First Investors Life Variable Annuity Fund D
04/29/2024 | Press release | Distributed by Public on 04/29/2024 13:08
Financial Statements by Insurance Company - Form N-VPFS
FALIC Separate Account D
A N N U A L R E P O R T
FIRST INVESTORS LIFE
VARIABLE ANNUITY FUND D
December 31, 2023
FIRST INVESTORS LIFE
VARIABLE ANNUITY FUND D
STATEMENT OF NET ASSETS
December 31, 2023
|
Goldman Sachs VIT Government Money Market |
Delaware VIP Fund for Income |
Delaware VIP Growth & Income |
Delaware VIP International |
|||||||||||||
|
Assets: |
||||||||||||||||
|
Investments at fair value |
$ | 3,753,104 | $ | 11,384,070 | $ | 46,788,969 | $ | 10,853,115 | ||||||||
|
Total assets |
$ | 3,753,104 | $ | 11,384,070 | $ | 46,788,969 | $ | 10,853,115 | ||||||||
|
Total net assets |
$ | 3,753,104 | $ | 11,384,070 | $ | 46,788,969 | $ | 10,853,115 | ||||||||
|
Units outstanding |
341,708 | 473,375 | 971,916 | 408,600 | ||||||||||||
|
Investment shares held |
3,753,104 | 2,014,879 | 1,459,419 | 647,947 | ||||||||||||
|
Investments at cost |
$ | 3,753,104 | $ | 12,463,638 | $ | 43,384,086 | $ | 11,963,722 |
| Unit Value |
Units Outstanding |
Unit Value |
Units Outstanding |
Unit Value |
Units Outstanding |
Unit Value |
Units Outstanding |
|||||||||||||||||||||||||
|
Variable Annuity Fund D |
$ | 10.983 | 341,708 | $ | 24.049 | 473,375 | $ | 48.141 | 971,916 | $ | 26.562 | 408,600 |
The accompanying notes are an integral part of these financial statements.
SA - 1
FIRST INVESTORS LIFE
VARIABLE ANNUITY FUND D
STATEMENT OF NET ASSETS
December 31, 2023
(Continued)
|
Delaware VIP Growth Equity |
Delaware VIP Investment Grade |
Delaware VIP Limited Duration Bond |
Delaware VIP Opportunity |
|||||||||||||
|
Assets: |
||||||||||||||||
|
Investments at fair value |
$ | 15,448,297 | $ | 7,127,463 | $ | 3,917,984 | $ | 11,385,934 | ||||||||
|
Total assets |
$ | 15,448,297 | $ | 7,127,463 | $ | 3,917,984 | $ | 11,385,934 | ||||||||
|
Total net assets |
$ | 15,448,297 | $ | 7,127,463 | $ | 3,917,984 | $ | 11,385,934 | ||||||||
|
Units outstanding |
453,965 | 336,768 | 419,743 | 463,428 | ||||||||||||
|
Investment shares held |
949,496 | 812,710 | 429,604 | 653,238 | ||||||||||||
|
Investments at cost |
$ | 14,790,452 | $ | 8,388,509 | $ | 4,001,003 | $ | 9,872,216 |
| Unit Value |
Units Outstanding |
Unit Value |
Units Outstanding |
Unit Value |
Units Outstanding |
Unit Value |
Units Outstanding |
|||||||||||||||||||||||||
|
Variable Annuity Fund D |
$ | 34.030 | 453,965 | $ | 21.164 | 336,768 | $ | 9.334 | 419,743 | $ | 24.569 | 463,428 |
The accompanying notes are an integral part of these financial statements.
SA - 2
FIRST INVESTORS LIFE
VARIABLE ANNUITY FUND D
STATEMENT OF NET ASSETS
December 31, 2023
(Continued)
|
Delaware VIP Total Return |
Delaware VIP Small Cap Value(a) |
Delaware VIP Equity Income(b) |
Delaware VIP Special Situations(b) |
|||||||||||||
|
Assets: |
||||||||||||||||
|
Investments at fair value |
$ | 11,743,753 | $ | 12,802,363 | $ | - | $ | - | ||||||||
|
Total assets |
$ | 11,743,753 | $ | 12,802,363 | $ | - | $ | - | ||||||||
|
Total net assets |
$ | 11,743,753 | $ | 12,802,363 | $ | - | $ | - | ||||||||
|
Units outstanding |
731,450 | 1,117,049 | - | - | ||||||||||||
|
Investment shares held |
940,252 | 333,482 | - | - | ||||||||||||
|
Investments at cost |
$ | 11,256,009 | $ | 11,178,225 | $ | - | $ | - |
| Unit Value |
Units Outstanding |
Unit Value |
Units Outstanding |
Unit Value |
Units Outstanding |
Unit Value |
Units Outstanding |
|||||||||||||||||||||||||
|
Variable Annuity Fund D |
$ | 16.055 | 731,450 | $ | 11.461 | 1,117,049 | $ | - | - | $ | - | - |
| (a) |
Addition. See Note 2. |
| (b) |
Merger. See Note 2. |
The accompanying notes are an integral part of these financial statements.
SA - 3
FIRST INVESTORS LIFE
VARIABLE ANNUITY FUND D
STATEMENTS OF OPERATIONS
For the year ended December 31, 2023
|
Goldman Sachs VIT Government Money Market |
Delaware VIP Fund for Income |
Delaware VIP Growth & Income |
Delaware VIP International |
|||||||||||||
|
Income: |
||||||||||||||||
|
Dividends |
$ | 197,785 | $ | 764,444 | $ | 939,155 | $ | 172,323 | ||||||||
|
Expenses: |
||||||||||||||||
|
Mortality and administrative expenses |
56,706 | 172,100 | 612,176 | 168,790 | ||||||||||||
|
Net investment income (loss) |
141,079 | 592,344 | 326,979 | 3,533 | ||||||||||||
|
Realized gains (losses) on investments |
||||||||||||||||
|
Realized gain (loss) on sale of fund shares |
- | (802,236) | (839,179) | (650,444) | ||||||||||||
|
Realized gain distributions |
- | - | 1,632,313 | - | ||||||||||||
|
Realized gain (loss) |
- | (802,236) | 793,134 | (650,444) | ||||||||||||
|
Change in unrealized appreciation (depreciation) during the year |
- | 1,541,756 | 3,732,316 | 2,154,931 | ||||||||||||
|
Net increase (decrease) in net assets from operations |
$ | 141,079 | $ | 1,331,864 | $ | 4,852,429 | $ | 1,508,020 | ||||||||
|
Delaware VIP Growth Equity |
Delaware VIP Investment Grade |
Delaware VIP Limited Duration Bond |
Delaware VIP Opportunity |
|||||||||||||
|
Income: |
||||||||||||||||
|
Dividends |
$ | 16,984 | $ | 352,843 | $ | 120,072 | $ | 81,234 | ||||||||
|
Expenses: |
||||||||||||||||
|
Mortality and administrative expenses |
229,176 | 114,161 | 61,723 | 175,454 | ||||||||||||
|
Net investment income (loss) |
(212,192) | 238,682 | 58,349 | (94,220) | ||||||||||||
|
Realized gains (losses) on investments |
||||||||||||||||
|
Realized gain (loss) on sale of fund shares |
796,240 | (888,284) | (103,752) | 644,848 | ||||||||||||
|
Realized gain distributions |
4,243,189 | - | - | 987,965 | ||||||||||||
|
Realized gain (loss) |
5,039,429 | (888,284) | (103,752) | 1,632,813 | ||||||||||||
|
Change in unrealized appreciation (depreciation) during the year |
255,494 | 1,094,683 | 202,467 | 118,420 | ||||||||||||
|
Net increase (decrease) in net assets from operations |
$ | 5,082,731 | $ | 445,081 | $ | 157,064 | $ | 1,657,013 | ||||||||
The accompanying notes are an integral part of these financial statements.
SA - 4
FIRST INVESTORS LIFE
VARIABLE ANNUITY FUND D
STATEMENTS OF OPERATIONS
For the year ended December 31, 2023
(Continued)
|
Delaware VIP Total Return |
Delaware VIP Small Cap Value(a) |
Delaware VIP Equity Income(b) |
Delaware VIP Special Situations(b) |
|||||||||||||
|
Income: |
||||||||||||||||
|
Dividends |
$ | 314,350 | $ | - | $ | 600,515 | $ | 179,408 | ||||||||
|
Expenses: |
||||||||||||||||
|
Mortality and administrative expenses |
191,010 | 118,376 | 77,117 | 69,050 | ||||||||||||
|
Net investment income (loss) |
123,340 | (118,376) | 523,398 | 110,358 | ||||||||||||
|
Realized gains (losses) on investments |
||||||||||||||||
|
Realized gain (loss) on sale of fund shares |
(128,594) | 82,940 | (1,250,212) | (1,047,756) | ||||||||||||
|
Realized gain distributions |
62,870 | - | 1,294,245 | 1,208,162 | ||||||||||||
|
Realized gain (loss) |
(65,724) | 82,940 | 44,033 | 160,406 | ||||||||||||
|
Change in unrealized appreciation (depreciation) during the year |
1,295,695 | 1,624,138 | (936,262) | (903,642) | ||||||||||||
|
Net increase (decrease) in net assets from operations |
$ | 1,353,311 | $ | 1,588,702 | $ | (368,831) | $ | (632,878) | ||||||||
| (a) |
Addition. See Note 2. |
| (b) |
Merger. See Note 2. |
The accompanying notes are an integral part of these financial statements.
SA - 5
FIRST INVESTORS LIFE
VARIABLE ANNUITY FUND D
STATEMENTS OF CHANGES IN NET ASSETS
For the years ended December 31, 2023 and 2022
| Goldman Sachs VIT Government Money Market | Delaware VIP Fund for Income | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
|
Increase (decrease) in net assets from operations: |
||||||||||||||||
|
Net investment income (loss) |
$ | 141,079 | $ | 4,814 | $ | 592,344 | $ | 680,289 | ||||||||
|
Realized gain distributions |
- | - | - | 242,628 | ||||||||||||
|
Realized gains (losses) |
- | - | (802,236) | (517,283) | ||||||||||||
|
Unrealized appreciation (depreciation) during the year |
- | - | 1,541,756 | (2,632,099) | ||||||||||||
|
Net increase (decrease) in net assets from operations |
141,079 | 4,814 | 1,331,864 | (2,226,465) | ||||||||||||
|
Contract transactions: |
||||||||||||||||
|
Net insurance premiums from contract owners |
1,100 | 1,200 | 3,517 | 3,617 | ||||||||||||
|
Transfers between subaccounts |
132,607 | 332,094 | (81,142) | (62,309) | ||||||||||||
|
Transfers for contract benefits and terminations |
(940,676) | (916,338) | (3,551,632) | (2,919,590) | ||||||||||||
|
Contract maintenance charges |
(1,556) | (2,021) | (4,125) | (4,888) | ||||||||||||
|
Net increase (decrease) in net assets resulting from contract transactions |
(808,525) | (585,065) | (3,633,382) | (2,983,170) | ||||||||||||
|
Total increase (decrease) in net assets |
(667,446) | (580,251) | (2,301,518) | (5,209,635) | ||||||||||||
|
Net assets at beginning of period |
4,420,550 | 5,000,801 | 13,685,588 | 18,895,223 | ||||||||||||
|
Net assets at end of period |
$ | 3,753,104 | $ | 4,420,550 | $ | 11,384,070 | $ | 13,685,588 | ||||||||
| Delaware VIP Growth & Income | Delaware VIP International | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
|
Increase (decrease) in net assets from operations: |
||||||||||||||||
|
Net investment income (loss) |
$ | 326,979 | $ | 395,439 | $ | 3,533 | $ | 15,979 | ||||||||
|
Realized gain distributions |
1,632,313 | 4,252,021 | - | 1,223,937 | ||||||||||||
|
Realized gains (losses) |
(839,179) | (199,275) | (650,444) | (498,888) | ||||||||||||
|
Unrealized appreciation (depreciation) during the year |
3,732,316 | (3,832,541) | 2,154,931 | (4,057,303) | ||||||||||||
|
Net increase (decrease) in net assets from operations |
4,852,429 | 615,644 | 1,508,020 | (3,316,275) | ||||||||||||
|
Contract transactions: |
||||||||||||||||
|
Net insurance premiums from contract owners |
10,368 | 27,938 | 2,609 | 16,248 | ||||||||||||
|
Transfers between subaccounts |
15,566,100 | (1,402,823) | (426,328) | 565,825 | ||||||||||||
|
Transfers for contract benefits and terminations |
(12,163,551) | (8,531,926) | (3,365,855) | (2,682,210) | ||||||||||||
|
Contract maintenance charges |
(18,831) | (17,420) | (4,322) | (4,890) | ||||||||||||
|
Net increase (decrease) in net assets resulting from contract transactions |
3,394,086 | (9,924,231) | (3,793,896) | (2,105,027) | ||||||||||||
|
Total increase (decrease) in net assets |
8,246,515 | (9,308,587) | (2,285,876) | (5,421,302) | ||||||||||||
|
Net assets at beginning of period |
38,542,454 | 47,851,041 | 13,138,991 | 18,560,293 | ||||||||||||
|
Net assets at end of period |
$ | 46,788,969 | $ | 38,542,454 | $ | 10,853,115 | $ | 13,138,991 | ||||||||
The accompanying notes are an integral part of these financial statements.
SA - 6
FIRST INVESTORS LIFE
VARIABLE ANNUITY FUND D
STATEMENTS OF CHANGES IN NET ASSETS
For the years ended December 31, 2023 and 2022
(Continued)
| Delaware VIP Growth Equity | Delaware VIP Investment Grade | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
|
Increase (decrease) in net assets from operations: |
||||||||||||||||
|
Net investment income (loss) |
$ | (212,192) | $ | (270,744) | $ | 238,682 | $ | 258,781 | ||||||||
|
Realized gain distributions |
4,243,189 | 3,856,920 | - | 173,378 | ||||||||||||
|
Realized gains (losses) |
796,240 | 1,333,841 | (888,284) | (419,664) | ||||||||||||
|
Unrealized appreciation (depreciation) during the year |
255,494 | (11,851,244) | 1,094,683 | (2,432,962) | ||||||||||||
|
Net increase (decrease) in net assets from operations |
5,082,731 | (6,931,227) | 445,081 | (2,420,467) | ||||||||||||
|
Contract transactions: |
||||||||||||||||
|
Net insurance premiums from contract owners |
3,050 | 7,468 | 85 | 10,678 | ||||||||||||
|
Transfers between subaccounts |
(541,170) | 1,193,514 | 414,853 | 300,934 | ||||||||||||
|
Transfers for contract benefits and terminations |
(5,299,456) | (4,510,122) | (3,300,592) | (2,207,114) | ||||||||||||
|
Contract maintenance charges |
(5,165) | (5,448) | (3,438) | (4,201) | ||||||||||||
|
Net increase (decrease) in net assets resulting from contract transactions |
(5,842,741) | (3,314,588) | (2,889,092) | (1,899,703) | ||||||||||||
|
Total increase (decrease) in net assets |
(760,010) | (10,245,815) | (2,444,011) | (4,320,170) | ||||||||||||
|
Net assets at beginning of period |
16,208,307 | 26,454,122 | 9,571,474 | 13,891,644 | ||||||||||||
|
Net assets at end of period |
$ | 15,448,297 | $ | 16,208,307 | $ | 7,127,463 | $ | 9,571,474 | ||||||||
| Delaware VIP Limited Duration Bond | Delaware VIP Opportunity | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
|
Increase (decrease) in net assets from operations: |
||||||||||||||||
|
Net investment income (loss) |
$ | 58,349 | $ | 42,082 | $ | (94,220) | $ | (191,097) | ||||||||
|
Realized gain distributions |
- | - | 987,965 | 1,288,843 | ||||||||||||
|
Realized gains (losses) |
(103,752) | (101,545) | 644,848 | 768,337 | ||||||||||||
|
Unrealized appreciation (depreciation) during the year |
202,467 | (305,133) | 118,420 | (4,777,961) | ||||||||||||
|
Net increase (decrease) in net assets from operations |
157,064 | (364,596) | 1,657,013 | (2,911,878) | ||||||||||||
|
Contract transactions: |
||||||||||||||||
|
Net insurance premiums from contract owners |
468 | 468 | 2,267 | 3,760 | ||||||||||||
|
Transfers between subaccounts |
581,413 | (473,505) | 376,499 | 276,660 | ||||||||||||
|
Transfers for contract benefits and terminations |
(1,631,584) | (1,555,891) | (4,838,508) | (3,770,892) | ||||||||||||
|
Contract maintenance charges |
(1,871) | (2,396) | (4,406) | (5,165) | ||||||||||||
|
Net increase (decrease) in net assets resulting from contract transactions |
(1,051,574) | (2,031,324) | (4,464,148) | (3,495,637) | ||||||||||||
|
Total increase (decrease) in net assets |
(894,510) | (2,395,920) | (2,807,135) | (6,407,515) | ||||||||||||
|
Net assets at beginning of period |
4,812,494 | 7,208,414 | 14,193,069 | 20,600,584 | ||||||||||||
|
Net assets at end of period |
$ | 3,917,984 | $ | 4,812,494 | $ | 11,385,934 | $ | 14,193,069 | ||||||||
The accompanying notes are an integral part of these financial statements.
SA - 7
FIRST INVESTORS LIFE
VARIABLE ANNUITY FUND D
STATEMENTS OF CHANGES IN NET ASSETS
For the years ended December 31, 2023 and 2022
(Continued)
| Delaware VIP Total Return |
Delaware VIP Small Cap Value(a) |
|||||||||||||||
| 2023 | 2022 | 2023 | ||||||||||||||
|
Increase (decrease) in net assets from operations: |
||||||||||||||||
|
Net investment income (loss) |
$ | 123,340 | $ | 150,721 | $ | (118,376) | ||||||||||
|
Realized gain distributions |
62,870 | 1,805,648 | - | |||||||||||||
|
Realized gains (losses) |
(128,594) | 124,421 | 82,940 | |||||||||||||
|
Unrealized appreciation (depreciation) during the year |
1,295,695 | (4,676,791) | 1,624,138 | |||||||||||||
|
Net increase (decrease) in net assets from operations |
1,353,311 | (2,596,001) | 1,588,702 | |||||||||||||
|
Contract transactions: |
||||||||||||||||
|
Net insurance premiums from contract owners |
707 | 707 | 1,578 | |||||||||||||
|
Transfers between subaccounts |
203,558 | (221,199) | 13,332,241 | |||||||||||||
|
Transfers for contract benefits and terminations |
(5,711,369) | (4,791,672) | (2,116,899) | |||||||||||||
|
Contract maintenance charges |
(5,794) | (6,697) | (3,259) | |||||||||||||
|
Net increase (decrease) in net assets resulting from contract transactions |
(5,512,898) | (5,018,861) | 11,213,661 | |||||||||||||
|
Total increase (decrease) in net assets |
(4,159,587) | (7,614,862) | 12,802,363 | |||||||||||||
|
Net assets at beginning of period |
15,903,340 | 23,518,202 | - | |||||||||||||
|
Net assets at end of period |
$ | 11,743,753 | $ | 15,903,340 | $ | 12,802,363 | ||||||||||
| Delaware VIP Equity Income(b) | Delaware VIP Special Situations(b) | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
|
Increase (decrease) in net assets from operations: |
||||||||||||||||
|
Net investment income (loss) |
$ | 523,398 | $ | 185,538 | $ | 110,358 | $ | (119,563) | ||||||||
|
Realized gain distributions |
1,294,245 | 2,308,630 | 1,208,162 | 953,235 | ||||||||||||
|
Realized gains (losses) |
(1,250,212) | 421,390 | (1,047,756) | 541,666 | ||||||||||||
|
Unrealized appreciation (depreciation) during the year |
(936,262) | (2,627,436) | (903,642) | (4,062,153) | ||||||||||||
|
Net increase (decrease) in net assets from operations |
(368,831) | 288,122 | (632,878) | (2,686,815) | ||||||||||||
|
Contract transactions: |
||||||||||||||||
|
Net insurance premiums from contract owners |
733 | 20,021 | 1,605 | 6,933 | ||||||||||||
|
Transfers between subaccounts |
|
(15,902,591) (514,253) |
|
(13,699,134) | (90,335) | |||||||||||
|
Transfers for contract benefits and terminations |
(1,585,934) | (4,289,164) | (1,007,115) | (3,461,680) | ||||||||||||
|
Contract maintenance charges |
(2,012) | (7,045) | (1,915) | (6,552) | ||||||||||||
|
Net increase (decrease) in net assets resulting from contract transactions |
(17,489,804) | (4,790,441) | (14,706,559) | (3,551,634) | ||||||||||||
|
Total increase (decrease) in net assets |
(17,858,635) | (4,502,319) | (15,339,437) | (6,238,449) | ||||||||||||
|
Net assets at beginning of period |
17,858,635 | 22,360,954 | 15,339,437 | 21,577,886 | ||||||||||||
|
Net assets at end of period |
$ | - | $ | 17,858,635 | $ | - | $ | 15,339,437 | ||||||||
| (a) |
Addition. See Note 2. |
| (b) |
Merger. See Note 2. |
The accompanying notes are an integral part of these financial statements.
SA - 8
FIRST INVESTORS LIFE
VARIABLE ANNUITY FUND D
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
Note 1-Organization
First Investors Life Variable Annuity Fund D ("Separate Account D", the "Separate Account") is a separate account of Nassau Life Insurance Company ("NNY", the "Company", "we" or "us"). NNY, domiciled in the State of New York, is a wholly-owned subsidiary of the Nassau Companies of New York ("NCNY" or the "Parent") and an indirect subsidiary of Nassau Financial Group, L.P. ("Nassau"). Nassau is a financial services company providing life insurance and annuities, reinsurance and asset management.
The Separate Account is registered as a unit investment trust under the Investment Company Act of 1940. As directed by the owners, amounts directed to each subaccount are invested in a designated mutual fund as follows:
Goldman Sachs VIT Government Money Market Fund
Delaware VIP Fund Series portfolios:
Fund for Income, Growth & Income, International, Growth Equity, Investment Grade, Limited Duration Bond, Opportunity, Total Return, and Small Cap Value.
NNY and the Separate Account are subject to regulation by the New York Department of Financial Services and the U.S. Securities and Exchange Commission ( SEC ). The assets and liabilities of the Separate Account are clearly identified and distinguished from NNY's other asset and liabilities.
Note 2-Additions, Mergers, Liquidations and Name Changes
A. Additions
Delaware VIP Small Cap Value Series as of April 28, 2023.
B. Mergers
As a result of restructuring, the following underlying fund that was previously offered is no longer available as an investment option to our Contract Owners. Any Contract Owner allocations that remained in this fund were redeemed and used to purchase shares of the surviving fund as indicated:
Delaware VIP Equity Income Series merged with Delaware VIP Growth and Income Series as of April 28, 2023.
Delaware VIP Special Situation Series merged with Delaware VIP Small Cap Value Series as of April 28, 2023.
C. Liquidations
There were no Liquidations in 2022 or 2023.
D. Name Changes
There were no name changes in 2022 or 2023.
Note 3-Significant Accounting Policies
Investment Valuation
Investments in mutual fund shares are carried in the statements of net assets at market value (net asset value of the underlying mutual fund). Investment transactions are accounted for on the trade date. Realized capital gains and losses on sales of investments are determined based on the average cost of investments sold. The difference between cost and current market value of investments owned on the day of measurement is recorded as unrealized appreciation or depreciation of investments.
Market Risk
Each subaccount invests in shares of a single underlying fund. The investment performance of each subaccount will reflect the investment performance of the underlying fund less separate account expenses. There is no assurance that the investment objective of any underlying fund will be met. A fund calculates a daily net asset value per share ( "NAV" ) which is based on the market value of its investment portfolio. The amount of risk varies significantly between subaccounts. Due to the level of risk associated with certain investment portfolios, it is at least reasonably possible that changes in the values of investment portfolios will occur in the near term and that such changes could materially affect contract holder's investments in the funds and the amounts reported in the statements of net assets. The contract holder assumes all of the investment performance risk for the subaccounts selected.
SA - 10
FIRST INVESTORS LIFE
VARIABLE ANNUITY FUND D
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
Note 3-Significant Accounting Policies (Continued)
Reinvestment of Dividends
Dividend and capital gain distributions paid by the mutual funds to the Separate Account are reinvested in additional shares of each respective fund. Dividend income and capital gain distributions are recorded as income on the ex-dividend date.
Federal Income Taxes
The operations of the Separate Account are included in the federal income tax return of NNY, which is taxed as a life insurance company under the provisions of the Internal Revenue Code (IRC). Under the current provisions of the IRC, NNY does not expect to incur federal income taxes on the earnings of the Separate Account to the extent the earnings are credited under contracts. Based on this, no charge is being made currently to the Separate Account for federal income taxes. NNY will review periodically the status of this policy in the event of changes in the tax law.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
In applying these estimates and assumptions, management makes subjective and complex judgments that frequently require assumptions about matters that are uncertain and inherently subject to change such as the possibility for elevated mortality rates and market volatility.
Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price).
The Separate Account invests in shares of open-end mutual funds, which process contract holders directed purchases, sales and transfers on a daily basis at the funds' computed net asset values (NAVs). The fair value of the Separate Account's assets is based on the NAVs of mutual funds, which are obtained from the custodians and reflect the fair values of the mutual fund investments. The NAV is calculated daily and is based on the fair values of the underlying securities.
Because the fund provides liquidity for the investments through purchases and redemptions at NAV, this may represent the fair value of the investment in the fund. That is, for an open-ended mutual fund, the fair value of an investment in the fund would not be expected to be higher than the amount that a new investor would be required to spend in order to directly invest in the mutual fund. Similarly, the hypothetical seller of the investment would not be expected to accept less in proceeds than it could receive by directly redeeming its investment with the fund.
The Separate Account measures the fair value of its investment in the Fund on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
| ● |
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Separate Account has the ability to access. |
| ● |
Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data. |
| ● |
Level 3 - Unobservable inputs for the asset or liability, to the extent observable inputs are not available, representing the Separate Account's own assumptions about the assumptions a market participant would use in valuing the assets or liability, and would be based on the best information available. |
Investments in Fund shares are valued using the reported net asset value of the Funds at the end of each New York Stock Exchange business day, as determined by the Funds. Investments held by the Separate Account are Level 1 within the hierarchy. There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2023.
SA - 11
FIRST INVESTORS LIFE
VARIABLE ANNUITY FUND D
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
Note 4-Purchases and Proceeds from Sales of Investments
The cost of purchases and proceeds from sales of investments for the year ended December 31, 2023 were as follows:
|
Subaccount |
Cost of Purchases |
Proceed from Sales |
||||||||||
|
Goldman Sachs VIT Government Money Market |
$ | 466,177 | $ | (1,133,623 | ) | |||||||
|
Delaware VIP Fund for Income |
1,037,537 | (4,078,575 | ) | |||||||||
|
Delaware VIP Growth & Income |
20,059,757 | (30,378,540 | ) | |||||||||
|
Delaware VIP International |
371,882 | (4,162,245 | ) | |||||||||
|
Delaware VIP Growth Equity |
4,711,997 | (6,523,741 | ) | |||||||||
|
Delaware VIP Investment Grade |
666,418 | (3,316,828 | ) | |||||||||
|
Delaware VIP Limited Duration Bond |
756,817 | (1,750,042 | ) | |||||||||
|
Delaware VIP Opportunity |
1,365,482 | (4,935,885 | ) | |||||||||
|
Delaware VIP Total Return |
576,256 | (5,902,944 | ) | |||||||||
|
Delaware VIP Small Cap Value(a) |
13,276,188 | (2,180,903 | ) | |||||||||
|
Delaware VIP Equity Income (b) |
1,932,299 | (17,604,460 | ) | |||||||||
|
Delaware VIP Special Situations (b) |
1,413,851 | (14,801,890 | ) |
| (a) |
Addition. See Note 2. |
| (b) |
Merger. See Note 2. |
Note 5-Related Party Transactions and Charges and Deductions
Related Party Transactions
NNY and its affiliate, 1851 Securities, Inc. ("1851 Securities"), provide services to the Separate Account. NNY is the insurer who provides the contract benefits as well as administrative and contract maintenance services to the Separate Account. 1851 Securities, a registered broker/dealer, is the principal underwriter and distributor for the Separate Account.
Charges and Deductions
NNY makes deductions from the contract to compensate for the various expenses in selling, maintaining, underwriting and issuing the contracts and providing guaranteed insurance benefits.
Certain charges are deducted from the contracts as a daily reduction in Unit Value. The charges are included in a separate line item entitled "Mortality and administrative expense" in the accompanying statement of operations. Other periodic charges are taken out as a transaction on a monthly basis. Those charges appear on the statement of changes in net assets on line "Contract Maintenance Charges". The contract charges are described below:
A. Contract Maintenance Charges
The Separate Account is assessed periodic Contract Maintenance Charges which are designed to compensate NNY for certain costs associated with maintenance. The charges assessed to the Separate Account for Contract Maintenance Charges are outlined as follows:
Administration Charge - In accordance with terms of the contracts, NNY makes deductions for administrative charges of $30 ($35 for First Choice Bonus Annuity contracts) from the accumulated value of the contract on the last business day of the contract year or on the date of surrender of the contract, if earlier and is assessed through the redemption of units.
Contract Surrender Charge - These Variable Annuity Contracts are sold without an initial sales charge, but at the time of a full or partial surrender of the Contract, they may be subject to a contingent deferred sales charge ( "CDSC" ) of the value of the Accumulation Units surrendered. These expenses are included in a separate line item "Transfers for contract benefits and terminations" in the accompanying statements of operations.
| First Choice Bonus | Tax Tamer II | |||||
| CDSC Charges | Length of Time | CDSC Charges | Length of Time | |||
|
8% |
1 or less | n/a | n/a | |||
|
8% |
1 | n/a | n/a |
SA - 12
FIRST INVESTORS LIFE
VARIABLE ANNUITY FUND D
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
Note 5-Related Party Transactions and Charges and Deductions (Continued)
| First Choice Bonus | Tax Tamer II | |||||
| CDSC Charges | Length of Time | CDSC Charges | Length of Time | |||
|
8% |
2 | 7% | <1 | |||
|
8% |
3 | 6% | 1-2 | |||
|
7% |
4 | 5% | 2-3 | |||
|
6% |
5 | 4% | 3-4 | |||
|
5% |
6 | 3% | 4-5 | |||
|
3% |
7 | 2% | 5-6 | |||
|
1% |
8 | 1% | 6-7 | |||
|
0% |
9 or more | 0% | >7 |
All of the above expenses are reflected as redemption of units, and are included in a separate line item entitled "Maintenance charges and mortality adjustments" in the accompanying statements of changes in net assets.
B. Daily M&E and Administrative Fees
As mentioned above, these fees are typically deducted daily from policy value allocated to the variable subaccounts. These expenses are included in a separate line item "Mortality and administrative expense" in the accompanying statements of operations. This expense is reflected as a daily reduction of unit values. NNY deducts an amount equal on an annual basis to 1.40% of the daily net asset value of the Separate Account.
NNY may deduct other charges depending on the policy terms.
Note 6-Summary of Unit Transactions
The changes in units outstanding for the years ended December 31, 2023 and 2022 were as follows:
| For the period ended December 31, 2023 | For the period ended December 31, 2022 | |||||||||||||||||||||||
|
Subaccount |
Units |
Units |
Net |
Units |
Units |
Net |
||||||||||||||||||
|
Goldman Sachs VIT Government Money Market |
26,486 | (101,639) | (75,153) | 54,181 | (109,673) | (55,492) | ||||||||||||||||||
|
Delaware VIP Fund for Income |
14,119 | (176,347) | (162,228) | 8,777 | (142,739) | (133,962) | ||||||||||||||||||
|
Delaware VIP Growth & Income |
367,234 | (280,322) | 86,912 | 2,688 | (239,301) | (236,613) | ||||||||||||||||||
|
Delaware VIP International |
9,459 | (154,849) | (145,390) | 20,436 | (104,326) | (83,890) | ||||||||||||||||||
|
Delaware VIP Growth Equity |
17,102 | (213,161) | (196,059) | 35,907 | (153,733) | (117,826) | ||||||||||||||||||
|
Delaware VIP Investment Grade |
16,545 | (159,443) | (142,898) | 15,461 | (105,106) | (89,645) | ||||||||||||||||||
|
Delaware VIP Limited Duration Bond |
71,551 | (187,054) | (115,503) | 20,614 | (242,798) | (222,184) | ||||||||||||||||||
|
Delaware VIP Opportunity |
15,420 | (214,436) | (199,016) | 18,734 | (174,661) | (155,927) | ||||||||||||||||||
|
Delaware VIP Total Return |
15,839 | (384,487) | (368,648) | 13,350 | (347,972) | (334,622) | ||||||||||||||||||
|
Delaware VIP Small Cap Value(a) |
1,317,722 | (200,673) | 1,117,049 | - | - | - | ||||||||||||||||||
|
Delaware VIP Equity Income(b) |
1,232 | (488,067) | (486,835) | 7,819 | (142,973) | (135,154) | ||||||||||||||||||
|
Delaware VIP Special Situations(b) |
1,015 | (476,181) | (475,166) | 4,256 | (108,217) | (103,961) |
| (a) |
Addition. See Note 2. |
| (b) |
Merger. See Note 2. |
SA - 13
FIRST INVESTORS LIFE
VARIABLE ANNUITY FUND D
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
Note 7-Financial Highlights
A summary of units outstanding, unit values, net assets, investment income ratios, expense ratios (excluding expenses of the underlying fund) and total return ratios for each of the five years in the periods ended December 31, 2023, 2022, 2021, 2020, and 2019 follows:
| At December 31, | For the periods ended December 31, | |||||||||||||||||||||||||||
|
Units (000's) |
Unit Fair Value |
Net |
Investment |
Expense Ratio2 |
Total Return3 |
|||||||||||||||||||||||
|
Goldman Sachs VIT Government Money Market |
||||||||||||||||||||||||||||
|
2023 |
342 | 10.983 | 3,753 | 4.92 | % | 1.40 | % | 3.58 | % | |||||||||||||||||||
|
2022 |
417 | 10.604 | 4,421 | 1.51 | % | 1.40 | % | 0.16 | % | |||||||||||||||||||
|
2021 |
472 | 10.587 | 5,001 | 0.01 | % | 1.40 | % | (1.39 | %) | |||||||||||||||||||
|
2020 |
560 | 10.737 | 6,016 | 0.17 | % | 1.40 | % | (1.23 | %) | |||||||||||||||||||
|
2019 |
230 | 10.870 | 2,517 | 1.22 | % | 1.40 | % | (0.06 | %) | |||||||||||||||||||
|
Delaware VIP Fund for Income |
||||||||||||||||||||||||||||
|
2023 |
473 | 24.049 | 11,384 | 6.26 | % | 1.40 | % | 11.69 | % | |||||||||||||||||||
|
2022 |
636 | 21.532 | 13,686 | 5.76 | % | 1.40 | % | (12.31 | %) | |||||||||||||||||||
|
2021 |
770 | 24.553 | 18,895 | 5.16 | % | 1.40 | % | 3.41 | % | |||||||||||||||||||
|
2020 |
842 | 23.743 | 19,999 | 5.96 | % | 1.40 | % | 6.44 | % | |||||||||||||||||||
|
2019 |
1,019 | 22.306 | 22,741 | 5.18 | % | 1.40 | % | 11.21 | % | |||||||||||||||||||
|
Delaware VIP Growth & Income |
||||||||||||||||||||||||||||
|
2023 |
972 | 48.141 | 46,789 | 2.16 | % | 1.40 | % | 10.54 | % | |||||||||||||||||||
|
2022 |
885 | 43.550 | 38,542 | 2.35 | % | 1.40 | % | 2.08 | % | |||||||||||||||||||
|
2021 |
1,122 | 42.662 | 47,851 | 1.85 | % | 1.40 | % | 20.49 | % | |||||||||||||||||||
|
2020 |
1,345 | 35.407 | 47,664 | 2.07 | % | 1.40 | % | (1.85 | %) | |||||||||||||||||||
|
2019 |
1,617 | 36.075 | 58,340 | 1.61 | % | 1.40 | % | 23.85 | % | |||||||||||||||||||
|
Delaware VIP International |
||||||||||||||||||||||||||||
|
2023 |
409 | 26.562 | 10,853 | 1.44 | % | 1.40 | % | 11.99 | % | |||||||||||||||||||
|
2022 |
554 | 23.717 | 13,139 | 1.52 | % | 1.40 | % | (18.49 | %) | |||||||||||||||||||
|
2021 |
638 | 29.097 | 18,560 | 0.98 | % | 1.40 | % | 5.37 | % | |||||||||||||||||||
|
2020 |
711 | 27.614 | 19,653 | - | 1.40 | % | 5.67 | % | ||||||||||||||||||||
|
2019 |
838 | 26.133 | 21,907 | 0.78 | % | 1.40 | % | 23.17 | % | |||||||||||||||||||
|
Delaware VIP Growth Equity |
||||||||||||||||||||||||||||
|
2023 |
454 | 34.030 | 15,448 | 0.10 | % | 1.40 | % | 36.47 | % | |||||||||||||||||||
|
2022 |
650 | 24.935 | 16,208 | - | 1.40 | % | (27.62 | %) | ||||||||||||||||||||
|
2021 |
768 | 34.452 | 26,454 | 0.03 | % | 1.40 | % | 37.29 | % | |||||||||||||||||||
|
2020 |
878 | 25.095 | 22,042 | 0.42 | % | 1.40 | % | 27.69 | % | |||||||||||||||||||
|
2019 |
1,036 | 19.653 | 20,360 | 0.30 | % | 1.40 | % | 22.62 | % | |||||||||||||||||||
|
Delaware VIP Investment Grade |
||||||||||||||||||||||||||||
|
2023 |
337 | 21.164 | 7,127 | 4.36 | % | 1.40 | % | 6.06 | % | |||||||||||||||||||
|
2022 |
480 | 19.954 | 9,571 | 3.74 | % | 1.40 | % | (18.22 | %) | |||||||||||||||||||
|
2021 |
569 | 24.401 | 13,892 | 3.08 | % | 1.40 | % | (2.11 | %) | |||||||||||||||||||
|
2020 |
638 | 24.927 | 15,909 | 3.62 | % | 1.40 | % | 10.35 | % | |||||||||||||||||||
|
2019 |
754 | 22.589 | 17,048 | 3.84 | % | 1.40 | % | 11.06 | % | |||||||||||||||||||
|
Delaware VIP Limited Duration Bond |
||||||||||||||||||||||||||||
|
2023 |
420 | 9.334 | 3,918 | 2.74 | % | 1.40 | % | 3.82 | % | |||||||||||||||||||
|
2022 |
535 | 8.991 | 4,812 | 2.13 | % | 1.40 | % | (5.52 | %) | |||||||||||||||||||
|
2021 |
757 | 9.517 | 7,208 | 2.15 | % | 1.40 | % | (2.07 | %) | |||||||||||||||||||
|
2020 |
859 | 9.718 | 8,358 | 2.80 | % | 1.40 | % | 2.34 | % | |||||||||||||||||||
|
2019 |
1,002 | 9.495 | 9,523 | 0.65 | % | 1.40 | % | 2.64 | % |
SA - 14
FIRST INVESTORS LIFE
VARIABLE ANNUITY FUND D
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
Note 7-Financial Highlights (Continued)
| At December 31, | For the periods ended December 31, | |||||||||||||||||||||||||||
|
Units (000's) |
Unit Fair Value |
Net |
Investment |
Expense Ratio2 |
Total Return3 |
|||||||||||||||||||||||
|
Delaware VIP Opportunity |
||||||||||||||||||||||||||||
|
2023 |
463 | 24.569 | 11,386 | 0.65 | % | 1.40 | % | 14.67 | % | |||||||||||||||||||
|
2022 |
662 | 21.425 | 14,193 | 0.23 | % | 1.40 | % | (14.89 | %) | |||||||||||||||||||
|
2021 |
818 | 25.173 | 20,601 | 1.19 | % | 1.40 | % | 21.40 | % | |||||||||||||||||||
|
2020 |
987 | 20.735 | 20,466 | 0.69 | % | 1.40 | % | 9.26 | % | |||||||||||||||||||
|
2019 |
1,129 | 18.978 | 21,420 | 1.23 | % | 1.40 | % | 28.30 | % | |||||||||||||||||||
|
Delaware VIP Total Return |
||||||||||||||||||||||||||||
|
2023 |
731 | 16.055 | 11,744 | 2.32 | % | 1.40 | % | 11.06 | % | |||||||||||||||||||
|
2022 |
1,100 | 14.456 | 15,903 | 2.22 | % | 1.40 | % | (11.81 | %) | |||||||||||||||||||
|
2021 |
1,435 | 16.392 | 23,518 | 2.26 | % | 1.40 | % | 14.74 | % | |||||||||||||||||||
|
2020 |
1,660 | 14.287 | 23,717 | 2.14 | % | 1.40 | % | (0.50 | %) | |||||||||||||||||||
|
2019 |
1,847 | 14.358 | 26,527 | 1.91 | % | 1.40 | % | 17.23 | % | |||||||||||||||||||
|
Delaware VIP Small Cap Value |
||||||||||||||||||||||||||||
|
2023(a) |
1,117 | 11.461 | 12,802 | - | 1.40 | % | 13.45 | % | ||||||||||||||||||||
|
Delaware VIP Equity Income |
||||||||||||||||||||||||||||
|
2023(b) |
- | - | - | 3.64 | % | 1.40 | % | (2.12 | %) | |||||||||||||||||||
|
2022 |
487 | 36.682 | 17,859 | 2.37 | % | 1.40 | % | 2.04 | % | |||||||||||||||||||
|
2021 |
622 | 35.951 | 22,361 | 1.82 | % | 1.40 | % | 20.49 | % | |||||||||||||||||||
|
2020 |
786 | 29.837 | 23,468 | 2.59 | % | 1.40 | % | (1.72 | %) | |||||||||||||||||||
|
2019 |
967 | 30.358 | 29,358 | 3.02 | % | 1.40 | % | 21.00 | % | |||||||||||||||||||
|
Delaware VIP Special Situations |
||||||||||||||||||||||||||||
|
2023(b) |
- | - | - | 1.21 | % | 1.40 | % | (4.69 | %) | |||||||||||||||||||
|
2022 |
475 | 32.281 | 15,339 | 0.72 | % | 1.40 | % | (13.36 | %) | |||||||||||||||||||
|
2021 |
579 | 37.259 | 21,578 | 0.88 | % | 1.40 | % | 32.41 | % | |||||||||||||||||||
|
2020 |
713 | 28.140 | 20,079 | 1.69 | % | 1.40 | % | (3.22 | %) | |||||||||||||||||||
|
2019 |
826 | 29.075 | 24,019 | 0.70 | % | 1.40 | % | 18.68 | % |
| (a) |
Addition. See Note 2. |
| (b) |
Merger. See Note 2. |
| 1 |
These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in unit values or redemption of units. 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. |
| 2 |
These amounts represent the annualized contract expenses of the separate account, consisting primarily of mortality and expense charges, for the periods indicated. These ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through redemption of units and expenses of the underlying fund have been excluded. |
| 3 |
These amounts represent the total return for the periods indicated, including changes in value of the underlying fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. |
Note 8-Subsequent Events
The Separate Account has performed an evaluation of subsequent events through the date the financial statements were issued and has determined that no items require recognition or disclosure.
SA - 15
Report of Independent Registered Public Accounting Firm
To the Board of Directors of Nassau Life Insurance Company
and Contract Owners of First Investors Life Variable Annuity Fund D:
Opinion on the Financial Statements
We have audited the accompanying statements of net assets of the subaccounts listed in the Appendix that comprise First Investors Life Variable Annuity Fund D (the Separate Account) as of December 31, 2023, the related statement of operations for the year then ended (or for the period indicated in the Appendix), statements of changes in net assets for each of the years in the two-year period then ended (or for the period indicated in the Appendix), and the related notes including the financial highlights in Note 7 for each of the years or periods in the five-year period then ended (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2023, the results of their operations for the year then ended (or for the period indicated in the Appendix), the changes in their net assets for each of the years in the two-year period then ended (or for the period indicated in the Appendix), and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Separate Account's management. Our responsibility is to express an opinion on these financial statements 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 are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2023, by correspondence with the transfer agents of the underlying mutual funds. 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. 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 of the Nassau Insurance Group Holdings' separate accounts companies since 2015.
Hartford, Connecticut
April 17, 2024
Appendix
Unless noted otherwise, statements of operations for the year ended December 31, 2023 and statements of changes in net assets for each of the years in the two-year period ended December 31, 2023.
Goldman Sachs VIT Government Money Market Fund
Delaware VIP Fund for Income
Delaware VIP Growth & Income
Delaware VIP International
Delaware VIP Growth Equity
Delaware VIP Investment Grade
Delaware VIP Limited Duration Bond
Delaware VIP Opportunity
Delaware VIP Total Return
Delaware VIP Small Cap Value (2)
Delaware VIP Equity Income (1)
Delaware VIP Special Situations (1)
(1) Statements of operations for the period January 1, 2023 to April 28, 2023 (merger date) and the statement of changes for the period January 1, 2023 to April 28, 2023 (merger date) and for the year ended December 31, 2022.
(2) Statements of operations and changes in net assets for the period April 28, 2023 (commencement of operations) to December 31, 2023.
Nassau Life Insurance Company
PO Box 22012
Albany, NY 12201-2012
1851 Securities, Inc.
One American Row
Hartford, Connecticut 06102
Underwriter
Independent Registered Public Accounting Firm
KPMG LLP
1 Financial Plaza 755 Main Street, Suite 1600
Hartford, CT 06103
Nassau Life Insurance Company
PO Box 22012
Albany, NY 12201-2012
Not insured by FDIC/NCUSIF or any federal government agency.
No bank guarantee. Not a deposit. May lose value.
Nassau Life Insurance Company
A member of The Nassau Companies of New York
www.nfg.com
|
OL4258 © 2023 The Nassau Companies of New York |
12-23 |