485APOS 1 gwlanyadvisorchoice485aadoc.htm 485APOS GWLA NY Advisor Choice 485(a) April 2015 Combined Document


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.




B-1


TABLE OF CONTENTS





B-2


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.


B-3


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

B-4


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.



B-5

 



















 
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)





- 3 -



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)


- 4 -



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.




- 5 -



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.


- 6 -



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.

- 7 -


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)

- 8 -

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