Form 485BPOS New England Variable

April 22, 2025 1:09 PM EDT
As filed with the U.S. Securities and Exchange Commission on April 22, 2025
Registration No. 033-52050
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-6
POST-EFFECTIVE AMENDMENT NO. 37
TO THE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
New England Variable Life Separate Account
(Exact Name of Trust)
New England Life Insurance Company
(Name of Depositor)
11225 North Community House Road
Charlotte, NC 28277
(980) 365-7100
(Address of Depositor's Principal Executive Offices)
 
New England Life Insurance Company
c/o C T Corporation System
155 Federal Street, Suite 700
Suffolk County
Boston, Massachusetts 02110
(800) 448-5350
(Name and Address of Agent for Service)
 
Copies to:
W. Thomas Conner
Carlton Fields
1025 Thomas Jefferson St, NW
Suite 400 West
Washington, DC 20007-5208
It is proposed that this filing will become effective (check appropriate box)
☐ immediately upon filing pursuant to paragraph (b)
☒ on April 28, 2025 pursuant to paragraph (b)
☐ 60 days after filing pursuant to paragraph (a)(1)
☐ on (date) pursuant to paragraph (a)(1) of Rule 485.
☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
Title of Securities Being Registered: Units of Interest in Variable Ordinary Life Insurance Policies.
Approximate Date of Public Offering: On April 28, 2025 or as soon thereafter as practicable.
This Registration Statement incorporates by reference the Prospectuses and Supplements dated April 29, 2024, May 1, 2023, April 29, 2022, April 30, 2021, May 1, 2020, April 29, 2019, April 30, 2018, May 1, 2017, May 1, 2016, May 1, 2015, April 28, 2014, April 29, 2013, April 30, 2012, May 1, 2011, May 1, 2010, May 1, 2009, April 28, 2008, April 30, 2007, May 1, 2006, May 1, 2005, May 1, 2004, September 18, 2003, May 1, 2003, May 1, 2002, May 1, 2001, May 1, 2000 and April 30, 1999 for the Zenith Life Plus II Policy, each as filed in Post-Effective Amendment No, 36 filed April 24, 2024, Post-Effective Amendment No. 35 filed April 24, 2023, Post-Effective Amendment No. 34 filed April 25, 2022, Post-Effective Amendment No. 33 filed April 28, 2021, Post-Effective Amendment No. 32 filed April 23, 2020, Post-Effective Amendment No. 31 filed April 25, 2019, Post-Effective Amendment No. 30 filed April 25, 2018, Post-Effective Amendment No. 29 filed April 28, 2017, Post-Effective Amendment No. 28 filed April 28, 2016, Post-Effective Amendment No. 27 filed April 28, 2015, Post-Effective Amendment No. 26 filed April 22, 2014, Post-Effective Amendment No. 25 filed April 23, 2013, Post-Effective Amendment No. 24 filed April 26, 2012, Post-Effective Amendment No. 23 filed April 25, 2011, Post-Effective Amendment No. 22 filed April 23, 2010, Post-Effective Amendment No. 21 filed April 23, 2009, Post- Effective Amendment No. 20 filed April 22, 2008, Post-Effective Amendment No. 19 filed April 20, 2007, Post-Effective Amendment No. 18 filed April 27, 2006, Post-Effective No. 17 filed April 29, 2005, Post-Effective Amendment No. 16 filed April 30, 2004, Post-Effective Amendment No. 15 filed September 18, 2003, Post-Effective Amendment No. 14 filed April 30, 2003, Post-Effective Amendment No. 13 filed April 30, 2002, Post-Effective Amendment No. 12 filed on April 26, 2001, Post-Effective Amendment No. 11 filed on April 26, 2000 and Post-Effective Amendment No. 10 filed on April 26, 1999, respectively, to the Registration Statement on Form S-6 (File No. 033-52050).

NEW ENGLAND LIFE
INSURANCE COMPANY
Zenith Life Plus II
Supplement Dated April 28, 2025 to
Prospectuses Dated April 30, 1999, May 1, 2000 and May 1, 2001
This supplement updates, and to the extent inconsistent therewith, replaces certain information contained in the prospectuses for the above-referenced variable ordinary life insurance Policies, as periodically and annually supplemented. You should read and retain this supplement. We will send you an additional copy of the last full prospectus for your Policy as supplemented, without charge, on request. The Policies are no longer available for sale.
New England Life Insurance Company (“NELICO”) was organized as a stock life insurance company in Delaware in 1980 and is currently subject to the laws of the Commonwealth of Massachusetts. NELICO is authorized to operate in all 50 states and the District of Columbia. NELICO is an indirect, wholly-owned subsidiary of, and ultimately controlled by, Brighthouse Financial, Inc. (“BHF”), a publicly-traded company. BHF, through its subsidiaries and affiliates, is one of the largest providers of annuities and life insurance in the U.S. NELICO is located at 11225 North Community House Road, Charlotte, NC 28277.
Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these Policies or determined if this supplement is accurate or complete. Any representation to the contrary is a criminal offense.
The U.S. Securities and Exchange Commission maintains a web site that contains material incorporated by reference, and other information regarding registrants that file electronically with the U.S. Securities and Exchange Commission. The address of the site is http://www.sec.gov.
The Eligible Fund prospectuses may be obtained by calling (833) 208-3017.
We do not guarantee how any of the Sub-Accounts or Eligible Funds will perform. The Policies and the Eligible Funds are not deposits or obligations of, or guaranteed or endorsed by, any financial institution and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.
The Financial Industry Regulatory Authority (“FINRA”) provides background information about broker-dealers and their registered representatives through FINRA BrokerCheck. You may contact the FINRA BrokerCheck Hotline at 1-800-289-9999, or log on to www.finra.org. An investor brochure that includes information describing FINRA BrokerCheck is available through the Hotline or on-line.
INTRODUCTION TO THE POLICIES
Receipt of Communications and Payments at NELICO’s Designated Office
We will treat your request for a Policy transaction, or your submission of a payment, as received by us if we receive a request conforming to our administrative procedures or a payment at our Designated Office before the close of regular trading on the New York Stock Exchange on that day (usually 4:00 p.m. Eastern Time). If we receive it after that time, or if the New York Stock Exchange is not open that day, then we will treat it as received on the next day when the New York Stock Exchange is open. These rules apply regardless of the reason we did not receive your request by the close of regular trading on the New York Stock Exchange—even if due to our delay (such as a delay in answering your telephone call).
We are not a fiduciary and do not give advice or make recommendations regarding insurance or investment products. Ask your financial representative for guidance regarding any requests or elections and for information about your particular investment needs. Please bear in mind that your financial representative, or any financial firm or financial professional you consult to provide advice, is acting on your behalf. We are not a party to any agreement between you and your financial professional. We do not recommend and are not responsible for any securities transactions or investment strategies involving securities (including Sub-Account recommendations).
The Designated Office for various Policy transactions is as follows: 
Premium and Loan Payments*
New England Life Insurance Company
P.O. Box 71114
Charlotte, NC 28272-1114
All Other Policy Transactions and Inquiries
New England Life Insurance Company
P.O. Box 4261
Clinton, IA 52733-4261
Telephone Number
(833) 208-3017
Fax Number
(877) 319-2495
*Corporate owners that use a payroll deduction billing arrangement to collect amounts due from an insured under the Policy (commonly referred to as list statement billing), should send Premium and Loan Payments to New England Life Insurance Company, P.O. Box 38090, Philadelphia, PA 19101-8090.
You may request an account transfer or reallocation of future premiums by written request (which may be telecopied) to our Designated Office, by telephoning us, or over the Internet (subject to our restrictions on frequent transfers). To request a transfer or reallocation by telephone, you should contact your financial representative or contact us. To request a transfer or reallocation over the Internet, you may log on to our website at www.brighthousefinancial.com. We use reasonable procedures to confirm that instructions communicated by telephone, facsimile or Internet are genuine. Any telephone, facsimile or Internet instructions that we reasonably believe to be genuine will be your responsibility, including losses arising from any errors in the communication of instructions. However, because telephone and Internet transactions may be available to anyone who provides certain information about you and your Policy, you should protect that information. We may not be able to verify that you are the person providing telephone or Internet instructions, or that you have authorized any such person to act for you.
Telephone, facsimile, and computer systems (including the Internet) may not always be available. Any telephone, facsimile, or computer system, whether it is yours, your service provider’s, your financial representative’s, or ours, can experience outages or slowdowns for a variety of reasons. These outages or slowdowns may delay or prevent our processing of your request. Although we have taken precautions to help our systems handle heavy use, we cannot promise complete reliability under all circumstances. If you are experiencing problems, you should make your request by writing to our Designated Office.
If you send your premiums or transaction requests to an address other than the one we have designated for receipt of such premiums or requests, we may return the premium to you, or there may be a delay in applying the premium or transaction to your Policy.
Cybersecurity and Certain Business Continuity Risks
Our variable life insurance business is largely conducted through complex information technology and communications systems operated by us and our service providers and business partners (e.g., the Eligible Funds and the firms involved in the distribution and sale of our variable life insurance policies). Our operations rely on the secure processing, storage and transmission of data and confidential and other information in our systems and the systems of third-party service providers. We have established administrative and technical controls and business continuity and resilience plans to protect our operations against attempts by unauthorized third parties to improperly access, modify, disrupt the operation of, or prevent access to critical networks or systems or data within them (a “cyber-attack”). Despite these protocols, the techniques used to attack systems and networks change frequently, are becoming more sophisticated, and can originate from a wide variety of sources including internal actors (through malicious or accidental acts), terrorists, nation states, financially or politically motivated actors, or other third parties, such as external service providers. Furthermore, the rapid evolution and increased adoption of artificial intelligence technologies may intensify our cybersecurity risks, including the deployment of artificial intelligence technologies by malicious third parties and threat actors that may increase in sophistication and effectiveness in the future. There may be an increased risk of cyber-attacks that may adversely disrupt or degrade our operations and compromise our data during periods of geo-political or military conflict.
A cyber-attack or unanticipated problems with, or failures of, our disaster recovery systems and business continuity plans could have a material, negative impact on our ability to conduct business and on our financial condition and operations,
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as well as on individual Policy Owners and their Policies. Our operations also could be negatively impacted by a cyber-attack affecting a third party, such as a service provider, business partner, another participant in the financial markets, or a governmental or regulatory authority. Potential attacks can occur through a variety of sources, including, but not limited to, phishing attacks, account takeover attempts, the introduction of computer viruses or malicious code, ransomware or other extortion tactics, denial of service attacks, credential stuffing, and other computer-related penetrations. Hardware, software or applications developed by us or received from third parties may contain exploitable vulnerabilities, bugs, or defects in design, maintenance or manufacture or other issues that could compromise information and cybersecurity. Malicious actors may attempt to fraudulently induce employees, customers, or other users of our systems to disclose credentials or other similar sensitive information in order to gain access to our systems or data, or that of our customers, through social engineering, phishing, mobile phone malware, and other methods. Disruptions or failures to our operations, systems and networks can originate from a wide variety of sources including, but not limited to, natural catastrophe, epidemic or pandemic crisis, military or terrorist actions, cyber-attack, and unanticipated problems with our or our service providers’ disaster recovery systems (and the disaster recovery systems of such vendors’ suppliers, vendors or subcontractors). Such disasters and events may adversely affect our ability to conduct business or administer the Policies.
Cyber-attacks, disruptions or failures to our business operations could result in regulatory fines or sanctions, litigation, penalties or financial losses, reputational harm, loss of customers, and/or otherwise adversely affect our business. Such event could also interfere with our processing of Policy transactions, including the processing of transfer orders from our website or with the Eligible Funds; impact our ability to calculate Policy values; cause the release and/or possible loss, misappropriation or corruption of data or confidential Policy Owner or business information; or impede order processing or cause other operational issues.  Cyber-attacks, disruptions or failures may also impact the issuers of securities in which the Eligible Funds invest, and it is possible the Eligible Funds underlying your Policy could lose value. There can be no assurance that we or our service providers or the Eligible Funds will be able to detect, prevent or avoid cyber-attacks, disruptions or failures affecting your Policy in the future. Although we continually make efforts to identify and reduce our exposure to cybersecurity risk, there is no guarantee that we will be able to successfully identify, manage and mitigate this risk at all times. Furthermore, we cannot control the cybersecurity plans and systems implemented by third parties, including service providers or issuers of securities in which the Eligible Funds invest.
Policy Values And Benefits
Age 100
The Policies endow at age 100 of the insured for the greater of the current cash value and the Policy face amount (each reduced by any outstanding loans plus interest). You can elect to continue the Policy beyond age 100 of the insured instead of taking payment at age 100. Sixty days before the anniversary when the insured is age 100 we will send you an election form. If you elect to continue the Policy, the cash value will remain in the sub- accounts and/or Fixed Account that you have chosen. We will not deduct Policy charges or accept premium payments after age 100. You can continue to make loans, surrenders and account transfers. The death benefit after age 100 equals the greater of (1) the Policy’s face amount at age 100 (as reduced by any later surrenders or face amount reductions), and (2) the cash value on the date of death. The proceeds we pay will be reduced by any outstanding loan plus interest. The tax consequences of continuing the Policy beyond the insured’s age 100 are unclear. You should consult a tax adviser if you intend to keep the Policy in force beyond the insured’s age 100.
Tabular Cash Value
The Policy’s tabular cash value is a hypothetical value. We use it to determine (1) the Option 2 death benefit, (2) whether you can skip a scheduled premium payment under the Special Premium Option, and (3) how much cash value you can withdraw from the Policy. (See “Death Benefit”, “Special Premium Option” and “Partial Surrender and Partial Withdrawal”.) We recalculate the tabular cash value when we recalculate the Policy’s scheduled premium.
When we recalculate the scheduled premium (at the Policy anniversary when the insured is age 70, or after 10 years, if later), the new scheduled premium and tabular cash value amounts depend on the Policy’s actual cash value on the recalculation date. (See “Premiums—Scheduled Premium Recalculation”.)
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The tabular cash value increases on the premium recalculation date if the Policy’s actual cash value on that date is higher than the tabular cash value just before the recalculation. We determine the new scheduled premium amount based on the new tabular cash value. (See “Premiums—Scheduled Premium Recalculation”.)
After the premium recalculation date, we determine the tabular cash value in the same manner as before the recalculation, starting with the tabular cash value on the premium recalculation date and assuming payment of the recalculated scheduled premium starting at age 71 (or 11 years after the Policy is issued, if later).
The change in the scheduled premium does not take effect until the next Policy anniversary, but the new tabular cash value takes effect immediately. This means that the amount of the Option 2 death benefit, the cash value available for withdrawal, and your ability to skip scheduled premium payments under the Special Premium Option may also be affected on the premium recalculation date. See Appendix F for examples.
Your premium payment schedule (annual vs. quarterly, for example) affects the amount of the tabular cash value. We calculate the tabular cash value on any day up to the premium recalculation date as if the current payment schedule had always been in effect. Thereafter, we calculate it as if the current payment schedule had been in effect since the premium recalculation date.
CHARGES AND EXPENSES
Annual Eligible Fund Operating Expenses
The table below titled “Minimum and Maximum Total Annual Eligible Fund Operating Expenses” describes the Eligible Fund fees and expenses that a Policy Owner may pay periodically during the time that he or she owns the Policy. This table shows the minimum and maximum total operating expenses charged by the Eligible Funds for the fiscal year ended December 31, 2024, before any fee waivers and expense reimbursements. Expenses of the Eligible Funds may be higher or lower in the future.
More detail concerning each Eligible Fund’s fees and expenses is contained in the prospectus for each Eligible Fund and in the table below titled “Eligible Fund Fees and Expenses”. This table describes the annual operating expenses for each Eligible Fund for the year ended December 31, 2024 before and after any applicable fee waivers and expense reimbursements. Certain Eligible Funds may impose a redemption fee in the future.
Mortality and Expense Risk Charge. We deduct a charge for the mortality and expense risks that we assume. We are currently waiving 0.08% of the Mortality and Expense Risk Charge for the Sub-Account investing in the Brighthouse/Wellington Large Cap Research Portfolio, an amount equal to the Eligible Fund expenses that are in excess of 0.88% for the Sub-Account investing in the MFS® Research International Portfolio and 0.62% for the Sub-Account investing in the Invesco Global Equity Portfolio.
Charges Deducted from the Eligible Funds. The following charges are deducted from the Eligible Fund assets:
—Daily charges against the Eligible Funds for investment advisory services and fund operating expenses.
Minimum and Maximum Total Annual Eligible Fund Operating Expenses 
 
Minimum
Maximum
Total Annual Eligible Fund Operating Expenses
 
 
(expenses that are deducted from Eligible Fund assets, including management fees,
distribution and/or service (12b-1) fees, and other expenses)
0.28%
0.98%
Eligible Fund Fees and Expenses as of December 31, 2024
(as a percentage of average daily net assets)
The following table is a summary. For more complete information on Eligible Fund fees and expenses, please refer to the prospectus for each Eligible Fund. 
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Eligible Fund
Management
Fee
Distribution
and/or
Service
(12b-1) Fees
Other
Expenses
Acquired
Fund Fees
and
Expenses
Total
Annual
Operating
Expenses
Fee Waiver
and/or
Expense
Reimbursement
Net Total
Annual
Operating
Expenses
American Funds Insurance Series® —
Class 2
American Funds Global Small
Capitalization Fund
0.65%
0.25%
0.05%
—
0.95%
0.05%
0.90%
American Funds Growth Fund
0.31%
0.25%
0.03%
—
0.59%
—
0.59%
American Funds Growth-Income Fund
0.25%
0.25%
0.03%
—
0.53%
—
0.53%
American Funds The Bond Fund of
America
0.35%
0.25%
0.03%
—
0.63%
0.15%
0.48%
Brighthouse Funds Trust I — Class A
Brighthouse Asset Allocation 100 Portfolio
0.07%
—
0.01%
0.65%
0.73%
—
0.73%
Brighthouse/Wellington Large Cap
Research Portfolio
0.56%
—
0.02%
—
0.58%
0.04%
0.54%
CBRE Global Real Estate Portfolio
0.64%
—
0.05%
—
0.69%
0.04%
0.65%
Harris Oakmark International Portfolio
0.78%
—
0.03%
—
0.81%
0.09%
0.72%
Invesco Global Equity Portfolio
0.66%
—
0.05%
—
0.71%
0.13%
0.58%
Invesco Small Cap Growth Portfolio
0.86%
—
0.04%
—
0.90%
0.08%
0.82%
Loomis Sayles Growth Portfolio
0.56%
—
0.02%
—
0.58%
0.03%
0.55%
MFS® Research International Portfolio
0.71%
—
0.04%
—
0.75%
0.11%
0.64%
Morgan Stanley Discovery Portfolio
0.65%
—
0.03%
—
0.68%
0.02%
0.66%
PIMCO Inflation Protected Bond Portfolio
0.49%
—
0.32%
—
0.81%
—
0.81%
PIMCO Total Return Portfolio
0.48%
—
0.13%
—
0.61%
0.02%
0.59%
SSGA Growth and Income ETF Portfolio
0.31%
—
0.02%
0.15%
0.48%
—
0.48%
SSGA Growth ETF Portfolio
0.32%
—
0.04%
0.14%
0.50%
—
0.50%
T. Rowe Price Mid Cap Growth Portfolio
0.75%
—
0.03%
—
0.78%
0.09%
0.69%
Victory Sycamore Mid Cap Value Portfolio
0.65%
—
0.04%
—
0.69%
0.09%
0.60%
Brighthouse Funds Trust II — Class A
Baillie Gifford International Stock Portfolio
0.80%
—
0.05%
—
0.85%
0.12%
0.73%
BlackRock Bond Income Portfolio
0.35%
—
0.05%
—
0.40%
0.01%
0.39%
BlackRock Capital Appreciation Portfolio
0.70%
—
0.02%
—
0.72%
0.16%
0.56%
BlackRock Ultra-Short Term Bond Portfolio
0.35%
—
0.05%
—
0.40%
0.03%
0.37%
Brighthouse Asset Allocation 20 Portfolio
0.10%
—
0.06%
0.56%
0.72%
0.06%
0.66%
Brighthouse Asset Allocation 40 Portfolio
0.06%
—
0.01%
0.58%
0.65%
—
0.65%
Brighthouse Asset Allocation 60 Portfolio
0.05%
—
0.01%
0.60%
0.66%
—
0.66%
Brighthouse Asset Allocation 80 Portfolio
0.05%
—
0.01%
0.63%
0.69%
—
0.69%
Brighthouse/Artisan Mid Cap Value
Portfolio
0.82%
—
0.05%
—
0.87%
0.10%
0.77%
Brighthouse/Wellington Balanced Portfolio
0.46%
—
0.06%
—
0.52%
—
0.52%
Brighthouse/Wellington Core Equity
Opportunities Portfolio
0.71%
—
0.03%
—
0.74%
0.12%
0.62%
Frontier Mid Cap Growth Portfolio
0.72%
—
0.04%
—
0.76%
0.07%
0.69%
Jennison Growth Portfolio
0.60%
—
0.02%
—
0.62%
0.08%
0.54%
Loomis Sayles Small Cap Core Portfolio
0.90%
—
0.08%
—
0.98%
0.08%
0.90%
Loomis Sayles Small Cap Growth Portfolio
0.90%
—
0.07%
—
0.97%
0.09%
0.88%
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Eligible Fund
Management
Fee
Distribution
and/or
Service
(12b-1) Fees
Other
Expenses
Acquired
Fund Fees
and
Expenses
Total
Annual
Operating
Expenses
Fee Waiver
and/or
Expense
Reimbursement
Net Total
Annual
Operating
Expenses
MetLife Aggregate Bond Index Portfolio
0.25%
—
0.03%
—
0.28%
0.01%
0.27%
MetLife Mid Cap Stock Index Portfolio
0.25%
—
0.05%
—
0.30%
—
0.30%
MetLife MSCI EAFE® Index Portfolio
0.30%
—
0.07%
0.01%
0.38%
—
0.38%
MetLife Russell 2000® Index Portfolio
0.25%
—
0.06%
—
0.31%
—
0.31%
MetLife Stock Index Portfolio
0.25%
—
0.03%
—
0.28%
0.02%
0.26%
MFS® Total Return Portfolio
0.57%
—
0.07%
—
0.64%
0.02%
0.62%
MFS® Value Portfolio
0.62%
—
0.02%
—
0.64%
0.06%
0.58%
Neuberger Berman Genesis Portfolio
0.83%
—
0.04%
—
0.87%
0.06%
0.81%
T. Rowe Price Large Cap Growth Portfolio
0.60%
—
0.02%
—
0.62%
0.06%
0.56%
T. Rowe Price Small Cap Growth Portfolio
0.47%
—
0.04%
—
0.51%
—
0.51%
Western Asset Management Strategic
Bond Opportunities Portfolio
0.57%
—
0.04%
—
0.61%
0.05%
0.56%
Western Asset Management
U.S. Government Portfolio
0.48%
—
0.04%
—
0.52%
0.02%
0.50%
Fidelity® Variable Insurance
Products — Initial Class
Equity-Income Portfolio
0.46%
—
0.01%
—
0.47%
—
0.47%
The information shown in the table above was provided by the Eligible Funds. Certain Eligible Funds and their investment adviser have entered into expense reimbursement and/or fee waiver arrangements that will continue at least until April 28, 2026. These arrangements can be terminated with respect to these Eligible Funds only with the approval of the Eligible Fund's board of directors or trustees. Please see the Eligible Funds’ prospectuses for additional information regarding these arrangements.
Certain Eligible Funds that have “Acquired Fund Fees and Expenses” are “funds of funds.” A fund of funds invests substantially all of its assets in other underlying funds. Because the Eligible Fund invests in other funds, it will bear its pro rata portion of the operating expenses of those underlying funds, including the management fee.
Fidelity® Variable Insurance Products and the American Funds Insurance Series® are not affiliated with NELICO.
THE VARIABLE ACCOUNT
Investments of the Variable Account
Each Sub-Account of the Variable Account invests in a corresponding Eligible Fund. Each Eligible Fund is part of an open-end management investment company, more commonly known as a mutual fund, that serves as an investment vehicle for variable life insurance and variable annuity separate accounts of various insurance companies. The mutual funds that offer the Eligible Funds are the American Funds Insurance Series, Brighthouse Funds Trust I, Brighthouse Funds Trust II and the Variable Insurance Products Fund. Each of these mutual funds has an investment adviser responsible for overall management of the fund. Some investment advisers have contracted with sub-advisers to make the day-to-day investment decisions for the Eligible Funds.
The adviser, sub-adviser and investment objective of each Eligible Fund are as follows: 
Eligible Fund
Investment Objective
Investment Adviser/Subadviser
American Funds Insurance Series®
— Class 2
 
 
American Funds Global Small
Capitalization Fund
Seeks long-term growth of capital.
Capital Research and Management
CompanySM
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Eligible Fund
Investment Objective
Investment Adviser/Subadviser
American Funds Growth Fund
Seeks growth of capital.
Capital Research and Management
CompanySM
American Funds Growth-Income Fund
Seeks long-term growth of capital and
income.
Capital Research and Management
CompanySM
American Funds The Bond Fund of
America
Seeks as high a level of current
income as is consistent with the
preservation of capital.
Capital Research and Management
CompanySM
Brighthouse Funds Trust I —
Class A
 
 
Brighthouse Asset Allocation 100
Portfolio
Seeks growth of capital.
Brighthouse Investment Advisers, LLC
Brighthouse/Wellington Large Cap
Research Portfolio
Seeks long-term capital appreciation.
Brighthouse Investment Advisers, LLC
Subadviser: Wellington Management
Company LLP
CBRE Global Real Estate Portfolio
Seeks total return through investment
in real estate securities, emphasizing
both capital appreciation and current
income.
Brighthouse Investment Advisers, LLC
Subadviser: CBRE Investment
Management Listed Real Assets LLC
Harris Oakmark International Portfolio
Seeks long-term capital appreciation.
Brighthouse Investment Advisers, LLC
Subadviser: Harris Associates L.P.
Invesco Global Equity Portfolio
Seeks capital appreciation.
Brighthouse Investment Advisers, LLC
Subadviser: Invesco Advisers, Inc.
Invesco Small Cap Growth Portfolio
Seeks long-term growth of capital.
Brighthouse Investment Advisers, LLC
Subadviser: Invesco Advisers, Inc.
Loomis Sayles Growth Portfolio
Seeks long-term growth of capital.
Brighthouse Investment Advisers, LLC
Subadviser: Loomis, Sayles &
Company, L.P.
MFS® Research International Portfolio
Seeks capital appreciation.
Brighthouse Investment Advisers, LLC
Subadviser: Massachusetts Financial
Services Company
Morgan Stanley Discovery Portfolio
Seeks capital appreciation.
Brighthouse Investment Advisers, LLC
Subadviser: Morgan Stanley
Investment Management Inc.
PIMCO Inflation Protected Bond
Portfolio
Seeks maximum real return,
consistent with preservation of capital
and prudent investment management.
Brighthouse Investment Advisers, LLC
Subadviser: Pacific Investment
Management Company LLC
PIMCO Total Return Portfolio
Seeks maximum total return,
consistent with the preservation of
capital and prudent investment
management.
Brighthouse Investment Advisers, LLC
Subadviser: Pacific Investment
Management Company LLC
SSGA Growth and Income ETF Portfolio
Seeks growth of capital and income.
Brighthouse Investment Advisers, LLC
Subadviser: SSGA Funds Management,
Inc.
SSGA Growth ETF Portfolio
Seeks growth of capital.
Brighthouse Investment Advisers, LLC
Subadviser: SSGA Funds Management,
Inc.
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Eligible Fund
Investment Objective
Investment Adviser/Subadviser
T. Rowe Price Mid Cap Growth Portfolio
Seeks long-term growth of capital.
Brighthouse Investment Advisers, LLC
Subadviser: T. Rowe Price Associates,
Inc.
Sub-Subadviser: T. Rowe Price
Investment Management, Inc.
Victory Sycamore Mid Cap Value
Portfolio
Seeks high total return by investing in
equity securities of mid-sized
companies.
Brighthouse Investment Advisers, LLC
Subadviser: Victory Capital
Management Inc.
Brighthouse Funds Trust II —
Class A
 
 
Baillie Gifford International Stock
Portfolio
Seeks long-term growth of capital.
Brighthouse Investment Advisers, LLC
Subadviser: Baillie Gifford Overseas
Limited
BlackRock Bond Income Portfolio
Seeks a competitive total return
primarily from investing in
fixed-income securities.
Brighthouse Investment Advisers, LLC
Subadviser: BlackRock Advisors, LLC
BlackRock Capital Appreciation
Portfolio
Seeks long-term growth of capital.
Brighthouse Investment Advisers, LLC
Subadviser: BlackRock Advisors, LLC
BlackRock Ultra-Short Term Bond
Portfolio
Seeks a high level of current income
consistent with prudent investment
risk and preservation of capital.
Brighthouse Investment Advisers, LLC
Subadviser: BlackRock Advisors, LLC
Brighthouse Asset Allocation 20
Portfolio
Seeks a high level of current income,
with growth of capital as a secondary
objective.
Brighthouse Investment Advisers, LLC
Brighthouse Asset Allocation 40
Portfolio
Seeks high total return in the form of
income and growth of capital, with a
greater emphasis on income.
Brighthouse Investment Advisers, LLC
Brighthouse Asset Allocation 60
Portfolio
Seeks a balance between a high level
of current income and growth of
capital, with a greater emphasis on
growth of capital.
Brighthouse Investment Advisers, LLC
Brighthouse Asset Allocation 80
Portfolio
Seeks growth of capital.
Brighthouse Investment Advisers, LLC
Brighthouse/Artisan Mid Cap Value
Portfolio
Seeks long-term capital growth.
Brighthouse Investment Advisers, LLC
Subadviser: Artisan Partners Limited
Partnership
Brighthouse/Wellington Balanced
Portfolio
Seeks long-term capital appreciation
with some current income.
Brighthouse Investment Advisers, LLC
Subadviser: Wellington Management
Company LLP
Brighthouse/Wellington Core Equity
Opportunities Portfolio
Seeks to provide a growing stream of
income over time and, secondarily,
long-term capital appreciation and
current income.
Brighthouse Investment Advisers, LLC
Subadviser: Wellington Management
Company LLP
Frontier Mid Cap Growth Portfolio
Seeks maximum capital appreciation.
Brighthouse Investment Advisers, LLC
Subadviser: Frontier Capital
Management Company, LLC
Jennison Growth Portfolio
Seeks long-term growth of capital.
Brighthouse Investment Advisers, LLC
Subadviser: Jennison Associates LLC
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Eligible Fund
Investment Objective
Investment Adviser/Subadviser
Loomis Sayles Small Cap Core
Portfolio
Seeks long-term capital growth from
investments in common stocks or
other equity securities.
Brighthouse Investment Advisers, LLC
Subadviser: Loomis, Sayles &
Company, L.P.
Loomis Sayles Small Cap Growth
Portfolio
Seeks long-term capital growth.
Brighthouse Investment Advisers, LLC
Subadviser: Loomis, Sayles &
Company, L.P.
MetLife Aggregate Bond Index Portfolio
Seeks to track the performance of the
Bloomberg U.S. Aggregate Bond Index.
Brighthouse Investment Advisers, LLC
Subadviser: MetLife Investment
Management, LLC
MetLife Mid Cap Stock Index Portfolio
Seeks to track the performance of the
Standard & Poor’s MidCap 400®
Composite Stock Price Index.
Brighthouse Investment Advisers, LLC
Subadviser: MetLife Investment
Management, LLC
MetLife MSCI EAFE® Index Portfolio
Seeks to track the performance of the
MSCI EAFE® Index.
Brighthouse Investment Advisers, LLC
Subadviser: MetLife Investment
Management, LLC
MetLife Russell 2000® Index Portfolio
Seeks to track the performance of the
Russell 2000® Index.
Brighthouse Investment Advisers, LLC
Subadviser: MetLife Investment
Management, LLC
MetLife Stock Index Portfolio
Seeks to track the performance of the
Standard & Poor’s 500® Composite
Stock Price Index.
Brighthouse Investment Advisers, LLC
Subadviser: MetLife Investment
Management, LLC
MFS® Total Return Portfolio
Seeks a favorable total return through
investment in a diversified portfolio.
Brighthouse Investment Advisers, LLC
Subadviser: Massachusetts Financial
Services Company
MFS® Value Portfolio
Seeks capital appreciation.
Brighthouse Investment Advisers, LLC
Subadviser: Massachusetts Financial
Services Company
Neuberger Berman Genesis Portfolio
Seeks high total return, consisting
principally of capital appreciation.
Brighthouse Investment Advisers, LLC
Subadviser: Neuberger Berman
Investment Advisers LLC
T. Rowe Price Large Cap Growth
Portfolio
Seeks long-term growth of capital.
Brighthouse Investment Advisers, LLC
Subadviser: T. Rowe Price Associates,
Inc.
T. Rowe Price Small Cap Growth
Portfolio
Seeks long-term capital growth.
Brighthouse Investment Advisers, LLC
Subadviser: T. Rowe Price Associates,
Inc.
Western Asset Management Strategic
Bond Opportunities Portfolio
Seeks to maximize total return
consistent with preservation of capital.
Brighthouse Investment Advisers, LLC
Subadviser: Western Asset
Management Company LLC
Western Asset Management
U.S. Government Portfolio
Seeks to maximize total return
consistent with preservation of capital
and maintenance of liquidity.
Brighthouse Investment Advisers, LLC
Subadviser: Western Asset
Management Company LLC
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Eligible Fund
Investment Objective
Investment Adviser/Subadviser
Fidelity® Variable Insurance
Products — Initial Class
 
 
Equity-Income Portfolio
Seeks reasonable income. The fund
will also consider the potential for
capital appreciation. The fund’s goal is
to achieve a yield which exceeds the
composite yield on the securities
comprising the S&P 500® Index.
Fidelity Management & Research
Company LLC
Subadviser: FMR UK, FMR HK, and
FMR Japan
For more information regarding the Eligible Funds and their investment advisers and sub-advisers, see the Eligible Fund prospectuses and their Statements of Additional Information, which you can obtain by calling (833) 208-3017.
The Eligible Funds’ investment objectives may not be met. The investment objectives and policies of certain Eligible Funds are similar to the investment objectives and policies of other funds that may be managed by the same investment adviser or sub-adviser. The investment results of the Eligible Funds may be higher or lower than the results of these funds. There is no assurance, and no representation is made, that the investment results of any of the Eligible Funds will be comparable to the investment results of any other fund.
Share Classes of the Eligible Funds
The Eligible Funds offer various classes of shares, each of which has a different level of expenses. The prospectuses for the Eligible Funds may provide information for share classes that are not available through the Policy. When you consult the prospectus for any Eligible Fund, you should be careful to refer to only the information regarding the class of shares that is available through the Policy. For the American Funds Insurance Series, we offer Class 2 shares only; for Brighthouse Funds Trust I and Brighthouse Funds Trust II, we offer Class A shares only; and for Fidelity Variable Insurance Products, we offer Initial Class shares only.
Certain Payments We Receive with Regard to the Eligible Funds
An investment adviser (other than our affiliate Brighthouse Investment Advisers, LLC) or subadviser of an Eligible Fund, or its affiliates, may make payments to us and/or certain of our affiliates. These payments may be used for a variety of purposes, including payment of expenses for certain administrative, marketing, and support services with respect to the Policies and, in the Company’s role as an intermediary, with respect to the Eligible Funds. The Company and its affiliates may profit from these payments. These payments may be derived, in whole or in part, from the advisory fee deducted from Eligible Fund assets. Policy Owners, through their indirect investment in the Eligible Funds, bear the costs of these advisory fees (see the Eligible Funds’ prospectuses for more information). The amount of the payments we receive is based on a percentage of assets of the Eligible Funds attributable to the Policies and certain other variable insurance products that we and our affiliates issue. These percentages differ and some advisers or subadvisers (or other affiliates) may pay us more than others. These percentages currently range up to 0.50%.
Additionally, an investment adviser (other than our affiliate Brighthouse Investment Advisers, LLC) or subadviser of an Eligible Fund or its affiliates may provide us with wholesaling services that assist in the distribution of the Policies and may pay us and/or certain of our affiliates amounts to participate in sales meetings. These amounts may be significant and may provide the adviser or subadviser (or their affiliates) with increased access to persons involved in the distribution of the Policies.
We and/or certain of our affiliated insurance companies have joint ownership interests in our affiliated investment adviser Brighthouse Investment Advisers, LLC, which is formed as a “limited liability company.” Our ownership interests in Brighthouse Investment Advisers, LLC entitle us to profit distributions if the adviser makes a profit with respect to the advisory fees it receives from the Eligible Funds. We will benefit accordingly from assets allocated to the Eligible Funds to the extent they result in profits to the adviser. (See “Fee Table—Eligible Funds Fees and Expenses” for information on the management fees paid by the Eligible Funds and the Statement of Additional Information for the Eligible Funds for information on the management fees paid by the adviser to the subadvisers.)
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Certain Eligible Funds have adopted a Distribution Plan under Rule 12b-1 of the Investment Company Act of 1940. An Eligible Fund’s 12b-1 Plan, if any, is described in more detail in the Eligible Fund’s prospectus. (See “Fee Table—Eligible Fund Fees and Expenses” and “Distribution of the Policies.”) Any payments we receive pursuant to those 12b-1 Plans are paid to us or our distributor. Payments under an Eligible Fund’s 12b-1 Plan decrease the Eligible Fund’s investment return.
Premiums
Scheduled Premium Recalculation
We recalculate the initial scheduled premium for the Policy on the anniversary when the insured is age 70, or 10 years after the Policy is issued, whichever is later. We recalculate the scheduled premium using the Policy’s current cash value and assuming that guaranteed maximum charges will apply and that the Policy will earn a 4.5% net rate of return. The recalculation is done before we credit the premium and deduct the monthly charges due on that anniversary. The recalculated scheduled premium will not be less than the initial scheduled premium, and it will not be higher than the maximum scheduled premium shown on your Policy’s schedule page. The recalculated scheduled premium applies to the Policy starting on the following Policy anniversary, when the insured has reached age 71 (or 11 years after the Policy is issued, whichever is later).
If the Policy earned a net return of greater than 4.5%, if you made unscheduled payments, if less than the guaranteed maximum charges were deducted or if you made no loans or withdrawals of cash value, the increase in the scheduled premium could be reduced, or possibly avoided. Generally, the Policy’s scheduled premium will not increase if the Policy’s sub-accounts have earned the daily equivalent of a constant annual net rate of return (after deduction of the mortality and expense risk charge and Eligible Fund fees and expenses) of 6% to 8%, depending on the insured’s age at issue, sex and underwriting class, and: you have paid each scheduled premium (and have not used the Special Premium Option to skip payments); you have made no loans, partial withdrawals, partial surrenders or unscheduled payments; and all Policy charges including cost of insurance charges do not increase above their current levels. However, variations in the rate of return, even if it averages 6% to 8%, could cause a scheduled premium increase.
If your scheduled premium increases and you do not wish to pay the higher amount, you may (i) lapse the Policy to variable paid-up insurance (if available under your Policy) or to a fixed-benefit lapse option, (ii) take a partial surrender to reduce the Policy’s face amount and cash value and keep the scheduled premium at its initial level (as long as the remaining face amount meets our minimum face amount requirement), or (iii) reduce the Policy’s face amount, without reducing the Policy’s cash value (except by the amount of any Surrender Charge that applies).
For a description of how the premium recalculation affects the Policy’s tabular cash value, see “Tabular Cash Value”.
OTHER POLICY FEATURES
Transfer Option
Restrictions on Frequent Transfers. Frequent requests from Policy Owners to transfer cash value may dilute the value of an Eligible Fund’s shares if the frequent trading involves an attempt to take advantage of pricing inefficiencies created by a lag between a change in the value of the securities held by the Eligible Fund and the reflection of that change in the Eligible Fund’s share price (“arbitrage trading”). Frequent transfers involving arbitrage trading may adversely affect the long-term performance of the Eligible Funds, which may in turn adversely affect Policy Owners and other persons who may have an interest in the Policies (e.g., beneficiaries).
We have policies and procedures that attempt to detect and deter frequent transfers in situations where we determine there is a potential for arbitrage trading. Currently, we believe that such situations may be presented in the international, small-cap, and high-yield Eligible Funds that are listed below (the “Monitored Portfolios”), and we monitor transfer activity in those Monitored Portfolios. In addition, as described below, we treat all other American Funds Insurance Series portfolios (“American Funds portfolios”) as Monitored Portfolios.
American Funds Global Small Capitalization Fund
American Funds Growth Fund
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American Funds Growth-Income Fund
American Funds The Bond Fund of America
Baillie Gifford International Stock Portfolio
CBRE Global Real Estate Portfolio
Harris Oakmark International Portfolio
Invesco Global Equity Portfolio
Invesco Small Cap Growth Portfolio
Loomis Sayles Small Cap Core Portfolio
Loomis Sayles Small Cap Growth Portfolio
MetLife MSCI EAFE® Index Portfolio
MetLife Russell 2000® Index Portfolio
MFS® Research International Portfolio
Neuberger Berman Genesis Portfolio
T. Rowe Price Small Cap Growth Portfolio
Western Asset Management Strategic Bond Opportunities Portfolio
We employ various means to monitor transfer activity, such as examining the frequency and size of transfers into and out of the Monitored Portfolios within given periods of time. For example, we currently monitor transfer activity to determine if, for each category of international, small-cap, and high-yield Eligible Funds, in a 12-month period there were: (1) six or more transfers involving the given category; (2) cumulative gross transfers involving the given category that exceed the current Cash Value; and (3) two or more “round-trips” involving any portfolio in the given category. A round-trip generally is defined as a transfer in followed by a transfer out within seven calendar days or a transfer out followed by a transfer in within seven calendar days, in either case subject to certain other criteria. We do not believe that other Eligible Funds present a significant opportunity to engage in arbitrage trading and therefore do not monitor transfer activity in those Eligible Funds. We may change the Monitored Portfolios at any time without notice in our sole discretion.
As a condition to making their portfolios available in our products, American Funds requires us to treat all American Funds portfolios as Monitored Portfolios under our current frequent transfer policies and procedures. Further, American Funds requires us to impose additional specified monitoring criteria for all American Funds portfolios available under the Policy, regardless of the potential for arbitrage trading. We are required to monitor transfer activity in American Funds portfolios to determine if there were two or more transfers in followed by transfers out, in each case of a certain dollar amount or greater, in any 30-day period. A first violation of the American Funds monitoring policy will result in a written notice of violation; each additional violation will result in the imposition of a six-month restriction, during which period we will require all transfer requests to or from an American Funds portfolio to be submitted with an original signature. Further, as Monitored Portfolios, all American Funds portfolios also will be subject to our current frequent transfer policies, procedures and restrictions (described below), and transfer restrictions may be imposed upon a violation of either monitoring policy.
Our policies and procedures may result in transfer restrictions being applied to deter frequent transfers. Currently, when we detect transfer activity in the Monitored Portfolios that exceeds our current transfer limits, we will impose transfer restrictions on the entire Policy and will require future transfer requests to or from any Eligible Fund under that Policy to be submitted either (i) in writing with an original signature or (ii) by telephone prior to 10:00 a.m. A first occurrence will result in a warning letter; a second occurrence will result in the imposition of the restriction for a six-month period; a third occurrence will result in the permanent imposition of the restriction. Transfers made under a Dollar Cost Averaging Program, and, if applicable, any rebalancing program described in this prospectus are not treated as transfers when we monitor the frequency of transfers.
The detection and deterrence of harmful transfer activity involves judgments that are inherently subjective, such as the decision to monitor only those Eligible Funds that we believe are susceptible to arbitrage trading or the determination of the transfer limits. Our ability to detect and/or restrict such transfer activity may be limited by operational and technological systems, as well as our ability to predict strategies employed by Policy Owners to avoid such detection. Our ability to restrict such transfer activity also may be limited by provisions of the Policy. Accordingly, there is no assurance that we will prevent all transfer activity that may adversely affect Policy Owners and other persons with interests in the Policies. We do not accommodate frequent transfers in any Eligible Fund and there are no arrangements in place to permit any Policy Owner to engage in frequent transfers; we apply our policies and procedures without exception, waiver, or special arrangement.
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The Eligible Funds may have adopted their own policies and procedures with respect to frequent transfers in their respective shares and we reserve the right to enforce these policies and procedures. For example, Eligible Funds may assess a redemption fee (which we reserve the right to collect) on shares held for a relatively short period. The prospectuses for the Eligible Funds describe any such policies and procedures, which may be more or less restrictive than the policies and procedures we have adopted. Although we may not have the contractual authority or the operational capacity to apply the frequent transfer policies and procedures of the Eligible Funds, we have entered into a written agreement, as required by SEC regulation, with each Eligible Fund or its principal underwriter that obligates us to provide to the Eligible Fund promptly upon request certain information about the trading activity of individual Policy Owners, and to execute instructions from the Eligible Fund to restrict or prohibit further purchases or transfers by specific Policy Owners who violate the frequent transfer policies established by the Eligible Fund.
In addition, Policy Owners and other persons with interests in the Policies should be aware that the purchase and redemption orders received by the Eligible Funds generally are “omnibus” orders from intermediaries, such as retirement plans or separate accounts funding variable insurance products. The omnibus orders reflect the aggregation and netting of multiple orders from individual owners of variable insurance products and/or individual retirement plan participants. The omnibus nature of these orders may limit the Eligible Funds in their ability to apply their frequent transfer policies and procedures. In addition, the other insurance companies and/or retirement plans may have different policies and procedures or may not have any such policies and procedures because of contractual limitations. For these reasons, we cannot guarantee that the Eligible Funds (and thus Policy Owners) will not be harmed by transfer activity relating to other insurance companies and/or retirement plans that may invest in the Eligible Funds. If an Eligible Fund believes that an omnibus order reflects one or more transfer requests from Policy Owners engaged in frequent trading, the Eligible Fund may reject the entire omnibus order.
In accordance with applicable law, we reserve the right to modify or terminate the transfer privilege at any time. We also reserve the right to defer or restrict the transfer privilege at any time that we are unable to purchase or redeem shares of any of the Eligible Funds, including any refusal or restriction on purchases or redemptions of their shares as a result of their own policies and procedures on frequent transfers (even if an entire omnibus order is rejected due to the frequent transfers of a single Policy Owner). You should read the Eligible Fund prospectuses for more details.
Restrictions on Large Transfers
Large transfers may increase brokerage and administrative costs of the underlying Eligible Funds and may disrupt portfolio management strategy, requiring an Eligible Fund to maintain a high cash position and possibly resulting in lost investment opportunities and forced liquidations. We do not monitor for large transfers to or from Eligible Funds except where the portfolio manager of a particular underlying Eligible Fund has brought large transfer activity to our attention for investigation on a case-by-case basis. For example, some portfolio managers have asked us to monitor for “block transfers” where transfer requests have been submitted on behalf of multiple Policy Owners by a third party such as an investment adviser. When we detect such large trades, we may impose restrictions similar to those described above where future transfer requests from that third party must be submitted either (i) in writing with an original signature or (ii) by telephone prior to 10:00 a.m. A first occurrence will result in a warning letter; a second occurrence will result in the imposition of the restriction for a six-month period; a third occurrence will result in the permanent imposition of the restriction.
TAX CONSIDERATIONS
Introduction
The following summary provides a general description of the Federal income tax considerations associated with the Policy and does not purport to be complete or to cover all tax situations. The summary does not address state, local or foreign tax issues related to the Policy. This discussion is not intended as tax advice. Counsel or other competent tax advisers should be consulted for more complete information. This discussion is based upon our understanding of the present Federal income tax laws. No representation is made as to the likelihood of continuation of the present Federal income tax laws or as to how they may be interpreted by the Internal Revenue Service. It should be further understood that the following discussion is not exhaustive and that special rules not described herein may be applicable in certain situations.
13
Tax Status of the Policy
In order to qualify as a life insurance contract for Federal income tax purposes and to receive the tax treatment normally accorded life insurance contracts under Federal tax law, a Policy must satisfy certain requirements which are set forth in the Internal Revenue Code of 1986, as amended (the “Code”). Guidance as to how these requirements are to be applied is limited. Nevertheless, we anticipate that the Policies will satisfy the applicable requirements. There is additional uncertainty however, with respect to Policies issued on a substandard risk or automatic issue basis and Policies with term riders added, and it is not clear whether such Policies will in all cases satisfy the applicable requirements. We may take appropriate steps to bring the Policy into compliance with applicable requirements, and we reserve the right to restrict Policy transactions in order to do so. The insurance proceeds payable on the death of the insured will never be less than the minimum amount required for the Policy to be treated as life insurance under section 7702 of the Code, as in effect on the date the Policy was issued.
In some circumstances, owners of variable contracts who retain excessive control over the investment of the underlying separate account assets may be treated as the owners of those assets. Although published guidance in this area does not address certain aspects of the Policies, we believe that the Owner of a Policy should not be treated as the owner of the Variable Account assets. We reserve the right to modify the Policies to bring them into conformity with applicable standards should such modification be necessary to prevent Owners of the Policies from being treated as the owners of the underlying Variable Account assets.
In addition, the Code requires that the investments of the Variable Account be “adequately diversified” in order for the Policies to be treated as life insurance contracts for Federal income tax purposes. It is intended that the Variable Account, through the Eligible Funds, will satisfy these diversification requirements. If Eligible Fund shares are sold directly to either non-qualified plans or to tax-qualified retirement plans that later lose their tax-qualified status, there may be adverse consequences under the diversification rules.
The following discussion assumes that the Policy will qualify as a life insurance contract for Federal income tax purposes.
Tax Treatment of Policy Benefits
In General—Death Benefits. The death benefit under a Policy should generally be excludible from the gross income of the beneficiary for Federal income tax purposes.
In the case of employer-owned life insurance as defined in section 101(j) of the Code, the amount excludable from gross income is limited to premiums paid unless the Policy falls within certain specified exceptions and a notice and consent requirement is satisfied before the Policy is issued. Certain specified exceptions are based on the status of an employee as highly compensated, a director or recently employed. There are also exceptions for Policy proceeds paid to an employee’s heirs. These exceptions only apply if proper notice is given to the insured employee and consent is received from the insured employee before the issuance of the Policy. These rules apply to Policies issued August 18, 2006 and later and also apply to policies issued before August 18, 2006 after a material increase in the death benefit or other material change. An IRS reporting requirement applies to employer-owned life insurance subject to these rules. Because these rules are complex and will affect the tax treatment of death benefits, it is advisable to consult tax counsel.
The death benefit will also be taxable in the case of a transfer-for-value unless certain exceptions apply.
Federal, state and local transfer, and other tax consequences of ownership or receipt of ownership or receipt of Policy proceeds depend on the circumstances of each Policy Owner or beneficiary. A tax adviser should be consulted on these circumstances.
Generally, the Policy Owner will not be deemed to be in constructive receipt of the Policy Cash Value until there is a distribution or a deemed distribution. When distributions from a Policy occur, or when loans are taken out from or secured by a Policy, the tax consequences depend on whether the Policy is classified as a Modified Endowment Contract (“MEC”).
Modified Endowment Contracts. Under the Code, certain life insurance contracts are classified as MECs with less favorable income tax treatment than other life insurance contracts. Due to the Policy’s flexibility with respect to premium payments and benefits, each Policy’s circumstances will determine whether the Policy is a MEC. In general a Policy will be classified as a MEC if the amount of premiums paid into the Policy causes the Policy to fail the “7-pay test”. A Policy will fail
14
the 7-pay test if at any time in the first seven Policy years, or seven years after a material change, the amount paid into the Policy exceeds the sum of the level premiums that would have been paid at that point under a Policy that provided for paid-up future benefits after the payment of seven level annual payments.
If there is a reduction in the benefits under the Policy during a 7-pay testing period, for example, as a result of a partial surrender, the 7-pay test will have to be reapplied as if the Policy had originally been issued at the reduced face amount. If there is a “material change” in the Policy’s benefits or other terms, even after the first seven Policy years, the Policy may have to be retested as if it were a newly issued Policy. A material change can occur, for example, when there is an increase in the death benefit or the receipt of an unnecessary premium. Unnecessary premiums are premiums paid into the Policy which are not needed in order to provide a death benefit equal to the lowest death benefit that was payable in the most recent 7-pay testing period. To prevent your Policy from becoming a MEC, it may be necessary to limit premium payments or to limit reductions in benefits. A current or prospective Policy Owner should consult a tax adviser to determine whether a Policy transaction will cause the Policy to be classified as a MEC.
Distributions Other Than Death Benefits from Modified Endowment Contracts. Policies classified as MECs are subject to the following tax rules:
(1) All distributions other than death benefits, including distributions upon surrender and withdrawals, from a MEC will be treated first as distributions of gain taxable as ordinary income and as tax-free recovery of the Policy Owner’s investment in the Policy only after all gain has been distributed.
(2) Loans taken from or secured by a Policy classified as a MEC are treated as distributions and taxed accordingly.
(3) A 10 percent additional income tax is imposed on the amount subject to tax except where the distribution or loan is made when the Policy Owner has attained age 59 1∕2 or is disabled, or where the distribution is part of a series of substantially equal periodic payments for the life (or life expectancy) of the Policy Owner or the joint lives (or joint life expectancies) of the Policy Owner and the Policy Owner’s beneficiary. The foregoing exceptions generally do not apply to a Policy Owner which is a non-natural person, such as a corporation.
If a Policy becomes a MEC, distributions that occur during the contract year will be taxed as distributions from a MEC. In addition, distributions from a Policy within two years before it becomes a MEC will be taxed in this manner. This means that a distribution made from a Policy that is not a MEC could later become taxable as a distribution from a MEC.
Distributions Other Than Death Benefits from Policies that are not Modified Endowment Contracts.
Distributions other than death benefits from a Policy that is not classified as a MEC are generally treated first as a non-taxable recovery of the Policy Owner’s investment in the Policy and only after the recovery of all investment in the Policy as gain taxable as ordinary income. However, distributions during the first 15 Policy years accompanied by a reduction in Policy benefits, including distributions which must be made in order to enable the Policy to continue to qualify as a life insurance contract for Federal income tax purposes, are subject to different tax rules and may be treated in whole or in part as taxable income.
Loans from or secured by a Policy that is not a MEC are generally not treated as distributions. However, the tax consequences are less clear and a tax adviser should be consulted when the interest rate charged for a Policy loan equals the interest rate credited on the amount we hold as collateral for the loan.
Finally, neither distributions from nor loans from or secured by a Policy that is not a MEC are subject to the 10 percent additional income tax.
Investment in the Policy. Your investment in the Policy is generally your aggregate premiums. When a distribution is taken from the Policy, your investment in the Policy is reduced by the amount of the distribution that is tax-free.
Policy Loans. In general, interest on a Policy loan will not be deductible. If a Policy loan is outstanding when a Policy is canceled or lapses, the amount of the outstanding indebtedness will be added to the amount distributed and will be taxed accordingly. A loan may also be taxed when a Policy is exchanged. Before taking out a Policy loan, you should consult a tax adviser as to the tax consequences.
Multiple Policies. All MECs that are issued by NELICO (or its affiliates) to the same Policy Owner during any calendar year are treated as one MEC for purposes of determining the amount includible in the Policy Owner’s income when a taxable distribution occurs.
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Life Insurance Purchases by Nonresident Aliens and Foreign Corporations. Policy Owners that are not U.S. citizens or residents will generally be subject to U.S. Federal withholding tax on taxable distributions from life insurance policies at a 30% rate, unless a lower treaty rate applies. In addition, Policy Owners may be subject to state and/or municipal taxes and taxes that may be imposed by the Policy Owner’s country of citizenship or residence.
Withholding. To the extent that Policy distributions are taxable, they are generally subject to withholding for the recipient’s Federal income tax liability. Recipients can generally elect, however, not to have tax withheld from distributions. Recipients may be required to pay penalties under the estimated tax rules if withholding and estimated tax payments are insufficient.
Estate, Gift and Generation-Skipping Transfer Taxes. The transfer of the Policy or the designation of a beneficiary may have Federal, state, and/or local transfer and inheritance tax consequences, including the imposition of gift, estate, and generation-skipping transfer taxes. When the insured dies, the death proceeds will generally be includable in the Policy Owner’s estate for purposes of the Federal estate tax if the Policy Owner was the insured, if the insured possessed incidents of ownership in the Policy at the time of death, or if the insured made a gift transfer of the Policy within three years of death. If the Policy Owner was not the insured, the fair market value of the Policy would be included in the Policy Owner’s estate upon the Policy Owner’s death.
Moreover, under certain circumstances, the Code may impose a “generation-skipping transfer tax” when all or part of a life insurance policy is transferred to, or a death benefit is paid to, an individual two or more generations younger than the Policy Owner. Regulations issued under the Code may require us to deduct the tax from your Policy, or from any applicable payment, and pay it directly to the IRS.
Qualified tax advisers should be consulted concerning the estate, gift and other tax consequences of Policy ownership and distributions under Federal, state and local law. The individual situation of each Policy Owner or beneficiary will determine the extent, if any, to which Federal, state, and local transfer and inheritance taxes may be imposed and how ownership or receipt of Policy proceeds will be treated for purposes of Federal, state and local estate, inheritance, generation-skipping and other taxes. In 2025, federal tax law provides for a $13,990,000 gift, estate and generation-skipping transfer tax exemption, which will be indexed for inflation in subsequent years. Current law provides that this exemption amount may sunset for tax years after December 31, 2025 and a lower exemption amount may be applicable unless the law is changed.
The complexity of the tax law, along with uncertainty as to how it might be modified in coming years, underscores the importance of seeking guidance from a qualified adviser to help ensure that your estate plan adequately addresses your needs and those of your beneficiaries under all possible scenarios.
Other Tax Considerations.  The tax consequences of continuing the Policy beyond the insured’s 100th year are unclear. You should consult a tax adviser if you intend to keep the Policy in force beyond the insured’s 100th year.
Payments received under the Acceleration of Death Benefit Rider should be excludable from the gross income of the Policy Owner except in certain business contexts. However, you should consult a qualified tax adviser about the consequences of adding this rider to a Policy or requesting payment under this rider.
If a trustee under a pension or profit-sharing plan, or similar deferred compensation arrangement, owns a Policy, the Federal, state and estate tax consequences could differ. The amounts of life insurance that may be purchased on behalf of a participant in a pension or profit-sharing plan are limited. Providing excessive life insurance coverage in a retirement plan will have adverse tax consequences. The inclusion of riders, such as waiver of premium riders, may also have adverse tax consequences. Therefore, it is important to discuss with your tax adviser the suitability of the Policy, including the suitability of coverage amounts and Policy riders, before any purchase by a retirement plan. Any proposed distribution or sale of a Policy by a retirement plan will also need to be discussed with a tax adviser. The current cost of insurance for the net amount at risk is treated as a “current fringe benefit” and must be included annually in the plan participant’s gross income. If the plan participant dies while covered by the plan and the Policy proceeds are paid to the participant’s beneficiary, then the excess of the death benefit over the Cash Value is not income taxable. However, the Cash Value will generally be taxable to the extent it exceeds the participant’s cost basis in the Policy. Policies owned under these types of plans may be subject to restrictions under the Employee Retirement Income Security Act of 1974 (“ERISA”). You should consult a qualified adviser regarding ERISA.
16
Department of Labor (“DOL”) regulations impose requirements for participant loans under retirement plans covered by ERISA. Plan loans must also satisfy tax requirements to be treated as nontaxable. Plan loan requirements and provisions may differ from the Policy loan provisions. Failure of plan loans to comply with the requirements and provisions of the DOL regulations and of tax law may result in adverse tax consequences and/or adverse consequences under ERISA. Plan fiduciaries and participants should consult a qualified adviser before requesting a loan under a Policy held in connection with a retirement plan.
Businesses can use the Policies in various arrangements, including nonqualified deferred compensation or salary continuance plans, split dollar insurance plans, executive bonus plans, tax exempt and nonexempt welfare benefit plans, retiree medical benefit plans and others. The tax consequences of such plans may vary depending on the particular facts and circumstances. In the case of a business owned Policy, the provisions of section 101(j) of the Code may limit the amount of the death benefit excludable from gross income unless a specified exception applies and the notice and consent requirement is satisfied, as discussed above. If you are contemplating a change to an existing Policy or purchasing the Policy for any arrangement the value of which depends in part on its tax consequences, you should consult a qualified tax adviser.
Ownership of the Policy by a corporation, trust or other non-natural person could jeopardize some (or all) of such entity’s interest deduction under Code section 264, even where such entity’s indebtedness is in no way connected to the Policy. In addition, under section 264(f)(5), if a business (other than a sole proprietorship) is directly or indirectly a beneficiary of the Policy, the Policy could be treated as held by the business for purposes of the section 264(f) entity-holder rules. Therefore, it would be advisable to consult with a qualified tax adviser before any non-natural person is made an owner or holder of the Policy, or before a business (other than a sole proprietorship) is made a beneficiary of the Policy.
Transfer of Issued Life Insurance Policies to Third Parties.  If you transfer the Policy to a third party, including the sale of the Policy to a life settlement company, such transfer may be taxable. As noted above, the death benefit will also be taxable in the case of a transfer for value unless certain exceptions apply. We may be required to report certain information to the IRS, as required under Code section 6050Y and applicable tax regulations. You should consult with a qualified tax adviser for additional information prior to transferring the Policy.
Guidance on Split Dollar Plans. The IRS has issued guidance on split dollar insurance plans. A tax adviser should be consulted with respect to this guidance if you have purchased or are considering the purchase of a Policy for a split dollar insurance plan. If your Policy is part of an equity split-dollar arrangement taxed under the economic benefit regime, there is a risk that some portion of the Policy Cash Value may be taxed prior to any Policy distribution. If your split-dollar plan provides deferred compensation, specific tax rules governing deferred compensation arrangements may apply. Failure to adhere to these rules will result in adverse tax consequences.
In addition, the Sarbanes-Oxley Act of 2002, which was signed into law on July 30, 2002, prohibits, with limited exceptions, publicly-traded companies, including non-U.S. companies that have securities listed on U.S. exchanges, from extending, directly or indirectly or through a subsidiary, many types of personal loans to their directors or executive officers. It is possible that this prohibition may be interpreted to apply to split-dollar life insurance arrangements for directors and executive officers of such companies, since such arrangements can arguably be viewed as involving a loan from the employer for at least some purposes.
Any affected business contemplating the payment of a premium on an existing Policy or the purchase of a new Policy in connection with a split-dollar life insurance arrangement should consult legal counsel.
Life Insurance Purchases by Residents of Puerto Rico. In Rev. Rul. 2004-75, 2004-31 I.R.B. 109, the Internal Revenue Service announced that income received by residents of Puerto Rico under life insurance contracts issued by a Puerto Rico branch of a United States life insurance company is U.S. source income that is generally subject to United States Federal income tax.
Possible Tax Law Changes. Although the likelihood of legislative changes is uncertain, there is always the possibility that the tax treatment of the Policy could change by legislation or otherwise. Consult a tax adviser with respect to legislative developments and their effect on the Policy.
17
NELICO’s Income Taxes
Tax Credits and Deductions. NELICO may be entitled to certain tax benefits related to the assets of the Variable Account. These tax benefits, which may include foreign tax credits and corporate dividend received deductions, are not passed back to the Variable Account or to Policy Owners since NELICO is the owner of the assets from which the tax benefits are derived.
Other Tax Considerations. Under current Federal income tax law, NELICO is not taxed on the Variable Account’s operations. Thus, currently we do not deduct a charge from the Variable Account for Federal income taxes. We reserve the right to charge the Variable Account for any future Federal income taxes we may incur.
Under current laws in several states, we may incur state and local taxes (in addition to premium taxes). These taxes are not now significant and we are not currently charging for them. If they increase, we may deduct charges for such taxes.
RESTRICTIONS ON FINANCIAL TRANSACTIONS
Applicable laws designed to counter terrorism and prevent money laundering might, in certain circumstances, require us to reject a premium payment and/or block or “freeze” your Policy. If these laws apply in a particular situation, we would not be allowed to process any request for withdrawals, surrenders, loans or death benefits, make transfers, or continue making payments under your death benefit option until instructions are received from the appropriate regulator. We also may be required to provide additional information about you or your Policy to government regulators.
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The financial statements comprising each of the Sub-Accounts of New England Variable Life Separate Account included in this Prospectus Supplement have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report. Such financial statements are included in reliance upon the report of such firm given their authority as experts in accounting and auditing.
INDEPENDENT AUDITOR
The statutory-basis financial statements of New England Life Insurance Company as of December 31, 2024 and 2023 and for each of the three years in the period ended December 31, 2024, included in this Prospectus Supplement, have been audited by Deloitte & Touche LLP, an independent auditor, as stated in their report which expresses an unqualified opinion on the statutory-basis financial statements and an adverse opinion on accounting principles generally accepted in the United States of America. Such financial statements are included in reliance upon the report of such firm given their authority as experts in accounting and auditing.
FINANCIAL STATEMENTS
The financial statements comprising each of the Sub-Accounts of the Variable Account and the statutory-basis financial statements of NELICO are included herein.
The statutory-basis financial statements of NELICO should be considered only as bearing upon the ability of NELICO to meet its obligations under the Policy. They should not be considered as bearing on the investment performance of the assets held in the Variable Account.
18
25-1593-5.ba
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Policy Owners of
New England Variable Life Separate Account
and Board of Directors of
New England Life Insurance Company

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of New England Variable Life Separate Account (the "Separate Account") of New England Life Insurance Company (the "Company") comprising each of the individual Sub-Accounts listed in Note 2 as of December 31, 2024, the related statements of operations and changes in net assets for each of the three years in the period then ended, the financial highlights in Note 6 for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Sub-Accounts constituting the Separate Account of the Company as of December 31, 2024, and the results of their operations and changes in their net assets for each of the three years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

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 the Separate Account's 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. The Separate Account is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Separate Account's internal control over financial reporting. Accordingly, we express no such opinion.

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. 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. Our procedures included confirmation of investments owned as of December 31, 2024, by correspondence with the custodian or mutual fund companies. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Charlotte, North Carolina
March 27, 2025

We have served as the Separate Account's auditor since 1996.

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NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2024

  American Funds®
​Global Small
Capitalization
Sub-Account		 American Funds®
​Growth
Sub-Account		 American Funds®
​Growth-Income
Sub-Account		 American Funds®
​The Bond Fund
of America
Sub-Account		 
Assets:
Investments at fair value$49,788,561$412,760,126$211,507,038$11,833,537
Due from New England Life
Insurance Company		423360139
Total Assets49,788,603412,760,159211,507,09811,833,676
Liabilities:
Accrued fees39—44139
Total Liabilities39—44139
Net Assets$49,788,564$412,760,159$211,507,054$11,833,537

The accompanying notes are an integral part of these financial statements.
1

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Continued)
December 31, 2024

  BHFTI
Brighthouse
Asset Allocation 100
Sub-Account		 BHFTI
Brighthouse/
Wellington
Large Cap Research
Sub-Account		 BHFTI
CBRE Global
Real Estate
Sub-Account		 BHFTI
Harris Oakmark
International
Sub-Account		 BHFTI
Invesco
Global Equity
Sub-Account		 
Assets:
Investments at fair value$569,915,766$7,439,816$14,824,263$36,354,941$13,952,903
Due from New England Life
Insurance Company		214219574251
Total Assets569,915,7687,439,95814,824,45836,355,01513,953,154
Liabilities:
Accrued fees—14019472247
Total Liabilities—14019472247
Net Assets$569,915,768$7,439,818$14,824,264$36,354,943$13,952,907

The accompanying notes are an integral part of these financial statements.
2

  BHFTI
Invesco
Small Cap Growth
Sub-Account		 BHFTI
Loomis
Sayles Growth
Sub-Account		 BHFTI
MFS®​ Research
International
Sub-Account		 BHFTI
Morgan Stanley
Discovery
Sub-Account		 BHFTI
PIMCO Inflation
Protected Bond
Sub-Account		 
Assets:
Investments at fair value$8,079,773$58,344,080$79,618,204$35,283,495$8,409,468
Due from New England Life
Insurance Company		162504884157
Total Assets8,079,93558,344,13079,618,25235,283,5798,409,625
Liabilities:
Accrued fees162474584156
Total Liabilities162474584156
Net Assets$8,079,773$58,344,083$79,618,207$35,283,495$8,409,469

The accompanying notes are an integral part of these financial statements.
3

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Continued)
December 31, 2024

  BHFTI
PIMCO
Total Return
Sub-Account		 BHFTI
SSGA Growth
and Income ETF
Sub-Account		 BHFTI
SSGA Growth ETF
Sub-Account		 BHFTI
T. Rowe Price
Mid Cap Growth
Sub-Account		 BHFTI
Victory Sycamore
Mid Cap Value
Sub-Account		 
Assets:
Investments at fair value$40,068,289$7,086,680$11,163,377$44,479,730$34,364,300
Due from New England Life
Insurance Company		73182962365
Total Assets40,068,3627,086,86211,163,47344,479,75334,364,365
Liabilities:
Accrued fees72181962262
Total Liabilities72181962262
Net Assets$40,068,290$7,086,681$11,163,377$44,479,731$34,364,303

The accompanying notes are an integral part of these financial statements.
4

  BHFTII
Baillie Gifford
International Stock
Sub-Account		 BHFTII
BlackRock
Bond Income
Sub-Account		 BHFTII
BlackRock
Capital Appreciation
Sub-Account		 BHFTII
BlackRock Ultra-
Short Term Bond
Sub-Account		 BHFTII
Brighthouse
Asset Allocation 20
Sub-Account		 
Assets:
Investments at fair value$22,842,870$113,010,425$339,102,393$28,518,046$3,390,329
Due from New England Life
Insurance Company		1297631147137
Total Assets22,842,999113,010,501339,102,42428,518,1933,390,466
Liabilities:
Accrued fees1285020126137
Total Liabilities1285020126137
Net Assets$22,842,871$113,010,451$339,102,404$28,518,067$3,390,329

The accompanying notes are an integral part of these financial statements.
5

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Continued)
December 31, 2024

  BHFTII
Brighthouse
Asset Allocation 40
Sub-Account		 BHFTII
Brighthouse
Asset Allocation 60
Sub-Account		 BHFTII
Brighthouse
Asset Allocation 80
Sub-Account		 BHFTII
Brighthouse/
Artisan
Mid Cap Value
Sub-Account		 BHFTII
Brighthouse/
Wellington
Balanced
Sub-Account		 
Assets:
Investments at fair value$6,681,792$46,308,745$61,436,113$114,039,929$15,270,914
Due from New England Life
Insurance Company		118665196107
Total Assets6,681,91046,308,81161,436,164114,040,02515,271,021
Liabilities:
Accrued fees117655039105
Total Liabilities117655039105
Net Assets$6,681,793$46,308,746$61,436,114$114,039,986$15,270,916

The accompanying notes are an integral part of these financial statements.
6

  BHFTII
Brighthouse/
Wellington Core
Equity Opportunities
Sub-Account		 BHFTII
Frontier
Mid Cap Growth
Sub-Account		 BHFTII
Jennison Growth
Sub-Account		 BHFTII
Loomis Sayles
Small Cap Core
Sub-Account		 BHFTII
Loomis Sayles
Small Cap Growth
Sub-Account		 
Assets:
Investments at fair value$330,015,667$4,017,031$36,101,913$157,782,283$12,515,082
Due from New England Life
Insurance Company		331275987180
Total Assets330,015,7004,017,15836,101,972157,782,37012,515,262
Liabilities:
Accrued fees251255715179
Total Liabilities251255715179
Net Assets$330,015,675$4,017,033$36,101,915$157,782,355$12,515,083

The accompanying notes are an integral part of these financial statements.
7

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Continued)
December 31, 2024

  BHFTII
MetLife Aggregate
Bond Index
Sub-Account		 BHFTII
MetLife Mid Cap
Stock Index
Sub-Account		 BHFTII
MetLife
MSCI EAFE®​ Index
Sub-Account		 BHFTII
MetLife
Russell 2000®​ Index
Sub-Account		 BHFTII
MetLife
Stock Index
Sub-Account		 
Assets:
Investments at fair value$133,300,910$31,288,842$13,610,407$27,205,414$285,174,114
Due from New England Life
Insurance Company		253831777518
Total Assets133,301,16331,288,92513,610,58427,205,489285,174,132
Liabilities:
Accrued fees2538017572—
Total Liabilities2538017572—
Net Assets$133,300,910$31,288,845$13,610,409$27,205,417$285,174,132

The accompanying notes are an integral part of these financial statements.
8

  BHFTII
MFS®
​Total Return
Sub-Account		 BHFTII
MFS®​ Value
Sub-Account		 BHFTII
Neuberger Berman
Genesis
Sub-Account		 BHFTII
T. Rowe Price
Large Cap Growth
Sub-Account		 BHFTII
T. Rowe Price
Small Cap Growth
Sub-Account		 
Assets:
Investments at fair value$81,321,473$103,328,493$63,345,777$48,313,219$16,560,897
Due from New England Life
Insurance Company		121606757163
Total Assets81,321,594103,328,55363,345,84448,313,27616,561,060
Liabilities:
Accrued fees82586453160
Total Liabilities82586453160
Net Assets$81,321,512$103,328,495$63,345,780$48,313,223$16,560,900

The accompanying notes are an integral part of these financial statements.
9

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES — (Concluded)
December 31, 2024

  BHFTII
Western Asset
Management
Strategic Bond
Opportunities
Sub-Account		 BHFTII
Western Asset
Management
U.S. Government
Sub-Account		 Fidelity®​ VIP
Equity-Income
Sub-Account		 
Assets:
Investments at fair value$37,900,830$9,985,860$132,780,343
Due from New England Life
Insurance Company		4115544
Total Assets37,900,8719,986,015132,780,387
Liabilities:
Accrued fees3915538
Total Liabilities3915538
Net Assets$37,900,832$9,985,860$132,780,349

The accompanying notes are an integral part of these financial statements.
10

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NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS

For the years ended December 31, 2024, 2023 and 2022

  American Funds®​ Global Small Capitalization
Sub-Account		 American Funds®​ Growth
Sub-Account		 
202420232022202420232022
Investment Income:
Dividends$541,224$130,645$—$1,262,157$1,098,331$970,566
Expenses:
Mortality and expense risk charges162,617158,629170,7381,190,352957,159977,491
Net investment income (loss)378,607(27,984)(170,738)71,805141,172(6,925)
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions1,883,607657,25518,111,0728,590,42517,132,07543,947,682
Realized gains (losses) on sale of investments(534,473)(883,962)(20,991)10,864,8944,014,6195,349,434
Net realized gains (losses)1,349,134(226,707)18,090,08119,455,31921,146,69449,297,116
Change in unrealized gains (losses) on investments(700,961)7,597,660(39,165,142)82,461,32275,773,012(167,850,552)
Net realized and changes in unrealized gains (losses)
on investments		648,1737,370,953(21,075,061)101,916,64196,919,706(118,553,436)
Net increase (decrease) in net assets resulting
from operations		$1,026,780$7,342,969$(21,245,799)$101,988,446$97,060,878$(118,560,361)

The accompanying notes are an integral part of these financial statements.
12

  American Funds®​ Growth-Income
Sub-Account		 
202420232022
Investment Income:
Dividends$2,222,571$2,282,006$2,090,429
Expenses:
Mortality and expense risk charges517,736434,919441,492
Net investment income (loss)1,704,8351,847,0871,648,937
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions8,891,1278,757,46716,193,636
Realized gains (losses) on sale of investments3,998,7602,793,1352,241,960
Net realized gains (losses)12,889,88711,550,60218,435,596
Change in unrealized gains (losses) on investments27,440,99524,911,175(52,328,246)
Net realized and changes in unrealized gains (losses)
on investments		40,330,88236,461,777(33,892,650)
Net increase (decrease) in net assets resulting
from operations		$42,035,717$38,308,864$(32,243,713)

The accompanying notes are an integral part of these financial statements.
13

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  American Funds®​ The Bond Fund of America
Sub-Account		 BHFTI Brighthouse Asset Allocation 100
Sub-Account		 
202420232022202420232022
Investment Income:
Dividends$491,051$408,243$335,085$6,282,686$14,926,385$8,416,448
Expenses:
Mortality and expense risk charges30,46728,18328,4133,283,1332,901,3732,977,133
Net investment income (loss)460,584380,060306,6722,999,55312,025,0125,439,315
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions——126,10920,672,06575,080,16445,142,769
Realized gains (losses) on sale of investments(112,851)(533,180)(163,959)(608,023)(3,761,338)(138,847)
Net realized gains (losses)(112,851)(533,180)(37,850)20,064,04271,318,82645,003,922
Change in unrealized gains (losses) on investments(241,373)724,680(1,880,095)45,484,30510,705,133(177,748,937)
Net realized and changes in unrealized gains (losses)
on investments		(354,224)191,500(1,917,945)65,548,34782,023,959(132,745,015)
Net increase (decrease) in net assets resulting
from operations		$106,360$571,560$(1,611,273)$68,547,900$94,048,971$(127,305,700)

The accompanying notes are an integral part of these financial statements.
14

  BHFTI Brighthouse/Wellington Large Cap Research
Sub-Account		 
202420232022
Investment Income:
Dividends$41,876$50,574$43,730
Expenses:
Mortality and expense risk charges16,03412,63012,060
Net investment income (loss)25,84237,94431,670
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions462,421331,5381,278,095
Realized gains (losses) on sale of investments63,039(54,482)57,429
Net realized gains (losses)525,460277,0561,335,524
Change in unrealized gains (losses) on investments764,4401,031,175(2,703,636)
Net realized and changes in unrealized gains (losses)
on investments		1,289,9001,308,231(1,368,112)
Net increase (decrease) in net assets resulting
from operations		$1,315,742$1,346,175$(1,336,442)

The accompanying notes are an integral part of these financial statements.
15

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTI CBRE Global Real Estate
Sub-Account		 BHFTI Harris Oakmark International
Sub-Account		 
202420232022202420232022
Investment Income:
Dividends$548,540$409,071$743,263$912,347$848,613$920,948
Expenses:
Mortality and expense risk charges44,36443,60550,742121,158128,917124,566
Net investment income (loss)504,176365,466692,521791,189719,696796,382
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions——1,617,137——2,033,379
Realized gains (losses) on sale of investments(141,022)(392,852)(26,108)(255,975)(352,346)(431,538)
Net realized gains (losses)(141,022)(392,852)1,591,029(255,975)(352,346)1,601,841
Change in unrealized gains (losses) on investments(306,941)1,767,000(7,372,683)(2,515,163)6,417,754(9,627,213)
Net realized and changes in unrealized gains (losses)
on investments		(447,963)1,374,148(5,781,654)(2,771,138)6,065,408(8,025,372)
Net increase (decrease) in net assets resulting
from operations		$56,213$1,739,614$(5,089,133)$(1,979,949)$6,785,104$(7,228,990)

The accompanying notes are an integral part of these financial statements.
16

  BHFTI Invesco Global Equity
Sub-Account		 
202420232022
Investment Income:
Dividends$37,109$41,916$—
Expenses:
Mortality and expense risk charges50,92040,69139,524
Net investment income (loss)(13,811)1,225(39,524)
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions1,167,142648,4291,571,883
Realized gains (losses) on sale of investments136,46766,52070,482
Net realized gains (losses)1,303,609714,9491,642,365
Change in unrealized gains (losses) on investments666,2422,570,376(6,388,249)
Net realized and changes in unrealized gains (losses)
on investments		1,969,8513,285,325(4,745,884)
Net increase (decrease) in net assets resulting
from operations		$1,956,040$3,286,550$(4,785,408)

The accompanying notes are an integral part of these financial statements.
17

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTI Invesco Small Cap Growth
Sub-Account		 BHFTI Loomis Sayles Growth
Sub-Account		 
202420232022202420232022
Investment Income:
Dividends$—$—$—$—$—$—
Expenses:
Mortality and expense risk charges30,56028,87432,117184,926145,164132,292
Net investment income (loss)(30,560)(28,874)(32,117)(184,926)(145,164)(132,292)
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions——2,403,1334,017,2152,399,5593,262,664
Realized gains (losses) on sale of investments(387,946)(416,122)(194,674)1,160,393246,73473,607
Net realized gains (losses)(387,946)(416,122)2,208,4595,177,6082,646,2933,336,271
Change in unrealized gains (losses) on investments1,591,6951,278,264(6,256,538)10,275,23713,901,361(16,504,645)
Net realized and changes in unrealized gains (losses)
on investments		1,203,749862,142(4,048,079)15,452,84516,547,654(13,168,374)
Net increase (decrease) in net assets resulting
from operations		$1,173,189$833,268$(4,080,196)$15,267,919$16,402,490$(13,300,666)

The accompanying notes are an integral part of these financial statements.
18

  BHFTI MFS®​ Research International
Sub-Account		 
202420232022
Investment Income:
Dividends$1,568,088$1,403,366$1,684,880
Expenses:
Mortality and expense risk charges428,654405,778409,679
Net investment income (loss)1,139,434997,5881,275,201
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions2,104,0171,566,0755,501,782
Realized gains (losses) on sale of investments274,950(71,505)25,255
Net realized gains (losses)2,378,9671,494,5705,527,037
Change in unrealized gains (losses) on investments(1,228,547)6,967,719(24,230,105)
Net realized and changes in unrealized gains (losses)
on investments		1,150,4208,462,289(18,703,068)
Net increase (decrease) in net assets resulting
from operations		$2,289,854$9,459,877$(17,427,867)

The accompanying notes are an integral part of these financial statements.
19

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTI Morgan Stanley Discovery
Sub-Account		 BHFTI PIMCO Inflation Protected Bond
Sub-Account		 
202420232022202420232022
Investment Income:
Dividends$—$—$—$—$205,404$628,934
Expenses:
Mortality and expense risk charges126,305103,366134,27729,82329,75631,966
Net investment income (loss)(126,305)(103,366)(134,277)(29,823)175,648596,968
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions——12,119,639———
Realized gains (losses) on sale of investments(2,537,414)(3,845,889)(2,199,256)(71,495)(141,547)(37,379)
Net realized gains (losses)(2,537,414)(3,845,889)9,920,383(71,495)(141,547)(37,379)
Change in unrealized gains (losses) on investments12,606,21312,008,874(45,227,264)283,883257,421(1,796,201)
Net realized and changes in unrealized gains (losses)
on investments		10,068,7998,162,985(35,306,881)212,388115,874(1,833,580)
Net increase (decrease) in net assets resulting
from operations		$9,942,494$8,059,619$(35,441,158)$182,565$291,522$(1,236,612)

The accompanying notes are an integral part of these financial statements.
20

  BHFTI PIMCO Total Return
Sub-Account		 
202420232022
Investment Income:
Dividends$1,227,047$1,279,281$1,431,133
Expenses:
Mortality and expense risk charges109,684112,395131,989
Net investment income (loss)1,117,3631,166,8861,299,144
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions———
Realized gains (losses) on sale of investments(406,254)(1,018,097)(500,056)
Net realized gains (losses)(406,254)(1,018,097)(500,056)
Change in unrealized gains (losses) on investments272,5432,191,362(8,271,136)
Net realized and changes in unrealized gains (losses)
on investments		(133,711)1,173,265(8,771,192)
Net increase (decrease) in net assets resulting
from operations		$983,652$2,340,151$(7,472,048)

The accompanying notes are an integral part of these financial statements.
21

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTI SSGA Growth and Income ETF
Sub-Account		 BHFTI SSGA Growth ETF
Sub-Account		 
202420232022202420232022
Investment Income:
Dividends$175,867$159,346$218,702$241,109$196,566$282,061
Expenses:
Mortality and expense risk charges24,85222,97424,36628,68625,01826,259
Net investment income (loss)151,015136,372194,336212,423171,548255,802
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions——1,086,693—489,0641,569,298
Realized gains (losses) on sale of investments(18,584)(125,788)(53,547)(7,025)(68,689)(23,412)
Net realized gains (losses)(18,584)(125,788)1,033,146(7,025)420,3751,545,886
Change in unrealized gains (losses) on investments562,005802,727(2,423,364)1,060,018789,474(3,493,471)
Net realized and changes in unrealized gains (losses)
on investments		543,421676,939(1,390,218)1,052,9931,209,849(1,947,585)
Net increase (decrease) in net assets resulting
from operations		$694,436$813,311$(1,195,882)$1,265,416$1,381,397$(1,691,783)

The accompanying notes are an integral part of these financial statements.
22

  BHFTI T. Rowe Price Mid Cap Growth
Sub-Account		 
202420232022
Investment Income:
Dividends$79,624$—$—
Expenses:
Mortality and expense risk charges170,681156,670164,336
Net investment income (loss)(91,057)(156,670)(164,336)
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions4,051,9792,040,1037,222,791
Realized gains (losses) on sale of investments(81,723)(458,712)(201,910)
Net realized gains (losses)3,970,2561,581,3917,020,881
Change in unrealized gains (losses) on investments(2,366)6,038,575(19,204,582)
Net realized and changes in unrealized gains (losses)
on investments		3,967,8907,619,966(12,183,701)
Net increase (decrease) in net assets resulting
from operations		$3,876,833$7,463,296$(12,348,037)

The accompanying notes are an integral part of these financial statements.
23

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTI Victory Sycamore Mid Cap Value
Sub-Account		 BHFTII Baillie Gifford International Stock
Sub-Account		 
202420232022202420232022
Investment Income:
Dividends$494,714$522,750$601,618$195,455$293,276$261,782
Expenses:
Mortality and expense risk charges116,332106,748107,64894,10888,64791,592
Net investment income (loss)378,382416,002493,970101,347204,629170,190
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions2,110,0043,491,1673,748,6471,469,134—2,036,320
Realized gains (losses) on sale of investments226,026140,019281,260(67,029)(273,679)(134,173)
Net realized gains (losses)2,336,0303,631,1864,029,9071,402,105(273,679)1,902,147
Change in unrealized gains (losses) on investments461,545(1,032,598)(5,469,522)(530,989)3,729,316(10,902,687)
Net realized and changes in unrealized gains (losses)
on investments		2,797,5752,598,588(1,439,615)871,1163,455,637(9,000,540)
Net increase (decrease) in net assets resulting
from operations		$3,175,957$3,014,590$(945,645)$972,463$3,660,266$(8,830,350)

The accompanying notes are an integral part of these financial statements.
24

  BHFTII BlackRock Bond Income
Sub-Account		 
202420232022
Investment Income:
Dividends$4,626,044$3,641,526$3,564,318
Expenses:
Mortality and expense risk charges244,168246,669269,103
Net investment income (loss)4,381,8763,394,8573,295,215
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions——145,975
Realized gains (losses) on sale of investments(1,061,773)(1,553,621)(647,922)
Net realized gains (losses)(1,061,773)(1,553,621)(501,947)
Change in unrealized gains (losses) on investments(1,842,713)4,409,293(22,538,349)
Net realized and changes in unrealized gains (losses)
on investments		(2,904,486)2,855,672(23,040,296)
Net increase (decrease) in net assets resulting
from operations		$1,477,390$6,250,529$(19,745,081)

The accompanying notes are an integral part of these financial statements.
25

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTII BlackRock Capital Appreciation
Sub-Account		 BHFTII BlackRock Ultra-Short Term Bond
Sub-Account		 
202420232022202420232022
Investment Income:
Dividends$244,015$102,766$—$1,645,040$488,317$—
Expenses:
Mortality and expense risk charges1,786,4331,360,4231,375,69497,207104,666106,458
Net investment income (loss)(1,542,418)(1,257,657)(1,375,694)1,547,833383,651(106,458)
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions18,441,6094,750,95966,222,760—562—
Realized gains (losses) on sale of investments6,334,608(195,928)606,067189,065120,366(25,939)
Net realized gains (losses)24,776,2174,555,03166,828,827189,065120,928(25,939)
Change in unrealized gains (losses) on investments61,124,75991,739,483(193,592,211)(407,697)837,071444,097
Net realized and changes in unrealized gains (losses)
on investments		85,900,97696,294,514(126,763,384)(218,632)957,999418,158
Net increase (decrease) in net assets resulting
from operations		$84,358,558$95,036,857$(128,139,078)$1,329,201$1,341,650$311,700

The accompanying notes are an integral part of these financial statements.
26

  BHFTII Brighthouse Asset Allocation 20
Sub-Account		 
202420232022
Investment Income:
Dividends$118,903$144,805$133,127
Expenses:
Mortality and expense risk charges12,16813,04314,432
Net investment income (loss)106,735131,762118,695
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions—85,512122,159
Realized gains (losses) on sale of investments(83,439)(91,178)(49,076)
Net realized gains (losses)(83,439)(5,666)73,083
Change in unrealized gains (losses) on investments135,001152,935(778,836)
Net realized and changes in unrealized gains (losses)
on investments		51,562147,269(705,753)
Net increase (decrease) in net assets resulting
from operations		$158,297$279,031$(587,058)

The accompanying notes are an integral part of these financial statements.
27

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTII Brighthouse Asset Allocation 40
Sub-Account		 BHFTII Brighthouse Asset Allocation 60
Sub-Account		 
202420232022202420232022
Investment Income:
Dividends$172,588$247,344$218,838$992,645$1,541,388$1,129,948
Expenses:
Mortality and expense risk charges27,51927,01429,800153,126146,620153,765
Net investment income (loss)145,069220,330189,038839,5191,394,768976,183
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions10,662343,721413,519786,7973,736,4303,550,091
Realized gains (losses) on sale of investments(84,943)(212,069)(56,415)(388,341)(804,829)(239,759)
Net realized gains (losses)(74,281)131,652357,104398,4562,931,6013,310,332
Change in unrealized gains (losses) on investments300,218334,433(1,762,312)2,397,3091,415,347(12,632,762)
Net realized and changes in unrealized gains (losses)
on investments		225,937466,085(1,405,208)2,795,7654,346,948(9,322,430)
Net increase (decrease) in net assets resulting
from operations		$371,006$686,415$(1,216,170)$3,635,284$5,741,716$(8,346,247)

The accompanying notes are an integral part of these financial statements.
28

  BHFTII Brighthouse Asset Allocation 80
Sub-Account		 
202420232022
Investment Income:
Dividends$974,920$2,021,684$1,388,815
Expenses:
Mortality and expense risk charges144,230166,708194,152
Net investment income (loss)830,6901,854,9761,194,663
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions1,205,2597,149,0646,244,368
Realized gains (losses) on sale of investments(124,342)(1,685,923)(114,824)
Net realized gains (losses)1,080,9175,463,1416,129,544
Change in unrealized gains (losses) on investments4,316,4292,246,176(21,495,782)
Net realized and changes in unrealized gains (losses)
on investments		5,397,3467,709,317(15,366,238)
Net increase (decrease) in net assets resulting
from operations		$6,228,036$9,564,293$(14,171,575)

The accompanying notes are an integral part of these financial statements.
29

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTII Brighthouse/Artisan Mid Cap Value
Sub-Account		 BHFTII Brighthouse/Wellington Balanced
Sub-Account		 
202420232022202420232022
Investment Income:
Dividends$1,412,771$927,979$1,095,200$269,824$245,070$208,567
Expenses:
Mortality and expense risk charges487,834456,982476,46847,29542,92547,772
Net investment income (loss)924,937470,997618,732222,529202,145160,795
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions10,122,43814,076,44716,544,669460,63986,1781,626,700
Realized gains (losses) on sale of investments127,076(171,719)732,75710,809(238,090)(60,503)
Net realized gains (losses)10,249,51413,904,72817,277,426471,448(151,912)1,566,197
Change in unrealized gains (losses) on investments(5,971,360)3,987,483(34,320,495)966,8961,775,683(4,136,507)
Net realized and changes in unrealized gains (losses)
on investments		4,278,15417,892,211(17,043,069)1,438,3441,623,771(2,570,310)
Net increase (decrease) in net assets resulting
from operations		$5,203,091$18,363,208$(16,424,337)$1,660,873$1,825,916$(2,409,515)

The accompanying notes are an integral part of these financial statements.
30

  BHFTII Brighthouse/Wellington Core Equity Opportunities
Sub-Account		 
202420232022
Investment Income:
Dividends$4,814,208$4,588,149$4,868,454
Expenses:
Mortality and expense risk charges1,596,7051,499,2981,574,023
Net investment income (loss)3,217,5033,088,8513,294,431
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions11,525,25733,871,95459,915,992
Realized gains (losses) on sale of investments1,120,064(387,896)2,949,859
Net realized gains (losses)12,645,32133,484,05862,865,851
Change in unrealized gains (losses) on investments10,374,382(14,588,774)(86,773,989)
Net realized and changes in unrealized gains (losses)
on investments		23,019,70318,895,284(23,908,138)
Net increase (decrease) in net assets resulting
from operations		$26,237,206$21,984,135$(20,613,707)

The accompanying notes are an integral part of these financial statements.
31

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTII Frontier Mid Cap Growth
Sub-Account		 BHFTII Jennison Growth
Sub-Account		 
202420232022202420232022
Investment Income:
Dividends$9,366$—$—$—$—$—
Expenses:
Mortality and expense risk charges14,40212,71313,686115,09578,47975,460
Net investment income (loss)(5,036)(12,713)(13,686)(115,095)(78,479)(75,460)
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions——1,056,9873,682,641—4,982,376
Realized gains (losses) on sale of investments(24,912)(119,184)45,769183,759(557,045)(98,698)
Net realized gains (losses)(24,912)(119,184)1,102,7563,866,400(557,045)4,883,678
Change in unrealized gains (losses) on investments652,019701,765(2,540,740)4,577,1709,962,400(16,457,324)
Net realized and changes in unrealized gains (losses)
on investments		627,107582,581(1,437,984)8,443,5709,405,355(11,573,646)
Net increase (decrease) in net assets resulting
from operations		$622,071$569,868$(1,451,670)$8,328,475$9,326,876$(11,649,106)

The accompanying notes are an integral part of these financial statements.
32

  BHFTII Loomis Sayles Small Cap Core
Sub-Account		 
202420232022
Investment Income:
Dividends$219,987$275,380$—
Expenses:
Mortality and expense risk charges841,855757,477769,294
Net investment income (loss)(621,868)(482,097)(769,294)
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions10,341,9076,711,90827,155,996
Realized gains (losses) on sale of investments739,408(400,832)259,374
Net realized gains (losses)11,081,3156,311,07627,415,370
Change in unrealized gains (losses) on investments6,011,94816,600,180(53,255,762)
Net realized and changes in unrealized gains (losses)
on investments		17,093,26322,911,256(25,840,392)
Net increase (decrease) in net assets resulting
from operations		$16,471,395$22,429,159$(26,609,686)

The accompanying notes are an integral part of these financial statements.
33

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTII Loomis Sayles Small Cap Growth
Sub-Account		 BHFTII MetLife Aggregate Bond Index
Sub-Account		 
202420232022202420232022
Investment Income:
Dividends$—$—$—$4,080,995$3,876,437$3,909,531
Expenses:
Mortality and expense risk charges37,13834,19935,71540,40742,14746,252
Net investment income (loss)(37,138)(34,199)(35,715)4,040,5883,834,2903,863,279
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions108,871—2,534,248———
Realized gains (losses) on sale of investments(35,858)(167,943)(116,295)(541,661)(829,964)(540,957)
Net realized gains (losses)73,013(167,943)2,417,953(541,661)(829,964)(540,957)
Change in unrealized gains (losses) on investments1,615,5401,440,779(5,879,202)(2,348,096)3,665,287(23,712,910)
Net realized and changes in unrealized gains (losses)
on investments		1,688,5531,272,836(3,461,249)(2,889,757)2,835,323(24,253,867)
Net increase (decrease) in net assets resulting
from operations		$1,651,415$1,238,637$(3,496,964)$1,150,831$6,669,613$(20,390,588)

The accompanying notes are an integral part of these financial statements.
34

  BHFTII MetLife Mid Cap Stock Index
Sub-Account		 
202420232022
Investment Income:
Dividends$405,555$357,788$308,195
Expenses:
Mortality and expense risk charges103,38387,24789,668
Net investment income (loss)302,172270,541218,527
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions1,561,6391,724,6374,431,865
Realized gains (losses) on sale of investments276,385(44,305)279,922
Net realized gains (losses)1,838,0241,680,3324,711,787
Change in unrealized gains (losses) on investments1,678,3132,065,536(9,289,302)
Net realized and changes in unrealized gains (losses)
on investments		3,516,3373,745,868(4,577,515)
Net increase (decrease) in net assets resulting
from operations		$3,818,509$4,016,409$(4,358,988)

The accompanying notes are an integral part of these financial statements.
35

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTII MetLife MSCI EAFE®​ Index
Sub-Account		 BHFTII MetLife Russell 2000®​ Index
Sub-Account		 
202420232022202420232022
Investment Income:
Dividends$450,251$328,955$478,128$380,150$322,533$288,177
Expenses:
Mortality and expense risk charges52,73046,02744,83199,27987,98396,665
Net investment income (loss)397,521282,928433,297280,871234,550191,512
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions131,892—337,177872,618423,9874,756,901
Realized gains (losses) on sale of investments197,349121,37234,964163,873(210,168)163,904
Net realized gains (losses)329,241121,372372,1411,036,491213,8194,920,805
Change in unrealized gains (losses) on investments(321,921)1,650,975(3,144,464)1,441,6283,258,870(11,808,481)
Net realized and changes in unrealized gains (losses)
on investments		7,3201,772,347(2,772,323)2,478,1193,472,689(6,887,676)
Net increase (decrease) in net assets resulting
from operations		$404,841$2,055,275$(2,339,026)$2,758,990$3,707,239$(6,696,164)

The accompanying notes are an integral part of these financial statements.
36

  BHFTII MetLife Stock Index
Sub-Account		 
202420232022
Investment Income:
Dividends$3,317,781$3,139,618$2,990,261
Expenses:
Mortality and expense risk charges1,386,3961,142,9471,171,006
Net investment income (loss)1,931,3851,996,6711,819,255
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions16,324,27014,830,25820,771,100
Realized gains (losses) on sale of investments7,761,3145,561,0506,069,742
Net realized gains (losses)24,085,58420,391,30826,840,842
Change in unrealized gains (losses) on investments31,717,51728,806,197(79,904,663)
Net realized and changes in unrealized gains (losses)
on investments		55,803,10149,197,505(53,063,821)
Net increase (decrease) in net assets resulting
from operations		$57,734,486$51,194,176$(51,244,566)

The accompanying notes are an integral part of these financial statements.
37

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTII MFS®​ Total Return
Sub-Account		 BHFTII MFS®​ Value
Sub-Account		 
202420232022202420232022
Investment Income:
Dividends$2,107,067$1,722,414$1,507,844$1,896,323$1,746,325$1,673,941
Expenses:
Mortality and expense risk charges374,674352,891374,124473,165429,515450,909
Net investment income (loss)1,732,3931,369,5231,133,7201,423,1581,316,8101,223,032
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions3,849,6883,957,5367,984,3359,412,90811,035,02413,890,386
Realized gains (losses) on sale of investments264,749(39,248)444,147(44,059)(468,760)499,401
Net realized gains (losses)4,114,4373,918,2888,428,4829,368,84910,566,26414,389,787
Change in unrealized gains (losses) on investments(53,395)2,142,329(18,843,588)278,068(4,846,838)(22,738,342)
Net realized and changes in unrealized gains (losses)
on investments		4,061,0426,060,617(10,415,106)9,646,9175,719,426(8,348,555)
Net increase (decrease) in net assets resulting
from operations		$5,793,435$7,430,140$(9,281,386)$11,070,075$7,036,236$(7,125,523)

The accompanying notes are an integral part of these financial statements.
38

  BHFTII Neuberger Berman Genesis
Sub-Account		 
202420232022
Investment Income:
Dividends$91,353$77,413$—
Expenses:
Mortality and expense risk charges220,471205,437213,162
Net investment income (loss)(129,118)(128,024)(213,162)
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions5,973,8035,257,65410,512,687
Realized gains (losses) on sale of investments277,49672,573511,400
Net realized gains (losses)6,251,2995,330,22711,024,087
Change in unrealized gains (losses) on investments(818,520)3,262,709(25,418,813)
Net realized and changes in unrealized gains (losses)
on investments		5,432,7798,592,936(14,394,726)
Net increase (decrease) in net assets resulting
from operations		$5,303,661$8,464,912$(14,607,888)

The accompanying notes are an integral part of these financial statements.
39

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTII T. Rowe Price Large Cap Growth
Sub-Account		 BHFTII T. Rowe Price Small Cap Growth
Sub-Account		 
202420232022202420232022
Investment Income:
Dividends$—$—$—$8,274$7,973$31,350
Expenses:
Mortality and expense risk charges169,279137,223144,05856,09048,22249,735
Net investment income (loss)(169,279)(137,223)(144,058)(47,816)(40,249)(18,385)
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions2,481,124—7,814,609815,355348,4302,653,440
Realized gains (losses) on sale of investments613,847(479,259)(291,337)51,358(197,613)(76,281)
Net realized gains (losses)3,094,971(479,259)7,523,272866,713150,8172,577,159
Change in unrealized gains (losses) on investments8,669,71114,262,991(29,351,715)1,142,5782,665,411(6,709,736)
Net realized and changes in unrealized gains (losses)
on investments		11,764,68213,783,732(21,828,443)2,009,2912,816,228(4,132,577)
Net increase (decrease) in net assets resulting
from operations		$11,595,403$13,646,509$(21,972,501)$1,961,475$2,775,979$(4,150,962)

The accompanying notes are an integral part of these financial statements.
40

  BHFTII Western Asset Management Strategic Bond Opportunities
Sub-Account		 
202420232022
Investment Income:
Dividends$2,797,731$2,511,310$2,483,995
Expenses:
Mortality and expense risk charges124,673124,569137,073
Net investment income (loss)2,673,0582,386,7412,346,922
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions———
Realized gains (losses) on sale of investments(468,948)(746,615)(247,833)
Net realized gains (losses)(468,948)(746,615)(247,833)
Change in unrealized gains (losses) on investments(524,523)1,627,850(10,074,671)
Net realized and changes in unrealized gains (losses)
on investments		(993,471)881,235(10,322,504)
Net increase (decrease) in net assets resulting
from operations		$1,679,587$3,267,976$(7,975,582)

The accompanying notes are an integral part of these financial statements.
41

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS — (Concluded)

For the years ended December 31, 2024, 2023 and 2022

  BHFTII Western Asset Management U.S. Government
Sub-Account		 
202420232022
Investment Income:
Dividends$295,908$268,133$232,310
Expenses:
Mortality and expense risk charges27,00132,05437,038
Net investment income (loss)268,907236,079195,272
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions———
Realized gains (losses) on sale of investments(138,918)(388,453)(209,677)
Net realized gains (losses)(138,918)(388,453)(209,677)
Change in unrealized gains (losses) on investments58,114562,638(998,450)
Net realized and changes in unrealized gains (losses)
on investments		(80,804)174,185(1,208,127)
Net increase (decrease) in net assets resulting
from operations		$188,103$410,264$(1,012,855)

The accompanying notes are an integral part of these financial statements.
42

  Fidelity®​ VIP Equity-Income
Sub-Account		 
202420232022
Investment Income:
Dividends$2,339,026$2,271,318$2,325,396
Expenses:
Mortality and expense risk charges710,687635,204662,699
Net investment income (loss)1,628,3391,636,1141,662,697
Net Realized and Changes in Unrealized
Gains (Losses) on Investments:
Realized gain distributions7,635,5893,409,3484,076,430
Realized gains (losses) on sale of investments1,760,226753,228700,293
Net realized gains (losses)9,395,8154,162,5764,776,723
Change in unrealized gains (losses) on investments6,874,8305,657,334(13,706,555)
Net realized and changes in unrealized gains (losses)
on investments		16,270,6459,819,910(8,929,832)
Net increase (decrease) in net assets resulting
from operations		$17,898,984$11,456,024$(7,267,135)

The accompanying notes are an integral part of these financial statements.
43

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS

For the years ended December 31, 2024, 2023 and 2022

  American Funds®​ Global Small Capitalization
Sub-Account		 American Funds®​ Growth
Sub-Account		 
202420232022202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$378,607$(27,984)$(170,738)$71,805$141,172$(6,925)
Net realized gains (losses)1,349,134(226,707)18,090,08119,455,31921,146,69449,297,116
Change in unrealized gains (losses) on investments(700,961)7,597,660(39,165,142)82,461,32275,773,012(167,850,552)
Net increase (decrease) in net assets resulting
from operations		1,026,7807,342,969(21,245,799)101,988,44697,060,878(118,560,361)
Policy Transactions:
Premium payments received from Policy owners1,514,5991,621,7341,741,2244,471,9094,908,2285,097,519
Net transfers (including fixed account)(463,155)(772,267)(702,229)(2,472,196)(197,971)(3,047,303)
Policy charges(1,715,088)(1,822,265)(1,836,789)(9,072,051)(8,669,001)(8,460,247)
Transfers for Policy benefits and terminations(2,863,810)(2,244,726)(1,951,657)(21,357,109)(17,536,924)(13,617,980)
Net increase (decrease) in net assets resulting
from Policy transactions		(3,527,454)(3,217,524)(2,749,451)(28,429,447)(21,495,668)(20,028,011)
Net increase (decrease) in net assets(2,500,674)4,125,445(23,995,250)73,558,99975,565,210(138,588,372)
Net Assets:
Beginning of year52,289,23848,163,79372,159,043339,201,160263,635,950402,224,322
End of year$49,788,564$52,289,238$48,163,793$412,760,159$339,201,160$263,635,950

The accompanying notes are an integral part of these financial statements.
44

  American Funds®​ Growth-Income
Sub-Account		 
202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$1,704,835$1,847,087$1,648,937
Net realized gains (losses)12,889,88711,550,60218,435,596
Change in unrealized gains (losses) on investments27,440,99524,911,175(52,328,246)
Net increase (decrease) in net assets resulting
from operations		42,035,71738,308,864(32,243,713)
Policy Transactions:
Premium payments received from Policy owners3,104,9763,430,8643,529,262
Net transfers (including fixed account)428,029899,294118,965
Policy charges(5,375,275)(5,346,190)(5,197,713)
Transfers for Policy benefits and terminations(9,330,424)(10,436,870)(7,424,684)
Net increase (decrease) in net assets resulting
from Policy transactions		(11,172,694)(11,452,902)(8,974,170)
Net increase (decrease) in net assets30,863,02326,855,962(41,217,883)
Net Assets:
Beginning of year180,644,031153,788,069195,005,952
End of year$211,507,054$180,644,031$153,788,069

The accompanying notes are an integral part of these financial statements.
45

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  American Funds®​ The Bond Fund of America
Sub-Account		 BHFTI Brighthouse Asset Allocation 100
Sub-Account		 
202420232022202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$460,584$380,060$306,672$2,999,553$12,025,012$5,439,315
Net realized gains (losses)(112,851)(533,180)(37,850)20,064,04271,318,82645,003,922
Change in unrealized gains (losses) on investments(241,373)724,680(1,880,095)45,484,30510,705,133(177,748,937)
Net increase (decrease) in net assets resulting
from operations		106,360571,560(1,611,273)68,547,90094,048,971(127,305,700)
Policy Transactions:
Premium payments received from Policy owners384,273380,848344,3849,898,26710,920,81211,683,804
Net transfers (including fixed account)467,2621,539,6281,163,147(2,798,365)(2,488,314)(1,683,580)
Policy charges(378,612)(387,477)(349,783)(14,161,060)(14,020,218)(14,352,594)
Transfers for Policy benefits and terminations(884,050)(834,507)(1,207,023)(30,482,439)(25,835,278)(25,400,108)
Net increase (decrease) in net assets resulting
from Policy transactions		(411,127)698,492(49,275)(37,543,597)(31,422,998)(29,752,478)
Net increase (decrease) in net assets(304,767)1,270,052(1,660,548)31,004,30362,625,973(157,058,178)
Net Assets:
Beginning of year12,138,30410,868,25212,528,800538,911,465476,285,492633,343,670
End of year$11,833,537$12,138,304$10,868,252$569,915,768$538,911,465$476,285,492

The accompanying notes are an integral part of these financial statements.
46

  BHFTI Brighthouse/Wellington Large Cap Research
Sub-Account		 
202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$25,842$37,944$31,670
Net realized gains (losses)525,460277,0561,335,524
Change in unrealized gains (losses) on investments764,4401,031,175(2,703,636)
Net increase (decrease) in net assets resulting
from operations		1,315,7421,346,175(1,336,442)
Policy Transactions:
Premium payments received from Policy owners106,199133,22497,930
Net transfers (including fixed account)102,678(489,525)225,113
Policy charges(227,385)(223,853)(206,080)
Transfers for Policy benefits and terminations(128,418)(206,398)(165,788)
Net increase (decrease) in net assets resulting
from Policy transactions		(146,926)(786,552)(48,825)
Net increase (decrease) in net assets1,168,816559,623(1,385,267)
Net Assets:
Beginning of year6,271,0025,711,3797,096,646
End of year$7,439,818$6,271,002$5,711,379

The accompanying notes are an integral part of these financial statements.
47

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTI CBRE Global Real Estate
Sub-Account		 BHFTI Harris Oakmark International
Sub-Account		 
202420232022202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$504,176$365,466$692,521$791,189$719,696$796,382
Net realized gains (losses)(141,022)(392,852)1,591,029(255,975)(352,346)1,601,841
Change in unrealized gains (losses) on investments(306,941)1,767,000(7,372,683)(2,515,163)6,417,754(9,627,213)
Net increase (decrease) in net assets resulting
from operations		56,2131,739,614(5,089,133)(1,979,949)6,785,104(7,228,990)
Policy Transactions:
Premium payments received from Policy owners572,254666,876713,9111,068,0731,149,6471,217,080
Net transfers (including fixed account)(100,792)(187,045)(57,654)(906,764)948,494(508,480)
Policy charges(555,969)(579,805)(621,062)(1,181,034)(1,323,238)(1,245,357)
Transfers for Policy benefits and terminations(712,988)(989,888)(848,607)(2,051,264)(2,050,963)(1,759,213)
Net increase (decrease) in net assets resulting
from Policy transactions		(797,495)(1,089,862)(813,412)(3,070,989)(1,276,060)(2,295,970)
Net increase (decrease) in net assets(741,282)649,752(5,902,545)(5,050,938)5,509,044(9,524,960)
Net Assets:
Beginning of year15,565,54614,915,79420,818,33941,405,88135,896,83745,421,797
End of year$14,824,264$15,565,546$14,915,794$36,354,943$41,405,881$35,896,837

The accompanying notes are an integral part of these financial statements.
48

  BHFTI Invesco Global Equity
Sub-Account		 
202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$(13,811)$1,225$(39,524)
Net realized gains (losses)1,303,609714,9491,642,365
Change in unrealized gains (losses) on investments666,2422,570,376(6,388,249)
Net increase (decrease) in net assets resulting
from operations		1,956,0403,286,550(4,785,408)
Policy Transactions:
Premium payments received from Policy owners201,987216,325236,821
Net transfers (including fixed account)206,088(11,154)(334,381)
Policy charges(358,223)(354,256)(353,372)
Transfers for Policy benefits and terminations(394,596)(580,842)(172,113)
Net increase (decrease) in net assets resulting
from Policy transactions		(344,744)(729,927)(623,045)
Net increase (decrease) in net assets1,611,2962,556,623(5,408,453)
Net Assets:
Beginning of year12,341,6119,784,98815,193,441
End of year$13,952,907$12,341,611$9,784,988

The accompanying notes are an integral part of these financial statements.
49

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTI Invesco Small Cap Growth
Sub-Account		 BHFTI Loomis Sayles Growth
Sub-Account		 
202420232022202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$(30,560)$(28,874)$(32,117)$(184,926)$(145,164)$(132,292)
Net realized gains (losses)(387,946)(416,122)2,208,4595,177,6082,646,2933,336,271
Change in unrealized gains (losses) on investments1,591,6951,278,264(6,256,538)10,275,23713,901,361(16,504,645)
Net increase (decrease) in net assets resulting
from operations		1,173,189833,268(4,080,196)15,267,91916,402,490(13,300,666)
Policy Transactions:
Premium payments received from Policy owners148,401158,123164,840805,969863,415904,291
Net transfers (including fixed account)(454,421)(279,447)(65,272)(82,222)(484,349)(740,003)
Policy charges(227,028)(237,214)(242,902)(1,435,868)(1,318,585)(1,185,150)
Transfers for Policy benefits and terminations(212,793)(95,937)(157,908)(3,198,952)(1,002,457)(1,647,631)
Net increase (decrease) in net assets resulting
from Policy transactions		(745,841)(454,475)(301,242)(3,911,073)(1,941,976)(2,668,493)
Net increase (decrease) in net assets427,348378,793(4,381,438)11,356,84614,460,514(15,969,159)
Net Assets:
Beginning of year7,652,4257,273,63211,655,07046,987,23732,526,72348,495,882
End of year$8,079,773$7,652,425$7,273,632$58,344,083$46,987,237$32,526,723

The accompanying notes are an integral part of these financial statements.
50

  BHFTI MFS®​ Research International
Sub-Account		 
202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$1,139,434$997,588$1,275,201
Net realized gains (losses)2,378,9671,494,5705,527,037
Change in unrealized gains (losses) on investments(1,228,547)6,967,719(24,230,105)
Net increase (decrease) in net assets resulting
from operations		2,289,8549,459,877(17,427,867)
Policy Transactions:
Premium payments received from Policy owners2,191,1942,444,3942,636,248
Net transfers (including fixed account)(67,528)(252,049)(1,224,711)
Policy charges(2,381,290)(2,526,747)(2,517,689)
Transfers for Policy benefits and terminations(4,806,473)(4,380,943)(3,157,010)
Net increase (decrease) in net assets resulting
from Policy transactions		(5,064,097)(4,715,345)(4,263,162)
Net increase (decrease) in net assets(2,774,243)4,744,532(21,691,029)
Net Assets:
Beginning of year82,392,45077,647,91899,338,947
End of year$79,618,207$82,392,450$77,647,918

The accompanying notes are an integral part of these financial statements.
51

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTI Morgan Stanley Discovery
Sub-Account		 BHFTI PIMCO Inflation Protected Bond
Sub-Account		 
202420232022202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$(126,305)$(103,366)$(134,277)$(29,823)$175,648$596,968
Net realized gains (losses)(2,537,414)(3,845,889)9,920,383(71,495)(141,547)(37,379)
Change in unrealized gains (losses) on investments12,606,21312,008,874(45,227,264)283,883257,421(1,796,201)
Net increase (decrease) in net assets resulting
from operations		9,942,4948,059,619(35,441,158)182,565291,522(1,236,612)
Policy Transactions:
Premium payments received from Policy owners763,902805,195850,995320,901381,941376,993
Net transfers (including fixed account)(143,026)(473,919)(160,524)217,518(370,073)786,133
Policy charges(968,244)(943,662)(1,040,044)(390,281)(429,156)(434,226)
Transfers for Policy benefits and terminations(1,577,152)(639,626)(1,302,896)(477,015)(394,086)(344,335)
Net increase (decrease) in net assets resulting
from Policy transactions		(1,924,520)(1,252,012)(1,652,469)(328,877)(811,374)384,565
Net increase (decrease) in net assets8,017,9746,807,607(37,093,627)(146,312)(519,852)(852,047)
Net Assets:
Beginning of year27,265,52120,457,91457,551,5418,555,7819,075,6339,927,680
End of year$35,283,495$27,265,521$20,457,914$8,409,469$8,555,781$9,075,633

The accompanying notes are an integral part of these financial statements.
52

  BHFTI PIMCO Total Return
Sub-Account		 
202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$1,117,363$1,166,886$1,299,144
Net realized gains (losses)(406,254)(1,018,097)(500,056)
Change in unrealized gains (losses) on investments272,5432,191,362(8,271,136)
Net increase (decrease) in net assets resulting
from operations		983,6522,340,151(7,472,048)
Policy Transactions:
Premium payments received from Policy owners1,508,5841,758,6221,824,156
Net transfers (including fixed account)183,605(183,842)(873,287)
Policy charges(1,673,182)(1,837,968)(2,094,684)
Transfers for Policy benefits and terminations(1,565,561)(3,449,660)(1,604,770)
Net increase (decrease) in net assets resulting
from Policy transactions		(1,546,554)(3,712,848)(2,748,585)
Net increase (decrease) in net assets(562,902)(1,372,697)(10,220,633)
Net Assets:
Beginning of year40,631,19242,003,88952,224,522
End of year$40,068,290$40,631,192$42,003,889

The accompanying notes are an integral part of these financial statements.
53

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTI SSGA Growth and Income ETF
Sub-Account		 BHFTI SSGA Growth ETF
Sub-Account		 
202420232022202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$151,015$136,372$194,336$212,423$171,548$255,802
Net realized gains (losses)(18,584)(125,788)1,033,146(7,025)420,3751,545,886
Change in unrealized gains (losses) on investments562,005802,727(2,423,364)1,060,018789,474(3,493,471)
Net increase (decrease) in net assets resulting
from operations		694,436813,311(1,195,882)1,265,4161,381,397(1,691,783)
Policy Transactions:
Premium payments received from Policy owners177,785188,348157,521147,780146,073236,822
Net transfers (including fixed account)214,813(191,230)(135,217)(14,248)(24,097)14,442
Policy charges(389,497)(365,399)(337,505)(201,921)(186,651)(184,684)
Transfers for Policy benefits and terminations(133,922)(88,573)(181,524)(53,056)(195,204)(111,431)
Net increase (decrease) in net assets resulting
from Policy transactions		(130,821)(456,854)(496,725)(121,445)(259,879)(44,851)
Net increase (decrease) in net assets563,615356,457(1,692,607)1,143,9711,121,518(1,736,634)
Net Assets:
Beginning of year6,523,0666,166,6097,859,21610,019,4068,897,88810,634,522
End of year$7,086,681$6,523,066$6,166,609$11,163,377$10,019,406$8,897,888

The accompanying notes are an integral part of these financial statements.
54

  BHFTI T. Rowe Price Mid Cap Growth
Sub-Account		 
202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$(91,057)$(156,670)$(164,336)
Net realized gains (losses)3,970,2561,581,3917,020,881
Change in unrealized gains (losses) on investments(2,366)6,038,575(19,204,582)
Net increase (decrease) in net assets resulting
from operations		3,876,8337,463,296(12,348,037)
Policy Transactions:
Premium payments received from Policy owners626,422696,937760,564
Net transfers (including fixed account)(213,409)(749,321)(818,408)
Policy charges(1,184,599)(1,248,040)(1,263,792)
Transfers for Policy benefits and terminations(1,928,242)(2,268,892)(2,115,715)
Net increase (decrease) in net assets resulting
from Policy transactions		(2,699,828)(3,569,316)(3,437,351)
Net increase (decrease) in net assets1,177,0053,893,980(15,785,388)
Net Assets:
Beginning of year43,302,72639,408,74655,194,134
End of year$44,479,731$43,302,726$39,408,746

The accompanying notes are an integral part of these financial statements.
55

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTI Victory Sycamore Mid Cap Value
Sub-Account		 BHFTII Baillie Gifford International Stock
Sub-Account		 
202420232022202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$378,382$416,002$493,970$101,347$204,629$170,190
Net realized gains (losses)2,336,0303,631,1864,029,9071,402,105(273,679)1,902,147
Change in unrealized gains (losses) on investments461,545(1,032,598)(5,469,522)(530,989)3,729,316(10,902,687)
Net increase (decrease) in net assets resulting
from operations		3,175,9573,014,590(945,645)972,4633,660,266(8,830,350)
Policy Transactions:
Premium payments received from Policy owners681,357757,721767,927809,531874,466951,515
Net transfers (including fixed account)19,145(176,620)660,599(90,125)(525,884)(255,748)
Policy charges(1,155,761)(1,180,714)(1,147,123)(740,439)(794,667)(774,032)
Transfers for Policy benefits and terminations(1,418,262)(1,245,276)(1,037,676)(1,105,075)(1,205,557)(955,808)
Net increase (decrease) in net assets resulting
from Policy transactions		(1,873,521)(1,844,889)(756,273)(1,126,108)(1,651,642)(1,034,073)
Net increase (decrease) in net assets1,302,4361,169,701(1,701,918)(153,645)2,008,624(9,864,423)
Net Assets:
Beginning of year33,061,86731,892,16633,594,08422,996,51620,987,89230,852,315
End of year$34,364,303$33,061,867$31,892,166$22,842,871$22,996,516$20,987,892

The accompanying notes are an integral part of these financial statements.
56

  BHFTII BlackRock Bond Income
Sub-Account		 
202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$4,381,876$3,394,857$3,295,215
Net realized gains (losses)(1,061,773)(1,553,621)(501,947)
Change in unrealized gains (losses) on investments(1,842,713)4,409,293(22,538,349)
Net increase (decrease) in net assets resulting
from operations		1,477,3906,250,529(19,745,081)
Policy Transactions:
Premium payments received from Policy owners2,321,6952,674,1952,862,815
Net transfers (including fixed account)(80,727)(1,958,615)(1,094,056)
Policy charges(3,207,778)(3,416,911)(3,539,701)
Transfers for Policy benefits and terminations(3,708,137)(2,837,824)(2,242,983)
Net increase (decrease) in net assets resulting
from Policy transactions		(4,674,947)(5,539,155)(4,013,925)
Net increase (decrease) in net assets(3,197,557)711,374(23,759,006)
Net Assets:
Beginning of year116,208,008115,496,634139,255,640
End of year$113,010,451$116,208,008$115,496,634

The accompanying notes are an integral part of these financial statements.
57

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTII BlackRock Capital Appreciation
Sub-Account		 BHFTII BlackRock Ultra-Short Term Bond
Sub-Account		 
202420232022202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$(1,542,418)$(1,257,657)$(1,375,694)$1,547,833$383,651$(106,458)
Net realized gains (losses)24,776,2174,555,03166,828,827189,065120,928(25,939)
Change in unrealized gains (losses) on investments61,124,75991,739,483(193,592,211)(407,697)837,071444,097
Net increase (decrease) in net assets resulting
from operations		84,358,55895,036,857(128,139,078)1,329,2011,341,650311,700
Policy Transactions:
Premium payments received from Policy owners4,706,0845,145,7485,364,9952,250,9392,339,4502,378,839
Net transfers (including fixed account)(2,005,685)(2,023,474)(1,914,208)56,3952,026,345(1,122,010)
Policy charges(8,735,185)(7,992,354)(7,865,810)(2,599,542)(2,783,622)(2,688,717)
Transfers for Policy benefits and terminations(18,172,789)(12,240,739)(9,979,733)(2,875,961)(1,641,582)(1,263,526)
Net increase (decrease) in net assets resulting
from Policy transactions		(24,207,575)(17,110,819)(14,394,756)(3,168,169)(59,409)(2,695,414)
Net increase (decrease) in net assets60,150,98377,926,038(142,533,834)(1,838,968)1,282,241(2,383,714)
Net Assets:
Beginning of year278,951,421201,025,383343,559,21730,357,03529,074,79431,458,508
End of year$339,102,404$278,951,421$201,025,383$28,518,067$30,357,035$29,074,794

The accompanying notes are an integral part of these financial statements.
58

  BHFTII Brighthouse Asset Allocation 20
Sub-Account		 
202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$106,735$131,762$118,695
Net realized gains (losses)(83,439)(5,666)73,083
Change in unrealized gains (losses) on investments135,001152,935(778,836)
Net increase (decrease) in net assets resulting
from operations		158,297279,031(587,058)
Policy Transactions:
Premium payments received from Policy owners87,576108,352105,879
Net transfers (including fixed account)(78,248)190,28676,199
Policy charges(266,253)(255,462)(213,727)
Transfers for Policy benefits and terminations(486,323)(55,681)(313,791)
Net increase (decrease) in net assets resulting
from Policy transactions		(743,248)(12,505)(345,440)
Net increase (decrease) in net assets(584,951)266,526(932,498)
Net Assets:
Beginning of year3,975,2803,708,7544,641,252
End of year$3,390,329$3,975,280$3,708,754

The accompanying notes are an integral part of these financial statements.
59

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTII Brighthouse Asset Allocation 40
Sub-Account		 BHFTII Brighthouse Asset Allocation 60
Sub-Account		 
202420232022202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$145,069$220,330$189,038$839,519$1,394,768$976,183
Net realized gains (losses)(74,281)131,652357,104398,4562,931,6013,310,332
Change in unrealized gains (losses) on investments300,218334,433(1,762,312)2,397,3091,415,347(12,632,762)
Net increase (decrease) in net assets resulting
from operations		371,006686,415(1,216,170)3,635,2845,741,716(8,346,247)
Policy Transactions:
Premium payments received from Policy owners201,735251,867297,0221,230,1661,230,2921,278,131
Net transfers (including fixed account)105,012(69,639)239,918(430,392)871,748(48,813)
Policy charges(322,224)(379,763)(413,400)(2,028,796)(2,031,383)(2,065,719)
Transfers for Policy benefits and terminations(495,974)(908,892)(207,494)(2,961,007)(2,621,590)(1,861,730)
Net increase (decrease) in net assets resulting
from Policy transactions		(511,451)(1,106,427)(83,954)(4,190,029)(2,550,933)(2,698,131)
Net increase (decrease) in net assets(140,445)(420,012)(1,300,124)(554,745)3,190,783(11,044,378)
Net Assets:
Beginning of year6,822,2387,242,2508,542,37446,863,49143,672,70854,717,086
End of year$6,681,793$6,822,238$7,242,250$46,308,746$46,863,491$43,672,708

The accompanying notes are an integral part of these financial statements.
60

  BHFTII Brighthouse Asset Allocation 80
Sub-Account		 
202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$830,690$1,854,976$1,194,663
Net realized gains (losses)1,080,9175,463,1416,129,544
Change in unrealized gains (losses) on investments4,316,4292,246,176(21,495,782)
Net increase (decrease) in net assets resulting
from operations		6,228,0369,564,293(14,171,575)
Policy Transactions:
Premium payments received from Policy owners1,612,0561,888,2082,012,704
Net transfers (including fixed account)(75,851)(1,797,960)(1,005,290)
Policy charges(1,810,453)(1,942,585)(2,063,242)
Transfers for Policy benefits and terminations(2,848,834)(10,643,049)(3,896,957)
Net increase (decrease) in net assets resulting
from Policy transactions		(3,123,082)(12,495,386)(4,952,785)
Net increase (decrease) in net assets3,104,954(2,931,093)(19,124,360)
Net Assets:
Beginning of year58,331,16061,262,25380,386,613
End of year$61,436,114$58,331,160$61,262,253

The accompanying notes are an integral part of these financial statements.
61

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTII Brighthouse/Artisan Mid Cap Value
Sub-Account		 BHFTII Brighthouse/Wellington Balanced
Sub-Account		 
202420232022202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$924,937$470,997$618,732$222,529$202,145$160,795
Net realized gains (losses)10,249,51413,904,72817,277,426471,448(151,912)1,566,197
Change in unrealized gains (losses) on investments(5,971,360)3,987,483(34,320,495)966,8961,775,683(4,136,507)
Net increase (decrease) in net assets resulting
from operations		5,203,09118,363,208(16,424,337)1,660,8731,825,916(2,409,515)
Policy Transactions:
Premium payments received from Policy owners2,952,8913,191,0313,423,591255,953260,271263,197
Net transfers (including fixed account)(683,567)(975,880)(1,341,015)2,831,135(733,978)473,005
Policy charges(3,751,139)(3,948,611)(3,927,360)(478,205)(435,433)(442,665)
Transfers for Policy benefits and terminations(6,359,932)(5,525,633)(4,488,838)(576,517)(563,495)(419,128)
Net increase (decrease) in net assets resulting
from Policy transactions		(7,841,747)(7,259,093)(6,333,622)2,032,366(1,472,635)(125,591)
Net increase (decrease) in net assets(2,638,656)11,104,115(22,757,959)3,693,239353,281(2,535,106)
Net Assets:
Beginning of year116,678,642105,574,527128,332,48611,577,67711,224,39613,759,502
End of year$114,039,986$116,678,642$105,574,527$15,270,916$11,577,677$11,224,396

The accompanying notes are an integral part of these financial statements.
62

  BHFTII Brighthouse/Wellington Core Equity Opportunities
Sub-Account		 
202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$3,217,503$3,088,851$3,294,431
Net realized gains (losses)12,645,32133,484,05862,865,851
Change in unrealized gains (losses) on investments10,374,382(14,588,774)(86,773,989)
Net increase (decrease) in net assets resulting
from operations		26,237,20621,984,135(20,613,707)
Policy Transactions:
Premium payments received from Policy owners6,521,7467,237,1407,741,047
Net transfers (including fixed account)(2,423,931)(2,297,719)(2,517,963)
Policy charges(9,893,596)(10,555,904)(10,847,289)
Transfers for Policy benefits and terminations(18,817,755)(16,972,517)(14,267,774)
Net increase (decrease) in net assets resulting
from Policy transactions		(24,613,536)(22,589,000)(19,891,979)
Net increase (decrease) in net assets1,623,670(604,865)(40,505,686)
Net Assets:
Beginning of year328,392,005328,996,870369,502,556
End of year$330,015,675$328,392,005$328,996,870

The accompanying notes are an integral part of these financial statements.
63

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTII Frontier Mid Cap Growth
Sub-Account		 BHFTII Jennison Growth
Sub-Account		 
202420232022202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$(5,036)$(12,713)$(13,686)$(115,095)$(78,479)$(75,460)
Net realized gains (losses)(24,912)(119,184)1,102,7563,866,400(557,045)4,883,678
Change in unrealized gains (losses) on investments652,019701,765(2,540,740)4,577,1709,962,400(16,457,324)
Net increase (decrease) in net assets resulting
from operations		622,071569,868(1,451,670)8,328,4759,326,876(11,649,106)
Policy Transactions:
Premium payments received from Policy owners91,81494,221105,244332,469334,640357,591
Net transfers (including fixed account)(10,156)(186,109)(356,581)1,256,6141,873,827(538,973)
Policy charges(110,805)(118,512)(123,618)(777,176)(643,177)(584,419)
Transfers for Policy benefits and terminations(209,052)(122,270)(305,900)(956,254)(720,695)(521,634)
Net increase (decrease) in net assets resulting
from Policy transactions		(238,199)(332,670)(680,855)(144,347)844,595(1,287,435)
Net increase (decrease) in net assets383,872237,198(2,132,525)8,184,12810,171,471(12,936,541)
Net Assets:
Beginning of year3,633,1613,395,9635,528,48827,917,78717,746,31630,682,857
End of year$4,017,033$3,633,161$3,395,963$36,101,915$27,917,787$17,746,316

The accompanying notes are an integral part of these financial statements.
64

  BHFTII Loomis Sayles Small Cap Core
Sub-Account		 
202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$(621,868)$(482,097)$(769,294)
Net realized gains (losses)11,081,3156,311,07627,415,370
Change in unrealized gains (losses) on investments6,011,94816,600,180(53,255,762)
Net increase (decrease) in net assets resulting
from operations		16,471,39522,429,159(26,609,686)
Policy Transactions:
Premium payments received from Policy owners2,776,5963,056,2853,186,368
Net transfers (including fixed account)(639,734)(1,976,271)(824,738)
Policy charges(4,480,080)(4,535,659)(4,490,473)
Transfers for Policy benefits and terminations(7,993,535)(5,508,641)(5,780,758)
Net increase (decrease) in net assets resulting
from Policy transactions		(10,336,753)(8,964,286)(7,909,601)
Net increase (decrease) in net assets6,134,64213,464,873(34,519,287)
Net Assets:
Beginning of year151,647,713138,182,840172,702,127
End of year$157,782,355$151,647,713$138,182,840

The accompanying notes are an integral part of these financial statements.
65

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTII Loomis Sayles Small Cap Growth
Sub-Account		 BHFTII MetLife Aggregate Bond Index
Sub-Account		 
202420232022202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$(37,138)$(34,199)$(35,715)$4,040,588$3,834,290$3,863,279
Net realized gains (losses)73,013(167,943)2,417,953(541,661)(829,964)(540,957)
Change in unrealized gains (losses) on investments1,615,5401,440,779(5,879,202)(2,348,096)3,665,287(23,712,910)
Net increase (decrease) in net assets resulting
from operations		1,651,4151,238,637(3,496,964)1,150,8316,669,613(20,390,588)
Policy Transactions:
Premium payments received from Policy owners278,623257,280269,308700,322744,988786,993
Net transfers (including fixed account)(58,329)(187,800)(115,050)(407,888)(1,682,277)(2,625,887)
Policy charges(322,398)(341,518)(345,993)(2,154,120)(2,151,028)(2,208,659)
Transfers for Policy benefits and terminations(553,965)(367,654)(566,873)(924,166)(802,568)(635,822)
Net increase (decrease) in net assets resulting
from Policy transactions		(656,069)(639,692)(758,608)(2,785,852)(3,890,885)(4,683,375)
Net increase (decrease) in net assets995,346598,945(4,255,572)(1,635,021)2,778,728(25,073,963)
Net Assets:
Beginning of year11,519,73710,920,79215,176,364134,935,931132,157,203157,231,166
End of year$12,515,083$11,519,737$10,920,792$133,300,910$134,935,931$132,157,203

The accompanying notes are an integral part of these financial statements.
66

  BHFTII MetLife Mid Cap Stock Index
Sub-Account		 
202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$302,172$270,541$218,527
Net realized gains (losses)1,838,0241,680,3324,711,787
Change in unrealized gains (losses) on investments1,678,3132,065,536(9,289,302)
Net increase (decrease) in net assets resulting
from operations		3,818,5094,016,409(4,358,988)
Policy Transactions:
Premium payments received from Policy owners513,265574,630643,290
Net transfers (including fixed account)(151,952)60,879(489,609)
Policy charges(821,687)(813,102)(790,261)
Transfers for Policy benefits and terminations(1,330,715)(1,013,050)(1,148,534)
Net increase (decrease) in net assets resulting
from Policy transactions		(1,791,089)(1,190,643)(1,785,114)
Net increase (decrease) in net assets2,027,4202,825,766(6,144,102)
Net Assets:
Beginning of year29,261,42526,435,65932,579,761
End of year$31,288,845$29,261,425$26,435,659

The accompanying notes are an integral part of these financial statements.
67

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTII MetLife MSCI EAFE®​ Index
Sub-Account		 BHFTII MetLife Russell 2000®​ Index
Sub-Account		 
202420232022202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$397,521$282,928$433,297$280,871$234,550$191,512
Net realized gains (losses)329,241121,372372,1411,036,491213,8194,920,805
Change in unrealized gains (losses) on investments(321,921)1,650,975(3,144,464)1,441,6283,258,870(11,808,481)
Net increase (decrease) in net assets resulting
from operations		404,8412,055,275(2,339,026)2,758,9903,707,239(6,696,164)
Policy Transactions:
Premium payments received from Policy owners317,990367,516411,468573,652605,331652,711
Net transfers (including fixed account)701,751155,808(43,643)(163,379)(209,245)(316,496)
Policy charges(396,146)(420,314)(393,142)(796,874)(794,364)(811,013)
Transfers for Policy benefits and terminations(679,707)(990,205)(890,769)(1,347,294)(1,237,029)(1,876,802)
Net increase (decrease) in net assets resulting
from Policy transactions		(56,112)(887,195)(916,086)(1,733,895)(1,635,307)(2,351,600)
Net increase (decrease) in net assets348,7291,168,080(3,255,112)1,025,0952,071,932(9,047,764)
Net Assets:
Beginning of year13,261,68012,093,60015,348,71226,180,32224,108,39033,156,154
End of year$13,610,409$13,261,680$12,093,600$27,205,417$26,180,322$24,108,390

The accompanying notes are an integral part of these financial statements.
68

  BHFTII MetLife Stock Index
Sub-Account		 
202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$1,931,385$1,996,671$1,819,255
Net realized gains (losses)24,085,58420,391,30826,840,842
Change in unrealized gains (losses) on investments31,717,51728,806,197(79,904,663)
Net increase (decrease) in net assets resulting
from operations		57,734,48651,194,176(51,244,566)
Policy Transactions:
Premium payments received from Policy owners3,651,1114,174,3024,496,352
Net transfers (including fixed account)(657,362)(469,635)(2,786,517)
Policy charges(7,884,053)(8,023,527)(8,181,128)
Transfers for Policy benefits and terminations(14,271,853)(10,535,238)(10,794,942)
Net increase (decrease) in net assets resulting
from Policy transactions		(19,162,157)(14,854,098)(17,266,235)
Net increase (decrease) in net assets38,572,32936,340,078(68,510,801)
Net Assets:
Beginning of year246,601,803210,261,725278,772,526
End of year$285,174,132$246,601,803$210,261,725

The accompanying notes are an integral part of these financial statements.
69

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTII MFS®​ Total Return
Sub-Account		 BHFTII MFS®​ Value
Sub-Account		 
202420232022202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$1,732,393$1,369,523$1,133,720$1,423,158$1,316,810$1,223,032
Net realized gains (losses)4,114,4373,918,2888,428,4829,368,84910,566,26414,389,787
Change in unrealized gains (losses) on investments(53,395)2,142,329(18,843,588)278,068(4,846,838)(22,738,342)
Net increase (decrease) in net assets resulting
from operations		5,793,4357,430,140(9,281,386)11,070,0757,036,236(7,125,523)
Policy Transactions:
Premium payments received from Policy owners2,086,4842,337,6122,479,4242,256,0352,528,2432,695,813
Net transfers (including fixed account)(229,849)(973,453)(95,322)90,708587,272(786,868)
Policy charges(3,019,052)(3,221,515)(3,311,882)(3,476,086)(3,639,976)(3,679,875)
Transfers for Policy benefits and terminations(4,209,710)(3,770,527)(3,990,979)(4,985,268)(4,566,130)(3,948,975)
Net increase (decrease) in net assets resulting
from Policy transactions		(5,372,127)(5,627,883)(4,918,759)(6,114,611)(5,090,591)(5,719,905)
Net increase (decrease) in net assets421,3081,802,257(14,200,145)4,955,4641,945,645(12,845,428)
Net Assets:
Beginning of year80,900,20479,097,94793,298,09298,373,03196,427,386109,272,814
End of year$81,321,512$80,900,204$79,097,947$103,328,495$98,373,031$96,427,386

The accompanying notes are an integral part of these financial statements.
70

  BHFTII Neuberger Berman Genesis
Sub-Account		 
202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$(129,118)$(128,024)$(213,162)
Net realized gains (losses)6,251,2995,330,22711,024,087
Change in unrealized gains (losses) on investments(818,520)3,262,709(25,418,813)
Net increase (decrease) in net assets resulting
from operations		5,303,6618,464,912(14,607,888)
Policy Transactions:
Premium payments received from Policy owners1,454,5351,569,7961,654,043
Net transfers (including fixed account)(240,665)(898,196)(394,937)
Policy charges(1,935,407)(2,049,761)(2,005,544)
Transfers for Policy benefits and terminations(3,366,206)(3,006,270)(2,493,550)
Net increase (decrease) in net assets resulting
from Policy transactions		(4,087,743)(4,384,431)(3,239,988)
Net increase (decrease) in net assets1,215,9184,080,481(17,847,876)
Net Assets:
Beginning of year62,129,86258,049,38175,897,257
End of year$63,345,780$62,129,862$58,049,381

The accompanying notes are an integral part of these financial statements.
71

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Continued)

For the years ended December 31, 2024, 2023 and 2022

  BHFTII T. Rowe Price Large Cap Growth
Sub-Account		 BHFTII T. Rowe Price Small Cap Growth
Sub-Account		 
202420232022202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$(169,279)$(137,223)$(144,058)$(47,816)$(40,249)$(18,385)
Net realized gains (losses)3,094,971(479,259)7,523,272866,713150,8172,577,159
Change in unrealized gains (losses) on investments8,669,71114,262,991(29,351,715)1,142,5782,665,411(6,709,736)
Net increase (decrease) in net assets resulting
from operations		11,595,40313,646,509(21,972,501)1,961,4752,775,979(4,150,962)
Policy Transactions:
Premium payments received from Policy owners696,348753,178814,461239,467279,217303,779
Net transfers (including fixed account)(1,168,261)(1,011,030)(1,102,454)266,720(222,910)(345,326)
Policy charges(1,325,990)(1,259,826)(1,270,131)(462,415)(474,617)(482,665)
Transfers for Policy benefits and terminations(2,137,237)(1,983,985)(1,308,717)(578,430)(772,538)(511,731)
Net increase (decrease) in net assets resulting
from Policy transactions		(3,935,140)(3,501,663)(2,866,841)(534,658)(1,190,848)(1,035,943)
Net increase (decrease) in net assets7,660,26310,144,846(24,839,342)1,426,8171,585,131(5,186,905)
Net Assets:
Beginning of year40,652,96030,508,11455,347,45615,134,08313,548,95218,735,857
End of year$48,313,223$40,652,960$30,508,114$16,560,900$15,134,083$13,548,952

The accompanying notes are an integral part of these financial statements.
72

  BHFTII Western Asset Management Strategic Bond Opportunities
Sub-Account		 
202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$2,673,058$2,386,741$2,346,922
Net realized gains (losses)(468,948)(746,615)(247,833)
Change in unrealized gains (losses) on investments(524,523)1,627,850(10,074,671)
Net increase (decrease) in net assets resulting
from operations		1,679,5873,267,976(7,975,582)
Policy Transactions:
Premium payments received from Policy owners1,196,6751,334,9001,454,969
Net transfers (including fixed account)123,461(661,717)(216,859)
Policy charges(1,348,335)(1,458,240)(1,503,735)
Transfers for Policy benefits and terminations(1,948,561)(2,302,758)(1,612,037)
Net increase (decrease) in net assets resulting
from Policy transactions		(1,976,760)(3,087,815)(1,877,662)
Net increase (decrease) in net assets(297,173)180,161(9,853,244)
Net Assets:
Beginning of year38,198,00538,017,84447,871,088
End of year$37,900,832$38,198,005$38,017,844

The accompanying notes are an integral part of these financial statements.
73

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS — (Concluded)

For the years ended December 31, 2024, 2023 and 2022

  BHFTII Western Asset Management U.S. Government
Sub-Account		 
202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$268,907$236,079$195,272
Net realized gains (losses)(138,918)(388,453)(209,677)
Change in unrealized gains (losses) on investments58,114562,638(998,450)
Net increase (decrease) in net assets resulting
from operations		188,103410,264(1,012,855)
Policy Transactions:
Premium payments received from Policy owners344,337232,388259,169
Net transfers (including fixed account)980,291957,8511,691,078
Policy charges(317,237)(324,427)(310,222)
Transfers for Policy benefits and terminations(1,132,435)(1,369,406)(1,088,930)
Net increase (decrease) in net assets resulting
from Policy transactions		(125,044)(503,594)551,095
Net increase (decrease) in net assets63,059(93,330)(461,760)
Net Assets:
Beginning of year9,922,80110,016,13110,477,891
End of year$9,985,860$9,922,801$10,016,131

The accompanying notes are an integral part of these financial statements.
74

  Fidelity®​ VIP Equity-Income
Sub-Account		 
202420232022
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)$1,628,339$1,636,114$1,662,697
Net realized gains (losses)9,395,8154,162,5764,776,723
Change in unrealized gains (losses) on investments6,874,8305,657,334(13,706,555)
Net increase (decrease) in net assets resulting
from operations		17,898,98411,456,024(7,267,135)
Policy Transactions:
Premium payments received from Policy owners2,770,2492,816,9563,033,615
Net transfers (including fixed account)(508,594)(297,376)1,313,672
Policy charges(4,033,016)(4,063,441)(4,209,831)
Transfers for Policy benefits and terminations(6,718,781)(7,346,331)(4,958,104)
Net increase (decrease) in net assets resulting
from Policy transactions		(8,490,142)(8,890,192)(4,820,648)
Net increase (decrease) in net assets9,408,8422,565,832(12,087,783)
Net Assets:
Beginning of year123,371,507120,805,675132,893,458
End of year$132,780,349$123,371,507$120,805,675

The accompanying notes are an integral part of these financial statements.
75

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS

1.  ORGANIZATION

New England Variable Life Separate Account (the "Separate Account"), a separate account of New England Life Insurance Company (the "Company"), was established by the Company's Board of Directors on January 31, 1983 to support the Company's operations with respect to certain variable life insurance policies (the "Policies"). The Company is an indirect wholly-owned subsidiary of Brighthouse Financial, Inc. The Separate Account is registered as a unit investment trust under the Investment Company Act of 1940, as amended, and is subject to the rules and regulations of the U.S. Securities and Exchange Commission, as well as the Massachusetts Division of Insurance.

The Separate Account is divided into Sub-Accounts, each of which is treated as an individual accounting entity for financial reporting purposes. Each Sub-Account invests in shares of the corresponding fund or portfolio (with the same name) of the registered investment management companies (the "Trusts"), which are presented below:

American Funds Insurance Series®​ ("American Funds®​")

Brighthouse Funds Trust I ("BHFTI")*

Brighthouse Funds Trust II ("BHFTII")*

Fidelity®​ Variable Insurance Products ("Fidelity®​ VIP")

*See Note 4 for a discussion of additional information on related party transactions.

The assets of each of the Sub-Accounts of the Separate Account are registered in the name of the Company. 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 portion of the Separate Account's assets applicable to the Policies is not chargeable with liabilities arising out of any other business the Company may conduct.

2.  LIST OF SUB-ACCOUNTS

Premium payments, less any applicable charges applied to the Separate Account, are invested in one or more Sub-Accounts in accordance with the selection made by the policy owner. The following Sub-Accounts had net assets as of December 31, 2024:

American Funds®​ Global Small Capitalization Sub-Account

American Funds®​ Growth Sub-Account

American Funds®​ Growth-Income Sub-Account

American Funds®​ The Bond Fund of America Sub-Account

BHFTI Brighthouse Asset Allocation 100 Sub-Account

BHFTI Brighthouse/Wellington Large Cap Research Sub-Account

BHFTI CBRE Global Real Estate Sub-Account

BHFTI Harris Oakmark International Sub-Account

BHFTI Invesco Global Equity Sub-Account

BHFTI Invesco Small Cap Growth Sub-Account

BHFTI Loomis Sayles Growth Sub-Account

BHFTI MFS®​ Research International Sub-Account

BHFTI Morgan Stanley Discovery Sub-Account

BHFTI PIMCO Inflation Protected Bond Sub-Account

BHFTI PIMCO Total Return Sub-Account

BHFTI SSGA Growth and Income ETF Sub-Account

BHFTI SSGA Growth ETF Sub-Account

BHFTI T. Rowe Price Mid Cap Growth Sub-Account

BHFTI Victory Sycamore Mid Cap Value Sub-Account

BHFTII Baillie Gifford International Stock Sub-Account

BHFTII BlackRock Bond Income Sub-Account

BHFTII BlackRock Capital Appreciation Sub-Account

BHFTII BlackRock Ultra-Short Term Bond Sub-Account

BHFTII Brighthouse Asset Allocation 20 Sub-Account

BHFTII Brighthouse Asset Allocation 40 Sub-Account

BHFTII Brighthouse Asset Allocation 60 Sub-Account

BHFTII Brighthouse Asset Allocation 80 Sub-Account

BHFTII Brighthouse/Artisan Mid Cap Value Sub-Account

BHFTII Brighthouse/Wellington Balanced Sub-Account

BHFTII Brighthouse/Wellington Core Equity Opportunities Sub-Account

BHFTII Frontier Mid Cap Growth Sub-Account

BHFTII Jennison Growth Sub-Account

BHFTII Loomis Sayles Small Cap Core Sub-Account

BHFTII Loomis Sayles Small Cap Growth Sub-Account

BHFTII MetLife Aggregate Bond Index Sub-Account


76

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

2.  LIST OF SUB-ACCOUNTS — (Concluded)

BHFTII MetLife Mid Cap Stock Index Sub-Account

BHFTII MetLife MSCI EAFE®​ Index Sub-Account

BHFTII MetLife Russell 2000®​ Index Sub-Account

BHFTII MetLife Stock Index Sub-Account

BHFTII MFS®​ Total Return Sub-Account

BHFTII MFS®​ Value Sub-Account

BHFTII Neuberger Berman Genesis Sub-Account

BHFTII T. Rowe Price Large Cap Growth Sub-Account

BHFTII T. Rowe Price Small Cap Growth Sub-Account

BHFTII Western Asset Management Strategic Bond Opportunities Sub-Account

BHFTII Western Asset Management U.S. Government Sub-Account

Fidelity®​ VIP Equity-Income Sub-Account

3.  SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") applicable for variable life separate accounts registered as unit investment trusts, which follow the accounting and reporting guidance in Financial Accounting Standards Board Accounting Standards Codification Topic 946, Investment Companies.

Security Transactions

Security transactions are recorded on a trade date basis. Realized gains and losses on the sales of investments are computed on the basis of the average cost of the investment sold. Income from dividends and realized gain distributions are recorded on the ex-distribution date.

Security Valuation

A Sub-Account's investment in shares of a fund or portfolio of the Trusts is valued at fair value based on the closing net asset value ("NAV") or price per share as determined by the Trusts as of the end of the year. All changes in fair value are recorded as changes in unrealized gains (losses) on investments in the statements of operations of the applicable Sub-Accounts. The Separate Account defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Each Sub-Account invests in shares of open-end mutual funds which calculate a daily NAV based on the fair value of the underlying securities in their portfolios. As a result, and as required by law, shares of open-end mutual funds are purchased and redeemed at their quoted daily NAV as reported by the Trusts at the close of each business day.

Accounting Standards Codification Topic 820, Fair Value Measurement ("ASC 820") provides that the Separate Account is not required to categorize within the fair value hierarchy all investments for which fair value is measured using the NAV per share practical expedient. Additionally, ASC 820 does not require certain disclosures for all investments that are eligible to be measured at fair value using the NAV per share practical expedient. The Separate Account's investments in shares of a fund or portfolio of the Trusts are using NAV as a practical expedient, therefore investments are not categorized within the ASC 820 fair value hierarchy.

Federal Income Taxes

The operations of the Separate Account form a part of the total operations of the Company and are not taxed separately. The Company is taxed as a life insurance company under the provisions of the Internal Revenue Code ("IRC"). Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of the Separate Account to the extent the earnings are credited under the Policies. Accordingly, no charge is currently being made to the Separate Account for federal income taxes. The Company will periodically review the status of this policy in the event of changes in the tax law. A charge may be made in future years for any federal income taxes that would be attributable to the Policies.


77

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

3.  SIGNIFICANT ACCOUNTING POLICIES — (Concluded)

Premium Payments

The Company deducts a sales charge for certain Policies and a state premium tax charge from premiums before amounts are allocated to the Separate Account. In the case of certain Policies, the Company also deducts a federal income tax charge before amounts are allocated to the Separate Account. This federal income tax charge is imposed in connection with certain Policies to recover a portion of the federal income tax adjustment attributable to policy acquisition expenses. Net premiums are reported as premium payments received from policy owners on the statements of changes in net assets of the applicable Sub-Accounts and are credited as policy owner cash value.

Net Transfers

Assets transferred by the policy owner into or out of Sub-Accounts within the Separate Account or into or out of the fixed account, which is part of the Company's general account, are recorded on a net basis as net transfers in the statements of changes in net assets of the applicable Sub-Accounts.

Use of Estimates

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported herein. Actual results could differ from these estimates.

Segment Disclosure

The Separate Account adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Separate Account's adoption of the new standard impacted financial statement disclosures only and did not affect the Sub-Account's financial position or results of operations.

Each Sub-Account of the Separate Account constitutes a single operating segment and therefore, a single reportable segment. The chief operating decision maker ("CODM") oversees the activities of the Separate Account using information of each Sub-Account. The Separate Account is engaged in a single line of business as a registered unit investment trust. The Separate Account is a funding vehicle for individual variable life policies with the assets owned by the Company to support the liabilities of the applicable insurance policies. The Sub-Accounts have identified the Chief Executive Officer of the Company as the CODM.

The CODM uses Increase (decrease) in net assets from operations as their performance measure in order to make operational decisions while monitoring the net assets of each of the Sub-Accounts within the Separate Account. The Accounting policies used to measure profit and loss of the segments are the same as those described in the summary of significant accounting policies. The measure of segment assets is reported on the Statements of Assets and Liabilities as net assets. Refer to the Statements of Operations and Changes in Net Assets and related notes for each Sub-Account's operating segment significant expenses. All assets and revenue are generated in the US and there is no customer greater than 10% of consolidated results for all periods presented.

4.  EXPENSES AND RELATED PARTY TRANSACTIONS

Each Sub-Account calculates a daily performance measure called a "unit value," which reflects changes in the net asset value per share of the underlying assets of the fund or portfolio including daily charges against the Sub-Account for mortality and expense risk charges, where applicable, and any dividend or capital gain distributions from the fund or portfolio.

The following annual Separate Account charge paid to the Company is an asset-based charge assessed through a daily reduction in unit values, which is recorded as an expense in the accompanying statements of operations:

Mortality and Expense Risk — The mortality risk assumed by the Company is the risk that those insured may die sooner than anticipated and therefore, the Company will pay an aggregate amount of death benefits greater than anticipated. The expense risk assumed is the risk that expenses incurred in issuing and administering the Policies will exceed the amounts realized from the administrative charges assessed against the Policies.


78

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

4.  EXPENSES AND RELATED PARTY TRANSACTIONS — (Concluded)

The table below represents the range of effective annual rates for the charge for the year ended December 31, 2024:

Mortality and Expense Risk  0.00% - 0.90% 

The above referenced charge may not necessarily correspond to the costs associated with providing the services or benefits indicated by the designation of the charge or associated with a particular policy.

For some Policies, a Mortality and Expense Risk charge ranging from 0.10% to 0.90% and an Administrative charge ranging from 0.10% to 0.35% is assessed on a monthly basis through the reduction in policy owner cash values. Other policy charges that are assessed through the reduction in policy owner cash values generally include: cost of insurance ("COI") charges, administrative charges, a policy fee, and charges for benefits provided by rider, if any. The COI charge is the primary charge under the policy for the death benefit provided by the Company which may vary by policy based on underwriting criteria. Policy administrative charges range from $.02 to $.35 for every $1,000 of the policy face amount and are assessed per policy per month. Policy fees range from $5 to $58.41 and are assessed monthly depending on the policy and the policy year. In addition, the Policies impose a surrender charge if the policy is partially or fully surrendered within the specified surrender charge period that ranges from 0% to 90% of the policy's target premium. Certain Policies have an additional surrender charge that ranges from $0 to $5 per $1,000 of policy face amount. Most Policies offer optional benefits that can be added to the policy by rider. The charge for riders that provide life insurance benefits can range from $0 to $500 per $1,000 of coverage and the charge for riders providing benefits in the event of disability can range from $.86 to $67.77 per $100 of the benefit provided. These charges are paid to the Company and are recorded as policy charges in the accompanying statements of changes in net assets of the applicable Sub-Accounts for the years ended December 31, 2024, 2023, and 2022.

BHFTI and BHFTII currently offer shares of their portfolios only to separate accounts established by the Company and other affiliated life insurance companies, along with separate accounts of Metropolitan Life Insurance Company and its affiliated insurance companies. BHFTI and BHFTII portfolios are managed by Brighthouse Investment Advisers, LLC ("Brighthouse Advisers"), an affiliate of the Company. Brighthouse Advisers is also the investment adviser to the portfolios of BHFTI and BHFTII.


79

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

5.  STATEMENTS OF INVESTMENTS

  As of
December 31		 For the year ended December 31 
SharesCost ($)Cost of
Purchases ($)		Proceeds
from Sales ($)
20242024202420232022202420232022
American Funds®​ Global Small
Capitalization Sub-Account		2,920,15057,027,3922,816,2771,398,45018,709,1394,080,1833,988,2003,525,866
American Funds®​ Growth
Sub-Account		3,281,343243,782,65611,991,14919,969,25545,544,17431,768,20524,183,08421,647,564
American Funds®​ Growth-
Income Sub-Account		3,093,113139,355,92812,441,42714,195,56119,304,93213,016,64215,046,27610,436,695
American Funds®​ The Bond
Fund of America
Sub-Account		1,297,53713,136,2051,268,0944,603,1701,957,4881,217,7793,525,6861,573,716
BHFTI Brighthouse Asset
Allocation 100 Sub-Account		51,113,522566,448,22927,893,31891,270,54354,111,77441,779,87935,572,37333,280,029
BHFTI Brighthouse/Wellington
Large Cap Research
Sub-Account		476,6066,153,554778,7241,785,8301,602,024437,3982,202,943341,036
BHFTI CBRE Global Real
Estate Sub-Account		1,451,93617,001,021771,888857,6762,666,7371,066,5991,580,8901,173,032
BHFTI Harris Oakmark
International Sub-Account		2,977,47340,725,3881,262,3153,052,5803,320,0323,549,0763,602,4322,784,773
BHFTI Invesco Global Equity
Sub-Account		547,81711,553,1161,592,7671,018,7301,673,914784,4051,098,861764,501
BHFTI Invesco Small Cap
Growth Sub-Account		845,16510,365,044193,323188,5782,603,007969,831671,816532,945
BHFTI Loomis Sayles Growth
Sub-Account		3,030,86139,345,5864,580,9423,674,9953,419,1464,660,2543,361,2112,958,917
BHFTI MFS®​ Research
International Sub-Account		6,662,61179,087,1304,013,9883,895,8688,362,7505,837,7186,044,6095,855,666
BHFTI Morgan Stanley
Discovery Sub-Account		4,427,03854,759,653357,713968,37412,628,3042,411,4862,320,3352,298,663
BHFTI PIMCO Inflation
Protected Bond
Sub-Account		863,3958,992,687549,659612,0061,825,451908,3761,248,441853,001
BHFTI PIMCO Total Return
Sub-Account		4,055,49546,926,7171,925,8732,193,3871,871,6812,346,1394,748,3093,320,147
BHFTI SSGA Growth and
Income ETF Sub-Account		655,5677,158,509529,373437,6941,525,422509,255758,319740,986
BHFTI SSGA Growth ETF
Sub-Account		1,013,93111,111,459329,951838,8362,065,066239,147438,018284,783
BHFTI T. Rowe Price Mid Cap
Growth Sub-Account		4,711,83646,033,8694,662,6332,644,3637,886,0993,408,1044,323,8194,263,112
BHFTI Victory Sycamore Mid
Cap Value Sub-Account		1,740,84631,482,1112,964,9494,602,0835,300,9962,350,1892,540,0861,814,504
BHFTII Baillie Gifford
International Stock
Sub-Account		2,241,69524,499,8392,159,578535,5582,601,9051,714,7501,981,7471,430,650
BHFTII BlackRock Bond
Income Sub-Account		1,257,908133,953,5595,809,1705,361,2514,632,3116,091,8177,504,6935,203,673
BHFTII BlackRock Capital
Appreciation Sub-Account		7,518,900239,663,50019,282,6245,979,54167,541,26026,602,14719,585,74917,103,549
BHFTII BlackRock Ultra-Short
Term Bond Sub-Account		275,29827,871,6834,433,1356,031,7732,357,3236,123,8425,705,0515,092,037
BHFTII Brighthouse Asset
Allocation 20 Sub-Account		352,0593,764,185181,118801,848485,240817,780596,580590,243
BHFTII Brighthouse Asset
Allocation 40 Sub-Account		670,1907,316,883388,040817,1721,028,898744,6131,357,487511,528
BHFTII Brighthouse Asset
Allocation 60 Sub-Account		4,482,93849,515,2692,339,5897,792,2445,378,6654,902,6555,210,9813,554,350


80

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

5.  STATEMENTS OF INVESTMENTS — (Concluded)

  As of
December 31		 For the year ended December 31 
SharesCost ($)Cost of
Purchases ($)		Proceeds
from Sales ($)
20242024202420232022202420232022
BHFTII Brighthouse Asset
Allocation 80 Sub-Account		5,379,69562,203,6172,933,2579,971,4908,430,5954,021,65313,461,7905,944,387
BHFTII Brighthouse/Artisan
Mid Cap Value Sub-Account		556,618116,274,70711,989,51116,414,18317,944,4108,840,5199,111,6197,116,614
BHFTII Brighthouse/Wellington
Balanced Sub-Account		783,92814,693,0963,838,780629,3682,604,9431,123,9131,813,000939,170
BHFTII Brighthouse/Wellington
Core Equity Opportunities
Sub-Account		11,205,965318,491,20316,948,08839,561,69166,016,36726,817,67825,183,57922,708,632
BHFTII Frontier Mid Cap
Growth Sub-Account		136,1714,004,754183,83679,9641,130,480427,455425,010767,612
BHFTII Jennison Growth
Sub-Account		2,170,89130,627,9415,222,0474,402,2865,602,7851,799,6133,635,2521,980,719
BHFTII Loomis Sayles Small
Cap Core Sub-Account		652,613146,426,40711,210,8157,519,80227,295,97711,827,23210,252,8168,819,354
BHFTII Loomis Sayles Small
Cap Growth Sub-Account		1,035,16012,327,838651,734260,1082,643,8281,236,438933,739903,691
BHFTII MetLife Aggregate
Bond Index Sub-Account		14,318,035155,502,5314,678,2754,412,2454,411,8163,422,8954,469,6225,232,571
BHFTII MetLife Mid Cap Stock
Index Sub-Account		1,745,05527,934,1082,826,0243,050,6995,261,7762,748,4032,251,6612,397,028
BHFTII MetLife MSCI EAFE®​
Index Sub-Account		924,62012,206,6641,801,009880,1701,793,3811,324,5851,487,9441,938,737
BHFTII MetLife Russell 2000®​
Index Sub-Account		1,472,95224,548,3291,823,8672,270,7255,578,8922,395,4853,257,2012,982,258
BHFTII MetLife Stock Index
Sub-Account		4,062,310179,695,69121,737,99723,689,73525,283,19122,591,26721,731,08319,987,027
BHFTII MFS®​ Total Return
Sub-Account		537,87678,892,8506,289,2146,215,4029,882,0326,064,7836,513,3355,686,462
BHFTII MFS®​ Value
Sub-Account		7,460,541106,352,44012,655,46915,255,48116,410,2407,932,5127,995,6477,020,083
BHFTII Neuberger Berman
Genesis Sub-Account		3,480,53760,456,4176,310,8336,413,48510,824,6584,559,5145,662,4533,763,992
BHFTII T. Rowe Price Large
Cap Growth Sub-Account		1,893,15138,762,8673,156,084803,6888,423,0504,780,4274,440,9653,639,341
BHFTII T. Rowe Price Small
Cap Growth Sub-Account		772,79015,578,1001,358,9061,090,0982,813,1941,129,0321,970,4171,213,452
BHFTII Western Asset
Management Strategic Bond
Opportunities Sub-Account		3,558,76444,292,4883,493,0222,989,7453,011,5822,797,8213,689,8982,541,033
BHFTII Western Asset
Management U.S.
Government Sub-Account		954,67110,654,0942,054,1583,156,7872,714,7311,906,8463,424,3191,968,058
Fidelity®​ VIP Equity-Income
Sub-Account		4,993,620114,355,71010,828,6847,114,3818,161,96210,058,96810,955,9797,234,481


81

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

6.  FINANCIAL HIGHLIGHTS

The Company sells a number of variable life products which have unique combinations of features and fees, some of which directly affect the unit values of the Sub-Accounts. Differences in the fee structures result in a variety of unit values, expense ratios, and total returns.

The following table is a summary of total returns and expenses as a percentage of average net assets, excluding expenses for the underlying fund or portfolio, and the investment income ratio to average net assets, for each of the five years ended December 31, 2024. The table shows the ranges of total returns of the Sub-Accounts for all Policies investing in the Separate Account. The total return reflects the appropriate mortality and expense risk charged against the Sub-Account assets, where applicable, for each type of policy. These figures do not reflect charges deducted from the premiums and the cash values of the Policies as such charges will affect the actual cash values and benefits of the Policies.

      For the year ended December 31 
Net
Assets ($)		Investment1​
Income
Ratio (%)		Expense Ratio2​
Lowest to
Highest (%)		Total Return3​
Lowest to
Highest (%)
American Funds®​ Global Small Capitalization202449,788,5641.060.00 - 0.901.41 - 2.33
Sub-Account202352,289,2380.260.00 - 0.9015.13 - 16.17
202248,163,793—0.00 - 0.90(30.18) - (29.55)
202172,159,043—0.00 - 0.905.78 - 6.74
202071,352,0030.170.00 - 0.9028.56 - 29.72
American Funds®​ Growth2024412,760,1590.330.00 - 0.9030.44 - 31.63
Sub-Account2023339,201,1600.360.00 - 0.9037.25 - 38.48
2022263,635,9500.320.00 - 0.90(30.56) - (29.94)
2021402,224,3220.220.00 - 0.9020.90 - 21.99
2020351,698,2170.320.00 - 0.9050.71 - 52.08
American Funds®​ Growth-Income 2024211,507,0541.120.00 - 0.9023.11 - 24.23
Sub-Account2023180,644,0311.380.00 - 0.9025.01 - 26.14
2022153,788,0691.280.00 - 0.90(17.24) - (16.49)
2021195,005,9521.130.00 - 0.9022.98 - 24.10
2020167,186,7021.370.00 - 0.9012.53 - 13.55
American Funds®​ The Bond Fund of America 202411,833,5374.160.00 - 0.900.24 - 1.16
Sub-Account202312,138,3043.670.00 - 0.904.08 - 5.02
202210,868,2522.950.00 - 0.90(13.36) - (12.58)
202112,528,8001.400.00 - 0.90(1.20) - (0.31)
202012,500,1582.200.00 - 0.908.75 - 9.73
BHFTI Brighthouse Asset Allocation 100 2024569,915,7681.110.00 - 0.9012.62 - 13.65
Sub-Account2023538,911,4652.950.00 - 0.9020.02 - 21.10
2022476,285,4921.630.00 - 0.90(20.60) - (19.89)
2021633,343,6701.310.00 - 0.9017.28 - 18.34
2020569,238,3781.390.00 - 0.9018.16 - 19.23
BHFTI Brighthouse/Wellington Large Cap Research 20247,439,8180.600.00 - 0.9020.68 - 21.78
Sub-Account20236,271,0020.840.00 - 0.9024.71 - 25.84
20225,711,3790.730.00 - 0.90(19.68) - (18.96)
20217,096,6460.850.00 - 0.9023.37 - 24.48
20206,403,9201.130.00 - 0.9021.27 - 22.37
BHFTI CBRE Global Real Estate 202414,824,2643.590.00 - 0.90(0.25) - 0.66
Sub-Account202315,565,5462.770.00 - 0.9011.86 - 12.87
202214,915,7944.430.00 - 0.90(25.39) - (24.71)
202120,818,3393.040.00 - 0.9033.49 - 34.70
202015,851,2564.680.00 - 0.90(5.63) - (4.78)


82

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

6.  FINANCIAL HIGHLIGHTS — (Continued)

      For the year ended December 31 
Net
Assets ($)		Investment1​
Income
Ratio (%)		Expense Ratio2​
Lowest to
Highest (%)		Total Return3​
Lowest to
Highest (%)
BHFTI Harris Oakmark International 202436,354,9432.340.00 - 0.90(5.59) - (4.73)
Sub-Account202341,405,8812.130.00 - 0.9018.19 - 19.26
202235,896,8372.450.00 - 0.90(16.54) - (15.78)
202145,421,7970.850.00 - 0.907.69 - 8.66
202044,349,6013.250.00 - 0.904.42 - 5.37
BHFTI Invesco Global Equity202413,952,9070.270.00 - 0.9015.37 - 16.42
Sub-Account202312,341,6110.370.00 - 0.9033.78 - 34.99
20229,784,988—0.00 - 0.90(32.31) - (31.70)
202115,193,4410.130.00 - 0.9014.72 - 15.76
202013,372,1700.880.00 - 0.9026.77 - 27.92
BHFTI Invesco Small Cap Growth 20248,079,773—0.00 - 0.9015.53 - 16.59
Sub-Account20237,652,425—0.00 - 0.9011.33 - 12.33
20227,273,632—0.00 - 0.90(35.62) - (35.04)
202111,655,070—0.00 - 0.906.16 - 7.12
202010,851,3180.090.00 - 0.9055.83 - 57.24
BHFTI Loomis Sayles Growth202458,344,083—0.00 - 0.9033.26 - 34.47
Sub-Account202346,987,237—0.00 - 0.9050.71 - 52.06
202232,526,723—0.00 - 0.90(28.51) - (27.86)
202148,495,8820.200.00 - 0.9017.60 - 18.66
202043,110,7700.830.00 - 0.9031.35 - 32.54
BHFTI MFS®​ Research International 202479,618,2071.870.00 - 0.902.24 - 3.17
Sub-Account202382,392,4501.740.00 - 0.9012.04 - 13.05
202277,647,9182.080.00 - 0.90(18.04) - (17.30)
202199,338,9471.150.00 - 0.9010.98 - 11.98
202093,495,5732.440.00 - 0.9012.26 - 13.27
BHFTI Morgan Stanley Discovery 202435,283,495—0.00 - 0.9038.08 - 39.34
Sub-Account202327,265,521—0.00 - 0.9039.98 - 41.23
202220,457,914—0.00 - 0.90(62.81) - (62.47)
202157,551,541—0.00 - 0.90(11.34) - (10.54)
202071,143,509—0.00 - 0.90151.49 - 153.77
BHFTI PIMCO Inflation Protected Bond 20248,409,469—0.00 - 0.901.60 - 2.53
Sub-Account20238,555,7812.360.00 - 0.902.82 - 3.74
20229,075,6336.490.00 - 0.90(12.39) - (11.60)
20219,927,6800.960.00 - 0.904.67 - 5.61
20209,905,1452.990.00 - 0.9010.85 - 11.85
BHFTI PIMCO Total Return202440,068,2903.040.00 - 0.901.80 - 2.73
Sub-Account202340,631,1923.160.00 - 0.905.27 - 6.22
202242,003,8893.150.00 - 0.90(15.11) - (14.34)
202152,224,5221.980.00 - 0.90(2.02) - (1.13)
202054,633,3404.020.00 - 0.907.84 - 8.82
BHFTI SSGA Growth and Income ETF 20247,086,6812.560.00 - 0.7510.33 - 11.17
Sub-Account20236,523,0662.530.00 - 0.7513.27 - 14.12
20226,166,6093.280.00 - 0.75(15.72) - (15.09)
20217,859,2161.970.00 - 0.7512.76 - 13.61
20207,230,6582.930.00 - 0.759.31 - 10.14


83

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

6.  FINANCIAL HIGHLIGHTS — (Continued)

      For the year ended December 31 
Net
Assets ($)		Investment1​
Income
Ratio (%)		Expense Ratio2​
Lowest to
Highest (%)		Total Return3​
Lowest to
Highest (%)
BHFTI SSGA Growth ETF202411,163,3772.230.00 - 0.9011.94 - 12.96
Sub-Account202310,019,4062.100.00 - 0.9015.09 - 16.13
20228,897,8883.040.00 - 0.90(16.43) - (15.67)
202110,634,5221.640.00 - 0.9016.83 - 17.88
20209,645,2402.690.00 - 0.9010.06 - 11.06
BHFTI T. Rowe Price Mid Cap Growth 202444,479,7310.180.00 - 0.908.60 - 9.59
Sub-Account202343,302,726—0.00 - 0.9019.04 - 20.11
202239,408,746—0.00 - 0.90(23.03) - (22.33)
202155,194,134—0.00 - 0.9014.11 - 15.15
202051,642,6930.250.00 - 0.9023.19 - 24.30
BHFTI Victory Sycamore Mid Cap Value 202434,364,3031.430.00 - 0.909.11 - 10.10
Sub-Account202333,061,8671.650.00 - 0.909.22 - 10.20
202231,892,1661.880.00 - 0.90(3.32) - (2.45)
202133,594,0841.290.00 - 0.9030.95 - 32.13
202026,854,6181.630.00 - 0.906.90 - 7.87
BHFTII Baillie Gifford International Stock202422,842,8710.830.00 - 0.903.68 - 4.62
Sub-Account202322,996,5161.320.00 - 0.9017.53 - 18.59
202220,987,8921.140.00 - 0.90(29.24) - (28.60)
202130,852,3150.940.00 - 0.90(1.64) - (0.76)
202032,563,3811.960.00 - 0.9025.44 - 26.58
BHFTII BlackRock Bond Income 2024113,010,4514.030.00 - 0.900.59 - 1.51
Sub-Account2023116,208,0083.160.00 - 0.904.89 - 5.84
2022115,496,6342.900.00 - 0.90(14.91) - (14.15)
2021139,255,6402.680.00 - 0.90(1.33) - (0.44)
2020149,313,9153.660.00 - 0.907.62 - 8.60
BHFTII BlackRock Capital Appreciation 2024339,102,4040.080.00 - 0.9030.80 - 31.99
Sub-Account2023278,951,4210.040.00 - 0.9048.28 - 49.61
2022201,025,383—0.00 - 0.90(38.17) - (37.61)
2021343,559,217—0.00 - 0.9020.12 - 21.20
2020304,220,974—0.00 - 0.9039.40 - 40.66
BHFTII BlackRock Ultra-Short Term Bond202428,518,0675.750.00 - 0.904.16 - 5.11
Sub-Account202330,357,0351.660.00 - 0.904.11 - 5.05
202229,074,794—0.00 - 0.900.54 - 1.44
202131,458,5080.340.00 - 0.90(1.09) - (0.19)
202035,799,4751.950.00 - 0.90(0.47) - 0.43
BHFTII Brighthouse Asset Allocation 20 20243,390,3293.140.00 - 0.903.27 - 4.21
Sub-Account20233,975,2803.720.00 - 0.907.11 - 8.08
20223,708,7543.320.00 - 0.90(13.33) - (12.54)
20214,641,2523.210.00 - 0.903.07 - 4.01
20204,338,5853.010.00 - 0.908.72 - 9.70
BHFTII Brighthouse Asset Allocation 40 20246,681,7932.560.00 - 0.905.17 - 6.13
Sub-Account20236,822,2383.630.00 - 0.909.83 - 10.82
20227,242,2502.850.00 - 0.90(14.40) - (13.63)
20218,542,3742.900.00 - 0.906.72 - 7.68
20208,267,1582.890.00 - 0.9010.31 - 11.31


84

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

6.  FINANCIAL HIGHLIGHTS — (Continued)

      For the year ended December 31 
Net
Assets ($)		Investment1​
Income
Ratio (%)		Expense Ratio2​
Lowest to
Highest (%)		Total Return3​
Lowest to
Highest (%)
BHFTII Brighthouse Asset Allocation 60 202446,308,7462.090.00 - 0.907.31 - 8.28
Sub-Account202346,863,4913.410.00 - 0.9012.91 - 13.93
202243,672,7082.410.00 - 0.90(15.93) - (15.17)
202154,717,0862.340.00 - 0.9010.18 - 11.17
202051,255,0302.440.00 - 0.9013.06 - 14.09
BHFTII Brighthouse Asset Allocation 80 202461,436,1141.590.00 - 0.9010.09 - 11.09
Sub-Account202358,331,1603.340.00 - 0.9016.46 - 17.51
202261,262,2532.080.00 - 0.90(18.45) - (17.71)
202180,386,6131.880.00 - 0.9013.85 - 14.87
202076,435,9292.050.00 - 0.9015.96 - 17.01
BHFTII Brighthouse/Artisan Mid Cap Value 2024114,039,9861.210.00 - 0.904.02 - 4.97
Sub-Account2023116,678,6420.840.00 - 0.9017.47 - 18.53
2022105,574,5270.960.00 - 0.90(13.40) - (12.62)
2021128,332,4860.920.00 - 0.9025.77 - 26.91
2020106,861,9600.950.00 - 0.905.29 - 6.25
BHFTII Brighthouse/Wellington Balanced 202415,270,9161.960.00 - 0.7513.00 - 13.86
Sub-Account202311,577,6772.180.00 - 0.7517.22 - 18.10
202211,224,3961.720.00 - 0.75(17.70) - (17.08)
202113,759,5021.840.00 - 0.7513.17 - 14.02
202012,576,8762.190.00 - 0.7516.84 - 17.72
BHFTII Brighthouse/Wellington Core Equity 2024330,015,6751.430.00 - 0.907.63 - 8.61
Opportunities Sub-Account2023328,392,0051.440.00 - 0.906.70 - 7.66
2022328,996,8701.460.00 - 0.90(5.93) - (5.08)
2021369,502,5561.390.00 - 0.9023.31 - 24.43
2020318,494,8511.610.00 - 0.9010.27 - 11.27
BHFTII Frontier Mid Cap Growth 20244,017,0330.240.00 - 0.7516.88 - 17.77
Sub-Account20233,633,161—0.00 - 0.7517.12 - 18.00
20223,395,963—0.00 - 0.90(28.68) - (28.15)
20215,528,488—0.00 - 0.9013.65 - 14.68
20205,312,965—0.00 - 0.9030.51 - 31.70
BHFTII Jennison Growth202436,101,915—0.00 - 0.9029.10 - 30.28
Sub-Account202327,917,787—0.00 - 0.9051.90 - 53.26
202217,746,316—0.00 - 0.90(39.42) - (38.87)
202130,682,857—0.00 - 0.9016.12 - 17.17
202028,411,3680.210.00 - 0.9055.39 - 56.80
BHFTII Loomis Sayles Small Cap Core 2024157,782,3550.140.00 - 0.9010.73 - 11.74
Sub-Account2023151,647,7130.190.00 - 0.9016.42 - 17.46
2022138,182,840—0.00 - 0.90(15.82) - (15.06)
2021172,702,1270.080.00 - 0.9020.86 - 21.95
2020150,416,6560.130.00 - 0.9011.06 - 12.07
BHFTII Loomis Sayles Small Cap Growth 202412,515,083—0.00 - 0.9013.84 - 14.88
Sub-Account202311,519,737—0.00 - 0.9010.91 - 11.91
202210,920,792—0.00 - 0.90(23.65) - (22.96)
202115,176,364—0.00 - 0.909.02 - 10.00
202014,276,874—0.00 - 0.9033.14 - 34.34


85

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Continued)

6.  FINANCIAL HIGHLIGHTS — (Continued)

      For the year ended December 31 
Net
Assets ($)		Investment1​
Income
Ratio (%)		Expense Ratio2​
Lowest to
Highest (%)		Total Return3​
Lowest to
Highest (%)
BHFTII MetLife Aggregate Bond Index 2024133,300,9103.040.00 - 0.90(0.02) - 0.89
Sub-Account2023134,935,9312.930.00 - 0.904.26 - 5.20
2022132,157,2032.790.00 - 0.90(13.87) - (13.09)
2021157,231,1662.540.00 - 0.90(2.81) - (1.93)
2020164,471,6232.970.00 - 0.906.25 - 7.21
BHFTII MetLife Mid Cap Stock Index 202431,288,8451.310.00 - 0.9012.57 - 13.59
Sub-Account202329,261,4251.310.00 - 0.9015.05 - 16.08
202226,435,6591.110.00 - 0.90(14.03) - (13.26)
202132,579,7611.080.00 - 0.9023.28 - 24.40
202027,110,4691.420.00 - 0.9012.38 - 13.39
BHFTII MetLife MSCI EAFE®​ Index 202413,610,4093.180.00 - 0.902.39 - 3.32
Sub-Account202313,261,6802.550.00 - 0.9016.88 - 17.93
202212,093,6003.710.00 - 0.90(15.24) - (14.47)
202115,348,7121.800.00 - 0.909.73 - 10.72
202014,473,2313.140.00 - 0.906.88 - 7.85
BHFTII MetLife Russell 2000®​ Index 202427,205,4171.430.00 - 0.9010.28 - 11.29
Sub-Account202326,180,3221.320.00 - 0.9015.76 - 16.80
202224,108,3901.070.00 - 0.90(20.94) - (20.23)
202133,156,1540.990.00 - 0.9013.49 - 14.52
202030,043,3941.330.00 - 0.9018.55 - 19.62
BHFTII MetLife Stock Index2024285,174,1321.220.00 - 0.9023.55 - 24.67
Sub-Account2023246,601,8031.380.00 - 0.9024.81 - 25.94
2022210,261,7251.290.00 - 0.90(19.03) - (18.30)
2021278,772,5261.500.00 - 0.9027.21 - 28.36
2020232,477,9451.860.00 - 0.9017.04 - 18.10
BHFTII MFS®​ Total Return202481,321,5122.560.00 - 0.906.81 - 7.78
Sub-Account202380,900,2042.200.00 - 0.909.42 - 10.40
202279,097,9471.830.00 - 0.90(10.44) - (9.63)
202193,298,0921.870.00 - 0.9013.19 - 14.22
202086,691,4522.470.00 - 0.908.78 - 9.76
BHFTII MFS®​ Value2024103,328,4951.820.00 - 0.9010.90 - 11.91
Sub-Account202398,373,0311.860.00 - 0.907.18 - 8.15
202296,427,3861.720.00 - 0.90(6.82) - (5.98)
2021109,272,8141.550.00 - 0.9024.42 - 25.54
202093,386,3241.980.00 - 0.903.03 - 3.96
BHFTII Neuberger Berman Genesis 202463,345,7800.140.00 - 0.908.11 - 9.10
Sub-Account202362,129,8620.130.00 - 0.9014.49 - 15.53
202258,049,381—0.00 - 0.90(19.88) - (19.15)
202175,897,2570.080.00 - 0.9017.35 - 18.41
202067,447,2530.180.00 - 0.9023.98 - 25.11
BHFTII T. Rowe Price Large Cap Growth 202448,313,223—0.00 - 0.9029.13 - 30.31
Sub-Account202340,652,960—0.00 - 0.9045.50 - 46.81
202230,508,114—0.00 - 0.90(41.00) - (40.46)
202155,347,456—0.00 - 0.9019.15 - 20.22
202048,511,0050.230.00 - 0.9035.72 - 36.95


86

NEW ENGLAND VARIABLE LIFE SEPARATE ACCOUNT
OF NEW ENGLAND LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS — (Concluded)

6.  FINANCIAL HIGHLIGHTS — (Concluded)

      For the year ended December 31 
Net
Assets ($)		Investment1​
Income
Ratio (%)		Expense Ratio2​
Lowest to
Highest (%)		Total Return3​
Lowest to
Highest (%)
BHFTII T. Rowe Price Small Cap Growth 202416,560,9000.050.00 - 0.9012.45 - 13.47
Sub-Account202315,134,0830.060.00 - 0.9020.48 - 21.57
202213,548,9520.220.00 - 0.90(22.85) - (22.15)
202118,735,8570.030.00 - 0.9010.67 - 11.67
202018,209,3830.200.00 - 0.9023.22 - 24.34
BHFTII Western Asset Management Strategic Bond202437,900,8327.370.00 - 0.903.93 - 4.88
Opportunities Sub-Account202338,198,0056.630.00 - 0.908.46 - 9.44
202238,017,8446.020.00 - 0.90(17.40) - (16.66)
202147,871,0883.730.00 - 0.901.90 - 2.82
202048,619,6795.890.00 - 0.905.95 - 6.92
BHFTII Western Asset Management U.S. Government20249,985,8603.000.00 - 0.901.41 - 2.34
Sub-Account20239,922,8012.620.00 - 0.903.93 - 4.87
202210,016,1312.280.00 - 0.90(9.82) - (9.01)
202110,477,8912.690.00 - 0.90(2.40) - (1.52)
202012,197,4423.100.00 - 0.904.30 - 5.24
Fidelity®​ VIP Equity-Income 2024132,780,3491.770.00 - 0.9014.31 - 15.35
Sub-Account2023123,371,5071.910.00 - 0.909.66 - 10.65
2022120,805,6751.890.00 - 0.90(5.81) - (4.96)
2021132,893,4581.900.00 - 0.9023.77 - 24.89
2020113,979,1661.820.00 - 0.905.74 - 6.69

1  These amounts represent the dividends, excluding distributions of capital gains, received by the Sub-Account from the underlying fund or portfolio, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude mortality and expense risk charges. The investment income ratio is calculated for each period indicated or from the effective date through the end of the reporting period. The recognition of investment income by the Sub-Account is affected by the timing of the declaration of dividends by the underlying fund or portfolio in which the Sub-Account invests.

2  These amounts represent annualized policy expenses of each of the applicable Sub-Accounts, consisting primarily of mortality and expense risk charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to policy owner accounts through the redemption of cash values and expenses of the underlying fund or portfolio have been excluded.

3  The total return of a Sub-Account is calculated by taking the difference between the Sub-Account's ending unit value and the beginning unit value for the period and dividing it by the beginning unit value for the period. The total return is calculated for each period indicated or from the effective date through the end of the reporting period. The total return is presented as a range of minimum to maximum returns, based on minimum and maximum returns within each product grouping of the applicable Sub-Account.


87

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New England Life Insurance Company 
Statutory Financial Statements as of December 31, 2024 and 2023
and for the Years Ended December 31, 2024, 2023, and 2022,
Statutory Supplemental Information and
Independent Auditors' Report

New England Life Insurance Company
(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc. December 31, 2024, 2023, and 2022)

Index to Statutory Basis Financial Statements

  Page 
Independent Auditors' Report2
Financial Statements at December 31, 2024 and 2023 and for the Years Ended December 31, 2024, 2023
and 2022:
Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus4
Statutory Statements of Operations and Changes in Capital and Surplus5
Statutory Statements of Cash Flow6
Notes to the Statutory Financial Statements
Note 1 — Summary of Significant Accounting Policies7
Note 2 — Fair Value Information15
Note 3 — Investments19
Note 4 — Related Party Information26
Note 5 — Premium and Annuity Considerations Deferred and Uncollected28
Note 6 — Reinsurance and Other Insurance Transactions28
Note 7 — Reserves for Life Contracts and Deposit-Type Contracts29
Note 8 — Participating Business30
Note 9 — Accident and Health ("A&H") Policy and Claim Liabilities30
Note 10 — Analysis of Actuarial Reserves and Deposit Liabilities by Withdrawal Characteristics31
Note 11 — Separate Accounts35
Note 12 — Federal Income Tax36
Note 13 — Capital and Surplus42
Note 14 — Employee Benefit Plans43
Note 15 — Other Commitments and Contingencies47
Note 16 — Retained Assets50
Note 17 — Subsequent Events50
Statutory Supplemental Schedules as of and for the Year Ended December 31, 2024
Schedule I — Statutory Selected Financial Data52
Schedule II — Supplemental Investment Risks Interrogatories55
Schedule III — Statutory Summary Investment Schedule59
Schedule IV — Reinsurance Contracts with Risk-Limiting Features61


1

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Deloitte & Touche LLP

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Tel: +1 704 887 1500

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www.deloitte.com

INDEPENDENT AUDITOR'S REPORT

To the Board of Directors and Stockholder of
New England Life Insurance Company:

Opinions

We have audited the statutory-basis financial statements of New England Life Insurance Company (a wholly-owned subsidiary of Brighthouse Financial, Inc.) (the "Company"), which comprise the statutory-basis statements of admitted assets, liabilities and capital and surplus as of December 31, 2024 and 2023, and the related statutory-basis statements of operations, changes in capital and surplus, and cash flow for each of the three years in the period ended December 31, 2024, and the related notes to the statutory-basis financial statements (collectively referred to as the "statutory-basis financial statements").

Unmodified Opinion on Statutory-Basis of Accounting

In our opinion, the accompanying statutory-basis financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flow for each of the three years in the period ended December 31, 2024, in accordance with the accounting practices prescribed or permitted by the Commonwealth of Massachusetts Division of Insurance described in Note 1.

Adverse Opinion on Accounting Principles Generally Accepted in the United States of America

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America section of our report, the statutory-basis financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2024 and 2023, or the results of its operations or its cash flow for each of the three years in the period ended December 31, 2024.

Basis for Opinions

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Statutory-Basis Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America

As described in Note 1 to the statutory-basis financial statements, the statutory-basis financial statements are prepared by the Company using the accounting practices prescribed or permitted by the Commonwealth of Massachusetts Division of Insurance, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of the Commonwealth of Massachusetts Division of Insurance. The effects on the statutory-basis financial statements of the variances between the statutory-basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.

Responsibilities of Management for the Statutory-Basis Financial Statements

Management is responsible for the preparation and fair presentation of the statutory-basis financial statements in accordance with the accounting practices prescribed or permitted by the Commonwealth of Massachusetts Division of Insurance.


2

Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of statutory-basis financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor's Responsibilities for the Audit of the Statutory-Basis Financial Statements

Our objectives are to obtain reasonable assurance about whether the statutory-basis financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the statutory-basis financial statements.

In performing an audit in accordance with GAAS, we:

•  Exercise professional judgment and maintain professional skepticism throughout the audit.

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

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

•  Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the statutory-basis financial statements.

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

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

Report on Supplemental Schedules

Our 2024 audit was conducted for the purpose of forming an opinion on the 2024 statutory-basis financial statements as a whole. The supplemental schedule of selected financial data, the supplemental schedule of investment risks interrogatories, the supplemental summary investment schedule, and the supplemental schedule of reinsurance contracts with risk-limiting features as of and for the year ended December 31, 2024, are presented for purposes of additional analysis and are not a required part of the 2024 statutory-basis financial statements. These schedules are the responsibility of the Company's management and were derived from and relate directly to the underlying accounting and other records used to prepare the statutory-basis financial statements. Such schedules have been subjected to the auditing procedures applied in our audit of the 2024 statutory-basis financial statements and certain additional procedures, including comparing and reconciling such schedules directly to the underlying accounting and other records used to prepare the statutory-basis financial statements or to the statutory-basis financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, such schedules are fairly stated in all material respects in relation to the 2024 statutory-basis financial statements as a whole.

/s/ Deloitte & Touche LLP

April 11, 2025


3

New England Life Insurance Company
Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus

December 31, 2024 and 2023

(In millions, except share data)

  2024 2023 
Admitted Assets
Bonds$835$889
Mortgage loans3234
Cash, cash equivalents and short-term investments17053
Contract loans398393
Derivative assets1311
Other invested assets1617
Total invested assets1,4641,397
Investment income due and accrued1317
Premiums and annuity considerations deferred and uncollected128
Net deferred tax asset1618
Other assets3049
Total assets excluding Separate Accounts1,5351,489
Separate Account assets6,6316,581
Total Admitted Assets$8,166$8,070
Liabilities and Capital and Surplus
Liabilities
Reserves for life and health insurance and annuities$999$1,032
Liability for deposit-type contracts910
Dividends due to policyholders22
Interest maintenance reserve23
Other policy liabilities6853
Asset valuation reserve1011
Payable for collateral received1111
Funds held under reinsurance treaties5565
Employee benefit plans7583
Net transfers to (from) Separate Accounts due and accrued(4)(5)
Amounts withheld or retained as agent or trustee5757
Other liabilities4526
Total liabilities excluding Separate Accounts1,3291,348
Separate Account liabilities6,6316,581
Total Liabilities7,9607,929
Capital and Surplus
Capital stock (par value $125 per share, 50,000 shares authorized, 20,000 issued and outstanding)33
Paid-in surplus22
Unassigned surplus (deficit)201136
Total Capital and Surplus206141
Total Liabilities and Capital and Surplus$8,166$8,070

See accompanying notes to statutory financial statements


4

New England Life Insurance Company

Statutory Statements of Operations and Changes in Capital and Surplus
For the Years Ended December 31, 2024, 2023, and 2022

(In millions)

  2024 2023 2022 
Income
Premiums and annuity considerations$84$85$91
Considerations for supplementary contracts and dividend accumulations(3)35
Net investment income606263
Reserve adjustments on reinsurance ceded(435)(301)(317)
Other income (loss)126123132
Total income(168)(28)(26)
Benefits and Expenses
Benefit payments496422401
Changes to reserves, deposit funds and other policy liabilities(27)(27)(31)
Insurance expenses and taxes (other than Federal income and capital gains taxes)485743
Net transfers to (from) Separate Accounts(760)(530)(529)
Total benefits and expenses before dividends to policyholders(243)(78)(116)
Gain (loss) from operations before dividends to policyholders and Federal income tax755090
Dividends to policyholders332
Gain (loss) from operations before Federal income tax724788
Federal income tax expense (benefit) (excluding income tax on capital gains and losses)574
Gain (loss) from operations674084
Net realized capital gains (losses), net of Federal income tax and interest maintenance reserve transfer(2)1(1)
Net Income (Loss)654183
Changes in Capital and Surplus
Change in General Account net unrealized capital gains (losses)—(1)(1)
Change in net deferred income tax(2)1(7)
Change in nonadmitted assets1(5)12
Change in asset valuation reserve111
Change in surplus as a result of reinsurance(3)(3)(3)
Dividends to stockholder—(84)(38)
Other — net3(1)6
Net Change in Capital and Surplus65(51)53
Capital and Surplus at Beginning of Year141192139
Capital and Surplus at End of Year$206$141$192

See accompanying notes to statutory financial statements


5

New England Life Insurance Company

Statutory Statements of Cash Flow
For the Years Ended December 31, 2024, 2023, and 2022

(In millions)

  2024 2023 2022 
Cash from operations
Premiums and annuity considerations, net of reinsurance, received$68$90$102
Net investment income received626061
Other income (loss) received122119132
Total receipts252269295
Benefits paid895695745
Insurance expenses and taxes paid (other than Federal income and capital gains taxes)426148
Net transfers to (from) Separate Accounts(761)(532)(533)
Dividends paid to policyholders333
Federal income tax paid (recovered) (net of tax on capital gains and losses)1(9)23
Total payments180218286
Net cash provided by (used in) operations72519
Cash from investments
Proceeds from invested assets sold, matured or repaid5812085
Cost of invested assets acquired(5)(57)(73)
Net change in contract loans(5)(9)11
Net cash provided by (used in) investments485423
Cash from financing and other sources
Dividends to stockholder—(84)(38)
Net change in deposit-type contracts(1)(1)(1)
Net change in payable for collateral received—(1)—
Other-net(2)(19)(20)
Net cash provided by (used in) financing and other sources(3)(105)(59)
Net change in cash, cash equivalents and short-term investments117—(27)
Cash, cash equivalents and short-term investments:
Beginning of year535380
End of year$170$53$53

See accompanying notes to statutory financial statements


6

New England Life Insurance Company

Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023, and 2022

Note 1 — Summary of Significant Accounting Policies

Business

The New England Life Insurance Company (the "Company") is an indirect wholly-owned subsidiary of Brighthouse Financial, Inc. ("Brighthouse"). The Company is domiciled in the Commonwealth of Massachusetts ("Massachusetts") and is licensed to transact insurance business in, and is subject to regulation by, all 50 states and the District of Columbia.

The Company does not currently write new insurance business. The Company has in-force variable and universal life insurance policies, fixed and variable annuities, participating and non-participating traditional life insurance policies, pension products, and group life and disability policies. The Company also has in-force a small block of health insurance policies, which are administered by a third party.

Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a stand-alone entity.

Basis of Presentation

The accompanying financial statements have been prepared on the basis of accounting practices prescribed or permitted by the Commissioner of Insurance in the Massachusetts Division of Insurance (the "Division"). The Division requires that insurance companies domiciled in Massachusetts prepare their statutory financial statements in accordance with the National Association of Insurance Commissioners' ("NAIC") Accounting Practices and Procedures Manual ("NAIC SAP").

The Division has adopted certain prescribed accounting practices that differ from those found in NAIC SAP, referred to in these statutory financial statements as Massachusetts Statutory Accounting Principles ("MA SAP"), none of which affect the financial statements of the Company.

MA SAP comprises a basis of accounting which differs from generally accepted accounting principles ("GAAP"). The more significant differences are as follows:

•  Policy acquisition costs are charged to expense as incurred under MA SAP; whereas under GAAP, certain policy acquisition costs are deferred and amortized over the estimated lives of the contracts in a manner that approximates a straight-line basis over the expected life of the related contracts;

•  Insurance reserves are determined using prescribed factors for mortality, lapses and interest without consideration of company experience, or using a principles based reserve method equal to the higher of reserves using prescribed factors and reserves that consider a wide range of future economic conditions, as well as, company experience. Under GAAP, reserves are determined based upon best estimates as of the date the policy is issued, or the account value plus a reserve for additional benefits, that is either based on current assumptions or measured at fair value with an adjustment for non-performance risk;

•  Certain assets designated as nonadmitted assets are excluded from the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus by direct charges to unassigned surplus (deficit) including a portion of deferred income tax assets ("DTA"), certain prepaid assets;

•  Contracts that have any mortality and morbidity risk, regardless of significance, and contracts with life contingent annuity purchase rate guarantees are classified as insurance contracts and amounts received under these contracts are reported as revenue for MA SAP; whereas under GAAP, for contracts that do not subject the Company to significant risks arising from mortality or morbidity, amounts received are reported as increases to policyholder account balances;

•  Certain reinsurance agreements are accounted for as reinsurance under both MA SAP and GAAP if certain risk transfer provisions are met. The risk transfer provisions in GAAP differ from the risk transfer provisions under MA SAP. Under GAAP, the reinsurer must assume significant insurance risk and have a reasonable possibility of realizing a significant loss from the transaction. MA SAP requires the reinsurer to assume all of certain risks deemed to be significant, regardless of the significance of loss potential. Assets and liabilities as a result of reinsurance transactions are netted under MA SAP but are reported gross under GAAP. Ceding commissions received in conjunction with reinsurance transactions are reported as revenue under MA SAP but are reported as a reduction of commission expense under GAAP;


7

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

•  Investments in bonds are generally carried at amortized cost under MA SAP. Under GAAP, investments in bonds and preferred stocks have one of three classifications. Those classified as held-to-maturity are carried at amortized cost, those classified as available-for-sale are carried at estimated fair value with adjustments for changes in estimated fair value recorded as a component of equity and those classified as trading are carried at estimated fair value with adjustments for changes in estimated fair value recorded through earnings;

•  Investments in mortgage loans that are impaired are reported at the estimated fair value of the underlying collateral less estimated costs to obtain and sell such collateral. If the estimated fair value of the impaired loan subsequently increases, the mortgage loan's carrying value may not be adjusted to reflect this increase in value. Under GAAP, impaired mortgage loans may also be assessed using observable market price or discounted cash flow ("DCF") methodologies using the loan's original effective interest rate. If the value of the impaired mortgage loan subsequently increases, under GAAP, the mortgage loan's carrying value may be adjusted to reflect this increase, through a decrease in a specific valuation allowance;

•  An Asset Valuation Reserve ("AVR") liability is established, based upon a formula prescribed by the NAIC, to offset potential credit-related investment losses on all invested assets. Changes in the AVR are charged or credited directly to surplus. Under GAAP, no such reserve is required;

•  An Interest Maintenance Reserve ("IMR") is established to capture realized gains and losses, net of income tax, on the sale of fixed income investments, principally bonds and mortgage loans, resulting from changes in the general level of interest rates, and is amortized into net investment income over the remaining years to expected maturity of the assets sold; whereas under GAAP, available-for-sale bonds and mortgage loan gains and losses on disposal are reported in earnings in the period that the assets are sold;

•  Derivatives that do not meet the criteria for hedge accounting are carried at estimated fair value with changes in their estimated fair value reported in changes in capital and surplus, except for: (i) income generation derivatives, which are carried at cost; (ii) derivatives used in replication synthetic asset transactions ("RSATs"), which are carried at amortized cost; and (iii) exchange-traded futures, which are carried at the amount of cash deposits outstanding. Under GAAP, if a derivative is not designated as an accounting hedge or its use in managing risk does not qualify for hedge accounting, changes in the estimated fair value of the derivative are generally reported in net derivative gains (losses);

•  Deferred income tax is calculated based on temporary differences between MA SAP and tax-basis reporting, subject to certain asset admission limitations for DTAs, rather than the difference between GAAP and tax-basis reporting, without asset admission limitations;

•  For loss contingencies, when no amount within management's estimate of the range is a better estimate than any other amount, the midpoint of the range is accrued; whereas under GAAP, the minimum amount in the range is accrued. In addition, the timing of recognition of certain costs related to loss contingencies may be different;

•  Gains on certain economic transactions with related parties, defined as arm's-length transactions, resulting in the transfer of risks and rewards of ownership and considered permanent, are recognized under MA SAP rather than deferred until the assets are sold to third parties as required under GAAP;

•  Under MA SAP, liabilities reported or disclosed at fair value do not incorporate the Company's non-performance risk, as they do in GAAP.

Accounting Changes and Correction of Errors

The Company had no accounting changes or correction of errors during 2024.

GAAP Equity and Income (Unaudited)

GAAP consolidated net income (loss) attributable to the Company was $22 million, $26 million, and ($21) million for the years ended December 31, 2024, 2023, and 2022, respectively. GAAP consolidated stockholder's equity attributable to the Company was $219 million, $178 million, and $335 million at December 31, 2024, 2023, and 2022, respectively.

Use of Estimates

The preparation of financial statements requires that management make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements. Management is also required to disclose contingent


8

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates.

Investments

Income from investments, including amortization of premium, accretion of discount and similar items, is recorded within net investment income, unless otherwise stated herein. Other-than-temporary impairment ("OTTI") losses are recorded as realized capital losses, the cost basis of the investment is reduced and the revised cost basis is not adjusted for subsequent recoveries in value.

Bonds are generally stated at amortized cost, unless they have a NAIC designation of 6, in which case they are stated at the lower of amortized cost or estimated fair value. Unrealized capital losses on bonds having a NAIC designation of 6 are charged directly to surplus. Interest and prepayment fees are recorded when earned. Amortization of premium or accretion of discount is calculated using the constant yield method taking into consideration specified interest and principal provisions over the life of the bonds or estimated timing and amount of prepayments of underlying loans for commercial mortgage-backed securities ("CMBS"), residential mortgage-backed securities ("RMBS") and asset-backed securities ("ABS") (collectively "loan-backed securities"). Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the prepayments originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for single class and multi-class mortgage-backed securities and ABS are estimated using inputs obtained from third party specialists and are based on management's knowledge of the current market. For credit-sensitive mortgage-backed securities and ABS and certain prepayment-sensitive securities, the effective yield is recalculated on a prospective basis. For all other mortgage-backed securities and ABS, the effective yield is recalculated on a retrospective basis.

The NAIC has adopted revised designation methodologies for loan-backed securities based on the NAIC's estimate of expected losses on such securities. The revised designation methodologies resulted in certain loan-backed securities having an initial NAIC designation and a final NAIC designation, which were used for determining the carrying value of the security and for annual statement and risk-based capital ("RBC") reporting, respectively. Loan-backed securities with initial NAIC designations of 1 through 5 are stated at amortized cost. Loan-backed securities with an initial NAIC designation of 6 are stated at the lower of amortized cost or estimated fair value and are reported in accordance with the final NAIC designations.

The Company periodically evaluates bonds for impairment. The assessment of whether impairments have occurred is based on management's case-by-case evaluation of the underlying reasons for the decline in estimated fair value, as well as an analysis of the gross unrealized losses by severity and/or age as described in Note 3 " — Evaluating Temporarily Impaired Bonds for OTTI." Management considers a wide range of factors about the security issuer and uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and in assessing the prospects for near-term recovery. Inherent in management's evaluation of the security are assumptions and estimates about the operations of the issuer and its future earnings potential. Considerations used in the impairment evaluation process include, but are not limited to: (i) the length of time and the extent to which the estimated fair value has been below amortized cost; (ii) the potential for impairments when the issuer is experiencing significant financial difficulties; (iii) the potential for impairments in an entire industry sector or sub-sector; (iv) the potential for impairments in certain economically depressed geographic locations; (v) the potential for impairments where the issuer, series of issuers or industry has suffered a catastrophic type of loss or has exhausted natural resources; (vi) both the Company's intent to sell a security before the recovery of its estimated fair value and its intent and ability to hold the security for a period of time sufficient to allow for the recovery of its value to an amount equal to or greater than amortized cost; (vii) unfavorable changes in forecasted cash flows on mortgage-backed securities and ABS; (viii) the potential for impairments due to weakening foreign currencies on foreign currency denominated bonds that are near maturity; and (ix) other subjective factors, including concentrations and information obtained from regulators and rating agencies.

The Company recognizes an OTTI loss in earnings for a loan-backed security in an unrealized loss position when it is anticipated that the amortized cost basis will not be recovered. In such situations, the OTTI loss recognized in earnings is the entire difference between the security's amortized cost and its estimated fair value only when either: (i) the Company intends to sell the security or (ii) the Company does not have the intent and ability to retain the security for the time sufficient to recover the amortized cost basis. Non-interest related OTTI losses are recorded through the AVR and interest related losses through the IMR. If neither of the two conditions exists, and the Company has the intent and ability to hold the security but does not expect to recover the entire amortized cost, the difference between the amortized cost basis of the security and the present value of projected future cash flows expected to be collected is recognized as an OTTI loss.


9

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

The determination of estimated fair values for securities and other investments is described in Note 2.

Mortgage loans are stated at unpaid principal balance, adjusted for any unamortized premium, discount or deferred fees, and are net of valuation allowances. Interest income and prepayment fees are recorded when earned. Interest income is accrued on the principal amount of the loan based on the loan's contractual interest rate. Amortization of premium and accretion of discount are recorded using the effective yield method. Gains and losses from sales of loans are recorded in net realized capital gains (losses).

Mortgage loans are considered to be impaired when it is probable that, based upon current information and events, the Company will be unable to collect all amounts due under the loan agreement. Valuation allowances are established both on a loan specific basis and, in certain circumstances described below, for pools of loans. Valuation allowances are determined separately for each of the loan portfolio segments: commercial and agricultural. In conjunction with the valuation allowance process, management identifies mortgage loans to be placed on a nonaccrual status at which time the Company recognizes income on the cash method.

Specific valuation allowances are established using the same methodology for both portfolio segments and a common evaluation framework is used for establishing general valuation allowances for the loan portfolio segments; however, a separate general valuation allowance is calculated and maintained for each loan portfolio segment that is based on inputs that are unique to each loan portfolio segment. The Company records specific valuation allowances for impaired mortgage loans when it is probable that based upon current information and events, the Company will be unable to collect all amounts due under the contractual terms of the loan agreement. Based on the facts and circumstances of the individual mortgage loans being impaired, loan specific valuation allowances are established for the excess carrying value of the mortgage loan over the estimated fair value of the loan's underlying collateral (as determined by acceptable appraisal methodologies) less estimated costs to obtain and sell such collateral. Changes in these loan specific valuation allowances are reported within net realized capital gains (losses). General valuation allowances are established for loan losses when a loss contingency exists for pools of loans with similar characteristics, such as mortgage loans based on similar property types or loans with similar loan- to-value or similar debt service coverage ratio factors. A loss contingency exists when, based on experience, it is probable that a credit event has occurred and the amount of credit loss can be reasonably estimated. These evaluations are based upon several loan portfolio segment specific factors, including the Company's experience with loan losses, defaults and loss severity, and loss expectations for loans with similar risk characteristics. The Company typically uses ten years or more of historical experience in these evaluations. These evaluations are revised as conditions change and new information becomes available. The general valuation allowance is established when the amount of the loan loss contingency is greater than the mortgage component of the AVR, and the amount recorded is the excess of the loss contingency amount over the mortgage component of the AVR. If the mortgage component of the AVR is greater than the loss contingency amount, no general valuation allowance is recorded. Changes in the general valuation allowance are included in change in General Account net unrealized capital gains (losses) which are credited or charged directly to surplus.

All commercial loans are monitored on an ongoing basis which may include an analysis of the property's financial statements and rent rolls, lease rollover analysis, property inspections, market analysis, estimated valuations of the underlying collateral, loan-to-value ratios, debt service coverage ratios and tenant creditworthiness. The monitoring process for commercial loans focuses on higher risk loans, which include those that are classified as restructured, delinquent or in foreclosure, as well as loans with higher loan-to-value and lower debt service coverage ratios. The monitoring process for agricultural loans is generally similar to the commercial loan monitoring process, with a focus on higher risk loans, including reviews of the agricultural loan portfolio on a geographic and sector basis. Higher risk commercial and agricultural loans are reviewed individually on an ongoing basis for potential credit loss and specific valuation allowances are established using the methodology described above for all loan portfolio segments. Quarterly, the remaining loans are reviewed on a pool basis, by aggregating groups of loans that have similar risk characteristics for potential credit loss. General valuation allowances are established as described above using inputs that are unique to each segment of the loan portfolio.

For commercial loans, the primary credit quality indicator is the debt service coverage ratio, which compares a property's net operating income to amounts needed to service the principal and interest due under the loan. Generally, the lower the debt service coverage ratio, the higher the risk of experiencing a credit loss. The Company also reviews the loan-to-value ratio of its commercial loan portfolio. Loan-to- value ratios compare the unpaid principal balance of the loan to the estimated fair value of the underlying collateral. Generally, the higher the loan-to-value ratio, the higher the risk of experiencing a credit loss. The debt service coverage ratio and the values utilized in calculating the ratio are updated annually on a rolling basis, with a portion of


10

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

the loan portfolio updated each quarter. In addition, the loan-to-value ratio is routinely updated for all but the lowest risk loans as part of the Company's ongoing review of its commercial mortgage loan portfolio.

For agricultural loans, the Company's primary credit quality indicator is the loan-to-value ratio. The values utilized in calculating this ratio are developed in connection with the ongoing review of the agricultural loan portfolio and are routinely updated. Additionally, the Company focuses the monitoring process on higher risk loans, including reviews on a geographic and property-type basis.

The Company may grant concessions related to a particular borrower's financial difficulties which are classified as troubled debt restructurings. Generally, the types of concessions include: reduction of the contractual interest rate, extension of the maturity date at an interest rate lower than current market interest rates and/or a reduction of accrued interest. The amount, timing and extent of the concession granted is considered in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. Through the recurring portfolio monitoring process, a specific valuation allowance may have been recorded prior to the period when the mortgage loan is modified in a troubled debt restructuring. Accordingly, the carrying value (after specific valuation allowance) before and after modification through a troubled debt restructuring may not change significantly or may increase if the expected recovery is higher than the pre-modification recovery assessment.

Cash equivalents, which are short-term, highly liquid securities and other investments with original maturities of three months or less at date of purchase, are stated at amortized cost, except for securities which have a NAIC designation of 6, in which case they are stated at the lower of amortized cost or estimated fair value.

Short-term investments include securities and other investments with remaining maturities of one year or less, but greater than three months, at date of purchase and are generally stated at amortized cost, except for securities which have a NAIC designation of 6, in which case they are stated at the lower of amortized cost or estimated fair value.

Contract loans are stated at unpaid principal balance. If the unpaid balance of the loan exceeds the cash surrender value or policy reserves, the excess of the unpaid balance of the loan over the cash surrender value or policy reserves is evaluated for collectability. If the amount is considered uncollectible, it is written off as a reduction of net investment income in the Statutory Statements of Operations and Changes in Capital and Surplus during the period it is determined to be uncollectible. Interest income on such contract loans is recorded as earned using the contractually agreed upon interest rate.

Other invested assets consist primarily of other limited partnership interests and joint ventures. Other limited partnership interests and joint ventures are carried at the underlying audited GAAP equity, with the Company's share of undistributed earnings and losses included in change in General Account net unrealized capital gains (losses) which is credited or charged directly to surplus. The Company generally recognizes its share of the investee's earnings on a three-month lag in instances where the investee's financial information is not sufficiently timely or when the investee's reporting period differs from the Company's reporting period. Dividends or distributions received are recognized to the extent they are not in excess of undistributed accumulated earnings. Dividend and distributions in excess of undistributed accumulated earnings are recorded as a reduction to the carrying value of the investment. The Company also periodically evaluates the partnerships' unrealized losses for recoverability. In addition to the partnerships performing regular evaluations for the impairment of underlying investments, the Company routinely evaluates these investments for impairment. The Company considers financial and other information provided by such entities, other known information and inherent risks in the underlying investments, as well as future capital commitments, in determining whether an impairment has occurred.

Derivatives

The Company may be exposed to various risks relating to its ongoing business operations, including interest rate risk, foreign currency exchange rate risk, credit risk and equity market risk. The Company uses a variety of strategies to manage these risks, including the use of derivatives.

Derivatives are financial instruments whose values are derived from interest rates, foreign currency exchange rates, credit spreads or other financial indices. Derivatives may be exchange-traded or contracted in the over-the-counter ("OTC") market. All of the Company's derivatives are bilateral contracts between two counterparties ("OTC-bilateral"). The Company uses swaps and forwards to manage risks that may include interest rate risk, foreign currency exchange rate risk, credit risk and equity market risk. Derivative hedges are designed to reduce risk on an economic basis while considering their impact on accounting results and statutory capital. To a lesser extent, the Company may use credit derivatives to synthetically replicate


11

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

investment risks and returns which are not readily available in the cash market (referred to herein as Replication Synthetic Asset Transactions ("RSATs")).

MA SAP restricts the Company's use of derivatives to: (i) hedging activities intended to offset changes in the estimated fair value of assets held, obligations and anticipated transactions; (ii) income generation transactions to generate additional income or return on covering assets; and (iii) RSATs to reproduce the investment characteristics of otherwise permissible investments. The Company is prohibited from using derivatives for speculation. OTC derivatives are carried on the Company's Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus either as derivative assets or derivative liabilities.

The Company does not offset the values recognized for derivatives executed with the same counterparty under the same master netting agreement. This policy applies to the recognition of derivative assets and derivative liabilities in the Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus.

To qualify for hedge accounting under SSAP No. 86, Derivatives ("SSAP 86"), at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge as either: (i) a hedge of the estimated fair value of a recognized asset or liability ("fair value hedge"); or (ii) a hedge of the variability of cash flows to be received or paid related to a forecasted transaction or a recognized asset or liability ("cash flow hedge"). In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument's effectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship.

The Company may hold cash flow and estimated fair value derivatives that hedge various assets and liabilities including bonds and liability portfolios; the derivatives that hedge those assets and liabilities are valued in a manner consistent with the underlying hedged item, if the derivatives meet the criteria for highly effective hedges. Bonds that have an NAIC designation of 1 through 5 are carried at amortized cost; therefore, the derivatives hedging such bonds are also carried at amortized cost. Bonds that have an NAIC designation of 6 are carried at the lower of amortized cost or estimated fair value; therefore, the derivatives hedging such bonds are also carried at the lower of amortized cost or estimated fair value. Any hedged liabilities of the Company are carried at amortized cost; therefore, the derivatives hedging liabilities are also carried at amortized cost. Effective foreign currency swaps have a foreign currency adjustment reported in capital and surplus pursuant to SSAP 86 by using the same procedures as used to translate the hedged item.

The Company discontinues hedge accounting prospectively when: (i) it is determined that the derivative is no longer highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item; (ii) the derivative expires or is sold, terminated or exercised; (iii) it is no longer probable that the hedged forecasted transaction will occur; or (iv) the Company removes the designation of the hedge.

When hedge accounting is discontinued because it is determined that the derivative is not highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative is carried at its estimated fair value with changes in estimated fair value reported in change in General Account net unrealized capital gains (losses).

Upon termination of a derivative that qualified for hedge accounting, the gain or loss is reflected as an adjustment to the basis of the hedged item and is recognized in income consistent with the hedged item. If the hedged item is sold, the gain or loss on the derivative is realized but is subject to the IMR.

To the extent the Company does not designate a derivative for hedge accounting, the derivative is carried at estimated fair value with changes in estimated fair value reported in change in General Account net unrealized capital gains (losses).

The Company carries RSATs at amortized cost. Upon termination of an RSAT, the gain or loss on the derivative is realized but is subject to the IMR.

Cash flows associated with purchases and sales of derivative instruments, including realized gains and losses and unrealized gains and losses are recognized in cash from investments. Cash flows associated with other income with derivative instruments are recognized in cash from operations.


12

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

Insurance Reserves and Annuity and Other Fund Reserves

Reserves for permanent plans of individual life insurance, universal life plans and certain term plans are computed on the Net Premium Method or Commissioners' Reserve Valuation Method as appropriate. Reserves for individual annuity contracts are computed on the Net Level Premium Method, the Net Single Premium Method, Commissioners' Annuity Reserve Valuation Method or VM-21 as appropriate. Reserves for group annuity contracts are computed on the Net Single Premium Method or VM-21 as appropriate. The reserves are based on mortality, morbidity and interest rate assumptions prescribed by Massachusetts Insurance Law. Such reserves are sufficient to provide for contractual surrender values.

Periodically, to reflect changes in circumstances or regulatory requirements, the Company may change the assumptions, methodologies or procedures used to calculate reserves. Primarily, the changes in methodologies and procedures, or changes in "valuation basis," are recorded as direct adjustments to surplus cumulatively in the accounting year applied, whereas generally, changes in reserves, including certain actuarial assumptions, are reflected in net income.

Reserves for deposit-type contracts, which do not subject the reporting entity to any risks arising from policyholder mortality or morbidity, are equal to deposits received and interest credited to the benefit of contract holders, less fees and other charges assessed and surrenders or withdrawals that represent a return to the contract holders.

Dividends Due to Policyholders

Policyholder dividends are determined annually by the Company's Board of Directors. The aggregate amount of policyholder dividends is related to actual interest, mortality, morbidity and expense experience for the year, as well as management's judgment as to the appropriate level of statutory surplus to be retained by the Company.

Asset Valuation Reserve and Interest Maintenance Reserve

The Company has established an AVR and IMR for the General Account and Separate Account investments, where required. An AVR is established for potential credit-related losses on applicable General Account and Separate Account invested assets. Changes to the AVR are reported as direct additions to or deductions from surplus. An IMR is established for interest-related realized capital gains (losses) resulting from changes in the general level of interest rates for the General Account and any Separate Accounts, not carried at estimated fair value. Transfers to the IMR are deducted from realized capital gains and losses and are net of related Federal income tax. IMR amortization, as calculated under the Grouped Method as specified by MA SAP, is included in net investment income. Net realized capital gains (losses) are presented net of Federal income tax expense or benefit and IMR transfer.

Income

In general, premiums are recognized as income when due from policyholders under the terms of the insurance contract. Investment income is recognized as income when earned. The earnings on certain investments are dependent upon market conditions, which could result in prepayments and changes in amounts to be earned due to changing interest rates or equity markets.

Benefits and Expenses

Expenses, including policy acquisition costs and Federal income tax, are charged to operations as incurred. Amounts received as payment for and amounts representing return of policyholder balances relating to deposit-type contracts are not reported as income or benefits but are recorded directly to the liability for deposit-type contracts.

The Company accrues for policyholder dividends and accounts for them under various methods dependent upon the dividend type. Cash option dividends are recognized when earned and paid in cash on the policy anniversary date. Reduced annual premium option dividends earned on the policy anniversary date are credited against the next premium. Paid up additions option dividends earned on the policy anniversary date are applied to buy paid up insurance in the form of a single premium. Dividend accumulation option dividends are recognized when earned by policyholders, remain on deposit with the Company and earn interest. Terminal dividends are recognized when earned and paid at death or maturity of policy.

Foreign Currency Translation

The Company also holds investments denominated in foreign currencies, which are carried at the foreign exchange spot rate at the end of the year. Any increases or decreases in the carrying amount of the Company's investments in investments denominated in foreign currencies due to changes in exchange rates between years are recorded as a change in General Account net unrealized capital gains (losses) which are credited or charged directly to surplus.


13

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

Separate Account Operations

Separate Accounts are established in conformity with insurance laws and are generally not chargeable with liabilities that arise from any other business of the Company. Separate Account assets are subject to General Account claims only to the extent that the value of such assets exceeds the Separate Account liabilities. Investments (generally stated at estimated fair value) and liabilities of the Separate Accounts are reported separately as assets and liabilities. Investment income and realized and unrealized capital gains and losses on the investments of the Separate Accounts, accrue directly to contract holders and accordingly, are not reflected in the Company's Statutory Statements of Operations and Changes in Capital and Surplus and Cash Flow.

Income Tax

For the year ended December 31, 2022, the Company filed a stand-alone Federal income tax return. Beginning with the tax year ended December 31, 2023, Brighthouse and certain of its subsidiaries, including the Company (collectively the "Consolidating Companies"), file a consolidated return. In furtherance thereof, such parties joined a new tax sharing agreement, pursuant to which taxes are computed on a modified separate return basis with benefits for losses.

The future tax consequences of temporary differences between statutory financial reporting and tax basis of assets and liabilities are measured at the financial reporting dates and are recorded as DTA and deferred tax liabilities ("DTL"), subject to certain limitations. Changes in DTA and DTL, including changes attributable to changes in tax rates and changes in tax status, if any, are recognized as a separate component of gains and losses in unassigned surplus (deficit).

DTA are limited to: (i) the amount of Federal income tax paid in prior years that can be recovered through loss carrybacks for existing temporary differences that reverse during a timeframe corresponding with Internal Revenue Service ("IRS") tax loss carryback provisions, not to exceed three years; (ii) an amount expected to be realized within the applicable period that is no greater than the applicable percentage of statutory capital and surplus as required to be shown on the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus for the current reporting period's statement, adjusted to exclude any net DTA, electronic data processing equipment and operating software and any net positive goodwill plus; (iii) the amount of remaining gross DTA that can be offset against existing gross DTL. Any remaining DTA are nonadmitted.

The realization of DTA depends upon the existence of sufficient taxable income within the carryback or carryforward periods under the tax law in the applicable tax jurisdiction. Valuation allowances are established when management determines, based on available information, that it is more likely than not that DTA will not be realized. Significant judgment is required in determining whether valuation allowances should be established, as well as the amount of such allowances. When making such determination, the Company considers many factors, including:

•  the nature, frequency, and amount of cumulative financial reporting income and losses in recent years;

•  the jurisdiction in which the DTA was generated;

•  the length of time that carryforwards can be utilized in the various taxing jurisdictions;

•  future taxable income exclusive of reversing temporary differences and carryforwards;

•  future reversals of existing taxable temporary differences;

•  taxable income in prior carryback years; and

•  tax planning strategies.

The Company may be required to change its provision for income taxes in certain circumstances. Examples of such circumstances include when estimates used in determining valuation allowances on DTA significantly change or when receipt of new information indicates the need for an adjustment in valuation allowances. Additionally, future events, such as changes in tax laws, tax regulations, or interpretations of such laws or regulations, could have an impact on the provision for income taxes and the effective tax rate. Any such changes could significantly affect the amounts reported in the financial statements in the year these changes occur.

The Company determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the financial statements. A tax position is measured at the largest amount of benefit that is greater than 50% likely of being realized upon settlement. Unrecognized tax


14

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

benefits due to tax uncertainties that do not meet the threshold are included within other liabilities and are charged to earnings in the period that such determination is made.

The Company classifies interest and penalties as a component of income tax expense.

Related Party Transactions

A transaction between related parties involving the exchange of assets or liabilities is classified as either an economic transaction or a non-economic transaction. An economic transaction is defined as an arm's-length transaction which results in the transfer of risks and rewards of ownership and represents a consummated act thereof, i.e., "permanence." Non-economic transactions between the Company and a related party insurance entity are recorded at the lower of existing book values or estimated fair values at the date of the transaction. Non-economic transactions between the Company and related parties that are not insurance entities are recorded at the estimated fair value at the date of the transaction; however, to the extent that the transaction results in a gain, an offsetting unrealized capital loss and liability is recorded to defer any impact on surplus. Economic transactions between the Company and other related parties are recorded at estimated fair value at the date of the transaction. A transaction involving services between related parties is recorded at the amount charged and is generally subject to regulatory approval.

Note 2 — Fair Value Information

Considerable judgment is often required in interpreting market data to develop estimates of fair value, and the use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts.

Estimated Fair Value of All Financial Instruments

Information related to the estimated fair value of financial instruments is shown below at December 31, (in millions):

  2024 
Aggregate
Fair Value		Admitted ValueLevel 1Level 2Level 3
Assets
Bonds$725$835$26$699$—
Mortgage loans2932——29
Cash, cash equivalents and short-term
investments		170170170——
Contract loans458398—43415
Derivative assets (1)1213—12—
Other invested assets12—1—
Investment income due and accrued1313—13—
Separate Account assets6,6316,631—6,631—
Total assets$8,039$8,094$196$7,399$444
Liabilities
Investment contracts included in:
Liability for deposit-type contracts$9$9$—$—$9
Payable for collateral received1111—11—
Investment contracts included in
Separate Account liabilities		22—2—
Total liabilities$22$22$—$13$9


15

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

  2023 
Aggregate
Fair Value		Admitted ValueLevel 1Level 2Level 3
Assets
Bonds$789$889$29$760$—
Mortgage loans3134——31
Cash, cash equivalents and short-term
investments		535353——
Contract loans481393—39442
Derivative assets (1)1011—10—
Other invested assets22—2—
Investment income due and accrued1717—17—
Separate Account assets6,5816,581—6,581—
Total assets$7,964$7,980$82$7,409$473
Liabilities
Investment contracts included in:
Liability for deposit-type contracts$10$10$—$—$10
Payable for collateral received1111—11—
Investment contracts included in
Separate Account liabilities		22—2—
Total liabilities$23$23$—$13$10

(1)  Classification of derivatives is based on each derivative's positive (asset) or negative (liability) book/adjusted carrying value, which equals the net admitted assets and liabilities.

When developing estimated fair values, the Company considers three broad valuation techniques: (i) the market approach, (ii) the income approach, and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given what is being measured and the availability of sufficient inputs, giving priority to observable inputs. The Company categorizes its assets and liabilities measured at estimated fair value into a three-level hierarchy, based on the significant input with the lowest level in its valuation. The input levels are as follows:

Level 1 —  Unadjusted quoted prices in active markets for identical assets or liabilities. The Company defines active markets based on average trading volume for equity securities. The size of the bid/ask spread is used as an indicator of market activity for fixed maturity securities.

Level 2 —  Quoted prices in markets that are not active or inputs that are observable either directly or indirectly. These inputs can include quoted prices for similar assets or liabilities other than quoted prices in Level 1, quoted prices in markets that are not active, or other significant inputs that are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 —  Unobservable inputs that are supported by little or no market activity and are significant to the determination of estimated fair value of the assets or liabilities. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions that market participants would use in pricing the asset or liability.

Determination of Estimated Fair Value

The Company defines estimated fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. In most cases, the exit price and the transaction (or entry) price will be the same at initial recognition.

In general, the estimated fair value of investments classified within Level 1 are based on quoted prices in active markets that are readily and regularly obtainable. These investments are the most liquid of the Company's securities holdings and valuation of these securities does not involve management's judgment. Investments classified within Level 3 use many of the same valuation techniques and inputs as described in the Level 2 discussions. However, if key inputs are unobservable, or if the investments are less liquid and there is very limited trading activity, the investments are generally classified as Level 3. The use


16

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

of independent non-binding broker quotations to value investments generally indicates there is a lack of liquidity or the general lack of transparency in the process to develop the valuation estimates generally causing such investments to be classified in Level 3.

Bonds, Cash, Cash Equivalents and Short-term Investments

For Level 1 assets, the estimated fair value is determined using quoted prices in active markets that are readily and regularly obtainable. Additionally, as the estimated fair value for cash approximates carrying value, due to the nature of cash, it is classified as Level 1.

For Level 2 assets, estimated fair values are determined using an income approach. The estimated fair value is determined using third-party commercial pricing services, with the primary inputs being quoted prices in markets that are not active, benchmark yields, spreads off benchmark yields, new issuances, issuer rating, trades of identical or comparable securities, and duration for Level 2 assets. Privately-placed securities are valued using additional key inputs: market yield curve, call provisions, observable prices and spreads for similar public or private securities that incorporate the credit quality and industry sector of the issuer, and delta spread adjustments to reflect specific credit-related issues.

For Level 3 assets, estimated fair values are determined using a market approach. The estimated fair value is determined using matrix pricing or consensus pricing, with the primary inputs being quoted and offered prices.

Mortgage Loans

For mortgage loans, estimated fair value is primarily determined by estimating expected future cash flows and discounting them using current interest rates for similar mortgage loans with similar credit risk, or is determined from pricing for similar mortgage loans. The estimated fair values for impaired mortgage loans are principally obtained by estimating the fair value of the underlying collateral using market standard appraisal and valuation methods. Mortgage loans valued using significant unobservable inputs are classified in Level 3.

Contract Loans

The estimated fair value for contract loans with variable interest rates approximates carrying value due to the absence of borrower credit risk and the short time period between interest rate resets, using observable inputs and is classified as Level 2. For contract loans with fixed interest rates, estimated fair values are determined using a discounted cash flow model applied to groups of similar contract loans determined based on the nature of the underlying insurance liabilities, using unobservable inputs and is classified in Level 3.

Derivatives

For OTC-bilateral derivatives and OTC-cleared derivatives classified as Level 2 assets or liabilities, estimated fair values are determined using the income approach. Valuations of non-option-based derivatives utilize present value techniques, whereas valuations of option-based derivatives utilize option pricing models which are based on market standard valuation methodologies and a variety of observable inputs.

The significant inputs to the pricing models for most OTC-bilateral and OTC-cleared derivatives are inputs that are observable in the market or can be derived principally from, or corroborated by, observable market data.

Most inputs for OTC-bilateral and OTC-cleared derivatives are mid-market inputs but, in certain cases, liquidity adjustments are made when they are deemed more representative of exit value. Market liquidity, as well as the use of different methodologies, assumptions and inputs, may have a material effect on the estimated fair values of the Company's derivatives and could materially affect the net change in capital and surplus.

The credit risk of both the counterparty and the Company are considered in determining the estimated fair value for all OTC-bilateral and OTC-cleared derivatives, and any potential credit adjustment is based on the net exposure by counterparty after taking into account the effects of netting agreements and collateral arrangements. The Company values its OTC-bilateral and OTC-cleared derivatives using standard swap curves which may include a spread to the risk-free rate, depending upon specific collateral arrangements. This credit spread is appropriate for those parties that execute trades at pricing levels consistent with similar collateral arrangements. As the Company and its significant derivative counterparties generally execute trades at such pricing levels and hold sufficient collateral, additional credit risk adjustments are not currently required in the valuation process. The Company's ability to consistently execute at such pricing levels is in part due to the netting agreements and


17

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

collateral arrangements that are in place with all of its significant derivative counterparties. An evaluation of the requirement to make additional credit risk adjustments is performed by the Company each reporting period.

Other Invested Assets

The estimated fair value of other invested assets is determined using the methodologies as described in the above sections titled "Bonds, Cash, Cash Equivalents and Short-term Investments", based on the nature of the investment. Excluded from the disclosure are those other invested assets that are not considered to be financial instruments subject to this disclosure including investments carried on the equity method.

Investment Income Due and Accrued

Due to the short-term nature of investment income due and accrued, the Company believes there is minimal risk of material changes in interest rates or the credit of the issuer such that estimated fair value approximates carrying value. These amounts are generally classified as Level 2.

Separate Account Assets and Investment Contracts Included in Separate Account Liabilities

For Separate Account assets classified as Level 2 assets, estimated fair values are determined using either a market or income approach. The estimated fair value is determined using third-party commercial pricing services, with the primary input being quoted securitization market price determined principally by independent pricing services using observable inputs or quoted prices or reported net asset value ("NAV") provided by the fund managers.

Investment contracts included in Separate Account liabilities represent those balances due to policyholders under contracts that are classified as investment contracts. The carrying value of these Separate Account liabilities, which represents an equivalent summary total of the Separate Account assets supporting these liabilities, approximates the estimated fair value. These investment contracts are classified as Level 2 to correspond with the Separate Account assets backing the investment contracts.

The difference between the estimated fair value of investment contracts included in Separate Account liabilities in the table above and the total recognized in the Statutory Statements of Assets, Liabilities, Surplus and Other Funds represents amounts due under contracts that are accounted for as insurance contracts.

Investment Contracts Included in Liability for Deposit-Type Contracts

The estimated fair value of investment contracts included in the liability for deposit-type contracts is estimated by discounting best estimate future cash flows based on assumptions that market participants would use in pricing such liabilities, with consideration of the Company's non-performance risk (own-credit risk) not reflected in the fair value calculation. The assumptions used in estimating these fair values are based in part on unobservable inputs classified in Level 3.

Payable for Collateral Received

The estimated fair value of amounts payable for collateral received approximates carrying value as these obligations are short-term in nature. These amounts are generally classified in Level 2.

Assets and Liabilities Measured and Reported at Estimated Fair Value at Reporting Date

Hierarchy Table

The following tables provide information about financial assets and liabilities measured and reported at estimated fair value at December 31, (in millions):

  2024 
Fair Value Measurements at Reporting Date Using
Level 1Level 2Level 3Total
Assets
Derivative assets (1)
Foreign currency exchange rate$—$2$—$2
Separate Account assets (2)—6,631—6,631
Total assets$—$6,633$—$6,633


18

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

  2023 
Fair Value Measurements at Reporting Date Using
Level 1Level 2Level 3Total
Assets
Derivative assets (1)
Foreign currency exchange rate$—$2$—$2
Separate Account assets (2)—6,581—6,581
Total assets$—$6,583$—$6,583

(1)  Derivative assets presented in the table above represent only those derivatives that are carried at estimated fair value. Accordingly, the amounts above exclude derivatives carried at amortized cost, which include highly effective derivatives and RSATs.

(2)  Separate Account assets are subject to General Account claims only to the extent that the value of such assets exceeds the Separate Account liabilities. Investments (stated generally at estimated fair value) and liabilities of the Separate Accounts are reported separately as assets and liabilities.

See "Determination of Estimated Fair Value" above for a description of the valuation technique(s) and the inputs used in the estimated fair value measurement for assets and liabilities measured and reported at estimated fair value.

Note 3 — Investments

Bonds by Sector

The following table presents the book/adjusted carrying value, gross unrealized gains and losses and estimated fair value of bonds owned at December 31, (in millions):

  2024 2023 
Book/
Adjusted
Carrying		Gross Unrealized Estimated Book/
Adjusted
Carrying 		Gross Unrealized Estimated
Fair
ValueGainsLossesFair ValueValueGainsLossesValue
Bonds
U.S. corporate$457$—$75$382$481$—$66$415
U.S. government and agency97—1087951591
Foreign corporate74—37186—581
CMBS71—76483—1271
State and political subdivision691115972—1062
RMBS61—556671464
ABS6——65——5
Total bonds$835$1$111$725$889$2$102$789

The Company held non-income producing bonds with a book/adjusted carrying value of less than $1 million at December 31, 2024. The Company did not hold any non-income producing bonds at December 31, 2023.

Maturities of Bonds

The book/adjusted carrying value and estimated fair value of bonds, by contractual maturity, were as follows at December 31, 2024 (in millions):

  Book/Adjusted
Carrying Value		 Estimated
Fair Value 		 
Due in one year or less$20$20
Due after one year through five years211202
Due after five years through ten years120115
Due after ten years346262
Subtotal697599
Loan-backed securities138126
Total$835$725


19

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

Actual maturities may differ from contractual maturities due to the exercise of call or prepayment options. Bonds not due at a single maturity date have been presented in the year of final contractual maturity. Loan-backed securities are shown separately, as they are not due at a single maturity.

Cash equivalents and short-term investments have contractual maturities of one year or less.

Continuous Gross Unrealized Losses for Bonds — By Sector

The following table presents the estimated fair value and gross unrealized losses of bonds in an unrealized loss position, aggregated by sector and by length of time that the securities have been in a continuous gross unrealized loss position at December 31, (in millions, except number of securities):

  2024 2023 
Less than
12 Months		Equal to or Greater
than 12 Months		Less than 12 MonthsEqual to or Greater
than 12 Months
Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses		Estimated
Fair
Value		Gross
Unrealized
Losses
U.S. corporate$14$—$350$75$9$—$389$66
U.S. government and agency51125930—255
Foreign corporate15—373——695
CMBS——637——7112
State and political subdivision714310——5510
RMBS5—1455—164
ABS——5———5—
Total bonds$92$2$537$109$44$—$630$102
Total number of securities in an
unrealized loss position		2621414250

Loan-backed Security Holdings — OTTI Losses

The Company did not impair any loan-backed securities to estimated fair value during the year ended December 31, 2024 because of either (i) an intent to sell the security or (ii) the inability or lack of intent to retain the security for a period of time sufficient to recover the amortized cost.

At December 31, 2024, the loan-backed securities for which the Company recognized an OTTI loss during the year ended December 31, 2024, measured as the difference between amortized cost and estimated present value of projected future cash flows to be collected, were as follows (in whole dollars):

CUSIP Book/Adjusted
Carrying Value
Amortized Cost
Before Current
Period OTTI		 Present Value
of Projected
Cash Flows		 Recognized
OTTI		 Amortized Cost
after OTTI		 Estimated Fair
Value at Time of
OTTI		 

Date of Financial
Statement Where
Reported		 
12591KAH8$3,156,077$1,791,950$1,364,127$1,791,950$1,792,2273/31/2024
362256AC3$1,104,260$1,087,42616,834$1,087,426$1,060,4773/31/2024
12591KAH8$1,791,950$1,547,453244,497$1,547,453$1,547,9816/30/2024
61751JAK7$959,236$907,38551,851$907,385$873,0676/30/2024
362256AC3$1,066,596$1,047,20319,393$1,047,203$1,037,1939/30/2024
Total$1,696,702

Evaluating Temporarily Impaired Bonds for OTTI

As more fully described in Note 1, the Company performs a regular evaluation, on a security-by-security basis, of its securities holdings in accordance with its OTTI policy in order to evaluate whether such investments are other than temporarily impaired. These securities were included in the Company's OTTI review process. With respect to loan-backed securities in the bond portfolio, the Company performs scenario analyses. The scenarios attempt to project future delinquencies and principal losses. Based upon the Company's current evaluation of its securities in an unrealized loss position in accordance with its impairment policy, and the Company's current intentions and assessments (as applicable to the type of security) about holding, selling and any requirements to sell these securities, the Company concluded that these securities were not other than temporarily impaired. Future impairments will depend primarily on economic fundamentals, issuer performance (including changes in


20

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

estimated present value of projected future cash flows to be collected) and changes in credit ratings, collateral valuations, interest rates and credit spreads. If economic fundamentals deteriorate or if there are adverse changes in the above factors, additional impairments may be incurred in upcoming periods.

Gross unrealized losses on bonds increased $9 million during the year ended December 31, 2024 to $111 million from $102 million at December 31, 2023. The increase in gross unrealized losses for the year ended December 31, 2024 was primarily attributable to increasing interest rates.

Mortgage Loans

Mortgage Loans by Portfolio Segment

Mortgage loans are summarized as follows at December 31, (dollars in millions):

  2024 2023 
AmountPercentAmountPercent
Agricultural$2888%$3088%
Commercial412412
Total mortgage loans, net$32100%$34100%

The Company had mortgage loan participations of $4 million at both December 31, 2024 and 2023.

Valuation Allowance by Portfolio Segment

At both December 31, 2024 and 2023, there were no valuation allowances on mortgage loans.

Geographic Diversification, Loan Origination and Interest Rate Changes

Mortgage loans are collateralized by real estate located in the United States and are diversified by geographic region. States where the associated real estate was located that were 5% or more of the Company's total mortgage loans at December 31, 2024 were as follows:

State Percent of Total
Mortgage Loans		 
California32%
Florida27
Missouri16
Illinois12
Total87%

Generally, the Company, as the lender, only loans up to 75% of the purchase price of the underlying real estate. From time to time, the Company may originate loans in excess of 75% of the purchase price of the underlying real estate, if underwriting risk is sufficiently within the Company's standards. The maximum percentage of any one loan to the value of the underlying real estate at the time of the origination and originated during the year ended December 31, 2024 was 49%. The Company did not originate any mortgage loans during the year ended December 31, 2023.

The Company did not reduce interest rates on mortgage loans during the years ended December 31, 2024 and 2023.

Credit Quality of Agricultural Mortgage Loans

Information about the credit quality of agricultural mortgage loans is presented below at December 31, (dollars in millions):

  2024 2023 
Loan-to-value ratios:Recorded
Investment		% of TotalRecorded
Investment		% of Total
Less than 65%$28100%$30100%


21

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

Credit Quality of Commercial Mortgage Loans

Information about the credit quality of commercial mortgage loans is presented below at December 31, (dollars in millions):

  2024 
Recorded
Investment
Loan-to-value ratios:Debt-Service
Coverage
Ratio >1.20x		% of Total
Less than 65%$254%
65% to 75%——
76% to 80%112
Greater than 80%134
Total$4100%
2023
Recorded
Investment
Loan-to-value ratios:Debt-Service
Coverage
Ratio >1.20x		% of Total
Less than 65%$255%
65% to 75%133
76% to 80%——
Greater than 80%112
Total$4100%

Age Analysis and Nonaccrual Status of Mortgage Loans

The Company has a high quality, well performing, mortgage loan portfolio, with all mortgage loans classified as current at both December 31, 2024 and 2023. The Company defines delinquent mortgage loans, consistent with industry practice, when mortgage loans are past due as follows: commercial mortgage loans — 60 days and agricultural mortgage loans — 90 days. The Company had no mortgage loans past due and no mortgage loans in nonaccrual status at either December 31, 2024 or 2023.

Impaired Mortgage Loans

The Company had no impaired mortgage loans at either December 31, 2024 or 2023.

Mortgage Loans Modified in a Troubled Debt Restructuring

The Company had no mortgage loans modified in a troubled debt restructuring during the years ended December 31, 2024, or 2023.

Concentrations of Credit Risk

The following table presents the book/adjusted carrying value of investments in any counterparty that were greater than 10% of surplus at December 31, (in millions):

  2024 2023 
U.S government and agency securities$204$97
New York state and political subdivision bonds—17
California state and political subdivision bonds—17
Kite Reality Trust Group—15
Total$204$146


22

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

Restricted Assets

The table below provides a summary of restricted assets, all of which are included in the General Account, at book/adjusted carrying value at December 31, (dollars in millions):

  2024 2023 
Total
Pledged &
Restricted
Assets		% of
Total
Assets		% of Total
Admitted
Assets		Total
Pledged &
Restricted
Assets		% of
Total
Assets		% of Total
Admitted
Assets
State deposits$30.0%0.0%$30.0%0.0%

Derivatives

Types of Derivatives

The table below provides a summary of the notional amount, book/adjusted carrying value, estimated fair value and primary underlying risk exposure by type of derivative held at December 31, (in millions):

    2024 2023 
Primary
Underlying
Risk
Exposure		Instrument TypeNotional
Amount		Book/
Adjusted
Carrying
Value		Estimated
Fair
Value		Notional
Amount		Book/
Adjusted
Carrying
Value		Estimated
Fair
Value
Foreign currency
exchange rate		Foreign currency swaps$56$13$12$56$11$10

Foreign Currency Exchange Rate Derivatives

The Company uses foreign currency swaps to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets denominated in foreign currencies.

In a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a fixed exchange rate, generally set at inception, calculated by reference to an agreed upon notional amount. The notional amount of each currency is exchanged at the inception and termination of the currency swap by each party.

Hedging

Cash Flow Hedges

The Company designates and accounts for foreign currency swaps to hedge the foreign currency cash flow exposure of foreign currency denominated assets as cash flow hedges when they have met the effectiveness requirements of SSAP 86.

All components of each derivative's gain or loss were included in the assessment of hedge effectiveness.

For the years ended December 31, 2024, 2023, and 2022, there were no gains (losses) related to cash flow derivatives that no longer qualify for hedge accounting or for which the Company removed the hedge designation.

In certain instances, the Company may discontinue cash flow hedge accounting because it is no longer probable that the original forecasted transactions will occur by the end of the originally specified time period or within two months of the anticipated date. For the years ended December 31, 2024, 2023, and 2022, there were no gains (losses) related to such discontinued cash flow hedges.

There were no hedged forecasted transactions, other than the receipt or payment of variable interest payments, for the years ended December 31, 2024, 2023, and 2022.

Non-qualifying Derivatives

The Company enters into the following derivatives that do not qualify for hedge accounting under SSAP 86: foreign currency swaps to economically hedge its exposure to adverse movements in exchange rates.

Derivatives for Other than Hedging Purposes

The Company enters into credit default swaps used in RSATs for other than hedging purposes under SSAP 86.


23

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

The Company did not hold derivatives for other than hedging purposes at December 31, 2024 or 2023.

The Company had no net realized gains (losses) on the derivatives for other than hedging purposes, for the years ended December 31, 2024, 2023, and 2022.

Off-Balance Sheet Risk and Credit Risk

The table below summarizes the notional amount of the Company's financial instruments (derivatives that are designated as effective hedging instruments and derivatives used in replications) with off-balance sheet credit risk at December 31, (in millions):

  Asset 
20242023
Foreign currency swaps$8$18

The Company may be exposed to credit-related losses in the event of nonperformance by counterparties to derivatives. Generally, the current credit exposure of the Company's derivatives is limited to the net positive estimated fair value of derivatives at the reporting date after taking into consideration the existence of master netting or similar agreements and any collateral received pursuant to such agreements.

The Company manages its credit risk related to derivatives by entering into transactions with creditworthy counterparties and establishing and monitoring exposure limits. The Company's OTC- bilateral derivative transactions are governed by ISDA Master Agreements which provide for legally enforceable set-off and close-out netting of exposures to specific counterparties in the event of early termination of a transaction, which includes, but is not limited to, events of default and bankruptcy. In the event of an early termination, the Company is permitted to set-off receivables from the counterparty against payables to the same counterparty arising out of all included transactions. All of the Company's ISDA Master Agreements also include Credit Support Annex provisions which may require both the pledging and accepting of collateral in connection with its OTC-bilateral derivatives.

The Company's OTC-cleared derivatives are effected through central clearing counterparties. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by clearing brokers or central clearing counterparties to such derivatives.

Off-balance sheet credit exposure is the excess of positive estimated fair value over positive book/ adjusted carrying value for the Company's highly effective hedges and derivatives used in replications at the reporting date. All collateral received from counterparties to mitigate credit-related losses is deemed worthless for the purpose of calculating the Company's off-balance sheet credit exposure. The off-balance sheet credit exposure of the Company's swaps was less than $1 million for each of the years ended December 31, 2024 and 2023.

The estimated fair value of collateral consisting of various securities received by the Company on its OTC-bilateral derivatives as variation margin was $1 million and $0 at December 31, 2024 and 2023, respectively.

The Company enters into various collateral arrangements, which may require both the pledging and accepting of collateral in connection with its derivatives. The Company did not pledge any collateral in connection with its OTC derivatives at December 31, 2024 and 2023.

The table below summarizes the collateral received by the Company in connection with its OTC derivatives as of December 31, (in millions):

  Cash (1) Securities (2) Total 
202420232024202320242023
Variation Margin:
OTC-bilateral$11$11$1$—$12$11

(1)  Cash collateral received is reported in cash, cash equivalents and short-term investments and the obligation to return the collateral is reported in aggregate write-ins for liabilities as cash collateral received on derivatives.

(2)  Securities collateral received is held in separate custodial accounts and is not reflected in the financial statements.


24

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

The Company's collateral arrangements for its OTC-bilateral derivatives generally require the counterparty in a net liability position, after considering the effect of netting agreements, to pledge collateral when the amount owed by that party reaches a minimum transfer amount. Certain of these arrangements also include credit-contingent provisions that include a threshold above which collateral must be posted. Such agreements provide for a reduction of these thresholds (on a sliding scale that converges toward zero) in the event of downgrades in the credit ratings of the Company or the counterparty. In addition, the Company's netting agreements for derivatives contain provisions that require both the Company and the counterparty to maintain a specific investment grade credit rating from each of Moody's and S&P. If a party's credit ratings were to fall below that specific investment grade credit rating, that party would be in violation of these provisions, and the other party to the derivatives could terminate the transactions and demand immediate settlement and payment based on such party's reasonable valuation of the derivatives.

Net Investment Income

The components of net investment income for the years ended December 31, were as follows (in millions):

  2024 2023 2022 
Bonds$32$35$36
Mortgage loans122
Cash, cash equivalents and short-term investments641
Contract loans222222
Derivatives111
Other1—2
Gross investment income636464
Less: investment expenses332
Net investment income, before IMR amortization606162
IMR amortization—11
Net investment income$60$62$63

Net Realized Capital Gains (Losses), Net of Federal Income Tax and Interest Maintenance Reserve Transfer

Net realized capital gains (losses) on investments and derivatives for the years ended December 31, were as follows (in millions):

  2024 2023 2022 
Bonds$(4)$(11)$(5)
Derivatives—1—
Net realized capital gains (losses), before Federal income tax(4)(10)(5)
Less: Federal income tax expense (benefit)—(2)—
Net realized capital gains (losses), before IMR transfer(4)(8)(5)
IMR transfer, net of Federal income tax expense (benefit) of
less than $1 million, $2 million, and $1 million,
respectively		(2)(9)(4)
Net realized capital gains (losses), net of Federal income tax
and IMR transfer		$(2)$1$(1)


25

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

Proceeds from Sales and Disposals and Realized Capital Gains (Losses) on Bonds

Proceeds from sales or disposals of bonds, the related gross realized capital gains (losses) on bonds, which are generally determined on a specific identification basis, and the related foreign exchange capital gains (losses) on bonds were as follows for the years ended December 31, (in millions):

  2024 2023 2022 
Proceeds from sales and disposals$63$94$89
Gross realized capital gains on sales$—$—$—
Gross realized capital losses on sales$(2)$(11)$(4)
Foreign exchange capital losses on sales$—$—$—
OTTI losses — bonds$(2)$—$(1)

Prepayment Penalty and Acceleration Fees

The Company had securities sold, redeemed or otherwise disposed of as a result of a callable feature. The number of securities sold, disposed or otherwise redeemed and the aggregate amount of investment income generated as a result of a prepayment penalty and/or acceleration fee were as follows for the years ended December 31, (in millions, except number of securities):

  2024 2023 2022 
Number of CUSIPs3—7
Aggregate Amount of Investment Income (1)$—$—$—

(1)  Aggregate Amount of Investment Income for the year ended December 31, 2024, December 31, 2023 and December 31, 2022 was less than $1 million, $0, and less than $1 million, respectively.

Interest Income Due and Accrued

The gross, nonadmitted amounts for interest income due and accrued as of December 31, 2024 were as follows (in millions):

Interest Income Due and Accrued:

1 Gross $13  
2 Nonadmitted—
3 Admitted$13

As of December 31, 2024, the Company had aggregate deferred interest of $0.

As of December 31, 2024, the Company had cumulative amounts of paid-in-kind ("PIK") interest included in the current principal balance of $0.

Note 4 — Related Party Information

Service Agreements

The Company is a party to service agreements with its affiliates, including, but not limited to, Brighthouse Services, LLC ("Brighthouse Services"), that provide for a broad range of services to be rendered and facilities and equipment to be provided. Services, facilities and equipment are requested by the recipient as deemed necessary for its operations. These agreements involve cost allocation arrangements, under which the recipient pays the provider for all expenses, direct and indirect, reasonably and equitably determined to be attributable to the services, facilities and equipment provided. There are also a number of other service arrangements with affiliates pursuant to which the provider, at the request of the recipient, renders specified services for a stated fee. Income and expenses under these agreements are reflected in other income (loss) and insurance expenses and taxes (other than Federal income and capital gains taxes), respectively, on the Statutory Statements of Operations and Changes in Capital and Surplus.


26

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

Reinsurance Agreements

The Company has reinsurance agreements with Brighthouse Life Insurance Company ("Brighthouse Insurance") and Brighthouse Reinsurance Company of Delaware ("BRCD"), both of which are related parties.

Information regarding the significant effects of ceded related party reinsurance included in the Statutory Statements of Operations and Changes in Capital and Surplus was as follows for the years ended December 31, (in millions):

  2024 2023 2022 
Premiums and annuity considerations$(10)$(11)$(12)
Reserve adjustments on reinsurance ceded$(435)$(301)$(317)
Benefits payments$(448)$(341)$(329)
Changes to reserves, deposit funds and
other policy liabilities		$105$(170)$(130)

Information regarding the significant effects of ceded related party reinsurance included in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus was as follows at December 31, (in millions):

  2024 2023 
Reserves for life and health insurance, annuities and
deposit-type contracts		$(572)$(676)
Funds held under reinsurance treaties$24$27

The Company ceded a block of business to BRCD, on a 90% coinsurance with funds withheld basis. This agreement covers certain term policies issued by the Company in 2007 and 2008. Ceded aggregate reserves related to this business were $48 million and $55 million at December 31, 2024 and 2023, respectively; the Company recorded a funds withheld liability of $24 million and $27 million at December 31, 2024 and 2023, respectively; ceded premiums related to this business were $1 million for both years ended December 31, 2024 and 2023, and $2 million for the year ended December 31, 2022, and pre-tax income (loss) was ($8) million for the year ended December 31, 2024, ($4) million for the year ended December 31, 2023, and ($3) million for the year ended December 31, 2022.

The Company ceded certain variable annuities, including guaranteed minimum benefits, to Brighthouse Insurance. Financial impacts recorded by the Company for this business were aggregate ceded reserves of $351 million and $413 million at December 31, 2024 and 2023, respectively; ceded premiums of $3 million, $2 million, and $6 million for the years ended December 31, 2024, 2023, and 2022, respectively; ceded reserve adjustments on reinsurance of $435 million, $301 million, and $317 million for the years ended December 31, 2024, 2023, and 2022, respectively; and ceded benefits of $435 million, $318 million, and $314 million for the years ended December 31, 2024, 2023, and 2022, respectively.

The Company ceded 100% of its share of the liabilities for certain guaranteed benefits riders to Brighthouse Insurance. The Company's aggregate ceded reserves related to this business were $172 million and $208 million at December 31, 2024 and 2023, respectively; and ceded premiums were $6 million, $7 million, and $7 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Investments

The Company did not report any investments in an insurance subsidiary, controlled and affiliated ("SCA"), for which the statutory capital and surplus reflects a departure from the NAIC statutory accounting practices and procedures during the year ended December 31, 2024.

Other

The Company has entered into a Limited Liability Company Agreement (the "Agreement") with Brighthouse Investments Advisers, LLC and several other affiliates that are also members of Brighthouse Advisers. Among other things, the Agreement sets forth provisions for the allocation of income and losses to the members of Brighthouse Advisers, including the Company.

The Company has receivables and payables with affiliates for services necessary to conduct its business. Amounts admitted are expected to be settled within 90 days. Receivables from affiliates, included in other assets, totaled $3 million at both December 31, 2024 and 2023. Payables to affiliates, included in other liabilities, totaled $6 million and $3 million at December 31, 2024 and 2023, respectively.


27

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

Note 5 — Premium and Annuity Considerations Deferred and Uncollected

Premium and annuity considerations deferred and uncollected at December 31, were as follows (in millions):

  2024 2023 
TypeGrossNet of LoadingGrossNet of Loading
Ordinary renewal$16$12$11$8

Note 6 — Reinsurance and Other Insurance Transactions

The Company enters into reinsurance agreements primarily as a purchaser of reinsurance for its various insurance products. The Company participates in reinsurance activities in order to limit losses and minimize exposure to significant risks.

For its individual life insurance products, the Company has historically reinsured the mortality risk primarily on an excess of retention basis or on a quota share basis. Placement of reinsurance is done primarily on an automatic basis and also on a facultative basis for risks with specified characteristics. On a case by case basis, the Company may retain up to $5 million per life and reinsure 100% of amounts in excess of the amount the Company retains. The Company also reinsures portions of certain level premium term life policies to BRCD. The Company evaluates its reinsurance programs routinely and may increase or decrease its retention at any time.

For its individual annuity business, the Company reinsures to Brighthouse Insurance, 100% of certain variable annuity risks or 100% of the living and death benefit guarantees issued in connection with certain variable annuities. Under the benefit guarantee reinsurance agreements, the Company pays a reinsurance premium generally based on fees associated with the guarantees collected from policyholders and receives reimbursement for benefits paid or accrued in excess of account values, subject to certain limitations.

The Company has exposure to catastrophes, which could contribute to significant fluctuations in the Company's results of operations. The Company uses excess of retention and quota share reinsurance agreements to provide greater diversification of risk and minimize exposure to larger risks.

The Company reinsures its business through a diversified group of highly rated reinsurers. The Company analyzes recent trends in arbitration and litigation outcomes in disputes, if any, with its reinsurers and monitors ratings and the financial strength of its reinsurers. In addition, the reinsurance recoverable balance due from each reinsurer and the recoverability of such balance is evaluated as part of this overall monitoring process. The Company generally secures large reinsurance recoverable balances with various forms of collateral, including secured trusts, and funds withheld accounts. No single unrelated reinsurer has a material obligation to the Company nor is the Company's business substantially dependent upon any reinsurance agreement. The Company is contingently liable with respect to ceded reinsurance should any reinsurer be unable to meet its obligations under these agreements.

The financial statements include the impact of reinsurance. Information regarding the significant effects of related and unrelated reinsurance included in the Statutory Statements of Operations and Changes in Capital and Surplus was as follows for the years ended December 31, (in millions):

  2024 2023 2022 
Premiums and annuity considerations$(38)$(49)$(49)
Reserve adjustments on reinsurance ceded$(435)$(301)$(317)
Benefits payments$(480)$(380)$(388)
Changes to reserves, deposit funds and other policy liabilities$131$(143)$(106)

Information regarding the significant effects of related and unrelated reinsurance included in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus was as follows at December 31, (in millions):

  2024 2023 
Reserves for life and health insurance, annuities and deposit-type contracts:$(795)$(936)
Funds held under reinsurance treaties:$55$65

The Company has ceded reinsurance to related and unrelated companies that are unauthorized, or not accredited to write reinsurance agreements in the domiciliary state of the Company. The unauthorized reinsurance liability is calculated to record a liability for reserve credits taken that are not fully collateralized by each unauthorized reinsurance company. The unauthorized companies provide collateral to the Company to support the ceded liabilities. The collateral provided includes trust agreements


28

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

and funds held under reinsurance treaties. There was no unauthorized liability balance for the Company at both December 31, 2024, and 2023. Assets held in trust for reinsurance agreements totaled $38 million and $37 million at December 31, 2024, and 2023, respectively. Funds held under reinsurance treaties totaled $24 million and $27 million at December 31, 2024, and 2023, respectively.

Deferred Gains on Reinsurance Agreements

The Company has entered into reinsurance agreements to cede in-force business to reinsurers. These agreements may result in deferred gains on reinsurance, net of income tax, which is recorded in unassigned surplus (deficit). The change in deferred gains on reinsurance is recognized as an adjustment to surplus and is reflected in change in surplus as a result of reinsurance. The rollforward of deferred gains on reinsurance agreements is as follows at December 31, (in millions):

  2024 2023 
Balance at beginning of year$71$74
Amortization of deferred gains on affiliated reinsurance (1)(3)(3)
Balance at end of year$68$71

(1)  See Note 4 — Related Party Information — "Reinsurance Agreements" for additional information.

Note 7 — Reserves for Life Contracts and Deposit-Type Contracts

The Company waives deduction of deferred fractional premiums upon death of the insured and returns any portion of the final premium beyond the date of death. Reserves amounting to less than $1 million at both December 31, 2024 and 2023, are held for surrender values in excess of the legally computed reserves.

The method employed in the valuation of substandard policies is identical to the method employed in the valuation of standard policies; a mean reserve method is used, but for substandard policies, the mean reserves are based on appropriate multiples of standard rates of mortality.

At December 31, 2024 and 2023, the Company had $446 million and $65 million, respectively, of insurance in force for which the gross premiums are less than the net premiums according to the standard valuation set by the Division. Direct reserves to cover the above insurance totaled $1 million and less than $1 million at December 31, 2024 and 2023, respectively.

The tabular interest has been determined by formula as described in the NAIC instructions for all traditional product types. For universal life, variable universal life, and flexible premium annuity products, accrued interest credited to the fund balances was used in the calculations of tabular interest.

For the determination of tabular interest on funds not involving life contingencies for each valuation rate of interest, the tabular interest is calculated as one hundredth of the product of such valuation rate of interest times the mean of the amount of funds subject to such valuation rate of interest held at the beginning and end of the valuation period.

The general nature of other reserve changes are items that include reserves established as a result of asset adequacy analysis, reserves for secondary guarantees on universal life policies and General Account reserves held for variable annuity guaranteed minimum death benefits and for variable annuity guaranteed living benefits.


29

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

The details for other changes at December 31, 2024 are as follows (in millions):

    Ordinary 
ItemTotalLife InsuranceIndividual
Annuities
AG43 standard scenario excess$—$—$—
Increase in Miscellaneous Annuity Reserves———
Increase in VM-21 Stochastic Reserve(89)—(89)
For excess of valuation net premiums over corresponding
gross premiums		11—
For surrender values in excess otherwise required and
carried in this schedule		———
Guaranteed minimum death benefits(3)(3)—
Reinsurance ceded89—89
Total$(2)$(2)$—

Note 8 — Participating Business

Direct premiums on participating policies in the amount of $10 million, $10 million, and $11 million represented approximately 9%, 8%, and 8% of the Company's direct premiums for the years ended December 31, 2024, 2023, and 2022, respectively.

The amount of incurred policyholder dividends in 2024, 2023, and 2022 as reported in dividends to policyholders, was $2 million, $3 million, and $2 million, respectively. This is equal to the sum of the dividends paid during the year, the change in the amount of dividends due and unpaid, and the change in provision for dividends payable in the following year.

Note 9 — Accident and Health ("A&H") Policy and Claim Liabilities

A&H claim reserves represent the estimated value of the future payments for benefits (losses) and loss adjustment expenses for all incurred claims, whether reported or not. Where applicable, the reserves are adjusted for contingencies and discounted with interest.

The Company anticipates investment income as a factor in the premium deficiency calculation, in accordance with SSAP No. 54, Individual and Group Accident and Health Contracts.

Claim reserves for individual disability policies are discounted using either the 1985 Commissioners Individual Disability Table A (85CIDA) or the 2013 Individual Disability Income Valuation Table (2013 IDIVT). Valuation interest rates depend on the year of disablement. Valuation interest rates range from 3.50% to 6.33% and 3.00% to 3.50% for 85CIDA and 2013 IDIVT, respectively.

Claim reserves for products with short-term liabilities (i.e., dental, short-term disability, accidental death and dismemberment and similar products) are set using current claim completion factors, loss ratio factors and include a provision for uncertainty.

All claim reserves include an expense load to cover future loss adjustment expenses.


30

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

Activity for the years ended December 31, in the liability for unpaid accident and health and disability policy and contract claims, included in reserves for life and health insurance and annuities and other policy liabilities, is summarized as follows (in millions):

  2024 2023 
Balance at January 1$4$4
Incurred related to:
Current year—1
Prior years——
Total incurred—1
Paid related to:
Current year——
Prior years(1)(1)
Total paid(1)(1)
Balance at December 31$3$4

As a result of changes in estimates of insured events in prior years, the provision for claims decreased by less than $1 million in both 2024 and 2023. The changes in 2024 and 2023, respectively, were generally the result of ongoing analysis of recent loss development trends. Original estimates are increased or decreased as additional information becomes known regarding individual claims.

Note 10 — Analysis of Actuarial Reserves and Deposit Liabilities by Withdrawal Characteristics

Annuities

Withdrawal characteristics of annuity actuarial reserves, deposit-type contracts and other liabilities without life or disability contingencies at December 31, were as follows (dollars in millions):

Individual Annuities: 2024 
General
Account		Separate
Account
Nonguaranteed		TotalPercent of
Total
Subject to discretionary withdrawal:
At book value less current surrender
charge of 5% or more		$—$—$——%
At fair value—2,6652,66590.9
Total with market value adjustment
or at fair value		—2,6652,66590.9
At book value without adjustment165—1655.6
Not subject to discretionary withdrawal:86171033.5
Total (gross)2512,6822,933100.0%
Reinsurance ceded(141)—(141)
Total (net)$110$2,682$2,792


31

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

  2023 
General
Account		Separate
Account
Nonguaranteed		TotalPercent of
Total
Subject to discretionary withdrawal:
At book value less current surrender
charge of 5% or more		$2$—$20.1%
At fair value—2,9002,90090.8
Total with market value adjustment
or at fair value		22,9002,90290.9
At book value without adjustment194—1946.1
Not subject to discretionary withdrawal:7817953.0
Total (gross)2742,9173,191100.0%
Reinsurance ceded(151)—(151)
Total (net)$123$2,917$3,040

Withdrawal characteristics of group annuity actuarial reserves at both December 31, 2024 and 2023 were less than $1 million.

Deposit-Type Contracts: 2024 
General
Account		Separate
Account
Nonguaranteed 		TotalPercent of
Total
Subject to discretionary withdrawal:
At book value less current surrender
charge of 5% or more		$—$—$——%
At fair value————
Total with market value adjustment
or at fair value		————
At book value without adjustment90—9089.6
Not subject to discretionary withdrawal:921110.4
Total (gross)992101100.0%
Reinsurance ceded(90)—(90)
Total (net)$9$2$11


32

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

  2023 
General
Account		Separate
Account
Nonguaranteed		TotalPercent of
Total
Subject to discretionary withdrawal:
At book value less current surrender
charge of 5% or more		$—$—$——%
At fair value————
Total with market value adjustment
or at fair value		————
At book value without adjustment100—10090.0
Not subject to discretionary withdrawal:911010.0
Total (gross)1091110100.0%
Reinsurance ceded(99)—(99)
Total (net)$10$1$11

Annuity actuarial reserves, deposit-type contract funds and other liabilities without life or disability contingencies at December 31, were as follows (in millions):

  2024 2023 
General Account:
Annuities (excluding supplementary contracts
with life contingencies)		$69$84
Supplementary contracts with life contingencies4139
Deposit-type contracts910
Subtotal119133
Separate Account:
Annuities (excluding supplementary contracts)2,6652,900
Supplementary contracts with life contingencies1717
Other contract deposit funds21
Total$2,803$3,051


33

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

Life

Withdrawal characteristics of life actuarial reserves were as follows at December 31, were as follows (dollars in millions):

  2024 
General AccountSeparate Account — Nonguaranteed
Account
Value		Cash ValueReserveAccount
Value		Cash ValueReserve
Subject to discretionary withdrawal:
Term policies with cash value$—$—$—$—$—$—
Universal life171818———
Universal life with secondary
guarantees		——————
Indexed universal life——————
Indexed universal life with secondary
guarantees		——————
Indexed life——————
Other permanent cash value life221221240———
Variable life——————
Variable universal life5455455893,9433,9433,943
Miscellaneous reserves——————
Not subject to discretionary
withdrawal:
Term policies without cash valueXXXXXX159XXXXXX—
Accidental death benefitsXXXXXX—XXXXXX—
Disability — active livesXXXXXX1XXXXXX—
Disability — disabled livesXXXXXX5XXXXXX—
Miscellaneous reservesXXXXXX37XXXXXX—
Total (gross: direct + assumed)7837841,0493,9433,9433,943
Reinsurance ceded——165———
Total (Net)$783$784$884$3,943$3,943$3,943
2023
General AccountSeparate Account — Nonguaranteed
Account
Value		Cash ValueReserve Account
Value		Cash ValueReserve
Subject to discretionary withdrawal:
Term policies with cash value$—$—$—$—$—$—
Universal life181919———
Universal life with secondary
guarantees		——————
Indexed universal life——————
Indexed universal life with secondary
guarantees		——————
Indexed life——————
Other permanent cash value life226226245———
Variable life——————
Variable universal life5525525953,6583,6473,658
Miscellaneous reserves——————
Not subject to discretionary
withdrawal:
Term policies without cash valueXXXXXX195XXXXXX—
Accidental death benefitsXXXXXX—XXXXXX—
Disability — active livesXXXXXX2XXXXXX—
Disability — disabled livesXXXXXX5XXXXXX—
Miscellaneous reservesXXXXXX39XXXXXX—
Total (gross: direct + assumed)7967971,1003,6583,6473,658
Reinsurance ceded——197———
Total (Net)$796$797$903$3,658$3,647$3,658


34

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

Life actuarial reserves at December 31, were as follows (in millions):

  2024 2023 
General Account:
Life insurance$841$857
Accidental death benefits——
Active lives12
Disability — disabled lives55
Miscellaneous reserves3739
Subtotal884903
Separate Account:
Life insurance3,9433,658
Accident and health contracts——
Miscellaneous reserves——
Total$4,827$4,561

Note 11 — Separate Accounts

The Company utilizes Separate Accounts to support and record segregated assets and liabilities related to ordinary life insurance, ordinary individual annuity and supplemental contracts, group life insurance and group annuity products. Separate Account assets and liabilities represent segregated funds which are administered for pensions and other clients. At December 31, 2024 and 2023, the Company's Separate Account assets that are legally insulated from the General Account claims were $6,631 million and $6,581 million, respectively. The assets consist of common stocks (mutual and hedge funds). The liabilities consist of reserves established to meet withdrawal and future benefit payment contractual provisions. Investment risks associated with market value changes are generally borne by the policyholders, except to the extent of the minimum guarantees made by the Company with respect to certain accounts. The assets of these accounts are carried at estimated fair value.

  Nonguaranteed Separate Accounts (in millions) 
202420232022
Premiums, considerations or deposits$78$85$93
Reserves at December 31
For accounts with assets at:
Fair value$6,627$6,577$6,079
By withdrawal characteristics:
At fair value$6,608$6,559$6,064
Not subject to discretionary withdrawal191815
Total reserves$6,627$6,577$6,079

Reconciliation of net transfers to/from Separate Accounts of the Company for the years ended December 31, were as follows (in millions):

  2024 2023 2022 
Transfers to Separate Accounts$78$85$93
Transfers from Separate Accounts(837)(615)(622)
Net transfers to (from) Separate Accounts(759)(530)(529)
Reconciling difference———
Transfers as reported in the statements of operations of
the General Account		$(759)$(530)$(529)


35

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

Note 12 — Federal Income Tax

The Company's Federal income tax return is consolidated with the following entities:

Brighthouse Financial Inc
Brighthouse Holdings LLC
Brighthouse Securities LLC
Brighthouse Services LLC
Brighthouse Assignment Company
Brighthouse Life Insurance Company
Brighthouse Life Insurance Company of NY
Brighthouse Reinsurance Company of Delaware

Federal income tax expense has been calculated in accordance with the provisions of the Code.

The components of net DTA and DTL consisted of the following, at December 31, (in millions):

  2024 2023 
OrdinaryCapitalTotalOrdinaryCapitalTotal
Gross DTA$53$4$57$57$3$60
Less: Statutory valuation allowance
adjustments		——————
Adjusted gross DTA5345757360
Less: DTA nonadmitted3043431334
Subtotal net admitted DTA23—2326—26
Less: DTL7—78—8
Net admitted DTA/(Net DTL)$16$—$16$18$—$18
  Change 
OrdinaryCapitalTotal
Gross DTA$(4)$1$(3)
Less: Statutory valuation allowance
adjustments		———
Adjusted gross DTA(4)1(3)
Less: DTA nonadmitted(1)1—
Subtotal net admitted DTA(3)—(3)
Less: DTL(1)—(1)
Net admitted DTA/(Net DTL)$(2)$—$(2)


36

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

The amount of each result or component of the calculation for SSAP No. 101 — Income Taxes, ("SSAP 101") at December 31, (in millions):

  2024 2023 
OrdinaryCapitalTotalOrdinaryCapitalTotal
Federal income taxes paid in prior years recoverable
through loss carrybacks		$—$—$—$—$—$—
Adjusted gross DTA expected to be realized
(excluding the amount of DTA from above)
after application of the threshold limitation (the
lesser of 1 and 2 below)		16—1618—18
1. Adjusted gross DTA expected to be realized
following the balance sheet date		16—1618—18
2. Adjusted gross DTA allowed per limitation
threshold		XXXXXX28XXXXXX18
Adjusted gross DTA (excluding the amount of DTA
from above) offset by gross DTL		7—78—8
DTA admitted as the result of application of
SSAP 101 total		$23$—$23$26$—$26
  Change 
OrdinaryCapitalTotal
Federal income taxes paid in prior years recoverable through loss carrybacks$—$—$—
Adjusted gross DTA expected to be realized (excluding the amount of DTA from above) after
application of the threshold limitation (the lesser of 1 and 2 below)		(2)—(2)
1. Adjusted gross DTA expected to be realized following the balance sheet date(2)—(2)
2. Adjusted gross DTA allowed per limitation thresholdXXXXXX10
Adjusted gross DTA (excluding the amount of DTA from above) offset by gross DTL(1)—(1)
DTA admitted as the result of application of SSAP 101 total$(3)$—$(3)


37

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

  December 31, 2024 December 31, 2023 
RBC percentage used to determine recovery period and threshold limitation amount1748%1077%
Amount of total adjusted capital used to determine recovery period and threshold limitation$200$135

Management believes the Company will be able to utilize the DTA in the future without any tax planning strategies.

The Company's tax planning strategies do not include the use of reinsurance.

All DTL were recognized as of December 31, 2024 and 2023.

Current income tax incurred (benefit) for the years ended December 31, consisted of the following major components (in millions):

  2024 2023 2022 
1. Current Income Tax
(a) Federal$4$7$4
(b) Foreign———
(c) Subtotal (1a+1b)474
(d) Federal income tax on net capital gains—(2)—
(e) Utilization of capital loss carry-forwards———
(f) Other———
(g) Federal and foreign income taxes incurred (1c+1d+1e+1f)$4$5$4


38

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

The changes in the main components of deferred income tax amounts were as follows (in millions):

  2024 2023 Change 
2. Deferred Tax Assets
(a) Ordinary:
(1) Discounting of unpaid losses$—$—$—
(2) Unearned premium reserve———
(3) Policyholder reserves78(1)
(4) Investments———
(5) Deferred acquisition costs—1(1)
(6) Policyholder dividends accrual———
(7) Fixed assets———
(8) Compensation and benefits accrual2829(1)
(9) Pension accrual———
(10) Receivables — nonadmitted———
(11) Net operating loss carryforward———
(12) Tax credit carryforwards22—
(13) Other1617(1)
(99) Subtotal (sum of 2a1 through 2a13)5357(4)
(b) Statutory valuation allowance adjustment———
(c) Nonadmitted3031(1)
(d) Admitted ordinary DTA (2a99-2b-2c)2326(3)
(e) Capital:
(1) Investments431
(2) Net capital loss carryforward———
(3) Real estate———
(4) Other———
(99) Subtotal (2e1+2e2+2e3+2e4)431
(f) Statutory valuation allowance adjustment———
(g) Nonadmitted431
(h) Admitted capital DTA (2e99-2f-2g)———
(i) Admitted DTA (2d+2h)$23$26$(3)
3. Deferred Tax Liabilities
(a) Ordinary:
(1) Investments$3$2$1
(2) Fixed assets———
(3) Deferred and uncollected premiums22—
(4) Policyholder reserves13(2)
(5) Other11—
(99) Subtotal (3a1+3a2+3a3+3a4+3a5)78(1)
(b) Capital:
(1) Investments———
(2) Real estate———
(3) Other———
(99) Subtotal (3b1+3b2+3b3)———
(c) Deferred tax liabilities (3a99+3b99)$7$8$(1)
4. Net deferred tax assets/liabilities (2i-3c)$16$18$(2)
Change in nonadmitted DTA (1)
Tax effect of unrealized gains (losses)—
Additional minimum pension liability1
Change in net DTA$(2)


39

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

  2023 2022 Change 
2. Deferred Tax Assets
(a) Ordinary:
(1) Discounting of unpaid losses$—$—$—
(2) Unearned premium reserve———
(3) Policyholder reserves810(2)
(4) Investments———
(5) Deferred acquisition costs11—
(6) Policyholder dividends accrual———
(7) Fixed assets———
(8) Compensation and benefits accrual2929—
(9) Pension accrual———
(10) Receivables — nonadmitted———
(11) Net operating loss carryforward———
(12) Tax credit carryforwards2—2
(13) Other1717—
(99) Subtotal (sum of 2a1 through 2a13)5757—
(b) Statutory valuation allowance adjustment———
(c) Nonadmitted31301
(d) Admitted ordinary DTA (2a99-2b-2c)2627(1)
(e) Capital:
(1) Investments34(1)
(2) Net capital loss carryforward———
(3) Real estate———
(4) Other———
(99) Subtotal (2e1+2e2+2e3+2e4)34(1)
(f) Statutory valuation allowance adjustment———
(g) Nonadmitted34(1)
(h) Admitted capital DTA (2e99-2f-2g)———
(i) Admitted DTA (2d+2h)$26$27$(1)
3. Deferred Tax Liabilities
(a) Ordinary:
(1) Investments$2$3$(1)
(2) Fixed assets———
(3) Deferred and uncollected premiums211
(4) Policyholder reserves34(1)
(5) Other11—
(99) Subtotal (3a1+3a2+3a3+3a4+3a5)89(1)
(b) Capital:
(1) Investments———
(2) Real estate———
(3) Other———
(99) Subtotal (3b1+3b2+3b3)———
(c) Deferred tax liabilities (3a99+3b99)$8$9$(1)
4. Net deferred tax assets/liabilities (2i-3c)$18$18$—
Change in nonadmitted DTA1
Tax effect of unrealized gains (losses)—
Additional minimum pension liability—
Change in net DTA $1


40

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

The Company had no net operating loss carryforwards or capital loss carryforwards at December 31, 2024.

The Company had tax credit carryforwards of the following at December 31, 2024 (in millions):

Year of Expiration Tax Credit
Carryforwards		 
2033-2034$2
$2

The Company did not have Federal income taxes available at December 31, 2024 for recoupment in the event of future net losses.

The Company had no deposits at December 31, 2024 under Section 6603 of the Code.

The provision for Federal and foreign income taxes incurred is different from that which would be obtained by applying the statutory Federal income tax rate to net gain (loss) from operations after dividends to policyholders and before Federal income tax. The significant items causing the difference for the year ended December 31 were as follows (in millions):

  2024 2023 2022 
Gain (loss) from operations after dividends to policyholders and before
Federal income tax @ 21%		$15$10$19
Net realized capital gains (losses) @ 21%(1)(2)(1)
Tax effect of:
Uncertain Tax Positions——(2)
Prior years adjustments and accruals(2)—(1)
Change in nonadmitted assets—(1)1
Tax credits(3)(1)(2)
Separate Account dividend received deduction(3)(3)(4)
Total statutory income taxes (benefit)$6$3$10
Federal and foreign income taxes incurred (benefit) including tax on realized
capital gains (losses)		$4$4$4
Change in net DTA2(1)6
Total statutory income taxes (benefit)$6$3$10

The Company is subject to examination by the Internal Revenue Service and other tax authorities in jurisdictions in which the Company has significant business operations. The income tax years under examination vary by jurisdiction and subsidiary. The Company is no longer subject to U.S. Federal, state or local income tax examinations for years prior to 2017. Management believes it has established adequate tax liabilities, and final resolution of any audit for the years 2017 and forward is not expected to have a material impact on the Company's statutory financial statements.

At December 31, 2024 and 2023, the Company had a liability for unrecognized tax benefits, computed in accordance with SSAP No. 5R, Liabilities, Contingencies, and Impairments of Assets ("SSAP 5R"), of $0 million and $6 million, respectively. A reconciliation of the amount recorded for unrecognized tax benefits is as follows (in millions):

  2024 2023 
Balance at beginning of year$6$6
Net change for tax positions of current year——
Net change for tax positions of prior years(6)—
Settlements with tax authorities——
Lapses of statutes of limitations——
Balance at end of year$—$6


41

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

The Company's liability for unrecognized tax benefits may increase or decrease in the next 12 months. A reasonable estimate of the increase or decrease cannot be made at this time. However, the Company continues to believe that the ultimate resolution of the pending issues will not result in a material change to its consolidated financial statements.

The Company recorded less than $1 million of interest expense (benefit) (net of Federal tax benefit(cost)) in Federal and foreign income taxes incurred, related to unrecognized tax benefits for the years ended December 31, 2024, and 2023, and 2022, respectively. The Company had less than $1 million accrued for the payment of interest at December 31, 2024 and 2023, respectively.

As of December 31, 2024, the Company is a nonapplicable reporting entity for Corporate Alternative Minimum Tax ("CAMT") purposes.

Note 13 — Capital and Surplus

The portion of unassigned surplus (deficit) reduced by each item below at December 31, was as follows (in millions):

  2024 2023 2022 
Unrealized capital gains (losses)$(10)$(10)$(9)
Nonadmitted asset values$(42)$(43)$(38)
Asset valuation reserve$(10)$(11)$(12)

Dividend Restrictions

Under Massachusetts State Insurance Law, the Company is permitted, without prior insurance regulatory clearance, to pay a stockholder dividend as long as the amount of all such dividends, when aggregated with all other dividends paid in the preceding 12 months, does not exceed the greater of: (i) 10% of its surplus at the end of the immediately preceding calendar year; or (ii) its statutory net gain from operations for the immediately preceding calendar year. The Company will be permitted to pay a dividend to its parent in excess of the greater of such two amounts only if it files notice of the declaration of such a dividend and the amount thereof with the Massachusetts Commissioner of Insurance (the "Commissioner") and the Commissioner either approves the distribution of the dividend or does not disapprove the distribution within 30 days of its filing. In addition, any dividend that exceeds unassigned surplus (deficit) as of the last filed annual statutory statement requires insurance regulatory approval. Under Massachusetts State Insurance Law, the Commissioner has broad discretion in determining whether the financial condition of a stock life insurance company would support the payment of such dividends to its stockholders. Based on amounts at December 31, 2024, the Company is permitted to pay its parent a stockholder dividend in 2025 of $67 million without required prior approval of the Commissioner.

The Company paid no dividends in 2024. The Company paid an ordinary cash dividend of $84 million to its parent, Brighthouse Holdings, LLC, on December 22, 2023. The Company paid an ordinary cash dividend of $38 million to its parent, Brighthouse Holdings LLC, on December 15, 2022. The Company did not receive any capital contributions in 2024, 2023, or 2022.


42

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

Note 14 — Employee Benefit Plans

Pension Plans and Other Unfunded Benefit Plans

The Company is the sponsor of a funded qualified defined benefit pension plan, an unfunded nonqualified defined benefit pension, and postretirement and other unfunded benefit plans. The Company sponsored pension and other unfunded benefit plans were amended to cease benefit accruals and are closed to new entrants. The Company accounts for the qualified defined benefit plan as a single employer plan and does not participate in any multiemployer, consolidated or holding company plans. At December 31, a summary of assets, obligations and assumptions of the pension benefit plans and the postretirement plan are as follows (in millions):

Change in Pension Benefit Obligation

  Overfunded Underfunded 
2024202320242023
Benefit obligation at beginning of year$129$127$58$58
Service cost and expenses————
Interest cost7733
Actuarial (gains) losses(5)4(2)2
Benefits paid(9)(9)(5)(5)
Business combinations, divestitures, curtailments,
settlements and special termination benefits		————
Benefit obligation at end of year$122$129$54$58

Change in Postretirement Benefit Obligation

  Underfunded 
20242023
Benefit obligation at beginning of year$25$24
Interest cost11
Contribution by plan participants21
Actuarial (gains) losses(2)3
Benefits paid(5)(4)
Benefit obligation at end of year$21$25

At December 31, 2024, the post-tax surplus impact was a decrease of $4 million for other postretirement benefit plans. At December 31, 2023, the post-tax surplus impact was an increase of $1 million for other postretirement benefit plans.

Change in Compensated Absence Benefit & Postemployment Obligations

The Company did not have any special or contractual benefits per SSAP No. 11, Compensated Absences and did not have any material postemployment benefits during 2024 and 2023.

Change in Plan Assets

  Pension Benefits Postretirement Benefits 
2024202320242023
Fair value of plan assets at beginning of year$134$131$—$—
Actual return on plan assets112——
Reporting entity contribution5533
Plan participants' contributions——21
Benefits paid(14)(14)(5)(4)
Fair value of plan assets at end of year$126$134$—$—


43

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

Reconciliation of Funded Status

  Pension Benefits Postretirement Benefits 
2024202320242023
a. Components
1. Prepaid benefit costs$(31)$(31)$—$—
2. Overfunded plan assets$5$5$—$—
3. Accrued benefit costs$49$52$15$16
4. Liability for pension benefits$(54)$(58)$(22)$(25)
b. Assets and Liabilities recognized
1. Assets (nonadmitted) $5$5$—$—
2. Total liabilities recognized$(54)$(58)$(22)$(25)
c. Unrecognized liabilities$—$—$—$—

The accumulated benefit obligation for all defined benefit pension plans was $176 million and $187 million at December 31, 2024 and 2023, respectively.

The components of net periodic benefit cost for the years ended December 31, were as follows (in millions):

  Pension Benefits Postretirement Benefits 
202420232022202420232022
Service cost and expenses$—$—$—$—$—$—
Interest cost9107111
Expected return on plan assets(7)(8)(9)———
Gains and losses11111—
Prior service cost or (credit)——————
(Gain) or loss recognized due to a settlement or
curtailment		——————
Total net periodic benefit cost$3$3$(1)$2$2$1

The amounts in unassigned surplus (deficit) recognized as components of net periodic benefit cost were as follows for the years ended December 31, (in millions):

  Pension Benefits Postretirement Benefits 
202420232022202420232022
Items not yet recognized as a component of
net periodic cost — prior year		$32$32$38$9$7$7
Net prior service cost or (credit) arising during
the period		——————
Net prior service cost or (credit) recognized——————
Net (gain) and loss arising during the period—1(5)(2)3—
Net (gain) and loss recognized(1)(1)(1)—(1)—
Transition surplus recognized——————
Change due to special event — curtailment——————
Items not yet recognized as a component of
net periodic cost — current year 		$31$32$32$7$9$7

The amounts in unassigned surplus (deficit) that have not yet been recognized as components of net periodic benefit cost were as follows for the years ended December 31, (in millions):

  Pension Benefits Postretirement Benefits 
202420232022202420232022
Net prior service cost or (credit)$—$—$—$—$—$—
Net recognized (gains) and losses$31$32$32$7$9$7


44

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

Assumptions

Assumptions used in determining the aggregate projected benefit obligation for the pension and postretirement benefit plans for the years ended December 31, are as follows:

  2024 2023 2022 
Weighted-average discount rate — pension5.60%5.15%5.40%
Weighted-average discount rate — postretirement5.60%5.15%5.40%

Assumptions used in determining the net periodic benefit cost for the pension and postretirement benefit plans for the years ended December 31, are as follows:

  2024 2023 2022 
Weighted-average discount rate — pension & postretirement5.15%5.40%2.85%
Expected long-term rate of return on plan assets5.70%5.95%4.85%

The weighted average discount rate is determined annually based on the yield, measured on a yield to worst basis, of a hypothetical portfolio constructed of high quality debt instruments available on the valuation date, which would provide the necessary future cash flows to pay the aggregate pension benefit obligation when due.

The weighted average expected rate of return on plan assets is based on anticipated performance of the various asset sectors in which the plan invests, weighted by target allocation percentages. Anticipated future performance is based on long-term historical returns of the plan assets by sector, adjusted for the Company's long-term expectations on the performance of the markets. While the precise expected rate of return derived using this approach will fluctuate from year to year, the Company's policy is to hold this long-term assumption constant as long as it remains within reasonable tolerance from the derived rate.

Plan Assets

The assets of the qualified defined benefit pension plan (the "Invested Plan") are invested in general and separate accounts of Metropolitan Life Insurance Company ("MLIC") and managed by MetLife Investment Advisors, LLC in accordance with investment policies consistent with the longer-term nature of related benefit obligations and within prudent risk parameters. Specifically, investment policies are oriented toward (i) maintaining an adequate funded status under reasonable and appropriate risk controls; (ii) minimizing the volatility of the Invested Plan's funded status; (iii) ensuring that asset benchmarks, mandates and targets are appropriate relative to the implicit risk / return characteristics of the liability; and (iv) targeting rates of return in excess of a custom benchmark over a complete market cycle, generally three to five years. These goals are expected to be met through identifying appropriate and diversified asset classes and allocations, ensuring adequate liquidity to pay benefits and expenses when due and controlling the costs of managing the Invested Plan's investments. Investment consultants may be used periodically to evaluate the investment risk of the plan's invested assets relative to liabilities, analyze the economic and portfolio impact of various asset allocations and management strategies and to recommend asset allocations.

Derivative contracts may be used to reduce investment risk, to manage duration and to replicate the risk/return profile of an asset or asset class. Derivatives may not be used to leverage a portfolio in any manner, such as to magnify exposure to an asset, asset class, interest rates or any other financial variable. Derivatives are also prohibited for use in creating exposures to securities, currencies, indices or any other financial variable that is otherwise restricted.

The table below summarizes the actual weighted average allocation of the estimated fair value of total plan assets by asset class at December 31 for the years indicated and the approved target allocation by major asset class for the Invested Plan:

  2024 2023 Target
Allocation		 
Fixed maturities84%84%85%
Equity securities151515%
Cash or cash equivalents11—%
Total100%100%

Target allocations of assets are determined with the objective of maximizing returns and minimizing volatility of net assets through adequate asset diversification. Adjustments are made to target allocations based on an assessment of the impact of economic factors and market conditions. The above allocations represent actual and targeted investment strategies reflecting the aggregation of underlying assets invested in pooled separate accounts as well as those supported by general account assets


45

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

backing a group annuity contract issued by MetLife, Inc. ("MetLife"). The expected rate of return on plan assets is based on anticipated performance of the various asset sectors in which the plan invests, weighted by target allocation percentages. Anticipated future performance is based on long-term historical returns of the plan assets by sector, adjusted for the Company's long-term expectations on the performance of the markets. While the precise expected return derived using this approach will fluctuate from year to year, the Company's policy is to hold this long-term assumption constant as long as it remains within reasonable tolerance from the derived rate.

The defined benefit pension plan assets are measured at estimated fair value on a recurring basis. These estimated fair values and their corresponding placement in the fair value hierarchy are summarized as follows (in millions):

  Fair Value Measurements of Plan Assets at December 31, 2024 
Description for each class of plan assets(Level 1)(Level 2)(Level 3)Total
Interest in insurance company Separate Accounts$—$118$—$118
Interest in insurance company General Accounts—8—8
Total plan assets$—$126$—$126
Fair Value Measurements of Plan Assets at December 31, 2023
Description for each class of plan assets(Level 1)(Level 2)(Level 3)Total
Interest in insurance company Separate Accounts$—$131$—$131
Interest in insurance company General Accounts—3—3
Total plan assets$—$134$—$134

Expected Future Contributions and Benefit Payments

It is the Company's practice to make contributions to the qualified defined benefit pension plan to comply with minimum funding requirements of Employee Retirement Income Security Act, the Pension Protection Act of 2006, federal income tax return in accordance with the provisions of the Internal Revenue Code of 1986, as amended (the "Tax Code") and the applicable rules and regulations. In accordance with such practice, no contributions are required in calendar year 2024 based on the maximum quarterly requirements. For information of employer contributions, see "Change in Plan Assets."

Benefit payments due under the unfunded pension and postretirement benefit plans are primarily funded from the Company's general assets as they become due under the provision of the plans. As a result, benefit payments equal employer and participant contributions for these plans. For 2024, the Company contributions were $10 million with $8 million expected for 2025. All benefit payments for unfunded pension and postretirement benefit plans are subject to reimbursement annually, on an after-tax basis, by MetLife, payable to the Company's parent, Brighthouse.

Gross benefit payments for the next 10 years are expected to be as follows (in millions):

Year Pension and Other Benefits 
2025$17
2026$17
2027$17
2028$17
2029$16
2030 through 2034$75

Defined Contribution Plans

The Company sponsors a frozen qualified money purchase pension plan for former agents of the Company. The Company made no contributions to that plan in 2024, 2023, or 2022. The Company also sponsors a number of frozen nonqualified deferred compensation plans. The Company incurred (benefits) expenses for these plans totaling $6 million for the year ended December 31, 2024, $7 million for the year ended December 31, 2023, and ($5) million for the year ended December 31, 2022. All benefit payments for unfunded deferred compensation plans are subject to reimbursement annually, on an after-tax basis, by MetLife, payable to the Company's parent, Brighthouse.


46

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

Note 15 — Other Commitments and Contingencies

Insolvency Assessments

Most of the jurisdictions in which the Company is admitted to transact business require life insurers doing business within the jurisdiction to participate in guaranty associations, which are organized to pay contractual benefits owed pursuant to insurance policies issued by impaired, insolvent or failed life insurers. These associations levy assessments, up to prescribed limits, on all member insurers in a particular state on the basis of the proportionate share of the premiums written by member insurers in the lines of business in which the impaired, insolvent or failed insurer engaged. Some states permit member insurers to recover assessments paid through full or partial premium tax offsets.

Global Bankers Insurance Group (Colorado Bankers and Bankers Life Insurance) had been in rehabilitation since June 27, 2019, and during that time had been involved in related litigation and disputes. On August 23, 2024, the North Carolina Supreme Court granted the motion to withdraw the liquidation appeal. The company remained in rehabilitation until the order of liquidation became effective on November 30, 2024.

With respect to state life and health guaranty association obligations, during the year ended December 31, 2024, the Company had $1 million in liability for retrospective premium-based guaranty fund assessments and $1 million asset for the related premium tax offset, including the Global Bankers Insurance Group insolvency effective November 30, 2024. During the year ended December 31, 2023, the Company had a less than $1 million liability for retrospective premium-based guaranty fund assessments and a less than $1 million asset for the related premium tax offset. The periods over which the guaranty fund assessments are expected to be paid and the related premium tax offsets are expected to be realized are unknown at this time.

The change in the guaranty asset balance of estimated premium tax offsets of new insolvencies accrued during 2024 and revised estimated premium tax offsets for accrued liabilities was $1 million during the year ended December 31, 2024.

The Company did not receive refunds of assessments for the years ended December 31, 2024, 2023, or 2022.

It is possible that a large catastrophic event could render such guaranty funds inadequate and the Company may be called upon to contribute additional amounts, which may have a material impact on its financial condition or results of operations in a particular period. The Company has established liabilities for guaranty fund assessments which it considers adequate for assessments with respect to insurers that are currently subject to insolvency proceedings, but additional liabilities may be necessary.

Litigation

Sales Practice Claims and Regulatory Matters. Over the past several years, the Company has faced claims and regulatory inquiries and investigations, alleging improper marketing or sales of individual life insurance policies, annuities, or other products. The Company continues to defend vigorously against the claims in these matters.

Summary. Various litigations, claims and assessments against the Company, in addition to those discussed previously and those otherwise provided for in the Company's consolidated financial statements, have arisen in the course of the Company's business, including, but not limited to, in connection with its activities as an insurer, investor or taxpayer. The Company also receives and responds to subpoenas or other inquiries seeking a broad range of information from various state and federal regulators, agencies and officials. The issues involved in information requests and regulatory matters vary widely, but can include inquiries or investigations concerning the Company's compliance with applicable insurance and other laws and regulations. The Company cooperates in these inquiries.

It is not possible to predict the ultimate outcome of all pending investigations and legal proceedings. In some of the matters, large and/or indeterminate amounts, including punitive and treble damages, may be sought. Although, in light of these considerations, it is possible that an adverse outcome in certain cases could have a material effect upon the Company's financial position, based on information currently known by the Company's management, in its opinion, the outcomes of pending investigations and legal proceedings are not likely to have such an effect. However, given the large and/or indeterminate amounts that may be sought in certain of these matters and the inherent unpredictability of litigation, it is possible that an adverse outcome in certain matters could, from time to time, have a material effect on the Company's net income or cash flows in any particular period.


47

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

Other Contingencies

As with litigation and regulatory loss contingencies, the Company considers establishing liabilities for certain non-litigation loss contingencies when assertions are made involving disputes or other matters with counterparties to contractual arrangements entered into by the Company, including with third-party vendors. The Company establishes liabilities for such non-litigation loss contingencies when it is probable that a loss will be incurred and the amount of the loss can be reasonably estimated. In matters where it is not probable, but is reasonably possible that a loss will be incurred and the amount of loss can be reasonably estimated, such losses or range of losses are disclosed, and no accrual is made. In the absence of sufficient information to support an assessment of the reasonably possible loss or range of loss, no accrual is made and no loss or range of loss is disclosed.

Commitments to Fund Partnership Investments and Private Corporate Bond Investments

The Company makes commitments to fund partnership investments and to lend funds under private corporate bond investments in the normal course of business. The amounts of these unfunded commitments were less than $1 million at both December 31, 2024 and 2023.

Mortgage Loan Commitments

The Company had no mortgage loan commitments during the year ended December 31, 2024. The Company had mortgage loan commitments of $3 million during the year ended December 31, 2023.

Financial Guarantees

At December 31, 2024, the Company was obligor under the following guarantees and indemnities (in millions):

(1)
  
  
  
Nature and
circumstances of
guarantee and key
attributes, including date
and duration of
agreement.		 (2)
  
  
Liability recognition of
guarantee. (Include
amount recognized at
inception. If no initial
recognition, document
exception allowed under
SSAP No. 5R.) (1)		 (3)
  
  
  
  
  
Ultimate financial
statement impact if
action under the
guarantee is required.		 (4)
Maximum potential
amount of future
payments (undiscounted)
the guarantor could be
required to make under
the guarantee. If unable
to develop an estimate,
this should be
specifically noted.		 (5)
  
  
  
  
Current status of
payment or performance
risk of guarantee. Also
provide additional
discussion as warranted.		 
The Company is obligated to indemnify Great West Life and Annuity Insurance Company for losses arising out of breaches of representations and covenants by the Company under an Asset Purchase Agreement and certain ancillary agreements.No liability has been established as the indemnification is for future events for which neither a probability of occurrence nor a reasonable estimate can be established at this time.ExpenseLess than $1 million for losses arising out of breaches of representation; there is no cap on losses arising out of breaches of covenants.The Company has made no payments on the guarantee since inception.
The Company is obligated to indemnify the proprietary mutual fund, offered by the Separate Accounts, and the fund's directors and officers as provided in certain Participation Agreements.Intercompany and related party guarantees that are considered "unlimited" and as such are excluded from recognition.ExpenseSince this obligation is not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future.The Company has made no payments on the guarantee since inception.


48

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

(1)
  
  
  
Nature and
circumstances of
guarantee and key
attributes, including date
and duration of
agreement.		 (2)
  
  
Liability recognition of
guarantee. (Include
amount recognized at
inception. If no initial
recognition, document
exception allowed under
SSAP No. 5R.) (1)		 (3)
  
  
  
  
  
Ultimate financial
statement impact if
action under the
guarantee is required.		 (4)
Maximum potential
amount of future
payments (undiscounted)
the guarantor could be
required to make under
the guarantee. If unable
to develop an estimate,
this should be
specifically noted.		 (5)
  
  
  
  
Current status of
payment or performance
risk of guarantee. Also
provide additional
discussion as warranted.		 
The Company has provided certain indemnities, guarantees and/or commitments to affiliates and third parties in the ordinary course of its business. In the context of acquisitions, dispositions, investments and other transactions, the Company has provided indemnities and guarantees that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company.No liability has been established as the indemnification is for future events for which neither a probability of occurrence nor a reasonable estimate can be established at this time.ExpenseSince this obligation is not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future.The Company has made no payments on the guarantee since inception.
The Company indemnifies its directors and officers as provided in its charters and by-laws.No liability has been established as the indemnification is for future events for which neither a probability of occurrence nor a reasonable estimate can be established at this time.ExpenseSince this obligation is not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future.The Company has made no payments on the guarantee since inception.
The Company indemnifies its agents for liabilities incurred as a result of their representation of the Company's interests.No liability has been established as the indemnification is for future events for which neither a probability of occurrence nor a reasonable estimate can be established at this time.ExpenseSince this obligation is not subject to limitations, the Company does not believe that it is possible to determine the maximum potential amount that could become due under these guarantees in the future.The Company has made no payments on the guarantee since inception.
Total (1)$                                     —$                                     —

(1)  Total maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee was less than $1 million.

At December 31, 2024, the Company's aggregate compilation of guarantee obligations was less than $1 million.


49

New England Life Insurance Company

Notes to Statutory Financial Statements — (Continued)
For the Years Ended December 31, 2024, 2023, and 2022

Note 16 — Retained Assets

The Company's retained asset account, known as the Total Control Account ("TCA"), is a settlement option or method of payment that may be used for amounts due under life insurance, critical illness insurance and annuity contracts. The TCA Customer Agreement provided to each accountholder is a contract that is supplementary to the insurance or annuity contract. TCAs are reported in the Annual Statement as amounts on deposit for ordinary supplementary contracts not involving life contingencies.

Each TCA has a guaranteed minimum annual effective interest rate. Guaranteed minimum interest rates for TCAs that remained open during calendar year 2024 were 3.0%, 1.5% or 0.5% depending on the age and origin of the account. In addition to the guaranteed minimum interest rate, the Company also agrees in the TCA Customer Agreement to credit interest at rates that will always be the greater of the guaranteed rate or the rate established by one of two market indices. During calendar year 2024, all TCAs received interest of at least the account's guaranteed minimum annual effective interest rate.

The Company's TCA business is 100% reinsured with MLIC.

The Company's TCA in force, categorized by age, at December 31, were as follows (in millions, except number of asset accounts):

  2024 2023 
NumberBalanceNumberBalance
Up and including 12 Months—$——$—
13 to 24 Months————
25 to 36 Months————
37 to 48 Months————
49 to 60 Months————
Over 60 Months7379080599
Total737$90805$99

A reconciliation of the Company's TCA for the year ended December 31, 2024 was as follows (in millions, except number of asset accounts):

  Individual 
NumberBalance/Amount
Beginning of year805$99
Accounts issued/added——
Investment earnings creditedN/A3
Fees and other charges assessed (1) N/A—
Transferred to state unclaimed property funds ——
Closed/withdrawn6812
End of year737$90

(1)  Fees and other charges assessed may also include other account adjustments.

Note 17 — Subsequent Events

The Company has evaluated events subsequent to December 31, 2024 through April 11, 2025, which is the date these financial statements were available to be issued, and has determined there are no material subsequent events requiring adjustment to or disclosure in the financial statements.


50

New England Life Insurance Company

Table of Contents to Statutory Supplemental Schedules

Description Page 
SCHEDULE 1
Statutory Selected Financial Data
As of and for the Year Ended December 31, 2024		52
SCHEDULE 2
Supplemental Investment Risks Interrogatories
As of and for the Year Ended December 31, 2024		55
SCHEDULE 3
Statutory Summary Investment Schedule
As of and for the Year Ended December 31, 2024		59
SCHEDULE 4
Reinsurance Contracts With Risk-Limiting Features
As of and for the Year Ended December 31, 2024		61


51

New England Life Insurance Company

SCHEDULE 1

Statutory Selected Financial Data
As of and for the Year Ended December 31, 2024

Investment Income Earned 
U.S. government bonds$3,083,281
Other bonds (unaffiliated)29,153,031
Bonds of affiliates—
Preferred stocks (unaffiliated)—
Preferred stocks of affiliates—
Common stocks (unaffiliated)—
Common stocks of affiliates—
Mortgage loans1,544,843
Real estate—
Contract loans21,556,920
Cash, cash equivalents and short-term investments5,829,933
Derivatives587,678
Other invested assets994,893
Aggregate write-ins for investment income135
Gross investment income$62,750,714
Real Estate Owned — Book Value Less Encumbrances$—
Mortgage Loans — Book Value
Agricultural mortgages$27,955,966
Residential mortgages—
Commercial mortgages3,813,372
Total mortgage loans$31,769,338
Mortgage Loans by Standing — Book Value
Good standing$31,769,338
Good standing with restructured terms$—
Interest overdue more than three months, not in foreclosure$—
Foreclosure in process$—
Other Long Term Invested Assets — Statement Value$14,971,427
Bonds and Stocks of Parents, Subsidiaries and Affiliates — Book Value:
Bonds$—
Preferred Stocks$—
Common Stocks$—
Bonds and Short-Term Investments by Class and Maturity:
Bonds by Maturity — Statement Value
Due within one year or less$146,217,793
Over 1 year through 5 years306,134,523
Over 5 years through 10 years134,405,803
Over 10 years through 20 years64,768,770
Over 20 years291,082,970
No maturity date—
Total by Maturity$942,609,859


52

New England Life Insurance Company

SCHEDULE 1

Statutory Selected Financial Data — (continued)
As of and for the Year Ended December 31, 2024

Bond by Class — Statement Value 
Class 1$616,133,558
Class 2291,262,178
Class 327,700,056
Class 44,709,261
Class 52,577,931
Class 6226,875
Total by Class$942,609,859
Total Bonds Publicly Traded$750,895,671
Total Bonds Privately Placed$191,714,188
Preferred Stocks — Book/Adjusted Carrying Value$—
Common Stocks — Fair Value$—
Short Term Investments — Book/Adjusted Carrying Value$70,063,433
Options, Caps and Floors Owned — Book/Adjusted Carrying Value$—
Options, Caps and Floors Written and In-force — Book/Adjusted Carrying Value$—
Collar, Swap and Forward Agreements Open — Book/Adjusted Carrying Value$12,892,128
Futures Contracts Open — Book/Adjusted Carrying Value$—
Cash on Deposit$62,822,410
Life Insurance In-Force (000's)
Industrial$—
Ordinary$15,426,543
Credit Life$—
Group Life$15,962
Amount of Accidental Death Insurance In-Force Under Ordinary Policies (000's)$50,606
Life Insurance Policies with Disability Provisions In-Force (000's)
Industrial$—
Ordinary$4,201,169
Credit Life$—
Group Life$—
Supplementary Contracts In-Force:
Ordinary — Not Involving Life Contingencies
Amount on Deposit$109,497,108
Income Payable$2,468,714
Ordinary — Involving Life Contingencies
Income Payable$11,601,652
Group — Not Involving Life Contingencies
Amount on Deposit$—
Income Payable$—
Group — Involving Life Contingencies
Income Payable$—


53

New England Life Insurance Company

SCHEDULE 1

Statutory Selected Financial Data — (continued)
As of and for the Year Ended December 31, 2024

Annuities: 
Ordinary
Immediate — Amount of Income Payable$—
Deferred — Fully Paid Account Balance$—
Deferred — Not Fully Paid Account Balance$2,834,299,777
Group:
Amount of Income Payable$45,120
Fully Paid Account Balance$271,605
Not Fully Paid Account Balance$—
Accident and Health Insurance — Premiums In-Force:
Ordinary$3,376,488
Group$—
Credit$—
Deposit Funds and Dividend Accumulations:
Deposit Funds — Account Balance$—
Dividend Accumulations — Account Balance$—
Claim Payments For The Year Ended December 31, 2024 (000's):
Group Accident and Health
2024$—
2023$—
2022$—
2021$—
2020$—
Prior$—
Other Accident & Health
2024$29
2023$53
2022$110
2021$80
2020$484
Prior$6,100
Other Coverages that use developmental methods to calculate claim reserves
2024$—
2023$—
2022$—
2021$—
2020$—
Prior$—


54

New England Life Insurance Company

SCHEDULE 2

Supplemental Investment Risks Interrogatories

Supplement for the year 2024 of the New England Life Insurance Company

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES

For the year ended December 31, 2024
(To be filed by April 1)
Of the New England Life Insurance Company
Address (City, State and Zip Code) Charlotte , NC 28277

NAIC Group Code.....4932 NAIC Company Code.....91626  Federal Employer's Identification
Number (FEIN).....04-2708937		 

The Investment Risks Interrogatories are to be filed by April 1. They are also to be included with the Audited Statutory Financial Statements.

Answer the following interrogatories by reporting the applicable U.S. dollar amounts and percentages of the reporting entity's total admitted assets held in that category of investments.

1. Reporting entity's total admitted assets as reported on Page 2 of this annual statement. $1,535,151,662  
2. Ten largest exposures to a single issuer/borrower/investment.
  1
Issuer		 2
Description of Exposure		 3
Amount		 4
Percentage of Total
Admitted Assets		   
 
 		 
2.01FEDERAL NATIONAL MORTGAGE ASSOCIATIONBonds$23,314,0771.5%
2.02FEDERAL HOME LOAN MORTGAGE CORPORATIONBonds$16,518,5261.1%
2.03KITE REALTY GROUP TRUSTBonds$15,000,0001.0%
2.04MASSACHUSETTS CAPITAL RESOURCE COSocial Alternatives$12,329,7490.8%
2.05MOUSSE INVESTMENTS LTDBonds$9,783,1260.6%
2.06ABP (JERSEY) LTDBonds$9,393,0000.6%
2.07NASSAU AIRPORT DEVELOPMENT COBonds$9,142,5000.6%
2.08Alico Inc.Agricultural Loans$8,471,9120.6%
2.09CF_19-CF3Bonds$8,123,3500.5%
2.10TAKEDA PHARMACEUTICAL CO LTDBonds$7,747,0130.5%
3. Amounts and percentages of the reporting entity's total admitted assets held in bonds and preferred stocks by NAIC designation. 
  Bonds 1 2   
3.01NAIC 1$616,133,55840.1%
3.02NAIC 2$291,262,17819.0%
3.03NAIC 3$27,700,0561.8%
3.04NAIC 4$4,709,2610.3%
3.05NAIC 5$2,577,9310.2%
3.06NAIC 6$226,8750.0%
Preferred Stocks34
3.07NAIC 1$00.0%
3.08NAIC 2$00.0%
3.09NAIC 3$00.0%
3.10NAIC 4$00.0%
3.11NAIC 5$00.0%
3.12NAIC 6$00.0%
4. Assets held in foreign investments: 
 4.01  Are assets held in foreign investments less than 2.5% of the reporting entity's total admitted assets?         Yes [ ] No [ X ] 
If response to 4.01 above is yes, responses are not required for interrogatories 5-10.
4.02Total admitted assets held in foreign investments$70,638,7314.6%
4.03Foreign-currency-denominated investments$47,012,3973.1%
4.04Insurance liabilities denominated in that same foreign currency$00.0%
5. Aggregate foreign investment exposure categorized by NAIC sovereign designation: 
    1 2   
5.01Countries designated NAIC-1$61,496,2314.0%
5.02Countries designated NAIC-2$00.0%
5.03Countries designated NAIC-3 or below$9,142,5000.6%


55

New England Life Insurance Company

SCHEDULE 2

Supplemental Investment Risks Interrogatories — (continued)

6. Largest foreign investment exposures by country, categorized by the country's NAIC sovereign designation: 
    Countries designated NAIC-1:  1   2      
6.01Country 1: United Kingdom$37,380,6052.4%
6.02Country 2: France $7,454,6180.5%
Countries designated NAIC-2:
6.03Country 1:$00.0%
6.04Country 2: $00.0%
Countries designated NAIC-3 or below:
6.05Country 1: Bahamas$9,142,5000.6%
6.06Country 2:$00.0%
  1 2   
7. Aggregate unhedged foreign currency exposure$00.0%
8. Aggregate unhedged foreign currency exposure categorized by NAIC sovereign designation: 
    1 2   
8.01Countries designated NAIC-1$00.0%
8.02Countries designated NAIC-2$00.0%
8.03Countries designated NAIC-3 or below$00.0%
9. Largest unhedged foreign currency exposures by country, categorized by the country's NAIC sovereign designation: 
  Countries designated NAIC-1:  1   2    
9.01Country 1: $00.0%
9.02Country 2: $00.0%
Countries designated NAIC-2:
9.03Country 1: $00.0%
9.04Country 2: $00.0%
Countries designated NAIC-3 or below:
9.05Country 1: $00.0%
9.06Country 2: $00.0%
10. Ten largest non-sovereign (i.e. non-governmental) foreign issues: 
  1
Issuer		 2
NAIC Designation		 3 4   
10.01MOUSSE INVESTMENTS LTD 1D$9,783,1260.6%
10.02ABP (JERSEY) LTD 2B$9,393,0000.6%
10.03NASSAU AIRPORT DEVELOPMENT CO 3A$9,142,5000.6%
10.04BNP PARIBAS SA 1$7,454,6180.5%
10.05WERELDHAVE NV 2B$7,248,5000.5%
10.06CANADA (GOVERNMENT OF) 2C$6,387,2400.4%
10.07SHURGARD SELF STORAGE LTD 2C$6,306,1950.4%
10.08PORTMAN ESTATE (PRIMARY) LTD 2A$3,053,1110.2%
10.09BARCLAYS BANK PLC 1$2,372,8710.2%
10.10JOHN WOOD GROUP PLC 2C$2,297,8140.1%
11. Amounts and percentages of the reporting entity's total admitted assets held in Canadian investments and unhedged Canadian currency exposure: 
 11.01  Are assets held in Canadian investments less than 2.5% of the reporting entity's total admitted assets?         Yes [ X ] No [ ] 
If response to 11.01 is yes, detail is not required for the remainder of interrogatory 11.
12
11.02Total admitted assets held in Canadian investments$00.0%
11.03Canadian-currency-denominated investments$00.0%
11.04Canadian-denominated insurance liabilities$00.0%
11.05Unhedged Canadian currency exposure$00.0%
12. Report aggregate amounts and percentages of the reporting entity's total admitted assets held in investments with contractual sales restrictions: 
 12.01  Are assets held in investments with contractual sales restrictions less than 2.5% of the reporting entity's total admitted assets?         Yes [ X ] No [ ] 
If response to 12.01 is yes, responses are not required for the remainder of Interrogatory 12.
123
12.02Aggregate statement value of investments with contractual sales restrictions $00.0%
Largest three investments with contractual sales restrictions:
12.03$00.0%
12.04$00.0%
12.05$00.0%


56

New England Life Insurance Company

SCHEDULE 2

Supplemental Investment Risks Interrogatories — (continued)

13. Amounts and percentages of admitted assets held in the ten largest equity interests: 
 13.01  Are assets held in equity interests less than 2.5% of the reporting entity's total admitted assets?         Yes [ X ] No [ ] 
If response to 13.01 above is yes, responses are not required for the remainder of Interrogatory 13.
1
Issuer		2
3
13.02$00.0%
13.03$00.0%
13.04$00.0%
13.05$00.0%
13.06$00.0%
13.07$00.0%
13.08$00.0%
13.09$00.0%
13.10$00.0%
13.11$00.0%
14. Amounts and percentages of the reporting entity's total admitted assets held in nonaffiliated, privately placed equities: 
 14.01  Are assets held in nonaffiliated, privately placed equities less than 2.5% of the reporting entity's total admitted assets?       Yes [ X ] No [ ] 
If response to 14.01 above is yes, responses are not required for 14.02 through 14.05.
123
14.02Aggregate statement value of investments held in nonaffiliated, privately placed equities$00.0%
Largest three investments held in nonaffiliated, privately placed equities:
14.03$00.0%
14.04$00.0%
14.05$00.0%

  Ten Largest Fund Managers:

  1
Fund Manager		 2
Total Invested		 3
Diversified		 4
Nondiversified		   
14.06$0$0$0
14.07$0$0$0
14.08$0$0$0
14.09$0$0$0
14.10$0$0$0
14.11$0$0$0
14.12$0$0$0
14.13$0$0$0
14.14$0$0$0
14.15$0$0$0
15. Amounts and percentages of the reporting entity's total admitted assets held in general partnership interests: 
 15.01  Are assets held in general partnership interests less than 2.5% of the reporting entity's total admitted assets?       Yes [ X ] No [ ] 
If response to 15.01 above is yes, responses are not required for the remainder of Interrogatory 15.
123
15.02Aggregate statement value of investments held in general partnership interests$00.0%
Largest three investments in general partnership interests:
15.03$00.0%
15.04$00.0%
15.05$00.0%
16. Amounts and percentages of the reporting entity's total admitted assets held in mortgage loans: 
 16.01  Are mortgage loans reported in Schedule B less than 2.5% of the reporting entity's total admitted assets?     Yes [ X ] No [ ] 
If response to 16.01 above is yes, responses are not required for the remainder of Interrogatory 16 and Interrogatory 17.
1
Type (Residential, Commercial, Agricultural)		2
3
16.02$00.0%
16.03$00.0%
16.04$00.0%
16.05$00.0%
16.06$00.0%
16.07$00.0%
16.08$00.0%
16.09$00.0%
16.10$00.0%
16.11$00.0%
Amount and percentage of the reporting entity's total admitted assets held in the following categories of mortgage loans: 
  Loans     
16.12Construction loans$00.0%
16.13Mortgage loans over 90 days past due$00.0%
16.14Mortgage loans in the process of foreclosure$00.0%
16.15Mortgage loans foreclosed$00.0%
16.16Restructured mortgage loans$00.0%


57

New England Life Insurance Company

SCHEDULE 2

Supplemental Investment Risks Interrogatories — (continued)

17. Aggregate mortgage loans having the following loan-to-value ratios as determined from the most current appraisal as of the annual statement date: 
  Loan to Value Residential Commercial Agricultural 
123456
17.01above 95%$00.0%$00.0%$00.0%
17.0291 to 95%$00.0%$00.0%$00.0%
17.0381 to 90%$00.0%$00.0%$00.0%
17.0471 to 80%$00.0%$00.0%$00.0%
17.05below 70%$00.0%$00.0%$00.0%
18. Amounts and percentages of the reporting entity's total admitted assets held in each of the five largest investments in real estate:     
 18.01  Are assets held in real estate reported less than 2.5% of the reporting entity's total admitted assets?     Yes [ X ] No [ ] 
If response to 18.01 above is yes, responses are not required for the remainder of Interrogatory 18.
Largest five investments in any one parcel or group of contiguous parcels of real estate.
Description
123
18.02$00.0%
18.03$00.0%
18.04$00.0%
18.05$00.0%
18.06$00.0%
19. Report aggregate amounts and percentages of the reporting entity's total admitted assets held in investments held in mezzanine real estate loans: 
 19.01  Are assets held in investments held in mezzanine real estate loans less than 2.5% of the reporting entity's total admitted assets?     Yes [ X ] No [ ] 
If response to 19.01 is yes, responses are not required for the remainder of Interrogatory 19.
123
19.02Aggregate statement value of investments held in mezzanine real estate loans:$00.0%
Largest three investments held in mezzanine real estate loans:
19.03$00.0%
19.04$00.0%
19.05$00.0%
20. Amounts and percentages of the reporting entity's total admitted assets subject to the following types of agreements:     
  At Year End At End of Each Quarter 
1st Quarter2nd Quarter3rd Quarter
12345
20.01Securities lending agreements (do not include assets
held as collateral for such transactions)		$00.0%$0$0$0
20.02Repurchase agreements$00.0%$0$0$0
20.03Reverse repurchase agreements$00.0%$0$0$0
20.04Dollar repurchase agreements$00.0%$0$0$0
20.05Dollar reverse repurchase agreements$00.0%$0$0$0
21. Amounts and percentages of the reporting entity's total admitted assets for warrants not attached to other financial instruments, options, caps, and floors: 
  Owned   Written 
1234
21.01Hedging$00.0%$00.0%
21.02Income generation$00.0%$00.0%
21.03Other $00.0%$00.0%
22. Amounts and percentages of the reporting entity's total admitted assets of potential exposure for collars, swaps, and forwards: 
  At Year End At End of Each Quarter 
1st Quarter2nd Quarter3rd Quarter
12345
22.01Hedging$537,6530.0%$598,303$579,423$559,381
22.02Income generation$00.0%$0$0$0
22.03Replications$00.0%$0$0$0
22.04Other$00.0%$0$0$0
23. Amounts and percentages of the reporting entity's total admitted assets of potential exposure for futures contracts: 
  At Year End At End of Each Quarter 
1st Quarter2nd Quarter3rd Quarter
12345
23.01Hedging$00.0%$0$0$0
23.02Income generation$00.0%$0$0$0
23.03Replications$00.0%$0$0$0
23.04Other$00.0%$0$0$0


58

New England Life Insurance Company

SCHEDULE 3

Statutory Summary Investment Schedule

Annual Statement for the year 2024 of the New England Life Insurance Company

SUMMARY INVESTMENT SCHEDULE

  Gross Investment Holdings Admitted Assets as Reported in the Annual Statement 
Investment Categories1


Amount		2
Percentage
of Column 1
Line 13		3


Amount		4
Securities Lending
Reinvested
Collateral Amount		5
Total
(Col. 3 + 4)
Amount		6
Percentage
of Column 5
Line 13
1. Long-Term Bonds (Schedule D, Part 1):
1.01 U.S. governments99,131,7336.77199,131,733099,131,7336.771
1.02 All other governments00.0000000.000
1.03 U.S. states, territories and
possessions, etc. guaranteed		7,695,2730.5267,695,27307,695,2730.526
1.04 U.S. political subdivisions of
states, territories, and possessions,
guaranteed		9,311,2210.6369,311,22109,311,2210.636
1.05 U.S. special revenue and special
assessment obligations, etc.
non-guaranteed		91,890,8626.27691,890,862091,890,8626.276
1.06 Industrial and miscellaneous622,129,87542.492622,129,8750622,129,87542.492
1.07 Hybrid securities4,824,9910.3304,824,99104,824,9910.330
1.08 Parent, subsidiaries and affiliates00.0000000.000
1.09 SVO identified funds00.0000000.000
1.10 Unaffiliated bank loans00.0000000.000
1.11 Unaffiliated certificates of
deposit		00.0000000.000
1.12 Total long-term bonds834,983,95557.030834,983,9550834,983,95557.030
2. Preferred stocks (Schedule D, Part 2,
Section 1):
2.01 Industrial and miscellaneous
(Unaffiliated)		00.0000000.000
2.02 Parent, subsidiaries and affiliates00.0000000.000
2.03 Total preferred stocks00.0000000.000
3. Common stocks (Schedule D, Part 2,
Section 2):
3.01 Industrial and miscellaneous
Publicly traded (Unaffiliated)		00.0000000.000
3.02 Industrial and miscellaneous
Other (Unaffiliated)		00.0000000.000
3.03 Parent, subsidiaries and
affiliates Publicly traded		00.0000000.000
3.04 Parent, subsidiaries and
affiliates Other		00.0000000.000
3.05 Mutual funds00.0000000.000
3.06 Unit investment trusts00.0000000.000
3.07 Closed-end funds00.0000000.000
3.08 Exchange traded funds00.0000000.000
3.09 Total common stocks00.0000000.000


59

New England Life Insurance Company

SCHEDULE 3

Statutory Summary Investment Schedule — (continued)

  Gross Investment Holdings Admitted Assets as Reported in the Annual Statement 
Investment Categories1


Amount		2
Percentage
of Column 1
Line 13		3


Amount		4
Securities Lending
Reinvested
Collateral Amount		5
Total
(Col. 3 + 4)
Amount		6
Percentage
of Column 5
Line 13
4. Mortgage loans (Schedule B):
4.01 Farm mortgages27,955,9661.90927,955,966027,955,9661.909
4.02 Residential mortgages00.0000000.000
4.03 Commercial mortgages3,813,3720.2603,813,37203,813,3720.260
4.04 Mezzanine real estate loans00.0000000.000
4.05 Total valuation allowance00.0000000.000
4.06 Total mortgage loans31,769,3382.17031,769,338031,769,3382.170
5. Real estate (Schedule A):
5.01 Properties occupied by company00.0000000.000
5.02 Properties held for production
of income		00.0000000.000
5.03 Properties held for sale00.0000000.000
5.04 Total real estate00.0000000.000
6. Cash, cash equivalents and
short-term investments:
6.01 Cash (Schedule E, Part 1)62,822,4104.29162,822,410062,822,4104.291
6.02 Cash equivalents
(Schedule E, Part 2)		37,562,4712.56637,562,471037,562,4712.566
6.03 Short-term investments
(Schedule DA)		70,063,4334.78570,063,433070,063,4334.785
6.04 Total cash, cash equivalents and
short-term investments		170,448,31411.642170,448,3140170,448,31411.642
7. Contract loans397,983,02727.183397,983,0270397,983,02727.183
8. Derivatives (Schedule DB)12,934,6200.88312,934,620012,934,6200.883
9. Other invested assets (Schedule BA)14,971,4271.02314,971,427014,971,4271.023
10. Receivables for securities942,2950.064942,2950942,2950.064
11. Securities Lending
(Schedule DL, Part 1)		00.0000XXXXXXXXX
12. Other invested assets
(Page 2, Line 11)		74,7300.00574,730074,7300.005
13. Total invested assets1,464,107,706100.0001,464,107,70601,464,107,706100.000


60

New England Life Insurance Company

SCHEDULE 4

Reinsurance Contracts With Risk-Limiting Features

The Company had no reinsurance contracts entered on or after January 1, 1996, that are subject to Appendix A-791, Life and Health Reinsurance Agreements of the NAIC Accounting Practices and Procedures Manual ("A-791"), that includes risk-limiting features, as described in SSAP No. 61R, Life, Deposit-Type and Accident and Health Reinsurance ("SSAP 61R").

The Company had no reinsurance contracts entered on or after January 1, 1996, that are not subject to A-791, for which reinsurance accounting was applied and includes risk-limiting features, as described in SSAP 61R.

The Company had no reinsurance contracts entered into, renewed or amended reinsurance contracts on or after January 1, 1996, that contain features described below which result in delays in payment in form or in fact:

a.  Provisions which permit the reporting of losses, or settlements are made, less frequently than quarterly or payments due from the reinsurer are not made in cash within ninety (90) days of the settlement date (unless there is no activity during the period).

b.  Payment schedule, accumulating retentions from multiple years or any features inherently designed to delay timing of the reimbursement to the ceding entity.

The Company did not have any contracts entered into, renewed or amended on or after January 1, 1996, not subject to A-791 and not yearly renewable term, which meet the risk transfer requirements of SSAP 61R.

The Company did not cede any risk during the period ended December 31, 2024 which is not subject to A-791 and not yearly renewable term reinsurance, under any reinsurance contract entered into, renewed or amended on or after January 1, 1996, and either:

a.  Accounted for that contract as reinsurance under NAIC SAP and as a deposit under GAAP; or

b.  Accounted for that contract as reinsurance under GAAP and as a deposit under NAIC SAP.


61

ATTACHMENTS / EXHIBITS

POWERS OF ATTORNEY

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (D&T)

CONSENT OF INDEPENDENT AUDITOR (D&T)

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