Maxim Series Account of Great West Life & Annuity Ins Co.
04/19/2024 | Press release | Distributed by Public on 04/19/2024 12:45
Financial Statements by Insurance Company - Form N-VPFS
Maxim Series Account
Financial Statements
Year Ended December 31, 2023
(With Report of Independent Registered Public Accounting Firm Thereon)
Report of Independent Registered Public Accounting Firm
To the Contract Owners of Maxim Series Account and Those Charged with Governance of Maxim Series Account of Empower Annuity Insurance Company of America:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of the subaccounts listed in Appendix A that comprise Maxim Series Account (the Separate Account) as of December 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the three-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Separate Account as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the three-year period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for each of the years in the two-year period ended December 31, 2020 were audited by other independent registered public accountants whose report, dated May 6, 2021, expressed an unqualified opinion on those financial highlights.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Separate Account's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2023, by correspondence with the underlying mutual funds or their transfer agents; when replies were not received, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
/s/ KPMG LLP
We have served as the auditor of one or more Empower Annuity Insurance Company of America Separate Accounts since 2021.
Birmingham, Alabama
April 18, 2024
1
Appendix A
The subaccounts that comprise Maxim Series Account were audited according to varying periods as defined in the table below:
| Subaccount |
Statement of Assets and Liabilities |
Statement of Operations |
Statement of Changes in Net Assets |
| BNY Mellon Stock Index Fund, Initial Shares | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
| Empower Aggressive Profile Fund, Investor Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
| Empower Ariel Mid Cap Value Fund, Investor Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
| Empower Bond Index Fund, Investor Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
| Empower Conservative Profile Fund, Investor Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
| Empower Government Money Market Fund, Investor Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
| Empower International Value Fund, Investor Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
| Empower Large Cap Value Fund, Investor II Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
| Empower Moderate Profile Fund, Investor Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
2
| Empower Moderately Aggressive Profile Fund, Investor Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
| Empower Moderately Conservative Profile Fund, Investor Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
| Empower Multi-Sector Bond Fund, Investor Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
| Empower S&P 500 Index Fund, Investor Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
| Empower S&P Small Cap 600 Index Fund, Investor Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
| Empower T. Rowe Price Mid Cap Growth Fund, Investor Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
| Empower U.S. Government Securities Fund, Investor Class | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
| Fidelity VIP Contrafund Portfolio | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
| Janus Aspen Series Janus Henderson Flexible Bond Portfolio | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
| Neuberger Berman AMT Sustainable Equity Portfolio, Class I | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
| Templeton Foreign VIP Fund, Class 1 | As of December 31, 2023 | For the year then ended December 31, 2023 | For each of the years in the two-year period then ended December 31, 2023 |
3
| MAXIM SERIES ACCOUNT |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2023 |
| SUBACCOUNTS | ||||||||||||||||||||||||||||
|
BNY Mellon Stock Index Fund, Initial Shares |
Empower Aggressive Profile Fund, Investor Class |
Empower Ariel Mid Cap Value Fund, Investor Class |
Empower Bond Index Fund, Investor Class |
Empower Conservative Profile Fund, Investor Class |
Empower Government Money Market Fund, Investor Class |
Empower International Value Fund, Investor Class |
||||||||||||||||||||||
| ASSETS: | ||||||||||||||||||||||||||||
| Investments at fair value (1) | $ | 1,110,181 | $ | 51,622 | $ | 441,964 | $ | 30,840 | $ | 38,022 | $ | 781,005 | $ | 153,803 | ||||||||||||||
| Receivable from dividends | - | - | - | - | - | 301 | - | |||||||||||||||||||||
| Receivable from the fund manager | 15 | 2 | 15 | 1 | 1 | 26 | 5 | |||||||||||||||||||||
| Receivable from the Company | 4,052 | - | - | - | - | - | - | |||||||||||||||||||||
| Total assets | 1,114,248 | 51,624 | 441,979 | 30,841 | 38,023 | 781,332 | 153,808 | |||||||||||||||||||||
| LIABILITIES: | ||||||||||||||||||||||||||||
| Payable to the Contracts | 15 | 2 | 15 | 1 | 1 | 26 | 5 | |||||||||||||||||||||
| Payable to the Company | - | - | 9,045 | - | 1,604 | 6,308 | 508 | |||||||||||||||||||||
| Total liabilities | 15 | 2 | 9,060 | 1 | 1,605 | 6,334 | 513 | |||||||||||||||||||||
| NET ASSETS | $ | 1,114,233 | $ | 51,622 | $ | 432,919 | $ | 30,840 | $ | 36,418 | $ | 774,998 | $ | 153,295 | ||||||||||||||
| ANALYSIS OF NET ASSETS | ||||||||||||||||||||||||||||
| Accumulation period | $ | 787,313 | $ | 51,622 | $ | 394,275 | $ | 30,840 | $ | 29,098 | $ | 627,468 | $ | 151,442 | ||||||||||||||
| Annuity period | 326,920 | - | 38,644 | - | 7,320 | 147,530 | 1,853 | |||||||||||||||||||||
| Total net assets | $ | 1,114,233 | $ | 51,622 | $ | 432,919 | $ | 30,840 | $ | 36,418 | $ | 774,998 | $ | 153,295 | ||||||||||||||
| Fair value per share (NAV) | $ | 69.08 | $ | 5.43 | $ | 8.82 | $ | 12.75 | $ | 7.38 | $ | 1.00 | $ | 12.03 | ||||||||||||||
| Shares outstanding in the Separate Account | 16,071 | 9,507 | 50,109 | 2,419 | 5,152 | 781,005 | 12,785 | |||||||||||||||||||||
| (1) Investments in mutual fund shares, at cost | $ | 784,846 | $ | 60,453 | $ | 522,780 | $ | 34,288 | $ | 41,587 | $ | 781,003 | $ | 135,840 |
| Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding. | |
| (Continued) |
See accompanying notes to financial statements.
4
| MAXIM SERIES ACCOUNT |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2023 |
| SUBACCOUNTS | ||||||||||||||||||||||||||||
|
Empower Large Cap Value Fund, Investor II Class |
Empower Moderate Profile Fund, Investor Class |
Empower Moderately Aggressive Profile Fund, Investor Class |
Empower Moderately Conservative Profile Fund, Investor Class |
Empower Multi-Sector Bond Fund, Investor Class |
Empower S&P 500 Index Fund, Investor Class |
Empower S&P Small Cap 600 Index Fund, Investor Class |
||||||||||||||||||||||
| ASSETS: | ||||||||||||||||||||||||||||
| Investments at fair value (1) | $ | 1,210,075 | $ | 58,934 | $ | 16,122 | $ | 14,761 | $ | 16,598 | $ | 6,090,389 | $ | 375,576 | ||||||||||||||
| Receivable from dividends | - | - | - | - | - | - | - | |||||||||||||||||||||
| Receivable from the fund manager | 22 | 2 | 1 | 1 | 1 | 232 | 13 | |||||||||||||||||||||
| Receivable from the Company | - | - | - | - | - | - | - | |||||||||||||||||||||
| Total assets | 1,210,097 | 58,936 | 16,123 | 14,762 | 16,599 | 6,090,621 | 375,589 | |||||||||||||||||||||
| LIABILITIES: | ||||||||||||||||||||||||||||
| Payable to the Contracts | 22 | 2 | 1 | 1 | 1 | 232 | 13 | |||||||||||||||||||||
| Payable to the Company | 7,943 | 7,257 | - | 2,653 | 1,515 | 32,410 | 4,945 | |||||||||||||||||||||
| Total liabilities | 7,965 | 7,259 | 1 | 2,654 | 1,516 | 32,642 | 4,958 | |||||||||||||||||||||
| NET ASSETS | $ | 1,202,132 | $ | 51,677 | $ | 16,122 | $ | 12,108 | $ | 15,083 | $ | 6,057,979 | $ | 370,631 | ||||||||||||||
| ANALYSIS OF NET ASSETS | ||||||||||||||||||||||||||||
| Accumulation period | $ | 1,002,071 | $ | 18,553 | $ | 16,122 | $ | - | $ | 9,561 | $ | 5,310,488 | $ | 348,061 | ||||||||||||||
| Annuity period | 200,061 | 33,124 | - | 12,108 | 5,522 | 747,491 | 22,570 | |||||||||||||||||||||
| Total net assets | $ | 1,202,132 | $ | 51,677 | $ | 16,122 | $ | 12,108 | $ | 15,083 | $ | 6,057,979 | $ | 370,631 | ||||||||||||||
| Fair value per share (NAV) | $ | 11.39 | $ | 6.28 | $ | 6.75 | $ | 7.90 | $ | 12.77 | $ | 30.55 | $ | 12.72 | ||||||||||||||
| Shares outstanding in the Separate Account | 106,240 | 9,384 | 2,388 | 1,868 | 1,300 | 199,358 | 29,526 | |||||||||||||||||||||
| (1) Investments in mutual fund shares, at cost | $ | 1,110,850 | $ | 65,001 | $ | 18,299 | $ | 15,684 | $ | 17,253 | $ | 4,544,995 | $ | 369,197 |
| Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding. | |
| (Continued) |
See accompanying notes to financial statements.
5
| MAXIM SERIES ACCOUNT |
| STATEMENTS OF ASSETS AND LIABILITIES |
| AS OF DECEMBER 31, 2023 |
| SUBACCOUNTS | ||||||||||||||||||||||||||||
|
Empower T. Rowe Price Mid Cap Growth Fund, Investor Class |
Empower U.S. Government Securities Fund, Investor Class |
Fidelity VIP Contrafund Portfolio |
Janus Aspen Series Janus Henderson Flexible Bond Portfolio |
Neuberger Berman AMT Sustainable Equity Portfolio, Class I |
Templeton Foreign VIP Fund, Class 1 |
|||||||||||||||||||||||
| ASSETS: | ||||||||||||||||||||||||||||
| Investments at fair value (1) | $ | 55,020 | $ | 685,612 | $ | 112,053 | $ | 57,292 | $ | 737,903 | $ | 154,818 | ||||||||||||||||
| Receivable from dividends | - | - | - | - | - | - | ||||||||||||||||||||||
| Receivable from the fund manager | 2 | 93 | 4 | 1 | 10 | 2 | ||||||||||||||||||||||
| Receivable from the Company | - | - | - | 91 | 1,811 | - | ||||||||||||||||||||||
| Total assets | 55,022 | 685,705 | 112,057 | 57,384 | 739,724 | 154,820 | ||||||||||||||||||||||
| LIABILITIES: | ||||||||||||||||||||||||||||
| Payable to the Contracts | 2 | 93 | 4 | 1 | 10 | 2 | ||||||||||||||||||||||
| Payable to the Company | - | 3,149 | 13,980 | - | - | - | ||||||||||||||||||||||
| Total liabilities | 2 | 3,242 | 13,984 | 1 | 10 | 2 | ||||||||||||||||||||||
| NET ASSETS | $ | 55,020 | $ | 682,463 | $ | 98,073 | $ | 57,383 | $ | 739,714 | $ | 154,818 | ||||||||||||||||
| ANALYSIS OF NET ASSETS | ||||||||||||||||||||||||||||
| Accumulation period | $ | 55,020 | $ | 625,212 | $ | 41,814 | $ | 55,848 | $ | 615,385 | $ | 154,818 | ||||||||||||||||
| Annuity period | - | 57,251 | 56,259 | 1,535 | 124,329 | - | ||||||||||||||||||||||
| Total net assets | $ | 55,020 | $ | 682,463 | $ | 98,073 | $ | 57,383 | $ | 739,714 | $ | 154,818 | ||||||||||||||||
| Fair value per share (NAV) | $ | 35.78 | $ | 10.92 | $ | 48.63 | $ | 10.05 | $ | 33.35 | $ | 14.57 | ||||||||||||||||
| Shares outstanding in the Separate Account | 1,538 | 62,785 | 2,304 | 5,701 | 22,126 | 10,626 | ||||||||||||||||||||||
| (1) Investments in mutual fund shares, at cost | $ | 40,247 | $ | 762,458 | $ | 84,682 | $ | 65,296 | $ | 613,735 | $ | 145,814 |
| Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding. | |||||
| (Concluded) |
See accompanying notes to financial statements.
6
| MAXIM SERIES ACCOUNT | ||||||||||||||
| STATEMENTS OF OPERATIONS | ||||||||||||||
| FOR THE YEAR ENDED DECEMBER 31, 2023 |
| SUBACCOUNTS | ||||||||||||||||||||||||||||
|
BNY Mellon Stock Index Fund, Initial Shares |
Empower Aggressive Profile Fund, Investor Class |
Empower Ariel Mid Cap Value Fund, Investor Class |
Empower Bond Index Fund, Investor Class |
Empower Conservative Profile Fund, Investor Class |
Empower Government Money Market Fund, Investor Class |
Empower International Value Fund, Investor Class |
||||||||||||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||||||||||||||
| Dividend income | $ | 14,344 | $ | 1,532 | $ | 10,576 | $ | 624 | $ | 1,148 | $ | 35,143 | $ | 2,174 | ||||||||||||||
| EXPENSES: | ||||||||||||||||||||||||||||
| Mortality and expense risk | 5,000 | 615 | 5,526 | 394 | 469 | 8,564 | 1,906 | |||||||||||||||||||||
| NET INVESTMENT INCOME (LOSS) | 9,344 | 917 | 5,050 | 230 | 679 | 26,579 | 268 | |||||||||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||||
| Net realized gain (loss) on redemption of investments | 11,560 | (6,171 | ) | (15,536 | ) | (2,065 | ) | (237 | ) | (1 | ) | 1,557 | ||||||||||||||||
| Capital gain distributions | 36,416 | 1,318 | 52,237 | - | 431 | - | 2,807 | |||||||||||||||||||||
| Net realized gain (loss) on investments | 47,976 | (4,853 | ) | 36,701 | (2,065 | ) | 194 | (1 | ) | 4,364 | ||||||||||||||||||
| Change in net unrealized appreciation (depreciation) on investments | 169,350 | 11,932 | (4,032 | ) | 3,388 | 1,638 | 1 | 18,490 | ||||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | 217,326 | 7,079 | 32,669 | 1,323 | 1,832 | - | 22,854 | |||||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 226,670 | $ | 7,996 | $ | 37,719 | $ | 1,553 | $ | 2,511 | $ | 26,579 | $ | 23,122 |
| Note: Totals may not appear to foot/crossfoot due to rounding. | ||||||||||||||
| (Continued) |
See accompanying notes to financial statements.
7
| MAXIM SERIES ACCOUNT | ||||||||||||||
| STATEMENTS OF OPERATIONS | ||||||||||||||
| FOR THE YEAR ENDED DECEMBER 31, 2023 |
| SUBACCOUNTS | ||||||||||||||||||||||||||||
|
Empower Large Cap Value Fund, Investor II Class |
Empower Moderate Profile Fund, Investor Class |
Empower Moderately Aggressive Profile Fund, Investor Class |
Empower Moderately Conservative Profile Fund, Investor Class |
Empower Multi-Sector Bond Fund, Investor Class |
Empower S&P 500 Index Fund, Investor Class |
Empower S&P Small Cap 600 Index Fund, Investor Class |
||||||||||||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||||||||||||||
| Dividend income | $ | 12,485 | $ | 2,004 | $ | 345 | $ | 451 | $ | 570 | $ | 26,049 | $ | 1,900 | ||||||||||||||
| EXPENSES: | ||||||||||||||||||||||||||||
| Mortality and expense risk | 7,810 | 1,008 | 195 | 183 | 300 | 81,751 | 4,421 | |||||||||||||||||||||
| NET INVESTMENT INCOME (LOSS) | 4,675 | 996 | 150 | 268 | 270 | (55,702 | ) | (2,521 | ) | |||||||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||||
| Net realized gain (loss) on redemption of investments | 7,997 | (14,985 | ) | (2,652 | ) | (353 | ) | (879 | ) | 245,346 | 891 | |||||||||||||||||
| Capital gain distributions | 59,992 | 779 | 504 | 316 | - | 282,317 | 9,750 | |||||||||||||||||||||
| Net realized gain (loss) on investments | 67,989 | (14,206 | ) | (2,148 | ) | (37 | ) | (879 | ) | 527,663 | 10,641 | |||||||||||||||||
| Change in net unrealized appreciation (depreciation) on investments | 56,950 | 21,910 | 4,240 | 1,078 | 2,150 | 786,968 | 42,001 | |||||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | 124,939 | 7,704 | 2,092 | 1,041 | 1,271 | 1,314,631 | 52,642 | |||||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 129,614 | $ | 8,700 | $ | 2,242 | $ | 1,309 | $ | 1,541 | $ | 1,258,929 | $ | 50,121 |
| Note: Totals may not appear to foot/crossfoot due to rounding. | |||||||||||||||
| (Continued) |
See accompanying notes to financial statements.
8
| MAXIM SERIES ACCOUNT | ||||||||||||||
| STATEMENTS OF OPERATIONS | ||||||||||||||
| FOR THE YEAR ENDED DECEMBER 31, 2023 |
| SUBACCOUNTS | ||||||||||||||||||||||||||||
|
Empower T. Rowe Price Mid Cap Growth Fund, Investor Class |
Empower U.S. Government Securities Fund, Investor Class |
Fidelity VIP Contrafund Portfolio |
Janus Aspen Series Janus Henderson Flexible Bond Portfolio |
Neuberger Berman AMT Sustainable Equity Portfolio, Class I |
Templeton Foreign VIP Fund, Class 1 |
|||||||||||||||||||||||
| INVESTMENT INCOME: | ||||||||||||||||||||||||||||
| Dividend income | $ | - | $ | 16,310 | $ | 498 | $ | 2,421 | $ | 2,271 | $ | 4,794 | ||||||||||||||||
| EXPENSES: | ||||||||||||||||||||||||||||
| Mortality and expense risk | 675 | 9,493 | 1,288 | 286 | 3,265 | 710 | ||||||||||||||||||||||
| NET INVESTMENT INCOME (LOSS) | (675 | ) | 6,817 | (790 | ) | 2,135 | (994 | ) | 4,084 | |||||||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: | ||||||||||||||||||||||||||||
| Net realized gain (loss) on redemption of investments | 7,507 | (5,212 | ) | 3,563 | (705 | ) | 1,332 | (16 | ) | |||||||||||||||||||
| Capital gain distributions | 1,426 | - | 3,629 | - | 10,715 | - | ||||||||||||||||||||||
| Net realized gain (loss) on investments | 8,933 | (5,212 | ) | 7,192 | (705 | ) | 12,047 | (16 | ) | |||||||||||||||||||
| Change in net unrealized appreciation (depreciation) on investments | 2,086 | 18,604 | 22,336 | 1,331 | 143,590 | 22,298 | ||||||||||||||||||||||
| Net realized and unrealized gain (loss) on investments | 11,019 | 13,392 | 29,528 | 626 | 155,637 | 22,282 | ||||||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 10,344 | $ | 20,209 | $ | 28,738 | $ | 2,761 | $ | 154,643 | $ | 26,366 |
| Note: Totals may not appear to foot/crossfoot due to rounding. | ||||||||||||||
| (Concluded) |
See accompanying notes to financial statements.
9
| MAXIM SERIES ACCOUNT | ||||||||||||||
| STATEMENTS OF CHANGES IN NET ASSETS | ||||||||||||||
| FOR THE YEAR ENDED DECEMBER 31, 2023 |
| SUBACCOUNTS | ||||||||||||||||||||||||||||
|
BNY Mellon Stock Index Fund, Initial Shares |
Empower Aggressive Profile Fund, Investor Class |
Empower Ariel Mid Cap Value Fund, Investor Class |
Empower Bond Index Fund, Investor Class |
Empower Conservative Profile Fund, Investor Class |
Empower Government Money Market Fund, Investor Class |
Empower International Value Fund, Investor Class |
||||||||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
| OPERATIONS: | ||||||||||||||||||||||||||||
| Net investment income (loss) | $ | 9,344 | $ | 917 | $ | 5,050 | $ | 230 | $ | 679 | $ | 26,579 | $ | 268 | ||||||||||||||
| Net realized gain (loss) on investments | 47,976 | (4,853 | ) | 36,701 | (2,065 | ) | 194 | (1 | ) | 4,364 | ||||||||||||||||||
| Change in net unrealized appreciation (depreciation) on investments | 169,350 | 11,932 | (4,032 | ) | 3,388 | 1,638 | 1 | 18,490 | ||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 226,670 | 7,996 | 37,719 | 1,553 | 2,511 | 26,579 | 23,122 | |||||||||||||||||||||
| CONTRACT TRANSACTIONS: | ||||||||||||||||||||||||||||
| Contract owners' net payments | 5,400 | - | - | - | - | - | - | |||||||||||||||||||||
| Contract maintenance charges | (25 | ) | - | (190 | ) | - | - | (720 | ) | (53 | ) | |||||||||||||||||
| Contract owners' benefits | - | - | - | - | - | (89,176 | ) | - | ||||||||||||||||||||
| Net transfers (to) from the Company and/or Subaccounts | (27,770 | ) | (20,005 | ) | (65,552 | ) | (17,222 | ) | (1,543 | ) | 68,065 | (10,637 | ) | |||||||||||||||
| Adjustments to net assets allocated to contracts in payout period | (18,642 | ) | - | (7,270 | ) | - | (1,604 | ) | 26,518 | (215 | ) | |||||||||||||||||
| Increase (decrease) in net assets resulting from Contract transactions | (41,037 | ) | (20,005 | ) | (73,012 | ) | (17,222 | ) | (3,147 | ) | 4,687 | (10,905 | ) | |||||||||||||||
| Total increase (decrease) in net assets | 185,633 | (12,009 | ) | (35,293 | ) | (15,669 | ) | (636 | ) | 31,266 | 12,217 | |||||||||||||||||
| NET ASSETS: | ||||||||||||||||||||||||||||
| Beginning of period | 928,600 | 63,631 | 468,212 | 46,509 | 37,054 | 743,732 | 141,078 | |||||||||||||||||||||
| End of period | $ | 1,114,233 | $ | 51,622 | $ | 432,919 | $ | 30,840 | $ | 36,418 | $ | 774,998 | $ | 153,295 |
| Note: Totals may not appear to foot/crossfoot due to rounding. | ||||||||||||||
| (Continued) |
See accompanying notes to financial statements.
10
| MAXIM SERIES ACCOUNT | |||||||||||||||
| STATEMENTS OF CHANGES IN NET ASSETS | |||||||||||||||
| FOR THE YEAR ENDED DECEMBER 31, 2023 |
| SUBACCOUNTS | ||||||||||||||||||||||||||||
|
Empower Large Cap Value Fund, Investor II Class |
Empower Moderate Profile Fund, Investor Class |
Empower Moderately Aggressive Profile Fund, Investor Class |
Empower Moderately Conservative Profile Fund, Investor Class |
Empower Multi-Sector Bond Fund, Investor Class |
Empower S&P 500 Index Fund, Investor Class |
Empower S&P Small Cap 600 Index Fund, Investor Class |
||||||||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
| OPERATIONS: | ||||||||||||||||||||||||||||
| Net investment income (loss) | $ | 4,675 | $ | 996 | $ | 150 | $ | 268 | $ | 270 | $ | (55,702 | ) | $ | (2,521 | ) | ||||||||||||
| Net realized gain (loss) on investments | 67,989 | (14,206 | ) | (2,148 | ) | (37 | ) | (879 | ) | 527,663 | 10,641 | |||||||||||||||||
| Change in net unrealized appreciation (depreciation) on investments | 56,950 | 21,910 | 4,240 | 1,078 | 2,150 | 786,968 | 42,001 | |||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 129,614 | 8,700 | 2,242 | 1,309 | 1,541 | 1,258,929 | 50,121 | |||||||||||||||||||||
| CONTRACT TRANSACTIONS: | ||||||||||||||||||||||||||||
| Contract owners' net payments | 4,200 | - | - | - | - | - | - | |||||||||||||||||||||
| Contract maintenance charges | (224 | ) | (27 | ) | (31 | ) | - | (10 | ) | (2,678 | ) | (82 | ) | |||||||||||||||
| Contract owners' benefits | - | - | - | - | - | - | - | |||||||||||||||||||||
| Net transfers (to) from the Company and/or Subaccounts | (65,982 | ) | (85,335 | ) | (11,200 | ) | (4,498 | ) | (19,085 | ) | (848,625 | ) | (86,771 | ) | ||||||||||||||
| Adjustments to net assets allocated to contracts in payout period | (13,851 | ) | (7,257 | ) | - | (2,653 | ) | (557 | ) | (137,720 | ) | (4,945 | ) | |||||||||||||||
| Increase (decrease) in net assets resulting from Contract transactions | (75,857 | ) | (92,619 | ) | (11,231 | ) | (7,151 | ) | (19,652 | ) | (989,023 | ) | (91,798 | ) | ||||||||||||||
| Total increase (decrease) in net assets | 53,757 | (83,919 | ) | (8,989 | ) | (5,842 | ) | (18,111 | ) | 269,906 | (41,677 | ) | ||||||||||||||||
| NET ASSETS: | ||||||||||||||||||||||||||||
| Beginning of period | 1,148,375 | 135,596 | 25,111 | 17,950 | 33,194 | 5,788,073 | 412,308 | |||||||||||||||||||||
| End of period | $ | 1,202,132 | $ | 51,677 | $ | 16,122 | $ | 12,108 | $ | 15,083 | $ | 6,057,979 | $ | 370,631 |
| Note: Totals may not appear to foot/crossfoot due to rounding. | |||||||||||||||
| (Continued) |
See accompanying notes to financial statements.
11
| MAXIM SERIES ACCOUNT | ||||||||||||||
| STATEMENTS OF CHANGES IN NET ASSETS | ||||||||||||||
| FOR THE YEAR ENDED DECEMBER 31, 2023 |
| SUBACCOUNTS | ||||||||||||||||||||||||||||
|
Empower T. Rowe Price Mid Cap Growth Fund, Investor Class |
Empower U.S. Government Securities Fund, Investor Class |
Fidelity VIP Contrafund Portfolio |
Janus Aspen Series Janus Henderson Flexible Bond Portfolio |
Neuberger Berman AMT Sustainable Equity Portfolio, Class I |
Templeton Foreign VIP Fund, Class 1 |
|||||||||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
| OPERATIONS: | ||||||||||||||||||||||||||||
| Net investment income (loss) | $ | (675 | ) | $ | 6,817 | $ | (790 | ) | $ | 2,135 | $ | (994 | ) | $ | 4,084 | |||||||||||||
| Net realized gain (loss) on investments | 8,933 | (5,212 | ) | 7,192 | (705 | ) | 12,047 | (16 | ) | |||||||||||||||||||
| Change in net unrealized appreciation (depreciation) on investments | 2,086 | 18,604 | 22,336 | 1,331 | 143,590 | 22,298 | ||||||||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | 10,344 | 20,209 | 28,738 | 2,761 | 154,643 | 26,366 | ||||||||||||||||||||||
| CONTRACT TRANSACTIONS: | ||||||||||||||||||||||||||||
| Contract owners' net payments | - | - | - | - | 1,200 | 1,200 | ||||||||||||||||||||||
| Contract maintenance charges | (9 | ) | (679 | ) | (35 | ) | (10 | ) | (3 | ) | (1 | ) | ||||||||||||||||
| Contract owners' benefits | - | - | - | - | - | - | ||||||||||||||||||||||
| Net transfers (to) from the Company and/or Subaccounts | (26,901 | ) | (29,655 | ) | (13,111 | ) | (4,521 | ) | (14,035 | ) | (1,769 | ) | ||||||||||||||||
| Adjustments to net assets allocated to contracts in payout period | - | (2,560 | ) | (9,779 | ) | 6 | (6,813 | ) | - | |||||||||||||||||||
| Increase (decrease) in net assets resulting from Contract transactions | (26,910 | ) | (32,894 | ) | (22,925 | ) | (4,525 | ) | (19,651 | ) | (570 | ) | ||||||||||||||||
| Total increase (decrease) in net assets | (16,566 | ) | (12,685 | ) | 5,813 | (1,764 | ) | 134,992 | 25,796 | |||||||||||||||||||
| NET ASSETS: | ||||||||||||||||||||||||||||
| Beginning of period | 71,586 | 695,148 | 92,260 | 59,147 | 604,722 | 129,022 | ||||||||||||||||||||||
| End of period | $ | 55,020 | $ | 682,463 | $ | 98,073 | $ | 57,383 | $ | 739,714 | $ | 154,818 |
| Note: Totals may not appear to foot/crossfoot due to rounding. | ||||||||||||||
| (Continued) |
See accompanying notes to financial statements.
12
| MAXIM SERIES ACCOUNT | ||||||||||||||
| STATEMENTS OF CHANGES IN NET ASSETS | ||||||||||||||
| FOR THE YEAR ENDED DECEMBER 31, 2022 |
| SUBACCOUNTS | ||||||||||||||||||||||||||||
|
BNY Mellon Stock Index Fund, Initial Shares |
Empower Aggressive Profile Fund, Investor Class |
Empower Ariel Mid Cap Value Fund, Investor Class |
Empower Bond Index Fund, Investor Class |
Empower Conservative Profile Fund, Investor Class |
Empower Government Money Market Fund, Investor Class |
Empower International Value Fund, Investor Class |
||||||||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
| OPERATIONS: | ||||||||||||||||||||||||||||
| Net investment income (loss) | $ | 8,183 | $ | 201 | $ | 18,662 | $ | (46 | ) | $ | 217 | $ | 779 | $ | (142 | ) | ||||||||||||
| Net realized gain (loss) on investments | 111,071 | 6,982 | 109,394 | (154 | ) | 1,427 | (78 | ) | 2,758 | |||||||||||||||||||
| Change in net unrealized appreciation (depreciation) on investments | (316,899 | ) | (19,661 | ) | (205,832 | ) | (8,023 | ) | (6,371 | ) | 77 | (30,752 | ) | |||||||||||||||
| Net increase (decrease) in net assets resulting from operations | (197,646 | ) | (12,478 | ) | (77,776 | ) | (8,223 | ) | (4,727 | ) | 778 | (28,136 | ) | |||||||||||||||
| CONTRACT TRANSACTIONS: | ||||||||||||||||||||||||||||
| Contract owners' net payments | 8,200 | 1,500 | - | - | - | 600 | - | |||||||||||||||||||||
| Contract maintenance charges | (25 | ) | - | (191 | ) | - | - | (673 | ) | (53 | ) | |||||||||||||||||
| Contract owners' benefits | (35,830 | ) | - | - | - | - | (583 | ) | - | |||||||||||||||||||
| Net transfers (to) from the Company and/or Subaccounts | 24,282 | (2,038 | ) | (9,730 | ) | (1,142 | ) | (1,201 | ) | (189,553 | ) | (4,406 | ) | |||||||||||||||
| Adjustments to net assets allocated to contracts in payout period | 13,722 | - | 791 | - | 8,933 | 142 | ||||||||||||||||||||||
| Increase (decrease) in net assets resulting from Contract transactions | 10,349 | (538 | ) | (9,130 | ) | (1,142 | ) | (1,201 | ) | (181,276 | ) | (4,317 | ) | |||||||||||||||
| Total increase (decrease) in net assets | (187,297 | ) | (13,016 | ) | (86,906 | ) | (9,365 | ) | (5,928 | ) | (180,497 | ) | (32,453 | ) | ||||||||||||||
| NET ASSETS: | ||||||||||||||||||||||||||||
| Beginning of period | 1,115,897 | 76,647 | 555,118 | 55,874 | 42,982 | 924,229 | 173,531 | |||||||||||||||||||||
| End of period | $ | 928,600 | $ | 63,631 | $ | 468,212 | $ | 46,509 | $ | 37,054 | $ | 743,732 | $ | 141,078 |
| Note: Totals may not appear to foot/crossfoot due to rounding. | ||||||||||||||
| (Continued) |
See accompanying notes to financial statements.
13
| MAXIM SERIES ACCOUNT | |||||||||||||||
| STATEMENTS OF CHANGES IN NET ASSETS | |||||||||||||||
| FOR THE YEAR ENDED DECEMBER 31, 2022 |
| SUBACCOUNTS | ||||||||||||||||||||||||||||
|
Empower Large Cap Value Fund, Investor II Class |
Empower Moderate Profile Fund, Investor Class |
Empower Moderately Aggressive Profile Fund, Investor Class |
Empower Moderately Conservative Profile Fund, Investor Class |
Empower Multi-Sector Bond Fund, Investor Class |
Empower S&P 500 Index Fund, Investor Class |
Empower S&P Small Cap 600 Index Fund, Investor Class |
||||||||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
| OPERATIONS: | ||||||||||||||||||||||||||||
| Net investment income (loss) | $ | 11,648 | $ | 1,336 | $ | 85 | $ | 88 | $ | 386 | $ | (63,997 | ) | $ | (3,345 | ) | ||||||||||||
| Net realized gain (loss) on investments | 91,303 | 8,331 | 1,876 | 965 | 27 | 211,502 | 24,187 | |||||||||||||||||||||
| Change in net unrealized appreciation (depreciation) on investments | (141,794 | ) | (30,896 | ) | (6,009 | ) | (3,482 | ) | (5,321 | ) | (1,592,891 | ) | (108,610 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from operations | (38,842 | ) | (21,230 | ) | (4,048 | ) | (2,429 | ) | (4,908 | ) | (1,445,386 | ) | (87,768 | ) | ||||||||||||||
| CONTRACT TRANSACTIONS: | ||||||||||||||||||||||||||||
| Contract owners' net payments | 5,600 | - | 1,500 | - | 1,500 | 3,000 | 3,000 | |||||||||||||||||||||
| Contract maintenance charges | (223 | ) | (27 | ) | (31 | ) | - | (10 | ) | (2,787 | ) | (83 | ) | |||||||||||||||
| Contract owners' benefits | (29,816 | ) | - | - | - | - | (122,187 | ) | - | |||||||||||||||||||
| Net transfers (to) from the Company and/or Subaccounts | 67,625 | (7,169 | ) | 1 | 1 | (1,080 | ) | (404,833 | ) | (2,078 | ) | |||||||||||||||||
| Adjustments to net assets allocated to contracts in payout period | 9,286 | - | - | - | 403 | 25,860 | - | |||||||||||||||||||||
| Increase (decrease) in net assets resulting from Contract transactions | 52,472 | (7,196 | ) | 1,469 | 1 | 813 | (500,948 | ) | 838 | |||||||||||||||||||
| Total increase (decrease) in net assets | 13,630 | (28,425 | ) | (2,579 | ) | (2,428 | ) | (4,095 | ) | (1,946,334 | ) | (86,929 | ) | |||||||||||||||
| NET ASSETS: | ||||||||||||||||||||||||||||
| Beginning of period | 1,134,745 | 164,021 | 27,690 | 20,378 | 37,289 | 7,734,407 | 499,237 | |||||||||||||||||||||
| End of period | $ | 1,148,375 | $ | 135,596 | $ | 25,111 | $ | 17,950 | $ | 33,194 | $ | 5,788,073 | $ | 412,308 |
| Note: Totals may not appear to foot/crossfoot due to rounding. | |||||||||||||||
| (Continued) |
See accompanying notes to financial statements.
14
| MAXIM SERIES ACCOUNT | ||||||||||||||
| STATEMENTS OF CHANGES IN NET ASSETS | ||||||||||||||
| FOR THE YEAR ENDED DECEMBER 31, 2022 |
| SUBACCOUNTS | ||||||||||||||||||||||||||||
|
Empower T. Rowe Price Mid Cap Growth Fund, Investor Class |
Empower U.S. Government Securities Fund, Investor Class |
Fidelity VIP Contrafund Portfolio |
Janus Aspen Series Janus Henderson Flexible Bond Portfolio |
Neuberger Berman AMT Sustainable Equity Portfolio, Class I |
Templeton Foreign VIP Fund, Class 1 |
|||||||||||||||||||||||
| INCREASE (DECREASE) IN NET ASSETS: | ||||||||||||||||||||||||||||
| OPERATIONS: | ||||||||||||||||||||||||||||
| Net investment income (loss) | $ | (932 | ) | $ | (355 | ) | $ | (780 | ) | $ | 1,234 | $ | (278 | ) | $ | 3,526 | ||||||||||||
| Net realized gain (loss) on investments | 2,223 | (4,259 | ) | 6,038 | 1,096 | 79,625 | (2,541 | ) | ||||||||||||||||||||
| Change in net unrealized appreciation (depreciation) on investments | (23,803 | ) | (108,853 | ) | (41,194 | ) | (13,772 | ) | (212,231 | ) | (14,526 | ) | ||||||||||||||||
| Net increase (decrease) in net assets resulting from operations | (22,512 | ) | (113,467 | ) | (35,937 | ) | (11,442 | ) | (132,885 | ) | (13,542 | ) | ||||||||||||||||
| CONTRACT TRANSACTIONS: | ||||||||||||||||||||||||||||
| Contract owners' net payments | - | - | 4,500 | 500 | 2,600 | 2,500 | ||||||||||||||||||||||
| Contract maintenance charges | (9 | ) | (700 | ) | (35 | ) | (11 | ) | (3 | ) | (1 | ) | ||||||||||||||||
| Contract owners' benefits | - | (31,530 | ) | - | (15,535 | ) | (27,817 | ) | (15,437 | ) | ||||||||||||||||||
| Net transfers (to) from the Company and/or Subaccounts | (548 | ) | (156,022 | ) | (2,478 | ) | (15,785 | ) | (1,460 | ) | (22,192 | ) | ||||||||||||||||
| Adjustments to net assets allocated to contracts in payout period | - | 4,597 | 2,976 | 31 | 4,753 | - | ||||||||||||||||||||||
| Increase (decrease) in net assets resulting from Contract transactions | (557 | ) | (183,654 | ) | 4,963 | (30,800 | ) | (21,927 | ) | (35,131 | ) | |||||||||||||||||
| Total increase (decrease) in net assets | (23,069 | ) | (297,121 | ) | (30,975 | ) | (42,242 | ) | (154,812 | ) | (48,672 | ) | ||||||||||||||||
| NET ASSETS: | ||||||||||||||||||||||||||||
| Beginning of period | 94,655 | 992,269 | 123,235 | 101,389 | 759,534 | 177,694 | ||||||||||||||||||||||
| End of period | $ | 71,586 | $ | 695,148 | $ | 92,260 | $ | 59,147 | $ | 604,722 | $ | 129,022 |
| Note: Totals may not appear to foot/crossfoot due to rounding. | ||||||||||||||
| (Concluded) |
See accompanying notes to financial statements.
15
MAXIM SERIES ACCOUNT
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2023
| 1. | ORGANIZATION |
Effective August 1, 2022, Great West Life & Annuity Insurance Company is now known as Empower Annuity Insurance Company of America (the Company). The Maxim Series Account (the Separate Account), a separate account of 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 Colorado Division of Insurance. The Separate Account, which is a funding vehicle for both group and individual variable annuity contracts (Contracts), is no longer being sold. The Separate Account consists of numerous Subaccounts (Subaccounts), 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 funds.
Under applicable insurance law, the assets and liabilities of each of the Subaccounts of the Separate Account are clearly identified and distinguished from the Company's other assets and liabilities. The portion of the Separate Account's assets applicable to the reserves and other contract liabilities with respect to the Separate Account is not chargeable with liabilities arising out of any other business the Company may conduct. Net premiums from the Contracts are allocated to the Subaccounts in accordance with contract owner instructions and are recorded as variable annuity contract transactions in the statements of changes in net assets. Such amounts are used to provide account funds to pay contract values under the Contracts. Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from the Company's other assets and liabilities.
The preparation of financial statements and financial highlights of each of the Subaccounts in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) 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 income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a list of the variable annuity products funded by the Separate Account:
AICPA
Original Maxim Account
MVP
For the years ended December 31, 2023 and 2022, the Separate Account was invested in up to 20 Subaccounts, as follows:
BNY Mellon Stock Index Fund, Initial Shares
Empower Aggressive Profile Fund, Investor Class(a)
Empower Ariel Mid Cap Value Fund, Investor Class(a)
Empower Bond Index Fund, Investor Class(a)
Empower Conservative Profile Fund, Investor Class(a)
Empower Government Money Market Fund, Investor Class(a)
Empower International Value Fund, Investor Class(a)
Empower Large Cap Value Fund, Investor II Class(a)
Empower Moderate Profile Fund, Investor Class(a)
Empower Moderately Aggressive Profile Fund, Investor Class(a)
Empower Moderately Conservative Profile Fund, Investor Class(a)
Empower Multi-Sector Bond Fund, Investor Class(a)
Empower S&P 500 Index Fund, Investor Class(a)
Empower S&P Small Cap 600 Index Fund, Investor Class(a)
Empower T. Rowe Price Mid Cap Growth Fund, Investor Class(a)
Empower U.S. Government Securities Fund, Investor Class(a)
Fidelity VIP Contrafund Portfolio
16
Janus Aspen Series Janus Henderson Flexible Bond Portfolio
Neuberger Berman AMT Sustainable Equity Portfolio, Class I
Templeton Foreign VIP Fund, Class 1
| (a) | See Subaccount Changes table below |
Subaccount Changes:
During 2022, the following Subaccounts changed their names:
| Previous Name | New Name | Date of Change | ||
| Great-West Aggressive Profile Fund, Investor Class | Empower Aggressive Profile Fund, Investor Class | August 1, 2022 | ||
| Great-West Ariel mid Cap Value Fund, Investor Class | Empower Ariel mid Cap Value Fund, Investor Class | August 1, 2022 | ||
| Great-West Bond Index Fund, Investor Class | Empower Bond Index Fund, Investor Class | August 1, 2022 | ||
| Great-West Conservative Profile Fund, Investor Class | Empower Conservative Profile Fund, Investor Class | August 1, 2022 | ||
| Great-West Government Money Market Fund, Investor Class | Empower Government Money Market Fund, Investor Class | August 1, 2022 | ||
| Great-West International Value Fund, Investor Class | Empower International Value Fund, Investor Class | August 1, 2022 | ||
| Great-West Large Cap Value Fund Investor II Class Fund | Empower Large Cap Value Fund Investor II Class Fund | August 1, 2022 | ||
| Great-West Moderate Profile Fund, Investor Class | Empower Moderate Profile Fund, Investor Class | August 1, 2022 | ||
| Great-West Moderately Aggressive Profile Fund, Investor Class | Empower Moderately Aggressive Profile Fund, Investor Class | August 1, 2022 | ||
| Great-West Moderately Conservative Profile Fund, Investor Class | Empower Moderately Conservative Profile Fund, Investor Class | August 1, 2022 | ||
| Great-West Multi-Sector Bond Fund, Investor Class | Empower Multi-Sector Bond Fund, Investor Class | August 1, 2022 | ||
| Great-West S&P 500® Index Fund, Investor Class | Empower S&P 500® Index Fund, Investor Class | August 1, 2022 | ||
| Great-West S&P Small Cap 600® Index Fund, Investor Class | Empower S&P Small Cap 600® Index Fund, Investor Class | August 1, 2022 | ||
| Great-West T. Rowe Price Mid Cap Growth Fund, Investor | Empower T. Rowe Price Mid Cap Growth Fund, Investor | August 1, 2022 | ||
| Great-West U.S. Government Securities Fund, Investor Class | Empower U.S. Government Securities Fund, Investor Class | August 1, 2022 |
The Separate 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".
17
| 2. | SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of the significant accounting policies of the Separate Account.
Investment valuation
Investments are made and measured in shares and are presented net of management fees and other operating expenses incurred by the Subaccounts. The investments are valued at the net asset values of the mutual funds, which value their investment securities at fair value. Transactions with the mutual funds are recognized on the trade date.
The Separate Account classifies its valuations into three levels based upon the observability of inputs to the valuation of the Separate Account's investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:
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.
The Separate Account determines the fair values of certain financial assets based on quoted market prices. All of the investments in the Subaccounts of the Separate Account are classified as Level 1 in the fair value hierarchy and consist of open-ended mutual funds. Participants may, without restriction, transact at the daily net asset value ("NAV") of the mutual funds. The NAV represents the daily per share value based on the fair value of the underlying portfolio of investments of the respective Subaccounts.
Receivable from dividends
Receivable from dividends include dividends declared by the fund managers that have not yet been reinvested in accordance with the Subaccounts' designated reinvestment dates.
Receivables and payables from (to) the Contracts and the fund manager
Receivables and payables from (to) the Contracts and the fund manager include trading activity initiated at the Contract level from the last business day of the year that has not yet been settled with the fund manager.
Receivables and payables from (to) the Company
Receivables and payables from (to) the Company include accruals for the variance between investments and reserves applicable to the Subaccount.
Contracts in the annuity period
Net assets allocated to Contracts in the annuity period are computed according to the Annuity 2000 Mortality Table with an assumed investment return of 5%. The mortality risk is fully borne by the Company and may result in additional amounts being transferred into the Separate 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 for the calculated or excess differential. Any adjustments to these amounts are reflected in Adjustments to net assets allocated to Contracts in payout period on the Statements of Changes in Net Assets of the applicable Subaccounts.
Dividend income and capital gain distributions
Dividend income and capital gain distributions are recorded on the ex-dividend date and are reinvested in additional shares of the mutual funds. Ordinary dividend and capital gain distributions are recognized within net investment income and net realized gains, respectively, as recorded in the financial statements of the Subaccounts.
18
Net realized gains and losses
Net realized gains and losses on investments include gains and losses on redemptions of the Subaccounts' shares (determined for each product using thefirst-in-first-out (FIFO) basis and capital gain distributions from the mutual funds.
Net transfers (to) from the Company and/or Subaccounts
Net transfers (to) from the Company and/or Subaccounts include transfers between the Subaccounts of the Separate Account as well as transfers between the Separate Account and the Company.
Federal income taxes
The results of the operations of the Separate Account are included in the federal income tax return of the Company. Under the provisions of the Contracts, the Company has the right to charge the Separate Account for federal income tax attributable to the Separate Account. No charge has been made against the Separate Account for such tax during the year ended December 31, 2023. Management will periodically review the application of this policy in the event of changes in tax law. Accordingly, a change may be made in future years to consider charges for any federal income taxes that would be attributable to the Contracts.
Use of estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that could affect the reported amounts of assets and liabilities, as well as the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from the estimates reported in the accompanying financial statements.
Risks and uncertainties
The Separate Account provides for various investment options in any combination of Subaccounts, each of which bears exposure to the market, credit, and liquidity risks of the underlying portfolio in which it invests. Due to the level of risk associated with certain investments and the level of uncertainty related to changes in the value of investments, it is at least reasonably possible that changes in risks in the near term could materially affect investment balances, the amounts reported in the statements of assets and liabilities, of operations and of changes in net assets. Accordingly, these financial statements should be read in conjunction with the financial statements and footnotes of the underlying Subaccounts identified in Note 1.
19
| 3. | PURCHASES AND SALES OF INVESTMENTS | |||||
| The cost of purchases and proceeds from sales of investments for the year ended December 31, 2023 were as follows: | ||||||
| Subaccount | Purchases | Sales | ||||||
| BNY Mellon Stock Index Fund, Initial Shares | $ | 56,621 | $ | 33,257 | ||||
| Empower Aggressive Profile Fund, Investor Class | 2,850 | 20,620 | ||||||
| Empower Ariel Mid Cap Value Fund, Investor Class | 62,813 | 71,267 | ||||||
| Empower Bond Index Fund, Investor Class | 624 | 17,615 | ||||||
| Empower Conservative Profile Fund, Investor Class | 1,579 | 2,012 | ||||||
| Empower Government Money Market Fund, Investor Class | 177,335 | 172,734 | ||||||
| Empower International Value Fund, Investor Class | 4,982 | 12,598 | ||||||
| Empower Large Cap Value Fund, Investor II Class | 78,416 | 75,754 | ||||||
| Empower Moderate Profile Fund, Investor Class | 2,783 | 86,369 | ||||||
| Empower Moderately Aggressive Profile Fund, Investor Class | 849 | 11,426 | ||||||
| Empower Moderately Conservative Profile Fund, Investor Class | 768 | 4,682 | ||||||
| Empower Multi-Sector Bond Fund, Investor Class | 570 | 19,394 | ||||||
| Empower S&P 500 Index Fund, Investor Class | 321,835 | 946,524 | ||||||
| Empower S&P Small Cap 600 Index Fund, Investor Class | 11,649 | 91,273 | ||||||
| Empower T. Rowe Price Mid Cap Growth Fund, Investor Class | 1,426 | 27,585 | ||||||
| Empower U.S. Government Securities Fund, Investor Class | 16,310 | 39,827 | ||||||
| Fidelity VIP Contrafund Portfolio | 4,127 | 14,435 | ||||||
| Janus Aspen Series Janus Henderson Flexible Bond Portfolio | 2,421 | 4,816 | ||||||
| Neuberger Berman AMT Sustainable Equity Portfolio, Class I | 14,771 | 17,888 | ||||||
| Templeton Foreign VIP Fund, Class 1 | 6,824 | 3,310 |
20
| 4. | CHANGES IN UNITS OUTSTANDING |
The changes in units outstanding for the years or periods ended December 31, 2023 and 2022 were as follows:
| 2023 | 2022 | |||||||||||||||||||||||
| Subaccount |
Units Issued |
Units Redeemed |
Net Increase (Decrease) |
Units Issued |
Units Redeemed |
Net Increase (Decrease) |
||||||||||||||||||
| BNY Mellon Stock Index Fund, Initial Shares | 132 | 618 | (486 | ) | 1,863 | 1,710 | 153 | |||||||||||||||||
| Empower Aggressive Profile Fund, Investor Class | - | 1,405 | (1,405 | ) | 101 | 145 | (44 | ) | ||||||||||||||||
| Empower Ariel Mid Cap Value Fund, Investor Class | - | 629 | (629 | ) | - | 93 | (93 | ) | ||||||||||||||||
| Empower Bond Index Fund, Investor Class | - | 1,178 | (1,178 | ) | - | 79 | (79 | ) | ||||||||||||||||
| Empower Conservative Profile Fund, Investor Class | - | 137 | (137 | ) | - | 109 | (109 | ) | ||||||||||||||||
| Empower Government Money Market Fund, Investor Class | 7,490 | 9,795 | (2,305 | ) | 15,755 | 31,662 | (15,907 | ) | ||||||||||||||||
| Empower International Value Fund, Investor Class | - | 297 | (297 | ) | - | 137 | (137 | ) | ||||||||||||||||
| Empower Large Cap Value Fund, Investor II Class | 434 | 5,008 | (4,574 | ) | 11,017 | 7,209 | 3,808 | |||||||||||||||||
| Empower Moderate Profile Fund, Investor Class | - | 6,779 | (6,779 | ) | - | 571 | (571 | ) | ||||||||||||||||
| Empower Moderately Aggressive Profile Fund, Investor Class | - | 854 | (854 | ) | 109 | 3 | 106 | |||||||||||||||||
| Empower Moderately Conservative Profile Fund, Investor Class | - | 379 | (379 | ) | - | - | - | |||||||||||||||||
| Empower Multi-Sector Bond Fund, Investor Class | - | 387 | (387 | ) | 29 | 22 | 7 | |||||||||||||||||
| Empower S&P 500 Index Fund, Investor Class | 733 | 48,565 | (47,832 | ) | 223 | 29,358 | (29,135 | ) | ||||||||||||||||
| Empower S&P Small Cap 600 Index Fund, Investor Class | - | 924 | (924 | ) | 30 | 23 | 7 | |||||||||||||||||
| Empower T. Rowe Price Mid Cap Growth Fund, Investor Class | - | 304 | (304 | ) | - | 7 | (7 | ) | ||||||||||||||||
| Empower U.S. Government Securities Fund, Investor Class | - | 748 | (748 | ) | - | 4,181 | (4,181 | ) | ||||||||||||||||
| Fidelity VIP Contrafund Portfolio | - | 205 | (205 | ) | 68 | 40 | 28 | |||||||||||||||||
| Janus Aspen Series Janus Henderson Flexible Bond Portfolio | - | 182 | (182 | ) | - | 1,139 | (1,139 | ) | ||||||||||||||||
| Neuberger Berman AMT Sustainable Equity Portfolio, Class I | 43 | 339 | (296 | ) | 1,798 | 2,231 | (433 | ) | ||||||||||||||||
| Templeton Foreign VIP Fund, Class 1 | 90 | 116 | (26 | ) | 603 | 2,314 | (1,711 | ) | ||||||||||||||||
| Note: Units may not foot/crossfoot due to rounding. |
21
| 5. | EXPENSES AND RELATED PARTY TRANSACTIONS |
The fees and charges below are the current expenses deducted by the Subaccount from either the net unit value or from the Contract as a redemption of units. Fees and charges may vary based on factors such as the product purchased, benefit base, asset base, a Contract's total asset value, Subaccounts selected, transaction amount, and/or transaction frequency. The fees and charges are recorded, as applicable, to the respective Subaccount in the Separate Account. Redemption of units deductions are made to the individual Contracts in accordance with the terms which govern each annuity, as set forth in the Contract.
| Expense Type | Range |
| Mortality and Expense Risk Fee | |
| This fee is assessed to reimburse the Company for assuming mortality and expense risks. The fee is deducted daily, assessed through a reduction of net unit values, and recorded as Mortality and expense risk in the Statements of Operations. | a daily fee amounting to a per annum aggregate of 0.50% - 1.40% of the value of each Subaccount |
| Annual Contract Charge | |
| This charge is assessed to reimburse the Company for expenses incurred in the administration of the Contract and the Separate Account. The charge is deducted annually, assessed through a redemption of units, and recorded as Contract maintenance charges in the Statements of Changes in Net Assets. |
$27 - $35 annually |
| Deductions for Premium Taxes | |
| This deduction is to comply with any applicable state premium and/or retaliatory taxes. The mandated amount is deducted from the contribution when it is received which in turn reduces Contract owners' net payments on the Statements of Changes in Net Assets. | 0% - 3.50% of each contribution, if applicable |
| Transfer Charge | |
| This charge is assessed to reimburse the Company for costs incurred when transferring funds. The charge is deducted upon transfer, assessed through a redemption of units, and recorded as a reduction in Contract owners' benefits within the Statements of Changes in Net Assets. | $10 per transfer, after the first 24 transfers in any calendar year |
22
| 6. | FINANCIAL HIGHLIGHTS |
The financial highlights for the Separate Account are presented by contract by Subaccount. For each Subaccount available to Maxim Series II Account contract and Maxim Series III Account contract, the accumulation units outstanding, net assets, investment income ratio, the range of lowest to highest expense ratios (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 Maxim Series II Account contract and Maxim Series III Account contract 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 Statements of Assets and Liabilities which are calculated on an aggregated basis, may not be within the ranges presented.
| As of December 31 | For the period ended December 31 | |||||||||||||||||||||||||||||||||||
| Subaccount |
Units (000's) |
Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios |
Net Assets (000's) |
Investment Income Ratio (a) |
Expense Ratios (b) |
Total Return (c) Corresponding to the Lowest and Highest Expense Ratios |
||||||||||||||||||||||||||||||
| Low | High | Low | High | Low | High | |||||||||||||||||||||||||||||||
| Maxim Series II Accounts: | ||||||||||||||||||||||||||||||||||||
| Empower Government Money Market Fund, Investor Class | ||||||||||||||||||||||||||||||||||||
| 2023 | 18 | $ | 19.50 | $ | 19.50 | $ | 354 | 4.45 | % | 1.40 | % | 1.40 | % | 3.08 | % | 3.08 | % | |||||||||||||||||||
| 2022 | 10 | 18.92 | 18.92 | 744 | 1.08 | % | 1.40 | % | 1.40 | % | 42.16 | % | 42.16 | % | ||||||||||||||||||||||
| 2021 | 54 | 13.31 | 13.31 | 924 | 0.01 | % | 1.40 | % | 1.40 | % | (30.68 | )% | (30.86 | )% | ||||||||||||||||||||||
| 2020 | 21 | 19.20 | 19.25 | 294 | 0.30 | % | 1.40 | % | 1.40 | % | (1.13 | )% | (1.13 | )% | ||||||||||||||||||||||
| 2019 | 19 | 19.42 | 19.47 | 393 | 1.74 | % | 1.40 | % | 1.40 | % | 0.35 | % | 0.34 | % | ||||||||||||||||||||||
| Empower S&P 500 Index Fund, Investor Class | ||||||||||||||||||||||||||||||||||||
| 2023 | 281 | 19.84 | 19.84 | 5,549 | 0.44 | % | 1.40 | % | 1.40 | % | 23.87 | % | 23.87 | % | ||||||||||||||||||||||
| 2022 | 325 | 16.02 | 16.02 | 5,788 | 0.36 | % | 1.40 | % | 1.40 | % | (20.54 | )% | (20.54 | )% | ||||||||||||||||||||||
| 2021 | 353 | 20.16 | 20.16 | 7,734 | 0.35 | % | 1.40 | % | 1.40 | % | 27.80 | % | 27.80 | % | ||||||||||||||||||||||
| 2020 | 415 | 15.77 | 15.77 | 6,617 | 0.78 | % | 1.40 | % | 1.40 | % | 16.16 | % | 16.16 | % | ||||||||||||||||||||||
| 2019 | 449 | 13.58 | 13.58 | 6,280 | 0.68 | % | 1.40 | % | 1.40 | % | 29.02 | % | 29.02 | % | ||||||||||||||||||||||
| Empower U.S. Government Securities Fund, Investor Class | ||||||||||||||||||||||||||||||||||||
| 2023 | 16 | 41.61 | 41.61 | 676 | 2.40 | % | 1.40 | % | 1.40 | % | 3.01 | % | 3.01 | % | ||||||||||||||||||||||
| 2022 | 17 | 40.39 | 40.39 | 695 | 1.35 | % | 1.40 | % | 1.40 | % | (12.24 | )% | (12.24 | )% | ||||||||||||||||||||||
| 2021 | 22 | 46.03 | 46.03 | 992 | 0.65 | % | 1.40 | % | 1.40 | % | (4.04 | )% | (4.98 | )% | ||||||||||||||||||||||
| 2020 | 27 | 47.97 | 48.44 | 1,266 | 0.93 | % | 1.40 | % | 1.40 | % | 4.39 | % | 4.40 | % | ||||||||||||||||||||||
| 2019 | 31 | 45.95 | 46.40 | 1,416 | 1.56 | % | 1.40 | % | 1.40 | % | 4.65 | % | 4.65 | % |
23
| As of December 31 | For the period ended December 31 | |||||||||||||||||||||||||||||||||||
| Subaccount |
Units (000's) |
Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios |
Net Assets (000's) |
Investment Income Ratio (a) |
Expense Ratios (b) |
Total Return (c) Corresponding to the Lowest and Highest Expense Ratios |
||||||||||||||||||||||||||||||
| Low | High | Low | High | Low | High | |||||||||||||||||||||||||||||||
| Maxim Series III Accounts: | ||||||||||||||||||||||||||||||||||||
| BNY Mellon Stock Index Fund, Initial Shares | ||||||||||||||||||||||||||||||||||||
| 2023 | 22 | $ | 51.28 | $ | 51.28 | $ | 1,114 | 1.43 | % | 0.50 | % | 0.50 | % | 25.30 | % | 25.30 | % | |||||||||||||||||||
| 2022 | 22 | 40.93 | 40.93 | 929 | 1.36 | % | 0.50 | % | 0.50 | % | (19.37 | )% | (19.37 | )% | ||||||||||||||||||||||
| 2021 | 22 | 50.76 | 50.76 | 1,116 | 1.15 | % | 0.50 | % | 0.50 | % | 28.80 | % | 28.80 | % | ||||||||||||||||||||||
| 2020 | 23 | 39.41 | 39.41 | 891 | 1.65 | % | 0.50 | % | 0.50 | % | 17.43 | % | 17.43 | % | ||||||||||||||||||||||
| 2019 | 32 | 33.56 | 33.56 | 1,063 | 1.71 | % | 0.50 | % | 0.50 | % | 30.53 | % | 30.53 | % | ||||||||||||||||||||||
| Empower Aggressive Profile Fund, Investor Class | ||||||||||||||||||||||||||||||||||||
| 2023 | 3 | 15.56 | 15.56 | 52 | 3.11 | % | 1.25 | % | 1.25 | % | 15.49 | % | 15.49 | % | ||||||||||||||||||||||
| 2022 | 5 | 13.48 | 13.48 | 64 | 1.55 | % | 1.25 | % | 1.25 | % | (16.24 | )% | (16.24 | )% | ||||||||||||||||||||||
| 2021 | 5 | 16.09 | 16.09 | 77 | 5.61 | % | 1.25 | % | 1.25 | % | 18.04 | % | 18.04 | % | ||||||||||||||||||||||
| 2020 | 5 | 13.63 | 13.63 | 67 | 1.74 | % | 1.25 | % | 1.25 | % | 10.64 | % | 10.64 | % | ||||||||||||||||||||||
| 2019 | 5 | 12.32 | 12.32 | 63 | 1.97 | % | 1.25 | % | 1.25 | % | 24.55 | % | 24.55 | % | ||||||||||||||||||||||
| Empower Ariel Mid Cap Value Fund, Investor Class | ||||||||||||||||||||||||||||||||||||
| 2023 | 4 | 112.33 | 112.33 | 433 | 2.39 | % | 1.25 | % | 1.25 | % | 9.08 | % | 9.08 | % | ||||||||||||||||||||||
| 2022 | 5 | 102.98 | 102.98 | 468 | 5.07 | % | 1.25 | % | 1.25 | % | (13.63 | )% | (13.63 | )% | ||||||||||||||||||||||
| 2021 | 5 | 119.23 | 119.23 | 555 | 1.99 | % | 1.25 | % | 1.25 | % | 24.00 | % | 24.00 | % | ||||||||||||||||||||||
| 2020 | 5 | 96.15 | 96.15 | 471 | 2.76 | % | 1.25 | % | 1.25 | % | 7.73 | % | 7.73 | % | ||||||||||||||||||||||
| 2019 | 5 | 89.25 | 89.25 | 474 | 1.28 | % | 1.25 | % | 1.25 | % | 22.78 | % | 22.78 | % | ||||||||||||||||||||||
| Empower Bond Index Fund, Investor Class | ||||||||||||||||||||||||||||||||||||
| 2023 | 2 | 14.77 | 14.77 | 31 | 1.98 | % | 1.25 | % | 1.25 | % | 3.72 | % | 3.72 | % | ||||||||||||||||||||||
| 2022 | 3 | 14.24 | 14.24 | 47 | 1.16 | % | 1.25 | % | 1.25 | % | (14.72 | )% | (14.72 | )% | ||||||||||||||||||||||
| 2021 | 3 | 16.70 | 16.70 | 56 | 0.82 | % | 1.25 | % | 1.25 | % | (3.64 | )% | (3.64 | )% | ||||||||||||||||||||||
| 2020 | 3 | 17.33 | 17.33 | 58 | 1.69 | % | 1.25 | % | 1.25 | % | 5.87 | % | 5.87 | % | ||||||||||||||||||||||
| 2019 | 2 | 16.37 | 16.37 | 41 | 1.08 | % | 1.25 | % | 1.25 | % | 6.75 | % | 6.75 | % |
24
| As of December 31 | For the period ended December 31 | |||||||||||||||||||||||||||||||||||
| Subaccount |
Units (000's) |
Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios |
Net Assets (000's) |
Investment Income Ratio (a) |
Expense Ratios (b) |
Total Return (c) Corresponding to the Lowest and Highest Expense Ratios |
||||||||||||||||||||||||||||||
| Low | High | Low | High | Low | High | |||||||||||||||||||||||||||||||
| Empower Conservative Profile Fund, Investor Class | ||||||||||||||||||||||||||||||||||||
| 2023 | 3 | $ | 11.62 | $ | 11.62 | $ | 36 | 3.05 | % | 1.25 | % | 1.25 | % | 6.91 | % | 6.91 | % | |||||||||||||||||||
| 2022 | 3 | 10.87 | 10.87 | 37 | 1.80 | % | 1.25 | % | 1.25 | % | (11.02 | )% | (11.02 | )% | ||||||||||||||||||||||
| 2021 | 4 | 12.22 | 12.22 | 43 | 2.45 | % | 1.25 | % | 1.25 | % | 5.00 | % | 5.00 | % | ||||||||||||||||||||||
| 2020 | 4 | 11.64 | 11.64 | 41 | 2.16 | % | 1.25 | % | 1.25 | % | 6.87 | % | 6.87 | % | ||||||||||||||||||||||
| 2019 | 4 | 10.89 | 10.89 | 38 | 1.73 | % | 1.25 | % | 1.25 | % | 10.14 | % | 10.14 | % | ||||||||||||||||||||||
| Empower Government Money Market Fund, Investor Class | ||||||||||||||||||||||||||||||||||||
| 2023 | 33 | 13.23 | 12.50 | 421 | 4.45 | % | 0.50 | % | 1.25 | % | 4.02 | % | 3.25 | % | ||||||||||||||||||||||
| 2022 | 44 | 12.71 | 12.11 | 744 | 1.08 | % | 0.50 | % | 1.25 | % | (9.02 | )% | (4.51 | )% | ||||||||||||||||||||||
| 2021 | 16 | 13.31 | 13.31 | 924 | 0.01 | % | 0.50 | % | 1.25 | % | 8.56 | % | 4.92 | % | ||||||||||||||||||||||
| 2020 | 82 | 12.26 | 12.69 | 1,146 | 0.30 | % | 0.50 | % | 1.25 | % | (0.96 | )% | (0.19 | )% | ||||||||||||||||||||||
| 2019 | 56 | 12.38 | 12.71 | 791 | 1.72 | % | 0.50 | % | 1.25 | % | 0.50 | % | 1.25 | % | ||||||||||||||||||||||
| Empower International Value Fund, Investor Class | ||||||||||||||||||||||||||||||||||||
| 2023 | 4 | 37.02 | 37.02 | 153 | 1.42 | % | 1.25 | % | 1.25 | % | 16.57 | % | 16.57 | % | ||||||||||||||||||||||
| 2022 | 4 | 31.76 | 31.76 | 141 | 1.15 | % | 1.25 | % | 1.25 | % | (16.01 | )% | (16.01 | )% | ||||||||||||||||||||||
| 2021 | 5 | 37.81 | 37.81 | 174 | 1.65 | % | 1.25 | % | 1.25 | % | 9.16 | % | 9.16 | % | ||||||||||||||||||||||
| 2020 | 5 | 34.64 | 34.64 | 159 | 1.06 | % | 1.25 | % | 1.25 | % | 8.37 | % | 8.37 | % | ||||||||||||||||||||||
| 2019 | 5 | 31.96 | 31.96 | 158 | 1.10 | % | 1.25 | % | 1.25 | % | 20.55 | % | 20.55 | % | ||||||||||||||||||||||
| Empower Large Cap Value Fund, Investor II Class | ||||||||||||||||||||||||||||||||||||
| 2023 | 82 | 14.90 | 14.44 | 1,202 | 1.09 | % | 0.50 | % | 1.25 | % | 11.95 | % | 11.12 | % | ||||||||||||||||||||||
| 2022 | 86 | 13.31 | 13.00 | 1,148 | 1.76 | % | 0.50 | % | 1.25 | % | (3.11 | )% | (5.40 | )% | ||||||||||||||||||||||
| 2021 | 83 | 13.74 | 13.74 | 1,135 | 1.12 | % | 0.50 | % | 1.25 | % | 25.62 | % | 24.51 | % | ||||||||||||||||||||||
| 2020 | 94 | 10.94 | 11.04 | 1,030 | 1.21 | % | 0.50 | % | 1.25 | % | 2.60 | % | 3.32 | % | ||||||||||||||||||||||
| 2019 | 119 | 10.66 | 10.68 | 1,298 | 0.59 | % | 0.50 | % | 1.25 | % | 6.60 | % | 6.75 | % | ||||||||||||||||||||||
| Empower Moderate Profile Fund, Investor Class | ||||||||||||||||||||||||||||||||||||
| 2023 | 4 | 13.42 | 13.42 | 52 | 2.49 | % | 1.25 | % | 1.25 | % | 10.54 | % | 10.54 | % | ||||||||||||||||||||||
| 2022 | 11 | 12.14 | 12.14 | 136 | 2.18 | % | 1.25 | % | 1.25 | % | (13.12 | )% | (13.12 | )% | ||||||||||||||||||||||
| 2021 | 12 | 13.97 | 13.97 | 164 | 3.35 | % | 1.25 | % | 1.25 | % | 10.60 | % | 10.60 | % | ||||||||||||||||||||||
| 2020 | 12 | 12.63 | 12.63 | 155 | 1.58 | % | 1.25 | % | 1.25 | % | 9.84 | % | 9.84 | % | ||||||||||||||||||||||
| 2019 | 13 | 11.50 | 11.50 | 148 | 1.97 | % | 1.25 | % | 1.25 | % | 16.06 | % | 16.06 | % |
25
| As of December 31 | For the period ended December 31 | |||||||||||||||||||||||||||||||||||
| Subaccount |
Units (000's) |
Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios |
Net Assets (000's) |
Investment Income Ratio (a) |
Expense Ratios (b) |
Total Return (c) Corresponding to the Lowest and Highest Expense Ratios |
||||||||||||||||||||||||||||||
| Low | High | Low | High | Low | High | |||||||||||||||||||||||||||||||
| Empower Moderately Aggressive Profile Fund, Investor Class | ||||||||||||||||||||||||||||||||||||
| 2023 | 1 | $ | 14.12 | $ | 14.12 | $ | 16 | 2.21 | % | 1.25 | % | 1.25 | % | 12.20 | % | 12.20 | % | |||||||||||||||||||
| 2022 | 2 | 12.58 | 12.58 | 25 | 1.58 | % | 1.25 | % | 1.25 | % | (14.18 | )% | (14.18 | )% | ||||||||||||||||||||||
| 2021 | 2 | 14.66 | 14.66 | 28 | 4.17 | % | 1.25 | % | 1.25 | % | 12.84 | % | 12.84 | % | ||||||||||||||||||||||
| 2020 | 2 | 12.99 | 12.99 | 28 | 2.10 | % | 1.25 | % | 1.25 | % | 10.38 | % | 10.38 | % | ||||||||||||||||||||||
| 2019 | 3 | 11.77 | 11.77 | 29 | 1.69 | % | 1.25 | % | 1.25 | % | 18.85 | % | 18.85 | % | ||||||||||||||||||||||
| Empower Moderately Conservative Profile Fund, Investor Class | ||||||||||||||||||||||||||||||||||||
| 2023 | 1 | 12.47 | 12.47 | 12 | 3.07 | % | 1.25 | % | 1.25 | % | 8.53 | % | 8.53 | % | ||||||||||||||||||||||
| 2022 | 2 | 11.49 | 11.49 | 18 | 1.72 | % | 1.25 | % | 1.25 | % | (11.96 | )% | (11.96 | )% | ||||||||||||||||||||||
| 2021 | 2 | 13.05 | 13.05 | 20 | 3.07 | % | 1.25 | % | 1.25 | % | 7.82 | % | 7.82 | % | ||||||||||||||||||||||
| 2020 | 2 | 12.10 | 12.10 | 19 | 1.36 | % | 1.25 | % | 1.25 | % | 8.17 | % | 8.17 | % | ||||||||||||||||||||||
| 2019 | 2 | 11.19 | 11.19 | 17 | 3.84 | % | 1.25 | % | 1.25 | % | 13.04 | % | 13.04 | % | ||||||||||||||||||||||
| Empower Multi-Sector Bond Fund, Investor Class | ||||||||||||||||||||||||||||||||||||
| 2023 | 0 | * | 51.13 | 51.13 | 15 | 2.38 | % | 1.25 | % | 1.25 | % | 6.54 | % | 6.54 | % | |||||||||||||||||||||
| 2022 | 1 | 47.99 | 47.99 | 33 | 2.33 | % | 1.25 | % | 1.25 | % | (9.27 | )% | (9.27 | )% | ||||||||||||||||||||||
| 2021 | 1 | 52.89 | 52.89 | 37 | 2.33 | % | 1.25 | % | 1.25 | % | (3.92 | )% | (3.92 | )% | ||||||||||||||||||||||
| 2020 | 1 | 55.05 | 55.05 | 38 | 3.42 | % | 1.25 | % | 1.25 | % | 7.75 | % | 7.75 | % | ||||||||||||||||||||||
| 2019 | 1 | 51.09 | 51.09 | 37 | 1.65 | % | 1.25 | % | 1.25 | % | 10.35 | % | 10.35 | % | ||||||||||||||||||||||
| Empower S&P 500 Index Fund, Investor Class | ||||||||||||||||||||||||||||||||||||
| 2023 | 26 | 20.04 | 20.04 | 509 | 0.44 | % | 1.25 | % | 1.25 | % | 24.06 | % | 24.06 | % | ||||||||||||||||||||||
| 2022 | 30 | 16.15 | 16.15 | 5,788 | 0.36 | % | 1.25 | % | 1.25 | % | (19.89 | )% | (19.89 | )% | ||||||||||||||||||||||
| 2021 | 31 | 20.16 | 20.16 | 7,734 | 0.35 | % | 1.25 | % | 1.25 | % | 27.10 | % | 27.10 | % | ||||||||||||||||||||||
| 2020 | 45 | 15.86 | 15.86 | 717 | 0.78 | % | 1.25 | % | 1.25 | % | 16.29 | % | 16.29 | % | ||||||||||||||||||||||
| 2019 | 17 | 13.64 | 13.64 | 588 | 0.68 | % | 1.25 | % | 1.25 | % | 29.22 | % | 29.22 | % | ||||||||||||||||||||||
| Empower S&P Small Cap 600 Index Fund, Investor Class | ||||||||||||||||||||||||||||||||||||
| 2023 | 4 | 102.34 | 102.34 | 371 | 0.54 | % | 1.25 | % | 1.25 | % | 14.04 | % | 14.04 | % | ||||||||||||||||||||||
| 2022 | 5 | 89.75 | 89.75 | 412 | 0.48 | % | 1.25 | % | 1.25 | % | (17.54 | )% | (17.54 | )% | ||||||||||||||||||||||
| 2021 | 5 | 108.84 | 108.84 | 499 | 2.00 | % | 1.25 | % | 1.25 | % | 24.37 | % | 24.37 | % | ||||||||||||||||||||||
| 2020 | 4 | 87.51 | 87.51 | 368 | 1.60 | % | 1.25 | % | 1.25 | % | 9.55 | % | 9.55 | % | ||||||||||||||||||||||
| 2019 | 5 | 79.88 | 79.88 | 366 | 0.59 | % | 1.25 | % | 1.25 | % | 20.77 | % | 20.77 | % |
26
| As of December 31 | For the period ended December 31 | |||||||||||||||||||||||||||||||||||
| Subaccount |
Units (000's) |
Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios |
Net Assets (000's) |
Investment Income Ratio (a) |
Expense Ratios (b) |
Total Return (c) Corresponding to the Lowest and Highest Expense Ratios |
||||||||||||||||||||||||||||||
| Low | High | Low | High | Low | High | |||||||||||||||||||||||||||||||
| Empower T. Rowe Price Mid Cap Growth Fund, Investor Class | ||||||||||||||||||||||||||||||||||||
| 2023 | 1 | $ | 97.98 | $ | 97.98 | $ | 55 | 0.00 | % | 1.25 | % | 1.25 | % | 18.43 | % | 18.43 | % | |||||||||||||||||||
| 2022 | 1 | 82.73 | 82.73 | 72 | 0.02 | % | 1.25 | % | 1.25 | % | (23.78 | )% | (23.78 | )% | ||||||||||||||||||||||
| 2021 | 1 | 108.55 | 108.55 | 95 | 0.18 | % | 1.25 | % | 1.25 | % | 13.46 | % | 13.46 | % | ||||||||||||||||||||||
| 2020 | 1 | 95.68 | 95.68 | 83 | 0.00 | % | 1.25 | % | 1.25 | % | 22.57 | % | 22.57 | % | ||||||||||||||||||||||
| 2019 | 1 | 78.06 | 78.06 | 88 | 0.01 | % | 1.25 | % | 1.25 | % | 29.65 | % | 29.65 | % | ||||||||||||||||||||||
| Empower U.S. Government Securities Fund, Investor Class | ||||||||||||||||||||||||||||||||||||
| 2023 | 0 | * | 21.25 | 21.25 | 7 | 2.40 | % | 1.25 | % | 1.25 | % | 3.15 | % | 3.15 | % | |||||||||||||||||||||
| 2022 | 0 | * | 20.60 | 20.60 | 695 | 1.35 | % | 1.25 | % | 1.25 | % | (55.25 | )% | (55.25 | )% | |||||||||||||||||||||
| 2021 | 22 | 46.03 | 46.03 | 992 | 0.65 | % | 1.25 | % | 1.25 | % | 87.51 | % | 87.51 | % | ||||||||||||||||||||||
| 2020 | 0 | * | 24.55 | 24.55 | 15 | 0.93 | % | 1.25 | % | 1.25 | % | 4.55 | % | 4.55 | % | |||||||||||||||||||||
| 2019 | 0 | * | 23.48 | 23.48 | 9 | 1.56 | % | 1.25 | % | 1.25 | % | 4.80 | % | 4.80 | % | |||||||||||||||||||||
| Fidelity VIP Contrafund Portfolio | ||||||||||||||||||||||||||||||||||||
| 2023 | 2 | 73.52 | 73.52 | 98 | 0.48 | % | 1.25 | % | 1.25 | % | 31.80 | % | 31.80 | % | ||||||||||||||||||||||
| 2022 | 2 | 55.78 | 55.78 | 92 | 0.51 | % | 1.25 | % | 1.25 | % | (22.97 | )% | (22.97 | )% | ||||||||||||||||||||||
| 2021 | 2 | 72.41 | 72.41 | 123 | 0.06 | % | 1.25 | % | 1.25 | % | 19.27 | % | 19.27 | % | ||||||||||||||||||||||
| 2020 | 2 | 60.71 | 60.71 | 99 | 0.26 | % | 1.25 | % | 1.25 | % | 28.96 | % | 28.96 | % | ||||||||||||||||||||||
| 2019 | 1 | 47.08 | 47.08 | 88 | 0.55 | % | 1.25 | % | 1.25 | % | 29.95 | % | 29.95 | % | ||||||||||||||||||||||
| Janus Aspen Series Janus Henderson Flexible Bond Portfolio | ||||||||||||||||||||||||||||||||||||
| 2023 | 2 | 25.81 | 25.81 | 57 | 4.22 | % | 0.50 | % | 0.50 | % | 4.98 | % | 4.98 | % | ||||||||||||||||||||||
| 2022 | 2 | 24.59 | 24.59 | 59 | 2.31 | % | 0.50 | % | 0.50 | % | (14.12 | )% | (14.12 | )% | ||||||||||||||||||||||
| 2021 | 4 | 28.63 | 28.63 | 101 | 1.98 | % | 0.50 | % | 0.50 | % | (1.35 | )% | (1.35 | )% | ||||||||||||||||||||||
| 2020 | 4 | 29.02 | 29.02 | 110 | 3.14 | % | 0.50 | % | 0.50 | % | 9.94 | % | 9.94 | % | ||||||||||||||||||||||
| 2019 | 4 | 26.40 | 26.40 | 105 | 2.82 | % | 0.50 | % | 0.50 | % | 9.03 | % | 9.03 | % | ||||||||||||||||||||||
| Neuberger Berman AMT Sustainable Equity Portfolio, Class I | ||||||||||||||||||||||||||||||||||||
| 2023 | 15 | 49.84 | 49.84 | 740 | 0.35 | % | 0.50 | % | 0.50 | % | 26.27 | % | 26.27 | % | ||||||||||||||||||||||
| 2022 | 15 | 39.47 | 39.47 | 605 | 0.45 | % | 0.50 | % | 0.50 | % | (19.26 | )% | (19.26 | )% | ||||||||||||||||||||||
| 2021 | 16 | 48.89 | 48.89 | 760 | 0.37 | % | 0.50 | % | 0.50 | % | 23.48 | % | 23.48 | % | ||||||||||||||||||||||
| 2020 | 17 | 39.59 | 39.59 | 688 | 0.67 | % | 0.50 | % | 0.50 | % | 18.97 | % | 18.97 | % | ||||||||||||||||||||||
| 2019 | 18 | 33.28 | 33.28 | 607 | 2.42 | % | 0.50 | % | 0.50 | % | 22.62 | % | 22.62 | % |
27
| As of December 31 | For the period ended December 31 | |||||||||||||||||||||||||||||||||||
| Subaccount |
Units (000's) |
Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios |
Net Assets (000's) |
Investment Income Ratio (a) |
Expense Ratios (b) |
Total Return (c) Corresponding to the Lowest and Highest Expense Ratios |
||||||||||||||||||||||||||||||
| Low | High | Low | High | Low | High | |||||||||||||||||||||||||||||||
| Templeton Foreign VIP Fund, Class 1 | ||||||||||||||||||||||||||||||||||||
| 2023 | 6 | $ | 24.47 | $ | 24.47 | $ | 155 | 3.36 | % | 0.50 | % | 0.50 | % | 20.49 | % | 20.49 | % | |||||||||||||||||||
| 2022 | 6 | 20.31 | 20.31 | 129 | 3.00 | % | 0.50 | % | 0.50 | % | (7.86 | )% | (7.86 | )% | ||||||||||||||||||||||
| 2021 | 8 | 22.04 | 22.04 | 178 | 2.07 | % | 0.50 | % | 0.50 | % | 3.93 | % | 3.93 | % | ||||||||||||||||||||||
| 2020 | 10 | 21.21 | 21.21 | 205 | 3.70 | % | 0.50 | % | 0.50 | % | (1.41 | )% | (1.41 | )% | ||||||||||||||||||||||
| 2019 | 10 | 21.51 | 21.51 | 218 | 1.94 | % | 0.50 | % | 0.50 | % | 12.28 | % | 12.28 | % |
(a) The Investment Income Ratio represents the dividends, excluding distributions of capital gains, received by the Subaccount from the underlying mutual fund divided by daily 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 Subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the Subaccount invests.
(b) The Expense Ratios represent the annualized contract expenses of the respective Subaccounts of the Separate 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.
(c) 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. The total returns are calculated for each 12-month period indicated and are not annualized for periods less than one year. When a new Subaccount is added to the Separate Account, the calculation of the total return begins on the day it has investment activity during the period. As the total returns for the Subaccounts of Maxim Series II Account contract and Maxim Series III Account contract 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.
28
| 7. | SUBSEQUENT EVENTS |
The Separate Account has evaluated the effects of events subsequent to December 31, 2023, and through the date at which the financial statements were available to be issued. All accounting and disclosure requirements related to subsequent events are included in our financial statements.
29