawal benefit rider if this option is chosen. This charge is recorded as Transfers for contract benefits and terminations on the Statement of Changes in Net Assets of the applicable Investment Division, if applicable.
If the above charges prove insufficient to cover actual costs and assumed risks, the loss will be borne by the Company; conversely, if the amounts deducted prove more than sufficient, the excess will be a profit to the Company.
4. | FINANCIAL HIGHLIGHTS |
For each Investment Division, the accumulation units outstanding, net assets, investment income ratio, the range of lowest to highest expense ratio (excluding expenses of the underlying funds), total return and accumulation unit fair values for each year or period ended December 31 are included on the following pages. As the unit fair value for the Investment Divisions of the Series Account are presented as a range of minimum to maximum values, based on the product grouping representing the minimum and maximum expense ratio amounts, some unit values shown on the Statement of Assets and Liabilities which are calculated on an aggregated basis, may not be within the ranges presented.
The Expense Ratios represent the annualized contract expenses of the respective Investment Divisions of the Series Account, consisting of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund have been excluded. |
The Total Return amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and expenses assessed through the reduction of unit values. These returns do not include any expenses assessed through the redemption of units. Investment Divisions with a date notation indicate the effective date that the investment option was available in the Series Account. The total returns are calculated for each period indicated or from the effective date through the end of the reporting period and are not annualized for periods less than one year. As the total returns for the Investment Divisions are presented as a range of minimum to maximum values, based on the product grouping representing the minimum and maximum expense ratio amounts, some individual contract total returns are not within the ranges presented.
The Investment Income Ratio represents the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying mutual fund divided by average net assets during the period. It is not annualized for periods less than one year. The ratio excludes those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the Investment Division is affected by the timing of the declaration of dividends by the underlying fund in which the Investment Division invests.
Effective for the year ending December 31, 2013, the financial highlights for the Schwab OneSource Annuity contract and the Schwab Select Annuity contract have been combined to be consistent with the presentation of the financial statements. All five years of financial highlight information have been combined for presentation purposes.
VARIABLE ANNUITY-1 SERIES ACCOUNT OF | |||||||||||||||||||||||||||||||||||
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK | |||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | At December 31 | For the year or period ended December 31 | |||||||||||||||||||||||||||||||||
Units | Net Assets | Investment | Expense Ratio | ||||||||||||||||||||||||||||||||
INVESTMENT DIVISIONS | (000s) | Unit Fair Value | (000s) | Income Ratio | lowest to highest | Total Return | |||||||||||||||||||||||||||||
(a) | (b) | (a) | (b) | ||||||||||||||||||||||||||||||||
ALGER LARGE CAP GROWTH PORTFOLIO | |||||||||||||||||||||||||||||||||||
2,014 | 48 | $ | 29.25 | to | $ | 15.33 | $ | 1,252 | 0.17 | % | 0.65 | % | to | 0.85 | % | 10.05 | % | to | 10.29 | % | |||||||||||||||
2,013 | 46 | $ | 26.58 | to | $ | 13.90 | $ | 1,186 | 0.78 | % | 0.65 | % | to | 0.85 | % | 33.90 | % | to | 34.17 | % | |||||||||||||||
2,012 | 57 | $ | 19.85 | to | $ | 10.36 | $ | 1,121 | 1.15 | % | 0.65 | % | to | 0.85 | % | 8.95 | % | to | 9.17 | % | |||||||||||||||
2,011 | 60 | $ | 18.22 | to | $ | 9.49 | $ | 1,085 | 0.99 | % | 0.65 | % | to | 0.85 | % | (1.19 | ) | % | to | (0.94 | ) | % | |||||||||||||
2,010 | 63 | $ | 18.44 | to | $ | 9.58 | $ | 1,137 | 0.73 | % | 0.65 | % | to | 0.85 | % | 12.44 | % | to | 12.57 | % | |||||||||||||||
ALGER MID CAP GROWTH PORTFOLIO | |||||||||||||||||||||||||||||||||||
2,014 | 16 | $ | 22.66 | to | $ | 13.04 | $ | 306 | 0.00 | % | 0.65 | % | to | 0.85 | % | 7.09 | % | to | 7.33 | % | |||||||||||||||
2,013 | 15 | $ | 21.16 | to | $ | 12.15 | $ | 274 | 0.33 | % | 0.65 | % | to | 0.85 | % | 34.69 | % | to | 35.00 | % | |||||||||||||||
2,012 | 17 | $ | 15.71 | to | $ | 9.00 | $ | 216 | 0.00 | % | 0.65 | % | to | 0.85 | % | 15.26 | % | to | 15.38 | % | |||||||||||||||
2,011 | 22 | $ | 13.13 | to | $ | 13.13 | $ | 284 | 0.34 | % | 0.85 | % | to | 0.85 | % | (9.07 | ) | % | to | (9.07 | ) | % | |||||||||||||
2,010 | 29 | $ | 14.99 | to | $ | 8.56 | $ | 381 | 0.00 | % | 0.65 | % | to | 0.85 | % | 18.36 | % | to | 18.72 | % | |||||||||||||||
ALLIANCEBERNSTEIN VPS GROWTH AND INCOME PORTFOLIO | |||||||||||||||||||||||||||||||||||
2,014 | 3 | $ | 16.40 | to | $ | 16.40 | $ | 54 | 1.37 | % | 0.85 | % | to | 0.85 | % | 8.61 | % | to | 8.61 | % | |||||||||||||||
2,013 | 3 | $ | 15.10 | to | $ | 15.10 | $ | 50 | 1.32 | % | 0.85 | % | to | 0.85 | % | 33.87 | % | to | 33.87 | % | |||||||||||||||
2,012 | 3 | $ | 11.28 | to | $ | 11.28 | $ | 37 | 1.59 | % | 0.85 | % | to | 0.85 | % | 16.53 | % | to | 16.53 | % | |||||||||||||||
2,011 | 3 | $ | 9.68 | to | $ | 9.68 | $ | 32 | 1.32 | % | 0.85 | % | to | 0.85 | % | 5.33 | % | to | 5.33 | % | |||||||||||||||
2,010 | 3 | $ | 9.19 | to | $ | 9.19 | $ | 30 | 0.00 | % | 0.85 | % | to | 0.85 | % | 12.19 | % | to | 12.19 | % | |||||||||||||||
ALLIANCEBERNSTEIN VPS GROWTH PORTFOLIO | |||||||||||||||||||||||||||||||||||
2,014 | 5 | $ | 16.16 | to | $ | 15.96 | $ | 75 | 0.00 | % | 0.85 | % | to | 0.85 | % | 12.38 | % | to | 11.06 | % | |||||||||||||||
2,013 | 5 | $ | 14.37 | to | $ | 14.37 | $ | 67 | 0.28 | % | 0.85 | % | to | 0.85 | % | 32.93 | % | to | 32.93 | % | |||||||||||||||
2,012 | 4 | $ | 10.81 | to | $ | 10.81 | $ | 50 | 0.06 | % | 0.85 | % | to | 0.85 | % | 12.72 | % | to | 12.72 | % | |||||||||||||||
2,011 | 4 | $ | 9.59 | to | $ | 9.59 | $ | 41 | 0.00 | % | 0.85 | % | to | 0.85 | % | 0.42 | % | to | 0.42 | % | |||||||||||||||
2,010 | 5 | $ | 9.55 | to | $ | 9.55 | $ | 43 | 0.23 | % | 0.85 | % | to | 0.85 | % | 14.08 | % | to | 14.08 | % | |||||||||||||||
ALLIANCEBERNSTEIN VPS INTERNATIONAL GROWTH PORTFOLIO | |||||||||||||||||||||||||||||||||||
2,014 | 22 | $ | 14.91 | to | $ | 8.67 | $ | 330 | 0.00 | % | 0.65 | % | to | 0.85 | % | (1.97 | ) | % | to | (1.81 | ) | % | |||||||||||||
2,013 | 29 | $ | 15.21 | to | $ | 8.83 | $ | 433 | 0.80 | % | 0.65 | % | to | 0.85 | % | 12.58 | % | to | 12.77 | % | |||||||||||||||
2,012 | 60 | $ | 13.51 | to | $ | 7.83 | $ | 727 | 1.70 | % | 0.65 | % | to | 0.85 | % | 14.59 | % | to | 14.81 | % | |||||||||||||||
2,011 | 59 | $ | 11.79 | to | $ | 6.82 | $ | 628 | 3.03 | % | 0.65 | % | to | 0.85 | % | (16.56 | ) | % | to | (16.32 | ) | % | |||||||||||||
2,010 | 74 | $ | 14.13 | to | $ | 8.15 | $ | 930 | 2.07 | % | 0.65 | % | to | 0.85 | % | 11.94 | % | to | 12.10 | % | |||||||||||||||
(Continued)
VARIABLE ANNUITY-1 SERIES ACCOUNT OF | |||||||||||||||||||||||||||||||||||
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK | |||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | At December 31 | For the year or period ended December 31 | |||||||||||||||||||||||||||||||||
Units | Net Assets | Investment | Expense Ratio | ||||||||||||||||||||||||||||||||
INVESTMENT DIVISIONS | (000s) | Unit Fair Value | (000s) | Income Ratio | lowest to highest | Total Return | |||||||||||||||||||||||||||||
(a) | (b) | (a) | (b) | ||||||||||||||||||||||||||||||||
ALLIANCEBERNSTEIN VPS INTERNATIONAL VALUE PORTFOLIO | |||||||||||||||||||||||||||||||||||
2,014 | 19 | $ | 7.85 | to | $ | 6.92 | $ | 137 | 3.61 | % | 0.65 | % | to | 0.85 | % | (6.99 | ) | % | to | (6.86 | ) | % | |||||||||||||
2,013 | 20 | $ | 8.44 | to | $ | 7.43 | $ | 162 | 5.46 | % | 0.65 | % | to | 0.85 | % | 21.97 | % | to | 22.20 | % | |||||||||||||||
2,012 | 34 | $ | 6.92 | to | $ | 6.08 | $ | 221 | 1.55 | % | 0.65 | % | to | 0.85 | % | 13.63 | % | to | 13.86 | % | |||||||||||||||
2,011 | 37 | $ | 6.09 | to | $ | 5.34 | $ | 229 | 4.00 | % | 0.65 | % | to | 0.85 | % | (19.97 | ) | % | to | (19.82 | ) | % | |||||||||||||
2,010 | 41 | $ | 7.61 | to | $ | 6.66 | $ | 309 | 2.50 | % | 0.65 | % | to | 0.85 | % | 3.71 | % | to | 3.90 | % | |||||||||||||||
ALLIANCEBERNSTEIN VPS REAL ESTATE INVESTMENT PORTFOLIO | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2008) | |||||||||||||||||||||||||||||||||||
2,014 | 24 | $ | 15.67 | to | $ | 15.88 | $ | 375 | 2.66 | % | 0.65 | % | to | 0.85 | % | 24.27 | % | to | 24.55 | % | |||||||||||||||
2,013 | 28 | $ | 12.61 | to | $ | 12.75 | $ | 361 | 1.53 | % | 0.65 | % | to | 0.85 | % | 3.36 | % | to | 3.49 | % | |||||||||||||||
2,012 | 19 | $ | 12.20 | to | $ | 12.32 | $ | 234 | 1.12 | % | 0.65 | % | to | 0.85 | % | 20.20 | % | to | 20.43 | % | |||||||||||||||
2,011 | 16 | $ | 10.15 | to | $ | 10.23 | $ | 162 | 1.35 | % | 0.65 | % | to | 0.85 | % | 8.09 | % | to | 8.37 | % | |||||||||||||||
2,010 | 13 | $ | 9.39 | to | $ | 9.44 | $ | 120 | 1.05 | % | 0.65 | % | to | 0.85 | % | 25.20 | % | to | 25.53 | % | |||||||||||||||
ALLIANCEBERNSTEIN VPS SMALL/MID CAP VALUE PORTFOLIO | |||||||||||||||||||||||||||||||||||
2,014 | 14 | $ | 19.05 | to | $ | 17.83 | $ | 270 | 0.67 | % | 0.65 | % | to | 0.85 | % | 8.24 | % | to | 8.45 | % | |||||||||||||||
2,013 | 19 | $ | 17.60 | to | $ | 16.44 | $ | 332 | 0.52 | % | 0.65 | % | to | 0.85 | % | 36.86 | % | to | 37.23 | % | |||||||||||||||
2,012 | 17 | $ | 12.86 | to | $ | 11.98 | $ | 205 | 0.53 | % | 0.65 | % | to | 0.85 | % | 17.77 | % | to | 17.91 | % | |||||||||||||||
2,011 | 22 | $ | 10.92 | to | $ | 10.16 | $ | 231 | 0.50 | % | 0.65 | % | to | 0.85 | % | (9.15 | ) | % | to | (8.96 | ) | % | |||||||||||||
2,010 | 24 | $ | 12.02 | to | $ | 11.16 | $ | 281 | 0.51 | % | 0.65 | % | to | 0.85 | % | 25.81 | % | to | 26.10 | % | |||||||||||||||
AMERICAN CENTURY INVESTMENTS VP BALANCED FUND | |||||||||||||||||||||||||||||||||||
2,014 | 40 | $ | 19.95 | to | $ | 15.12 | $ | 736 | 1.55 | % | 0.65 | % | to | 0.85 | % | 8.90 | % | to | 9.17 | % | |||||||||||||||
2,013 | 35 | $ | 18.32 | to | $ | 13.85 | $ | 588 | 1.60 | % | 0.65 | % | to | 0.85 | % | 16.47 | % | to | 16.68 | % | |||||||||||||||
2,012 | 35 | $ | 15.73 | to | $ | 11.87 | $ | 535 | 2.16 | % | 0.65 | % | to | 0.85 | % | 10.85 | % | to | 11.04 | % | |||||||||||||||
2,011 | 33 | $ | 14.19 | to | $ | 10.69 | $ | 447 | 1.94 | % | 0.65 | % | to | 0.85 | % | 4.42 | % | to | 4.70 | % | |||||||||||||||
2,010 | 36 | $ | 13.59 | to | $ | 10.21 | $ | 469 | 1.92 | % | 0.65 | % | to | 0.85 | % | 10.69 | % | to | 10.86 | % | |||||||||||||||
(Continued)
VARIABLE ANNUITY-1 SERIES ACCOUNT OF | |||||||||||||||||||||||||||||||||||
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK | |||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | At December 31 | For the year or period ended December 31 | |||||||||||||||||||||||||||||||||
Units | Net Assets | Investment | Expense Ratio | ||||||||||||||||||||||||||||||||
INVESTMENT DIVISIONS | (000s) | Unit Fair Value | (000s) | Income Ratio | lowest to highest | Total Return | |||||||||||||||||||||||||||||
(a) | (b) | (a) | (b) | ||||||||||||||||||||||||||||||||
AMERICAN CENTURY INVESTMENTS VP INCOME & GROWTH FUND | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2008) | |||||||||||||||||||||||||||||||||||
2,014 | 5 | $ | 15.91 | to | $ | 10.69 | $ | 71 | 1.84 | % | 0.65 | % | to | 0.65 | % | 11.81 | % | to | 6.90 | % | |||||||||||||||
2,013 | 4 | $ | 14.24 | to | $ | 14.24 | $ | 60 | 2.23 | % | 0.65 | % | to | 0.65 | % | 34.88 | % | to | 34.88 | % | |||||||||||||||
2,012 | 4 | $ | 10.55 | to | $ | 10.55 | $ | 44 | 2.08 | % | 0.65 | % | to | 0.65 | % | 14.05 | % | to | 14.05 | % | |||||||||||||||
2,011 | 4 | $ | 9.25 | to | $ | 9.25 | $ | 41 | 1.58 | % | 0.65 | % | to | 0.65 | % | 2.44 | % | to | 2.44 | % | |||||||||||||||
2,010 | 4 | $ | 8.98 | to | $ | 9.03 | $ | 40 | 1.25 | % | 0.65 | % | to | 0.85 | % | 13.10 | % | to | 13.44 | % | |||||||||||||||
AMERICAN CENTURY INVESTMENTS VP INTERNATIONAL FUND | |||||||||||||||||||||||||||||||||||
2,014 | 9 | $ | 20.28 | to | $ | 9.41 | $ | 159 | 1.63 | % | 0.65 | % | to | 0.85 | % | (6.33 | ) | % | to | (5.90 | ) | % | |||||||||||||
2,013 | 13 | $ | 21.65 | to | $ | 21.65 | $ | 288 | 1.66 | % | 0.85 | % | to | 0.85 | % | 21.42 | % | to | 21.42 | % | |||||||||||||||
2,012 | 14 | $ | 17.83 | to | $ | 17.83 | $ | 242 | 0.90 | % | 0.85 | % | to | 0.85 | % | 20.07 | % | to | 20.07 | % | |||||||||||||||
2,011 | 16 | $ | 14.85 | to | $ | 14.85 | $ | 238 | 1.38 | % | 0.85 | % | to | 0.85 | % | (12.75 | ) | % | to | (12.75 | ) | % | |||||||||||||
2,010 | 18 | $ | 17.02 | to | $ | 17.02 | $ | 311 | 2.28 | % | 0.85 | % | to | 0.85 | % | 12.33 | % | to | 12.33 | % | |||||||||||||||
AMERICAN CENTURY INVESTMENTS VP MID CAP VALUE FUND | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2009) | |||||||||||||||||||||||||||||||||||
2,014 | 11 | $ | 25.98 | to | $ | 10.92 | $ | 252 | 0.93 | % | 0.65 | % | to | 0.85 | % | 15.26 | % | to | 9.20 | % | |||||||||||||||
2,013 | 16 | $ | 22.54 | to | $ | 22.75 | $ | 363 | 1.10 | % | 0.65 | % | to | 0.85 | % | 28.80 | % | to | 29.04 | % | |||||||||||||||
2,012 | 13 | $ | 17.50 | to | $ | 17.63 | $ | 218 | 1.89 | % | 0.65 | % | to | 0.85 | % | 15.21 | % | to | 15.46 | % | |||||||||||||||
2,011 | 8 | $ | 15.19 | to | $ | 15.27 | $ | 116 | 1.31 | % | 0.65 | % | to | 0.85 | % | (1.68 | ) | % | to | (1.48 | ) | % | |||||||||||||
2,010 | 6 | $ | 15.45 | to | $ | 15.50 | $ | 79 | 2.12 | % | 0.65 | % | to | 0.85 | % | 18.22 | % | to | 18.23 | % | |||||||||||||||
AMERICAN CENTURY INVESTMENTS VP VALUE FUND | |||||||||||||||||||||||||||||||||||
2,014 | 82 | $ | 23.88 | to | $ | 16.57 | $ | 1,768 | 1.56 | % | 0.65 | % | to | 0.85 | % | 12.11 | % | to | 12.34 | % | |||||||||||||||
2,013 | 74 | $ | 21.30 | to | $ | 14.75 | $ | 1,425 | 1.65 | % | 0.65 | % | to | 0.85 | % | 30.59 | % | to | 30.88 | % | |||||||||||||||
2,012 | 91 | $ | 16.31 | to | $ | 11.27 | $ | 1,318 | 1.94 | % | 0.65 | % | to | 0.85 | % | 13.58 | % | to | 13.84 | % | |||||||||||||||
2,011 | 87 | $ | 14.36 | to | $ | 9.90 | $ | 1,110 | 2.05 | % | 0.65 | % | to | 0.85 | % | 0.21 | % | to | 0.41 | % | |||||||||||||||
2,010 | 81 | $ | 14.33 | to | $ | 9.86 | $ | 1,063 | 2.22 | % | 0.65 | % | to | 0.85 | % | 12.44 | % | to | 12.69 | % | |||||||||||||||
(Continued)
VARIABLE ANNUITY-1 SERIES ACCOUNT OF | |||||||||||||||||||||||||||||||||||
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK | |||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | At December 31 | For the year or period ended December 31 | |||||||||||||||||||||||||||||||||
Units | Net Assets | Investment | Expense Ratio | ||||||||||||||||||||||||||||||||
INVESTMENT DIVISIONS | (000s) | Unit Fair Value | (000s) | Income Ratio | lowest to highest | Total Return | |||||||||||||||||||||||||||||
(a) | (b) | (a) | (b) | ||||||||||||||||||||||||||||||||
BLACKROCK GLOBAL ALLOCATION VI FUND | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2014) | |||||||||||||||||||||||||||||||||||
2,014 | 10 | $ | 10.04 | to | $ | 10.06 | $ | 100 | 2.18 | % | 0.65 | % | to | 0.85 | % | 0.40 | % | to | 0.60 | % | |||||||||||||||
COLUMBIA VARIABLE PORTFOLIO - MARSICO 21ST CENTURY FUND | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2009) | |||||||||||||||||||||||||||||||||||
2,014 | 7 | $ | 22.53 | to | $ | 22.79 | $ | 106 | 0.00 | % | 0.65 | % | to | 0.85 | % | 7.90 | % | to | 8.11 | % | |||||||||||||||
2,013 | 3 | $ | 20.88 | to | $ | 21.08 | $ | 64 | 0.21 | % | 0.65 | % | to | 0.85 | % | 40.80 | % | to | 41.10 | % | |||||||||||||||
2,012 | 1 | $ | 14.83 | to | $ | 14.83 | $ | 21 | 0.00 | % | 0.85 | % | to | 0.85 | % | 10.18 | % | to | 10.18 | % | |||||||||||||||
2,011 | 1 | $ | 13.46 | to | $ | 13.46 | $ | 8 | 0.00 | % | 0.85 | % | to | 0.85 | % | (12.88 | ) | % | to | (12.88 | ) | % | |||||||||||||
2,010 | 1 | $ | 15.45 | to | $ | 15.45 | $ | 18 | 0.00 | % | 0.85 | % | to | 0.85 | % | 15.76 | % | to | 15.76 | % | |||||||||||||||
COLUMBIA VARIABLE PORTFOLIO - SELIGMAN GLOBAL TECHNOLOGY FUND | |||||||||||||||||||||||||||||||||||
(Effective date 03/11/2011) | |||||||||||||||||||||||||||||||||||
2,014 | 23 | $ | 15.16 | to | $ | 15.28 | $ | 347 | 0.00 | % | 0.65 | % | to | 0.85 | % | 24.06 | % | to | 24.33 | % | |||||||||||||||
2,013 | 14 | $ | 12.22 | to | $ | 12.29 | $ | 168 | 0.00 | % | 0.65 | % | to | 0.85 | % | 24.44 | % | to | 24.65 | % | |||||||||||||||
2,012 | 3 | $ | 9.82 | to | $ | 9.82 | $ | 25 | 0.00 | % | 0.85 | % | to | 0.85 | % | 6.05 | % | to | 6.05 | % | |||||||||||||||
2,011 | 3 | $ | 9.26 | to | $ | 9.27 | $ | 26 | 0.00 | % | 0.65 | % | to | 0.85 | % | (7.40 | ) | % | to | (7.30 | ) | % | |||||||||||||
COLUMBIA VARIABLE PORTFOLIO - SMALL CAP VALUE FUND | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2009) | |||||||||||||||||||||||||||||||||||
2,014 | 1 | $ | 22.08 | to | $ | 22.33 | $ | 11 | 0.44 | % | 0.65 | % | to | 0.85 | % | 2.17 | % | to | 2.38 | % | |||||||||||||||
2,013 | 1 | $ | 21.61 | to | $ | 21.81 | $ | 11 | 0.63 | % | 0.65 | % | to | 0.85 | % | 32.90 | % | to | 33.15 | % | |||||||||||||||
2,012 | 5 | $ | 16.26 | to | $ | 16.38 | $ | 84 | 0.29 | % | 0.65 | % | to | 0.85 | % | 10.31 | % | to | 10.53 | % | |||||||||||||||
2,011 | 5 | $ | 14.74 | to | $ | 14.82 | $ | 78 | 0.56 | % | 0.65 | % | to | 0.85 | % | (6.94 | ) | % | to | (6.73 | ) | % | |||||||||||||
2,010 | 11 | $ | 15.84 | to | $ | 15.89 | $ | 175 | 1.17 | % | 0.65 | % | to | 0.85 | % | 25.43 | % | to | 25.61 | % | |||||||||||||||
DELAWARE VIP EMERGING MARKETS SERIES | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2014) | |||||||||||||||||||||||||||||||||||
2,014 | 0 | * | $ | 9.34 | to | $ | 9.34 | $ | 3 | 0.00 | % | 0.65 | % | to | 0.65 | % | (6.60 | ) | % | to | (6.60 | ) | % | ||||||||||||
(Continued)
VARIABLE ANNUITY-1 SERIES ACCOUNT OF | |||||||||||||||||||||||||||||||||||
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK | |||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | At December 31 | For the year or period ended December 31 | |||||||||||||||||||||||||||||||||
Units | Net Assets | Investment | Expense Ratio | ||||||||||||||||||||||||||||||||
INVESTMENT DIVISIONS | (000s) | Unit Fair Value | (000s) | Income Ratio | lowest to highest | Total Return | |||||||||||||||||||||||||||||
(a) | (b) | (a) | (b) | ||||||||||||||||||||||||||||||||
DELAWARE VIP SMALL CAP VALUE SERIES | |||||||||||||||||||||||||||||||||||
2,014 | 18 | $ | 30.34 | to | $ | 10.26 | $ | 464 | 0.61 | % | 0.65 | % | to | 0.85 | % | 4.95 | % | to | 2.60 | % | |||||||||||||||
2,013 | 23 | $ | 28.91 | to | $ | 17.35 | $ | 564 | 0.63 | % | 0.65 | % | to | 0.85 | % | 32.37 | % | to | 32.65 | % | |||||||||||||||
2,012 | 17 | $ | 21.84 | to | $ | 13.08 | $ | 323 | 0.58 | % | 0.65 | % | to | 0.85 | % | 12.98 | % | to | 13.25 | % | |||||||||||||||
2,011 | 16 | $ | 19.33 | to | $ | 11.55 | $ | 287 | 0.53 | % | 0.65 | % | to | 0.85 | % | (2.18 | ) | % | to | (2.04 | ) | % | |||||||||||||
2,010 | 15 | $ | 19.76 | to | $ | 11.79 | $ | 271 | 0.75 | % | 0.65 | % | to | 0.85 | % | 31.17 | % | to | 31.44 | % | |||||||||||||||
DELAWARE VIP SMID CAP GROWTH SERIES | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2006) | |||||||||||||||||||||||||||||||||||
2,014 | 9 | $ | 20.94 | to | $ | 21.22 | $ | 189 | 0.08 | % | 0.65 | % | to | 0.85 | % | 2.30 | % | to | 2.51 | % | |||||||||||||||
2,013 | 19 | $ | 20.47 | to | $ | 20.70 | $ | 402 | 0.02 | % | 0.65 | % | to | 0.85 | % | 40.11 | % | to | 40.43 | % | |||||||||||||||
2,012 | 37 | $ | 14.85 | to | $ | 14.74 | $ | 538 | 0.26 | % | 0.65 | % | to | 0.85 | % | 10.08 | % | to | 10.25 | % | |||||||||||||||
2,011 | 25 | $ | 13.49 | to | $ | 13.37 | $ | 340 | 1.07 | % | 0.65 | % | to | 0.85 | % | 7.23 | % | to | 7.48 | % | |||||||||||||||
2,010 | 19 | $ | 12.58 | to | $ | 12.44 | $ | 240 | 0.00 | % | 0.65 | % | to | 0.85 | % | 35.17 | % | to | 35.36 | % | |||||||||||||||
DEUTSCHE CAPITAL GROWTH VIP | |||||||||||||||||||||||||||||||||||
2,014 | 45 | $ | 17.49 | to | $ | 16.17 | $ | 760 | 0.67 | % | 0.65 | % | to | 0.85 | % | 12.04 | % | to | 12.29 | % | |||||||||||||||
2,013 | 47 | $ | 15.61 | to | $ | 14.40 | $ | 723 | 1.31 | % | 0.65 | % | to | 0.85 | % | 33.53 | % | to | 33.70 | % | |||||||||||||||
2,012 | 52 | $ | 11.69 | to | $ | 10.77 | $ | 601 | 0.82 | % | 0.65 | % | to | 0.85 | % | 15.06 | % | to | 15.31 | % | |||||||||||||||
2,011 | 71 | $ | 10.16 | to | $ | 9.34 | $ | 697 | 0.65 | % | 0.65 | % | to | 0.85 | % | (5.31 | ) | % | to | (5.08 | ) | % | |||||||||||||
2,010 | 54 | $ | 10.73 | to | $ | 9.84 | $ | 558 | 0.70 | % | 0.65 | % | to | 0.85 | % | 15.74 | % | to | 15.90 | % | |||||||||||||||
DEUTSCHE CORE EQUITY VIP | |||||||||||||||||||||||||||||||||||
2,014 | 8 | $ | 15.78 | to | $ | 16.68 | $ | 152 | 0.99 | % | 0.65 | % | to | 0.85 | % | 10.89 | % | to | 11.05 | % | |||||||||||||||
2,013 | 17 | $ | 14.23 | to | $ | 15.02 | $ | 267 | 1.53 | % | 0.65 | % | to | 0.85 | % | 36.17 | % | to | 36.42 | % | |||||||||||||||
2,012 | 22 | $ | 10.45 | to | $ | 11.01 | $ | 250 | 1.21 | % | 0.65 | % | to | 0.85 | % | 14.84 | % | to | 15.05 | % | |||||||||||||||
2,011 | 13 | $ | 9.10 | to | $ | 9.57 | $ | 138 | 1.23 | % | 0.65 | % | to | 0.85 | % | (0.98 | ) | % | to | (1.14 | ) | % | |||||||||||||
2,010 | 13 | $ | 9.19 | to | $ | 9.68 | $ | 142 | 1.60 | % | 0.65 | % | to | 0.85 | % | 13.43 | % | to | 13.08 | % | |||||||||||||||
DEUTSCHE LARGE CAP VALUE VIP | |||||||||||||||||||||||||||||||||||
2,014 | 27 | $ | 17.79 | to | $ | 13.60 | $ | 454 | 1.34 | % | 0.65 | % | to | 0.85 | % | 9.81 | % | to | 10.03 | % | |||||||||||||||
2,013 | 20 | $ | 16.20 | to | $ | 12.36 | $ | 324 | 2.14 | % | 0.65 | % | to | 0.85 | % | 29.81 | % | to | 29.97 | % | |||||||||||||||
2,012 | 23 | $ | 12.48 | to | $ | 9.51 | $ | 284 | 1.97 | % | 0.65 | % | to | 0.85 | % | 8.81 | % | to | 9.18 | % | |||||||||||||||
2,011 | 26 | $ | 11.47 | to | $ | 8.71 | $ | 301 | 2.10 | % | 0.65 | % | to | 0.85 | % | (0.86 | ) | % | to | (0.80 | ) | % | |||||||||||||
2,010 | 32 | $ | 11.57 | to | $ | 8.78 | $ | 362 | 2.27 | % | 0.65 | % | to | 0.85 | % | 9.79 | % | to | 10.03 | % | |||||||||||||||
(Continued)
VARIABLE ANNUITY-1 SERIES ACCOUNT OF | |||||||||||||||||||||||||||||||||||
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK | |||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | At December 31 | For the year or period ended December 31 | |||||||||||||||||||||||||||||||||
Units | Net Assets | Investment | Expense Ratio | ||||||||||||||||||||||||||||||||
INVESTMENT DIVISIONS | (000s) | Unit Fair Value | (000s) | Income Ratio | lowest to highest | Total Return | |||||||||||||||||||||||||||||
(a) | (b) | (a) | (b) | ||||||||||||||||||||||||||||||||
DEUTSCHE SMALL CAP INDEX VIP | |||||||||||||||||||||||||||||||||||
2,014 | 44 | $ | 28.15 | to | $ | 17.08 | $ | 941 | 0.73 | % | 0.65 | % | to | 0.85 | % | 3.84 | % | to | 4.08 | % | |||||||||||||||
2,013 | 22 | $ | 27.11 | to | $ | 16.41 | $ | 512 | 1.61 | % | 0.65 | % | to | 0.85 | % | 37.47 | % | to | 37.67 | % | |||||||||||||||
2,012 | 26 | $ | 19.72 | to | $ | 11.92 | $ | 446 | 0.84 | % | 0.65 | % | to | 0.85 | % | 15.25 | % | to | 15.50 | % | |||||||||||||||
2,011 | 22 | $ | 17.11 | to | $ | 10.32 | $ | 320 | 0.87 | % | 0.65 | % | to | 0.85 | % | (5.21 | ) | % | to | (4.97 | ) | % | |||||||||||||
2,010 | 23 | $ | 18.05 | to | $ | 10.86 | $ | 358 | 0.88 | % | 0.65 | % | to | 0.85 | % | 25.32 | % | to | 25.55 | % | |||||||||||||||
DEUTSCHE SMALL MID CAP VALUE VIP | |||||||||||||||||||||||||||||||||||
2,014 | 16 | $ | 16.53 | to | $ | 16.23 | $ | 268 | 0.80 | % | 0.65 | % | to | 0.85 | % | 4.62 | % | to | 4.84 | % | |||||||||||||||
2,013 | 18 | $ | 15.80 | to | $ | 15.48 | $ | 288 | 1.29 | % | 0.65 | % | to | 0.85 | % | 34.13 | % | to | 34.38 | % | |||||||||||||||
2,012 | 27 | $ | 11.78 | to | $ | 11.52 | $ | 303 | 1.10 | % | 0.65 | % | to | 0.85 | % | 12.73 | % | to | 13.05 | % | |||||||||||||||
2,011 | 29 | $ | 10.45 | to | $ | 10.19 | $ | 299 | 1.07 | % | 0.65 | % | to | 0.85 | % | (6.86 | ) | % | to | (6.68 | ) | % | |||||||||||||
2,010 | 27 | $ | 11.22 | to | $ | 10.92 | $ | 290 | 1.33 | % | 0.65 | % | to | 0.85 | % | 22.07 | % | to | 22.28 | % | |||||||||||||||
DREYFUS IP MIDCAP STOCK PORTFOLIO | |||||||||||||||||||||||||||||||||||
2,014 | 3 | $ | 26.52 | to | $ | 26.52 | $ | 67 | 0.98 | % | 0.85 | % | to | 0.85 | % | 11.10 | % | to | 11.10 | % | |||||||||||||||
2,013 | 3 | $ | 23.87 | to | $ | 23.87 | $ | 63 | 1.34 | % | 0.85 | % | to | 0.85 | % | 33.82 | % | to | 33.82 | % | |||||||||||||||
2,012 | 3 | $ | 17.83 | to | $ | 17.83 | $ | 47 | 0.45 | % | 0.85 | % | to | 0.85 | % | 18.71 | % | to | 18.71 | % | |||||||||||||||
2,011 | 4 | $ | 15.02 | to | $ | 15.02 | $ | 53 | 0.50 | % | 0.85 | % | to | 0.85 | % | (0.46 | ) | % | to | (0.46 | ) | % | |||||||||||||
2,010 | 4 | $ | 15.09 | to | $ | 15.09 | $ | 53 | 0.96 | % | 0.85 | % | to | 0.85 | % | 26.00 | % | to | 26.00 | % | |||||||||||||||
DREYFUS VIF APPRECIATION PORTFOLIO | |||||||||||||||||||||||||||||||||||
2,014 | 32 | $ | 17.60 | to | $ | 15.56 | $ | 560 | 1.84 | % | 0.65 | % | to | 0.85 | % | 7.19 | % | to | 7.38 | % | |||||||||||||||
2,013 | 68 | $ | 16.42 | to | $ | 14.49 | $ | 1,068 | 1.85 | % | 0.65 | % | to | 0.85 | % | 20.03 | % | to | 20.35 | % | |||||||||||||||
2,012 | 101 | $ | 13.68 | to | $ | 12.04 | $ | 1,325 | 3.75 | % | 0.65 | % | to | 0.85 | % | 9.53 | % | to | 9.75 | % | |||||||||||||||
2,011 | 99 | $ | 12.49 | to | $ | 10.97 | $ | 1,181 | 1.61 | % | 0.65 | % | to | 0.85 | % | 8.14 | % | to | 8.29 | % | |||||||||||||||
2,010 | 91 | $ | 11.55 | to | $ | 10.13 | $ | 1,009 | 2.10 | % | 0.65 | % | to | 0.85 | % | 14.30 | % | to | 14.59 | % | |||||||||||||||
DREYFUS VIF GROWTH AND INCOME PORTFOLIO | |||||||||||||||||||||||||||||||||||
2,014 | 4 | $ | 17.52 | to | $ | 17.52 | $ | 68 | 0.79 | % | 0.85 | % | to | 0.85 | % | 9.16 | % | to | 9.16 | % | |||||||||||||||
2,013 | 4 | $ | 16.05 | to | $ | 16.05 | $ | 63 | 0.89 | % | 0.85 | % | to | 0.85 | % | 35.67 | % | to | 35.67 | % | |||||||||||||||
2,012 | 4 | $ | 11.83 | to | $ | 11.83 | $ | 51 | 1.39 | % | 0.85 | % | to | 0.85 | % | 17.01 | % | to | 17.01 | % | |||||||||||||||
2,011 | 5 | $ | 10.11 | to | $ | 10.11 | $ | 52 | 1.27 | % | 0.85 | % | to | 0.85 | % | (3.62 | ) | % | to | (3.62 | ) | % | |||||||||||||
2,010 | 5 | $ | 10.49 | to | $ | 10.49 | $ | 54 | 1.20 | % | 0.85 | % | to | 0.85 | % | 17.62 | % | to | 17.62 | % | |||||||||||||||
(Continued)
VARIABLE ANNUITY-1 SERIES ACCOUNT OF | |||||||||||||||||||||||||||||||||||
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK | |||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | At December 31 | For the year or period ended December 31 | |||||||||||||||||||||||||||||||||
Units | Net Assets | Investment | Expense Ratio | ||||||||||||||||||||||||||||||||
INVESTMENT DIVISIONS | (000s) | Unit Fair Value | (000s) | Income Ratio | lowest to highest | Total Return | |||||||||||||||||||||||||||||
(a) | (b) | (a) | (b) | ||||||||||||||||||||||||||||||||
FEDERATED FUND FOR US GOVERNMENT SECURITIES II | |||||||||||||||||||||||||||||||||||
2,014 | 174 | $ | 19.69 | to | $ | 12.11 | $ | 3,212 | 1.96 | % | 0.65 | % | to | 0.85 | % | 3.74 | % | to | 3.95 | % | |||||||||||||||
2,013 | 84 | $ | 18.98 | to | $ | 11.65 | $ | 1,511 | 2.93 | % | 0.65 | % | to | 0.85 | % | (2.87 | ) | % | to | (2.67 | ) | % | |||||||||||||
2,012 | 80 | $ | 19.54 | to | $ | 11.97 | $ | 1,327 | 3.79 | % | 0.65 | % | to | 0.85 | % | 2.09 | % | to | 2.31 | % | |||||||||||||||
2,011 | 97 | $ | 19.14 | to | $ | 11.70 | $ | 1,560 | 3.76 | % | 0.65 | % | to | 0.85 | % | 4.88 | % | to | 5.03 | % | |||||||||||||||
2,010 | 96 | $ | 18.25 | to | $ | 11.14 | $ | 1,556 | 4.60 | % | 0.65 | % | to | 0.85 | % | 4.30 | % | to | 4.50 | % | |||||||||||||||
FEDERATED MANAGED TAIL RISK FUND II | |||||||||||||||||||||||||||||||||||
2,014 | 6 | $ | 15.90 | to | $ | 15.90 | $ | 100 | 1.79 | % | 0.85 | % | to | 0.85 | % | (1.79 | ) | % | to | (1.79 | ) | % | |||||||||||||
2,013 | 14 | $ | 16.19 | to | $ | 16.19 | $ | 233 | 0.97 | % | 0.85 | % | to | 0.85 | % | 15.48 | % | to | 15.48 | % | |||||||||||||||
2,012 | 14 | $ | 14.02 | to | $ | 14.02 | $ | 202 | 0.54 | % | 0.85 | % | to | 0.85 | % | 9.19 | % | to | 9.19 | % | |||||||||||||||
2,011 | 15 | $ | 12.84 | to | $ | 12.84 | $ | 188 | 0.73 | % | 0.85 | % | to | 0.85 | % | (6.07 | ) | % | to | (6.07 | ) | % | |||||||||||||
2,010 | 15 | $ | 13.67 | to | $ | 13.67 | $ | 211 | 2.01 | % | 0.85 | % | to | 0.85 | % | 12.06 | % | to | 12.06 | % | |||||||||||||||
FEDERATED MANAGED VOLATILITY FUND II | |||||||||||||||||||||||||||||||||||
2,014 | 1 | $ | 21.10 | to | $ | 21.10 | $ | 27 | 2.87 | % | 0.85 | % | to | 0.85 | % | 3.08 | % | to | 3.08 | % | |||||||||||||||
2,013 | 3 | $ | 20.47 | to | $ | 20.47 | $ | 69 | 3.04 | % | 0.85 | % | to | 0.85 | % | 20.70 | % | to | 20.70 | % | |||||||||||||||
2,012 | 4 | $ | 16.96 | to | $ | 16.96 | $ | 65 | 2.98 | % | 0.85 | % | to | 0.85 | % | 12.62 | % | to | 12.62 | % | |||||||||||||||
2,011 | 4 | $ | 15.06 | to | $ | 15.06 | $ | 62 | 3.83 | % | 0.85 | % | to | 0.85 | % | 3.86 | % | to | 3.86 | % | |||||||||||||||
2,010 | 4 | $ | 14.50 | to | $ | 14.50 | $ | 59 | 6.28 | % | 0.85 | % | to | 0.85 | % | 11.14 | % | to | 11.14 | % | |||||||||||||||
FRANKLIN SMALL CAP VALUE SECURITIES FUND | |||||||||||||||||||||||||||||||||||
2,014 | 21 | $ | 16.04 | to | $ | 16.25 | $ | 334 | 0.57 | % | 0.65 | % | to | 0.85 | % | (0.25 | ) | % | to | (0.06 | ) | % | |||||||||||||
2,013 | 17 | $ | 16.08 | to | $ | 16.26 | $ | 276 | 1.31 | % | 0.65 | % | to | 0.85 | % | 35.13 | % | to | 35.27 | % | |||||||||||||||
2,012 | 15 | $ | 11.90 | to | $ | 12.02 | $ | 184 | 0.78 | % | 0.65 | % | to | 0.85 | % | 17.36 | % | to | 17.61 | % | |||||||||||||||
2,011 | 22 | $ | 10.14 | to | $ | 10.22 | $ | 221 | 0.70 | % | 0.65 | % | to | 0.85 | % | (4.61 | ) | % | to | (4.31 | ) | % | |||||||||||||
2,010 | 23 | $ | 10.63 | to | $ | 10.68 | $ | 240 | 0.72 | % | 0.65 | % | to | 0.85 | % | 27.15 | % | to | 27.29 | % | |||||||||||||||
GREAT-WEST SECUREFOUNDATION BALANCED FUND | |||||||||||||||||||||||||||||||||||
(Effective date 05/29/2014) | |||||||||||||||||||||||||||||||||||
2,014 | 200 | $ | 10.23 | to | $ | 10.24 | $ | 2,049 | 1.61 | % | 0.65 | % | to | 0.85 | % | 2.30 | % | to | 2.40 | % | |||||||||||||||
(Continued)
VARIABLE ANNUITY-1 SERIES ACCOUNT OF | |||||||||||||||||||||||||||||||||||
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK | |||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | At December 31 | For the year or period ended December 31 | |||||||||||||||||||||||||||||||||
Units | Net Assets | Investment | Expense Ratio | ||||||||||||||||||||||||||||||||
INVESTMENT DIVISIONS | (000s) | Unit Fair Value | (000s) | Income Ratio | lowest to highest | Total Return | |||||||||||||||||||||||||||||
(a) | (b) | (a) | (b) | ||||||||||||||||||||||||||||||||
INVESCO V.I. COMSTOCK FUND | |||||||||||||||||||||||||||||||||||
2,014 | 32 | $ | 18.73 | to | $ | 16.58 | $ | 577 | 1.38 | % | 0.65 | % | to | 0.85 | % | 8.52 | % | to | 8.72 | % | |||||||||||||||
2,013 | 37 | $ | 17.26 | to | $ | 15.25 | $ | 618 | 1.76 | % | 0.65 | % | to | 0.85 | % | 34.74 | % | to | 35.08 | % | |||||||||||||||
2,012 | 24 | $ | 12.48 | to | $ | 12.48 | $ | 291 | 1.74 | % | 0.85 | % | to | 0.85 | % | 17.85 | % | to | 17.85 | % | |||||||||||||||
2,011 | 27 | $ | 10.59 | to | $ | 10.59 | $ | 286 | 1.59 | % | 0.85 | % | to | 0.85 | % | (2.67 | ) | % | to | (2.67 | ) | % | |||||||||||||
2,010 | 27 | $ | 11.13 | to | $ | 9.77 | $ | 295 | 0.13 | % | 0.65 | % | to | 0.85 | % | 15.01 | % | to | 15.21 | % | |||||||||||||||
INVESCO V.I. CORE EQUITY FUND | |||||||||||||||||||||||||||||||||||
2,014 | 5 | $ | 26.82 | to | $ | 26.82 | $ | 127 | 0.86 | % | 0.85 | % | to | 0.85 | % | 7.24 | % | to | 7.24 | % | |||||||||||||||
2,013 | 5 | $ | 25.01 | to | $ | 25.01 | $ | 119 | 1.37 | % | 0.85 | % | to | 0.85 | % | 28.13 | % | to | 28.13 | % | |||||||||||||||
2,012 | 7 | $ | 19.52 | to | $ | 19.52 | $ | 131 | 0.82 | % | 0.85 | % | to | 0.85 | % | 12.96 | % | to | 12.96 | % | |||||||||||||||
2,011 | 9 | $ | 17.28 | to | $ | 17.28 | $ | 162 | 0.94 | % | 0.85 | % | to | 0.85 | % | (0.92 | ) | % | to | (0.92 | ) | % | |||||||||||||
2,010 | 10 | $ | 17.44 | to | $ | 17.44 | $ | 177 | 0.93 | % | 0.85 | % | to | 0.85 | % | 8.62 | % | to | 8.62 | % | |||||||||||||||
INVESCO V.I. GROWTH & INCOME FUND | |||||||||||||||||||||||||||||||||||
2,014 | 44 | $ | 19.25 | to | $ | 15.65 | $ | 753 | 1.63 | % | 0.65 | % | to | 0.85 | % | 9.31 | % | to | 9.59 | % | |||||||||||||||
2,013 | 55 | $ | 17.61 | to | $ | 14.28 | $ | 865 | 1.37 | % | 0.65 | % | to | 0.85 | % | 33.01 | % | to | 33.21 | % | |||||||||||||||
2,012 | 61 | $ | 13.24 | to | $ | 10.72 | $ | 769 | 1.54 | % | 0.65 | % | to | 0.85 | % | 13.65 | % | to | 13.80 | % | |||||||||||||||
2,011 | 60 | $ | 11.65 | to | $ | 9.42 | $ | 677 | 1.20 | % | 0.65 | % | to | 0.85 | % | (2.84 | ) | % | to | (2.59 | ) | % | |||||||||||||
2,010 | 70 | $ | 11.99 | to | $ | 9.67 | $ | 802 | 0.07 | % | 0.65 | % | to | 0.85 | % | 11.53 | % | to | 11.79 | % | |||||||||||||||
INVESCO V.I. HIGH YIELD FUND | |||||||||||||||||||||||||||||||||||
2,014 | 10 | $ | 20.94 | to | $ | 9.74 | $ | 143 | 2.72 | % | 0.69 | % | to | 0.85 | % | 0.87 | % | to | (2.60 | ) | % | ||||||||||||||
2,013 | 4 | $ | 20.76 | to | $ | 20.76 | $ | 83 | 5.00 | % | 0.85 | % | to | 0.85 | % | 6.08 | % | to | 6.08 | % | |||||||||||||||
2,012 | 4 | $ | 19.57 | to | $ | 19.57 | $ | 84 | 4.82 | % | 0.85 | % | to | 0.85 | % | 16.21 | % | to | 16.21 | % | |||||||||||||||
2,011 | 5 | $ | 16.84 | to | $ | 16.84 | $ | 80 | 6.86 | % | 0.85 | % | to | 0.85 | % | 0.12 | % | to | 0.12 | % | |||||||||||||||
2,010 | 5 | $ | 16.82 | to | $ | 16.82 | $ | 80 | 9.89 | % | 0.85 | % | to | 0.85 | % | 12.60 | % | to | 12.60 | % | |||||||||||||||
INVESCO V.I. INTERNATIONAL GROWTH FUND | |||||||||||||||||||||||||||||||||||
2,014 | 51 | $ | 13.93 | to | $ | 11.82 | $ | 674 | 1.61 | % | 0.65 | % | to | 0.85 | % | (0.50 | ) | % | to | (0.25 | ) | % | |||||||||||||
2,013 | 47 | $ | 14.00 | to | $ | 11.85 | $ | 601 | 1.28 | % | 0.65 | % | to | 0.85 | % | 18.04 | % | to | 18.15 | % | |||||||||||||||
2,012 | 62 | $ | 11.86 | to | $ | 10.03 | $ | 685 | 1.66 | % | 0.65 | % | to | 0.85 | % | 14.48 | % | to | 14.89 | % | |||||||||||||||
2,011 | 39 | $ | 10.36 | to | $ | 8.73 | $ | 362 | 1.48 | % | 0.65 | % | to | 0.85 | % | (7.50 | ) | % | to | (7.42 | ) | % | |||||||||||||
2,010 | 35 | $ | 11.20 | to | $ | 9.43 | $ | 362 | 2.66 | % | 0.65 | % | to | 0.85 | % | 11.92 | % | to | 12.13 | % | |||||||||||||||
(Continued)
VARIABLE ANNUITY-1 SERIES ACCOUNT OF | |||||||||||||||||||||||||||||||||||
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK | |||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | At December 31 | For the year or period ended December 31 | |||||||||||||||||||||||||||||||||
Units | Net Assets | Investment | Expense Ratio | ||||||||||||||||||||||||||||||||
INVESTMENT DIVISIONS | (000s) | Unit Fair Value | (000s) | Income Ratio | lowest to highest | Total Return | |||||||||||||||||||||||||||||
(a) | (b) | (a) | (b) | ||||||||||||||||||||||||||||||||
INVESCO V.I. MID CAP CORE EQUITY FUND | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2009) | |||||||||||||||||||||||||||||||||||
2,014 | 4 | $ | 19.08 | to | $ | 9.99 | $ | 70 | 0.04 | % | 0.65 | % | to | 0.85 | % | 3.58 | % | to | (0.10 | ) | % | ||||||||||||||
2,013 | 3 | $ | 18.42 | to | $ | 18.60 | $ | 62 | 0.66 | % | 0.65 | % | to | 0.85 | % | 27.74 | % | to | 28.01 | % | |||||||||||||||
2,012 | 4 | $ | 14.42 | to | $ | 14.53 | $ | 48 | 0.07 | % | 0.65 | % | to | 0.85 | % | 9.99 | % | to | 10.24 | % | |||||||||||||||
2,011 | 0 | * | $ | 13.11 | to | $ | 13.11 | $ | 6 | 0.08 | % | 0.85 | % | to | 0.85 | % | (7.15 | ) | % | to | (7.15 | ) | % | ||||||||||||
2,010 | 0 | * | $ | 14.12 | to | $ | 14.17 | $ | 9 | 0.42 | % | 0.65 | % | to | 0.85 | % | 13.08 | % | to | 13.36 | % | ||||||||||||||
INVESCO V.I. SMALL CAP EQUITY FUND | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2009) | |||||||||||||||||||||||||||||||||||
2,014 | 3 | $ | 23.90 | to | $ | 23.90 | $ | 66 | 0.00 | % | 0.85 | % | to | 0.85 | % | 1.44 | % | to | 1.44 | % | |||||||||||||||
2,013 | 3 | $ | 23.56 | to | $ | 23.56 | $ | 79 | 0.01 | % | 0.85 | % | to | 0.85 | % | 36.34 | % | to | 36.34 | % | |||||||||||||||
2,012 | 2 | $ | 17.28 | to | $ | 17.28 | $ | 49 | 0.00 | % | 0.85 | % | to | 0.85 | % | 12.94 | % | to | 12.94 | % | |||||||||||||||
2,011 | 4 | $ | 15.30 | to | $ | 15.30 | $ | 57 | 0.00 | % | 0.85 | % | to | 0.85 | % | (1.61 | ) | % | to | (1.61 | ) | % | |||||||||||||
2,010 | 2 | $ | 15.55 | to | $ | 15.60 | $ | 32 | 0.00 | % | 0.65 | % | to | 0.85 | % | 27.46 | % | to | 27.76 | % | |||||||||||||||
INVESCO V.I. TECHNOLOGY FUND | |||||||||||||||||||||||||||||||||||
2,014 | 54 | $ | 4.11 | to | $ | 11.15 | $ | 223 | 0.00 | % | 0.65 | % | to | 0.85 | % | 9.89 | % | to | 11.50 | % | |||||||||||||||
2,013 | 97 | $ | 3.74 | to | $ | 3.74 | $ | 363 | 0.00 | % | 0.85 | % | to | 0.85 | % | 24.25 | % | to | 24.25 | % | |||||||||||||||
2,012 | 98 | $ | 3.01 | to | $ | 3.01 | $ | 296 | 0.00 | % | 0.85 | % | to | 0.85 | % | 10.26 | % | to | 10.26 | % | |||||||||||||||
2,011 | 98 | $ | 2.73 | to | $ | 2.73 | $ | 269 | 0.19 | % | 0.85 | % | to | 0.85 | % | (5.86 | ) | % | to | (5.86 | ) | % | |||||||||||||
2,010 | 100 | $ | 2.90 | to | $ | 2.90 | $ | 290 | 0.00 | % | 0.85 | % | to | 0.85 | % | 20.36 | % | to | 20.36 | % | |||||||||||||||
JANUS ASPEN BALANCED PORTFOLIO INSTITUTIONAL SHARES | |||||||||||||||||||||||||||||||||||
2,014 | 21 | $ | 23.53 | to | $ | 23.53 | $ | 499 | 1.76 | % | 0.85 | % | to | 0.85 | % | 7.59 | % | to | 7.59 | % | |||||||||||||||
2,013 | 21 | $ | 21.87 | to | $ | 21.87 | $ | 463 | 2.28 | % | 0.85 | % | to | 0.85 | % | 19.12 | % | to | 19.12 | % | |||||||||||||||
2,012 | 33 | $ | 18.36 | to | $ | 18.36 | $ | 613 | 2.86 | % | 0.85 | % | to | 0.85 | % | 12.71 | % | to | 12.71 | % | |||||||||||||||
2,011 | 34 | $ | 16.29 | to | $ | 16.29 | $ | 549 | 2.42 | % | 0.85 | % | to | 0.85 | % | 0.74 | % | to | 0.74 | % | |||||||||||||||
2,010 | 50 | $ | 16.17 | to | $ | 16.17 | $ | 803 | 2.73 | % | 0.85 | % | to | 0.85 | % | 7.49 | % | to | 7.49 | % | |||||||||||||||
(Continued)
VARIABLE ANNUITY-1 SERIES ACCOUNT OF | |||||||||||||||||||||||||||||||||||
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK | |||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | At December 31 | For the year or period ended December 31 | |||||||||||||||||||||||||||||||||
Units | Net Assets | Investment | Expense Ratio | ||||||||||||||||||||||||||||||||
INVESTMENT DIVISIONS | (000s) | Unit Fair Value | (000s) | Income Ratio | lowest to highest | Total Return | |||||||||||||||||||||||||||||
(a) | (b) | (a) | (b) | ||||||||||||||||||||||||||||||||
JANUS ASPEN BALANCED PORTFOLIO SERVICE SHARES | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2007) | |||||||||||||||||||||||||||||||||||
2,014 | 137 | $ | 16.67 | to | $ | 16.11 | $ | 2,238 | 1.54 | % | 0.65 | % | to | 0.85 | % | 7.27 | % | to | 7.54 | % | |||||||||||||||
2,013 | 117 | $ | 15.54 | to | $ | 14.98 | $ | 1,781 | 1.93 | % | 0.65 | % | to | 0.85 | % | 18.81 | % | to | 18.98 | % | |||||||||||||||
2,012 | 91 | $ | 13.08 | to | $ | 12.59 | $ | 1,175 | 2.54 | % | 0.65 | % | to | 0.85 | % | 12.37 | % | to | 12.61 | % | |||||||||||||||
2,011 | 91 | $ | 11.64 | to | $ | 11.18 | $ | 1,032 | 2.11 | % | 0.65 | % | to | 0.85 | % | 0.52 | % | to | 0.72 | % | |||||||||||||||
2,010 | 144 | $ | 11.58 | to | $ | 11.10 | $ | 1,652 | 2.66 | % | 0.65 | % | to | 0.85 | % | 7.23 | % | to | 7.45 | % | |||||||||||||||
JANUS ASPEN FLEXIBLE BOND PORTFOLIO INSTITUTIONAL SHARES | |||||||||||||||||||||||||||||||||||
2,014 | 21 | $ | 21.91 | to | $ | 10.05 | $ | 449 | 3.35 | % | 0.69 | % | to | 0.85 | % | 4.04 | % | to | 0.50 | % | |||||||||||||||
2,013 | 22 | $ | 21.06 | to | $ | 21.06 | $ | 469 | 3.71 | % | 0.85 | % | to | 0.85 | % | (0.99 | ) | % | to | (0.99 | ) | % | |||||||||||||
2,012 | 29 | $ | 21.27 | to | $ | 21.27 | $ | 618 | 3.85 | % | 0.85 | % | to | 0.85 | % | 7.42 | % | to | 7.42 | % | |||||||||||||||
2,011 | 32 | $ | 19.80 | to | $ | 19.80 | $ | 633 | 7.44 | % | 0.85 | % | to | 0.85 | % | 5.83 | % | to | 5.83 | % | |||||||||||||||
2,010 | 34 | $ | 18.71 | to | $ | 18.71 | $ | 639 | 6.17 | % | 0.85 | % | to | 0.85 | % | 7.08 | % | to | 7.08 | % | |||||||||||||||
JANUS ASPEN FLEXIBLE BOND PORTFOLIO SERVICE SHARES | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2007) | |||||||||||||||||||||||||||||||||||
2,014 | 231 | $ | 15.15 | to | $ | 10.04 | $ | 3,472 | 3.09 | % | 0.65 | % | to | 0.85 | % | 3.77 | % | to | 0.40 | % | |||||||||||||||
2,013 | 186 | $ | 14.60 | to | $ | 13.85 | $ | 2,695 | 3.40 | % | 0.65 | % | to | 0.85 | % | (1.15 | ) | % | to | (0.93 | ) | % | |||||||||||||
2,012 | 184 | $ | 14.77 | to | $ | 13.98 | $ | 2,674 | 3.45 | % | 0.65 | % | to | 0.85 | % | 7.18 | % | to | 7.37 | % | |||||||||||||||
2,011 | 170 | $ | 13.78 | to | $ | 13.02 | $ | 2,311 | 6.79 | % | 0.65 | % | to | 0.85 | % | 5.43 | % | to | 5.68 | % | |||||||||||||||
2,010 | 211 | $ | 13.07 | to | $ | 12.32 | $ | 2,720 | 5.81 | % | 0.65 | % | to | 0.85 | % | 6.85 | % | to | 7.04 | % | |||||||||||||||
JANUS ASPEN GLOBAL RESEARCH PORTFOLIO | |||||||||||||||||||||||||||||||||||
2,014 | 19 | $ | 21.57 | to | $ | 21.57 | $ | 434 | 1.05 | % | 0.85 | % | to | 0.85 | % | 6.52 | % | to | 6.52 | % | |||||||||||||||
2,013 | 21 | $ | 20.25 | to | $ | 20.25 | $ | 441 | 1.22 | % | 0.85 | % | to | 0.85 | % | 27.36 | % | to | 27.36 | % | |||||||||||||||
2,012 | 25 | $ | 15.90 | to | $ | 15.90 | $ | 398 | 0.89 | % | 0.85 | % | to | 0.85 | % | 19.01 | % | to | 19.01 | % | |||||||||||||||
2,011 | 26 | $ | 13.36 | to | $ | 13.36 | $ | 342 | 0.56 | % | 0.85 | % | to | 0.85 | % | (14.47 | ) | % | to | (14.47 | ) | % | |||||||||||||
2,010 | 31 | $ | 15.62 | to | $ | 15.62 | $ | 486 | 0.60 | % | 0.85 | % | to | 0.85 | % | 14.89 | % | to | 14.89 | % | |||||||||||||||
(Continued)
VARIABLE ANNUITY-1 SERIES ACCOUNT OF | |||||||||||||||||||||||||||||||||||
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK | |||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | At December 31 | For the year or period ended December 31 | |||||||||||||||||||||||||||||||||
Units | Net Assets | Investment | Expense Ratio | ||||||||||||||||||||||||||||||||
INVESTMENT DIVISIONS | (000s) | Unit Fair Value | (000s) | Income Ratio | lowest to highest | Total Return | |||||||||||||||||||||||||||||
(a) | (b) | (a) | (b) | ||||||||||||||||||||||||||||||||
JANUS ASPEN GLOBAL TECHNOLOGY PORTFOLIO | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2014) | |||||||||||||||||||||||||||||||||||
2,014 | 0 | * | $ | 11.13 | to | $ | 11.13 | $ | 3 | 0.00 | % | 0.65 | % | to | 0.65 | % | 11.30 | % | to | 11.30 | % | ||||||||||||||
JANUS ASPEN JANUS PORTFOLIO | |||||||||||||||||||||||||||||||||||
2,014 | 11 | $ | 25.68 | to | $ | 25.68 | $ | 284 | 0.37 | % | 0.85 | % | to | 0.85 | % | 12.04 | % | to | 12.04 | % | |||||||||||||||
2,013 | 12 | $ | 22.92 | to | $ | 22.92 | $ | 271 | 0.79 | % | 0.85 | % | to | 0.85 | % | 29.20 | % | to | 29.20 | % | |||||||||||||||
2,012 | 12 | $ | 17.74 | to | $ | 17.74 | $ | 217 | 0.55 | % | 0.85 | % | to | 0.85 | % | 17.56 | % | to | 17.56 | % | |||||||||||||||
2,011 | 13 | $ | 15.09 | to | $ | 15.09 | $ | 196 | 0.58 | % | 0.85 | % | to | 0.85 | % | (6.10 | ) | % | to | (6.10 | ) | % | |||||||||||||
2,010 | 17 | $ | 16.07 | to | $ | 16.07 | $ | 266 | 1.01 | % | 0.85 | % | to | 0.85 | % | 13.58 | % | to | 13.58 | % | |||||||||||||||
JANUS ASPEN OVERSEAS PORTFOLIO INSTITUTIONAL SHARES | |||||||||||||||||||||||||||||||||||
2,014 | 5 | $ | 24.15 | to | $ | 24.15 | $ | 156 | 6.13 | % | 0.85 | % | to | 0.85 | % | (12.63 | ) | % | to | (12.63 | ) | % | |||||||||||||
2,013 | 7 | $ | 27.64 | to | $ | 27.64 | $ | 224 | 2.79 | % | 0.85 | % | to | 0.85 | % | 13.60 | % | to | 13.60 | % | |||||||||||||||
2,012 | 12 | $ | 24.33 | to | $ | 24.33 | $ | 344 | 0.68 | % | 0.85 | % | to | 0.85 | % | 12.48 | % | to | 12.48 | % | |||||||||||||||
2,011 | 14 | $ | 21.63 | to | $ | 21.63 | $ | 353 | 0.47 | % | 0.85 | % | to | 0.85 | % | (32.74 | ) | % | to | (32.74 | ) | % | |||||||||||||
2,010 | 15 | $ | 32.16 | to | $ | 32.16 | $ | 532 | 0.69 | % | 0.85 | % | to | 0.85 | % | 24.26 | % | to | 24.26 | % | |||||||||||||||
JANUS ASPEN OVERSEAS PORTFOLIO SERVICE SHARES | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2007) | |||||||||||||||||||||||||||||||||||
2,014 | 29 | $ | 9.22 | to | $ | 9.22 | $ | 265 | 5.83 | % | 0.85 | % | to | 0.85 | % | (12.85 | ) | % | to | (12.85 | ) | % | |||||||||||||
2,013 | 28 | $ | 10.58 | to | $ | 10.58 | $ | 294 | 2.89 | % | 0.85 | % | to | 0.85 | % | 13.28 | % | to | 13.28 | % | |||||||||||||||
2,012 | 39 | $ | 9.34 | to | $ | 9.34 | $ | 366 | 0.52 | % | 0.85 | % | to | 0.85 | % | 12.26 | % | to | 12.26 | % | |||||||||||||||
2,011 | 81 | $ | 8.32 | to | $ | 8.32 | $ | 675 | 0.38 | % | 0.85 | % | to | 0.85 | % | (32.96 | ) | % | to | (32.96 | ) | % | |||||||||||||
2,010 | 89 | $ | 12.41 | to | $ | 12.41 | $ | 1,100 | 0.52 | % | 0.85 | % | to | 0.85 | % | 24.01 | % | to | 24.01 | % | |||||||||||||||
LAZARD RETIREMENT EMERGING MARKETS EQUITY PORTFOLIO | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2009) | |||||||||||||||||||||||||||||||||||
2,014 | 52 | $ | 16.23 | to | $ | 16.41 | $ | 825 | 1.77 | % | 0.65 | % | to | 0.85 | % | (5.42 | ) | % | to | (5.25 | ) | % | |||||||||||||
2,013 | 37 | $ | 17.16 | to | $ | 17.32 | $ | 638 | 1.07 | % | 0.65 | % | to | 0.85 | % | (2.11 | ) | % | to | (1.93 | ) | % | |||||||||||||
2,012 | 62 | $ | 17.53 | to | $ | 17.66 | $ | 1,081 | 1.66 | % | 0.65 | % | to | 0.85 | % | 21.06 | % | to | 21.29 | % | |||||||||||||||
2,011 | 67 | $ | 14.48 | to | $ | 14.56 | $ | 975 | 1.87 | % | 0.65 | % | to | 0.85 | % | (18.70 | ) | % | to | (18.52 | ) | % | |||||||||||||
2,010 | 71 | $ | 17.81 | to | $ | 17.87 | $ | 1,253 | 1.53 | % | 0.65 | % | to | 0.85 | % | 21.65 | % | to | 21.90 | % | |||||||||||||||
(Continued)
VARIABLE ANNUITY-1 SERIES ACCOUNT OF | |||||||||||||||||||||||||||||||||||
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK | |||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | At December 31 | For the year or period ended December 31 | |||||||||||||||||||||||||||||||||
Units | Net Assets | Investment | Expense Ratio | ||||||||||||||||||||||||||||||||
INVESTMENT DIVISIONS | (000s) | Unit Fair Value | (000s) | Income Ratio | lowest to highest | Total Return | |||||||||||||||||||||||||||||
(a) | (b) | (a) | (b) | ||||||||||||||||||||||||||||||||
LVIP BARON GROWTH OPPORTUNITIES FUND | |||||||||||||||||||||||||||||||||||
2,014 | 43 | $ | 36.62 | to | $ | 18.84 | $ | 1,464 | 0.14 | % | 0.65 | % | to | 0.85 | % | 3.98 | % | to | 4.20 | % | |||||||||||||||
2,013 | 62 | $ | 35.22 | to | $ | 18.08 | $ | 2,041 | 0.46 | % | 0.65 | % | to | 0.85 | % | 38.88 | % | to | 39.18 | % | |||||||||||||||
2,012 | 69 | $ | 25.36 | to | $ | 12.99 | $ | 1,562 | 1.18 | % | 0.65 | % | to | 0.85 | % | 17.24 | % | to | 17.45 | % | |||||||||||||||
2,011 | 72 | $ | 21.63 | to | $ | 11.06 | $ | 1,380 | 0.00 | % | 0.65 | % | to | 0.85 | % | 3.15 | % | to | 3.36 | % | |||||||||||||||
2,010 | 73 | $ | 20.97 | to | $ | 10.70 | $ | 1,342 | 0.00 | % | 0.65 | % | to | 0.85 | % | 25.30 | % | to | 25.59 | % | |||||||||||||||
MFS INTERNATIONAL VALUE PORTFOLIO | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2009) | |||||||||||||||||||||||||||||||||||
2,014 | 39 | $ | 20.08 | to | $ | 9.63 | $ | 800 | 1.83 | % | 0.65 | % | to | 0.85 | % | 0.25 | % | to | (3.70 | ) | % | ||||||||||||||
2,013 | 35 | $ | 20.03 | to | $ | 20.22 | $ | 708 | 1.22 | % | 0.65 | % | to | 0.85 | % | 26.53 | % | to | 26.85 | % | |||||||||||||||
2,012 | 38 | $ | 15.83 | to | $ | 15.94 | $ | 612 | 1.60 | % | 0.65 | % | to | 0.85 | % | 14.96 | % | to | 15.17 | % | |||||||||||||||
2,011 | 53 | $ | 13.77 | to | $ | 13.84 | $ | 724 | 1.07 | % | 0.65 | % | to | 0.85 | % | (2.62 | ) | % | to | (2.40 | ) | % | |||||||||||||
2,010 | 49 | $ | 14.14 | to | $ | 14.18 | $ | 685 | 1.03 | % | 0.65 | % | to | 0.85 | % | 7.86 | % | to | 8.08 | % | |||||||||||||||
MFS UTILITIES SERIES | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2008) | |||||||||||||||||||||||||||||||||||
2,014 | 25 | $ | 14.75 | to | $ | 14.95 | $ | 377 | 2.00 | % | 0.65 | % | to | 0.85 | % | 11.49 | % | to | 11.73 | % | |||||||||||||||
2,013 | 24 | $ | 13.23 | to | $ | 13.38 | $ | 322 | 1.67 | % | 0.65 | % | to | 0.85 | % | 19.19 | % | to | 19.46 | % | |||||||||||||||
2,012 | 32 | $ | 11.10 | to | $ | 11.20 | $ | 350 | 7.29 | % | 0.65 | % | to | 0.85 | % | 12.23 | % | to | 12.45 | % | |||||||||||||||
2,011 | 21 | $ | 9.89 | to | $ | 9.96 | $ | 203 | 2.83 | % | 0.65 | % | to | 0.85 | % | 5.66 | % | to | 5.84 | % | |||||||||||||||
2,010 | 21 | $ | 9.36 | to | $ | 9.41 | $ | 203 | 2.74 | % | 0.65 | % | to | 0.85 | % | 12.50 | % | to | 12.69 | % | |||||||||||||||
NEUBERGER BERMAN AMT MID CAP INTRINSIC VALUE PORTFOLIO | |||||||||||||||||||||||||||||||||||
2,014 | 1 | $ | 16.35 | to | $ | 16.35 | $ | 19 | 0.71 | % | 0.85 | % | to | 0.85 | % | 12.53 | % | to | 12.53 | % | |||||||||||||||
2,013 | 1 | $ | 14.53 | to | $ | 14.53 | $ | 17 | 0.80 | % | 0.85 | % | to | 0.85 | % | 35.54 | % | to | 35.54 | % | |||||||||||||||
2,012 | 2 | $ | 10.72 | to | $ | 10.72 | $ | 18 | 0.34 | % | 0.85 | % | to | 0.85 | % | 14.41 | % | to | 14.41 | % | |||||||||||||||
2,011 | 2 | $ | 9.37 | to | $ | 9.37 | $ | 21 | 0.38 | % | 0.85 | % | to | 0.85 | % | (7.50 | ) | % | to | (7.50 | ) | % | |||||||||||||
2,010 | 3 | $ | 10.13 | to | $ | 10.13 | $ | 27 | 0.34 | % | 0.85 | % | to | 0.85 | % | 24.94 | % | to | 24.94 | % | |||||||||||||||
(Continued)
VARIABLE ANNUITY-1 SERIES ACCOUNT OF | |||||||||||||||||||||||||||||||||||
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK | |||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | At December 31 | For the year or period ended December 31 | |||||||||||||||||||||||||||||||||
Units | Net Assets | Investment | Expense Ratio | ||||||||||||||||||||||||||||||||
INVESTMENT DIVISIONS | (000s) | Unit Fair Value | (000s) | Income Ratio | lowest to highest | Total Return | |||||||||||||||||||||||||||||
(a) | (b) | (a) | (b) | ||||||||||||||||||||||||||||||||
NVIT MID CAP INDEX FUND | |||||||||||||||||||||||||||||||||||
2,014 | 34 | $ | 29.18 | to | $ | 17.39 | $ | 751 | 1.02 | % | 0.65 | % | to | 0.85 | % | 8.27 | % | to | 8.48 | % | |||||||||||||||
2,013 | 20 | $ | 26.95 | to | $ | 16.03 | $ | 446 | 0.89 | % | 0.65 | % | to | 0.85 | % | 31.66 | % | to | 31.93 | % | |||||||||||||||
2,012 | 20 | $ | 20.47 | to | $ | 12.15 | $ | 349 | 0.94 | % | 0.65 | % | to | 0.85 | % | 16.31 | % | to | 16.49 | % | |||||||||||||||
2,011 | 20 | $ | 17.60 | to | $ | 10.43 | $ | 298 | 0.67 | % | 0.65 | % | to | 0.85 | % | (3.51 | ) | % | to | (3.25 | ) | % | |||||||||||||
2,010 | 19 | $ | 18.24 | to | $ | 10.78 | $ | 301 | 1.00 | % | 0.65 | % | to | 0.85 | % | 24.80 | % | to | 25.06 | % | |||||||||||||||
OPPENHEIMER GLOBAL FUND/VA | |||||||||||||||||||||||||||||||||||
2,014 | 44 | $ | 27.07 | to | $ | 9.88 | $ | 1,020 | 1.04 | % | 0.65 | % | to | 0.85 | % | 1.42 | % | to | (1.20 | ) | % | ||||||||||||||
2,013 | 45 | $ | 26.69 | to | $ | 13.80 | $ | 1,156 | 1.37 | % | 0.65 | % | to | 0.85 | % | 26.25 | % | to | 26.49 | % | |||||||||||||||
2,012 | 55 | $ | 21.14 | to | $ | 10.91 | $ | 1,091 | 2.13 | % | 0.65 | % | to | 0.85 | % | 20.18 | % | to | 20.42 | % | |||||||||||||||
2,011 | 59 | $ | 17.59 | to | $ | 9.06 | $ | 1,011 | 1.24 | % | 0.65 | % | to | 0.85 | % | (9.05 | ) | % | to | (8.85 | ) | % | |||||||||||||
2,010 | 59 | $ | 19.34 | to | $ | 9.94 | $ | 1,140 | 1.51 | % | 0.65 | % | to | 0.85 | % | 14.99 | % | to | 15.18 | % | |||||||||||||||
OPPENHEIMER MAIN STREET SMALL CAP FUND/VA | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2014) | |||||||||||||||||||||||||||||||||||
2,014 | 4 | $ | 11.05 | to | $ | 10.93 | $ | 39 | 0.00 | % | 0.65 | % | to | 0.85 | % | 10.50 | % | to | 9.30 | % | |||||||||||||||
OPPENHIEMER INTERNATIONAL GROWTH FUND/VA | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2008) | |||||||||||||||||||||||||||||||||||
2,014 | 23 | $ | 11.93 | to | $ | 12.09 | $ | 271 | 1.57 | % | 0.65 | % | to | 0.85 | % | (7.95 | ) | % | to | (7.78 | ) | % | |||||||||||||
2,013 | 15 | $ | 12.96 | to | $ | 13.11 | $ | 201 | 1.43 | % | 0.65 | % | to | 0.85 | % | 24.74 | % | to | 25.10 | % | |||||||||||||||
2,012 | 8 | $ | 10.39 | to | $ | 10.48 | $ | 80 | 1.46 | % | 0.65 | % | to | 0.85 | % | 21.24 | % | to | 21.44 | % | |||||||||||||||
2,011 | 8 | $ | 8.57 | to | $ | 8.63 | $ | 65 | 0.95 | % | 0.65 | % | to | 0.85 | % | (7.95 | ) | % | to | (7.80 | ) | % | |||||||||||||
2,010 | 7 | $ | 9.31 | to | $ | 9.36 | $ | 69 | 1.07 | % | 0.65 | % | to | 0.85 | % | 13.81 | % | to | 14.01 | % | |||||||||||||||
PIMCO VIT COMMODITY REALRETURN STRATEGY PORTFOLIO | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2014) | |||||||||||||||||||||||||||||||||||
2,014 | 1 | $ | 7.40 | to | $ | 7.40 | $ | 6 | 0.20 | % | 0.65 | % | to | 0.65 | % | (26.00 | ) | % | to | (26.00 | ) | % | |||||||||||||
PIMCO VIT HIGH YIELD PORTFOLIO | |||||||||||||||||||||||||||||||||||
2,014 | 49 | $ | 19.70 | to | $ | 14.90 | $ | 896 | 5.22 | % | 0.65 | % | to | 0.85 | % | 2.50 | % | to | 2.62 | % | |||||||||||||||
2,013 | 138 | $ | 19.22 | to | $ | 14.52 | $ | 2,546 | 5.45 | % | 0.65 | % | to | 0.85 | % | 4.80 | % | to | 5.07 | % | |||||||||||||||
2,012 | 156 | $ | 18.34 | to | $ | 13.82 | $ | 2,736 | 5.73 | % | 0.65 | % | to | 0.85 | % | 13.35 | % | to | 13.56 | % | |||||||||||||||
2,011 | 101 | $ | 16.18 | to | $ | 12.17 | $ | 1,549 | 6.92 | % | 0.65 | % | to | 0.85 | % | 2.47 | % | to | 2.70 | % | |||||||||||||||
2,010 | 157 | $ | 15.79 | to | $ | 11.85 | $ | 2,414 | 7.25 | % | 0.65 | % | to | 0.85 | % | 13.50 | % | to | 13.72 | % | |||||||||||||||
(Continued)
VARIABLE ANNUITY-1 SERIES ACCOUNT OF | |||||||||||||||||||||||||||||||||||
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK | |||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | At December 31 | For the year or period ended December 31 | |||||||||||||||||||||||||||||||||
Units | Net Assets | Investment | Expense Ratio | ||||||||||||||||||||||||||||||||
INVESTMENT DIVISIONS | (000s) | Unit Fair Value | (000s) | Income Ratio | lowest to highest | Total Return | |||||||||||||||||||||||||||||
(a) | (b) | (a) | (b) | ||||||||||||||||||||||||||||||||
PIMCO VIT LOW DURATION PORTFOLIO | |||||||||||||||||||||||||||||||||||
2,014 | 271 | $ | 13.29 | to | $ | 12.05 | $ | 3,457 | 1.12 | % | 0.65 | % | to | 0.85 | % | 0.00 | % | to | 0.25 | % | |||||||||||||||
2,013 | 304 | $ | 13.29 | to | $ | 12.02 | $ | 3,890 | 1.45 | % | 0.65 | % | to | 0.85 | % | (0.97 | ) | % | to | (0.83 | ) | % | |||||||||||||
2,012 | 252 | $ | 13.42 | to | $ | 12.12 | $ | 3,247 | 1.90 | % | 0.65 | % | to | 0.85 | % | 4.93 | % | to | 5.21 | % | |||||||||||||||
2,011 | 243 | $ | 12.79 | to | $ | 11.52 | $ | 2,995 | 1.68 | % | 0.65 | % | to | 0.85 | % | 0.24 | % | to | 0.44 | % | |||||||||||||||
2,010 | 233 | $ | 12.76 | to | $ | 11.47 | $ | 2,889 | 1.64 | % | 0.65 | % | to | 0.85 | % | 4.42 | % | to | 4.56 | % | |||||||||||||||
PIMCO VIT TOTAL RETURN PORTFOLIO | |||||||||||||||||||||||||||||||||||
2,014 | 198 | $ | 15.78 | to | $ | 13.83 | $ | 2,989 | 1.99 | % | 0.65 | % | to | 0.85 | % | 3.34 | % | to | 3.60 | % | |||||||||||||||
2,013 | 382 | $ | 15.27 | to | $ | 13.35 | $ | 5,665 | 2.20 | % | 0.65 | % | to | 0.85 | % | (2.74 | ) | % | to | (2.55 | ) | % | |||||||||||||
2,012 | 415 | $ | 15.70 | to | $ | 13.70 | $ | 6,298 | 2.57 | % | 0.65 | % | to | 0.85 | % | 8.65 | % | to | 8.82 | % | |||||||||||||||
2,011 | 420 | $ | 14.45 | to | $ | 12.59 | $ | 5,898 | 2.62 | % | 0.65 | % | to | 0.85 | % | 2.70 | % | to | 2.94 | % | |||||||||||||||
2,010 | 422 | $ | 14.07 | to | $ | 12.23 | $ | 5,795 | 2.41 | % | 0.65 | % | to | 0.85 | % | 7.20 | % | to | 7.47 | % | |||||||||||||||
PIONEER EMERGING MARKETS VCT PORTFOLIO | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2008) | |||||||||||||||||||||||||||||||||||
2,014 | 1 | $ | 6.15 | to | $ | 6.15 | $ | 4 | 0.21 | % | 0.85 | % | to | 0.85 | % | (13.50 | ) | % | to | (13.50 | ) | % | |||||||||||||
2,013 | 1 | $ | 7.11 | to | $ | 7.11 | $ | 5 | 0.92 | % | 0.85 | % | to | 0.85 | % | (3.00 | ) | % | to | (3.00 | ) | % | |||||||||||||
2,012 | 1 | $ | 7.33 | to | $ | 7.33 | $ | 5 | 0.21 | % | 0.85 | % | to | 0.85 | % | 10.73 | % | to | 10.73 | % | |||||||||||||||
2,011 | 1 | $ | 6.62 | to | $ | 6.62 | $ | 5 | 0.00 | % | 0.85 | % | to | 0.85 | % | (24.26 | ) | % | to | (24.26 | ) | % | |||||||||||||
2,010 | 1 | $ | 8.74 | to | $ | 8.79 | $ | 6 | 0.03 | % | 0.65 | % | to | 0.85 | % | 14.55 | % | to | 14.90 | % | |||||||||||||||
PIONEER FUND VCT PORTFOLIO | |||||||||||||||||||||||||||||||||||
2,014 | 11 | $ | 20.63 | to | $ | 14.55 | $ | 189 | 1.16 | % | 0.65 | % | to | 0.85 | % | 10.09 | % | to | 10.31 | % | |||||||||||||||
2,013 | 15 | $ | 18.74 | to | $ | 13.19 | $ | 226 | 1.26 | % | 0.65 | % | to | 0.85 | % | 32.16 | % | to | 32.43 | % | |||||||||||||||
2,012 | 15 | $ | 14.18 | to | $ | 9.96 | $ | 181 | 1.53 | % | 0.65 | % | to | 0.85 | % | 9.33 | % | to | 9.57 | % | |||||||||||||||
2,011 | 21 | $ | 12.97 | to | $ | 9.09 | $ | 213 | 1.62 | % | 0.65 | % | to | 0.85 | % | (5.12 | ) | % | to | (4.92 | ) | % | |||||||||||||
2,010 | 17 | $ | 13.67 | to | $ | 9.56 | $ | 193 | 1.34 | % | 0.65 | % | to | 0.85 | % | 15.05 | % | to | 15.18 | % | |||||||||||||||
PIONEER MID CAP VALUE VCT PORTFOLIO | |||||||||||||||||||||||||||||||||||
2,014 | 8 | $ | 16.27 | to | $ | 15.45 | $ | 137 | 0.64 | % | 0.65 | % | to | 0.85 | % | 13.86 | % | to | 14.11 | % | |||||||||||||||
2,013 | 8 | $ | 14.29 | to | $ | 13.54 | $ | 120 | 0.70 | % | 0.65 | % | to | 0.85 | % | 31.58 | % | to | 31.84 | % | |||||||||||||||
2,012 | 8 | $ | 10.82 | to | $ | 10.82 | $ | 90 | 0.81 | % | 0.85 | % | to | 0.85 | % | 9.85 | % | to | 9.85 | % | |||||||||||||||
2,011 | 9 | $ | 9.85 | to | $ | 9.85 | $ | 94 | 0.75 | % | 0.85 | % | to | 0.85 | % | (6.62 | ) | % | to | (6.62 | ) | % | |||||||||||||
2,010 | 15 | $ | 10.58 | to | $ | 9.97 | $ | 166 | 0.90 | % | 0.65 | % | to | 0.85 | % | 16.86 | % | to | 17.16 | % | |||||||||||||||
(Continued)
VARIABLE ANNUITY-1 SERIES ACCOUNT OF | |||||||||||||||||||||||||||||||||||
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK | |||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | At December 31 | For the year or period ended December 31 | |||||||||||||||||||||||||||||||||
Units | Net Assets | Investment | Expense Ratio | ||||||||||||||||||||||||||||||||
INVESTMENT DIVISIONS | (000s) | Unit Fair Value | (000s) | Income Ratio | lowest to highest | Total Return | |||||||||||||||||||||||||||||
(a) | (b) | (a) | (b) | ||||||||||||||||||||||||||||||||
PIONEER SELECT MID CAP GROWTH VCT PORTFOLIO | |||||||||||||||||||||||||||||||||||
2,014 | 5 | $ | 24.29 | to | $ | 18.90 | $ | 115 | 0.00 | % | 0.85 | % | to | 0.85 | % | 8.49 | % | to | 8.50 | % | |||||||||||||||
2,013 | 8 | $ | 22.39 | to | $ | 17.62 | $ | 174 | 0.00 | % | 0.65 | % | to | 0.85 | % | 41.26 | % | to | 41.53 | % | |||||||||||||||
2,012 | 9 | $ | 15.85 | to | $ | 15.85 | $ | 146 | 0.00 | % | 0.85 | % | to | 0.85 | % | 6.09 | % | to | 6.09 | % | |||||||||||||||
2,011 | 10 | $ | 14.94 | to | $ | 14.94 | $ | 146 | 0.00 | % | 0.85 | % | to | 0.85 | % | (3.05 | ) | % | to | (3.05 | ) | % | |||||||||||||
2,010 | 11 | $ | 15.41 | to | $ | 15.41 | $ | 163 | 0.00 | % | 0.85 | % | to | 0.85 | % | 19.18 | % | to | 19.18 | % | |||||||||||||||
PRUDENTIAL SERIES FUND EQUITY PORTFOLIO | |||||||||||||||||||||||||||||||||||
2,014 | 14 | $ | 17.41 | to | $ | 22.14 | $ | 260 | 0.00 | % | 0.65 | % | to | 0.85 | % | 6.35 | % | to | 6.60 | % | |||||||||||||||
2,013 | 9 | $ | 16.37 | to | $ | 20.77 | $ | 157 | 0.00 | % | 0.65 | % | to | 0.85 | % | 31.91 | % | to | 32.12 | % | |||||||||||||||
2,012 | 22 | $ | 12.41 | to | $ | 15.72 | $ | 283 | 0.23 | % | 0.65 | % | to | 0.85 | % | 12.21 | % | to | 12.45 | % | |||||||||||||||
2,011 | 24 | $ | 11.06 | to | $ | 13.98 | $ | 267 | 0.16 | % | 0.65 | % | to | 0.85 | % | (4.66 | ) | % | to | (4.44 | ) | % | |||||||||||||
2,010 | 24 | $ | 11.60 | to | $ | 14.63 | $ | 280 | 0.18 | % | 0.65 | % | to | 0.85 | % | 10.57 | % | to | 10.75 | % | |||||||||||||||
PRUDENTIAL SERIES FUND NATURAL RESOURCES PORTFOLIO | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2009) | |||||||||||||||||||||||||||||||||||
2,014 | 5 | $ | 12.09 | to | $ | 12.09 | $ | 54 | 0.00 | % | 0.85 | % | to | 0.85 | % | (20.51 | ) | % | to | (20.51 | ) | % | |||||||||||||
2,013 | 5 | $ | 15.21 | to | $ | 15.36 | $ | 75 | 0.00 | % | 0.65 | % | to | 0.85 | % | 8.88 | % | to | 9.01 | % | |||||||||||||||
2,012 | 7 | $ | 13.97 | to | $ | 14.09 | $ | 94 | 0.00 | % | 0.65 | % | to | 0.85 | % | (3.72 | ) | % | to | (3.56 | ) | % | |||||||||||||
2,011 | 4 | $ | 14.51 | to | $ | 14.61 | $ | 56 | 0.00 | % | 0.65 | % | to | 0.85 | % | (20.06 | ) | % | to | (19.86 | ) | % | |||||||||||||
2,010 | 1 | $ | 18.15 | to | $ | 18.23 | $ | 20 | 0.06 | % | 0.65 | % | to | 0.85 | % | 26.30 | % | to | 26.69 | % | |||||||||||||||
PUTNAM VT AMERICAN GOVERNMENT INCOME FUND | |||||||||||||||||||||||||||||||||||
(Effective date 04/30/2010) | |||||||||||||||||||||||||||||||||||
2,014 | 20 | $ | 11.17 | to | $ | 11.28 | $ | 222 | 0.08 | % | 0.65 | % | to | 0.85 | % | 3.43 | % | to | 3.87 | % | |||||||||||||||
2,013 | 0 | * | $ | 10.86 | to | $ | 10.86 | $ | 3 | 1.31 | % | 0.65 | % | to | 0.65 | % | (1.09 | ) | % | to | (1.09 | ) | % | ||||||||||||
2,012 | 0 | * | $ | 11.00 | to | $ | 11.00 | $ | 3 | 1.65 | % | 0.65 | % | to | 0.65 | % | 1.20 | % | to | 1.20 | % | ||||||||||||||
2,011 | 4 | $ | 10.84 | to | $ | 10.87 | $ | 39 | 0.00 | % | 0.65 | % | to | 0.85 | % | 5.96 | % | to | 6.05 | % | |||||||||||||||
(Continued)
VARIABLE ANNUITY-1 SERIES ACCOUNT OF | |||||||||||||||||||||||||||||||||||
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK | |||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | At December 31 | For the year or period ended December 31 | |||||||||||||||||||||||||||||||||
Units | Net Assets | Investment | Expense Ratio | ||||||||||||||||||||||||||||||||
INVESTMENT DIVISIONS | (000s) | Unit Fair Value | (000s) | Income Ratio | lowest to highest | Total Return | |||||||||||||||||||||||||||||
(a) | (b) | (a) | (b) | ||||||||||||||||||||||||||||||||
PUTNAM VT EQUITY INCOME FUND | |||||||||||||||||||||||||||||||||||
(Effective date 04/30/2010) | |||||||||||||||||||||||||||||||||||
2,014 | 51 | $ | 18.60 | to | $ | 18.77 | $ | 909 | 0.78 | % | 0.65 | % | to | 0.85 | % | 11.71 | % | to | 11.93 | % | |||||||||||||||
2,013 | 12 | $ | 16.65 | to | $ | 16.77 | $ | 199 | 1.34 | % | 0.65 | % | to | 0.85 | % | 31.31 | % | to | 31.53 | % | |||||||||||||||
2,012 | 6 | $ | 12.75 | to | $ | 12.75 | $ | 79 | 2.13 | % | 0.65 | % | to | 0.65 | % | 18.60 | % | to | 18.60 | % | |||||||||||||||
2,011 | 6 | $ | 10.75 | to | $ | 10.75 | $ | 59 | 0.00 | % | 0.65 | % | to | 0.65 | % | 1.22 | % | to | 1.22 | % | |||||||||||||||
PUTNAM VT GLOBAL HEALTH CARE FUND | |||||||||||||||||||||||||||||||||||
(Effective date 05/02/2011) | |||||||||||||||||||||||||||||||||||
2,014 | 34 | $ | 18.48 | to | $ | 18.61 | $ | 602 | 0.19 | % | 0.65 | % | to | 0.85 | % | 26.58 | % | to | 26.77 | % | |||||||||||||||
2,013 | 14 | $ | 14.60 | to | $ | 14.68 | $ | 210 | 0.64 | % | 0.65 | % | to | 0.85 | % | 40.52 | % | to | 40.75 | % | |||||||||||||||
2,012 | 6 | $ | 10.43 | to | $ | 10.43 | $ | 66 | 1.19 | % | 0.65 | % | to | 0.65 | % | 21.56 | % | to | 21.56 | % | |||||||||||||||
2,011 | 6 | $ | 8.57 | to | $ | 8.58 | $ | 53 | 0.00 | % | 0.65 | % | to | 0.85 | % | (14.30 | ) | % | to | (14.20 | ) | % | |||||||||||||
PUTNAM VT INVESTORS FUND | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2014) | |||||||||||||||||||||||||||||||||||
2,014 | 5 | $ | 11.08 | to | $ | 10.81 | $ | 52 | 0.00 | % | 0.65 | % | to | 0.65 | % | 10.80 | % | to | 8.10 | % | |||||||||||||||
ROYCE CAPITAL FUND - SMALL-CAP PORTFOLIO | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2009) | |||||||||||||||||||||||||||||||||||
2,014 | 9 | $ | 22.61 | to | $ | 22.86 | $ | 193 | 0.00 | % | 0.65 | % | to | 0.85 | % | 2.08 | % | to | 2.24 | % | |||||||||||||||
2,013 | 15 | $ | 22.15 | to | $ | 22.36 | $ | 327 | 0.80 | % | 0.65 | % | to | 0.85 | % | 33.27 | % | to | 33.57 | % | |||||||||||||||
2,012 | 23 | $ | 16.62 | to | $ | 16.74 | $ | 390 | 0.03 | % | 0.65 | % | to | 0.85 | % | 11.32 | % | to | 11.53 | % | |||||||||||||||
2,011 | 25 | $ | 14.93 | to | $ | 15.01 | $ | 369 | 0.28 | % | 0.65 | % | to | 0.85 | % | (4.42 | ) | % | to | (4.21 | ) | % | |||||||||||||
2,010 | 27 | $ | 15.62 | to | $ | 15.67 | $ | 424 | 0.19 | % | 0.65 | % | to | 0.85 | % | 19.24 | % | to | 19.53 | % | |||||||||||||||
SCHWAB MARKETTRACK GROWTH PORTFOLIO II | |||||||||||||||||||||||||||||||||||
2,014 | 36 | $ | 25.40 | to | $ | 13.93 | $ | 710 | 1.32 | % | 0.65 | % | to | 0.85 | % | 4.57 | % | to | 4.82 | % | |||||||||||||||
2,013 | 36 | $ | 24.29 | to | $ | 13.29 | $ | 721 | 1.71 | % | 0.65 | % | to | 0.85 | % | 22.55 | % | to | 22.71 | % | |||||||||||||||
2,012 | 39 | $ | 19.82 | to | $ | 10.83 | $ | 645 | 2.45 | % | 0.65 | % | to | 0.85 | % | 12.49 | % | to | 12.70 | % | |||||||||||||||
2,011 | 40 | $ | 17.62 | to | $ | 9.61 | $ | 606 | 1.69 | % | 0.65 | % | to | 0.85 | % | (1.84 | ) | % | to | (1.64 | ) | % | |||||||||||||
2,010 | 44 | $ | 17.95 | to | $ | 9.77 | $ | 655 | 2.46 | % | 0.65 | % | to | 0.85 | % | 12.64 | % | to | 12.95 | % | |||||||||||||||
(Continued)
VARIABLE ANNUITY-1 SERIES ACCOUNT OF | |||||||||||||||||||||||||||||||||||
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK | |||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | At December 31 | For the year or period ended December 31 | |||||||||||||||||||||||||||||||||
Units | Net Assets | Investment | Expense Ratio | ||||||||||||||||||||||||||||||||
INVESTMENT DIVISIONS | (000s) | Unit Fair Value | (000s) | Income Ratio | lowest to highest | Total Return | |||||||||||||||||||||||||||||
(a) | (b) | (a) | (b) | ||||||||||||||||||||||||||||||||
SCHWAB MONEY MARKET PORTFOLIO | |||||||||||||||||||||||||||||||||||
2,014 | 643 | $ | 12.75 | to | $ | 9.97 | $ | 7,488 | 0.01 | % | 0.49 | % | to | 0.85 | % | (0.78 | ) | % | to | (0.30 | ) | % | |||||||||||||
2,013 | 450 | $ | 12.85 | to | $ | 9.77 | $ | 5,259 | 0.01 | % | 0.65 | % | to | 0.85 | % | (0.85 | ) | % | to | (0.61 | ) | % | |||||||||||||
2,012 | 642 | $ | 12.96 | to | $ | 9.83 | $ | 7,702 | 0.01 | % | 0.65 | % | to | 0.85 | % | (0.84 | ) | % | to | (0.61 | ) | % | |||||||||||||
2,011 | 641 | $ | 13.07 | to | $ | 9.89 | $ | 8,035 | 0.01 | % | 0.65 | % | to | 0.85 | % | (0.83 | ) | % | to | (0.70 | ) | % | |||||||||||||
2,010 | 550 | $ | 13.18 | to | $ | 9.96 | $ | 6,620 | 0.01 | % | 0.65 | % | to | 0.85 | % | (0.81 | ) | % | to | (0.60 | ) | % | |||||||||||||
SCHWAB S&P 500 INDEX PORTFOLIO | |||||||||||||||||||||||||||||||||||
2,014 | 507 | $ | 27.99 | to | $ | 10.79 | $ | 11,667 | 1.48 | % | 0.65 | % | to | 0.85 | % | 12.45 | % | to | 7.90 | % | |||||||||||||||
2,013 | 488 | $ | 24.89 | to | $ | 14.28 | $ | 10,459 | 1.64 | % | 0.65 | % | to | 0.85 | % | 30.93 | % | to | 31.25 | % | |||||||||||||||
2,012 | 462 | $ | 19.01 | to | $ | 10.88 | $ | 7,801 | 1.66 | % | 0.65 | % | to | 0.85 | % | 14.73 | % | to | 14.89 | % | |||||||||||||||
2,011 | 440 | $ | 16.57 | to | $ | 9.47 | $ | 6,569 | 1.78 | % | 0.65 | % | to | 0.85 | % | 1.04 | % | to | 1.28 | % | |||||||||||||||
2,010 | 382 | $ | 16.40 | to | $ | 9.35 | $ | 6,029 | 1.96 | % | 0.65 | % | to | 0.85 | % | 13.72 | % | to | 13.89 | % | |||||||||||||||
SENTINEL VARIABLE PRODUCTS BOND FUND | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2009) | |||||||||||||||||||||||||||||||||||
2,014 | 74 | $ | 12.86 | to | $ | 13.01 | $ | 894 | 8.16 | % | 0.65 | % | to | 0.85 | % | 3.13 | % | to | 3.34 | % | |||||||||||||||
2,013 | 7 | $ | 12.47 | to | $ | 12.59 | $ | 88 | 1.81 | % | 0.65 | % | to | 0.85 | % | (1.19 | ) | % | to | (0.94 | ) | % | |||||||||||||
2,012 | 16 | $ | 12.62 | to | $ | 12.71 | $ | 213 | 2.87 | % | 0.65 | % | to | 0.85 | % | 5.61 | % | to | 5.83 | % | |||||||||||||||
2,011 | 13 | $ | 11.95 | to | $ | 12.01 | $ | 157 | 3.51 | % | 0.65 | % | to | 0.85 | % | 6.22 | % | to | 6.38 | % | |||||||||||||||
2,010 | 6 | $ | 11.25 | to | $ | 11.29 | $ | 74 | 4.19 | % | 0.65 | % | to | 0.85 | % | 6.42 | % | to | 6.61 | % | |||||||||||||||
SENTINEL VARIABLE PRODUCTS COMMON STOCK FUND | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2009) | |||||||||||||||||||||||||||||||||||
2,014 | 6 | $ | 23.93 | to | $ | 24.20 | $ | 144 | 1.00 | % | 0.65 | % | to | 0.85 | % | 9.42 | % | to | 9.60 | % | |||||||||||||||
2,013 | 16 | $ | 21.87 | to | $ | 22.08 | $ | 351 | 2.11 | % | 0.65 | % | to | 0.85 | % | 30.65 | % | to | 30.88 | % | |||||||||||||||
2,012 | 13 | $ | 16.74 | to | $ | 16.87 | $ | 208 | 1.75 | % | 0.65 | % | to | 0.85 | % | 14.11 | % | to | 14.37 | % | |||||||||||||||
2,011 | 13 | $ | 14.67 | to | $ | 14.75 | $ | 187 | 1.64 | % | 0.65 | % | to | 0.85 | % | 1.24 | % | to | 1.44 | % | |||||||||||||||
2,010 | 8 | $ | 14.49 | to | $ | 14.49 | $ | 112 | 2.31 | % | 0.85 | % | to | 0.85 | % | 14.97 | % | to | 14.97 | % | |||||||||||||||
(Continued)
VARIABLE ANNUITY-1 SERIES ACCOUNT OF | |||||||||||||||||||||||||||||||||||
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK | |||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | At December 31 | For the year or period ended December 31 | |||||||||||||||||||||||||||||||||
Units | Net Assets | Investment | Expense Ratio | ||||||||||||||||||||||||||||||||
INVESTMENT DIVISIONS | (000s) | Unit Fair Value | (000s) | Income Ratio | lowest to highest | Total Return | |||||||||||||||||||||||||||||
(a) | (b) | (a) | (b) | ||||||||||||||||||||||||||||||||
SENTINEL VARIABLE PRODUCTS SMALL COMPANY FUND | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2009) | |||||||||||||||||||||||||||||||||||
2,014 | 1 | $ | 24.68 | to | $ | 24.97 | $ | 36 | 0.24 | % | 0.65 | % | to | 0.85 | % | 5.74 | % | to | 5.98 | % | |||||||||||||||
2,013 | 4 | $ | 23.34 | to | $ | 23.56 | $ | 94 | 0.13 | % | 0.65 | % | to | 0.85 | % | 33.60 | % | to | 33.86 | % | |||||||||||||||
2,012 | 4 | $ | 17.60 | to | $ | 17.60 | $ | 66 | 0.45 | % | 0.65 | % | to | 0.65 | % | 10.69 | % | to | 10.69 | % | |||||||||||||||
2,011 | 4 | $ | 15.90 | to | $ | 15.90 | $ | 64 | 0.00 | % | 0.65 | % | to | 0.65 | % | 2.38 | % | to | 2.38 | % | |||||||||||||||
2,010 | 4 | $ | 15.48 | to | $ | 15.53 | $ | 61 | 0.05 | % | 0.65 | % | to | 0.85 | % | 22.66 | % | to | 22.96 | % | |||||||||||||||
T. ROWE PRICE HEALTH SCIENCES PORTFOLIO | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2014) | |||||||||||||||||||||||||||||||||||
2,014 | 6 | $ | 12.62 | to | $ | 12.23 | $ | 80 | 0.00 | % | 0.65 | % | to | 0.85 | % | 26.20 | % | to | 22.30 | % | |||||||||||||||
TEMPLETON FOREIGN VIP FUND | |||||||||||||||||||||||||||||||||||
(Effective date 04/30/2010) | |||||||||||||||||||||||||||||||||||
2,014 | 39 | $ | 12.06 | to | $ | 12.17 | $ | 474 | 1.97 | % | 0.65 | % | to | 0.85 | % | (11.84 | ) | % | to | (11.68 | ) | % | |||||||||||||
2,013 | 20 | $ | 13.68 | to | $ | 13.78 | $ | 278 | 2.36 | % | 0.65 | % | to | 0.85 | % | 21.93 | % | to | 22.16 | % | |||||||||||||||
2,012 | 8 | $ | 11.22 | to | $ | 11.28 | $ | 90 | 3.10 | % | 0.65 | % | to | 0.85 | % | 17.24 | % | to | 17.50 | % | |||||||||||||||
2,011 | 7 | $ | 9.60 | to | $ | 9.60 | $ | 64 | 1.54 | % | 0.65 | % | to | 0.65 | % | (11.28 | ) | % | to | (11.28 | ) | % | |||||||||||||
2,010 | 6 | $ | 10.80 | to | $ | 10.82 | $ | 63 | 1.66 | % | 0.65 | % | to | 0.85 | % | 8.00 | % | to | 8.20 | % | |||||||||||||||
TEMPLETON GLOBAL BOND VIP FUND | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2014) | |||||||||||||||||||||||||||||||||||
2,014 | 27 | $ | 10.03 | to | $ | 9.86 | $ | 267 | 1.92 | % | 0.65 | % | to | 0.85 | % | 0.30 | % | to | (1.40 | ) | % | ||||||||||||||
THIRD AVENUE VALUE PORTFOLIO | |||||||||||||||||||||||||||||||||||
2,014 | 9 | $ | 10.66 | to | $ | 11.43 | $ | 102 | 3.02 | % | 0.65 | % | to | 0.85 | % | 3.50 | % | to | 3.72 | % | |||||||||||||||
2,013 | 13 | $ | 10.30 | to | $ | 11.02 | $ | 149 | 3.48 | % | 0.65 | % | to | 0.85 | % | 17.98 | % | to | 18.24 | % | |||||||||||||||
2,012 | 23 | $ | 8.73 | to | $ | 9.32 | $ | 208 | 0.68 | % | 0.65 | % | to | 0.85 | % | 26.16 | % | to | 26.46 | % | |||||||||||||||
2,011 | 38 | $ | 6.92 | to | $ | 7.37 | $ | 278 | 1.77 | % | 0.65 | % | to | 0.85 | % | (21.90 | ) | % | to | (21.76 | ) | % | |||||||||||||
2,010 | 44 | $ | 8.86 | to | $ | 9.42 | $ | 408 | 3.86 | % | 0.65 | % | to | 0.85 | % | 13.06 | % | to | 13.22 | % | |||||||||||||||
(Continued)
VARIABLE ANNUITY-1 SERIES ACCOUNT OF | |||||||||||||||||||||||||||||||||||
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK | |||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | At December 31 | For the year or period ended December 31 | |||||||||||||||||||||||||||||||||
Units | Net Assets | Investment | Expense Ratio | ||||||||||||||||||||||||||||||||
INVESTMENT DIVISIONS | (000s) | Unit Fair Value | (000s) | Income Ratio | lowest to highest | Total Return | |||||||||||||||||||||||||||||
(a) | (b) | (a) | (b) | ||||||||||||||||||||||||||||||||
TOUCHSTONE VST MID CAP GROWTH FUND | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2009) | |||||||||||||||||||||||||||||||||||
2,014 | 7 | $ | 24.81 | to | $ | 25.09 | $ | 169 | 0.00 | % | 0.65 | % | to | 0.85 | % | 12.16 | % | to | 12.36 | % | |||||||||||||||
2,013 | 4 | $ | 22.12 | to | $ | 22.33 | $ | 87 | 0.00 | % | 0.65 | % | to | 0.85 | % | 33.66 | % | to | 33.95 | % | |||||||||||||||
2,012 | 3 | $ | 16.67 | to | $ | 16.67 | $ | 50 | 0.00 | % | 0.65 | % | to | 0.65 | % | 19.16 | % | to | 19.16 | % | |||||||||||||||
UNIVERSAL INSTITUTIONAL FUNDS U.S. REAL ESTATE PORTFOLIO | |||||||||||||||||||||||||||||||||||
2,014 | 23 | $ | 46.43 | to | $ | 46.43 | $ | 1,086 | 1.35 | % | 0.85 | % | to | 0.85 | % | 28.61 | % | to | 28.61 | % | |||||||||||||||
2,013 | 27 | $ | 36.10 | to | $ | 36.10 | $ | 991 | 1.06 | % | 0.85 | % | to | 0.85 | % | 1.21 | % | to | 1.21 | % | |||||||||||||||
2,012 | 31 | $ | 35.67 | to | $ | 35.67 | $ | 1,126 | 0.88 | % | 0.85 | % | to | 0.85 | % | 14.84 | % | to | 14.84 | % | |||||||||||||||
2,011 | 32 | $ | 31.06 | to | $ | 31.06 | $ | 1,014 | 0.87 | % | 0.85 | % | to | 0.85 | % | 5.04 | % | to | 5.04 | % | |||||||||||||||
2,010 | 35 | $ | 29.57 | to | $ | 29.57 | $ | 1,061 | 2.15 | % | 0.85 | % | to | 0.85 | % | 28.85 | % | to | 28.85 | % | |||||||||||||||
VAN ECK VIP GLOBAL HARD ASSETS FUND | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2009) | |||||||||||||||||||||||||||||||||||
2,014 | 27 | $ | 12.72 | to | $ | 12.86 | $ | 343 | 0.00 | % | 0.65 | % | to | 0.85 | % | (20.00 | ) | % | to | (19.88 | ) | % | |||||||||||||
2,013 | 24 | $ | 15.90 | to | $ | 16.05 | $ | 378 | 0.50 | % | 0.65 | % | to | 0.85 | % | 9.35 | % | to | 9.56 | % | |||||||||||||||
2,012 | 21 | $ | 14.54 | to | $ | 14.65 | $ | 305 | 0.66 | % | 0.65 | % | to | 0.85 | % | 2.25 | % | to | 2.45 | % | |||||||||||||||
2,011 | 18 | $ | 14.22 | to | $ | 14.30 | $ | 255 | 1.03 | % | 0.65 | % | to | 0.85 | % | (17.42 | ) | % | to | (17.25 | ) | % | |||||||||||||
2,010 | 15 | $ | 17.22 | to | $ | 17.28 | $ | 265 | 0.19 | % | 0.65 | % | to | 0.85 | % | 27.56 | % | to | 27.91 | % | |||||||||||||||
VAN ECK VIP UNCONSTRAINED EMERGING MARKETS BOND FUND | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2009) | |||||||||||||||||||||||||||||||||||
2,014 | 38 | $ | 11.74 | to | $ | 11.87 | $ | 452 | 6.06 | % | 0.65 | % | to | 0.85 | % | 1.29 | % | to | 1.45 | % | |||||||||||||||
2,013 | 57 | $ | 11.59 | to | $ | 11.70 | $ | 657 | 2.51 | % | 0.65 | % | to | 0.85 | % | (9.95 | ) | % | to | (9.72 | ) | % | |||||||||||||
2,012 | 67 | $ | 12.87 | to | $ | 12.96 | $ | 867 | 2.10 | % | 0.65 | % | to | 0.85 | % | 4.72 | % | to | 4.85 | % | |||||||||||||||
2,011 | 63 | $ | 12.29 | to | $ | 12.36 | $ | 776 | 6.97 | % | 0.65 | % | to | 0.85 | % | 7.15 | % | to | 7.48 | % | |||||||||||||||
2,010 | 53 | $ | 11.47 | to | $ | 11.50 | $ | 609 | 1.56 | % | 0.65 | % | to | 0.85 | % | 5.33 | % | to | 5.50 | % | |||||||||||||||
VANGUARD VIF MID-CAP INDEX PORTFOLIO | |||||||||||||||||||||||||||||||||||
(Effective date 05/29/2014) | |||||||||||||||||||||||||||||||||||
2,014 | 3 | $ | 10.81 | to | $ | 10.81 | $ | 28 | 0.00 | % | 0.69 | % | to | 0.69 | % | 8.10 | % | to | 8.10 | % | |||||||||||||||
(Continued)
VARIABLE ANNUITY-1 SERIES ACCOUNT OF | |||||||||||||||||||||||||||||||||||
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK | |||||||||||||||||||||||||||||||||||
FINANCIAL HIGHLIGHTS | At December 31 | For the year or period ended December 31 | |||||||||||||||||||||||||||||||||
Units | Net Assets | Investment | Expense Ratio | ||||||||||||||||||||||||||||||||
INVESTMENT DIVISIONS | (000s) | Unit Fair Value | (000s) | Income Ratio | lowest to highest | Total Return | |||||||||||||||||||||||||||||
(a) | (b) | (a) | (b) | ||||||||||||||||||||||||||||||||
VANGUARD VIF SMALL COMPANY GROWTH PORTFOLIO | |||||||||||||||||||||||||||||||||||
(Effective date 05/29/2014) | |||||||||||||||||||||||||||||||||||
2,014 | 3 | $ | 10.80 | to | $ | 10.80 | $ | 28 | 0.00 | % | 0.69 | % | to | 0.69 | % | 8.10 | % | to | 8.10 | % | |||||||||||||||
WELLS FARGO ADVANTAGE VT DISCOVERY FUND | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2008) | |||||||||||||||||||||||||||||||||||
2,014 | 3 | $ | 18.58 | to | $ | 18.83 | $ | 48 | 0.00 | % | 0.65 | % | to | 0.85 | % | (0.48 | ) | % | to | (0.26 | ) | % | |||||||||||||
2,013 | 3 | $ | 18.67 | to | $ | 18.88 | $ | 50 | 0.00 | % | 0.65 | % | to | 0.85 | % | 42.63 | % | to | 42.92 | % | |||||||||||||||
2,012 | 3 | $ | 13.09 | to | $ | 13.21 | $ | 44 | 0.00 | % | 0.65 | % | to | 0.85 | % | 16.67 | % | to | 16.90 | % | |||||||||||||||
2,011 | 3 | $ | 11.22 | to | $ | 11.30 | $ | 34 | 0.00 | % | 0.65 | % | to | 0.85 | % | (0.36 | ) | % | to | (0.18 | ) | % | |||||||||||||
2,010 | 4 | $ | 11.26 | to | $ | 11.32 | $ | 45 | 0.00 | % | 0.65 | % | to | 0.85 | % | 34.37 | % | to | 34.60 | % | |||||||||||||||
WELLS FARGO ADVANTAGE VT OMEGA GROWTH FUND | |||||||||||||||||||||||||||||||||||
(Effective date 05/01/2014) | |||||||||||||||||||||||||||||||||||
2,014 | 1 | $ | 10.82 | to | $ | 10.84 | $ | 16 | 0.00 | % | 0.65 | % | to | 0.85 | % | 8.20 | % | to | 8.40 | % | |||||||||||||||
WELLS FARGO ADVANTAGE VT OPPORTUNITY FUND | |||||||||||||||||||||||||||||||||||
2,014 | 5 | $ | 17.89 | to | $ | 16.52 | $ | 109 | 0.06 | % | 0.65 | % | to | 0.85 | % | 9.49 | % | to | 9.77 | % | |||||||||||||||
2,013 | 6 | $ | 16.34 | to | $ | 15.05 | $ | 112 | 0.19 | % | 0.65 | % | to | 0.85 | % | 29.58 | % | to | 29.74 | % | |||||||||||||||
2,012 | 10 | $ | 12.61 | to | $ | 11.60 | $ | 136 | 0.08 | % | 0.65 | % | to | 0.85 | % | 14.53 | % | to | 14.85 | % | |||||||||||||||
2,011 | 17 | $ | 11.01 | to | $ | 10.10 | $ | 201 | 0.14 | % | 0.65 | % | to | 0.85 | % | (6.30 | ) | % | to | (6.13 | ) | % | |||||||||||||
2,010 | 17 | $ | 11.75 | to | $ | 10.76 | $ | 211 | 0.78 | % | 0.65 | % | to | 0.85 | % | 22.69 | % | to | 22.97 | % | |||||||||||||||
WELLS FARGO ADVANTAGE VT SMALL CAP VALUE FUND | |||||||||||||||||||||||||||||||||||
2,014 | 9 | $ | 18.74 | to | $ | 18.74 | $ | 170 | 0.37 | % | 0.85 | % | to | 0.85 | % | 3.59 | % | to | 3.59 | % | |||||||||||||||
2,013 | 12 | $ | 18.09 | to | $ | 18.09 | $ | 217 | 0.70 | % | 0.85 | % | to | 0.85 | % | 13.77 | % | to | 13.77 | % | |||||||||||||||
2,012 | 12 | $ | 15.90 | to | $ | 15.90 | $ | 197 | 0.85 | % | 0.85 | % | to | 0.85 | % | 13.01 | % | to | 13.01 | % | |||||||||||||||
2,011 | 13 | $ | 14.07 | to | $ | 14.07 | $ | 177 | 0.67 | % | 0.85 | % | to | 0.85 | % | (8.04 | ) | % | to | (8.04 | ) | % | |||||||||||||
2,010 | 13 | $ | 15.30 | to | $ | 15.30 | $ | 194 | 1.48 | % | 0.85 | % | to | 0.85 | % | 16.26 | % | to | 16.26 | % | |||||||||||||||
* The Investment Division has units that round to less than 1,000 units. | |||||||||||||||||||||||||||||||||||
(a) The amounts in these columns are associated with the highest Expense Ratio. | |||||||||||||||||||||||||||||||||||
(b) The amounts in these columns are associated with the lowest Expense Ratio. | |||||||||||||||||||||||||||||||||||
(Concluded)
PART C
OTHER INFORMATION
Item 24. Financial Statements and Exhibits
(a) | Financial Statements |
The balance sheets of Great-West Life & Annuity Insurance Company of New York ("GWL&A NY") and subsidiaries as of December 31, 2014 and 2013, and the related statements of income, stockholder's equity and cash flows for each of the three years in the period ended December 31, 2014, and the statements of assets and liabilities of each of the investment divisions which comprise Variable Annuity-1 Series Account of GWL&A NY (the "Series Account") as of December 31, 2014, and the related statements of operations, and changes in net assets and the financial highlights for each of the periods presented, are filed herewith.
(b) | Exhibits |
(1) | Certified copy of resolution of Board of Directors of GWL&A NY establishing Registrant is incorporated by reference to Registrant’s initial Registration Statement on Form N-4 filed on April 16, 1997 (File No. 333-25289). |
(2) | Not applicable. |
(3) | Underwriting Agreement between Depositor and GWFS Equities, Inc. (formerly, BenefitsCorp Equities, Inc.) is incorporated by reference to Registrant’s Post-Effective Amendment No. 9 to the Registration Statement on Form N-4 filed on April 25, 2003 (File No. 333-25289). |
(4)(a) | Form of variable annuity contract is incorporated by reference to Registrant's initial Registration Statement on Form N-4 filed on February 24, 2014 (File No. 333-194100). |
(4)(b) | Form of Rider is incorporated by reference to Registrant's initial Registration Statement on Form N-4 filed on February 24, 2014 (File No. 333-194100). |
(4)(c) | Form of Individual Retirement Annuity Endorsement is incorporated by reference to Registrant's initial Registration Statement on Form N-4 filed on February 24, 2014 (File No. 333-194100). |
(4)(d) | Form of Roth Individual Retirement Annuity Endorsement is incorporated by reference to Registrant's initial Registration Statement on Form N-4 filed on February 24, 2014 (File No. 333-194100). |
(4)(e) | Form of Contract Amendment SCH-AMENDNY is filed herewith. |
(5)(a) | Form of application is incorporated by reference to Registrant's initial Registration Statement on Form N-4 filed on February 24, 2014 (File No. 333-194100). |
(6)(a) | The Charter of Depositor is incorporated by reference to Registrant’s initial Registration Statement on Form N-4 filed on January 3, 2006 (File No. 333-130820). |
(6)(b) | The By-Laws of Depositor is incorporated by reference to Registrant’s initial Registration Statement on Form N-4 filed on January 3, 2006 (File No. 333-130820). |
(7) | Not applicable. |
(8)(a) | Participation Agreement with AIM Variable Insurance Fund (formerly INVESCO Variable Investment Funds, Inc.) is incorporated by reference to Registrant's Initial Registration Statement on Form N-4 filed on April 16, 1997 (File No. 333-25289); amendment to Participation Agreement with AIM Variable Insurance Fund is incorporated by reference to Registrant’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4 filed on April 24, 2008 (File No. 333-147743). |
(8)(b) | Participation Agreement with Alger American Fund is incorporated by reference to Registrant’s Initial Registration Statement on Form N-4 filed on April 16, 1997 (File No. 333-25289); amendment to Participation Agreement with Alger American Fund is incorporated by reference to |
Registrant’s Post-Effective Amendment No. 7 to the Registration Statement on Form N-4 filed on April 15, 2002 (File No. 333-25289); amendment to Participation Agreement is incorporated by reference to Variable Annuity-2 Series Account’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4 filed on December 21, 2011 (File No. 333-177070).
(8)(c) | Participation Agreement with Alliance Bernstein Variable Products Series Fund, Inc. is incorporated by reference to Registrant's Post-Effective Amendment No. 12 to the Registration Statement on Form N-4 filed on March 31, 2004 (File No. 333-25289); form of amendment to Participation Agreement with Alliance Bernstein Variable Products Series Fund, Inc. is incorporated by reference to the Registrant's Post-Effective Amendment No. 15 to the Registration Statement, filed on April 29, 2005 (File No. 333-25289); amendment to Participation Agreement with Alliance Bernstein Variable Products Series Fund, Inc. is incorporated by reference to Registrant’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4 filed on April 24, 2008 (File No. 333-147743). |
(8)(d) | Participation Agreement with American Century Variable Portfolios (formerly, TCI Portfolios, Inc.) is incorporated by reference to Registrant's Initial Registration Statement on Form N-4 filed on April 16, 1997 (File No. 333-25289); amendment to Participation Agreement with American Century Variable Portfolios is incorporated by reference to Registrant's Post-Effective Amendment No. 7 to the Registration Statement on Form N-4 filed on April 15, 2002 (File No. 333-25289); amendment to Participation Agreement with American Century Variable Portfolios is incorporated by reference to Registrant’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4 filed on April 24, 2008 (File No. 333-147743); amendment to Participation Agreement with American Century Variable Portfolios is incorporated by reference to Registrant’s Post-Effective Amendment No. 4 to the Registration Statement on Form N-4 filed on April 16, 2010 (File No. 333-147743). |
(8)(e) | Participation Agreement with Blackrock Variable Series Funds dated April 1, 2014 is filed herewith. |
(8)(f) | Participation Agreement with Delaware VIP Trust is incorporated by reference to Registrant's Post-Effective Amendment No. 12 to the Registration Statement on Form N-4 filed on March 31, 2004 (File No. 333-25289); form of amendment to Participation Agreement with Delaware VIP Trust is incorporated by reference to the Registrant's Post-Effective Amendment No. 15 to the Registration Statement, filed on April 29, 2005 (File No. 333-25289); amendment to Participation Agreement with Delaware VIP Trust is incorporated by reference to Registrant’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4 filed on April 24, 2008 (File No. 333-147743); amendment to Participation Agreement is incorporated by reference to Variable Annuity-2 Series Account’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4 filed on December 21, 2011 (File No. 333-177070). |
(8)(g) | Participation Agreement with DFA Investment Dimensions Group Inc. dated April 9, 2014 is filed herewith. |
(8)(h) | Participation Agreement with Dreyfus Variable Investment Fund is incorporated by reference to Registrant's Post-Effective Amendment No. 9 to the Registration Statement on Form N-4 filed on April 25, 2003 (File No. 333-25289); amendment to Participation Agreement with Dreyfus Variable Investment Fund is incorporated by reference to Registrant’s Pre-Effective Amendment to the Registration Statement on Form N-4 filed on April 24, 2008 (File No. 333-147743); amendment to Participation Agreement with Dreyfus Variable Investment Fund is incorporated by reference to Registrant’s Post-Effective Amendment No. 4 to the Registration Statement on Form N-4 filed on April 16, 2010 (File No. 333-147743). |
(8)(i) | Participation Agreement with DWS Variable Series II (formerly, Scudder Variable Life Investment Fund) is incorporated by reference to Registrant's Post-Effective Amendment No. 9 to the Registration Statement on Form N-4 filed on April 25, 2003 (File No. 333-25289); form of amendment to Participation Agreement is incorporated by reference to the Registrant's Post-Effective Amendment No. 15 to the Registration Statement, filed on April 29, 2005 (File No. 333-25289); amendment to Participation Agreement with DWS Variable Series II is incorporated by |
reference to Registrant’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4 filed on April 24, 2008 (File No. 333-147743).
(8)(j) | Participation Agreement with Federated Insurance Series is incorporated by reference to Registrant's Initial Registration Statement on Form N-4 filed on April 16, 1997 (File No. 333-25289). |
(8)(k) | Participation Agreement with Franklin Templeton Variable Insurance Products Trust is incorporated by reference to Registrant’s amended Registration Statement on Form N-4 filed on April 24, 2008 (File No. 333-147743); amendments to Participation Agreement with Franklin Templeton Variable Insurance Products Trust are incorporated by reference to Registrant’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4 filed on April 24, 2008 (File No. 333-147743). |
(8)(l) | Participation Agreement with Great-West Funds, Inc. is filed herewith. |
(8)(m) | Participation Agreement with Janus Aspen Series (Institutional Class Shares) is incorporated by reference to Registrant's Initial Registration Statement on Form N-4 filed on April 16, 1997 (File No. 333-25289); amendment to Participation Agreement with Janus Aspen Series is incorporated by reference to Registrant’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4 filed on April 24, 2008 (File No. 333-147743); amendment to Participation Agreement with Janus Aspen Series is incorporated by reference to Registrant’s Post-Effective Amendment No. 1 on Form N-4 filed on April 21, 2009 (File No. 333-147743); amendment to Participation Agreement is incorporated by reference to Variable Annuity-2 Series Account’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4 filed on December 21, 2011 (File No. 333-177070). |
(8)(n) | Participation Agreement with Baron Capital Fund Trust (now known as Lincoln Variable Insurance Products Trust) (with respect to Capital Asset Fund) is incorporated by reference to Registrant’s Post-Effective Amendment No. 9 to the Registration Statement on Form N-4 filed on April 25, 2003 (File No. 333-25289). Participation Agreement with Lincoln Variable Insurance Products Trust is incorporated by reference to Registrant’s Post-Effective Amendment No. 1 on Form N-4 filed on April 21, 2009 (File No. 333-147743). |
(8)(o) | Participation Agreement with Nationwide Variable Insurance Trust (formerly Gartmore Variable Insurance Trust) is incorporated by reference to Registrant's Post-Effective Amendment No. 12 to the Registration Statement on Form N-4 filed on March 31, 2004 (File No. 333-25289); amendment to Participation Agreement with Nationwide Variable Insurance Trust is incorporated by reference to Registrant’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4 filed on April 24, 2008 (File No. 333-147743). |
(8)(p) | Participation Agreement with Neuberger Berman Advisers Management Trust is incorporated by reference to Registrant’s Post-Effective Amendment No. 1 to the Registration Statement on N-4 filed on April 27, 2006 (File No. 333-130820); amendment to Participation Agreement with Neuberger Berman Adviser Management Trust is incorporated by reference to Registrant’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4 filed on April 24, 2008 (File No. 333-147743). |
(8)(q) | Participation Agreement with Oppenheimer Variable Account Funds is incorporated by reference to Registrant's Post-Effective Amendment No. 12 to the Registration Statement on Form N-4 filed on March 31, 2004 (File No. 333-25289); form of amendment to Participation Agreement with Oppenheimer Variable Account Funds is incorporated by reference to the Registrant's Post-Effective Amendment No. 15 to the Registration Statement, filed on April 29, 2005 (File No. 333-25289). |
(8)(r) | Participation Agreement with PIMCO Variable Insurance Trust is incorporated by reference to Registrant's Post-Effective Amendment No. 12 to the Registration Statement on Form N-4 filed on March 31, 2004 (File No. 333-25289); form of amendment to Participation Agreement with PIMCO Variable Insurance Trust is incorporated by reference to the Registrant's Post-Effective Amendment No. 15 to the Registration Statement, filed on April 29, 2005 (File No. 333-25289); amendment to Participation Agreement with PIMCO Variable Insurance Trust is incorporated by reference to Registrant’s Pre-Effective Amendment No. 1 to the Registration Statement on Form |
N-4 filed on April 24, 2008 (File No. 333-147743); amendment to Participation Agreement is incorporated by reference to Variable Annuity-2 Series Account’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4 filed on December 21, 2011 (File No. 333-177070).
(8)(s) | Participation Agreement with Pioneer Variable Contracts Trust (formerly, SAFECO Resource Trust) is incorporated by reference to Registrant's Initial Registration Statement on Form N-4 filed on April 16, 1997 (File No. 333-25289) amendment to Participation Agreement with Pioneer Variable Contracts Trust is incorporated by reference to Registrant’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4 filed on April 24, 2008 (File No. 333-147743). |
(8)(t) | Participation Agreement with Schwab Annuity Portfolios is incorporated by reference to Registrant's Initial Registration Statement on Form N-4 filed on April 16, 1997 (File No. 333-25289); amendment to Participation Agreement with Schwab Annuity Portfolios is incorporated by reference to Registrant's Post-Effective Amendment No. 7 to the Registration Statement on Form N-4 filed on April 15, 2002 (File No. 333-25289); amendment to Participation Agreement with Schwab Annuity Portfolios is incorporated by reference to Registrant’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4 filed on April 24, 2008 (File No. 333-147743). |
(8)(u) | Participation Agreement with Seligman Portfolios, Inc. is incorporated by reference to Registrant’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4 filed on April 24, 2008 (File No. 333-147743). |
(8)(v) | Participation Agreement with Third Avenue Value Portfolio is incorporated by reference to Registrant’s Post-Effective Amendment No. 1 to the Registration Statement on N-4 filed on April 27, 2006 (File No. 333-130820); form of amendment to Participation Agreement with Third Avenue Value Portfolio is incorporated by reference to Registrant’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4 filed on April 24, 2008 (File No. 333-147743). |
(8)(w) | Participation Agreement with Van Kampen Life Investments Trust is incorporated by reference to Registrant’s initial Registration Statement on Form N-4 filed on January 3, 2006 (File No. 333-130820); amendment to Participation Agreement with Van Kampen Life Investments Trust is incorporated by reference to Registrant’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4 filed on April 24, 2008 (File No. 333-147743). |
(8)(x) | Participation Ageement with Vanguard Variable Insurance Fund dated April 15, 2014 is filed herewith. |
(8)(y) | Participation Agreement with Wells Fargo Variable Trust is incorporated by reference to Registrant’s initial Registration Statement on Form N-4 filed on November 30, 2007 (File No. 333-147743). |
(8)(z) | Participation Agreement with MFS Variable Insurance Trust is incorporated by reference to Post-Effective Amendment No. 39 to the Registration Statement filed by FutureFunds Series Account on Form N-4 on May 27, 2008 (File No. 811-03972). Amended and Restated Participation Agreement with MFS Variable Insurance Trust and MFS Variable Insurance Trust II is incorporated by reference to Post-Effective Amendment No. 43 to the Registration Statement filed by Variable Annuity-1 Series Account on Form N-4 on April 16, 2010 (File No. 811-07549). |
(8)(aa) | Participation Agreement with Prudential Series Fund is incorporated by reference to Registrant's Initial Registration Statement on Form N-4 filed on April 16, 1997 (File No. 333-25289); amendment to Participation Agreement with Prudential Series Fund is incorporated by reference to Registrant’s Post-Effective Amendment No. 4 to the Registration Statement on Form N-4 filed on April 16, 2010 (File No. 333-147743). |
(8)(ab) | Participation Agreement with Van Eck Worldwide Insurance Trust is incorporated by reference to Registrant’s Post-Effective Amendment No. 1 on Form N-4 filed on April 21, 2009 (File No. 333-147743); amendment to Participation Agreement with Van Eck Worldwide Insurance Trust is incorporated by reference to Registrant’s Post-Effective Amendment No. 4 to the Registration Statement on Form N-4 filed on April 16, 2010 (File No. 333-147743). |
(8)(ac) | Participation Agreement with Columbia Funds Variable Insurance Trust is incorporated by reference to Post-Effective Amendment No. 43 to the Registration Statement filed by Variable Annuity-1 Series Account on Form N-4 on April 16, 2010 (File No. 811-07549); Participation Agreement with Columbia Funds Variable Insurance Trust I is incorporated by reference to Post-Effective Amendment No. 43 to the Registration Statement filed by Variable Annuity-1 Series Account on Form N-4 on April 16, 2010 (File No. 811-07549). |
(8)(ad) | Participation Agreement with JPMorgan Insurance Trust is incorporated by reference to Post-Effective Amendment No. 43 to the Registration Statement filed by Variable Annuity-1 Series Account on Form N-4 on April 16, 2010 (File No. 811-07549). |
(8)(ae) | Participation Agreement with Lazard Retirement Series is incorporated by reference to Post-Effective Amendment No. 43 to the Registration Statement filed by Variable Annuity-1 Series Account on Form N-4 on April 16, 2010 (File No. 811-07549). Amendment to Participation Agreement with PIMCO is incorporated by reference to Variable Annuity-2 Series Account’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4, filed December 19, 2011 (File No. 333-176926). |
(8)(bb) | Participation Agreement with Sentinel Variable Products Trust is incorporated by reference to Post-Effective Amendment No. 43 to the Registration Statement filed by Variable Annuity-1 Series Account on Form N-4 on April 16, 2010 (File No. 811-07549). |
(8)(cc) | Participation Agreement with Touchstone Variable Series Trust is incorporated by reference to Post-Effective Amendment No. 43 to the Registration Statement filed by Variable Annuity-1 Series Account on Form N-4 on April 16, 2010 (File No. 811-07549). |
(8)(dd) | Form of SEC Rule 22c-2 Shareholder Information Amendment is incorporated by reference to Registrant’s initial Registration Statement on Form N-4 filed on November 30, 2007 (File No. 333-147743). |
(8)(ee) | Form of Participation Agreement with Putnam Variable Trust and amendment thereto is incorporated by reference to Variable Annuity-2 Series Account’s Pre-Effective Amendment No. 1 to the Registration Statement on Form N-4, filed December 30, 2011 (File No. 333-176926). |
(9) | Opinion of counsel and consent is incorporated by reference to the Registrant's Pre-Effective Amendment No. 1 to the Registration Statement, filed on May 22, 2014 (File No. 333-194100). |
(10)(a) | Written Consent of Carlton Fields Jorden Burt, P.A. is filed herewith. |
(10)(b) | Written Consents of Deloitte & Touche LLP are filed herewith. |
(11) | Not Applicable. |
(12) | Not Applicable. |
(13) | Powers of Attorney for Ms. Alazraki, and Messrs. Bernbach, A. Desmarais, P. Desmarais, Jr., Katz, Orr, Ryan, Jr., Selitto and Walsh are filed herewith. |
Item 25. Directors and Officers of the Depositor
Name | Principal Business Address | Positions and Offices with Depositor |
R.J. Orr | Power Corporation of Canada 751 Victoria Square, Montreal, Quebec, Canada H2Y 2J3 | Chairman of the Board and Director |
L.J. Mannello | 8515 E. Orchard Road Greenwood Village, CO 80111 | President and Chief Executive Officer |
E.F. Murphy | 8515 E. Orchard Road Greenwood Village, CO 80111 | President, Retirement Services |
D.L. Musto | 8515 E. Orchard Road Greenwood Village, CO 80111 | Executive Vice President, Retirement Services |
C.P. Nelson | 8515 E. Orchard Road Greenwood Village, CO 80111 | Executive Vice President, Retirement Services |
R.K. Shaw | 8515 E. Orchard Road Greenwood Village, CO 80111 | Executive Vice President, Individual Markets |
W.S. Harmon | 8515 E. Orchard Road Greenwood Village, CO 80111 | Senior Vice President, 401(k) Standard Markets |
R.J. Laeyendecker | 8515 E. Orchard Road Greenwood Village, CO 80111 | Senior Vice President, Executive Benefits Markets |
E. Friesen | 8515 E. Orchard Road Greenwood Village, CO 80111 | Chief Investment Officer, General Account |
D.G. McLeod | 8515 E. Orchard Road Greenwood Village, CO 80111 | Senior Vice President, Product Management |
R.G. Schultz | 8525 E. Orchard Road Greenwood Village, CO 80111 | Senior Vice President, General Counsel and Secretary |
D.C. Aspinwall | 8515 E. Orchard Road Greenwood Village, CO 80111 | Chief Operational Risk Officer and Chief Litigation Counsel |
B.A. Byrne | 8525 E. Orchard Road Greenwood Village, CO 80111 | Senior Vice President, Legal and Chief Compliance Officer |
M. D. Alazraki | Manatt, Phelps & Phillips, LLP 7 Times Square, 23rd Floor New York, NY 10036 | Director |
J. L. Bernbach | EngineUSA 460 Park Avenue South, 7th Floor New York, NY 10016 | Director |
A. Desmarais | Power Corporation of Canada 751 Victoria Square, Montreal, Quebec, Canada H2Y 2J3 | Director |
P. Desmarais, Jr. | Power Corporation of Canada 751 Victoria Square, Montreal, Quebec, Canada H2Y 2J3 | Director |
S. Z. Katz | Fried, Frank, Harris, Shriver & Jacobson One New York Plaza New York, NY 10004 | Director |
T.T. Ryan, Jr. | JP Morgan Chase 270 Park Avenue, Floor 47 New York, NY 10017 | Director |
J. Selitto | 437 West Chestnut Hill Avenue Philadelphia, PA 19118 | Director |
B. E. Walsh | Saguenay Capital, LLC Two Manhattanville Rd, #403 Purchase, NY 10577 | Director |
Item 26. <u>Persons controlled by or under common control with the Depositor or Registrant as of 12/31/14
</u>
The Registrant is a separate account of Great-West Life & Annuity Insurance Company of New York, a stock life insurance company incorporated under the laws of the State of New York (“Depositor”). The Depositor is an indirect subsidiary of Power Corporation of Canada. An organizational chart for Power Corporation of Canada is set forth below.
Organizational Chart – December 31, 2014
I. OWNERSHIP OF POWER CORPORATION OF CANADA
The following sets out the ownership, based on votes attached to the outstanding voting shares, of Power Corporation of Canada:
The Desmarais Family Residuary Trust
99.999% - Pansolo Holding Inc.
100% - 3876357 Canada Inc.
32% - Nordex Inc. (68% also owned directly by the Desmarais Family Residuary Trust)
94.9% - Gelco Enterprises Ltd. (5.1% also owned directly by the Desmarais Family Residuary Trust)
53.52% - Power Corporation of Canada
The total voting rights of Power Corporation of Canada (PCC) controlled directly and indirectly by the Desmarais Family Residuary Trust are as follows. There are issued and outstanding as of December 31, 2014 412,637,391 Subordinate Voting Shares (SVS) of PCC carrying one vote per share and 48,854,772 Participating Preferred Shares (PPS) carrying 10 votes per share; hence the total voting rights are 901,185,511.
Pansolo Holding Inc. owns directly 7,677,312 SVS and 367,692 PPS, entitling Pansolo Holding Inc. directly to an aggregate percentage of voting rights of 11,354,232 or 1.26% of the total voting rights attached to the shares of PCC. Pansolo Holding Inc. wholly owns 3876357 Canada Inc., which owns 40,686,080 SVS representing 4.51% of the aggregate voting rights of PCC.
Gelco Enterprises Ltd owns directly 48,235,700 PPS, representing 53.52% of the aggregate voting rights of PCC (PPS (10 votes) and SVS (1 vote)). Hence, the total voting rights of PCC under the direct and indirect control of the Desmarais Family Residuary Trust is approximately 59.30%; note that this is not the equity percentage.
II. | OWNERSHIP BY POWER CORPORATION OF CANADA |
Power Corporation of Canada has a 10% or greater voting interest in the following entities:
A. Great-West Life & Annuity Insurance Company Group of Companies (U.S. insurance)
Power Corporation of Canada
100.0% - 171263 Canada Inc.
65.73% - Power Financial Corporation
67.18% - Great-West Lifeco Inc.
100.0% - Great-West Financial (Canada) Inc.
100.0% - Great-West Financial (Nova Scotia) Co.
100.0% - Great-West Lifeco U.S. Inc.
100.0% - Great-West Services Singapore I Private Limited
100.0% - Great-West Services Singapore II Private Limited
99.0% - Great West Global Business Services India Private Limited
1.0% - Great West Global Business Services India Private Limited
100.0% - GWL&A Financial Inc.
60.0% - Great-West Life & Annuity Insurance Capital (Nova Scotia) Co.
40.0% - Great-West Life & Annuity Insurance Capital, LLC
60.0% - Great-West Life & Annuity Insurance Capital (Nova Scotia) Co. II
40.0% - Great-West Life & Annuity Insurance Capital, LLC II
60.0% - Great-West Life & Annuity Insurance Capital, LLC
60.0% - Great-West Life & Annuity Insurance Capital, LLC II
100.0% - Great-West Life & Annuity Insurance Company
100.0% - Great-West Life & Annuity Insurance Company of New York
100.0% - Advised Assets Group, LLC
100.0% - GWFS Equities, Inc.
100.0% - Great-West Life & Annuity Insurance Company of South Carolina
100.0% - Emjay Corporation
100.0% - FASCore, LLC
50.0% - Westkin Properties Ltd.
65.58% - Great-West Funds, Inc.
100.0% - Great-West Capital Management, LLC
100.0% - Great-West Trust Company, LLC
100.0% - Lottery Receivables Company One LLC
100.0% - LR Company II, L.L.C.
100.0% - Singer Collateral Trust IV
100.0% - Singer Collateral Trust V
100.0% - Great-West Financial Retirement Plan Services, LLC
100.0% - Empower Securities, LLC
B. Putnam Investments Group of Companies (Mutual Funds)
Power Corporation of Canada
100.0% - 171263 Canada Inc.
65.73% - Power Financial Corporation
67.18% - Great-West Lifeco Inc.
100.0% - Great-West Financial (Canada) Inc.
100.0% - Great-West Financial (Nova Scotia) Co.
100% - Great-West Lifeco U.S. Inc.
99.0% - Great-West Lifeco U.S. Holdings, L.P.
100.0% - Great-West Lifeco U.S. Holdings, LLC
1.0% - Great-West Lifeco U.S. Holdings, L.P.
95.23% - Putnam Investments, LLC
100.0% - Putnam Acquisition Financing Inc.
100.0% - Putnam Acquisition Financing LLC
100.0% - Putnam Holdings, LLC
100.0% - Putnam U.S. Holdings I, LLC
100.0% - Putnam Investment Management, LLC
100.0% - Putnam Fiduciary Trust Company (NH)
100.0% - Putnam Investor Services, Inc.
100.0% - Putnam Retail Management GP, Inc.
99.0% - Putnam Retail Management Limited Partnership (1% owned by Putnam Retail Management GP, Inc.)
100.0% - PanAgora Holdings Inc.
80.0% - PanAgora Asset Management, Inc.
100.0% - Putnam GP Inc.
99.0% - TH Lee Putnam Equity Managers LP (1% owned by Putnam GP Inc.)
100.0% - Putnam Investment Holdings, LLC
100.0% - Savings Investments, LLC
100.0% - Putnam Capital, LLC
100.0% - The Putnam Advisory Company, LLC
100.0% - Putnam Advisory Holdings LLC
100.0% - Putnam Investments Canada LLC
100.0% - Putnam Investments (Ireland) Limited
100.0% - Putnam Investments Australia Pty Limited
100.0% - Putnam Investments Securities Co., Ltd.
100.0% - Putnam International Distributors, Ltd.
100.0% - Putnam Investments Argentina S.A.
100.0% - Putnam Investments Limited
C. The Great-West Life Assurance Company Group of Companies (Canadian insurance)
Power Corporation of Canada
100.0% - 171263 Canada Inc.
65.73% - Power Financial Corporation
67.18% - Great-West Lifeco Inc.
100.0% - 2142540 Ontario Inc.
100.0% - Great-West Lifeco Finance (Delaware) LP
100.0% - Great-West Lifeco Finance (Delaware) LLC
100.0% - 2023308 Ontario Inc.
100.0% - Great-West Life & Annuity Insurance Capital, LP
40.0% - Great-West Life & Annuity Insurance Capital (Nova Scotia) Co.
40.0% - Great-West Life & Annuity Insurance Capital, LLC
100.0% - Great-West Life & Annuity Insurance Capital, LP II
40.0% - Great-West Life & Annuity Insurance Capital (Nova Scotia) Co. II
40.0% - Great-West Life & Annuity Insurance Capital, LLC II
100.0% - 2171866 Ontario Inc
100.0% - Great-West Lifeco Finance (Delaware) LP II
100.0% - Great-West Lifeco Finance (Delaware) LLC II
100.0% - 2023310 Ontario Inc.
100.0% - 2023311 Ontario Inc.
100.0% - 6109756 Canada Inc.
100.0% - 6922023 Canada Inc.
100.0% - 8563993 Canada Inc.
100.0% - The Great-West Life Assurance Company
71.4% - GWL THL Private Equity I Inc. (28.6% owned by The Canada Life Assurance Company)
100.0% - GWL THL Private Equity II Inc.
100.0% - Great-West Investors Holdco Inc.
100.0% - Great-West Investors LLC
100.0% - Great-West Investors LP Inc.
100.0% - Great-West Investors GP Inc.
100.0% - Great-West Investors LP
100.0% - T.H. Lee Interests
100.0% - GWL Realty Advisors Inc.
100.0% - GWL Realty Advisors U.S., Inc.
100.0% - RA Real Estate Inc.
0.1% - RMA Real Estate LP
100.0% - Vertica Resident Services Inc.
100.0% - 2278372 Ontario Inc. (0.0001% interest in NF Real Estate Limited Partnership)
100.0% - GLC Asset Management Group Ltd.
100.0% - 801611 Ontario Limited
100.0% - 118050 Canada Inc.
100.0% - 1213763 Ontario Inc.
99.9% - Riverside II Limited Partnership
70.0% - Kings Cross Shopping Centre Ltd.
100.0% - 681348 Alberta Ltd.
100.0% - The Owner: Condominium Plan No 8510578
50.0% - 3352200 Canada Inc.
100.0% - 1420731 Ontario Limited
100.0% - 1455250 Ontario Limited
100.0% - CGWLL Inc.
65.0% - The Walmer Road Limited Partnership
50.0% - Laurier House Apartments Limited
100.0% - 2024071 Ontario Limited
100.0% - 431687 Ontario Limited
0.1% - Riverside II Limited Partnership
100.0% - High Park Bayview Inc.
75.0% - High Park Bayview Limited Partnership
5.6% - MAM Holdings Inc. (94.4% owned by The Canada Life Insurance Company of Canada)
100.0% - 647679 B.C. Ltd.
70.0% - TGS North American Real Estate Investment Trust
100.0% - TGS Trust
70.0% - RMA Investment Company (Formerly TGS Investment Company)
100.0% - RMA Property Management Ltd. (Formerly TGS REIT Property Management Ltd.)
100.0% - RMA Property Management 2004 Ltd. (Formerly TGS REIT Property Management 2004 Ltd.)
100.0% - RMA Realty Holdings Corporation Ltd. (Formerly TGS Realty Holdings Corporation Ltd.)
100.0% - RMA (U.S.) Realty LLC (Delaware) [(special shares held by each of 1218023 Alberta Ltd. (50%) and 1214931 Alberta Ltd. (50%)]
100.0% - RMA American Realty Corp.
1% - RMA American Realty Limited Partnership [(99% owned by RMA (U.S.) Realty LLC (Delaware)]
99.0% - RMA American Realty Limited Partnership (1% owned by RMA American Realty Corp.)
100.0% - 1218023 Alberta Ltd.
50% - special shares in RMA (U.S.) Realty LLC (Delaware)
100.0% - 1214931 Alberta Ltd.
50% - special shares in RMA (U.S.) Realty LLC (Delaware)
70.0% - RMA Real Estate LP
100.0% - RMA Properties Ltd. (Formerly TGS REIT Properties Ltd.)
100.0% - S-8025 Holdings Ltd.
100.0% - RMA Properties (Riverside) Ltd. (Formerly TGS REIT Properties (Riverside) Ltd.
70.0% - KS Village (Millstream) Inc.
70.0% - 0726861 B.C. Ltd.
70.0% - Trop Beau Developments Limited
70.0% - Kelowna Central Park Properties Ltd.
70.0% - Kelowna Central Park Phase II Properties Ltd.
40.0% - PVS Preferred Vision Services
12.5% - Vaudreuil Shopping Centres Limited
70.0% - Saskatoon West Shopping Centres Limited
12.5% - 2331777 Ontario Ltd.
12.5% - 2344701 Ontario Ltd.
12.5% - 2356720 Ontario Ltd.
12.5% - 0977221 B.C. Ltd.
100.0% - TMI Systems, Inc.
51.0% - Plandirect Insurance Services Inc.
100.0% - London Insurance Group Inc.
100.0% - Trivest Insurance Network Limited
100.0% - London Life Insurance Company
100.0% - 1542775 Alberta Ltd.
100.0% - 0813212 B.C. Ltd.
30.0% - Kings Cross Shopping Centre Ltd.
30.0% - 0726861 B.C. Ltd.
30.0% - TGS North American Real Estate Investment Trust
100.0% - TGS Trust
30.0% - RMA Investment Company (Formerly TGS Investment Company)
100.0% - RMA Property Management Ltd. (Formerly TGS REIT Property Management Ltd.)
100.0% - RMAProperty Management 2004 Ltd. (Formerly TGS REIT Property Management 2004 Ltd.)
100.0% - RMA Realty Holdings Corporation Ltd. (Formerly TGS Realty Holdings Corporation Ltd.)
100.0% - RMA (U.S.) Realty LLC (DE) [(special shares held by 1218023 Alberta Ltd. (50%) and 1214931 Alberta Ltd. 50%)]
100.0% - RMA American Realty Corp.
1% - RMA American Realty Limited Partnership [(99% owned by RMA (U.S.) Realty LLC (Delaware)]
99.0% - RMA American Realty Limited Partnership (1% owned by RMA American Realty Corp.)
100.0% - 1218023 Alberta Ltd.
50% - special shares in RMA (U.S.) Realty LLC (Delaware)
100.0% - 1214931 Alberta Ltd.
50% - special shares in RMA (U.S.) Realty LLC (Delaware)
30.0% - RMA Real Estate LP
100.0% - RMA Properties Ltd. (Formerly TGS REIT Properties Ltd.)
100.0% - S-8025 Holdings Ltd.
100.0% - RMA Properties (Riverside) Ltd. (Formerly TGS REIT Properties (Riverside) Ltd.
100.0% - 1319399 Ontario Inc.
100.0% - 3853071 Canada Limited
50.0% - Laurier House Apartments Limited
30.0% - Kelowna Central Park Properties Ltd.
30.0% - Kelowna Central Park Phase II Properties Ltd.
30.0% - Trop Beau Developments Limited
100.0% - 4298098 Canada Inc.
100.0% - GWLC Holdings Inc.
100% - GLC Reinsurance Corporation
100.0% - 389288 B.C. Ltd.
100.0% - Quadrus Investment Services Ltd.
35.0% - The Walmer Road Limited Partnership
100.0% - 177545 Canada Limited
100.0% - Lonlife Financial Services Limited
88.0% - Neighborhood Dental Services Ltd.
100.0% - Quadrus Distribution Services Ltd.
100.0% - Toronto College Park Ltd.
25.0% - High Park Bayview Limited Partnership
30.0% - KS Village (Millstream) Inc.
100.0% - London Life Financial Corporation
89.4% - London Reinsurance Group, Inc. (10.6% owned by London Life Insurance Company)
100.0% - London Life & General Reinsurance Co. Ltd. (1 share held by London Life & Casualty Reinsurance Corporation and 20,099,999 shares held by London Reinsurance Group Inc.)
100.0% - London Life & Casualty Reinsurance Corporation
100.0% - Trabaja Reinsurance Company Ltd.
100.0% - London Life and Casualty (Barbados) Corporation
100.0% - LRG (US), Inc.
100.0% - London Life International Reinsurance Corporation
100.0% - London Life Reinsurance Company
75.0% - Vaudreuil Shopping Centres Limited
30.0% - Saskatoon West Shopping Centres Limited
75.0% - 2331777 Ontario Ltd.
75.0% - 2344701 Ontario Ltd.
75.0% - 2356720 Ontario Ltd.
75.0% - 0977221 B.C. Ltd.
100.0% - Canada Life Financial Corporation
100.0% - The Canada Life Assurance Company
100.0% - Canada Life Brasil LTDA
100.0% - Canada Life Capital Corporation, Inc.
100.0% - Canada Life International Holdings, Limited
100.0% - Canada Life International Services Limited
100.0% - Canada Life International, Limited 100.0% - CLI Institutional Limited
100.0% - Canada Life Irish Holding Company, Limited
100.0% - Canada Life Group Services Limited
100.0% - Canada Life Europe Investment Limited
78.67% - Canada Life Assurance Europe Limited
100.0% - Canada Life Europe Management Services, Limited
21.33% - Canada Life Assurance Europe Limited 100.0% - Canada Life International Re, Limited
100.0% - Canada Life Reinsurance International, Ltd.
100.0% - Canada Life Reinsurance, Ltd.
100.0% - The Canada Life Group (U.K.), Limited
100.0% - Irish Life Investment Managers Limited
100.0% - Summit Asset Managers Ltd.
7.0% - Irish Association of Investment Managers
100.0% - Setanta Asset Management Limited
- Setanta Asset Management Funds Public Limited Company (interest only)
100.0% - Canada Life Pension Managers & Trustees, Limited
100.0% - Canada Life Asset Management Limited
100.0% - Canada Life European Real Estate Limited
100.0% - Hotel Operations (Walsall) Limited
100.0% - Hotel Operations (Cardiff) Limited
100.0% - Canada Life Trustee Services (U.K.), Limited
100.0% - CLFIS (U.K.), Limited
100.0% - Canada Life, Limited
100.0% - Canada Life (Ireland), Limited
11.29% - Irish Life Assurance plc.
100.0% - Canada Life (U.K.), Limited
100.0% - Albany Life Assurance Company, Limited
100.0% - Canada Life Management (U.K.), Limited 100.0% - Canada Life Services (U.K.), Limited
100.0% - Canada Life Fund Managers (U.K.), Limited
100.0% - Canada Life Group Services (U.K.), Limited
100.0% - Canada Life Holdings (U.K.), Limited
100.0% - Canada Life Irish Operations, Limited
100.0% - Canada Life Ireland Holdings, Limited.
100.0% - Irish Life Group Limited
100.0% - Irish Progressive Services International Ltd
100.0% - Irish Life Group Services Limited
100.0% - Irish Life Financial Services Limited
49.0% - Glohealth Financial Services Limited 100.0% - Vestone Ltd.
100.0% - Cornmarket Group Financial Services Ltd.
100.0% - Cornmarket Insurance Brokers Ltd.
100.0% - Cornmarket Insurance Services Limited
100.0% - Cornmarket Retail Trading Ltd.
100.0% - Savings & Investments Ltd.
100.0% - Gregan McGuiness (Life & Pensions) Ltd.
100.0% - Irish Life Associate Holdings
100.0% - Irish Life Irish Holdings
30.0% - Allianz-Irish Life Holdings plc.
88.71% - Irish Life Assurance plc.
100.0% - Ballsbridge Property Investments Ltd.
100.0% - Cathair Ce Ltd.
100.0% - Ilona Financial Group, Inc.
100.0% - Irish Life Unit Fund Managers Ltd.
100.0% - Keko Park Ltd.
100.0% - Stephen Court Ltd.
100.0% - Tredwell Associates Ltd.
100.0% - Irish Life Trustee Services Limited
100.0% - Kohlenberg & Ruppert Premium Properties S.A.
100.0% - Office Park De Mont-St-Guibert A S.A.
100.0% - Office Park De Mont-St-Guibert B S.A.
100.0% - Office Park De Mont-St-Guibert C S.A.
100.0% - Ilot St Michel Lux S.A.R.L.
100.0% - Ilot St Michel FH S.P.R.L.
100.0% - Ilot St Michel LLH S.P.R.L.
100.0% - Etak SAS
100.0% - Mili SAS
100.0% - Sarip SCI
66.66% - City Park (Hove) Management Company Ltd.
66.66% - City Gate Park Administration Limited
98.0% - Westlink Industrial Estate Management Company Ltd.
51.0% - SJRQ Riverside IV Management Limited
- Setanta Asset Management Funds Public Limited Company (interest only)
50.0% - Hollins Clough Management Company Ltd.
50.0% - Dakline Company Ltd.
50.0% - Ashtown Management Company Ltd.
25.0% - Fulwood Park Management Company (No. 2) Ltd.
20.0% - Choralli Limited
14.0% - Baggot Court Management Limited
11.0% - Richview Office Park Management Company Limited
5.5% - Padamul Ltd.
100.0% - Canada Life Group Holdings Limited
100.0% - 4073649 Canada, Inc. (1 common share owned by 587443 Ontario, Inc.)
100.0% - Canada Life Finance (U.K.), Limited
100.0% - CL Luxembourg Capital Management S.á.r.l.
100.0% - 8478163 Canada Limited
100.0% - Canada Life Bermuda Limited
100.0% - The Canada Life Insurance Company of Canada
100.0% - 6855572 Manitoba Ltd.
94.4% - MAM Holdings Inc. (5.6% owned by GWL)
100.0% - Mountain Asset Management LLC
12.5% - 2331777 Ontario Ltd.
12.5% - 2344701 Ontario Ltd.
12.5% - Vaudreuil Shopping Centres Limited
12.5% - 2356720 Ontario Ltd.
12.5% - 0977221 B.C. Ltd.
100.0% - CL Capital Management (Canada), Inc.
100.0% - GRS Securities, Inc.
100.0% - 587443 Ontario, Inc.
100.0% - Canada Life Mortgage Services, Ltd.
100.0% - Adason Properties, Limited
100.0% - Adason Realty, Ltd.
28.6% - GWL THL Private Equity I Inc. (71.4% owned by The Great-West Life Assurance Company)
100.0% - Canada Life Capital Trust
D. IGM Financial Inc. Group of Companies (Canadian mutual funds)
Power Corporation of Canada
100.0% - 171263 Canada Inc.
65.73% - Power Financial Corporation
58.83% - IGM Financial Inc.
100.0% - Investors Group Inc.
100.0% - Investors Group Financial Services Inc.
100.0% - I.G. International Management Limited
100.0% - I.G. Investment Management (Hong Kong) Limited
100.0% - Investors Group Trust Co. Ltd.
100.0% - 391102 B.C. Ltd.
100.0% - I.G. Insurance Services Inc.
100.0% - Investors Syndicate Limited
100.0% - Investors Group Securities Inc.
100.0% - 6460675 Manitoba Ltd.
100.0% - I.G. Investment Management, Ltd.
100.0% - Investors Group Corporate Class Inc.
100.0% - Investors Syndicate Property Corp.
100.0% - 0965311 B.C. Ltd.
100.0% - 0992480 B.C. Ltd.
19.63% - I.G. (Rockies) Corp.
100.0% - I.G. Investment Corp.
80.37% - I.G. (Rockies) Corp. (19.63% owned by I.G. Investment Management, Ltd.)
100.0% - Mackenzie Inc.
100.0% - Mackenzie Financial Corporation
100.0% - Mackenzie Investments Charitable Foundation
14.28% - Strategic Charitable Giving Foundation
100.0% - Mackenzie Cundill Investment Management (Bermuda) Ltd.
100.0% - Mackenzie Financial Capital Corporation
100.0% - Multi-Class Investment Corp.
100.0% - MMLP GP Inc.
100.0% - Mackenzie Investments Corporation
100.0% - Mackenzie Investments PTE. Ltd.
100.0% - Mackenzie Global Macro Asian Credit Fund Ltd.
100% - Mackenzie Global Macro Asian Credit Master Fund, Ltd.
97.08% - Investment Planning Counsel Inc. (and 2.92% owned by Management of IPC)
100.0% - IPC Investment Corporation
100.0% - IPC Estate Services Inc.
100.0% - IPC Securities Corporation
88.66% - IPC Portfolio Services Inc. (and 11.34% owned by advisors of IPC Investment Corporation and IPC Securities Corporation)
100.0% - Counsel Portfolio Services Inc.
100.0% - Counsel Portfolio Corporation
E. | Pargesa Holding SA Group of Companies (European investments) |
Power Corporation of Canada
100.0% - 171263 Canada Inc.
65.73% - Power Financial Corporation
100.0% - Power Financial Europe B.V.
50.0% - Parjointco N.V.
75.4% - Pargesa Holding SA (55.5% capital)
100.0% - Pargesa Netherlands B.V.
52.0% (taking into account the treasury shares - Groupe Bruxelles Lambert (50.0% in capital)
Capital
1.1% - Suez Environment Company (of which 0.2% in trading)
29.3% - Lafarge SA (21.1% in capital of which 0.1% held by GBL Energy S.à r.l. and Serena S.à r.l.))
6.9% - Pernod Ricard (7.5% in capital)
12.43% - Umicore (12.43% in capital)
0.4% - LTI One
0.1% - Sagerpar
100.0% - Belgian Securities B.V.
Capital
71.9% - Imerys (56.5% in capital)
100.0% - Brussels Securities
Capital
99.6% - LTI One
0.1% - Groupe Bruxelles Lambert
100.0% - LTI Two
0.1% - Groupe Bruxelles Lambert
0.1% - Umicore
99.9% - Sagerpar
3.6% - Groupe Bruxelles Lambert
100.0% - GBL Overseas Finance N.V.
100.0% - COFINERGY
Capital
100.0% - GBL Energy S.á.r.l.
Capital
3.0% - Total SA (2.7% in capital)
100.0% - GBL Verwaltung GmbH
100.0% - GBL Finance & Treasury
100.0% - GBL Verwaltung SA
Capital
100.0% - GBL Investments Limited
100.0% - GBL R
100.0% - Sienna Capital S.á.r.l
Capital
39.1% - Kartesia Credit Opportunities I SCA, SICAV-SIF
40.0% - Kartesia GP SA
43.0% - ECP1
100.0% - ECP3
15.1% - Mérieux Participations I
37.8% - Mérieux Participations II
100.0% - Serena S.á.r.l
Capital
15.0% - SGS
2.4% - GDF SUEZ (of which 0.1% in trading)
42.4% - ECP 2
100.0% - Pargesa Netherlands B.V.
100.0% - SFPG
F. Square Victoria Communications Group Inc. Group of Companies (Canadian communications)
Power Corporation of Canada
100.0% - Square Victoria Communications Group Inc.
100.0% - Gesca Ltée
100.0% - La Presse, ltée
100.0% - Cyberpresse Inc.
100.0% - 3834310 Canada Inc.
100.0% - Square Victoria Digital Properties inc.
100.0% - 4400046 Canada Inc.
81.90% - 9059-2114 Québec Inc.
99.27% - DuProprio Inc.
100.0% - VR Estates Inc.
100.0% - 0757075 B.C. Ltd.
0.1% - Lower Mainland Comfree LP
99.9% - Lower Mainland Comfree LP
100.0% - Comfree Commission Free Realty Inc.
100.0% - CF Real Estate First Inc.
100.0% - CF Real Estate Max Inc.
100.0% - CF Real Estate Ontario Inc.
100.0% - CF Real Estate Maritimes Inc.
100.0% - DP Immobilier Québec Inc.
100.0% - 8495122 Canada Inc.
100.0% - Les Éditions Gesca Ltée
100.0% - Les Éditions La Presse Ltée
100.0% - (W.illi.am) 6657443 Canada Inc.
2.72% - Acquisio Inc.
50.0% - Workopolis Canada
25.0% - Olive Média
100.0% - Attitude Digitale Inc.
26.32% - Checkout 51 Inc.
100.0% - Square Victoria C.P. Holding Inc.
33.3% - Canadian Press Enterprises Inc.
100.0% - Pagemasters North America Inc.
G. | Power Corporation (International) Limited Group of Companies (Asian investments) |
Power Corporation of Canada
100.0% - Power Corporation (International) Limited
99.9% - Power Pacific Corporation Limited
100.0% - Power Pacific Mauritius Limited
11.74% - Vimicro International Corporation
0.1% - Power Pacific Equities Limited
99.9% - Power Pacific Equities Limited
0.63% - CITIC Limited
100.0% - Power Communications Inc.
0.1% - Power Pacific Corporation Limited
10.0% - China Asset Management Limited
H. Other PCC Companies
Power Corporation of Canada
100.0% - 152245 Canada Inc.
100.0% - Power Tek, LLC
100.0% - 3540529 Canada Inc.
18.75% - Société Immobiliére HMM
1.22% - Quinstreet Inc.
100.0% - Square Victoria Real Estate Inc./ Spuare Victoria Immobilier Inc.
100.0% - 3121011 Canada Inc.
100.0% - 171263 Canada Inc.
100.0% - Victoria Square Ventures Inc.
22.12% - Bellus Health Inc.
25.0% - Club de Hockey Les Remparts de Québec Inc.
100.0% - Power Energy Corporation
62.83% - Potentia Solar Inc.
100.0% - Power Energy Eagle Creek Inc.
60.0% - Power Energy Eagle Creek LLP
24.05% - Eagle Creek Renewable Energy, LLC
100.0% - Power Communications Inc.
100.0% - Brazeau River Resources Investments Inc.
100.0% - PCC Industrial (1993) Corporation
100.0% - Power Corporation International
100.0% - 3249531 Canada Inc.
100.0% - Sagard Capital Partners GP, Inc.
99.4% - Sagard Capital Partners, L.P.
96.9% - IntegraMed America, Inc.
100.0% - Power Corporation of Canada Inc.
100.0% - PL S.A.
100.0% - 4190297 Canada Inc.
100% - Sagard Capital Partners Management Corp.
100.0% - Sagard S.A.S.
100.0% - Marquette Communications (1997) Corporation
100.0% - 4507037 Canada Inc.
100.0% - 4524781 Canada Inc.
100.0% - 4524799 Canada Inc.
100.0% - 4524802 Canada Inc.
I. Other PFC Companies
Power Financial Corporation
100.0% - 4400003 Canada Inc.
100.0% - 3411893 Canada Inc.
100.0% - 3439453 Canada Inc.
100.0% - Power Financial Capital Corporation
100.0% - 7973594 Canada Inc.
100.0% - 7973683 Canada Inc.
100.0% - 7974019 Canada Inc.
100.0% - 8677964 Canada Inc.
Item 27. >Number of Contract owners
As of March 31, 2015, there were 8 owners of Contracts; 8 were in non-qualified contracts and zero were in qualified contracts.
Item 28. Indemnification
Provisions exist under the laws of the State of New York and the Bylaws of GWL&A NY whereby GWL&A NY may indemnify a director, officer, or controlling person of GWL&A NY against liabilities arising under the Securities Act of 1933. The following excerpts contain the substance of these provisions:
New York Corporate Code
Section 721. Nonexclusivity of statutory provisions for indemnification of directors and officers.
The indemnification and advancement of expenses granted pursuant to, or provided by, this article shall not be deemed exclusive of any other rights to which a director or officer seeking indemnification or advancement of expenses may be entitled, whether contained in the certificate of incorporation or the by-laws or, when authorized by such certificate of incorporation or by-laws, (i) a resolution of shareholders, (ii) a resolution of directors, or (iii) an agreement providing for such indemnification, provided that no indemnification may be made to or on behalf of any director or officer if a judgment or other final adjudication adverse to the director or officer establishes that his acts were committed in bad faith or were the result of active and deliberate dishonesty and were material to the cause of action so adjudicated, or that he personally gained in fact a financial profit or other advantage to which he was not legally entitled. Nothing contained in this article shall affect any rights to indemnification to which corporate personnel other than directors and officers may be entitled by contract or otherwise under law.
Section 722. >Authorization for indemnification of directors and officers.
(a) A corporation may indemnify any person made, or threatened to be made, a party to an action or proceeding (other than one by or in the right of the corporation to procure a judgment in its favor), whether civil or criminal, including an action by or in the right of any other corporation of any type or kind, domestic or foreign, or any partnership, joint venture, trust, employee benefit plan or other enterprise, which any director or officer of the corporation served in any capacity at the request of the corporation, by reason of the fact that he, his testator or intestate, was a director or officer of the corporation, or served such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise in any capacity, against judgments, fines, amounts paid in settlement and reasonable expenses, including attorneys' fees actually and necessarily incurred as a result of such action or proceeding, or any appeal therein, if such director or officer acted, in good faith, for a purpose which he reasonably believed to be in, or, in the case of service for any other corporation or any partnership, joint venture, trust, employee benefit plan or other enterprise, not opposed to, the best interests of the corporation and, in criminal actions or proceedings, in addition, had no reasonable cause to believe that his conduct was unlawful.
(b) The termination of any such civil or criminal action or proceeding by judgment, settlement, conviction or upon a plea of nolo contendere, or its equivalent, shall not in itself create a presumption that any such director or officer did not act, in good faith, for a purpose which he reasonably believed to be in, or, in the case of service for any other corporation or any partnership, joint venture, trust, employee benefit plan or other enterprise, not opposed to, the best interests of the corporation or that he had reasonable cause to believe that his conduct was unlawful.
(c) A corporation may indemnify any person made, or threatened to be made, a party to an action by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he, his testator or intestate, is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of any other corporation of any type or kind, domestic or foreign, of any partnership, joint venture, trust, employee benefit plan or other
enterprise, against amounts paid in settlement and reasonable expenses, including attorneys' fees, actually and necessarily incurred by him in connection with the defense or settlement of such action, or in connection with an appeal therein, if such director or officer acted, in good faith, for a purpose which he reasonably believed to be in, or, in the case of service for any other corporation or any partnership, joint venture, trust, employee benefit plan or other enterprise, not opposed to, the best interests of the corporation, except that no indemnification under this paragraph shall be made in respect of (1) a threatened action, or a pending action which is settled or otherwise disposed of, or (2) any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation, unless and only to the extent that the court in which the action was brought, or, if no action was brought, any court of competent jurisdiction, determines upon application that, in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for such portion of the settlement amount and expenses as the court deems proper.
(d) For the purpose of this section, a corporation shall be deemed to have requested a person to serve an employee benefit plan where the performance by such person of his duties to the corporation also imposes duties on, or otherwise involves services by, such person to the plan or participants or beneficiaries of the plan; excise taxes assessed on a person with respect to an employee benefit plan pursuant to applicable law shall be considered fines; and action taken or omitted by a person with respect to an employee benefit plan in the performance of such person's duties for a purpose reasonably believed by such person to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the best interests of the corporation.
Section 723. Payment of indemnification other than by court award.
(a) A person who has been successful, on the merits or otherwise, in the defense of a civil or criminal action or proceeding of the character described in section 722 shall be entitled to indemnification as authorized in such section.
(b) Except as provided in paragraph (a), any indemnification under section 722 or otherwise permitted by section 721, unless ordered by a court under section 724 (Indemnification of directors and officers by a court), shall be made by the corporation, only if authorized in the specific case:
(1) By the board acting by a quorum consisting of directors who are not parties to such action or proceeding upon a finding that the director or officer has met the standard of conduct set forth in section 722 or established pursuant to section 721, as the case may be, or,
(2) If a quorum under subparagraph (1) is not obtainable or, even if obtainable, a quorum of disinterested directors so directs; (A) By the board upon the opinion in writing of independent legal counsel that indemnification is proper in the circumstances because the applicable standard of conduct set forth in such sections has been met by such director or officer, or (B) By the shareholders upon a finding that the director or officer has met the applicable standard of conduct set forth in such sections.
(c) Expenses incurred in defending a civil or criminal action or proceeding may be paid by the corporation in advance of the final disposition of such action or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount as, and to the extent, required by paragraph (a) of section 725.
Section 724. Indemnification of directors and officers by a court.
(a) Notwithstanding the failure of a corporation to provide indemnification, and despite any contrary resolution of the board or of the shareholders in the specific case under section 723 (Payment of indemnification other than by court award), indemnification shall be awarded by a court to the extent authorized under section 722 (Authorization for indemnification of directors and officers), and
paragraph (a) of section 723. Application therefore may be made, in every case, either:
(1) In the civil action or proceeding in which the expenses were incurred or other amounts were paid, or
(2) To the supreme court in a separate proceeding, in which case the application shall set forth the disposition of any previous application made to any court for the same or similar relief and also reasonable cause for the failure to make application for such relief in the action or proceeding in which the expenses were incurred or other amounts were paid.
(b) The application shall be made in such manner and form as may be required by the applicable rules of court or, in the absence thereof, by direction of a court to which it is made. Such application shall be upon notice to the corporation. The court may also direct that notice be given at the expense of the corporation to the shareholders and such other persons as it may designate in such manner as it may require.
(c) Where indemnification is sought by judicial action, the court may allow a person such reasonable expenses, including attorneys' fees, during the pendency of the litigation as are necessary in connection with his defense therein, if the court shall find that the defendant has by his pleadings or during the course of the litigation raised genuine issues of fact or law.
Section 725. Other provisions affecting indemnification of directors and officers.
(a) All expenses incurred in defending a civil or criminal action or proceeding which are advanced by the corporation under paragraph (c) of section 723 (Payment of indemnification other than by court award) or allowed by a court under paragraph (c) of section 724 (Indemnification of directors and officers by a court) shall be repaid in case the person receiving such advancement or allowance is ultimately found, under the procedure set forth in this article, not to be entitled to indemnification or, where indemnification is granted, to the extent the expenses so advanced by the corporation or allowed by the court exceed the indemnification to which he is entitled.
(b) No indemnification, advancement or allowance shall be made under this article in any circumstance where it appears:
(1) That the indemnification would be inconsistent with the law of the jurisdiction of incorporation of a foreign corporation which prohibits or otherwise limits such indemnification;
(2) That the indemnification would be inconsistent with a provision of the certificate of incorporation, a by-law, a resolution of the board or of the shareholders, an agreement or other proper corporate action, in effect at the time of the accrual of the alleged cause of action asserted in the threatened or pending action or proceeding in which the expenses were incurred or other amounts were paid, which prohibits or otherwise limits indemnification; or
(3) If there has been a settlement approved by the court, that the indemnification would be inconsistent with any condition with respect to indemnification expressly imposed by the court in approving the settlement.
(c) If any expenses or other amounts are paid by way of indemnification, otherwise than by court order or action by the shareholders, the corporation shall, not later than the next annual meeting of shareholders unless such meeting is held within three months from the date of such payment, and, in any event, within fifteen months from the date of such payment, mail to its shareholders of record at the time entitled to vote for the election of directors a statement specifying the persons paid, the amounts paid, and the nature and status at the time of such payment of the litigation or threatened litigation.
(d) If any action with respect to indemnification of directors and officers is taken by way of amendment of the by-laws, resolution of directors, or by agreement, then the corporation shall, not later than the next annual meeting of shareholders, unless such meeting is held within three months from the date of such action, and, in any event, within fifteen months from the date of such action, mail to its shareholders of record at the time entitled to vote for the election of directors a statement specifying the action taken.
(e) Any notification required to be made pursuant to the foregoing paragraph (c) or (d) of this section by any domestic mutual insurer shall be satisfied by compliance with the corresponding provisions of section one thousand two hundred sixteen of the insurance law.
(f) The provisions of this article relating to indemnification of directors and officers and insurance therefore shall apply to domestic corporations and foreign corporations doing business in this state, except as provided in section 1320 (Exemption from certain provisions).
Section 726. Insurance for indemnification of directors and officers.
(a) Subject to paragraph (b), a corporation shall have power to purchase and maintain insurance:
(1) To indemnify the corporation for any obligation which it incurs as a result of the indemnification of directors and officers under the provisions of this article, and
(2) To indemnify directors and officers in instances in which they may be indemnified by the corporation under the provisions of this article, and
(3) To indemnify directors and officers in instances in which they may not otherwise be indemnified by the corporation under the provisions of this article provided the contract of insurance covering such directors and officers provides, in a manner acceptable to the superintendent of insurance, for a retention amount and for co-insurance.
(b) No insurance under paragraph (a) may provide for any payment, other than cost of defense, to or on behalf of any director or officer:
(1) if a judgment or other final adjudication adverse to the insured director or officer establishes that his acts of active and deliberate dishonesty were material to the cause of action so adjudicated, or that he personally gained in fact a financial profit or other advantage to which he was not legally entitled, or
(2) in relation to any risk the insurance of which is prohibited under the insurance law of this state.
(c) Insurance under any or all subparagraphs of paragraph (a) may be included in a single contract or supplement thereto. Retrospective rated contracts are prohibited.
(d) The corporation shall, within the time and to the persons provided in paragraph (c) of section 725 (Other provisions affecting indemnification of directors or officers), mail a statement in respect of any insurance it has purchased or renewed under this section, specifying the insurance carrier, date of the contract, cost of the insurance, corporate positions insured, and a statement explaining all sums, not previously reported in a statement to shareholders, paid under any indemnification insurance contract.
(e) This section is the public policy of this state to spread the risk of corporate management, notwithstanding any other general or special law of this state or of any other jurisdiction including the federal government.
Bylaws of GWL&A NY
ARTICLE II, SECTION 11. <u>Indemnification of Directors</u>. The corporation may, by resolution of the Board of Directors, indemnify and save harmless out of the funds of the corporation to the extent permitted by applicable law, any Director, Officer, or employee of the corporation or any member or officer of any Committee, and his or her heirs, executors, and administrators, from and against all claims, liabilities, costs, charges, and expenses whatsoever that any such Director, Officer, employee, or any such member or officer sustains or incurs in or about any action, suit, or proceeding that is brought, commenced, or prosecuted against him or her for or in respect of any act, deed, matter, or thing whatsoever, made, done, or permitted by him or her in or about the execution of the duties of his or her office or employment with the corporation, in or about the execution of his or her duties as a Director or Officer of another company which he or she so serves at the request and on behalf of the corporation, or in or about the execution of his or her duties as a member or officer of any such Committee, and all other claims, liabilities, costs, charges, and expenses that he or she sustains or incurs, in or about or in relation to any such duties or the affairs of the corporation, the affairs of such other company which he or she so serves or the affairs of such Committee, except such claims, liabilities, costs, charges, or expenses as are occasioned by acts or omissions which were in bad faith, involved intentional misconduct, a violation of the New York Insurance Law or a knowing violation of any other law or which resulted in such person personally gaining in fact a financial profit or other advantage to which he or she was not entitled. The corporation may, by resolution of the Board of Directors, indemnify and save harmless out of the funds of the corporation to the extent permitted by applicable law, any Director, Officer, or employee of any subsidiary corporation of the corporation on the same basis and within the same constraints as described in the preceding sentence. No payment of indemnification shall be made unless notice has been filed with the Superintendent of Insurance pursuant to Section 1216 of the New York Insurance Law.
Item 29. Principal Underwriter
(a) GWFS Equities, Inc. ("GWFS") is the distributor of securities of the Registrant. In addition to the Registrant, GWFS also serves as distributor or principal underwriter for Great-West Funds, Inc. (formerly Maxim Series Fund, Inc.), an open-end management investment company, Variable Annuity-1 Series Account of Great-West Life & Annuity Insurance Company (“GWL&A”), Maxim Series Account of GWL&A, FutureFunds Series Account of GWL&A, COLI VUL-2 Series Account of GWL&A, COLI VUL-4 Series Account of GWL&A, Variable Annuity-2 Series Account of GWL&A, Trillium Variable Annuity Account of GWL&A, Prestige Variable Life Account of GWL&A, COLI VUL-2 Series Account of GWL&A NY and Variable Annuity-2 Series Account of GWL&A NY.
(b) Directors and Officers of GWFS
Name | Principal Business Address | Position and Office with Underwriter |
C.P. Nelson | 8515 East Orchard Road Greenwood Village, CO 80111 | Chairman, President and Chief Executive Officer |
R.K. Shaw | 8515 East Orchard Road Greenwood Village, CO 80111 | Director and Executive Vice President |
D.L. Musto | 8515 East Orchard Road Greenwood Village, CO 80111 | Director |
E. Murphy | 8515 East Orchard Road Greenwood Village, CO 80111 | Director |
S. Jenks | 8515 East Orchard Road Greenwood Village, CO 80111 | Director |
C. Waddell | 8515 East Orchard Road Greenwood Village, CO 80111 | Director |
W.S. Harmon | 8515 East Orchard Road Greenwood Village, CO 80111 | Senior Vice President |
S.A. Bendrick | 8515 East Orchard Road Greenwood Village, CO 80111 | Vice President |
M.R. Edwards | 8515 East Orchard Road Greenwood Village, CO 80111 | Senior Vice President |
R.J. Laeyendecker | 8515 East Orchard Road Greenwood Village, CO 80111 | Senior Vice President |
C. Bergeon | 8515 East Orchard Road Greenwood Village, CO 80111 | Vice President |
S.M. Gile | 8515 East Orchard Road Greenwood Village, CO 80111 | Vice President |
M.C. Maiers | 8515 East Orchard Road Greenwood Village, CO 80111 | Vice President and Treasurer |
B. Neese | 8515 East Orchard Road Greenwood Village, CO 80111 | Vice President |
B.A. Byrne | 8515 East Orchard Road Greenwood Village, CO 80111 | Secretary and Chief Compliance Officer |
J. Terwilliger | 8515 East Orchard Road Greenwood Village, CO 80111 | Assistant Secretary and Assistant Chief Compliance Officer |
T.L. Luiz | 8515 East Orchard Road Greenwood Village, CO 80111 | Compliance Officer |
(c) Commissions and other compensation received by Principal Underwriter during Registrant's last fiscal year:
Name of Principal Underwriter | Net Underwriting Discounts and Commissions | Compensation on Redemption | Brokerage Commissions | Compensation | ||||
GWFS | -0- | -0- | -0- | -0- | ||||
Item 30. Location of Accounts and Records
All accounts, books, or other documents required to be maintained by Section 31(a) of the 1940 Act and the rules promulgated thereunder are maintained by the Registrant through Great-West Life & Annuity Insurance Company, 8515 East Orchard Road, Greenwood Village, Colorado 80111.
Item 31. Management Services
Not Applicable.
Item 32. Undertakings
(a) | Registrant undertakes to file a post-effective amendment to this Registration Statement as frequently as is necessary to ensure that the audited financial statements in the Registration Statement are never more than 16 months old for so long as payments under the variable annuity contracts may be accepted. |
(b) | Registrant undertakes to include either (1) as part of any application to purchase a contract offered by the Prospectus, a space that an applicant can check to request a Statement of Additional Information, or (2) a postcard or similar written communication affixed to or included in the Prospectus that the applicant can remove to send for a Statement of Additional Information. |
(c) | Registrant undertakes to deliver any Statement of Additional Information and any financial statements required to be made available under this form promptly upon written or oral request. |
(d) | Great-West Life & Annuity Insurance Company of New York represents the fees and charges deducted under the Contracts, in the aggregate, are reasonable in relation to the services rendered, the expenses to be incurred and the risks assumed by Great-West Life & Annuity Insurance Company of New York. |
SIGNATURES
As required by the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has caused this Post-Effective Amendment to the Registration Statement to be signed on its behalf, in the City of Greenwood Village, and State of Colorado, on this 10th day of April, 2015.
VARIABLE ANNUITY-1 SERIES ACCOUNT | |
(Registrant) | |
By: | /s/ Louis J. Mannello, Jr. |
Louis J. Mannello, Jr., | |
President and Chief Executive Officer of Great-West Life & Annuity Insurance Company of New York | |
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY OF NEW YORK | |
(Depositor) | |
By: | /s/ Louis J. Mannello, Jr. |
Louis J. Mannello, Jr., | |
President and Chief Executive Officer | |
As required by the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated:
Signature | Title | Date |
/s/ R. Jeffrey Orr | Chairman of the Board | April 10, 2015 |
R. Jeffrey Orr* | ||
/s/ Louis J. Mannello, Jr. | President and Chief Executive Officer and Principal Financial Officer | April 10, 2015 |
Louis J. Mannello, Jr. | ||
/s/ Marcia D. Alazraki | Director | April 10, 2015 |
Marcia D. Alazraki* | ||
/s/ John L. Bernbach | Director | April 10, 2015 |
John L. Bernbach* | ||
/s/ André Desmarais | Director | April 10, 2015 |
André Desmarais* | ||
/s/ Paul Desmarais, Jr. | Director | April 10, 2015 |
Paul Desmarais, Jr.* | ||
/s/ Stuart Z. Katz | Director | April 10, 2015 |
Stuart Z. Katz* | ||
/s/ T. Timothy Ryan, Jr. | Director | April 10, 2015 |
T. Timothy Ryan, Jr.* | ||
/s/ Jerome J. Selitto | Director | April 10, 2015 |
Jerome J. Selitto* | ||
/s/ Brian E. Walsh | Director | April 10, 2015 |
Brian E. Walsh* | ||
*By: /s/ Ryan L. Logsdon | April 10, 2015 | |
Ryan L. Logsdon | ||
Attorney-in-Fact pursuant to Power of Attorney | ||