Form N-VPFS/A SBL VARIABLE ANNUITY For: Dec 31
Financial Statements
SBL Variable Annuity Account XVII
Year Ended December 31, 2020
With Report of Independent Registered Public Accounting Firm
SBL Variable Annuity Account XVII
Financial Statements
Year Ended December 31, 2020
Contents
Report of Independent Registered Public Accounting Firm
|
1
|
Audited Financial Statements
|
|
Statements of Net Assets
Statements of Operations and Change in Net Assets
Notes to Financial Statements
1. Organization and Significant Accounting Policies
2. Variable Annuity Contract Charges
3. Summary of Unit Transactions
4. Financial Highlights
5. Subsequent Events
|
4
5
14
14
18
20
21
27
|
Report of Independent Registered Public Accounting Firm
To the Board of Directors of Security Benefit Life Insurance Company and Contract Owners of SBL Variable Annuity Account XVII
Opinion on the Financial Statements
We have audited the accompanying statements of net assets of each of the subaccounts listed in the Appendix that comprise SBL Variable Annuity Account XVII (the Separate Account), as of December 31, 2020 and the related statements of operations
and changes in net assets for each of the periods indicated in the Appendix, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the
financial position of each subaccount as of December 31, 2020, the results of its operations and changes in its net assets for each of the periods indicated in the Appendix, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on each of the subaccounts’ financial statements based on our audits. We are a public accounting firm registered
with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the
Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due
to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the fund companies or their transfer agents, as applicable. Our audits also included evaluating the
accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
/s/ ERNST & YOUNG LLP
We have served as the Separate Account’s auditor since 2003.
April 28, 2021
Appendix
Subaccounts comprising SBL Variable Annuity Account XVII
Subaccounts
|
Statements of operations and changes in net assets
|
American Century VP Ultra®
|
For each of the two years in the period ended December 31, 2020
|
American Century VP Value
|
For each of the two years in the period ended December 31, 2020
|
Guggenheim VIF All Cap Value
|
For each of the two years in the period ended December 31, 2020
|
Guggenheim VIF Alpha Opportunity
|
For each of the two years in the period ended December 31, 2020
|
Guggenheim VIF High Yield
|
For each of the two years in the period ended December 31, 2020
|
Guggenheim VIF Large Cap Value
|
For each of the two years in the period ended December 31, 2020
|
Guggenheim VIF Long Short Equity
|
For each of the two years in the period ended December 31, 2020
|
Guggenheim VIF Managed Asset Allocation
|
For each of the two years in the period ended December 31, 2020
|
Guggenheim VIF Small Cap Value
|
For each of the two years in the period ended December 31, 2020
|
Guggenheim VIF SMid Cap Value
|
For each of the two years in the period ended December 31, 2020
|
Guggenheim VIF StylePlus Large Growth
|
For each of the two years in the period ended December 31, 2020
|
Guggenheim VIF StylePlus Small Growth
|
For each of the two years in the period ended December 31, 2020
|
Guggenheim VIF Total Return Bond
|
For each of the two years in the period ended December 31, 2020
|
Guggenheim VIF World Equity Income
|
For each of the two years in the period ended December 31, 2020
|
Invesco Oppenheimer V.I. Conservative Balanced Fund
|
For each of the two years in the period ended December 31, 2020
|
Invesco Oppenheimer V.I. Main Street Small Cap Fund
|
For each of the two years in the period ended December 31, 2020
|
Invesco V.I. Equity and Income
|
For each of the two years in the period ended December 31, 2020
|
Invesco V.I. Global Real Estate
|
For each of the two years in the period ended December 31, 2020
|
Invesco V.I. Government Money Market
|
For each of the two years in the period ended December 31, 2020
|
Invesco V.I. Mid Cap Core Equity
|
For each of the two years in the period ended December 31, 2020
|
Invesco V.I. Value Opportunities
|
For each of the two years in the period ended December 31, 2020
|
MFS® VIT Total Return
|
For each of the two years in the period ended December 31, 2020
|
PIMCO VIT All Asset
|
For each of the two years in the period ended December 31, 2020
|
Subaccounts
|
Statements of operations and changes in net assets
|
PIMCO VIT Low Duration
|
For each of the two years in the period ended December 31, 2020
|
PIMCO VIT Real Return
|
For each of the two years in the period ended December 31, 2020
|
3
SBL Variable Annuity Account XVII
Statements of Net AssetsDecember 31, 2020
Subaccount
|
Number of Shares
|
Cost
|
Assets at Market Value
|
Net Assets
|
Units Outstanding
|
Range of Unit Values
|
|
American Century VP Ultra®
|
660
|
$ 8,958
|
$ 17,660
|
$ 17,660
|
393
|
$ 44.81
|
$ 44.81
|
American Century VP Value
|
675
|
4,862
|
7,555
|
7,555
|
328
|
23.13
|
23.13
|
Guggenheim VIF All Cap Value
|
1,265
|
31,891
|
39,303
|
39,303
|
1,698
|
23.16
|
23.16
|
Guggenheim VIF Alpha Opportunity
|
422
|
6,085
|
6,253
|
6,253
|
333
|
18.81
|
18.81
|
Guggenheim VIF High Yield
|
260
|
5,680
|
7,149
|
7,149
|
333
|
21.42
|
21.42
|
Guggenheim VIF Large Cap Value
|
-
|
-
|
-
|
-
|
-
|
25.72
|
25.72
|
Guggenheim VIF Long Short Equity
|
65
|
779
|
938
|
938
|
65
|
14.35
|
14.35
|
Guggenheim VIF Managed Asset Allocation
|
6,010
|
133,712
|
200,785
|
200,785
|
14,016
|
13.88
|
21.62
|
Guggenheim VIF Small Cap Value
|
622
|
20,493
|
23,210
|
23,210
|
834
|
27.79
|
27.79
|
Guggenheim VIF SMid Cap Value
|
278
|
15,344
|
18,959
|
18,959
|
600
|
31.60
|
31.60
|
Guggenheim VIF StylePlus Large Growth
|
-
|
-
|
-
|
-
|
-
|
37.40
|
37.40
|
Guggenheim VIF StylePlus Small Growth
|
-
|
-
|
-
|
-
|
-
|
32.51
|
32.51
|
Guggenheim VIF Total Return Bond
|
323
|
4,261
|
5,845
|
5,845
|
412
|
14.22
|
14.22
|
Guggenheim VIF World Equity Income
|
-
|
-
|
-
|
-
|
-
|
19.66
|
19.66
|
Invesco Oppenheimer V.I. Conservative Balanced Fund
|
3,002
|
41,057
|
53,817
|
53,817
|
5,974
|
9.00
|
9.00
|
Invesco Oppenheimer V.I. Main Street Small Cap Fund
|
401
|
8,072
|
10,787
|
10,787
|
319
|
33.90
|
33.90
|
Invesco V.I. Equity and Income
|
13,808
|
214,483
|
246,056
|
246,056
|
17,357
|
14.19
|
14.19
|
Invesco V.I. Global Real Estate
|
283
|
4,429
|
4,158
|
4,158
|
225
|
18.45
|
18.45
|
Invesco V.I. Government Money Market (a)
|
1,388
|
1,388
|
1,388
|
1,388
|
147
|
8.47
|
9.44
|
Invesco V.I. Mid Cap Core Equity
|
712
|
8,414
|
7,294
|
7,294
|
324
|
22.57
|
22.57
|
Invesco V.I. Value Opportunities
|
948
|
6,800
|
5,317
|
5,317
|
323
|
16.38
|
16.38
|
MFS® VIT Total Return
|
1,295
|
27,325
|
33,025
|
33,025
|
2,461
|
13.42
|
13.42
|
PIMCO VIT All Asset
|
15,203
|
167,098
|
168,299
|
168,299
|
15,244
|
10.82
|
16.76
|
PIMCO VIT Low Duration
|
3,048
|
31,257
|
31,633
|
31,633
|
2,718
|
11.64
|
11.64
|
PIMCO VIT Real Return
|
2,123
|
27,451
|
29,559
|
29,559
|
2,056
|
14.43
|
14.43
|
(a) Liquidation. See Note 1.
|
The accompanying notes are an integral part of these financial statements.
4
SBL Variable Annuity Account XVII
Statements of Operations and Change in Net AssetsYears Ended December 31, 2020 and 2019, Except as Noted
American Century VP Ultra®
|
American Century VP Value
|
Guggenheim VIF All Cap Value
|
||||||||||
Net assets as of December 31, 2018
|
$
|
9,134
|
$
|
6,140
|
$
|
42,419
|
||||||
Investment income (loss):
|
||||||||||||
Dividend distributions
|
-
|
136
|
591
|
|||||||||
Investment Expenses:
|
||||||||||||
Mortality and expense risk and administrative charges
|
(212
|
)
|
(137
|
)
|
(858
|
)
|
||||||
Net investment income (loss)
|
(212
|
)
|
(1
|
)
|
(267
|
)
|
||||||
Increase (decrease) in net assets from operations:
|
||||||||||||
Capital gain distributions
|
1,141
|
396
|
3,130
|
|||||||||
Realized capital gain (loss) on investments
|
61
|
47
|
2,580
|
|||||||||
Change in unrealized appreciation (depreciation)
|
1,919
|
1,060
|
2,886
|
|||||||||
Net gain (loss) on investments
|
3,121
|
1,503
|
8,596
|
|||||||||
Net increase (decrease) in net assets from operations
|
2,909
|
1,502
|
8,329
|
|||||||||
Contract owner transactions:
|
||||||||||||
Variable annuity deposits
|
-
|
-
|
-
|
|||||||||
Terminations, withdrawals and annuity payments
|
-
|
-
|
(9,562
|
)
|
||||||||
Transfers between subaccounts, net
|
-
|
-
|
-
|
|||||||||
Maintenance charges and mortality adjustments
|
-
|
-
|
-
|
|||||||||
Net decrease in net assets from contract transactions
|
-
|
-
|
(9,562
|
)
|
||||||||
Total increase (decrease) in net assets
|
2,909
|
1,502
|
(1,233
|
)
|
||||||||
Net assets as of December 31, 2019
|
$
|
12,043
|
$
|
7,642
|
$
|
41,186
|
||||||
Investment income (loss):
|
||||||||||||
Dividend distributions
|
-
|
143
|
642
|
|||||||||
Investment Expenses:
|
||||||||||||
Mortality and expense risk and administrative charges
|
(275
|
)
|
(129
|
)
|
(694
|
)
|
||||||
Net investment income (loss)
|
(275
|
)
|
14
|
(52
|
)
|
|||||||
Increase (decrease) in net assets from operations:
|
||||||||||||
Capital gain distributions
|
1,264
|
171
|
1,905
|
|||||||||
Realized capital gain (loss) on investments
|
103
|
35
|
324
|
|||||||||
Change in unrealized appreciation (depreciation)
|
4,525
|
(307
|
)
|
(2,304
|
)
|
|||||||
Net gain (loss) on investments
|
5,892
|
(101
|
)
|
(75
|
)
|
|||||||
Net increase (decrease) in net assets from operations
|
5,617
|
(87
|
)
|
(127
|
)
|
|||||||
Contract owner transactions:
|
||||||||||||
Variable annuity deposits
|
-
|
-
|
-
|
|||||||||
Terminations, withdrawals and annuity payments
|
-
|
-
|
(1,756
|
)
|
||||||||
Transfers between subaccounts, net
|
-
|
-
|
-
|
|||||||||
Maintenance charges and mortality adjustments
|
-
|
-
|
-
|
|||||||||
Net decrease in net assets from contract transactions
|
-
|
-
|
(1,756
|
)
|
||||||||
Total increase (decrease) in net assets
|
5,617
|
(87
|
)
|
(1,883
|
)
|
|||||||
Net assets as of December 31, 2020
|
$
|
17,660
|
$
|
7,555
|
$
|
39,303
|
||||||
The accompanying notes are an integral part of these financial statements.
5
SBL Variable Annuity Account XVII
Statements of Operations and Change in Net Assets (continued)
Years Ended December 31, 2020 and 2019, Except as Noted
Guggenheim VIF Alpha Opportunity
|
Guggenheim VIF High Yield
|
Guggenheim VIF Large Cap Value
|
||||||||||
Net assets as of December 31, 2018
|
$
|
14,238
|
$
|
13,787
|
$
|
12,141
|
||||||
Investment income (loss):
|
||||||||||||
Dividend distributions
|
11
|
514
|
-
|
|||||||||
Investment Expenses:
|
||||||||||||
Mortality and expense risk and administrative charges
|
(208
|
)
|
(218
|
)
|
(146
|
)
|
||||||
Net investment income (loss)
|
(197
|
)
|
296
|
(146
|
)
|
|||||||
Increase (decrease) in net assets from operations:
|
||||||||||||
Capital gain distributions
|
-
|
-
|
-
|
|||||||||
Realized capital gain (loss) on investments
|
33
|
2,374
|
2,812
|
|||||||||
Change in unrealized appreciation (depreciation)
|
(603
|
)
|
(1,547
|
)
|
(1,294
|
)
|
||||||
Net gain (loss) on investments
|
(570
|
)
|
827
|
1,518
|
||||||||
Net increase (decrease) in net assets from operations
|
(767
|
)
|
1,123
|
1,372
|
||||||||
Contract owner transactions:
|
||||||||||||
Variable annuity deposits
|
-
|
-
|
-
|
|||||||||
Terminations, withdrawals and annuity payments
|
(7,148
|
)
|
(7,943
|
)
|
(13,514
|
)
|
||||||
Transfers between subaccounts, net
|
37
|
-
|
1
|
|||||||||
Maintenance charges and mortality adjustments
|
-
|
-
|
-
|
|||||||||
Net decrease in net assets from contract transactions
|
(7,111
|
)
|
(7,943
|
)
|
(13,513
|
)
|
||||||
Total increase (decrease) in net assets
|
(7,878
|
)
|
(6,820
|
)
|
(12,141
|
)
|
||||||
Net assets as of December 31, 2019
|
$
|
6,360
|
$
|
6,967
|
$
|
-
|
||||||
Investment income (loss):
|
||||||||||||
Dividend distributions
|
38
|
501
|
-
|
|||||||||
Investment Expenses:
|
||||||||||||
Mortality and expense risk and administrative charges
|
(120
|
)
|
(133
|
)
|
-
|
|||||||
Net investment income (loss)
|
(82
|
)
|
368
|
-
|
||||||||
Increase (decrease) in net assets from operations:
|
||||||||||||
Capital gain distributions
|
-
|
-
|
-
|
|||||||||
Realized capital gain (loss) on investments
|
(1
|
)
|
25
|
-
|
||||||||
Change in unrealized appreciation (depreciation)
|
(24
|
)
|
(211
|
)
|
-
|
|||||||
Net gain (loss) on investments
|
(25
|
)
|
(186
|
)
|
-
|
|||||||
Net increase (decrease) in net assets from operations
|
(107
|
)
|
182
|
-
|
||||||||
Contract owner transactions:
|
||||||||||||
Variable annuity deposits
|
-
|
-
|
-
|
|||||||||
Terminations, withdrawals and annuity payments
|
-
|
-
|
-
|
|||||||||
Transfers between subaccounts, net
|
-
|
-
|
-
|
|||||||||
Maintenance charges and mortality adjustments
|
-
|
-
|
-
|
|||||||||
Net decrease in net assets from contract transactions
|
-
|
-
|
-
|
|||||||||
Total increase (decrease) in net assets
|
(107
|
)
|
182
|
-
|
||||||||
Net assets as of December 31, 2020
|
$
|
6,253
|
$
|
7,149
|
$
|
-
|
||||||
The accompanying notes are an integral part of these financial statements.
6
SBL Variable Annuity Account XVII
Statements of Operations and Change in Net Assets (continued)
Years Ended December 31, 2020 and 2019, Except as Noted
Guggenheim VIF Long Short Equity
|
Guggenheim VIF Managed Asset Allocation
|
Guggenheim VIF Small Cap Value
|
||||||||||
Net assets as of December 31, 2018
|
$
|
14,067
|
$
|
211,087
|
$
|
36,880
|
||||||
Investment income (loss):
|
||||||||||||
Dividend distributions
|
81
|
3,545
|
182
|
|||||||||
Investment Expenses:
|
||||||||||||
Mortality and expense risk and administrative charges
|
(280
|
)
|
(3,000
|
)
|
(646
|
)
|
||||||
Net investment income (loss)
|
(199
|
)
|
545
|
(464
|
)
|
|||||||
Increase (decrease) in net assets from operations:
|
||||||||||||
Capital gain distributions
|
-
|
1,711
|
1,348
|
|||||||||
Realized capital gain (loss) on investments
|
31
|
28,984
|
3,480
|
|||||||||
Change in unrealized appreciation (depreciation)
|
658
|
5,513
|
1,377
|
|||||||||
Net gain (loss) on investments
|
689
|
36,208
|
6,205
|
|||||||||
Net increase (decrease) in net assets from operations
|
490
|
36,753
|
5,741
|
|||||||||
Contract owner transactions:
|
||||||||||||
Variable annuity deposits
|
-
|
37,508
|
-
|
|||||||||
Terminations, withdrawals and annuity payments
|
-
|
(81,393
|
)
|
(18,326
|
)
|
|||||||
Transfers between subaccounts, net
|
-
|
-
|
-
|
|||||||||
Maintenance charges and mortality adjustments
|
-
|
(638
|
)
|
-
|
||||||||
Net decrease in net assets from contract transactions
|
-
|
(44,523
|
)
|
(18,326
|
)
|
|||||||
Total increase (decrease) in net assets
|
490
|
(7,770
|
)
|
(12,585
|
)
|
|||||||
Net assets as of December 31, 2019
|
$
|
14,557
|
$
|
203,317
|
$
|
24,295
|
||||||
Investment income (loss):
|
||||||||||||
Dividend distributions
|
119
|
2,818
|
215
|
|||||||||
Investment Expenses:
|
||||||||||||
Mortality and expense risk and administrative charges
|
(194
|
)
|
(2,550
|
)
|
(394
|
)
|
||||||
Net investment income (loss)
|
(75
|
)
|
268
|
(179
|
)
|
|||||||
Increase (decrease) in net assets from operations:
|
||||||||||||
Capital gain distributions
|
-
|
10,866
|
1,554
|
|||||||||
Realized capital gain (loss) on investments
|
1,534
|
5,839
|
22
|
|||||||||
Change in unrealized appreciation (depreciation)
|
(1,830
|
)
|
979
|
(2,123
|
)
|
|||||||
Net gain (loss) on investments
|
(296
|
)
|
17,684
|
(547
|
)
|
|||||||
Net increase (decrease) in net assets from operations
|
(371
|
)
|
17,952
|
(726
|
)
|
|||||||
Contract owner transactions:
|
||||||||||||
Variable annuity deposits
|
-
|
172
|
-
|
|||||||||
Terminations, withdrawals and annuity payments
|
(13,248
|
)
|
(20,109
|
)
|
(359
|
)
|
||||||
Transfers between subaccounts, net
|
-
|
-
|
-
|
|||||||||
Maintenance charges and mortality adjustments
|
-
|
(547
|
)
|
-
|
||||||||
Net decrease in net assets from contract transactions
|
(13,248
|
)
|
(20,484
|
)
|
(359
|
)
|
||||||
Total increase (decrease) in net assets
|
(13,619
|
)
|
(2,532
|
)
|
(1,085
|
)
|
||||||
Net assets as of December 31, 2020
|
$
|
938
|
$
|
200,785
|
$
|
23,210
|
||||||
The accompanying notes are an integral part of these financial statements.
7
SBL Variable Annuity Account XVII
Statements of Operations and Change in Net Assets (continued)
Years Ended December 31, 2020 and 2019, Except as Noted
Guggenheim VIF SMid Cap Value
|
Guggenheim VIF StylePlus Large Growth
|
Guggenheim VIF StylePlus Small Growth
|
||||||||||
Net assets as of December 31, 2018
|
$
|
23,975
|
$
|
8,107
|
$
|
12,741
|
||||||
Investment income (loss):
|
||||||||||||
Dividend distributions
|
153
|
-
|
-
|
|||||||||
Investment Expenses:
|
||||||||||||
Mortality and expense risk and administrative charges
|
(444
|
)
|
(101
|
)
|
(160
|
)
|
||||||
Net investment income (loss)
|
(291
|
)
|
(101
|
)
|
(160
|
)
|
||||||
Increase (decrease) in net assets from operations:
|
||||||||||||
Capital gain distributions
|
1,810
|
-
|
-
|
|||||||||
Realized capital gain (loss) on investments
|
2,423
|
4,082
|
5,450
|
|||||||||
Change in unrealized appreciation (depreciation)
|
824
|
(2,223
|
)
|
(3,163
|
)
|
|||||||
Net gain (loss) on investments
|
5,057
|
1,859
|
2,287
|
|||||||||
Net increase (decrease) in net assets from operations
|
4,766
|
1,758
|
2,127
|
|||||||||
Contract owner transactions:
|
||||||||||||
Variable annuity deposits
|
-
|
-
|
-
|
|||||||||
Terminations, withdrawals and annuity payments
|
(10,203
|
)
|
(9,905
|
)
|
(14,879
|
)
|
||||||
Transfers between subaccounts, net
|
-
|
40
|
11
|
|||||||||
Maintenance charges and mortality adjustments
|
-
|
-
|
-
|
|||||||||
Net decrease in net assets from contract transactions
|
(10,203
|
)
|
(9,865
|
)
|
(14,868
|
)
|
||||||
Total increase (decrease) in net assets
|
(5,437
|
)
|
(8,107
|
)
|
(12,741
|
)
|
||||||
Net assets as of December 31, 2019
|
$
|
18,538
|
$
|
-
|
$
|
-
|
||||||
Investment income (loss):
|
||||||||||||
Dividend distributions
|
202
|
-
|
-
|
|||||||||
Investment Expenses:
|
||||||||||||
Mortality and expense risk and administrative charges
|
(316
|
)
|
-
|
-
|
||||||||
Net investment income (loss)
|
(114
|
)
|
-
|
-
|
||||||||
Increase (decrease) in net assets from operations:
|
||||||||||||
Capital gain distributions
|
640
|
-
|
-
|
|||||||||
Realized capital gain (loss) on investments
|
20
|
-
|
-
|
|||||||||
Change in unrealized appreciation (depreciation)
|
(125
|
)
|
-
|
-
|
||||||||
Net gain (loss) on investments
|
535
|
-
|
-
|
|||||||||
Net increase (decrease) in net assets from operations
|
421
|
-
|
-
|
|||||||||
Contract owner transactions:
|
||||||||||||
Variable annuity deposits
|
-
|
-
|
-
|
|||||||||
Terminations, withdrawals and annuity payments
|
-
|
-
|
-
|
|||||||||
Transfers between subaccounts, net
|
-
|
-
|
-
|
|||||||||
Maintenance charges and mortality adjustments
|
-
|
-
|
-
|
|||||||||
Net decrease in net assets from contract transactions
|
-
|
-
|
-
|
|||||||||
Total increase (decrease) in net assets
|
421
|
-
|
-
|
|||||||||
Net assets as of December 31, 2020
|
$
|
18,959
|
$
|
-
|
$
|
-
|
||||||
The accompanying notes are an integral part of these financial statements.
8
SBL Variable Annuity Account XVII
Statements of Operations and Change in Net Assets (continued)
Years Ended December 31, 2020 and 2019, Except as Noted
Guggenheim VIF Total Return Bond
|
Guggenheim VIF World Equity Income
|
Invesco Oppenheimer V.I. Conservative Balanced Fund
|
||||||||||
Net assets as of December 31, 2018
|
$
|
19,191
|
$
|
5,562
|
$
|
53,663
|
||||||
Investment income (loss):
|
||||||||||||
Dividend distributions
|
523
|
-
|
1,251
|
|||||||||
Investment Expenses:
|
||||||||||||
Mortality and expense risk and administrative charges
|
(385
|
)
|
(66
|
)
|
(915
|
)
|
||||||
Net investment income (loss)
|
138
|
(66
|
)
|
336
|
||||||||
Increase (decrease) in net assets from operations:
|
||||||||||||
Capital gain distributions
|
-
|
-
|
886
|
|||||||||
Realized capital gain (loss) on investments
|
72
|
1,872
|
1,321
|
|||||||||
Change in unrealized appreciation (depreciation)
|
260
|
(1,133
|
)
|
5,207
|
||||||||
Net gain (loss) on investments
|
332
|
739
|
7,414
|
|||||||||
Net increase (decrease) in net assets from operations
|
470
|
673
|
7,750
|
|||||||||
Contract owner transactions:
|
||||||||||||
Variable annuity deposits
|
-
|
-
|
-
|
|||||||||
Terminations, withdrawals and annuity payments
|
-
|
(6,236
|
)
|
(9,445
|
)
|
|||||||
Transfers between subaccounts, net
|
-
|
1
|
-
|
|||||||||
Maintenance charges and mortality adjustments
|
-
|
-
|
(123
|
)
|
||||||||
Net decrease in net assets from contract transactions
|
-
|
(6,235
|
)
|
(9,568
|
)
|
|||||||
Total increase (decrease) in net assets
|
470
|
(5,562
|
)
|
(1,818
|
)
|
|||||||
Net assets as of December 31, 2019
|
$
|
19,661
|
$
|
-
|
$
|
51,845
|
||||||
Investment income (loss):
|
||||||||||||
Dividend distributions
|
376
|
-
|
1,061
|
|||||||||
Investment Expenses:
|
||||||||||||
Mortality and expense risk and administrative charges
|
(319
|
)
|
-
|
(869
|
)
|
|||||||
Net investment income (loss)
|
57
|
-
|
192
|
|||||||||
Increase (decrease) in net assets from operations:
|
||||||||||||
Capital gain distributions
|
-
|
-
|
1,179
|
|||||||||
Realized capital gain (loss) on investments
|
4,051
|
-
|
551
|
|||||||||
Change in unrealized appreciation (depreciation)
|
(2,088
|
)
|
-
|
3,905
|
||||||||
Net gain (loss) on investments
|
1,963
|
-
|
5,635
|
|||||||||
Net increase (decrease) in net assets from operations
|
2,020
|
-
|
5,827
|
|||||||||
Contract owner transactions:
|
||||||||||||
Variable annuity deposits
|
-
|
-
|
-
|
|||||||||
Terminations, withdrawals and annuity payments
|
(15,836
|
)
|
-
|
(3,724
|
)
|
|||||||
Transfers between subaccounts, net
|
-
|
-
|
-
|
|||||||||
Maintenance charges and mortality adjustments
|
-
|
-
|
(131
|
)
|
||||||||
Net decrease in net assets from contract transactions
|
(15,836
|
)
|
-
|
(3,855
|
)
|
|||||||
Total increase (decrease) in net assets
|
(13,816
|
)
|
-
|
1,972
|
||||||||
Net assets as of December 31, 2020
|
$
|
5,845
|
$
|
-
|
$
|
53,817
|
||||||
The accompanying notes are an integral part of these financial statements.
9
SBL Variable Annuity Account XVII
Statements of Operations and Change in Net Assets (continued)
Years Ended December 31, 2020 and 2019, Except as Noted
Invesco Oppenheimer V.I. Main Street Small Cap Fund
|
Invesco V.I. Equity and Income
|
Invesco V.I. Global Real Estate
|
||||||||||
Net assets as of December 31, 2018
|
$
|
15,907
|
$
|
243,306
|
$
|
4,468
|
||||||
Investment income (loss):
|
||||||||||||
Dividend distributions
|
-
|
5,966
|
233
|
|||||||||
Investment Expenses:
|
||||||||||||
Mortality and expense risk and administrative charges
|
(270
|
)
|
(3,793
|
)
|
(100
|
)
|
||||||
Net investment income (loss)
|
(270
|
)
|
2,173
|
133
|
||||||||
Increase (decrease) in net assets from operations:
|
||||||||||||
Capital gain distributions
|
1,699
|
18,595
|
6
|
|||||||||
Realized capital gain (loss) on investments
|
325
|
12,258
|
39
|
|||||||||
Change in unrealized appreciation (depreciation)
|
1,113
|
9,927
|
736
|
|||||||||
Net gain (loss) on investments
|
3,137
|
40,780
|
781
|
|||||||||
Net increase (decrease) in net assets from operations
|
2,867
|
42,953
|
914
|
|||||||||
Contract owner transactions:
|
||||||||||||
Variable annuity deposits
|
-
|
40,188
|
-
|
|||||||||
Terminations, withdrawals and annuity payments
|
(9,579
|
)
|
(72,089
|
)
|
(257
|
)
|
||||||
Transfers between subaccounts, net
|
-
|
-
|
-
|
|||||||||
Maintenance charges and mortality adjustments
|
-
|
(895
|
)
|
-
|
||||||||
Net decrease in net assets from contract transactions
|
(9,579
|
)
|
(32,796
|
)
|
(257
|
)
|
||||||
Total increase (decrease) in net assets
|
(6,712
|
)
|
10,157
|
657
|
||||||||
Net assets as of December 31, 2019
|
$
|
9,195
|
$
|
253,463
|
$
|
5,125
|
||||||
Investment income (loss):
|
||||||||||||
Dividend distributions
|
32
|
4,901
|
214
|
|||||||||
Investment Expenses:
|
||||||||||||
Mortality and expense risk and administrative charges
|
(167
|
)
|
(3,235
|
)
|
(84
|
)
|
||||||
Net investment income (loss)
|
(135
|
)
|
1,666
|
130
|
||||||||
Increase (decrease) in net assets from operations:
|
||||||||||||
Capital gain distributions
|
128
|
10,133
|
120
|
|||||||||
Realized capital gain (loss) on investments
|
10
|
(727
|
)
|
(21
|
)
|
|||||||
Change in unrealized appreciation (depreciation)
|
1,589
|
3,718
|
(949
|
)
|
||||||||
Net gain (loss) on investments
|
1,727
|
13,124
|
(850
|
)
|
||||||||
Net increase (decrease) in net assets from operations
|
1,592
|
14,790
|
(720
|
)
|
||||||||
Contract owner transactions:
|
||||||||||||
Variable annuity deposits
|
-
|
268
|
-
|
|||||||||
Terminations, withdrawals and annuity payments
|
-
|
(21,713
|
)
|
(247
|
)
|
|||||||
Transfers between subaccounts, net
|
-
|
-
|
-
|
|||||||||
Maintenance charges and mortality adjustments
|
-
|
(752
|
)
|
-
|
||||||||
Net decrease in net assets from contract transactions
|
-
|
(22,197
|
)
|
(247
|
)
|
|||||||
Total increase (decrease) in net assets
|
1,592
|
(7,407
|
)
|
(967
|
)
|
|||||||
Net assets as of December 31, 2020
|
$
|
10,787
|
$
|
246,056
|
$
|
4,158
|
||||||
The accompanying notes are an integral part of these financial statements.
10
SBL Variable Annuity Account XVII
Statements of Operations and Change in Net Assets (continued)
Years Ended December 31, 2020 and 2019, Except as Noted
Invesco V.I. Government Money Market(a)
|
Invesco V.I. Mid Cap Core Equity
|
Invesco V.I. Value Opportunities
|
||||||||||
Net assets as of December 31, 2018
|
$
|
11,857
|
$
|
11,995
|
$
|
4,035
|
||||||
Investment income (loss):
|
||||||||||||
Dividend distributions
|
193
|
14
|
-
|
|||||||||
Investment Expenses:
|
||||||||||||
Mortality and expense risk and administrative charges
|
(232
|
)
|
(203
|
)
|
(93
|
)
|
||||||
Net investment income (loss)
|
(39
|
)
|
(189
|
)
|
(93
|
)
|
||||||
Increase (decrease) in net assets from operations:
|
||||||||||||
Capital gain distributions
|
-
|
712
|
1,019
|
|||||||||
Realized capital gain (loss) on investments
|
-
|
(108
|
)
|
(25
|
)
|
|||||||
Change in unrealized appreciation (depreciation)
|
-
|
1,841
|
213
|
|||||||||
Net gain (loss) on investments
|
-
|
2,445
|
1,207
|
|||||||||
Net increase (decrease) in net assets from operations
|
(39
|
)
|
2,256
|
1,114
|
||||||||
Contract owner transactions:
|
||||||||||||
Variable annuity deposits
|
-
|
-
|
-
|
|||||||||
Terminations, withdrawals and annuity payments
|
(94
|
)
|
(7,422
|
)
|
-
|
|||||||
Transfers between subaccounts, net
|
-
|
-
|
-
|
|||||||||
Maintenance charges and mortality adjustments
|
-
|
-
|
-
|
|||||||||
Net decrease in net assets from contract transactions
|
(94
|
)
|
(7,422
|
)
|
-
|
|||||||
Total increase (decrease) in net assets
|
(133
|
)
|
(5,166
|
)
|
1,114
|
|||||||
Net assets as of December 31, 2019
|
$
|
11,724
|
$
|
6,829
|
$
|
5,149
|
||||||
Investment income (loss):
|
||||||||||||
Dividend distributions
|
24
|
31
|
4
|
|||||||||
Investment Expenses:
|
||||||||||||
Mortality and expense risk and administrative charges
|
(171
|
)
|
(123
|
)
|
(85
|
)
|
||||||
Net investment income (loss)
|
(147
|
)
|
(92
|
)
|
(81
|
)
|
||||||
Increase (decrease) in net assets from operations:
|
||||||||||||
Capital gain distributions
|
-
|
1,345
|
197
|
|||||||||
Realized capital gain (loss) on investments
|
-
|
(22
|
)
|
(48
|
)
|
|||||||
Change in unrealized appreciation (depreciation)
|
-
|
(766
|
)
|
100
|
||||||||
Net gain (loss) on investments
|
-
|
557
|
249
|
|||||||||
Net increase (decrease) in net assets from operations
|
(147
|
)
|
465
|
168
|
||||||||
Contract owner transactions:
|
||||||||||||
Variable annuity deposits
|
-
|
-
|
-
|
|||||||||
Terminations, withdrawals and annuity payments
|
(10,189
|
)
|
-
|
-
|
||||||||
Transfers between subaccounts, net
|
-
|
-
|
-
|
|||||||||
Maintenance charges and mortality adjustments
|
-
|
-
|
-
|
|||||||||
Net decrease in net assets from contract transactions
|
(10,189
|
)
|
-
|
-
|
||||||||
Total increase (decrease) in net assets
|
(10,336
|
)
|
465
|
168
|
||||||||
Net assets as of December 31, 2020
|
$
|
1,388
|
$
|
7,294
|
$
|
5,317
|
||||||
(a) Liquidation. See Note 1.
|
The accompanying notes are an integral part of these financial statements.
11
SBL Variable Annuity Account XVII
Statements of Operations and Change in Net Assets (continued)
Years Ended December 31, 2020 and 2019, Except as Noted
MFS® VIT Total Return
|
PIMCO VIT All Asset
|
PIMCO VIT Low Duration
|
||||||||||
Net assets as of December 31, 2018
|
$
|
27,233
|
$
|
174,271
|
$
|
45,470
|
||||||
Investment income (loss):
|
||||||||||||
Dividend distributions
|
638
|
5,261
|
1,270
|
|||||||||
Investment Expenses:
|
||||||||||||
Mortality and expense risk and administrative charges
|
(390
|
)
|
(2,427
|
)
|
(903
|
)
|
||||||
Net investment income (loss)
|
248
|
2,834
|
367
|
|||||||||
Increase (decrease) in net assets from operations:
|
||||||||||||
Capital gain distributions
|
816
|
-
|
-
|
|||||||||
Realized capital gain (loss) on investments
|
129
|
(2,945
|
)
|
(16
|
)
|
|||||||
Change in unrealized appreciation (depreciation)
|
3,813
|
17,816
|
557
|
|||||||||
Net gain (loss) on investments
|
4,758
|
14,871
|
541
|
|||||||||
Net increase (decrease) in net assets from operations
|
5,006
|
17,705
|
908
|
|||||||||
Contract owner transactions:
|
||||||||||||
Variable annuity deposits
|
-
|
31,782
|
-
|
|||||||||
Terminations, withdrawals and annuity payments
|
(678
|
)
|
(48,755
|
)
|
(1,659
|
)
|
||||||
Transfers between subaccounts, net
|
-
|
-
|
-
|
|||||||||
Maintenance charges and mortality adjustments
|
(120
|
)
|
(652
|
)
|
-
|
|||||||
Net decrease in net assets from contract transactions
|
(798
|
)
|
(17,625
|
)
|
(1,659
|
)
|
||||||
Total increase (decrease) in net assets
|
4,208
|
80
|
(751
|
)
|
||||||||
Net assets as of December 31, 2019
|
$
|
31,441
|
$
|
174,351
|
$
|
44,719
|
||||||
Investment income (loss):
|
||||||||||||
Dividend distributions
|
634
|
7,834
|
513
|
|||||||||
Investment Expenses:
|
||||||||||||
Mortality and expense risk and administrative charges
|
(397
|
)
|
(2,104
|
)
|
(813
|
)
|
||||||
Net investment income (loss)
|
237
|
5,730
|
(300
|
)
|
||||||||
Increase (decrease) in net assets from operations:
|
||||||||||||
Capital gain distributions
|
825
|
-
|
-
|
|||||||||
Realized capital gain (loss) on investments
|
156
|
(2,303
|
)
|
139
|
||||||||
Change in unrealized appreciation (depreciation)
|
1,253
|
5,406
|
622
|
|||||||||
Net gain (loss) on investments
|
2,234
|
3,103
|
761
|
|||||||||
Net increase (decrease) in net assets from operations
|
2,471
|
8,833
|
461
|
|||||||||
Contract owner transactions:
|
||||||||||||
Variable annuity deposits
|
-
|
209
|
-
|
|||||||||
Terminations, withdrawals and annuity payments
|
(767
|
)
|
(14,554
|
)
|
(13,547
|
)
|
||||||
Transfers between subaccounts, net
|
-
|
-
|
-
|
|||||||||
Maintenance charges and mortality adjustments
|
(120
|
)
|
(540
|
)
|
-
|
|||||||
Net decrease in net assets from contract transactions
|
(887
|
)
|
(14,885
|
)
|
(13,547
|
)
|
||||||
Total increase (decrease) in net assets
|
1,584
|
(6,052
|
)
|
(13,086
|
)
|
|||||||
Net assets as of December 31, 2020
|
$
|
33,025
|
$
|
168,299
|
$
|
31,633
|
||||||
12
SBL Variable Annuity Account XVII
Statements of Operations and Change in Net Assets (continued)
Years Ended December 31, 2020 and 2019, Except as Noted
PIMCO VIT Real Return
|
||||
Net assets as of December 31, 2018
|
$
|
38,607
|
||
Investment income (loss):
|
||||
Dividend distributions
|
667
|
|||
Investment Expenses:
|
||||
Mortality and expense risk and administrative charges
|
(789
|
)
|
||
Net investment income (loss)
|
(122
|
)
|
||
Increase (decrease) in net assets from operations:
|
||||
Capital gain distributions
|
-
|
|||
Realized capital gain (loss) on investments
|
(65
|
)
|
||
Change in unrealized appreciation (depreciation)
|
2,622
|
|||
Net gain (loss) on investments
|
2,557
|
|||
Net increase (decrease) in net assets from operations
|
2,435
|
|||
Contract owner transactions:
|
||||
Variable annuity deposits
|
-
|
|||
Terminations, withdrawals and annuity payments
|
(1,049
|
)
|
||
Transfers between subaccounts, net
|
-
|
|||
Maintenance charges and mortality adjustments
|
-
|
|||
Net decrease in net assets from contract transactions
|
(1,049
|
)
|
||
Total increase (decrease) in net assets
|
1,386
|
|||
Net assets as of December 31, 2019
|
$
|
39,993
|
||
Investment income (loss):
|
||||
Dividend distributions
|
524
|
|||
Investment Expenses:
|
||||
Mortality and expense risk and administrative charges
|
(747
|
)
|
||
Net investment income (loss)
|
(223
|
)
|
||
Increase (decrease) in net assets from operations:
|
||||
Capital gain distributions
|
-
|
|||
Realized capital gain (loss) on investments
|
807
|
|||
Change in unrealized appreciation (depreciation)
|
3,001
|
|||
Net gain (loss) on investments
|
3,808
|
|||
Net increase (decrease) in net assets from operations
|
3,585
|
|||
Contract owner transactions:
|
||||
Variable annuity deposits
|
-
|
|||
Terminations, withdrawals and annuity payments
|
(14,019
|
)
|
||
Transfers between subaccounts, net
|
-
|
|||
Maintenance charges and mortality adjustments
|
-
|
|||
Net decrease in net assets from contract transactions
|
(14,019
|
)
|
||
Total increase (decrease) in net assets
|
(10,434
|
)
|
||
Net assets as of December 31, 2020
|
$
|
29,559
|
||
The accompanying notes are an integral part of these financial statements.
13
SBL Variable Annuity Account XVII
Notes to Financial StatementsDecember 31, 2020
1. Organization and Significant Accounting Policies
SBL Variable Annuity Account XVII (the Account) is a deferred variable annuity contract offered by Security Benefit Life Insurance Company (SBL). The Account is an investment company as defined by Financial Accounting
Standard Board (FASB) Accounting Standard Codification (ASC) 946. The Account follows the accounting guidance as outlined in ASC 946. Purchase payments for ClassicStrategies and ThirdFed are allocated to one or more of the subaccounts that comprise
the Account. The Account is registered as a unit investment trust under the Investment Company Act of 1940, as amended. Deposits received by the Account are invested in the MFS Variable Insurance Trust, Oppenheimer Variable Account Funds, Pacific
Investment Management Company (PIMCO) Variable Insurance Trust, SBL Fund and The Universal Institutional Funds, Inc. mutual funds not otherwise available to the public.As directed by the owners, amounts directed to each subaccount are invested in a
designated mutual fund as follows:
Subaccount/Mutual Fund
|
Class
|
Investment Adviser
|
Sub-Adviser
|
American Century VP Ultra®
|
II
|
American Century Investment Management, Inc
|
-
|
American Century VP Value
|
II
|
American Century Investment Management, Inc
|
-
|
BNY Mellon IP Technology Growth
|
Service
|
BNY Mellon Investment Adviser, Inc
|
-
|
Guggenheim VIF All Cap Value
|
-
|
Security Investors, LLC
|
-
|
Guggenheim VIF Alpha Opportunity
|
-
|
Security Investors, LLC
|
-
|
Guggenheim VIF High Yield
|
-
|
Security Investors, LLC
|
-
|
Guggenheim VIF Large Cap Value
|
-
|
Security Investors, LLC
|
-
|
Guggenheim VIF Long Short Equity
|
-
|
Security Investors, LLC
|
-
|
Guggenheim VIF Managed Asset Allocation
|
-
|
Security Investors, LLC
|
-
|
Guggenheim VIF Small Cap Value
|
-
|
Security Investors, LLC
|
-
|
Guggenheim VIF SMid Cap Value
|
-
|
Security Investors, LLC
|
-
|
Guggenheim VIF StylePlus Large Core
|
-
|
Security Investors, LLC
|
-
|
Guggenheim VIF StylePlus Large Growth
|
-
|
Security Investors, LLC
|
-
|
Guggenheim VIF StylePlus Mid Growth
|
-
|
Security Investors, LLC
|
-
|
Guggenheim VIF StylePlus Small Growth
|
-
|
Security Investors, LLC
|
-
|
Guggenheim VIF Total Return Bond
|
-
|
Security Investors, LLC
|
-
|
Guggenheim VIF World Equity Income
|
-
|
Security Investors, LLC
|
-
|
Invesco Oppenheimer V.I. Conservative Balanced Fund
|
Series I
|
Invesco Advisers, Inc
|
-
|
Invesco Oppenheimer V.I. Main Street Small Cap Fund
|
Series II
|
Invesco Advisers, Inc
|
-
|
Invesco V.I. Equity and Income
|
Series II
|
Invesco Advisers, Inc
|
-
|
Invesco V.I. Global Real Estate
|
Series I
|
Invesco Advisers, Inc
|
Invesco Asset Management Ltd
|
Invesco V.I. Government Money Market
|
Series II
|
Invesco Advisers, Inc
|
-
|
Invesco V.I. Health Care
|
Series I
|
Invesco Advisers, Inc
|
-
|
Invesco V.I. International Growth
|
Series II
|
Invesco Advisers, Inc
|
-
|
Invesco V.I. Mid Cap Core Equity
|
Series II
|
Invesco Advisers, Inc
|
-
|
14
SBL Variable Annuity Account XVII
Notes to Financial Statements (continued)
1. Organization and Significant Accounting Policies (continued)
Subaccount/Mutual Fund
|
Class
|
Investment Adviser
|
Sub-Adviser
|
Invesco V.I. Value Opportunities
|
Series II
|
Invesco Advisers, Inc
|
-
|
MFS® VIT Total Return
|
Service
|
Massachusetts Financial Services Company
|
-
|
Neuberger Berman AMT Sustainable Equity
|
S
|
Neuberger Berman Investment Advisers LLC
|
-
|
PIMCO VIT All Asset
|
Administrative
|
Pacific Investment Management Company, LLC
|
Research Affiliates LLC
|
PIMCO VIT Low Duration
|
Administrative
|
Pacific Investment Management Company, LLC
|
-
|
PIMCO VIT Real Return
|
Administrative
|
Pacific Investment Management Company, LLC
|
-
|
Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from SBL’s other assets and liabilities. The portion of the Account’s assets applicable to the variable
annuity contracts is not chargeable with liabilities arising out of any other business SBL may conduct.
15
SBL Variable Annuity Account XVII
Notes to Financial Statements (continued)
1. Organization and Significant Accounting Policies (continued)
Thirty-one subaccounts are currently offered by the Account. The following subaccounts had no activity for two consecutive years and are not included in the statements of net assets or the
statements of operations and changes in net assets:
|
|
Subaccount
|
|
BNY Mellon IP Technology Growth
|
|
Guggenheim VIF StylePlus Large Core
|
|
Guggenheim VIF StylePlus Mid Growth
|
|
Invesco V.I. Health Care
|
|
Invesco V.I. International Growth
|
|
Neuberger Berman AMT Sustainable Equity
|
All subaccounts reported a full twelve month period except for the following as indicated:
|
||
Inception Date
|
Subaccount
|
|
April 29, 2016
|
Invesco V.I. Government Money Market
|
During the current year the following subaccount was liquidated and subsequently reinvested:
|
|||
Date
|
Liquidated Subaccount
|
Reinvested Subaccount
|
Transferred Assets ($)
|
April 30, 2020
|
BNY Mellon VIF International Value
|
Invesco V.I. Government Money Market
|
-
|
Investment Valuation
Investments in mutual fund shares are carried in the statements of net assets at market value (net asset value of the underlying mutual fund). Investment transactions are accounted for on the trade date. Realized
capital gains and losses on sales of investments are determined based on the average cost of investments sold. The difference between cost and current market value of investments owned on the day of measurement is recorded as unrealized appreciation
or depreciation of investments.
The cost of investment purchases and proceeds from investments sold for the year ended December 31, 2020, were as follows:
Subaccount
|
Cost of Purchases
|
Proceeds from Sales
|
American Century VP Ultra®
|
$ 1,264
|
$ 275
|
American Century VP Value
|
314
|
129
|
Guggenheim VIF All Cap Value
|
2,547
|
2,450
|
Guggenheim VIF Alpha Opportunity
|
38
|
120
|
Guggenheim VIF High Yield
|
501
|
133
|
Guggenheim VIF Long Short Equity
|
119
|
13,442
|
Guggenheim VIF Managed Asset Allocation
|
13,684
|
23,034
|
Guggenheim VIF Small Cap Value
|
1,769
|
753
|
Guggenheim VIF SMid Cap Value
|
842
|
316
|
Guggenheim VIF Total Return Bond
|
376
|
16,155
|
Invesco Oppenheimer V.I. Conservative Balanced Fund
|
2,239
|
4,723
|
Invesco Oppenheimer V.I. Main Street Small Cap Fund
|
160
|
167
|
Invesco V.I. Equity and Income
|
15,034
|
25,432
|
Invesco V.I. Global Real Estate
|
334
|
331
|
16
SBL Variable Annuity Account XVII
Notes to Financial Statements (continued)
1. Organization and Significant Accounting Policies (continued)
Subaccount
|
Cost of Purchases
|
Proceeds from Sales
|
Invesco V.I. Government Money Market (a)
|
$ 24
|
$ 10,360
|
Invesco V.I. Mid Cap Core Equity
|
1,376
|
123
|
Invesco V.I. Value Opportunities
|
201
|
85
|
MFS® VIT Total Return
|
1,460
|
1,285
|
PIMCO VIT All Asset
|
7,834
|
16,989
|
PIMCO VIT Low Duration
|
513
|
14,360
|
PIMCO VIT Real Return
|
524
|
14,766
|
(a) Liquidation. See Note 1.
|
Market Risk
Each subaccount invests in shares of a single underlying fund. The investment performance of each subaccount will reflect the investment performance of the underlying fund less separate account expenses. There is no
assurance that the investment objective of any underlying fund will be met. A fund calculates a daily net asset value per share (“NAV”) which is based on the market value of its investment portfolio. The amount of risk varies significantly between
subaccounts. Due to the level of risk associated with certain investment portfolios, it is at least reasonably possible that changes in the values of investment portfolios will occur in the near term and that such changes could materially affect
contractholders’ investments in the funds and the amounts reported in the statements of net assets. The contractholder assumes all of the investment performance risk for the subaccounts selected.
Annuity Assets
As of December 31, 2020, annuity reserves have not been established, as there are no contracts that have matured and are in the payout stage. Such reserves would be computed on the basis of published mortality
tables using assumed interest rates that will provide reserves as prescribed by law. In cases where the payout option selected is life contingent, SBL periodically recalculates the required annuity reserves, and any resulting adjustment is
either charged or credited to SBL and not to the Account.
|
Reinvestment of Dividends
Dividend and capital gain distributions paid by the mutual funds to the Account are reinvested in additional shares of each respective fund. Dividend income and capital gain distributions are recorded as income on the
ex-dividend date.
Federal Income Taxes
The operations of the Account are included in the federal income tax return of SBL, which is taxed as a life insurance company under the provisions of the Internal Revenue Code (IRC). Under the current provisions of
the IRC, SBL does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited under contracts. Based on this, no charge is being made currently to the Account for federal income taxes. SBL will
review periodically the status of this policy in the event of changes in the tax law.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial
statements and accompanying notes. Actual results could differ from those estimates.
As the economic and regulatory environment continues to evolve related to COVID-19, we cannot reasonably estimate the length or severity of this event or the impact to Separate Account performance and financial
results. However, in general, a
17
SBL Variable Annuity Account XVII
Notes to Financial Statements (continued)
1. Organization and Significant Accounting Policies (continued)
Fair Value Measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price).
The Account invests in shares of open-end mutual funds, which process contractholders directed purchases, sales and transfers on a daily basis at the funds’ computed net asset values (NAVs). The fair value of the
Account’s assets is based on the NAVs of mutual funds, which are obtained from the custodians and reflect the fair values of the mutual fund investments. The NAV is calculated daily and is based on the fair values of the underlying securities.
Because the fund provides liquidity for the investments through purchases and redemptions at NAV, this may represent the fair value of the investment in the fund. That is, for an open-ended mutual fund, the fair value
of an investment in the fund would not be expected to be higher than the amount that a new investor would be required to spend in order to directly invest in the mutual fund. Similarly, the hypothetical seller of the investment would not be expected
to accept less in proceeds than it could receive by directly redeeming its investment with the fund.
The Account had no financial liabilities as of December 31, 2020.
|
2. Variable Annuity Contract Charges
ClassicStrategies
Mortality and Expense Risk Charge: Mortality and expense risks assumed by SBL are compensated for by a fee equivalent to an annual rate of 0.85% of the average daily net
asset.
Administrative Charge: SBL deducts a daily administrative charge equivalent to an annual rate of 0.15% of the average daily net asset value.
These charges are presented as expenses on the statements of changes in net assets under Mortality and expense risk and administrative charges line item.
Premium Tax Charge: When applicable, an amount for state premium taxes is deducted as provided by pertinent state law either from the purchase payments or from the
amount applied to effect an annuity at the time annuity payments commence.
Contract owner maintenance charges presented as a decrease in units on the statements of changes in net assets under the Maintenance charges and mortality adjustment line item may include the following:
• Contingent
Deferred Sales Charge (CDSC): SBL deducts a CDSC (also referred to as a “withdrawal charge”) of up to 8% of any portion of a withdrawal, consisting of purchase payments, that exceed the free withdrawal amount for units withdrawn in
the first seven years of the contract.
• Rider Charge: SBL deducts a monthly amount for each rider,
equal to a percentage of contract value, not to exceed a total charge of 0.95% of the contract value.
|
18
SBL Variable Annuity Account XVII
Notes to Financial Statements (continued)
2. Variable Annuity Contract Charges (continued)
ThirdFed
Mortality and Expense Risk Charge: Mortality and expense risks assumed by SBL are compensated for by a fee equivalent to an annual rate of 1.15% of the average daily net asset
value.
Administrative Charge: SBL deducts a daily administration charge equivalent to an annual rate of 0.15% for the Guggenheim VIF Managed Asset Allocation, Guggenheim VIF Money
Market subaccounts, MFS VIT Total Return and PIMCO VIT All Asset; 0.30% for the Invesco V.I. Equity and Income subaccount; and 0.55% for the Oppenheimer Conservative Balanced Fund/VA subaccount of the average daily net asset value.
These charges are presented as expenses on the statements of changes in net assets under Mortality and expense risk and administrative charges line item.
Premium Tax Charge: When applicable, an amount for state premium taxes is deducted as provided by pertinent state law either from purchase payments or from the amount applied
to effect an annuity at the time annuity payments commence.
Contract owner maintenance charges presented as a decrease in units on the statements of changes in net assets under the Maintenance charges and mortality adjustment line item may include the following:
• Contingent Deferred Sales Charge (CDSC): SBL deducts a CDSC
(also referred to as a “withdrawal charge”) of up to 7% of any portion of a withdrawal, consisting of purchase payments, that exceed the free withdrawal amount for units withdrawn in the first five years of the contract.
• Rider Charge: SBL deducts a monthly charge for each rider, equal
to a percentage of the contract value, not to exceed a total charge of 0.75% of the contract value.
19
SBL Variable Annuity Account XVII
Notes to Financial Statements (continued)
3. Summary of Unit Transactions
The changes in units outstanding for the periods December 31, 2020 and 2019, were as follows:
2020
|
2019
|
||||||
Net
|
Net
|
||||||
Units
|
Units
|
Increase
|
Units
|
Units
|
Increase
|
||
Subaccount
|
Issued
|
Redeemed
|
(Decrease)
|
Issued
|
Redeemed
|
(Decrease)
|
|
American Century VP Ultra®
|
-
|
-
|
-
|
-
|
-
|
-
|
|
American Century VP Value
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Guggenheim VIF All Cap Value
|
-
|
(79)
|
(79)
|
-
|
(444)
|
(444)
|
|
Guggenheim VIF Alpha Opportunity
|
-
|
-
|
-
|
-
|
(381)
|
(381)
|
|
Guggenheim VIF High Yield
|
-
|
-
|
-
|
-
|
(389)
|
(389)
|
|
Guggenheim VIF Large Cap Value
|
-
|
-
|
-
|
-
|
(565)
|
(565)
|
|
Guggenheim VIF Long Short Equity
|
-
|
(978)
|
(978)
|
-
|
-
|
-
|
|
Guggenheim VIF Managed Asset Allocation
|
408
|
(1,766)
|
(1,358)
|
3,492
|
(6,211)
|
(2,719)
|
|
Guggenheim VIF Small Cap Value
|
-
|
(13)
|
(13)
|
-
|
(700)
|
(700)
|
|
Guggenheim VIF SMid Cap Value
|
-
|
-
|
-
|
-
|
(364)
|
(364)
|
|
Guggenheim VIF StylePlus Large Growth
|
-
|
-
|
-
|
-
|
(386)
|
(386)
|
|
Guggenheim VIF StylePlus Small Growth
|
-
|
-
|
-
|
-
|
(625)
|
(625)
|
|
Guggenheim VIF Total Return Bond
|
-
|
(1,137)
|
(1,137)
|
-
|
-
|
-
|
|
Guggenheim VIF World Equity Income
|
-
|
-
|
-
|
-
|
(352)
|
(352)
|
|
Invesco Oppenheimer V.I. Conservative Balanced Fund
|
182
|
(514)
|
(332)
|
201
|
(1,214)
|
(1,013)
|
|
Invesco Oppenheimer V.I. Main Street Small Cap Fund
|
-
|
-
|
-
|
-
|
(362)
|
(362)
|
|
Invesco V.I. Equity and Income
|
535
|
(1,923)
|
(1,388)
|
3,676
|
(5,583)
|
(1,907)
|
|
Invesco V.I. Global Real Estate
|
-
|
(13)
|
(13)
|
-
|
(13)
|
(13)
|
|
Invesco V.I. Government Money Market(a)
|
-
|
(1,073)
|
(1,073)
|
-
|
(9)
|
(9)
|
|
Invesco V.I. Mid Cap Core Equity
|
-
|
-
|
-
|
-
|
(373)
|
(373)
|
|
Invesco V.I. Value Opportunities
|
-
|
-
|
-
|
-
|
-
|
-
|
|
MFS® VIT Total Return
|
75
|
(71)
|
4
|
73
|
(65)
|
8
|
|
PIMCO VIT All Asset
|
452
|
(1,571)
|
(1,119)
|
3,623
|
(4,818)
|
(1,195)
|
|
PIMCO VIT Low Duration
|
-
|
(1,162)
|
(1,162)
|
-
|
(144)
|
(144)
|
|
PIMCO VIT Real Return
|
-
|
(987)
|
(987)
|
-
|
(80)
|
(80)
|
|
(a) Liquidation. See Note 1.
|
20
SBL Variable Annuity Account XVII
Notes to Financial Statements (continued)
The Account has a number of products, which have unique combinations of features and fees that are charged against the contract owner’s account balance. Differences in the fee structures result in a variety of unit
values, expense ratios, and total returns. The information presented below identifies the range of lowest to highest expense ratios and the corresponding total return. The summary may not reflect the minimum and maximum contract charges offered by
the Account as contract owners may not have selected all available and applicable contract options as discussed in Note 2.
A summary of units outstanding, unit values, net assets, expense ratios, investment income ratios and total return ratios for each of the five years in the period ended December 31, 2020, were as follows:
Subaccount
|
Units
|
Unit
Values Lowest ($) (4) |
Unit
Values Highest ($) (4) |
Net
Assets ($) |
Invest-ment
Income Ratios (%) (1) |
Expense
Ratios Lowest (%) (2) |
Expense
Ratios Highest (%) (2) |
Total
Returns Lowest (%) (3)(4) |
Total
Returns Highest (%) (3)(4) |
American Century VP Ultra®
|
|||||||||
2020
|
393
|
44.81
|
44.81
|
17,660
|
-
|
1.95
|
1.95
|
46.63
|
46.63
|
2019
|
393
|
30.56
|
30.56
|
12,043
|
-
|
1.95
|
1.95
|
31.84
|
31.84
|
2018
|
393
|
23.18
|
23.18
|
9,134
|
0.12
|
1.95
|
1.95
|
(1.36)
|
(1.36)
|
2017
|
393
|
23.50
|
23.50
|
9,261
|
0.23
|
1.95
|
1.95
|
29.41
|
29.41
|
2016
|
381
|
18.16
|
18.16
|
6,940
|
0.18
|
1.95
|
1.95
|
2.37
|
2.37
|
American Century VP Value
|
|||||||||
2020
|
328
|
23.13
|
23.13
|
7,555
|
0.02
|
1.95
|
1.95
|
(1.11)
|
(1.11)
|
2019
|
328
|
23.39
|
23.39
|
7,642
|
1.97
|
1.95
|
1.95
|
24.41
|
24.41
|
2018
|
328
|
18.80
|
18.80
|
6,140
|
1.59
|
1.95
|
1.95
|
(11.03)
|
(11.03)
|
2017
|
328
|
21.13
|
21.13
|
6,904
|
1.48
|
1.95
|
1.95
|
6.45
|
6.45
|
2016
|
328
|
19.85
|
19.85
|
6,485
|
1.55
|
1.95
|
1.95
|
17.94
|
17.94
|
Guggenheim VIF All Cap Value
|
|||||||||
2020
|
1,698
|
23.16
|
23.16
|
39,303
|
0.02
|
1.95
|
1.95
|
(0.09)
|
(0.09)
|
2019
|
1,777
|
23.18
|
23.18
|
41,186
|
1.41
|
1.95
|
1.95
|
21.30
|
21.30
|
2018
|
2,221
|
19.11
|
19.11
|
42,419
|
1.18
|
1.95
|
1.95
|
(12.38)
|
(12.38)
|
2017
|
2,353
|
21.81
|
21.81
|
51,305
|
1.06
|
1.95
|
1.95
|
12.54
|
12.54
|
2016
|
2,420
|
19.38
|
19.38
|
46,872
|
1.48
|
1.95
|
1.95
|
20.37
|
20.37
|
21
SBL Variable Annuity Account XVII
Notes to Financial Statements (continued)
4. Financial Highlights (continued)
Subaccount
|
Units
|
Unit
Values Lowest ($) (4) |
Unit
Values Highest ($) (4) |
Net
Assets ($) |
Invest-ment
Income Ratios (%) (1) |
Expense
Ratios Lowest (%) (2) |
Expense
Ratios Highest (%) (2) |
Total
Returns Lowest (%) (3)(4) |
Total
Returns Highest (%) (3)(4) |
Guggenheim VIF Alpha Opportunity
|
|||||||||
2020
|
333
|
18.81
|
18.81
|
6,253
|
0.01
|
1.95
|
1.95
|
(1.67)
|
(1.67)
|
2019
|
333
|
19.13
|
19.13
|
6,360
|
0.11
|
1.95
|
1.95
|
(4.35)
|
(4.35)
|
2018
|
714
|
20.00
|
20.00
|
14,238
|
-
|
1.95
|
1.95
|
(13.31)
|
(13.31)
|
2017
|
714
|
23.07
|
23.07
|
16,422
|
-
|
1.95
|
1.95
|
5.15
|
5.15
|
2016
|
714
|
21.94
|
21.94
|
15,619
|
-
|
1.95
|
1.95
|
10.58
|
10.58
|
Guggenheim VIF High Yield
|
|||||||||
2020
|
333
|
21.42
|
21.42
|
7,149
|
0.07
|
1.95
|
1.95
|
2.59
|
2.59
|
2019
|
333
|
20.88
|
20.88
|
6,967
|
4.95
|
1.95
|
1.95
|
9.55
|
9.55
|
2018
|
722
|
19.06
|
19.06
|
13,787
|
7.93
|
1.95
|
1.95
|
(6.02)
|
(6.02)
|
2017
|
722
|
20.28
|
20.28
|
14,666
|
5.00
|
1.95
|
1.95
|
4.16
|
4.16
|
2016
|
722
|
19.47
|
19.47
|
14,078
|
8.49
|
1.95
|
1.95
|
15.28
|
15.28
|
Guggenheim VIF Large Cap Value
|
|||||||||
2020
|
-
|
25.72
|
25.72
|
-
|
-
|
1.95
|
1.95
|
0.23
|
0.23
|
2019
|
-
|
25.66
|
25.66
|
-
|
-
|
1.95
|
1.95
|
19.40
|
19.40
|
2018
|
565
|
21.49
|
21.49
|
12,141
|
1.35
|
1.95
|
1.95
|
(11.27)
|
(11.27)
|
2017
|
610
|
24.22
|
24.22
|
14,781
|
1.24
|
1.95
|
1.95
|
13.55
|
13.55
|
2016
|
610
|
21.33
|
21.33
|
13,016
|
1.68
|
1.95
|
1.95
|
19.03
|
19.03
|
Guggenheim VIF Long Short Equity
|
|||||||||
2020
|
65
|
14.35
|
14.35
|
938
|
0.02
|
1.95
|
1.95
|
2.87
|
2.87
|
2019
|
1,043
|
13.95
|
13.95
|
14,557
|
0.57
|
1.95
|
1.95
|
3.49
|
3.49
|
2018
|
1,043
|
13.48
|
13.48
|
14,067
|
-
|
1.95
|
1.95
|
(14.68)
|
(14.68)
|
2017
|
1,043
|
15.80
|
15.80
|
16,480
|
0.35
|
1.95
|
1.95
|
12.62
|
12.62
|
2016
|
1,043
|
14.03
|
14.03
|
14,632
|
-
|
1.95
|
1.95
|
(1.27)
|
(1.27)
|
Guggenheim VIF Managed Asset Allocation
|
|||||||||
2020
|
14,016
|
13.88
|
21.62
|
200,785
|
0.01
|
1.30
|
1.95
|
7.76
|
10.36
|
2019
|
15,374
|
12.88
|
19.59
|
203,317
|
1.71
|
1.30
|
1.95
|
15.10
|
17.80
|
2018
|
18,093
|
11.19
|
16.63
|
211,087
|
1.46
|
1.30
|
1.95
|
(9.76)
|
(7.61)
|
2017
|
18,266
|
12.40
|
18.00
|
235,257
|
1.52
|
1.30
|
1.95
|
9.64
|
12.22
|
2016
|
18,193
|
11.31
|
16.04
|
213,201
|
1.16
|
1.30
|
1.95
|
3.38
|
5.87
|
22
SBL Variable Annuity Account XVII
Notes to Financial Statements (continued)
4. Financial Highlights (continued)
Subaccount
|
Units
|
Unit
Values Lowest ($) (4) |
Unit
Values Highest ($) (4) |
Net
Assets ($) |
Invest-ment
Income Ratios (%) (1) |
Expense
Ratios Lowest (%) (2) |
Expense
Ratios Highest (%) (2) |
Total
Returns Lowest (%) (3)(4) |
Total
Returns Highest (%) (3)(4) |
Guggenheim VIF Small Cap Value
|
|||||||||
2020
|
834
|
27.79
|
27.79
|
23,210
|
0.01
|
1.95
|
1.95
|
(2.90)
|
(2.90)
|
2019
|
847
|
28.62
|
28.62
|
24,295
|
0.60
|
1.95
|
1.95
|
20.20
|
20.20
|
2018
|
1,547
|
23.81
|
23.81
|
36,880
|
0.37
|
1.95
|
1.95
|
(14.38)
|
(14.38)
|
2017
|
1,562
|
27.81
|
27.81
|
43,468
|
0.37
|
1.95
|
1.95
|
1.68
|
1.68
|
2016
|
1,566
|
27.35
|
27.35
|
42,874
|
0.11
|
1.95
|
1.95
|
24.15
|
24.15
|
Guggenheim VIF SMid Cap Value
|
|||||||||
2020
|
600
|
31.60
|
31.60
|
18,959
|
0.01
|
1.95
|
1.95
|
2.27
|
2.27
|
2019
|
600
|
30.90
|
30.90
|
18,538
|
0.72
|
1.95
|
1.95
|
24.25
|
24.25
|
2018
|
964
|
24.87
|
24.87
|
23,975
|
0.64
|
1.95
|
1.95
|
(14.68)
|
(14.68)
|
2017
|
964
|
29.15
|
29.15
|
28,098
|
0.66
|
1.95
|
1.95
|
11.51
|
11.51
|
2016
|
955
|
26.14
|
26.14
|
24,962
|
0.92
|
1.95
|
1.95
|
24.30
|
24.30
|
Guggenheim VIF StylePlus Large Growth
|
|||||||||
2020
|
-
|
37.40
|
37.40
|
-
|
-
|
1.95
|
1.95
|
35.16
|
35.16
|
2019
|
-
|
27.67
|
27.67
|
-
|
-
|
1.95
|
1.95
|
31.32
|
31.32
|
2018
|
386
|
21.07
|
21.07
|
8,107
|
1.73
|
1.95
|
1.95
|
(5.52)
|
(5.52)
|
2017
|
386
|
22.30
|
22.30
|
8,582
|
0.99
|
1.95
|
1.95
|
27.57
|
27.57
|
2016
|
386
|
17.48
|
17.48
|
6,727
|
0.52
|
1.95
|
1.95
|
6.59
|
6.59
|
Guggenheim VIF StylePlus Small Growth
|
|||||||||
2020
|
-
|
32.51
|
32.51
|
-
|
-
|
1.95
|
1.95
|
29.26
|
29.26
|
2019
|
-
|
25.15
|
25.15
|
-
|
-
|
1.95
|
1.95
|
23.22
|
23.22
|
2018
|
625
|
20.41
|
20.41
|
12,741
|
1.12
|
1.95
|
1.95
|
(12.06)
|
(12.06)
|
2017
|
625
|
23.21
|
23.21
|
14,488
|
0.72
|
1.95
|
1.95
|
20.01
|
20.01
|
2016
|
625
|
19.34
|
19.34
|
12,072
|
0.38
|
1.95
|
1.95
|
11.21
|
11.21
|
Guggenheim VIF Total Return Bond
|
|||||||||
2020
|
412
|
14.22
|
14.22
|
5,845
|
0.03
|
1.95
|
1.95
|
11.97
|
11.97
|
2019
|
1,549
|
12.70
|
12.70
|
19,661
|
2.69
|
1.95
|
1.95
|
2.42
|
2.42
|
2018
|
1,549
|
12.40
|
12.40
|
19,191
|
4.38
|
1.95
|
1.95
|
(0.80)
|
(0.80)
|
2017
|
1,549
|
12.50
|
12.50
|
19,354
|
4.29
|
1.95
|
1.95
|
4.60
|
4.60
|
2016
|
1,549
|
11.95
|
11.95
|
18,494
|
3.99
|
1.95
|
1.95
|
4.73
|
4.73
|
23
SBL Variable Annuity Account XVII
Notes to Financial Statements (continued)
4. Financial Highlights (continued)
Subaccount
|
Units
|
Unit
Values Lowest ($) (4) |
Unit
Values Highest ($) (4) |
Net
Assets ($) |
Invest-ment
Income Ratios (%) (1) |
Expense
Ratios Lowest (%) (2) |
Expense
Ratios Highest (%) (2) |
Total
Returns Lowest (%) (3)(4) |
Total
Returns Highest (%) (3)(4) |
Guggenheim VIF World Equity Income
|
|||||||||
2020
|
-
|
19.66
|
19.66
|
-
|
-
|
1.95
|
1.95
|
4.57
|
4.57
|
2019
|
-
|
18.80
|
18.80
|
-
|
-
|
1.95
|
1.95
|
19.06
|
19.06
|
2018
|
352
|
15.79
|
15.79
|
5,562
|
2.84
|
1.95
|
1.95
|
(9.98)
|
(9.98)
|
2017
|
384
|
17.54
|
17.54
|
6,744
|
2.77
|
1.95
|
1.95
|
12.80
|
12.80
|
2016
|
384
|
15.55
|
15.55
|
5,978
|
3.06
|
1.95
|
1.95
|
8.21
|
8.21
|
Invesco Oppenheimer V.I. Conservative Balanced Fund
|
|||||||||
2020
|
5,974
|
9.00
|
9.00
|
53,817
|
0.02
|
1.70
|
1.70
|
9.62
|
9.62
|
2019
|
6,306
|
8.21
|
8.21
|
51,845
|
2.37
|
1.70
|
1.70
|
12.16
|
12.16
|
2018
|
7,319
|
7.32
|
7.32
|
53,663
|
2.05
|
1.70
|
1.70
|
(9.74)
|
(9.74)
|
2017
|
7,430
|
8.11
|
8.11
|
60,317
|
1.97
|
1.70
|
1.70
|
4.24
|
4.24
|
2016
|
7,303
|
7.78
|
7.78
|
56,878
|
2.40
|
1.70
|
1.70
|
0.39
|
0.39
|
Invesco Oppenheimer V.I. Main Street Small Cap Fund
|
|||||||||
2020
|
319
|
33.90
|
33.90
|
10,787
|
0.00
|
1.95
|
1.95
|
17.30
|
17.30
|
2019
|
319
|
28.90
|
28.90
|
9,195
|
-
|
1.95
|
1.95
|
23.66
|
23.66
|
2018
|
681
|
23.37
|
23.37
|
15,907
|
0.06
|
1.95
|
1.95
|
(12.27)
|
(12.27)
|
2017
|
719
|
26.64
|
26.64
|
19,151
|
0.64
|
1.95
|
1.95
|
11.70
|
11.70
|
2016
|
719
|
23.85
|
23.85
|
17,145
|
0.24
|
1.95
|
1.95
|
15.38
|
15.38
|
Invesco V.I. Equity and Income
|
|||||||||
2020
|
17,357
|
14.19
|
14.19
|
246,056
|
0.02
|
1.45
|
1.45
|
4.88
|
4.88
|
2019
|
18,745
|
13.53
|
13.53
|
253,463
|
2.40
|
1.45
|
1.45
|
14.76
|
14.76
|
2018
|
20,652
|
11.79
|
11.79
|
243,306
|
2.11
|
1.45
|
1.45
|
(13.69)
|
(13.69)
|
2017
|
20,793
|
13.66
|
13.66
|
283,782
|
1.46
|
1.45
|
1.45
|
5.97
|
5.97
|
2016
|
20,694
|
12.89
|
12.89
|
266,578
|
1.59
|
1.45
|
1.45
|
9.80
|
9.80
|
Invesco V.I. Global Real Estate
|
|||||||||
2020
|
225
|
18.45
|
18.45
|
4,158
|
0.05
|
1.95
|
1.95
|
(14.03)
|
(14.03)
|
2019
|
238
|
21.46
|
21.46
|
5,125
|
4.86
|
1.95
|
1.95
|
20.63
|
20.63
|
2018
|
251
|
17.79
|
17.79
|
4,468
|
3.96
|
1.95
|
1.95
|
(8.01)
|
(8.01)
|
2017
|
265
|
19.34
|
19.34
|
5,126
|
2.09
|
1.95
|
1.95
|
10.83
|
10.83
|
2016
|
615
|
17.45
|
17.45
|
10,741
|
1.64
|
1.95
|
1.95
|
0.06
|
0.06
|
24
SBL Variable Annuity Account XVII
Notes to Financial Statements (continued)
4. Financial Highlights (continued)
Subaccount
|
Units
|
Unit
Values Lowest ($) (4) |
Unit
Values Highest ($) (4) |
Net
Assets ($) |
Invest-ment
Income Ratios (%) (1) |
Expense
Ratios Lowest (%) (2) |
Expense
Ratios Highest (%) (2) |
Total
Returns Lowest (%) (3)(4) |
Total
Returns Highest (%) (3)(4) |
Invesco V.I. Government Money Market (a)
|
|||||||||
2020
|
147
|
8.47
|
9.44
|
1,388
|
0.00
|
1.30
|
1.95
|
(3.97)
|
(1.77)
|
2019
|
1,220
|
8.82
|
9.61
|
11,724
|
1.64
|
1.30
|
1.95
|
(2.65)
|
(0.31)
|
2018
|
1,229
|
9.06
|
9.64
|
11,857
|
1.28
|
1.30
|
1.95
|
(3.00)
|
(0.72)
|
2017
|
1,239
|
9.34
|
9.71
|
12,033
|
0.31
|
1.30
|
1.95
|
(3.91)
|
(1.62)
|
2016
|
1,239
|
9.72
|
9.87
|
12,235
|
0.05
|
1.30
|
1.95
|
(2.80)
|
(1.30)
|
Invesco V.I. Mid Cap Core Equity
|
|||||||||
2020
|
324
|
22.57
|
22.57
|
7,294
|
0.00
|
1.95
|
1.95
|
6.81
|
6.81
|
2019
|
324
|
21.13
|
21.13
|
6,829
|
0.15
|
1.95
|
1.95
|
22.63
|
22.63
|
2018
|
697
|
17.23
|
17.23
|
11,995
|
0.12
|
1.95
|
1.95
|
(13.37)
|
(13.37)
|
2017
|
697
|
19.89
|
19.89
|
13,840
|
0.32
|
1.95
|
1.95
|
12.44
|
12.44
|
2016
|
697
|
17.69
|
17.69
|
12,310
|
-
|
1.95
|
1.95
|
10.98
|
10.98
|
Invesco V.I. Value Opportunities
|
|||||||||
2020
|
323
|
16.38
|
16.38
|
5,317
|
0.00
|
1.95
|
1.95
|
3.28
|
3.28
|
2019
|
323
|
15.86
|
15.86
|
5,149
|
-
|
1.95
|
1.95
|
27.59
|
27.59
|
2018
|
323
|
12.43
|
12.43
|
4,035
|
-
|
1.95
|
1.95
|
(20.93)
|
(20.93)
|
2017
|
323
|
15.72
|
15.72
|
5,103
|
0.02
|
1.95
|
1.95
|
14.91
|
14.91
|
2016
|
323
|
13.68
|
13.68
|
4,440
|
0.07
|
1.95
|
1.95
|
15.64
|
15.64
|
MFS® VIT Total Return
|
|||||||||
2020
|
2,461
|
13.42
|
13.42
|
33,025
|
0.02
|
1.30
|
1.30
|
4.84
|
4.84
|
2019
|
2,457
|
12.80
|
12.80
|
31,441
|
2.17
|
1.30
|
1.30
|
15.11
|
15.11
|
2018
|
2,449
|
11.12
|
11.12
|
27,233
|
2.03
|
1.30
|
1.30
|
(9.89)
|
(9.89)
|
2017
|
2,443
|
12.34
|
12.34
|
30,140
|
2.19
|
1.30
|
1.30
|
7.30
|
7.30
|
2016
|
2,434
|
11.50
|
11.50
|
27,977
|
2.70
|
1.30
|
1.30
|
4.26
|
4.26
|
(a) Liquidation. See Note 1.
|
25
SBL Variable Annuity Account XVII
Notes to Financial Statements (continued)
4. Financial Highlights (continued)
Subaccount
|
Units
|
Unit
Values Lowest ($) (4) |
Unit
Values Highest ($) (4) |
Net
Assets ($) |
Invest-ment
Income Ratios (%) (1) |
Expense
Ratios Lowest (%) (2) |
Expense
Ratios Highest (%) (2) |
Total
Returns Lowest (%) (3)(4) |
Total
Returns Highest (%) (3)(4) |
PIMCO VIT All Asset
|
|||||||||
2020
|
15,244
|
10.82
|
16.76
|
168,299
|
0.05
|
1.30
|
1.95
|
3.44
|
5.87
|
2019
|
16,363
|
10.46
|
15.83
|
174,351
|
3.02
|
1.30
|
1.95
|
7.17
|
9.78
|
2018
|
17,558
|
9.76
|
14.42
|
174,271
|
3.25
|
1.30
|
1.95
|
(9.38)
|
(7.27)
|
2017
|
17,621
|
10.77
|
15.55
|
192,977
|
4.74
|
1.30
|
1.95
|
8.68
|
11.31
|
2016
|
17,613
|
9.91
|
13.97
|
177,274
|
2.63
|
1.30
|
1.95
|
8.19
|
10.70
|
PIMCO VIT Low Duration
|
|||||||||
2020
|
2,718
|
11.64
|
11.64
|
31,633
|
0.01
|
1.95
|
1.95
|
0.95
|
0.95
|
2019
|
3,880
|
11.53
|
11.53
|
44,719
|
2.82
|
1.95
|
1.95
|
2.04
|
2.04
|
2018
|
4,024
|
11.30
|
11.30
|
45,470
|
1.92
|
1.95
|
1.95
|
(1.65)
|
(1.65)
|
2017
|
4,264
|
11.49
|
11.49
|
48,966
|
1.36
|
1.95
|
1.95
|
(0.61)
|
(0.61)
|
2016
|
4,420
|
11.56
|
11.56
|
51,073
|
1.49
|
1.95
|
1.95
|
(0.60)
|
(0.60)
|
PIMCO VIT Real Return
|
|||||||||
2020
|
2,056
|
14.43
|
14.43
|
29,559
|
0.02
|
1.95
|
1.95
|
9.48
|
9.48
|
2019
|
3,043
|
13.18
|
13.18
|
39,993
|
1.70
|
1.95
|
1.95
|
6.38
|
6.38
|
2018
|
3,123
|
12.39
|
12.39
|
38,607
|
2.47
|
1.95
|
1.95
|
(4.18)
|
(4.18)
|
2017
|
3,278
|
12.93
|
12.93
|
42,270
|
2.40
|
1.95
|
1.95
|
1.65
|
1.65
|
2016
|
3,340
|
12.72
|
12.72
|
42,374
|
2.26
|
1.95
|
1.95
|
3.16
|
3.16
|
(1) These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the
average net assets. Average net assets is a simple average of net assets and will not reflect offsetting changes in net assets occurring within a year. These ratios exclude those expenses, such as mortality and expense charges, that result in direct
reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccount invests.
(2) These ratios represent the annualized contract expenses of the Account, consisting primarily of administrative, rider and mortality and expense charges, for each period indicated. The ratios include only those
expenses that result in a direct reduction to the unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded. The disclosed range represents the lowest expense
ratio to highest expense ratio, respectively. Certain contractholders may have expenses outside the range depending on the timing of deposits, withdrawals, and/or fund transfers.
(3) These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and reflect deductions for all items included in the expense ratio. The total return does
not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. The total return is calculated for the period indicated or from the
inception date through the end of the reporting period.
26
SBL Variable Annuity Account XVII
Notes to Financial Statements (continued)
4. Financial Highlights (continued)
5. Subsequent Events
The Account has performed an evaluation of subsequent events through the date the financial statements were issued and has determined that no items require recognition or disclosure.
27
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