Form 485BPOS FIDELITY INVESTMENTS

Article

April 29, 2024 3:16 PM EDT

E-mail

As filed with the SEC on April 29, 2024

Registration No. 333-103174

Registration No. 811-05258

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-6

REGISTRATION STATEMENT

UNDER


		*THE SECURITIES ACT OF 1933*
		Pre-Effective Amendment No.
		Post-Effective Amendment No. 25		☒

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940


		Amendment No. 28		☒

FIDELITY INVESTMENTS VARIABLE LIFE ACCOUNT I

(Exact Name of Registrant)

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(Name of Depositor)

900 Salem Street

Smithfield, Rhode Island 02917

(Address of Depositor’s Principal Executive Offices)

Depositor’s Telephone Number: (800) 544-8888

DAVID A. GOLINO

President

Fidelity Investments Life Insurance Company

900 Salem Street

Smithfield, Rhode Island 02917

(Name and Address of Agent for Service)

Copy to:

MICHAEL BERENSON

MORGAN, LEWIS & BOCKIUS LLP

1111 Pennsylvania Avenue, N.W.

Washington, D.C. 20004

It is proposed that this filing will become effective (check appropriate box):

☐	immediately upon filing pursuant to paragraph (b) of rule 485

☒	on April 30, 2024, pursuant to paragraph (b) of rule 485

☐	60 days after filing pursuant to paragraph (a)(1) of rule 485

☐	on (date) pursuant to paragraph (a)(1) of rule 485 under the Securities Act.

If appropriate, check the following box:

☐	this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

PROSPECTUS

April 30, 2024

This prospectus describes the important features of Fidelity Lifetime Reserves^®, an individual, flexible premium, variable universal life insurance policy (the “Policy”) issued by Fidelity Investments Life Insurance Company (“we” or “FILI”). Fidelity Lifetime Reserves is designed to provide death benefit protection. Each Policy was issued as either:

a Single Life Policy, in which we pay Insurance Proceeds to the named Beneficiaries upon the death of the single insured person (“Insured”),

a Survivorship Life Policy, in which we pay Insurance Proceeds to the named Beneficiaries upon the death of the last survivor of two insured persons (“Insureds”).

Unless we specify otherwise in this prospectus, the features of a Single Life Policy and a Survivorship Life Policy are the same.

Investment Options available under the Policy are subaccounts of Fidelity Investments Variable Life Account I (the “Variable Account”).

PLEASE NOTE: Currently, we do not offer the Policy for sale to new investors.

Important Disclosures:

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities or determined if this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

Additional information about certain investment products, including variable life insurance, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.

TABLE OF CONTENTS


Glossary			4

Important Information You Should Consider About the Policy			8

Overview of the Policy			11

Fee Tables			14

1. Principal Risks of Investing in the Policy			17

2. FILI, the Variable Account, and the Funds			19

(a). FILI and The Variable Account			19
(b). The Funds			19
(c). Legal Proceedings			20

3. General Description of the Policy			20

(a). Purchasing a Policy			20
(b). Selecting and Changing the Beneficiary			21
(c). Death of Owner			21
(d). Transferring Ownership and Assigning Policy Rights			22
(e). Surrenders and Partial Withdrawals			22
(f). Loans			24

4. Charges and Other Deductions			26

(a). Sales or Surrender Charges			26
(b). State Tax Charge			26
(c). Monthly Deduction			26
(d). Mortality and Expense Risk Charge			28
(e). Charges on Loans			28
(f). Exchange Charge			28
(g). Fund Expenses			28
(h). Reduction in Charges			29

5. Premiums, Policy Account Values, and Investment Option Values			29

(a). Premiums			29
(b). Allocating Premiums Among Investment Options and the Fixed Account			30
(c). Policy Account Values and Investment Option Values			31

6. Death Benefit and Insurance Proceeds			32

(a). Overview of Death Benefit			32
(b). Setting the Death Benefit at Purchase			32
(c). Changing the Death Benefit after Purchase			34
(d). Policy Validity			36
(e). Extended Maturity			37

7. Other Benefits Available Under the Policy			38

(a). Overview of Other Benefits			38
(b). More Details on Other Benefits and Riders			40

8. Policy Lapse and Reinstatement			43

(a). Death During Grace Period			43
(b). No Lapse Guarantee			43
(c). Policy Reinstatement			44



9. The Fixed Account			44

10. Making Exchanges Among Investment Options and the Fixed Account			45

(a). Overview			45
(b). Making Exchanges by Telephone			45
(c). Effective Date of Exchanges Among Investment Options			46
(d). Frequent Exchanges Among Investment Options			46
(e). Exchanges To and From the Fixed Account			48
(f). Written Requests Received at the Company			48

11. Tax Considerations			49

(a). Tax Status of the Policy			49
(b). IRC Qualification			50
(c). Modified Endowment Contracts			50
(d). Distributions from Policies Classified as Modified Endowment Contracts			51
(e). Distributions from Policies Not Classified as Modified Endowment Contracts			51
(f). Policy Loan Interest			51
(g). Investment in the Policy			51
(h). Policy Lapse			51
(i). Other Tax Considerations			51

12. More Information about the Policy and the Variable Account			52

(a). Signature Guarantee or Customer Authentication			52
(b). Voting Rights			52
(c). Changes in Investment Options			53
(d). Resolving Material Conflicts			53

Appendix A: Funds Available Under the Policy			54

GLOSSARY

Accelerated Benefit: An additional benefit of the Single Life Policy that permits you to claim a portion of the Insurance Proceeds in the event of the Insured’s terminal illness as defined in the Policy. This Benefit comes with the Single Life Policy for no additional charge. This benefit is not available in all states.

Application: A form or set of forms that must be completed and signed by a prospective Owner and each Insured before we can issue a Policy.

Beneficiary: The person or persons designated in the Application or the most recent Beneficiary designation in our files, to whom Insurance Proceeds are paid.

Cash Surrender Value: The Policy Account Value (the total value of your accounts in the Investment Options, in the Fixed Account, and the Loan Collateral Account), less any Loan Balance (which includes accrued interest) and charges due.

Cash Value Accumulation Test: One of two tests prescribed in Section 7702 of the Internal Revenue Code that define whether an insurance contract qualifies to be treated as a life insurance policy for Federal tax purposes. Both this test and the Guideline Premium Test establish requirements for how much the Death Benefit amount must exceed the Policy Account Value through the life of the Policy. See the SAI and your Policy for more information.

Conditional Receipt: A receipt evidencing our receipt of a Premium payment before we issue a Single Life Policy. A Conditional Receipt is not an insurance Policy.

Cost of Insurance: A monthly charge we assess to compensate us for underwriting the Death Benefit. It is the product of your Policy’s Cost of Insurance Rate times its Net Amount at Risk on your Policy’s monthly Policy Processing Day. It varies from Policy to Policy and from month to month. Your Policy Schedule indicates the guaranteed Cost of Insurance Rates applicable to your Policy.

Cost of Insurance Rate: This rate is used to calculate the monthly Cost of Insurance charge. It depends on a number of factors that are unique to your Policy, including each Insured’s Issue Age, sex (in most states) and Underwriting Class, as well as the Policy Year and, for a Single Life Policy, the Face Amount.

Death Benefit: The gross amount, before deduction of Loan Balances and outstanding charges, that we agree to pay the Beneficiary upon receipt of proof of the death of the Insured in a Single Life Policy, or the death of last surviving Insured in a Survivorship Life Policy. The Death Benefit is based upon your choice of Death Benefit Option A or B, your choice of Face Amount and in some cases on the Policy Account Value and choice of tax test.

Default: A Policy goes into Default if its Cash Surrender Value is too low to pay the Monthly Deduction amount and if the No-Lapse Guarantee no longer applies. Following a Default, the Owner has a 61-day Grace Period in which to make a Premium payment sufficient to cure the Default.

EFT: Electronic Funds Transfer. You can make Premium payments by authorizing us to automatically deduct a specified amount monthly from your bank account.

Exchange: A transaction in which amounts allocated to one Investment Option and/or the Fixed Account are redeemed and invested in a different Investment Option and/or the Fixed Account, at the Owner’s request.

Extended Maturity: The period after the Policy Anniversary nearest the Insured’s 100th birthday for a Single Life Policy, and after the Policy Anniversary nearest the 100th anniversary of the younger Insured’s date of birth,

even if the younger Insured is not the surviving Insured, for a Survivorship Life Policy. During Extended Maturity, the Death Benefit is changed to equal the Policy Account Value and we do not assess Monthly Deductions. This feature does not apply in Florida. See 6(e). Extended Maturity—Florida Residents for more information.

Face Amount: The dollar amount of insurance selected by the Owner. The Face Amount is a factor in determining the Death Benefit and certain charges.

FILI (“we”): Fidelity Investments Life Insurance Company, the issuer of the Policy.

Fixed Account: A part of our general account. You may allocate a portion of your Net Premium payments or a portion of your Policy Account Value to the Fixed Account. Amounts allocated to the Fixed Account do not fluctuate in value, and earn interest at rates that we declare from time to time. We guarantee that the declared rate will always be at least the guaranteed rate stated in your Policy Schedule. The guaranteed rate is 1.5% in Illinois and Nebraska, 2% in Pennsylvania, and in all other states is 1%.

Fund: A mutual fund in which an Investment Option invests. The Funds are named in this prospectus and described in detail in the Fund prospectuses.

Grace Period: A 61-day period after a Policy first goes into Default, after which the Policy will Lapse if the Owner does not make a Premium payment sufficient to cure the Default.

Guideline Premium Test: One of two tests prescribed in Section 7702 of the Internal Revenue Code that define whether an insurance contract qualifies to be treated as a life insurance Policy for Federal tax purposes. This test defines a limit on the Premiums you can pay into your Policy. Both this test and the Cash Value Accumulation Test establish requirements for how much the Death Benefit amount must exceed the Policy Account Value through the life of the Policy. See the SAI and your Policy for more information.

Home Office: Fidelity Investments Life Insurance Company, 900 Salem Street, Smithfield, Rhode Island 02917. For information or transactions regarding your Policy, please contact our Service Center.

Insurance Proceeds: The amount we pay to the Beneficiaries or other persons after we receive satisfactory proof of death of the Insured on a Single Life Policy or both Insureds on a Survivorship Life Policy. It is calculated as the Death Benefit, less any Loan Balance, unpaid Monthly Deductions and any payment made under the Accelerated Benefit, including any accrued but unpaid interest. Any Rider benefits will be determined and paid in accordance with the terms of the applicable Rider.

Insured: A person whose life is insured by the Policy. In the case of a Single Life Policy, there will be only one Insured. In the case of a Survivorship Life Policy, there will be two Insureds and the Insurance Proceeds will be paid only upon the death of the second Insured to die.

Internal Revenue Code: The U.S. Internal Revenue Code of 1986, as amended.

Investment Option: A subaccount of our Variable Account, which invests all of its net assets in a specific Fund. You may allocate Premium payments into one or more Investment Options, and the value of the amount allocated will change daily with the Fund’s investment performance.

Issue Age: The Insured’s age on the Insured’s birthday nearest the Policy Date.

Issue Date: The date we produced your Policy. It is stated on your Policy.

Lapse: The termination of a Policy without value. If a Policy goes into Default, because the Cash Surrender Value is too low to cover monthly charges and the No-Lapse Guarantee no longer applies, it will Lapse at the end of a 61-day Grace Period unless the Owner makes a minimum Premium payment. You may reinstate a lapsed Policy, subject to certain conditions.

Loan: A transaction in which you borrow money from us, using the Policy as the only collateral. Interest charges and other terms and conditions are described under 3(f). Loans.

Loan Balance: The principal and accrued interest due under all Policy Loans you have taken, as reflected on our records.

Loan Collateral Account: The account to which we transfer funds, from the Investment Options and/or the Fixed Account, as collateral for a Policy Loan.

MEC: A modified endowment contract, as defined under the Internal Revenue Code.

Minimum Initial Premium: The minimum Premium payment needed in order for us to issue a Policy. Your Minimum Initial Premium amount was at least: the Planned Annual Premium if you selected an annual payment schedule; one-half the Planned Annual Premium if you selected a semi-annual payment schedule; or one-sixth of the Planned Annual Premium (two months’ worth), if you selected a monthly payment schedule using automatic electronic funds transfer (EFT).

Monthly Deduction: The amount we deduct from the Cash Surrender Value on each monthly Policy Processing Day. The Monthly Deduction includes the Cost of Insurance charge, the monthly Policy charge, the monthly unit charge for Survivorship Life Policies, and charges for any Riders.

Net Amount at Risk: The Death Benefit minus the Policy Account Value. This figure measures the insurance risk we bear, and is the basis for the Cost of Insurance charge.

Net Premium: The remaining Premium payment amount after we deduct the State Tax Charge.

No-Lapse Guarantee: A guarantee by us that, as long as your Policy satisfies the No-Lapse Guarantee Cumulative Premium Test as defined in the Policy (see 8(b). No-Lapse Guarantee), the Policy will not Lapse during the No-Lapse Guarantee Period. The No-Lapse Guarantee Period for a Single Life Policy is the first ten (10) Policy Years, if the Issue Age of the Insured is 70 or less; or the first five (5) Policy Years, if the Issue Age of the Insured is 71 or more. The No-Lapse Guarantee Period for a Survivorship Life Policy is the first five (5) Policy Years. This feature is not available in all states.

Owner (“you”): The person who holds the rights and duties under the insurance Policy, including the right to designate the Beneficiaries, choose the Death Benefit and Riders, apply for the Accelerated Benefit of a Single Life Policy, and the responsibility to make Premium payments. The Owner is the person with whom we, the insurance company, make the contract of insurance. A Policy may be jointly owned only by a married couple, or by two unmarried individuals to the extent state law requires recognition of their joint ownership.

Partial Withdrawal: An Owner’s withdrawal of a portion of the Cash Surrender Value.

Planned Annual Premium: An annual Premium amount stated in the Policy Schedule. The Owner is not required to make payments according to this plan to keep the Policy in force. However, a failure to make at least the Planned Annual Premium payments in a timely manner will result in the loss of the No-Lapse Guarantee.

Policy Account Value: The total value of your accounts in the Investment Options, in the Fixed Account, and the Loan Collateral Account. Policy Account Value is the starting point for calculating important values under the Policy, including the Death Benefit and Cash Surrender Value.

Policy Anniversary: The same day and month as the Policy Date in each later year.

Policy Date: The date insurance coverage became effective. It is stated in your Policy Schedule.

Policy Processing Day: The day of each month when we deduct monthly charges from the Cash Surrender Value. It is the same day of every month as the Policy Date.

Policy Schedule: The portion of your Policy that sets forth information specific to your agreement with us, including the Insured(s), Face Amount, tax test and Death Benefit option.

Policy Year: A year that starts on the Policy Date or on a Policy Anniversary.

Premiums: Payments by the Owner to us in order to provide the Policy benefits and fund the Policy Account Value.

Rider: An extra benefit that you can choose to add to the Policy, generally for an additional cost. Each Rider has its own form, that describes its terms, conditions and benefits. If you purchase a Rider, the Rider form will be attached to your Policy.

SEC: The United States Securities and Exchange Commission.

Service Center: The office where we process Policy-related transactions, P.O. Box 724677, Atlanta, GA 31139. We may change this upon advance written notice to you.

Single Life Policy: The Fidelity Lifetime Reserves^® Flexible Premium Variable Universal Life Policy offered by this prospectus.

State Tax Charge: A charge assessed by the Company to pay applicable state and/or local taxes assessed as a percentage of Premiums received by the Company.

Surrender: Termination of the Policy at the Owner’s request, with the then-current Cash Surrender Value paid to the Owner.

Survivorship Life Policy: The Fidelity Lifetime ReservesSM Flexible Premium Survivorship Variable Universal Life Policy offered by this prospectus.

Underwriting Class: The risk classification we assign to the Insured or Insureds, based on the Application form and evidence of insurability. The Underwriting Class is a principal factor in determining the Cost of Insurance Rate.

Valuation Day: Any day on which the Funds and Investment Options are priced, generally each day the New York Stock Exchange is open for trading.

Variable Account: Fidelity Investments Variable Life Account I. The Variable Account holds all assets allocated by Owners to the Investment Options, and is maintained separately from our general account.

You: The owner of the Policy. See “Owner” above.

IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE POLICY

Fees and Expenses

Location in Prospectus

Charges for Early Withdrawals

None

Transaction Charges

Although we do not currently intend to charge for Investment Option Exchanges, we reserve the right to impose a charge if you make Investment Option Exchanges on more than 12 business days during a calendar year.

We deduct a tax charge from each Premium payment to pay applicable state taxes that are assessed as a percentage of Premiums received by the Company.

Fee Tables

4. Charges and Other Deductions

Ongoing Fees and Expenses (annual charges)

In addition to transaction charges and state tax charges, an investment in the Policy is subject to certain ongoing fees and expenses, including fees and expenses covering the cost of insurance under the Policy and the cost of optional benefits available under the Policy. These fees and expenses are set based on characteristics of the Insureds (e.g., age, sex, and rating classification). The fees and expenses applicable to your Policy are disclosed on your Policy’s Schedule page.

Owners also bear expenses associated with the Funds, as shown in the following table.

Fee Tables

4. Charges and Other Deductions

Annual Fee

Minimum

Maximum

Investment Options (Fund fees and expenses)

0.10%¹

1.69%¹

¹ As a percentage of net assets of each Investment Option.

Risks

Location in Prospectus

Risk of Loss

An investor can lose money by investing in the Policy.

1. Principal Risks of Investing in the Policy

2(a). FILI and the Variable Account

2(b). The Funds

Not a

Short-Term Investment

The Policy is not suitable as a short-term investment and is not appropriate for an investor who needs ready access to cash.

The Policy is designed to provide a life insurance benefit or to help meet other long-term financial objectives. Substantial fees, expenses, and tax implications in the early years of the Policy make variable life insurance unsuitable as a short-term savings vehicle.

Additionally, the Policy may limit your ability to withdraw a portion

of the Policy Account Value through partial surrenders or loans.

1. Principal Risks of Investing in the Policy

3(e). Surrenders and Partial Withdrawals

3(f). Loans

Risks Associated with Investment Options

• An investment in the Policy is subject to the risk of poor performance of the Investment Options

• Each Investment Option as well as the Fixed Account has its own unique risks.

• Performance of the Investment Options will vary based on which ones you select.

• You should review each Fund’s prospectus and information in this prospectus about the Fixed Account carefully before making an investment decision.

1. Principal Risks of Investing in the Policy

2(a). FILI and the Variable Account

2(b). The Funds

Insurance Company Risks

The Policy is issued by FILI. An investment in the Policy is subject to the risks related to FILI. The obligations (including under the Fixed Account), guarantees, and benefits of the Policy are subject to FILI’s financial strength and claims-paying ability. FILI has an A+ Financial Strength Rating from AM Best as of February 7, 2024.

1. Principal Risks of Investing in the Policy

2(a). FILI and the Variable Account

Policy Lapse

If your Cash Surrender Value is not enough to pay the Monthly Deduction and other charges, your Policy will be in Default. The Cash Surrender Value may decline for several reasons, including negative investment performance, the Policy’s regular monthly charges, and any Partial Withdrawals or Loans you take out. We will notify you of any Default and explain that your Policy will Lapse, that is, terminate without value, unless you make sufficient Premium payments during the 61-day Grace Period. A Death Benefit will not be paid if your Policy has lapsed. You may reinstate a lapsed Policy if you meet certain requirements. If the Policy lapses, there are premium requirements associated with reinstatement of the Policy.

8. Policy Lapse and Reinstatement

Restrictions

Location in Prospectus

Investments

• You may generally not allocate more than $20,000 (including transfers) to the Fixed Account during any one Policy Year. You may not allocate more than 25% of your Policy Account Value or any Premium payment to the Fixed Account and you may not make more than one transfer to the Fixed Account during any one Policy Year.

• You cannot Exchange less than $250 from any Investment Option except that if you have less than $250 in an Investment Option you may Exchange the entire amount.

• Owners who engage in frequent trading may be subjected to temporary or permanent restrictions on future purchase or Exchanges.

• We have the right to eliminate Investment Options, to combine two or more Investment Options, or to substitute a new Fund for the Fund in which an Investment Option invests.

5(b). Allocating Premiums Among Investment Options and the Fixed Account

9. The Fixed Account

10. Making Exchanges Among Investment Options and the Fixed Account

12(c). Changes in Investment Options

Optional Benefits

As an Owner, you may be able to obtain extra benefits, which may require additional charges. These optional insurance benefits are described in what is known as a “Rider” to the Policy. Riders are generally only available when you apply for a Policy, unless noted otherwise.

Rider benefits will no longer be available if the Policy lapses. Some Riders are not available in conjunction with other riders and other restrictions may apply. In addition, some riders described in this prospectus may be subject to state variations or may not be available in all states.

7. Other Benefits Available Under the Policy

Taxes

Location in Prospectus

Tax Implications

• Consult with a tax professional to determine the tax implications of an investment in and payments received under this Policy.

• We believe, but do not guarantee, that the Policy should be considered a life insurance Policy under federal tax law. This means that unless you take out a Loan, make a Partial Withdrawal or Surrender your Policy, you should not be deemed to have received any distributions or income from the Policy for federal tax purposes. Moreover, the Proceeds under the Policy should be excludable from the gross income of the Beneficiary. Estate taxes may, however, apply.

Overview of the Policy

1. Principal Risks of Investing in the Policy

11. Tax Considerations

Conflicts of Interest

Location in Prospectus

Investment Professional Compensation

Your investment professional may receive compensation for selling this Policy to you in the form of commissions. This financial incentive may influence your investment professional to recommend this Policy over another investment.

Fee Tables

2(b). The Funds

4. Charges and Other Deductions

Exchanges

Your investment professional may have a financial incentive to offer you a new policy in place of the one you own. You should only exchange your policy if you determine, after comparing the features, fees, and risks of both policies, that it is better for you to purchase the new policy rather than continue to own your existing policy.

OVERVIEW OF THE POLICY

Brief Description of the Policy

This prospectus describes the important features of the Fidelity Lifetime Reserves^® variable universal life insurance policy (“Single Life Policy”) and survivorship variable universal life insurance policy (“Survivorship Life Policy”) offered by FILI. The features of each Policy are the same, unless we specify differences in this prospectus. Please read the entire prospectus for important details.

Currently, we do not offer the Policy for sale to new investors.

The Policy is designed to provide death benefit protection. We will pay Insurance Proceeds to the named Beneficiaries: upon the death of the single insured person (“Insured”) under the Single Life Policy; or upon the death of the last survivor of the two insured persons (“Insureds”) under the Survivorship Life Policy.

You, as the Policy’s Owner(s), pay the Premiums and name the Beneficiaries. You may designate yourself as Insured, or in appropriate situations, designate another person or persons as Insured(s).

The Policy also allows you, the Owner(s), to seek long-term asset growth on a tax-deferred basis by investing in one or more of the Investment Options of Fidelity Investments Variable Life Account I (the “Variable Account”) and/or in the Fixed Account. Your investment in the Policy is reflected in a Policy Account Value, and the Policy gives you access to your Policy Account Value in several ways.

Flexible Premiums

The Policy is a flexible Premium Policy. This means that, subject to certain requirements described below, you may decide when to make Premium payments and in what amounts. You were required to make a Minimum Initial Premium in order for coverage to take effect. After the Policy is issued, you are not required to pay Premiums according to any particular schedule. You will, however, need to make enough Premium payments to avoid Lapse (termination of the Policy without value). You may greatly increase the risk of Lapse if you do not regularly pay sufficient Premiums.

Generally, we credit Premium payments, less applicable State Tax Charges, to your Policy Account Value, and allocate them to the Investment Options and the Fixed Account according to your instructions.

Policy Features

•

Policy Account Value and Cash Surrender Value

Policy Account Value is the total value of your accounts in the Investment Options, the Fixed Account and the Loan Collateral Account. Cash Surrender Value is the Policy Account Value, less any Loan Balance (which includes accrued interest) and unpaid charges due.

Policy Account Value and Cash Surrender Value may vary from day to day, depending on the investment performance of the Investment Options you choose, interest we credit to the Fixed Account, transactions you request, Loan interest and collateralization, and periodic charges.

•

No-Lapse Guarantee

Your Policy will specify your Planned Annual Premium. Your Policy will not Lapse during your Policy’s No- Lapse Guarantee Period if, on each monthly Policy Processing Day, your total Premium payments, less any Loans, Partial Withdrawals and outstanding interest and charges, are at least as much as if you had paid 1/12 of the Planned Annual Premium each month.

The No-Lapse Guarantee period of a Single Life Policy is 10 (ten) years if the Insured’s Issue Age is 70 or less; for other Single Life Policies and for all Survivorship Life Policies, this period is 5 (five) years.

No-Lapse Guarantee is not available in all states.

•

Death Benefit and Insurance Proceeds

We will pay Insurance Proceeds based on the Death Benefit to the named Beneficiaries: (a) upon satisfactory proof of death of the Insured while a Single Life Policy is in force; or (b) upon satisfactory proof of death of the last surviving Insured while a Survivorship Life Policy is in force.

Insurance Proceeds. The Insurance Proceeds will be the Death Benefit, less any Loan Balance and any Accelerated Benefits paid (including principal and accrued interest), and any Monthly Deductions due but unpaid at death.

Death Benefit Options. You will select a Face Amount, and choose between two Death Benefit options under the Policy. Under Death Benefit Option A, the Death Benefit is generally the fixed Face Amount you select.

Increases in the Policy Account Value in an Option A Policy will normally decrease the insurance company’s Net Amount at Risk, on which the Cost of Insurance charges are based. For the same reason, decreases in the Policy Account Value will increase the Net Amount at Risk and increase your Cost of Insurance charges.

Under Death Benefit Option B, the Death Benefit is generally the sum of the fixed Face Amount you choose and the Policy Account Value. The Option B Death Benefit generally varies with the Policy Account Value.

You will also choose one of two tax tests to be applied to your Policy, so that the Policy can be treated as life insurance under Federal tax law. In some circumstances, these tests may increase the Death Benefit and Cost of Insurance under Option A or Option B.

Extended Maturity. If an Insured is alive when the Policy reaches its Extended Maturity date, the Death Benefit will be converted to, and thereafter be defined as, the Policy Account Value. No new Premiums will be accepted, but the Owner retains other rights under the Policy as described in 6(e). Extended Maturity below. The Extended Maturity date is: for a Single Life Policy, the Policy Anniversary nearest the Insured’s 100th birthday; for a Survivorship Life Policy, the Policy Anniversary nearest the 100th anniversary of the younger Insured’s date of birth, even if the younger Insured is not the surviving Insured. Insurance Proceeds immediately after the Extended Maturity date may be far less than before that date. This feature does not apply in Florida. See 6(e). Extended Maturity—Florida Residents for more information.

•

Investment Choices

Investment Options. You may direct your Net Premiums to one or more of the “Variable Accounts. Each Investment Option invests exclusively in one of the mutual funds (“Funds”) described in 2(b). The Funds below. Each Fund has its own investment strategies, investment advisers, expense ratios, and returns. Information about the Funds is provided in Appendix A: Funds Available Under the Policy.

Fixed Account. You may also currently allocate funds to the Fixed Account, a part of our general account that earns interest at fixed rates. We may restrict the Fixed Account’s availability from time to time. We guarantee that amounts allocated to the Fixed Account will earn interest daily at an annual rate that will never be less than the guaranteed rate stated in your Policy Schedule. The fixed rate will be reset periodically. Any Funds in the Fixed Account do not fluctuate with the investment performance of our general account or of the Investment Options.

•

Exchanges

You may currently transfer or “Exchange” money among the Investment Options without charge. We reserve the right to charge if you Exchange on more than twelve days during a calendar year. You may currently make one transfer per Policy Year from the Variable Account to the Fixed Account, but the total of such transfer plus any Premium payment amounts allocated to the Fixed Account during that Policy Year may not exceed $20,000. Additional Exchange policies and restrictions are described in detail in 10. Making Exchanges Among Investment Options and the Fixed Account.

•

Surrenders and Partial Withdrawals

At any time while the Policy is in force, you may make a request to Surrender your Policy or to take a Partial Withdrawal of $500 or more. Upon Surrender, we will send you the Cash Surrender Value of the Policy, and the Policy will terminate. A Partial Withdrawal will reduce the Policy Account Value, Cash Surrender Value and the Death Benefit. There are no fees imposed upon Surrenders or Partial Withdrawals.

•

Loans

After the first Policy Year, you may borrow money from FILI using the Policy as the only collateral for the Loan. At the time we lend you the money, we will transfer an equivalent amount from your Investment Options and Fixed Account into a Loan Collateral Account as collateral. We will charge you 6% per year on outstanding Loan Balances. The Loan Collateral Account earns 4% per year in the first ten Policy Years, and 5.75% per year thereafter.

You may repay Loans at any time and on any schedule while the Policy is in force.

•

Additional Benefits and Riders

The Single Life Policy includes an Accelerated Benefit that allows you to request payment of up to the lesser of 50% of the Net Amount at Risk or $250,000 as a living benefit, in the event the Insured is diagnosed with a terminal illness as defined in the Policy.

The Accelerated Benefit is not available in all states.

For additional charges, and subject to underwriting, you may also add these optional benefits to a Single Life Policy: (a) Children’s Term Rider; and/or (b) either Total Disability Premium Payment Rider or Total Disability Waiver of Monthly Deductions Rider.

For additional charges, and subject to underwriting, you may also add the Total Disability Premium Payment Rider, on one or both Insureds, to a Survivorship Life Policy. An Estate Protection Rider may also be added to the Survivorship Life Policy, subject to underwriting.

FEE TABLES

The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering or making withdrawals from the Policy. Please refer to your Policy Schedule for information about the specific fees you will pay each year based on the options you have elected.

The first table describes the fees and expenses that you will pay at the time that you buy the Policy, surrender or make withdrawals from the Policy, or make Exchanges between the Investment Options.

TRANSACTION FEES


Charge	When Charge is Deducted	Amount Deducted
Sales Charges (Loads)	N/A	None
State Tax Charge¹	Upon any Premium payment	2.25%
Surrender/Withdrawal Charges	N/A	None
Exchange Fees²	Upon Investment Option Exchanges after the first 12 business days of Exchanges per calendar year.	Up to $20 (Not currently charged)

This charge is for applicable state taxes assessed as a percentage of Premiums received by the Company. Applicable state taxes vary between jurisdictions, and are subject to change in the event of a change in the applicable tax rate. The Company will charge 2.25%, regardless of whether the applicable state tax rate is higher or lower. We currently deduct only for state taxes, and not local taxes. We may in the future increase the State Tax Charge up to the applicable state tax rate and begin charging for local taxes, but will only do so after providing written notice to Owners. See 4(b). State Tax Charge.

²	You may generally make Investment Option Exchanges on up to 12 business days per calendar year free of charge.

The next table describes the fees and expenses that you will pay periodically during the time that you own a Single Life Policy, not including the underlying Funds’ fees and expenses.

SINGLE LIFE POLICY PERIODIC CHARGES

OTHER THAN THE FUND EXPENSES


CHARGES	WHEN DEDUCTED	AMOUNT DEDUCTED

BASE POLICY CHARGES

Cost of Insurance³ (per $1,000 of Net Amount at Risk)	Monthly

• Minimum • Maximum • Representative Insured (45-year old male nonsmoker, preferred class, $1 million Face Amount policy)		Minimum: $0.029 per $1,000 Maximum: $83.33 per $1,000 Representative (first ten years): $0.0625 per $1,000

Administrative Expenses (referred to as “Policy Charge” in your Policy)	Monthly	$5

Mortality and Expense Risk Charge (charged on and deducted from Investment Options ONLY)	Daily based on annual rates	0.40% annually

OPTIONAL BENEFIT CHARGES

Children’s Term Rider	Monthly	$5

Total Disability Waiver of Monthly Deductions Rider³ (per $1.00 of Monthly Deduction Waiver)	Monthly

• Minimum • Maximum • Representative Insured (45-year old male nonsmoker, preferred class, $1 million Face Amount policy)		Minimum: $0.03 per $1 Maximum: $0.362 per $1 Representative: $0.064 per $1

Total Disability Premium Payment Rider³ (per $1.00 of Disability Benefit Amount)	Monthly

• Minimum • Maximum • Representative Insured (45-year old male nonsmoker, preferred class, $1 million Face Amount policy)		Minimum: $0.025 per $1 Maximum: $0.204 per $1 Representative: $0.039 per $1

POLICY LOAN INTEREST RATES
(For details, see “Loans”)	Annually

• Charged on Loan Balance		All Policy Years: 6% of Loan Balance

The Cost of Insurance and Disability Rider costs vary based on individual characteristics. The Cost of Insurance charge or other charges shown in the table may not be representative of the charge that a particular Owner will pay. For more information about the particular Cost of Insurance or other charges that may apply to your specific situation, please call 1-888-343-5433.

“Net Amount at Risk” is the Death Benefit less the Policy Account Value, and reflects the insurance company’s financial risk in the event of the Insured’s death. See 4. Charges and Other Deductions.

The next table describes the fees and expenses that you will pay periodically during the time that you own a Survivorship Life Policy, not including the underlying Funds’ fees and expenses.

SURVIVORSHIP LIFE POLICY PERIODIC CHARGES

OTHER THAN THE FUND EXPENSES


CHARGES	WHEN DEDUCTED	AMOUNT DEDUCTED

BASE POLICY CHARGES

Cost of Insurance⁵ (per $1,000 of Net Amount at Risk)	Monthly

• Minimum • Maximum • Representative Insureds (55-year old male nonsmoker, preferred class, and 50-year old female nonsmoker, preferred class)		Minimum: $0.0001 per $1,000 Maximum: $83.33 per $1,000 Representative (1^st year): $0.00208 per $1,000

Unit Charge (per $1,000 of Face Amount or Face Amount Increase)	Monthly for 36 months after Issue or Face Amount Increase	$0.10 per $1,000 (guaranteed maximum charge) $0.05 per $1,000 (current charge)

Administrative Expenses (referred to as “Policy Charge” in your Policy)	Monthly	$5

Mortality and Expense Risk Charge (charged on and deducted from Investment Options ONLY)	Daily based on annual rates	0.40% annually

OPTIONAL BENEFIT CHARGES

Total Disability Premium Payment Rider⁵ (Per $1.00 of Disability Benefit Amount) (Single Insured Rate: charges apply to each Insured selected for coverage)	Monthly

• Minimum • Maximum • Representative Insured (55-year old male nonsmoker, preferred class)		Minimum: $0.025 per $1 Maximum: $0.204 per $1 Representative: $0.072 per $1

POLICY LOAN INTEREST RATES

(For details, see “Loans”)	Annually

• Charged on Loan Balance		All Policy Years: 6% of Loan Balance

⁵

The Cost of Insurance and Disability Rider costs vary based on individual characteristics. The Cost of Insurance charge or other charge shown in the table may not be representative of the charge that a particular Owner will pay. For more information about the particular Cost of Insurance or other charges that may apply to your specific situation, please call 1-888-343-5433.

“Net Amount at Risk” is the Death Benefit less the Policy Account Value, and reflects the insurance company’s financial risk in the event of the Insureds’ death. See 4. Charges and Other Deductions.

The next item shows the minimum and maximum total annual operating expenses charged by the Funds that you may pay periodically during the time you own the Policy. A complete list of Funds available under the Policy, including their annual expenses, may be found at the back of this document.


Annual Portfolio Company Expenses	Minimum	Maximum
(expenses that are deducted from Fund assets, including management fees, distribution and/or service (12b-1) fees, and other expenses)	0.10%	1.69%
(expenses that are deducted from Fund assets, including management fees, distribution and/or service (12b-1) fees, and other expenses after any waivers orexpense reimbursements)	0.10%	1.25%⁷

⁷	This reflects temporary reductions to Fund expenses.

1. PRINCIPAL RISKS OF INVESTING IN THE POLICY

Investment Risk

Investment Options. This Policy is designed for Death Benefit protection and long-term asset growth. This Policy is not a short-term savings vehicle. You bear the risk that the investment performance of any Investment Options you select will be unfavorable and that the Policy Account Value will decrease. You could lose everything you invest. A comprehensive discussion of the risks of each underlying Fund may be found in the Fund’s prospectus, and if available, summary prospectus.

Fixed Account. We credit Premiums you allocate to the Fixed Account with interest at a fixed rate. You bear the risk that the rate may decrease, although it will never be lower than the guaranteed rate stated in your Policy Schedule. In addition, because the Fixed Account interest rate is set for as long as 15 months, during periods of rising general interest rates you may earn less competitive rates in the Fixed Account than in variable or shorter- term instruments. Finally, the Fixed Account is subject to our claims-paying ability.

Policy Lapse

If your Cash Surrender Value is not enough to pay the Monthly Deduction and other charges, your Policy will be in Default. The Cash Surrender Value may decline for several reasons, including negative investment performance, the Policy’s regular monthly charges, and any Partial Withdrawals or Loans you take out. We will notify you of any Default and explain that your Policy will Lapse, that is, terminate without value, unless you make sufficient Premium payments during the 61-day Grace Period. A Death Benefit will not be paid if your Policy has lapsed. You may reinstate a lapsed Policy if you meet certain requirements. A payment equal to the amount that was required to bring the Policy out of Default immediately prior to termination, plus an amount equal to the applicable Monthly Deduction for the next three (3) months, must be paid to us.

Insurance Company Risks

All insurance benefits, including the Death Benefit and benefits provided through Riders, and all guarantees, including those related to the Fixed Account, are general account obligations that are subject to FILI’s financial strength and claims paying ability. You are encouraged to review our financial statements, which are updated annually and available upon request in the Statement of Additional Information (“SAI”).

Tax Risks

We believe, but do not guarantee, that the Policy should be considered a life insurance Policy under Federal tax law. Unless you take out a Loan, make a Partial Withdrawal or Surrender your Policy, you should not be deemed to have received any distributions or income from the Policy for federal tax purposes. Moreover, the Beneficiaries should be

able to exclude the Insurance Proceeds from their gross incomes, and generally should not have to pay income tax on these proceeds. Estate taxes may, however, apply. In the event the Policy were determined not to be a life insurance Policy for Federal tax purposes, however, you may be considered to be in constructive receipt of Policy Account Value, with uncertain tax consequences, and the Insurance Proceeds may be treated as taxable income to the Beneficiary.

Distributions from the Policy may be treated in two ways. If you pay Premiums in excess of certain tax guidelines, the Policy may be treated as a Modified Endowment Contract (“MEC”) under Federal tax laws. If a Policy is treated as a MEC, then distributions from Surrenders, Partial Withdrawals and Loans will be taxable as ordinary income to the extent there are earnings in the Policy, and taxable amounts withdrawn prior to the Owner’s age 591/₂ may also be subject to a 10 percent (10%) IRS penalty. If the Policy is not a MEC, these distributions generally will be treated first as a return of basis or investment in the Policy and then as taxable income, and generally will not be subject to the 10 percent (10%) IRS penalty.

Existing tax laws that benefit this Policy may be changed at any time.

You should consult a qualified tax advisor for assistance in all Policy-related tax matters. See 11. Tax Considerations.

Partial Withdrawal Risk

Partial Withdrawals increase the risk of Lapse and reduce the Policy Account Value, Cash Surrender Value and Insurance Proceeds.

Partial Withdrawals may also result in adverse tax consequences. You should consult a qualified tax advisor for assistance in all Policy-related tax matters. See 11. Tax Considerations.

Loan Risks

A Policy Loan may reduce benefits, increase costs, and increase the risk of Lapse.

First, if you take a Policy Loan, we will transfer the Loan amount from the Investment Options and Fixed Account, into the Loan Collateral Account. This reduces the Cash Surrender Value and Insurance Proceeds while the Loan is outstanding.

Second, a Policy Loan, whether or not repaid, will affect Policy Account Value and Cash Surrender Value over time, because the amounts held in the Loan Collateral Account will not participate in the Investment Options or Fixed Account while the Loan is outstanding.

Third, you will pay interest on Loan balances while the Loan is outstanding.

Fourth, a Policy Loan increases the risk of Lapse by reducing the Cash Surrender Value while the Loan is outstanding.

Policy Loans may also result in adverse tax consequences. You should consult a qualified tax advisor for assistance in all Policy-related tax matters. See 11. Tax Considerations.

Potential Harmful Fund Transfer Activity:

Frequent Exchanges among Investment Options by Owners can reduce the long-term returns of the Funds. The reduced returns could adversely affect the Owners, annuitants, Insureds or Beneficiaries of any variable annuity contract or variable life insurance policy issued by any insurance company with respect to values allocated to the

Funds. Frequent exchanges may reduce the Fund’s performance by increasing costs paid by the Fund (such as brokerage commissions); they can disrupt portfolio management strategies; and they can have the effect of diluting the value of the shares of long-term shareholders in cases in which fluctuations in markets are not fully priced into the Fund’s net asset value (“NAV”). FILI has adopted policies designed to discourage frequent trading. See 10(d). Frequent Exchanges Among Investment Options for more information.

2. FILI, THE VARIABLE ACCOUNT, AND THE FUNDS

2(a). FILI and the Variable Account

FILI: The Policy is issued by FILI. FILI is part of Fidelity Investments, a group of companies that provides a variety of financial services and products. FILI is a wholly-owned subsidiary of FMR LLC, the parent company of the Fidelity Investments companies. The obligations, guarantees, and benefits of the Policy are subject to FILI’s claims-paying ability. We have an A+ Financial Strength Rating from AM Best as of February 7, 2024¹. FILI’s principal executive offices are located at 900 Salem Street, Smithfield, Rhode Island 02917. The address of FILI’s Annuity Service Center is P.O. Box 724677, Atlanta, GA 31139.

The Variable Account: Fidelity Investments Variable Life Account I is a separate account of FILI used to support the Policy, and for other purposes permitted by law. We are the legal owner of the assets of the Variable Account. However, income, gains, and losses credited to, or charged against, the Variable Account reflect the Variable Account’s own investment experience and not the investment experience of any of our other assets. The assets of the Variable Account may not be used to pay any of our liabilities other than those arising from the Policies. The assets in the Variable Account will always be at least equal to the reserves and other liabilities of the Variable Account. If the assets exceed the required reserves and other liabilities, we may transfer the excess to our general account. We are obligated to pay all amounts promised to investors under the Policies.

Financial Statements: FILI’s financial statements and the financial statements of the Variable Account appear in the Statement of Additional Information.

¹ Financial strength ratings are opinions from independent rating agencies of an insurer’s financial strength and ability to pay its insurance policies and contract obligations. They are not recommendations to purchase, hold or terminate any insurance policy or contract issued by an insurer, nor do they address the suitability of any particular policy or contract for a specific purpose or purchaser. AM Best Ratings range from A++ to F and are subject to change.

2(b). The Funds

Each Investment Option (also referred to as “Subaccount”) in the Variable Account invests exclusively in a single Fund. Each Fund is part of a trust that is registered with the SEC as an open-end management investment company under the 1940 Act. The names and investment objectives of the Funds may be similar to those of other funds available through the same Adviser; however, the performance of such funds may differ significantly. This registration does not involve supervision of the management or investment practices or policies of the Funds by the SEC. Each Fund’s assets are held separate from the assets of the other Funds, and each Fund has investment objectives and policies that are different from those of the other Funds. Thus, each Fund operates as a separate investment fund, and the income and losses of one Fund have no effect on the investment performance of any other Fund.

FILI or its insurance agency affiliate receives annual compensation of up to 0.45% of assets allocated to the Funds, for customer service, distribution and recordkeeping services with respect to those assets. This compensation is received from the Funds’ advisors or their affiliates. These payments are not Policy charges, and do not increase Fund or Policy charges.

Where to Find More Information on the Funds: Information regarding each Fund including its name, investment objective, investment advisers and any subadvisers, current expenses, and performance is available in Appendix A: Funds Available Under the Policy. In addition, each Fund has issued a prospectus that contains more detailed information about the Fund. Investors may obtain paper or electronic copies of a Fund prospectus by calling 1-800-544-2442.

2(c). Legal Proceedings

Neither the Registrant, the Registrant’s principal underwriter nor the Depositor is a party to any material pending legal proceedings.

3. GENERAL DESCRIPTION OF THE POLICY

The Policy belongs to you, the Owner(s) named in the Application or in a later valid assignment or transfer. While any Insured is living, the Owner(s) may exercise all of the rights and options described in the Policy.

A Policy may be jointly owned only by a married couple, or by two unmarried individuals to the extent state law requires recognition of their joint ownership. If there are two Owners, both Owners must act together to change Beneficiaries, change the Death Benefit, or to request payment transactions, such as Surrenders, Partial Withdrawals, Loans and Accelerated Benefit payments. Either Owner may exercise other Policy rights, consistent with our then-current procedures.

3(a). Purchasing a Policy

PLEASE NOTE: Currently, we do not offer the Policy for sale to new investors.

We offered these Policies only in states in which we obtained the necessary approval. To purchase a Policy, you submitted a completed Application to us at our Home Office. The minimum initial Face Amount was $250,000 for a Single Life Policy and $500,000 for a Survivorship Life Policy. The Single Life Policy was available if the Insured was generally between the Issue Ages of 0-85, and the Survivorship Life Policy was available generally only if both Insureds were between the Issue Ages of 21-90. We may have permitted exceptions to these rules in some cases. In addition, product terms and Policy availability may vary depending on applicable state requirements.

We required evidence of insurability, usually including a medical examination of each named Insured, that satisfied our underwriting standards before we issued a Policy. If any proposed Owner was not also an Insured, we may have also required evidence that the proposed Owner and/or the Beneficiaries had insurable interests, consistent with applicable law, in the life of each Insured. We reserve the right to modify our underwriting requirements at any time, and to reject an Application for any reason permitted by law.

Insurance coverage under the Policy became effective on the Policy Date stated in your Policy, provided all of the following three conditions were met: (1) when we issued the Policy to you, each proposed Insured was alive and in the same condition of health as described in the Application, (2) the Minimum Initial Premium had been paid, and (3) the Application and any other forms we required had been completed and returned to our Service Center. The printed Policy, together with the Application and other materials you may have submitted, and any Riders, endorsements or amendments attached to the Policy constitute the entire Policy. Only the President, Secretary or Assistant Secretary of FILI has the power to change the Policy or waive any Policy provision on our behalf.

In certain states, we may have in our discretion issued a Conditional Receipt prior to issuance of a Single Life Policy. Any Premiums paid prior to issuance were held in a non-interest-bearing suspense account during the underwriting process.

3(b). Selecting and Changing the Beneficiary

The Beneficiaries are those persons properly shown in the Company’s records as being Beneficiaries on the date of death of the Insured for a Single Life Policy, and the date of death of the last surviving Insured for a Survivorship Life Policy. The Beneficiaries will receive the Insurance Proceeds after the death of all Insured(s). You named Beneficiaries initially in the Application. You may change Beneficiaries in accordance with our procedures at any time while an Insured is alive, as described below.

You may designate Beneficiaries as Primary and Contingent. These designations are described below. You may also request alternate forms of Beneficiary designation, subject to our acceptance. We reserve the right to reject any Beneficiary designation we deem unable to administer.

You can designate several Primary or several Contingent Beneficiaries. The Primary Beneficiaries that survive all Insured(s) share in any Insurance Proceeds. Shares will be equal, unless you provide otherwise in the Application or in a written notice received in good order at our Service Center while an Insured is alive.

If no Primary Beneficiary survives all Insured(s), then the surviving Contingent Beneficiaries will share the Insurance Proceeds. Each Contingent Beneficiary will receive an equal share of the Insurance Proceeds, unless you have instructed us otherwise in the Application or in a written notice received in good order at our Service Center while an Insured is alive. No Contingent Beneficiary will receive any Insurance Proceeds unless all of the Primary Beneficiaries die before the death of the last surviving Insured.

If you designate Beneficiary shares, your instructions must specify each share as a whole number percentage. If the total does not equal 100% for the class receiving payment (Primary or Contingent), each Beneficiary’s share will be determined by using a fraction, the numerator of which is the stated percentage for the Beneficiary, and the denominator of which is the total of the percentages for the Beneficiaries who will receive payment.

If all named Beneficiaries die before the death of the last surviving Insured, we will pay the Insurance Proceeds to any surviving Owner(s). If no Owner survives, we will pay the estate of the last surviving Owner.

The consent of each irrevocable Beneficiary, if any, is needed to exercise any Policy rights except changing the amount or timing of Premiums, reinstating the Policy, changing Premium allocations, and exchanging among Investment Options and the Fixed Account.

You can change any Beneficiary, other than an irrevocable Beneficiary, while an Insured is alive by providing us with written notice, in a form acceptable to us. We reserve the right to reject any Beneficiary designation that we deem unable to administer and may in our discretion require evidence that the proposed Beneficiary has an insurable interest, consistent with applicable law, in the life of each Insured.

Any Beneficiary change is effective as of the date we receive your written notice in good order. We are not liable for any payment or other actions we take consistent with valid Beneficiary designations we have on file at the time of the payment or action.

A Beneficiary generally may not pledge, commute, or otherwise encumber or transfer payments under the Policy before they are due.

3(c). Death of Owner

If you, the Owner, are not an Insured and if you die while an Insured is still alive, ownership of the Policy will generally pass to your estate. If you are the Insured under a Single Life Policy or the second Insured to die under a Survivorship Life Policy, we will pay Insurance Proceeds upon your death as described below under 6. Death Benefit and Insurance Proceeds.

3(d). Transferring Ownership and Assigning Policy Rights

Any Owner may request to transfer his or her ownership interest of the Policy to a new Owner by providing a written notice to us at any time while an Insured is alive. If you transfer ownership, your ownership rights terminate and the new Owner will succeed to all of your rights under the Policy. Transferring ownership does not change the Beneficiary, and all such transfers are subject to any outstanding Policy Loan.

You may also request to assign specific Policy rights to a creditor as collateral for a new or pre-existing obligation. Such an assignment does not cause a change of ownership, but your ownership rights and the interests of any Beneficiary will be subject to the assignment. Assignments of rights are subject to any outstanding Policy Loan. We may require the written consent of a collateral assignee to exercise certain Policy rights, such as Surrenders, withdrawals, Loans and the Accelerated Benefit Payments.

We may in our discretion require evidence that any proposed transferee or assignee has an insurable interest, consistent with applicable law, in the life of the Insured, and we may refuse a request for a transfer of ownership or for an assignment for any reason as permitted or required by law.

With respect to ownership transfers or assignments of Policy rights, we are not:

•

bound by any ownership transfer or assignment unless and until we receive a written notice of the transfer or assignment in good order at our Service Center;

•

responsible for the validity of any ownership transfer or assignment or determining the extent of an assignee’s interest;

•

liable for any payment we make before we receive written notice of the transfer or assignment at our Service Center; or

•

bound by an ownership transfer to more than one person, except for transfers to married couples and to unmarried individuals where required by law.

Transferring ownership of the Policy or assigning Policy rights may have tax consequences. See 11. Tax Considerations. You should consult a qualified tax advisor before making any transfer or assignment.

3(e). Surrenders and Partial Withdrawals

You may Surrender your Policy at any time while any Insured is alive and the Policy is in force. We will send you the Cash Surrender Value less any required tax withholding and any outstanding charges. You must send written instructions to our Service Center to initiate a Surrender, and we may require that you return your Policy. Your Policy will terminate on the date we receive your Surrender request in good order at our Service Center.

You may also make Partial Withdrawals of $500 or more from the Cash Surrender Value while any Insured is alive and the Policy is in force. You may not make a Partial Withdrawal that would reduce your Cash Surrender Value to less than $2,500.

If you do not specify where we should take the money for a Partial Withdrawal, we will take it proportionately from all the Investment Options and from the Fixed Account. You may, in the alternative, specify the dollar amounts or percentages to be withdrawn from each Investment Option (but not the Fixed Account), provided that the Partial Withdrawal amount is less than the total you have in all the Investment Options. If you request a Partial Withdrawal in an amount that is more than the total you have in all the Investment Options, you may instruct us to withdraw all the money you have in the Investment Options and the rest from the Fixed Account.

You may request Partial Withdrawals by sending us a letter or calling us at the Service Center. Withdrawals by telephone are limited as follows: (1) no withdrawal may be for more than $500,000; (2) total telephone withdrawals in a seven-day period cannot total more than $500,000; and (3) if we have recorded an address change for an Owner during the past 15 days, the limits in (1) and (2) become $10,000. We reserve the right to change telephone withdrawal requirements or limitations.

For jointly owned Policies, all checks will be made payable to both Owners. You may have the money transferred to your bank account, or to a Fidelity mutual fund or brokerage account. Any Policies and accounts between which money will be transferred must have at least one owner’s name in common.

FILI reserves the right to restrict your Policy from Surrenders, Partial Withdrawals, and/or Exchanges if there is reasonable suspicion of fraud, diminished capacity, or inappropriate activity. FILI also reserves the right to restrict your Policy from Surrenders, Partial Withdrawals, and/or Exchanges if FILI is put on reasonable notice that the ownership of the Policy is in dispute.

We will normally pay you the amount of any Surrender or Partial Withdrawal, less any taxes withheld and any outstanding charges, within seven days after we receive the Surrender or Partial Withdrawal request in good order at the Service Center. We may, however, delay payment if (a) the disposal or valuation of the assets in an Investment Option is not reasonably practicable because the New York Stock Exchange is closed for other than a regular holiday or weekend, trading is restricted by the SEC, or the SEC declares that an emergency exists; or

(b) the SEC by order permits the postponement of payment to protect our Owners.

In addition, we reserve the right to delay payment of any Partial Withdrawal or Surrender from the Fixed Account for not more than six months. If payment from the Fixed Account is delayed more than 30 days, we will credit interest from the date of the withdrawal request at a rate not less than 1.0% per year compounded annually or, if greater, the rate required by applicable law.

Effect of Surrenders and Partial Withdrawals

•

A Surrender will take effect and the Policy will terminate on the date we receive your request in good order at our Service Center.

•

Once you Surrender your Policy, all coverage and other benefits under it cease and cannot be reinstated.

•

A Partial Withdrawal reduces the Cash Surrender Value, and can affect the Face Amount, Death Benefit, and the Net Amount at Risk (which is used to calculate the Cost of Insurance charge).

•

If Death Benefit Option A is in effect, we will reduce the Face Amount by the amount of the Partial Withdrawal. For purposes of determining the Cost of Insurance charge, any decrease will first be used to reduce the most recent increase in Face Amount, then the next most recent increases, and finally the initial Face Amount. However, if a decrease in Face Amount moves a Single Life Policy into a lower Cost of Insurance band, (for example, from $1.1 million to $900,000) then the Cost of Insurance Rate applied to that Policy’s Net Amount at Risk may increase.

•

If Death Benefit Option B is in effect, a Partial Withdrawal will not affect the Face Amount, but the Death Benefit will be reduced in the same amount as the Policy Account Value.

•

You may not make a Partial Withdrawal if, or to the extent that, the Partial Withdrawal would reduce the Face Amount below the minimum Face Amount we require in order to issue a Policy, generally $250,000 for a Single Life Policy and $500,000 for a Survivorship Life Policy. See “Purchasing a Policy”above.

•

We reserve the right to reject a request for a Partial Withdrawal if, in our opinion, the requested Partial Withdrawal may cause the Policy to fail to qualify as life insurance under the Internal Revenue Code. In such a situation, you may reduce the amount of the Partial Withdrawal or request a Surrender.

•

Partial Withdrawals may increase your risk of Lapse. Both Surrenders and Partial Withdrawals may have unfavorable tax consequences. You should consult a qualified tax advisor before making a Surrender or Partial Withdrawal. See 8. Policy Lapse and Reinstatement and 11. Tax Considerations.

3(f). Loans

After the first Policy Year, while any Insured is alive and the Policy is in force, you may submit a request to borrow money from us using the Policy as the only collateral for the Loan. We normally pay you the Loan proceeds within seven (7) days after we receive a Loan request in good order. We may postpone payment of Loans under certain conditions, as described above in Surrenders and Partial Withdrawals.

•

The minimum Loan you may take is $500.

•

The maximum Loan you may take is up to 90% of your Policy Account Value.

•

If you have a Policy Loan outstanding, you may take an additional Loan so long as the total of all your Policy Loans does not exceed 90% of the Policy Account Value, including outstanding Policy Loan indebtedness.

•

If you have another life insurance policy with an outstanding loan and wish to transfer that policy’s proceeds into this Policy under Section 1035 of the Internal Revenue Code, we may permit you to carry over the Loan Balance even during the first Policy Year. You may not, however, request any new Loan proceeds during the first Policy Year.

•

In most states, we will not extend new or additional Policy Loans after the Extended Maturity Date.

Loan Balance and Loan Collateral Account

After your Loan application is approved, we will take three steps as of the close of business on the next Valuation Day:

•

We will send you the initial Loan amount requested from our general account.

•

We will set up an account to record the amount you owe, the “Loan Balance.” Initially, of course, the Loan Balance is equal to the initial Loan amount we have sent you.

•

Finally, to secure the Loan, we will transfer a net amount equal to the initial Loan Balance out of your Investment Options and Fixed Account and into a Loan Collateral Account that we hold as collateral. You may specify that we redeem this amount from specific Investment Options. Otherwise, we will transfer the Loan amount on a pro rata basis from all of your Investment Options and the Fixed Account based on the proportion of the Cash Surrender Value then allocated to each Investment Option and to the Fixed Account on the date of the transaction. These amounts will remain in the Loan Collateral Account until you repay the Loan.

•

If we have approved your request to transfer proceeds to this Policy from another policy subject to an outstanding Loan, your initial Loan Balance and Loan Collateral Account will be the outstanding Loan Balance you owed under the prior policy, and we will pay no new Loan proceeds to you.

The amounts held in the Loan Collateral Account are part of your Policy Account Value. While you have an outstanding Loan Balance, the Cash Surrender Value will be the Policy Account Value (including the Loan Collateral Account balance) less the Loan Balance and any unpaid charges due.

As long as the Loan is outstanding, we will continue to hold an amount as collateral for the Loan in the Loan Collateral Account. This amount is not affected by the investment performance of the Investment Options and will not be credited with the interest rates accruing on the Fixed Account. Amounts held in the Loan Collateral Account will accrue Loan interest and affect the Policy Account Value, even after the Loan is repaid, because these amounts will miss the opportunity to participate in the investment performance of the Investment Options while the Loan is outstanding.

Interest Processing

We charge you interest at a six percent (6%) annual rate on your Loan Balance. This rate will not be adjusted. Interest will be accrued and compounded (that is, become part of the Loan Balance) on each monthly Policy Processing Day.

Amounts in the Loan Collateral Account earn interest at an annual rate guaranteed not to be lower than four percent (4%) before the tenth (10th) Policy anniversary, and 5.75% thereafter. Loan interest is credited to the Loan Collateral Account on each monthly Policy Processing Day.

Loan interest capitalizes annually on the Policy Anniversary date, or when you take out a new Loan or make a repayment. Two things happen simultaneously when Loan interest capitalizes. First, the interest we have credited on the Loan Collateral Account is exchanged into the Investment Options and the Fixed Account in accordance with your then-current Premium allocation instructions. Second, we transfer an amount equal to the interest accrued upon your Loan Balance since the last Loan interest capitalization from your Cash Surrender Value to the Loan Collateral Account. We will obtain this amount by making redemptions from the Government Money Market Investment Option, or on a pro-rata basis from your balances in all Investment Options and the Fixed Account, based on your then-current Monthly Deduction instructions. (See 4(c). Monthly Deduction.)

Repayment

You may repay all or part of your indebtedness at any time while any Insured is alive and the Policy is in force. Upon each Loan repayment, we will allocate an amount equal to the Loan repayment (but not more than the Loan Balance) from the Loan Collateral Account back to the Investment Options and/or Fixed Account according to your then-current new Premium allocation instructions and our Premium allocation procedures. (See 5(b). Allocating Premiums Among Investment Options and the Fixed Account.) We will treat any repayment in excess of the Loan Balance as a Premium payment.

While your Loan is outstanding, we will credit payments we receive as Premium payments or Loan repayments in accordance with your written instructions. If we do not receive written instructions, we will assume that any payments you make are Premium payments.

Making Premium payments while a Loan is outstanding will increase your short-term costs of owning a Policy. Loan repayments, unlike Premium payments, are not subject to the State Tax Charge and will reduce net interest charges. Accordingly, while you have a Loan outstanding, you should provide written instructions about whether you want us to treat each payment as a Loan repayment or a Premium payment.

Effect of Loans on Policy Account Values and Insurance Proceeds

•

The amount of the Loan Balance, including unpaid principal and any accrued and unpaid interest, reduces the Cash Surrender Value and the Insurance Proceeds payable on the Insured’s death.

•

Amounts transferred as collateral to the Loan Collateral Account do not participate in the investment performance of the Investment Options, or earn Fixed Account interest, as long as the Loan is outstanding. Moreover, the interest we charge on your Loan Balance is greater than the interest earned on the Loan Collateral Account. This may limit your opportunity for asset growth over the long term.

•

Repaying a Loan causes the Insurance Proceeds and the Cash Surrender Value to increase by the amount of the repayment.

•

If your indebtedness causes the Cash Surrender Value on a Policy Processing Day to be less than the Monthly Deduction due, and the No-Lapse Guarantee no longer applies, your Policy will go into Default and enter a Grace Period. See 8. Policy Lapse and Reinstatement. If the Default is not remedied before the

end of the Grace Period, the Policy will Lapse and we will repossess the collateral held in the Loan Collateral Account and use it to reduce or eliminate the Loan Balance.

•

Policy Loans may increase your risk of Lapse and may have unfavorable tax consequences. You should consult a qualified tax advisor before taking a Policy Loan. See 8. Policy Lapse and Reinstatement and 11. Tax Considerations.

4. CHARGES AND OTHER DEDUCTIONS

The Policy is subject to several types of charges and deductions, which will affect the Policy Account Value, Cash Surrender Value and the risk of Lapse, and may affect the Death Benefit. Unless specified otherwise, the below charges and deductions apply to both Single Life Policies and Survivorship Life Policies.

4(a). Sales or Surrender Charges

We do not deduct a sales charge from Premium payments, nor a Surrender charge upon Surrenders or Partial Withdrawals.

4(b). State Tax Charge

We deduct a State Tax Charge from each Premium payment to pay applicable state taxes that are assessed as a percentage of Premiums received by the Company. We do not currently deduct any taxes assessed by municipalities or other governmental entities, but we have the contractual right to do so if we provide you with advance written notice. State taxes vary by jurisdiction and may change from time to time. We charge 2.25% regardless of whether the applicable tax rate is higher or lower, but may in the future increase the State Tax Charge up to the applicable state tax rate.

4(c). Monthly Deduction

We make a deduction from the Cash Surrender Value as of each monthly Policy Processing Day to compensate us for administrative expenses and for the Policy’s insurance coverage. You may instruct us to take these deductions from the Government Money Market Investment Option (but not from the Fixed Account), or from all Investment Options and the Fixed Account on a pro rata basis, based on the proportion of the Cash Surrender Value then allocated to each Investment Option and to the Fixed Account as of each Policy Processing Day. You may change these instructions by giving written notice to us at our Service Center. If you do not provide us with written instructions, or if we cannot make a Monthly Deduction per your instructions, we will take the Monthly Deductions from the Investment Options and Fixed Account based on the proportion then allocated to each Investment Option and to the Fixed Account as of each Policy Processing Day.

The Monthly Deduction has 4 components: the monthly Cost of Insurance charge; the monthly Policy charge; the monthly unit charge (Survivorship Life Policies only); and charges for Riders you selected (as specified in the applicable Riders).

• Cost of Insurance. We assess a monthly Cost of Insurance charge to compensate us for providing the Death Benefit. Because this charge depends on a number of variables (Issue Age, sex (in most states), Underwriting Class, Policy Year and Face Amount), it varies from Policy to Policy and from Policy Processing Day to Policy Processing Day. Your Policy Schedule indicates the guaranteed maximum Cost of Insurance Rates applicable to your Policy.

The Cost of Insurance charge is equal to the Net Amount at Risk for your Policy on the Policy Processing Day, times the applicable monthly Cost of Insurance Rate.

Net Amount at Risk. The Net Amount at Risk is equal to the Death Benefit minus the Policy Account Value on each monthly Policy Processing Day, regardless of your choice of Death Benefit. Under either Death Benefit Option, a Face Amount increase or decrease will increase or decrease the Net Amount at Risk. In addition, under Death Benefit Option A, the Net Amount at Risk generally increases when the Policy Account Value decreases, and decreases when the Policy Account Value increases. Therefore, the Net Amount at Risk is affected by any factor that affects the Policy Account Value, including investment performance, Premium payments, Policy charges, and withdrawals. Under Death Benefit Option B, the Net Amount at Risk is generally the same as the Face Amount and not affected by changes in Policy Account Value. However, under either Death Benefit Option, while your Policy Death Benefit is determined by the tax test, both the Death Benefit and the Net Amount at Risk will generally increase or decrease based on increases or decreases of the Policy Account Value.

We calculate the Net Amount at Risk separately for the initial Face Amount and for any increases in Face Amount. If we approve an increase in your Policy’s Face Amount, then a different Underwriting Class (and a different Cost of Insurance Rate) may apply to the amount of the increase, based on each Insured’s circumstances at the time of the increase. In order to determine the Net Amount at Risk for each coverage layer, we first calculate your Policy’s total Net Amount at Risk. This total Net Amount at Risk includes any increase to the Death Benefit due to the requirements of your Policy’s tax test. The total Net Amount at Risk is then allocated among the coverage layers, up to each coverage layer’s Face Amount, in the reverse order in which the coverage layers were added to the Policy. Any remaining Net Amount at Risk will be allocated to the initial Face Amount layer, even if that Net Amount at Risk is greater than the initial Face Amount.

Cost of Insurance Rates. We base the Cost of Insurance Rates on each Insured’s Issue Age, sex (or unisex rate), Underwriting Class, number of full years the insurance has been in force and, for a Single Life Policy, the Face Amount. The actual monthly Cost of Insurance Rates are based on, among other things, our expectations as to future mortality and expense experience. We may increase or decrease these rates from time to time, but the rates will never be greater than the guaranteed Cost of Insurance Rates stated in your Policy. These guaranteed rates are based on: either the 1980 or 2001 Commissioner’s Standard Ordinary Mortality Table, as specified in your Policy, except that we may adjust the table rates in order to offer flat guaranteed rates during the first ten

(10) Policy Years; and each Insured’s age nearest birthday, sex (except where unisex rates are required), and smoker/nonsmoker status. Any change in the Cost of Insurance Rates will be on a uniform basis for all Insureds of the same Issue Age, sex, Underwriting Class, and number of full years insurance has been in force.

A Single Life Policy’s Cost of Insurance Rate also depends in part on the Face Amount. We have three different Cost of Insurance “bands” applicable to Face Amounts of: 1) under $500,000, 2) $500,000 to $999,999, and 3) $1 million or above. Higher bands have lower Cost of Insurance Rates. If you make a Policy change that reduces your Single Life Policy’s Face Amount into a different Cost of Insurance band (i.e., reduction from $1.1 million to $900,000) then we may change your Cost of Insurance Rate to the appropriate rate for the new Face Amount.

For a Survivorship Life Policy, the Cost of Insurance Rates are not impacted by the Face Amount.

Underwriting Class. When you apply for a Policy, we will place each Insured in an Underwriting Class based on our underwriting process. We currently place Insureds into preferred classes, standard classes and non-standard classes with extra ratings, and smoker/nonsmoker status.

If all other factors are equal, the Cost of Insurance Rates will generally be lower for preferred classes than standard classes, and lower for standard classes than non-standard classes. A Nonsmoking Insured will generally incur lower Cost of Insurance Rates than an Insured in the same Underwriting Class who is classified as a smoker. For Insureds under age 18, we have one set of rates; we do not have separate smoker and nonsmoker status, or separate preferred and standard Underwriting Classes. An Insured child who reaches age 18 will be classified as a standard smoker unless and until the Insured provides satisfactory evidence of nonsmoker status and/or evidence that they qualify for our preferred Underwriting Class.

• Monthly Administrative Expenses (referred to as “Policy Charge” in your Policy). The $5.00 monthly charge compensates us for some of our ordinary administrative expenses, such as recordkeeping, processing Death Benefit claims and Policy changes, preparing and mailing reports, and overhead costs. This charge will not be increased during the life of the Policy.

• Monthly Unit Charge (Survivorship Life Policy Only). We deduct a monthly unit charge, expressed as an amount per $1,000 of the Policy’s Face Amount, for the first three Policy Years and for the three years

(36 monthly Policy Processing Days) following a Face Amount increase. This charge compensates us for a portion of the additional underwriting and issue costs associated with a Survivorship Life Policy. The unit charge per $1,000 of Face Amount will never be greater than the rate set forth in the Policy Schedule.

• Charges for Optional Riders. Riders offering supplemental benefits are also available under the Single Life Policy and the Survivorship Life Policy. See 7. Other Benefits Available Under the Policy. We deduct any monthly charges for these Riders from the Cash Surrender Value as part of the Monthly Deduction. Rider charges are described in the Fee Tables above.

• Changes in Face Amount. We do not charge a transaction fee for any increases or decreases in your Policy’s Face Amount. However, increases in Face Amount will generally increase the Policy’s Net Amount at Risk and the monthly Cost of Insurance charges. See 6(c). Changing the Death Benefit after Purchase.

4(d). Mortality and Expense Risk Charge

We assess a daily charge against the Policy’s assets that are invested in the Investment Options of the Variable Account (but not the Fixed Account) to compensate us for certain mortality and expense risks we assume. The mortality risk is that Policy Insureds will live for a shorter time on average than we project, requiring us to make larger or earlier payments than we project. The expense risk is that our costs of issuing and administering the Policies will be greater than we can collect through other charges. The mortality and expense risk charge is deducted daily at an annual rate of 0.40% of the average daily net assets of your Policy in the Variable Account. This rate is guaranteed not to increase.

If this charge does not cover our actual costs, we absorb the loss. Conversely, if the charge is more than the actual costs, the excess can be used to cover our administrative or distribution costs, or added to our surplus.

4(e). Charges on Loans

If you take a Loan against your Policy, we charge you interest at a six percent (6%) annual rate on your Loan Balance. This rate will not be adjusted. Interest will be accrued and compounded (that is, become part of the Loan Balance) on each monthly Policy Processing Day. See 3(f). Loans.

4(f). Exchange Charge

We do not currently impose any charges when you Exchange among Investment Options or the Fixed Account, but we reserve the right to impose a charge if you Exchange on more than twelve days during a calendar year. We would deduct the Exchange charge from the amount being exchanged.

4(g). Fund Expenses

The value of the net assets of each Investment Option reflects the management fees and other expenses incurred by the corresponding Fund in which the Investment Option invests. For more information on Fund fees and expenses, please refer to Appendix A of this prospectus and the prospectuses for those Funds.

4(h). Reduction in Charges

The Policy is available for purchase by individuals, corporations and other entities. We may reduce or waive certain charges where the size or nature of such sales results in savings to us with respect to sales, underwriting, administrative, or other costs. We also may reduce or waive charges on Policies sold to employees, officers, directors or agents of FILI or its affiliates, and to their immediate family members. Eligibility for these reductions and the amount of reductions will be determined by a number of factors, including the number of lives to be insured, the total Premiums expected to be paid, total assets under management for the Owner, the nature of the relationship among the insured individuals, the purpose for which the Policies are being purchased, expected persistency of these individual Policies, and any other circumstances which FILI believes to be relevant to the expected reduction of its expenses. Some of these reductions may be guaranteed and others may be subject to modification, on a uniform case basis. Reductions in charges will not be unfairly discriminatory to any Owners. The Company may modify from time to time, on a uniform basis, both the amounts of reductions and the criteria for qualification.

5. PREMIUMS, POLICY ACCOUNT VALUES, AND INVESTMENT OPTION VALUES

5(a). Premiums

The Policy is a flexible Premium Policy. This means that, subject to certain requirements described below, you may decide when to make Premium payments and in what amounts.

Minimum Initial Premium: You were required make a Minimum Initial Premium in order for coverage to take effect. Your Minimum Initial Premium amount was required to be at least: the Planned Annual Premium if you selected an annual payment schedule; one-half the Planned Annual Premium if you selected a semi-annual payment schedule; or one-sixth of the Planned Annual Premium (two months worth), if you selected a monthly payment schedule using automatic electronic funds transfer (EFT). We calculated the Minimum Initial Premium based on several factors, including your choice of Face Amount, the Insured’s age, sex (in most states) and underwriting classification, and, for a Survivorship Life Policy, by Rider selected.

Subsequent Premium Payments: You can pay subsequent Premiums at any time. Each subsequent Premium payment must be at least $50.

When the Policy was issued, we provided you with a planned Premium payment schedule reflecting your choice of an annual or semi-annual payment schedule, or a monthly payment schedule if you chose to make payments under our EFT (electronic funds transfer) program. You may select a monthly EFT payment schedule of $100 or more for us to automatically deduct Premiums from your bank account, or from your eligible Fidelity mutual fund or brokerage account.

You are not required to pay Premiums according to the planned Premium payment schedule. It is your responsibility, however, to pay enough Premiums to avoid Lapse of the Policy. For additional information, please see 8. Policy Lapse and Reinstatement.

We have the right to limit or refund any Premium or portion of a Premium, or to request additional written instructions if, in our opinion, (1) the Premium would disqualify the Policy as a life insurance contract under the Internal Revenue Code (see 11. Tax Considerations); or (2) the Premium would make your Policy a MEC under the Internal Revenue Code (see 11. Tax Considerations); or (3) the Premium would increase the Net Amount at Risk, unless you provide us with satisfactory evidence of each Insured’s insurability. This could occur if the Death Benefit is based on the Policy Account Value times the applicable Internal Revenue Code factor. See 6. Death Benefit and Insurance Proceeds below.

If you have an outstanding Policy Loan, you should instruct us whether to credit your payments either as Premium payments or as Loan repayments. (See 3(f). Loans.) Finally, you may not pay any Premiums after the Policy’s Extended Maturity date, although you may make Loan repayments after that date. (See 6(e). Extended Maturity.)

Method of Payment: You may pay for the Premiums with a personal check drawn on a U.S. bank subject to our approval. We reserve the right to refuse a personal check for any reason. You may also make Premium payments by moving money from your Fidelity mutual fund or brokerage account, or under our EFT program. Any Contracts and accounts between which money will be transferred must have at least one owner’s name in common. You may also request that we accept proceeds from another life insurance contract in a transaction that qualifies as a tax-free exchange under Section 1035 of the Internal Revenue Code. However, if we agree to process a requested 1035 exchange, we are responsible only for actions we take and are specifically not responsible for the performance of the transferring insurance company, for the timing of the transfer or for any adverse tax consequences.

Purchase Payments Made with Returned Checks or Unfunded Electronic Funds Transfers: If you make a Premium payment with a check that is returned to us unpaid due to insufficient funds or for any other reason, or if your Premium payment is made by an electronic funds transfer that is later reversed due to lack of funds in the bank account from which the transfer was made or for any other reason, we will: (1) reverse the transaction; and

(2) if the reversal results in a loss of more than one thousand dollars ($1,000) to us, redeem a sufficient number of Investment Option units at the then-current unit values to provide us with an amount equal to the loss. Money will be taken proportionately from all of the Investment Options and the Fixed Account in which you are invested.

If you do not have sufficient value in your Cash Surrender Value, we may take legal action against you to recover any remaining losses we have incurred.

Any redemption we make under this provision may result in a taxable event to you, just as for any other withdrawal.

5(b). Allocating Premiums Among Investment Options and the Fixed Account

You choose how to allocate your Premium payments among the Investment Options and the Fixed Account, and the percentage to be allocated to each.

Additional Net Premiums allocated to the Investment Options are credited to your Policy based on the next computed value of an Investment Option unit following receipt of your payment at the Service Center. Net Premiums allocated to the Fixed Account are credited under your Policy as of the date the payment is received at our Service Center.

For subsequent Premium payments, you may send allocation instructions to our Service Center in accordance with our then-current procedures. We do not accept instructions by fax or electronic mail. If you make a subsequent Premium payment and do not give us allocation instructions for it, we will allocate it among the Investment Options and the Fixed Account in accordance with your most recent allocation instructions. Any allocation instructions will be effective upon receipt in good order at our Service Center, and will apply only to Premium payments received on or after that date.

Instructions may be expressed in dollars or in percentages. All instructions must be in whole numbers, not decimals or fractions. If you give us instructions that are unclear or incomplete, your Premium payment and any future Premium payments will be allocated to the Government Money Market Investment Option until we receive instructions that are clear and complete. Instructions may be unclear or incomplete if percentage allocations do not total 100% or for some other reason. In the case of incomplete or unclear instructions, we will not be responsible for changes in unit values or for lost market opportunities.

If you pay Premium payments monthly by electronic funds transfer, you will not be able to allocate any of those payments to the Fixed Account.

You may generally not allocate more than $20,000 (including transfers) to the Fixed Account during any one Policy Year. You may not allocate more than 25% of your Policy Account Value or any Premium payment to the Fixed Account and you may not make more than one transfer to the Fixed Account during any one Policy Year. We may discontinue the availability of the Fixed Account for transfers from the Investment Options, or for Premium payments, at any time.

You should verify the accuracy of your transaction confirmations and statements immediately after you receive them. If you find a discrepancy with regard to a particular transaction, you should notify the Service Center promptly. We will not be responsible for losses due to unit value changes unless you notify us within ten calendar days from the first time we mail a confirmation or statement with details of the transaction.

5(c). Policy Account Values and Investment Option Values

The Policy Account Value is the starting point for calculating values under a Policy. The Policy Account Value:

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equals the sum of a Policy’s Fixed Account value, all Investment Option values, and Loan Collateral Account value;

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is determined on each Valuation Day after the Policy becomes effective; and

•

has no guaranteed minimum amount and may be more or less than Premiums paid.

The Cash Surrender Value is the Policy Account Value, less any Loan Balance (which includes accrued interest) and unpaid charges due.

For each Investment Option to which you allocate Premiums, the Investment Option value is equal to the number of Investment Option units held by the Policy multiplied by the Investment Option’s unit value at the end of each Valuation Day. Your Policy’s number of units in any Investment Option is the sum of all units purchased with Premium payments or Exchanges, minus the sum of all units redeemed as a result of transactions you have requested (including Exchanges, withdrawals, Surrenders or Loans) and units we have redeemed for Policy charges or to pay Policy benefits.

The value of each Investment Option’s accumulation units is calculated as of the close of business (normally 4:00 p.m. Eastern Time) on each day that there is trading on the New York Stock Exchange (“Valuation Day”). The unit value changes on each Valuation Day based on the total return of the Investment Option. The total return reflects the investment performance of the Fund in which the Investment Option invests and is net of the asset charges to the Investment Option. Shares of the Funds are valued at their net asset values as described in the Funds’ prospectuses. Any dividends or capital gains distributions from a Fund are reinvested in that Fund. The Policy is “non-participating,” meaning there are no dividends. Investment results of the Investment Options are reflected in the Policy Account Value and certain other Policy features.

The investment performance of the Investment Options and underlying Funds, Policy expenses and deduction of charges will affect your Policy Account Value and Cash Surrender Value, and may also affect the amount of your Death Benefit. Positive total returns of the Investment Options you select generally increase Policy Account Value, and negative total returns generally decrease Policy Account Value. Policy Account Value may also decline due to Policy charges and deductions. Policy Account Value in turn may impact the amount of the Death Benefit, depending on which of the two Death Benefit options you chose when you purchased your Policy. See 6(b). Setting the Death Benefit at Purchase. You bear the entire investment risk for amounts you allocate to the Investment Options. You should periodically review your allocation strategy in light of market conditions and your overall financial objectives.

6. DEATH BENEFIT AND INSURANCE PROCEEDS

6(a). Overview of Death Benefit

We will pay Insurance Proceeds based on a Death Benefit to the named Beneficiaries: (a) upon satisfactory proof of death of the Insured while a Single Life Policy is in force; or (b) upon satisfactory proof of death of the last surviving Insured (that is, after both Insureds have died) while a Survivorship Life Policy is in force. If all named Beneficiaries die before the Insured, or the last surviving Insured in a Survivorship Life Policy, we will pay the Insurance Proceeds to any surviving Owner(s); if no Owner survives, to the estate of the last surviving Owner.

We will make payment in a lump sum, unless you have agreed with us to a different method of payment. Please contact our Service Center for customer service concerning payment options.

The Insurance Proceeds equal:

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the Death Benefit (described below); minus

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any unpaid monthly charges; minus

•

any Loan Balances, including any accrued but unpaid interest; minus

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any payment made under the Accelerated Benefit, including any accrued but unpaid interest on such a payment.

We calculate the Death Benefit and Insurance Proceeds as of the Valuation Day on or next following: the date of the Insured’s death for a Single Life Policy; the date of death of the last surviving Insured for a Survivorship Life Policy. We will transfer the amounts allocated to Investment Options to the Government Money Market Investment Option upon receipt of notice of such Insured’s death, while we review or process a death claim. We will also pay interest on Insurance Proceeds to the extent required by applicable state law.

Once we have received due proof of the Insured’s death that is acceptable to us, we will ordinarily pay the Insurance Proceeds to the Beneficiaries within 15 days. These payments may be delayed in the event that we exercise our right to seek additional evidence, see “Policy Validity” below, or in the event of difficulty locating a Beneficiary or determining the correct Beneficiaries.

Upon the payment of Insurance Proceeds, and any additional benefits then due under a Policy Rider, the Policy and all Riders, will terminate, except that a Children’s Term Rider will continue in force until its termination. See “Children’s Term Rider” under 7(b). below for details.

6(b). Setting the Death Benefit at Purchase

When you applied for a Policy, you made three decisions in order to set the Death Benefit:

(1)

Selected a Face Amount of insurance coverage.

(2)

Chose Death Benefit Option A or Option B, which determined how the Policy Account Value will affect the Death Benefit.

(3)

Chose the tax test we apply to assure that your Policy is considered life insurance under the Internal Revenue Code.

You can request a hypothetical illustration that shows how each of these decisions affects the benefits of the Policy. You may wish to consult a financial planning or tax professional for additional advice.

Face Amount: The Face Amount sets a minimum level for the Death Benefit.

Death Benefit Options: This Policy provides two Death Benefit options: Option A and Option B.

Under Option A, the Death Benefit is the greater of:

(1)

the Face Amount; or

(2)

the minimum death benefit under the tax test you select.

Under Option B, the Death Benefit is the greater of:

(1)

the Face Amount plus the Policy Account Value; or

(2)

the minimum death benefit under the tax test you select.

Under either option, the Death Benefit is reset to equal the Policy Account Value on the Extended Maturity date. See “Extended Maturity” below.

Option A is intended for individuals who are comfortable with a fixed Face Amount of insurance coverage and prefer that increases, if any, in Policy Account Value reduce insurance costs. Cost of Insurance charges are based on a Policy’s Net Amount at Risk, which is the difference between Death Benefit and Policy Account Value. Under Option A, increases in Policy Account Value generally reduce the Net Amount at Risk, while decreases in Policy Account Value generally increase the Net Amount at Risk.

Option B is intended for individuals who prefer to have increases in Policy Account Value, due to Premium payments and/or favorable investment performance, reflected in a variable Death Benefit. If you chose Option B and your Policy Account Value increases, it will be reflected in an increased Death Benefit; if, however, your Policy Account Value declines, your Death Benefit will decrease. Policy Account Value may decline due to adverse investment experience and/or Policy charges and deductions, if not offset by Premium payments.

The amount of the Death Benefit may vary with the Policy Account Value:

(1) Under Option A, the Death Benefit will vary with the Policy Account Value only when the applicable tax test requires that the Death Benefit exceed the Face Amount. This may occur when the Policy Account Value is large in relation to the Death Benefit. (See “Tax Test” below.) The Death Benefit will also vary after the Extended Maturity date. See “Extended Maturity” below.

(2) Under Option B, the Death Benefit will always vary with the Policy Account Value.

Tax Test: In order to be treated as life insurance under Federal tax law, the Policy’s Death Benefit must meet or exceed the minimum requirements of either the Guideline Premium Test or the Cash Value Accumulation Test. These tests generally impact the Death Benefit when an Owner has a relatively large Policy Account Value in relation to the Face Amount.

You were asked to choose on your Policy Application the Guideline Premium Test (GPT) or the Cash Value Accumulation Test (CVAT), except that if the Insured on a Single Life Policy was 75 years old or more on the Issue Date, the CVAT automatically applied. The GPT generally gives Owners the ability to minimize insurance costs by maintaining a lower Net Amount at Risk over the life of the Policy. (The Net Amount at Risk is the difference between the Death Benefit and the Policy Account Value, and is the basis for monthly Cost of Insurance charges.) The CVAT, on the other hand, enables an Owner to pay in a greater amount of Premium in the early years of the Policy. Once the Policy is issued, you cannot change the tax test. You should consult a qualified tax advisor regarding your choice of tax tests.

Under the GPT, a Policy’s Death Benefit will not be less than the Policy Account Value times the corridor factor under the Code. The corridor factors, which require that the Death Benefit be greater than the Policy Account Value by a percentage that decreases over time, are shown in the Table of Guideline Premium Test Percentages in your Policy and in the SAI. They are summarized below, based on the Insured’s age or, for Survivorship Life

Policies, the younger Insured’s age, at the start of each Policy Year (for attained ages not shown, percentages decline pro rata each year):


Insured’s Attained Age	GPT Corridor Factor	Insured’s Attained Age	GPT Corridor Factor
40 and under	250%	60	130%
45	215%	65	120%
50	185%	70	115%
55	150%	75 through 90	105%
		95 through 99	100%

Under the CVAT, the Death Benefit will not be less than: (a) 1000 times the Policy Account Value, divided by (b) the Net Single Premium Factor per $1,000 of Death Benefit. The net single premium factors vary based on each Insured’s sex, underwriting class, age at Issue and Policy Year, and are shown in your Policy.

6(c). Changing the Death Benefit after Purchase

After the first Policy Year and while the Policy is in force, you may make a written request to change the Face Amount or the Death Benefit option or both. Any such change may affect the Net Amount at Risk over time, which would affect the monthly Cost of Insurance charge. We reserve the right to discontinue allowing such changes.

We generally do not permit more than one such change in any 12-month period, and we do not permit changes while benefits are being paid under any Disability Rider. We reserve the right to reject any change that may, in our opinion, result in your Policy being disqualified as a life insurance contract under Section 7702 of the Internal Revenue Code. We also reserve the right to require additional written instructions from you in the event that the requested change may, in our opinion, make your policy a MEC under the Internal Revenue Code. A change of Face Amount or Death Benefit option may have unfavorable tax consequences. You should consult a qualified tax advisor before making any change to the Face Amount or the Death Benefit.

In order to request a change of your Face Amount or Death Benefit option, you must submit a written request. If you request an increase in Face Amount or a change in Death Benefit option which, in our opinion, increases our insurance risk, you must also provide additional evidence of the Insured’s insurability, as well as any additional paperwork we may require, to our Service Center. The effective date of any requested change in your Death Benefit will be the next monthly Policy Processing Day following the date when we approve your request for a change. A change in Face Amount or Death Benefit option has the effect of amending your Policy terms, and we will send you new Policy Schedule pages to reflect this change.

Increasing the Face Amount: You may request an increase in the Face Amount by submitting a written Application and providing evidence of insurability satisfactory to us at our Service Center.

•

The minimum increase is $50,000.

•

We will require that, on the effective date of an increase, and taking the increase into account, the Cash Surrender Value be at least equal to the monthly charges then due.

•

An increase will be effective on the next Policy Processing Day following the date we approve the change, provided that an Insured is living on that date.

•

The total Net Amount at Risk will be affected, which will increase the monthly Cost of Insurance charges.

•

Each increase in Face Amount will have its own Underwriting Class and Cost of Insurance Rates as determined at the time of the increase.

•

We reserve the right to limit increases in the Face Amount to one increase in any twelve (12) month period.

Decreasing the Face Amount: You may request a decrease in the Face Amount by submitting a written request to decrease the Face Amount, but you may not decrease the Face Amount below the applicable minimum initial Face Amount (generally $250,000 for a Single Life Policy and $500,000 for a Survivorship Life Policy). See 3(a). Purchasing a Policy above.

•

The minimum decrease is $25,000.

•

Any decrease will be effective on the next Policy Processing Day following the date we approve your request.

•

To apply the decrease, we will first reduce any increases in the Face Amount, starting with the most recent. Then we will reduce the initial Face Amount.

A decrease in Face Amount generally will decrease the Net Amount at Risk, on which the Cost of Insurance charges are based. For purposes of determining the Cost of Insurance charge, any decrease in Face Amount will first be used to reduce the most recent increase, then the next most recent increases in succession, and finally the initial Face Amount. However, if a decrease in Face Amount moves a Single Life Policy into a lower Cost of Insurance band, (for example, from $1.1 million to $900,000) then the Cost of Insurance Rate applied to the Policy’s Net Amount at Risk may increase. See “Cost of Insurance” below.

Changing Death Benefit from Option A to Option B: In order for us to approve a change from Option A to Option B:

•

The Policy must be in force;

•

The current Face Amount must be greater than the minimum Death Benefit required by Section 7702 of the Internal Revenue Code; and

•

The change must not reduce the Face Amount below the minimum Face Amount we require to issue a Policy.

If we approve a request from Option A to Option B, the following will occur:

•

We first decrease the Face Amount (beginning with the most recent increase, then the next most recent increases in succession, and finally the initial Face Amount) by the Policy Account Value;

•

The Death Benefit will not change on the effective date of the change, but thereafter the Death Benefit will vary daily with changes in Policy Account Value;

•

The Face Amount will be the Net Amount at Risk and will generally remain level after the change. This means there may be a relative increase in the Cost of Insurance charges, which are based in part on Net Amount at Risk, as the Insured ages, because increases in Policy Account Value, if any, will not reduce the Net Amount at Risk;

•

If you also request that the Face Amount stay the same after the change, the change will increase the Net Amount at Risk and the Monthly Deduction applied to your Policy Account Value.

Example:


Change Death Benefit From Option A to Option B	Option A (Before Change)			Calculation: Subtract Policy Account Value			Option B (After Change)
Face Amount		$	300,000		–	$50,000		$	250,000
Policy Account Value		$	50,000					$	50,000

Death Benefit		$	300,000					$	300,000

Changing Death Benefit from Option B to Option A: In order for us to approve a change from Option B to Option A, the Policy must be in force.

If we approve a request from Option B to Option A, the Face Amount will be increased by the Policy Account Value on the effective date of the change.

Example:


Change Death Benefit From Option B to Option A	Option B (Before Change)			Calculation: Add Policy Account Value			Option A (After Change)
Face Amount		$	250,000		+$	50,000		$	300,000
Policy Account Value		$	50,000					$	50,000

Death Benefit		$	300,000					$	300,000

6(d). Policy Validity

Contestability and Suicide provisions vary according to requirements of state law. This section describes FILI’s basic Policy terms, but you should review your Policy for the specific terms.

Except for Policy Lapse, we will not contest the validity of a Policy after it has been in force during the Insured’s life, or the lifetime of the last surviving Insured for a Survivorship Life Policy, for two years continuously from the Issue Date and for 2 years after any Policy reinstatement, or a shorter period if required by state law.

Similarly, we will not contest the validity of a Death Benefit change requiring underwriting after such change has been in force during the Insured’s life, or the lifetime of the last surviving Insured for a Survivorship Life Policy, for two years, or a shorter period if required by state law. If we wish to contest the validity of a Survivorship Life Policy based on a material misrepresentation concerning the first Insured to die, we will notify you within 12 months after we have received proof of that Insured’s death.

If a Policy, or a change in Death Benefit requiring underwriting, has been in force less than two years, or if a reinstated Policy has been in force less than two years from the date of reinstatement, we can contest the validity of the Policy or Death Benefit change on the grounds of any misrepresentation of a material fact in the applicable Policy, reinstatement or Death Benefit change application.

We reserve the right to obtain evidence of the fact, manner and cause of death of any Insured, including the first Insured to die under a Survivorship Life Policy. You and your Beneficiaries agree to provide us with reasonably timely notice of the death of each Insured, including the first Insured to die in the case of a Survivorship Life Policy, so that our rights are not prejudiced by delay.

If an Insured, whether sane or insane, dies by suicide within two years after the Issue Date or within 2 years of any Policy reinstatement, or within the maximum period permitted by state law, if less, the following will occur:

•

a Single Life Policy will terminate;

•

a Survivorship Life Policy will terminate upon the suicide of either Insured during the time period if permitted by state law; otherwise, the Policy will terminate only upon the suicide of the second Insured to die within the time period.

If a Policy terminates due to a suicide, our liability will be limited to the Premiums paid for the Policy, less Loans and withdrawals.

If an Insured, whether sane or insane, dies by suicide within two years after a change in Death Benefit requiring underwriting, or within the maximum period permitted by state law, if less, our liability will be limited to the Insurance Proceeds that would have been payable if the change had not taken effect, plus any additional Cost of Insurance charges taken as a result of the change.

If the age or sex of an Insured is misstated in the Policy Application, the following will occur:

•

if we discover the misstatement while any Insured is living, we will retroactively adjust the Policy Account Value and the Cash Surrender Value to reflect the Monthly Charges that would have applied if the Policy had correctly stated the age and sex of each Insured;

•

if we discover the misstatement after the death of the Insured in a Single Life Policy or after the death of both Insureds under a Survivorship Life Policy, we will change the Face Amount, Death Benefit and Insurance Proceeds, as well as any Death Benefit payable under any Riders, to reflect the amount that would be purchased by the most recent deductions for the Cost of Insurance and applicable Riders, applying each Insured’s correct age and sex.

Any modifications or waiver of our rights under a Policy are valid only if they are in writing and signed by the President, Secretary, or Assistant Secretary of FILI. We may modify the Policy to the extent necessary or appropriate to conform to applicable law, to assure continued qualification of the Policy as a life insurance Policy under Federal tax laws, or to reflect a change in the operation of the Variable Account. We will send you an endorsement to the Policy to reflect any such modifications.

6(e). Extended Maturity

A Single Life Policy Extended Maturity begins on the Policy Anniversary nearest the Insured’s 100th birthday. A Survivorship Life Policy Extended Maturity begins on the Policy Anniversary nearest the 100th anniversary of the younger Insured’s date of birth, even if the younger Insured is not the surviving Insured. At this time:

•

we will discontinue Monthly Deductions;

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the Death Benefit will be converted to, and thereafter be defined as, the Policy Account Value, without regard to the Face Amount or Death Benefit option chosen;

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we will not accept any new Premiums or, in most states, make any new or additional Policy Loans;

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any Policy Loans will continue in place and interest will continue to accrue unless and until the Loans are repaid; and

•

the Owner retains all other rights under the Policy.

The tax consequences of continuing the Policy during Extended Maturity are not clear. You should consult a qualified tax advisor if you intend to do so.

Florida Residents: This Extended Maturity feature is not available in Florida. For Florida residents, the Single Life Policy will mature on the Policy Anniversary nearest the Insured’s 100th birthday, if the Insured is still living on that day. Upon maturity, the Policy will terminate and we will pay the Cash Surrender Value to the policy Owner and retire any Policy Loan by retaining the balance in the Loan Collateral Account. The Survivorship Life Policy will mature on the Policy Anniversary nearest the 100th anniversary of the younger Insured’s date of birth, even if the younger Insured is not the surviving Insured. Upon maturity, the Policy will terminate and we will pay the Cash Surrender Value to the policy Owner and retire any Policy Loan by retaining the balance in the Loan Collateral Account.

7. OTHER BENEFITS AVAILABLE UNDER THE POLICY

In addition to the standard Death Benefit associated with your Policy, other standard and/or optional benefits may also be available to you. The following tables summarize information about those benefits. Information about the fees, if any, associated with each benefit included in the table may be found in the Fee Tables.

7(a). Overview of Other Benefits

STANDARD BENEFITS


Name of Benefit	Purpose	Brief Description of Restrictions / Limitations
Accelerated Benefit	Allows you to request partial payment of the Insurance Proceeds as a living benefit if the Insured is diagnosed with a terminal illness and is expected to live less than 12 months.	This benefit is only applicable to Single Life Policies. We may require evidence of the terminal illness, as defined in the Policy, before making payment. This benefit is not included in New Jersey or Montana Policies. Receipt of accelerated payment of Insurance Proceeds may have tax consequences.
Dollar Cost Averaging	Allows for automatic monthly Exchanges from either the Government Money Market Investment Option or the Investment Grade Bond Investment Option (the “Source Options”), but not both, to the other Investment Options you select (the “Destination Options”).	Minimum transfer amount is $250. May not be used at the same time as Automatic Rebalancing. May not be used to transfer money to the Fixed Account. We reserve the right to modify or terminate this benefit.
Automatic Rebalancing	Helps to maintain a specified allocation mix among Investment Options.	May not be used at the same time as Dollar Cost Averaging. May not be used if you have a balance in the Fixed Account. We reserve the right to modify or terminate this benefit.

SINGLE LIFE POLICY OPTIONAL BENEFITS


Name of Benefit	Purpose	Brief Description of Restrictions / Limitations
Children’s Term Rider	Provides $10,000 term life insurance coverage on each of the Insured’s children named in the Application and on each child later born to or adopted by the Insured.	Coverage initially applies to each child over 14 days and under 18 years old while the Rider is in effect, and terminates on the earlier of the Insured’s age 65 or as each child turns age 25. This Rider is not available for Montana Policies.
Total Disability Premium Payment Rider	Provides that during periods of the Insured’s total disability, as defined in the Rider, we will pay a Disability Benefit Amount of up to the lesser 1/12th of the Planned Annual Premium or $2,500 per month, as a Premium to this Policy on each monthly Policy Processing Day.	Benefit, if any, dependent on age of Insured when total disability begins. We may require evidence of the disability before making payment, and on an ongoing basis while disability continues. You were required to apply for this Rider in connection with your initial Policy application. Only one of the two Total Disability Riders could be elected per Policy. Not available in Pennsylvania.
Total Disability Waiver of Monthly Deductions Rider	Provides that during periods of the Insured’s total disability, as defined in the Rider, Monthly Deductions under this Policy will be waived.	Benefit, if any, dependent on age of Insured when total disability begins. We may require evidence of the disability before making payment, and on an ongoing basis while disability continues. You were required to apply for this Rider in connection with your initial Policy application. Only one of the two Total Disability Riders could be elected per Policy. Not available in Pennsylvania.

SURVIVORSHIP LIFE POLICY OPTIONAL BENEFITS


Name of Benefit	Purpose	Brief Description of Restrictions / Limitations
Total Disability Premium Payment Rider	Provides that during periods of the covered Insured(s)’ total disability we will pay a Disability Benefit Amount of up to the lesser 1/12th of the Planned Annual Premium or $2,500 per month, as a Premium to this Policy on each monthly Policy Processing Day.	Benefit, if any, dependent on age of Insured when total disability begins. We may require evidence of the disability before making payment, and on an ongoing basis while disability continues. You were required to apply for this Rider in connection with your initial Policy application. Not available in Pennsylvania.
Estate Protection Rider	Provides a limited additional term life insurance benefit in the event that both Insureds die during the first four (4) Policy Years.	You were required to apply for this Rider in connection with your initial Policy application.

7(b). More Details on Other Benefits and Riders

PLEASE NOTE: “Benefits” are included with each Policy for no additional charge. “Riders” are separate forms that can be added to your Policy, usually for additional costs, to provide additional insurance benefits. You must generally apply for Rider coverage when you apply for the Policy itself. We may decline or limit Rider coverage in accordance with our underwriting standards or for any reason permitted by law. Benefits and Riders may not be included / available in all states and where included / available may vary from state to state. The Benefit and Rider descriptions below are summaries only; you should review your Policy and Rider forms themselves for more complete terms and conditions.

STANDARD BENEFITS

• Accelerated Benefit

This benefit is only applicable to Single Life Policies.

Included as part of a Single Life Policy at no additional charge, this benefit allows you to request partial payment of the Insurance Proceeds as a living benefit if the Insured is diagnosed with a terminal illness and is expected to live less than 12 months. We may require evidence of the terminal illness, as defined in the Policy, before making payment. The amount available as a benefit is up to fifty percent (50%) of the Net Amount at Risk (Death Benefit less Policy Account Value), up to a maximum of $250,000. We place a lien against the Insurance Proceeds equal to the amount of the Accelerated Benefit payment, plus interest at an annual rate of six percent (6%) from the date of Accelerated Benefit payment until the time of death; the lien has the effect of reducing the Insurance Proceeds payable at death. After a payment of this benefit, we will continue to make Monthly Deductions based on the entire Net Amount at Risk. A payment of this benefit will not affect the Policy Account Value, Cash Surrender Value or Policy Loans. See your Policy for complete details of the coverage. This benefit is not included in New Jersey or Montana Policies.

Receipt of accelerated payment of Insurance Proceeds may have tax consequences. You should consult a qualified tax advisor before requesting any Accelerated Benefit payment.

• Dollar Cost Averaging

Dollar Cost Averaging allows you to make automatic monthly Exchanges at no charge from either the Government Money Market Investment Option or the Investment Grade Bond Investment Option (the “Source Options”), but not both, to the other Investment Options you select (the “Destination Options”). You may not, however, select the Source Options as Destination Options. Each month you must move at least $250 to each Destination Option then in effect. You may change your Source Option or your Destination Options at any time, by calling us or by sending written notice to our Service Center. Dollar Cost Averaging transactions do not count toward the Policy’s limits on the number of Exchanges.

You may select any day of the month from the 1^st to the 28^th as the day your Dollar Cost Averaging transactions will take place each month. If the New York Stock Exchange is not open on the scheduled day in a particular month, the Exchange will take place on the next day the New York Stock Exchange is open for trading.

If your balance in the Source Option on a transfer date is less than the amount to be transferred to the Destination Option(s), we will transfer all the money in the Source Option to the Destination Options proportionately, and your participation in the program will automatically terminate.

You may cancel Dollar Cost Averaging at any time by calling us or sending written notice to the Service Center.

You may not use Dollar Cost Averaging to transfer money to the Fixed Account. You cannot use Dollar Cost Averaging at the same time that you use Automatic Rebalancing, which is described immediately below. We reserve the right to modify or terminate Dollar Cost Averaging.

• Automatic Rebalancing

You can use Automatic Rebalancing at no charge to help you maintain your specified allocation mix among the Investment Options.

You direct us to readjust your allocations on a quarterly, semi-annual or annual basis to return to the allocations you select on the Automatic Rebalancing instruction form. Automatic Rebalancing transactions do not count toward the Policy’s limits on the number of Exchanges.

You choose one day of the month from the 1^st to the 28^th for Automatic Rebalancing. If the New York Stock Exchange is not open on the scheduled day in a particular month, the Exchange will take place on the next day the New York Stock Exchange is open for trading.

Automatic Rebalancing will continue until you notify us to cancel it. We reserve the right to modify or terminate Automatic Rebalancing. You may not use Automatic Rebalancing if you have a balance in the Fixed Account. You may not use Automatic Rebalancing at the same time you use Dollar Cost Averaging, which is described immediately above.

SINGLE LIFE POLICY OPTIONAL BENEFITS

• Children’s Term Rider

This Rider provides $10,000 term life insurance coverage on each of the Insured’s children named in the Application and on each child later born to or adopted by the Insured. Coverage initially applies to each child over 14 days and under 18 years old while the Rider is in effect. You can apply for this Rider at the time of Application for the Policy or at the birth or legal adoption of the first child of the Insured. This Rider terminates as to each insured child on the Child’s 25th birthday. This Rider will terminate as to all insured children on the earliest of:

The first Policy Processing Day after we receive Written Request for termination;

The date of Surrender or other termination of the Policy (other than by the death of the Insured); or

The Policy Anniversary nearest the Insured’s 65^th birthday.

See the Rider for complete details of the coverage. This Rider is not available for Montana Policies.

• Total Disability Riders

You had the opportunity to purchase one of two total disability Riders, in connection with your initial Policy application, as long as the Insured was at least 18 and under 65 when the Policy was issued.

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Total Disability Premium Payment Rider. This Rider provides that during periods of the Insured’s total disability, as defined in the Rider, we will pay a Disability Benefit Amount of up to the lesser of the one- twelfth (1/12) of the Planned Annual Premium or $2,500 per month, as a Premium to this Policy on each monthly Policy Processing Day while total disability continues and other requirements are met.

•

Total Disability Waiver of Monthly Deductions Rider. This Rider provides that during periods of the Insured’s total disability, as defined in the Rider, Monthly Deductions under this Policy will be waived while total disability continues and other requirements are met.

Limitations On Both Total Disability Riders. If the Insured’s total disability begins at age 65 or later, no benefits will be paid. If the total disability begins on or after the Insured’s age 63 but before 65, benefits may continue for up to two years. If the total disability begins on or after the Insured’s age 60 but before 63, benefits may continue until up to age 65. If the total disability begins before the Insured’s age 60, the benefits will continue as long as the Insured remains totally disabled. You can only elect one of the two Total Disability Riders. We reserve the right to require evidence of the disability before making payment under these Riders, and on an ongoing basis while disability continues. See the Rider(s) for complete details of the coverage. These Riders were not available for Pennsylvania Policies.

SURVIVORSHIP LIFE POLICY OPTIONAL BENEFITS

• Total Disability Premium Payment Rider(s)

You had the opportunity to purchase this Rider for either or both Insureds in connection with your initial Policy Application. It provides that during periods of the covered Insured(s)’ total disability, as defined in the Rider, we will pay a Disability Benefit Amount of up to the lesser of one-twelfth (1/12) of the Planned Annual Premium or $2500, as a Premium to this Policy on each monthly Policy Processing Day while total disability continues and other requirements are met. If the Insured’s total disability begins at age 65 or later, no benefits will be paid. If the total disability begins on or after the Insured’s age 63 but before 65, benefits may continue for up to two years. If the total disability begins on or after the Insured’s age 60 but before 63, benefits may continue until up to age 65. If the total disability begins before the Insured’s age 60, the benefits will continue as long as the Insured remains totally disabled. We reserve the right to require evidence of the disability before making payment under this Rider, and on an ongoing basis while disability continues. See the Rider for complete details of the coverage. This Riders was not available for Pennsylvania Policies.

• Estate Protection Rider

This Rider provides a limited additional term life insurance benefit in the event that both Insureds die during the first four (4) Policy Years. You had the opportunity to apply for this Rider in connection with your initial Policy application. See the Rider for complete details of the coverage. There are no separate charges for this Rider.

8. POLICY LAPSE AND REINSTATEMENT

A Policy will go into Default if, on a monthly Policy Processing Day, the Cash Surrender Value is insufficient to pay the amount of the Monthly Deduction and the No-Lapse Guarantee no longer applies to the Policy. Therefore, a Policy could Lapse eventually if its Cash Surrender Value is not sufficient to cover Policy charges.

We will notify you in writing of any Default and will allow you a Grace Period of 61 days from the date of the written notice, in which you may make a Premium payment sufficient to bring the Policy out of Default. The required payment will be the accumulated deficiencies plus three (3) months’ Monthly Deductions.

If we do not receive the required payment by the end of the Grace Period, the Policy will Lapse: that is, terminate with no value. If there is a Policy Loan, we will repossess the collateral held in the Loan Collateral Account and use it to reduce or eliminate the Loan Balance. In addition, a Policy Lapse may have unfavorable tax consequences. See “Federal Tax Considerations.”

8(a). Death During Grace Period

If the Insured under a Single Life Policy, or the last surviving Insured under a Survivorship Life Policy, should die during the Grace Period, the Cash Surrender Value used in the calculation of the Death Benefit will be the Cash Surrender Value as of the Policy Processing Day on which the Policy went into Default.

8(b). No Lapse Guarantee

As long as your Policy satisfies the No-Lapse Guarantee Cumulative Premium Test, we guarantee that the Policy will not go into Default during the No-Lapse Guarantee Period, even if adverse investment experience or other factors should cause the Cash Surrender Value to fall to zero or below. The No-Lapse Guarantee applies to all Underwriting Classes. The No-Lapse Guarantee Period for a Single Life Policy is the first ten (10) Policy Years, if the Issue Age of the Insured is 70 or less; or the first five (5) Policy Years, if the Issue Age of the Insured is 71 or more. The No-Lapse Guarantee Period for a Survivorship Life Policy is the first five (5) Policy Years. After the end of the No-Lapse Guarantee Period, this guarantee no longer applies. If you make a material change to your Policy, such as an increase or decrease in the Face Amount, the Premium payments necessary to maintain this guarantee may increase or decrease.

Because this guarantee prevents Lapse during the No-Lapse Guarantee Period, it is possible for your Cash Surrender Value to decline below zero. In this case, unless you repay the negative balance before the end of the No-Lapse Guarantee Period, your Policy will Lapse after the end of that period.

The No-Lapse Guarantee is not available in all states.

No-Lapse Guarantee Cumulative Premium Test. At the time you purchase your Policy, we will provide you with a Planned Premium Payment Schedule. The No-Lapse Guarantee Cumulative Premium Test is satisfied if, on each monthly Policy Processing Day, the sum of all Premiums paid to date, less any Loans and withdrawals taken and any charges or interest then due, is equal to or exceeds the sum of the payments that would have been made through that date if the Planned Annual Premium had been paid in timely equal monthly installments prior to each Policy Processing Day. If you fail the Cumulative Premium Test and fail to make the necessary payments during the NLG Grace Period (defined below), you will not be able to reinstate this guarantee.

NLG Grace Period: If your Policy fails the No-Lapse Guarantee Cumulative Premium Test on a monthly Policy Processing Day, we will send you a letter indicating that you have a grace period of thirty (30) days from the day your Policy failed the test, in which to pay Premiums sufficient to make up the shortfall.

Important: If your Policy fails the No-Lapse Guarantee Cumulative Premium Test and you fail to make the necessary payment before the end of the NLG Grace Period, the guarantee will no longer apply and there is no way to reinstate the guarantee. If the Policy still has a sufficient Cash Surrender Value, however, it will remain in force despite the loss of the No-Lapse Guarantee.

The No-Lapse Guarantee is not available in all states and may vary according to state law. Please check your Policy.

8(c). Policy Reinstatement

An Owner may, by making a written request, reinstate a Policy which has terminated after going into Default at any time within the three-year period following the date of termination subject to the following conditions:

•

Evidence of each Insured’s insurability, satisfactory to us, is provided to us; and

•

A payment equal to the amount that was required to bring the Policy out of Default immediately prior to termination, plus an amount equal to the applicable Monthly Deduction for the next three (3) months, must be paid to us.

If reinstatement is approved, the effective date of reinstatement will be the later of the date we approve the Owner’s request or the date we receive the required payment at our Service Center.

A reinstated Policy:

•

Has the same Policy Date as the Policy when originally issued;

•

May have higher Cost of Insurance Rates if the Insured is in a different Underwriting Class and/or a different age group at the time of reinstatement;

•

Will NOT have a No-Lapse Guarantee; and

•

Reflects the reduction or elimination of any previous Policy Loans due to the previous Lapse.

9. THE FIXED ACCOUNT

Because of exemptive and exclusionary provisions, we have not registered interests in the Fixed Account under the Securities Act of 1933, nor have we registered our general account as an investment company under the 1940 Act. Interests in the Fixed Account are generally not subject to the provisions of those laws. Disclosures regarding the Fixed Account and our general account may, however, be subject to certain generally applicable provisions of the Federal securities laws relating to the accuracy and completeness of statements made in prospectuses.

The Fixed Account is a portion of our general account. You may allocate a portion of your Premium payments or transfer a part of your Policy Account Value to the Fixed Account. The value of your interest in the Fixed Account does not fluctuate with the investment experience of our general account or the investment experience of the Investment Options.

We guarantee that money held in the Fixed Account will accrue interest daily at an annual rate that will never be less than the guaranteed rate stated in your Policy Schedule.

When you allocate money to the Fixed Account, we assign an interest rate to that amount. The rate will be guaranteed for a period of time. The length of that period will depend on when you allocate the amount to the Fixed Account.

When the initial guaranteed period ends, we will assign a new rate to that amount, and the new rate will be guaranteed for a period of at least one year. At the end of each guaranteed period we will set a new rate, each time for a period of at least one year.

Different rates may apply to different amounts in the Fixed Account. The rate for a given amount will depend on when that amount was first allocated to the Fixed Account. Also, the interest rate we apply to any particular amount will vary from time to time.

We reserve the right to limit or discontinue at any time the availability of the Fixed Account, both for transfers from the Funds and for Premium payments. If you attempt to allocate any portion of a Premium payment to the Fixed Account in excess of permitted amounts, we will place any excess in the Government Money Market Investment Option.

You may generally not allocate more than $20,000 (including transfers) to the Fixed Account during any one Policy Year. You may not allocate more than 25% of your Policy Account Value or of any Premium payment to the Fixed Account and you may not make more than one transfer to the Fixed Account during any one Policy year.

10. MAKING EXCHANGES AMONG INVESTMENT OPTIONS AND THE FIXED ACCOUNT

10(a). Overview

In general, you may make transfers of money (“Exchanges”) among the Investment Options and/or the Fixed Account by sending us instructions in writing with your original signature or by calling us. We do not accept instructions by fax, electronic mail or via the internet, or instructions that are not in good order under our then- current procedures.

We do not currently impose any charges when you make Exchanges but we reserve the right to impose a charge if you make Exchanges on more than twelve days during a calendar year.

Making excessive Exchanges can disrupt the ability of a Fund to achieve its investment objective and increase the Fund’s expenses. We may limit the number of days on which you can make Exchanges, but you will always be able to make Exchanges on at least five days each Policy Year and we may limit the number of Exchanges permitted. We may also require you to submit your Exchanges by mail.

Your request to make an Exchange may be expressed in terms of dollars, such as a request to move $5,000 from one Investment Option to another. You may also request a percentage reallocation among Investment Options. Percentage requests must be made in whole numbers. You cannot move less than $250 from any Investment Option except that if you have less than $250 in an Investment Option you may move the entire amount.

10(b). Making Exchanges by Telephone

Currently you may make Exchanges by telephone up to 18 days in each calendar year. You may make Exchanges on additional days only by a letter to our Service Center.

We reserve the right to revise or terminate your ability to make Exchanges by telephone. We also reserve the right to limit the amount of any telephone Exchange or to reject any telephone Exchange.

We will not be responsible for any losses resulting from unauthorized telephone Exchanges if we follow reasonable procedures designed to verify the identity of the caller. We may record telephone calls. You should verify the accuracy of your Exchanges by checking the confirmations and statements we send to you as soon as you receive them. Notify the Service Center immediately if you find any discrepancies. We will not be responsible for losses resulting from unit value changes unless you notify us within ten calendar days from the first time we mail a confirmation or statement containing details of the transaction.

10(c). Effective Date of Exchanges Among Investment Options

Any redemption from an Investment Option that is part of an Exchange among Investment Options will be effected as of the end of the Valuation Day in which we receive the request at our Service Center. Generally the purchase of Investment Option units in other Investment Options with the proceeds of the redemption will occur at the same time. However, if your Exchange involves (1) moving from an Investment Option (“Source”) that invests in an equity Fund that is in an illiquid position due to substantial redemptions or Exchanges that require it to sell portfolio securities in order to make funds available, and (2) moving to an Investment Option (“Target”) that invests in a Government Money Market Fund that accrues dividends on a daily basis and requires federal funds before accepting a purchase order, then there may be a delay in crediting the amount that is moving to the new Investment Option. The delay will last until the Source Investment Option obtains liquidity, or for seven days, whichever is shorter. During this period, the amount to be transferred from the Source Investment Option will remain as a fixed obligation of the Source Investment Option and will not participate in the investment results of either the Source or the Target Investment Option.

10(d). Frequent Exchanges Among Investment Options

Use of Market Timing Services: Some Owners desire to use firms or individuals who engage in market timing. Market timing services usually obtain authorization from Owners to make Exchanges among the Investment Options on the basis of perceived market trends. Large Exchanges resulting from market timing activity may disrupt the management of the Funds and become a detriment to other Owners of variable life insurance policies or variable annuity contracts who allocate money to the Funds.

To protect Owners not using market timing services, we reserve the right to reject Exchanges communicated to us by anyone acting under a power of attorney on behalf of more than one person. We also reserve the right to reject Exchange instructions we receive from a market timing firm or other third party that any Owner has authorized to make multiple Exchanges. We will exercise these rights only if we believe that doing so will prevent harm to other Owners of variable life insurance policies or variable annuity contracts. In the event we reject an Exchange without a prior warning, we will promptly notify the party requesting the Exchange of the rejection by telephone, in writing or in the manner the request was made.

Short-Term Trading Risk: Frequent Exchanges among Investment Options by Owners can reduce the long-term returns of the underlying mutual funds. The reduced returns could adversely affect the Owners, annuitants, Insureds or Beneficiaries of any variable annuity contracts or variable life insurance policies issued by any insurance company with respect to values allocated to the underlying Fund. Frequent Exchanges may reduce the mutual fund’s performance by increasing costs paid by the Fund (such as brokerage commissions); they can disrupt portfolio management strategies; and they can have the effect of diluting the value of the shares of long- term shareholders in cases in which fluctuations in markets are not fully priced into the Fund’s net asset value.

The insurance-dedicated mutual funds available through the Investment Options are also available in products issued by other insurance companies. These Funds carry a significant risk that short-term trading may go undetected. The Funds themselves generally cannot detect individual Owner Exchange activity, because they are owned primarily by insurance company separate accounts that aggregate Exchange orders from Owners of individual Policies. Accordingly, the Funds are dependent in large part on the rights, ability and willingness of all participating insurance companies to detect and deter short-term trading by Owners. As a result of the adoption of Rule 22c-2 of Investment Company Act of 1940, all Funds have entered into information sharing agreements with FILI that will require FILI, upon request, to (i) provide the Funds with specific information about Contract Owner transfer activity, and, if so requested by a Fund, (ii) prohibit future transfers into such Fund.

As outlined below, FILI has adopted policies regarding frequent trading, but can provide no assurance that other insurance companies using the same mutual funds have adopted comparable procedures. There is also the risk that these policies and procedures concerning short-term trading will prove ineffective in whole or in part to detect or prevent frequent trading. Please review the mutual funds’ prospectuses for specific information about the Funds’ short-term trading policies and risks.

FILI Policies Regarding Frequent Trading: FILI does not authorize market timing. FILI has adopted policies and procedures designed to discourage frequent trading (i.e. frequent transfers or Exchanges) as described below. If requested by the underlying mutual funds, FILI will consider additional steps to discourage frequent trading of shares of those Funds, not inconsistent with the policies and procedures described below.

Owners who engage in frequent trading may be subject to temporary or permanent restrictions as described below on future purchases or Exchanges in a Fund, and potentially in all Fidelity Funds. Further, Owners who have engaged in frequent trading in other Fidelity Funds—or in Other Funds—may be subject to temporary or permanent restrictions on purchases or Exchanges in those Funds. FILI may alter its policies, in any manner not inconsistent with the terms of the Policy, at any time without notice to Owners.

Although there is no minimum holding period and Owners can make withdrawals or Exchanges out of any Investment Option at any time, Owners may ordinarily comply with FILI’s policies regarding frequent trading by allowing 90 days to pass after each purchase or allocation into an Investment Option before they withdraw or exchange out of that Investment Option.

In addition, each underlying mutual fund reserves the right to reject the Variable Account’s entire purchase or Exchange transaction at any time, which would make FILI unable to execute Owner purchase, withdrawal or Exchange transactions involving that Fund on that trading day. FILI’s policies and procedures are separate and independent from any policies and procedures of the underlying mutual funds, and do not guarantee that the mutual funds will not reject Variable Account orders.

Frequent Trading Monitoring and Restriction Procedures: FILI has adopted policies and procedures related to Exchanges among Investment Options that are set out below. Frequent trading activity is measured by the number of roundtrip transactions by an Owner. A roundtrip transaction occurs when an Owner makes an allocation or Exchange into an Investment Option followed by a withdrawal or Exchange out of the same Investment Option within 30 days. Owners are limited to one roundtrip transaction per Investment Option within any rolling 90-day period, subject to an overall limit of four roundtrip transactions in the Policy over a rolling

12-month period.

Owners with two or more roundtrip transactions in one Investment Option within a rolling 90-day period will be blocked from making additional allocations or Exchanges into that Investment Option, through any means, for 85 days.

In addition, Owners who complete a fourth (or higher) roundtrip transaction, at least two of which are completed on different business days, within any rolling 12-month period, will have a U.S. Mail-Only Trade Restriction imposed on all contracts/policies issued by FILI or its affiliate, that they own. This rule will apply even if the four or more roundtrips occur in two or more different Investment Options. This restriction will stay in effect for 12 months. If the Owner makes another roundtrip in a contract that is currently subject to a U.S. Mail-Only Trade Restriction, then the U.S. Mail-Only Trade Restriction period (12 months) is re-started and all purchase transactions will be permanently blocked in the violated Investment Option across all contracts with common ownership. “U.S. Mail-Only” for purposes of the U.S. Mail-Only Trade Restriction is defined as First-Class Mail delivered via the U.S. Postal Service. Expedited delivery or courier services, including such services performed by the U.S. Postal Service, will not be accepted.

FILI further reserves the right to reject specific transactions or impose restrictions as described above in respect of any Policy owned or controlled commonly with a Policy subject to the above restrictions, or in respect to any Policy owned or controlled commonly by a person who is the subject of a complex-wide block.

Exceptions: FILI has approved the following exceptions to the frequent trading policy:

(1)

Transactions in the Government Money Market Investment Option;

(2)

Dollar cost averaging, automatic rebalancing and automatic Premium payment programs via electronic funds transfer (“EFT”) will not count toward an Investment Option’s roundtrip limits;

(3)

FILI may suspend the frequent trading policy and make exceptions to the policy for transactions made during periods of severe market turbulence or national emergency. There is no assurance that FILI will do so or that, if it does so, the underlying mutual funds will make any necessary exceptions to their frequent trading policies.

FILI may choose not to monitor transactions below certain dollar value thresholds. No other exceptions will be allowed. The Frequent Trading procedures will be applied consistently to all Owners.

10(e). Exchanges To and From the Fixed Account

There is no additional charge for Exchanges to or from the Fixed Account. You can make Exchanges to and from the Fixed Account only in accordance with our then current procedures for such Exchanges and only with our consent. We may discontinue the availability of the Fixed Account for Exchanges from the Investment Options or for Premium payments at any time. We also reserve the right to limit the frequency and amount of Premiums allocated to, and Exchanges into, the Fixed Account.

You may currently make one transfer per Policy Year from the Variable Account to the Fixed Account. However, for one year following your last Exchange out of the Fixed Account, you may not (1) exchange any portion of your Policy Account Value from the Investment Options to the Fixed Account, or (2) allocate any portion of any Premium payment to the Fixed Account. You may generally not allocate more than $20,000 (includes transfers and Premium payments) to the Fixed Account during any one Policy Year. You may not allocate more than 25% of your Policy Account Value or of any Premium payment to the Fixed Account and you may not make more than one transfer to the Fixed Account during any one Policy Year. If you attempt to make an Exchange into the Fixed Account in excess of permitted amounts, we may reject the entire Exchange.

The minimum dollar amount you may Exchange from any Investment Option to the Fixed Account is $250, unless you have less than $250 in an Investment Option. Then you may exchange the entire amount from the Investment Option to the Fixed Account. We will determine in our sole discretion the maximum amount that you can exchange from the Fixed Account.

If you pay Premiums monthly by electronic funds transfer, you will not be able to allocate any of those payments to the Fixed Account.

When you withdraw or Exchange amounts out of the Fixed Account, the amounts that have been credited to the Fixed Account for the shortest time are withdrawn first. At the end of each annual renewal interest guarantee period after the Policy Issue Date, we will set the amount that may be Exchanged into or out of the Fixed Account for the next year, provided that these amounts will not be less than the minimum specified above.

10(f). Written Requests Received at the Company

Any request that is required to be submitted to the Company in writing must be in accordance with the Company’s then current standards and shall not be effective until the date and time that either:

The original request is physically received at the Annuity Service Center; or

An electronic image of the original request, which has been submitted by an agent of Fidelity, is received at the Annuity Service Center.

All communications to us regarding your Contract should be sent to: Fidelity Investments Life Insurance Company, Annuity Service Center, PO Box 770001, Cincinnati, Ohio 45277-0050.

11. TAX CONSIDERATIONS

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 situations. This discussion is not intended as tax advice. Counsel or other competent tax advisors should be consulted for more complete information. This discussion is based on FILI’s understanding of the present Federal income tax laws as they are currently interpreted by the Internal Revenue Service (the “IRS”). No representation is made as to the likelihood of continuation of the present Federal income tax laws or of the current interpretations by the IRS.

11(a). Tax Status of the Policy

To qualify as a life insurance contract for Federal income tax purposes, the Policy must meet the definition of a life insurance contract which is set forth in Section 7702 of the Internal Revenue Code. The manner in which Section 7702 should be applied to certain features of the Policy offered in this prospectus is not directly addressed by Section 7702 or any guidance issued to date under Section 7702. Nevertheless, FILI believes that the Policy will meet the Section 7702 definition of a life insurance contract. In the absence of final regulations or other pertinent interpretations of Section 7702, however, there is necessarily some uncertainty as to whether a Policy will meet the statutory life insurance contract definition. If a Policy were determined not to be a life insurance contract for purposes of Section 7702, such contract would not provide most of the tax advantages normally provided by a life insurance contract.

If it is subsequently determined that a Policy does not satisfy Section 7702, we may take whatever steps are appropriate and reasonable to comply with Section 7702. For these reasons, we reserve the right to restrict Policy transactions as necessary to attempt to qualify it as a life insurance contract under Section 7702.

Section 817(h) of the Internal Revenue Code requires that the investments of each subaccount of the Variable Account must be “adequately diversified” in accordance with Treasury regulations in order for the Policy to qualify as a life insurance contract under Section 7702 of the Internal Revenue Code (discussed above). The Variable Account, through the Funds, intends to comply with the diversification requirements prescribed in Treas. Reg. § 1.817-5, which affect how the Funds’ assets are to be invested. FILI believes that the Variable Account will thus meet the diversification requirement, and FILI will monitor continued compliance with this requirement.

The IRS has stated in published rulings that a variable contract owner will be considered the owner of separate account assets if the contract owner possesses incidents of ownership in those assets, such as the ability to exercise investment control over the assets. In circumstances where the variable contract Owner is considered the Owner of separate account assets, income and gain from the assets would be includable in the variable contract Owner’s gross income. The Treasury Department indicated in 1986 that, in regulations or revenue rulings under Section 817(d) (relating to the definition of a variable contract), it would provide guidance on the extent to which contract Owners may direct their investments to particular subaccounts without being treated as Owners of the underlying shares. No such regulations or revenue rulings have been issued to date. It is possible that when regulations or rulings are issued, the Policies may need to be modified to comply with them.

11(b). IRC Qualification

For a Policy to be treated as a life insurance contract under the Internal Revenue Code, it must pass one of two tests—a Cash Value Accumulation Test or a guideline premium/cash value corridor test. At the time of issuance of the Policy, you choose which test you want to be applied. It may not be changed thereafter.

•

Cash Value Accumulation Test (CVAT). Under the terms of the Policy, the Policy Account Value may not at any time exceed the net single premium cost (at any such time) for the benefits promised under the Policy. If the Insured under a Single Life Policy is 75 years old or more on the Policy Date, the CVAT will automatically apply.

•

Guideline Premium Test (GPT). The Policy must at all times satisfy a guideline premium requirement and a cash value corridor requirement. Under the guideline premium requirement, the sum of the Premiums paid under the Policy may not at any time exceed the greater of the guideline single premium or the sum of the guideline level premiums, for the benefits promised under the Policy. Under the cash value corridor requirement, the Death Benefit at any time must be equal to or greater than the applicable percentage of Policy Account Value specified in the Code.

The CVAT does not limit the amount of Premiums that may be paid under the Policy. If you desire to pay Premiums in excess of those permitted under the GPT, you should consider electing to have your Policy qualify under the CVAT. However, any Premium that would increase the Net Amount at Risk is subject to evidence of insurability satisfactory to us. Required increases in the minimum Death Benefit due to growth in the Policy Account Value will generally be greater under the CVAT than under the GPT.

The GPT limits the amount of Premium that may be paid under the Policy. If you do not desire to pay Premiums in excess of those permitted under GPT limitations, you should consider electing to have your Policy qualify under the GPT.

The following discussion assumes that the Policy qualifies as a life insurance contract for Federal income tax purposes.

We believe that the Insurance Proceeds under the Policy will be excludable from the gross income of the Beneficiary and that you will not be taxed on increases in the Policy’s Account Value during the life of the Insured, or in the case of Survivorship Life Policy, the life of the second of the two Insureds.

11(c). Modified Endowment Contracts

The Internal Revenue Code establishes a class of life insurance contracts designated as “modified endowment contracts” (“MECs”), which applies to Policies entered into or materially changed after June 20, 1988.

Due to the Policy’s flexibility, classification as a MEC will depend on the individual circumstances of each Policy. In general, a Policy will be a MEC if the accumulated Premiums paid at any time during the first seven Policy Years exceeds the sum of the net level premiums which would have been paid on or before such time if the Policy provided for paid-up future benefits after the payment of seven level annual Premiums. We have the right to limit or refund any Premium or portion of a Premium, or to request additional written instructions if, in our opinion, the Premium would cause your Policy to become a MEC.

All Policies that we issue to the same Owner during any calendar year, which are treated as MECs, are treated as one MEC for purposes of determining the amount includable in gross income under Section 72(e) of the Code.

The rules relating to whether a Policy will be treated as a MEC are complex and make it impracticable to adequately describe in the limited confines of this summary. Therefore, you may wish to consult with a competent advisor to determine whether a Policy transaction will cause the Policy to be treated as a MEC.

11(d). Distributions from Policies Classified as Modified Endowment Contracts

Policies classified as a MEC will be subject to the following tax rules. First, all distributions, including distributions upon Surrender and Partial Withdrawals from such a Policy are treated as ordinary income subject to tax up to the amount equal to the excess (if any) of the Policy Account Value immediately before the distribution over the investment in the Policy (described below) at such time. Second, Loans taken from or secured by, such a Policy are treated as distributions from such a Policy and taxed accordingly. Past due Loan interest that is added to the Loan amount will be treated as a Loan. Third, a 10 percent additional income tax is imposed on the portion of any distribution from, or Loan taken from or secured by, such a Policy that is included in income except where the distribution or Loan is made on or after the Owner attains age 591/₂, is attributable to the Owner’s becoming totally and permanently disabled, or is part of a series of substantially equal periodic payments for the life (or life expectancy) of the Owner or the joint lives (or joint life expectancies) of the Owner and the Owner’s Beneficiary.

Once a Policy becomes a MEC, it is always treated as a MEC. MEC status may be particularly burdensome for Owners who intend to take Loans or Partial Withdrawals, such as employers that intend to fund employee benefits.

11(e). Distributions from Policies Not Classified as Modified Endowment Contracts

Distributions from a Policy that is not a MEC, are generally treated as first recovering the investment in the Policy (described below) and then, only after the return of all such investment in the Policy, as distributing taxable income.

Loans from, or secured by, a Policy that is not a MEC are not treated as distributions. Instead, such Loans are treated as indebtedness of the Owner.

Finally, neither distributions (including distributions upon Surrender) nor Loans from, or secured by, a Policy that is not a MEC are subject to the 10 percent additional tax.

11(f). Policy Loan Interest

Generally, personal interest paid on a Loan under a Policy which is owned by an individual is not deductible. In addition, interest on any Loan under a Policy owned by a taxpayer and covering the life of any individual will generally not be tax deductible. The deduction of interest on Policy Loans may also be subject to the restrictions of Section 264 of the Code. An Owner should consult a qualified tax advisor before deducting any interest paid in respect of a Policy Loan.

11(g). Investment in the Policy

Investment in the Policy means: (i) the aggregate amount of any Premiums or other consideration paid for a Policy, minus (ii) the aggregate amount received under the Policy which is excluded from gross income of the owner (except that the amount of any Loan from, or secured by, a Policy that is a MEC, to the extent such amount is excluded from gross income, will be disregarded), plus (iii) the amount of any Loan from, or secured by, a Policy that is a MEC to the extent that such amount is included in the gross income of the Owner.

11(h). Policy Lapse

If a Policy Lapses in part due to Loans or Partial Withdrawals taken by the Owner, then gains in the Policy may be immediately taxable.

11(i). Other Tax Considerations

The tax consequences of continuing the Policy after the Extended Maturity date are not clear. Consult your qualified tax advisor if you intend to do so.

The transfer or assignment 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. For example, the transfer of the Policy to, or the designation as Beneficiary of, or the payment of proceeds to, a person who is assigned to a generation which is two or more generations below the generation of the Owner, may have generation skipping transfer tax considerations under Section 2601 of the Code.

The individual situation of each Owner or Beneficiary will determine the extent, if any, to which Federal, state and local transfer taxes may be imposed. Consult with your qualified tax advisor for specific information in connection with these taxes.

12. MORE INFORMATION ABOUT THE POLICY AND THE VARIABLE ACCOUNT

12(a). Signature Guarantee or Customer Authentication

Certain requests may require a signature guarantee or a customer authentication. A signature guarantee or a customer authentication is designed to protect you and FILI from fraud.

Your request must be in writing and may require a signature guarantee if any of the following situations apply:

(1)

Loss of account ownership.

(2)

Any other circumstances where we deem it necessary for your protection.

You should be able to obtain a signature guarantee from a bank, broker/dealer, credit union (if authorized under state law), securities exchange or association, clearing agency, or savings association. A notary public cannot provide a signature guarantee. A customer authentication can be obtained only at a Fidelity Investments Investor Center.

12(b). Voting Rights

We currently vote shares of the Funds owned by the Variable Account according to your instructions. However, if the 1940 Act or any related regulations or interpretations should change, and we decide that we are permitted to vote the shares of the Funds in our own right, we may decide to do so.

We calculate the number of shares that you may instruct us to vote by dividing your Policy Account Value in an Investment Option by the net asset value of one share of the corresponding Fund. Fractional votes are counted. We reserve the right to modify the manner in which we calculate the weight to be given to your voting instructions where such a change is necessary to comply with then current Federal regulations or interpretations of those regulations.

We will determine the number of shares you can instruct us to vote 90 days or less before the applicable Fund shareholder meeting. At least 14 days before the meeting we will send you material by mail for providing us with your voting instructions.

If we do not receive your voting instructions in time, we will vote the shares in the same proportion as the instructions we receive from other Owners. We will also vote in the same proportionate manner any shares we hold in the Variable Account that are not attributable to Owners. As a result of proportional voting, the votes of a small number of policy owners could determine the outcome of a shareholder vote.

Under certain circumstances, we may be required by state regulatory authorities to disregard voting instructions. This may happen if following such instructions would change the sub-classification or investment objectives of a Fund, or result in the approval or disapproval of an investment advisory contract.

Under Federal regulations, we may also disregard instructions to vote for Owner-initiated changes in investment policies or the investment adviser if we disapprove of the proposed changes. We would disapprove a proposed change only if it were contrary to state law, prohibited by state regulatory authorities, or if we decided that the change would result in overly speculative or unsound investments. If we ever disregard voting instructions, we will include a summary of our actions in the next semiannual report.

12(c). Changes in Investment Options

We may make additional Investment Options available to you from time to time. These Investment Options will invest in mutual funds that we find suitable for the Policies.

We also have the right to eliminate Investment Options, to combine two or more Investment Options, or to substitute a new mutual fund for the mutual fund in which an Investment Option invests.

A substitution may become necessary if, in our judgment, a Fund no longer suits the purposes of the Policies. This may happen due to a change in laws or regulations, a change in a Fund’s investment objectives or restrictions, because the Fund is no longer available for investment, or for some other reason. We would obtain any required SEC and other approvals before making such a substitution.

We also reserve the right to operate the Variable Account as a management investment company under the 1940 Act or any other form permitted by law or to deregister the Variable Account under such Act in the event such registration is no longer required. We would obtain any required approval from the SEC before making such changes.

12(d). Resolving Material Conflicts

The Fidelity Funds are available to separate accounts of insurance companies offering variable annuity contracts and variable life insurance policies issued by other insurance companies, as well as to our Variable Account and other separate accounts we may establish. The other Funds may be offered to qualified plans as well as to insurance company separate accounts.

Although we do not anticipate any disadvantages due to these arrangements, there is a possibility that a material conflict could arise between the interest of the Variable Account and one or more of the other separate accounts or qualified plans that hold shares of the Funds. A conflict may occur due to a change in law affecting the operations of variable life and variable annuity separate accounts, differences in the voting instructions of our Owners and those of other insurance companies, or for some other reason. In the event of a conflict, we will take any steps necessary to protect our Owners and their Beneficiaries.

APPENDIX A: FUNDS AVAILABLE UNDER THE POLICY

The following is a list of Funds available under the Policy. More information about the Funds is available in the prospectuses for the Funds, which may be amended from time to time. You can also request this information at no cost by calling 1-800-634-9361 or by sending an email request to [email protected].

The current expenses and performance information below reflects fee and expenses of the Funds, but do not reflect the other fees and expenses that your Policy may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Fund’s past performance is not necessarily an indication of future performance.


		Current Expenses	Average Annual Total Returns (as of 12/31/23)
Investment Objective	Fund & Adviser/Subadviser	Current Expenses	1 year	5 year	10 year
Seeks to obtain high total return with reduced risk over the long-term by allocating its assets among stocks, bonds, and short-term instruments	Fidelity^® Variable Insurance Products (“VIP”) Asset Manager Portfolio Adviser: Fidelity Management & Research Company LLC	0.53%	12.94%	7.48%	5.40%
Seeks to maximize total return by allocating its assets among stocks, bonds, short- term instruments, and other investments	Fidelity^® VIP Asset Manager: Growth Portfolio Adviser: Fidelity Management & Research Company LLC	0.64%	16.37%	9.69%	6.57%
Seeks income and capital growth consistent with reasonable risk	Fidelity^® VIP Balanced Portfolio Adviser: Fidelity Management & Research Company LLC	0.44%	21.53%	12.44%	9.08%
Seeks capital appreciation	Fidelity^® VIP Communication Services Portfolio Adviser: Fidelity Management & Research Company LLC	0.62%	57.39%	15.22%	9.83%
Seeks capital appreciation	Fidelity^® VIP Consumer Discretionary Portfolio Adviser: Fidelity Management & Research Company LLC	0.61%	41.99%	13.93%	10.85%
Seeks capital appreciation	Fidelity^® VIP Consumer Staples Portfolio Adviser: Fidelity Management & Research Company LLC	0.61%	3.14%	11.46%	8.14%
Seeks long-term capital appreciation	Fidelity^® VIP Contrafund^® Portfolio Adviser: Fidelity Management & Research Company LLC	0.56%	33.45%	16.65%	11.61%


		Current Expenses	Average Annual Total Returns (as of 12/31/23)
Investment Objective	Fund & Adviser/Subadviser	Current Expenses	1 year	5 year	10 year
Seeks capital appreciation	Fidelity^® VIP Disciplined Small Cap Portfolio Adviser: Fidelity Management & Research Company LLC	0.36%	20.96%	11.83%	7.49%
Seeks capital appreciation	Fidelity^® VIP Dynamic Capital Appreciation Portfolio Adviser: Fidelity Management & Research Company LLC	0.62%	29.07%	17.21%	11.66%
Seeks capital appreciation	Fidelity^® VIP Energy Portfolio Adviser: Fidelity Management & Research Company LLC	0.61%	0.98%	13.63%	2.62%
Seeks reasonable income while also considering 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^® VIP Equity-Income Portfolio Adviser: Fidelity Management & Research Company LLC	0.47%	10.65%	12.30%	8.58%
Seeks capital appreciation	Fidelity^® VIP Financials Portfolio† Adviser: Fidelity Management & Research Company LLC	0.63%	14.73%	13.65%	9.40%
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond	Fidelity^® VIP Freedom^SM 2005 Portfolio** Adviser: Fidelity Management & Research Company LLC	0.37%	8.01%	4.52%	3.92%
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond	Fidelity^® VIP Freedom^SM 2010 Portfolio Adviser: Fidelity Management & Research Company LLC	0.40%	9.48%	5.53%	4.56%
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond	Fidelity^® VIP Freedom^SM 2015 Portfolio Adviser: Fidelity Management & Research Company LLC	0.43%	10.95%	6.56%	5.19%
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond	Fidelity^® VIP Freedom^SM 2020 Portfolio Adviser: Fidelity Management & Research Company LLC	0.47%	12.40%	7.47%	5.73%


		Current Expenses	Average Annual Total Returns (as of 12/31/23)
Investment Objective	Fund & Adviser/Subadviser	Current Expenses	1 year	5 year	10 year
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond	Fidelity^® VIP Freedom^SM 2025 Portfolio Adviser: Fidelity Management & Research Company LLC	0.49%	13.62%	8.26%	6.20%
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond	Fidelity^® VIP Freedom^SM 2030 Portfolio Adviser: Fidelity Management & Research Company LLC	0.52%	14.70%	9.28%	6.85%
Seeks high total return with a secondary objective of principal preservation	Fidelity^® VIP Freedom Income^SMPortfolio Adviser: Fidelity Management & Research Company LLC	0.37%	7.91%	3.94%	3.38%
Seeks high current income and, as a secondary objective, capital appreciation	Fidelity^® VIP FundsManager^® 20% Portfolio Adviser: Fidelity Management & Research Company LLC	0.55%*	8.15%	3.90%	3.18%
Seeks high total return	Fidelity^® VIP FundsManager^® 50% Portfolio Adviser: Fidelity Management & Research Company LLC	0.70%*	12.96%	7.52%	5.51%
Seeks high total return	Fidelity^® VIP FundsManager^® 70% Portfolio Adviser: Fidelity Management & Research Company LLC	0.74%*	15.73%	9.74%	6.89%
Seeks high total return	Fidelity^® VIP FundsManager^® 85% Portfolio Adviser: Fidelity Management & Research Company LLC	0.78%*	17.68%	11.26%	7.88%
Seeks as high a level of current income as is consistent with preservation of capital and liquidity	Fidelity^® VIP Government Money Market Portfolio Adviser: Fidelity Management & Research Company LLC	0.27%	4.89%	1.72%	1.11%
Seeks to achieve capital appreciation	Fidelity^® VIP Growth Portfolio Adviser: Fidelity Management & Research Company LLC	0.58%	36.24%	19.64%	14.80%


		Current Expenses	Average Annual Total Returns (as of 12/31/23)
Investment Objective	Fund & Adviser/Subadviser	Current Expenses	1 year	5 year	10 year
Seeks high total return through a combination of current income and capital appreciation	Fidelity^® VIP Growth & Income Portfolio Adviser: Fidelity Management & Research Company LLC	0.49%	18.72%	14.79%	10.27%
Seeks to provide capital growth	Fidelity^® VIP Growth Opportunities Portfolio Adviser: Fidelity Management & Research Company LLC	0.59%	45.65%	19.09%	15.73%
Seeks capital appreciation	Fidelity^® VIP Health Care Portfolio Adviser: Fidelity Management & Research Company LLC	0.59%	4.26%	9.75%	10.52%
Seeks a high level of current income, while also considering growth of capital	Fidelity^® VIP High Income Portfolio Adviser: Fidelity Management & Research Company LLC	0.77%	10.48%	3.87%	3.40%
Seeks investment results that correspond to the total return of common stocks publicly traded in the United States, as represented by the S&P 500^® Index	Fidelity^® VIP Index 500 Portfolio Adviser: Fidelity Management & Research Company LLC Principal Subadviser: Geode Capital Management, LLC	0.10%	26.19%	15.56%	11.92%
Seeks capital appreciation	Fidelity^® VIP Industrials Portfolio Adviser: Fidelity Management & Research Company LLC	0.62%	23.25%	13.25%	8.66%
Seeks capital appreciation	Fidelity^® VIP International Capital Appreciation Portfolio Adviser: Fidelity Management & Research Company LLC	0.78%	27.50%	11.43%	7.75%
Seeks as high a level of current income as is consistent with the preservation of capital	Fidelity^® VIP Investment Grade Bond Portfolio Adviser: Fidelity Management & Research Company LLC	0.38%	6.20%	1.97%	2.33%
Seeks capital appreciation	Fidelity^® VIP Materials Portfolio Adviser: Fidelity Management & Research Company LLC	0.64%	7.60%	12.28%	5.82%
Seeks long-term growth of capital	Fidelity^® VIP Mid Cap Portfolio Adviser: Fidelity Management & Research Company LLC	0.57%	15.08%	12.45%	8.12%


		Current Expenses	Average Annual Total Returns (as of 12/31/23)
Investment Objective	Fund & Adviser/Subadviser	Current Expenses	1 year	5 year	10 year
Seeks long-term growth of capital	Fidelity^® VIP Overseas Portfolio Adviser: Fidelity Management & Research Company LLC	0.73%	20.55%	9.99%	4.91%
Seeks above-average income and long-term capital growth, consistent with reasonable investment risk. The fund seeks to provide a yield that exceeds the composite yield of the S&P 500^® Index	Fidelity^® VIP Real Estate Portfolio Adviser: Fidelity Management & Research Company LLC	0.60%	11.19%	5.22%	6.04%
Seeks a high level of current income. The fund may also seek capital appreciation	Fidelity^® VIP Strategic Income Portfolio Adviser: Fidelity Management & Research Company LLC	0.65%	9.41%	3.73%	3.36%
Seeks capital appreciation	Fidelity^® VIP Technology Portfolio Adviser: Fidelity Management & Research Company LLC	0.59%	58.32%	26.57%	19.61%
Seeks capital appreciation	Fidelity^® VIP Utilities Portfolio Adviser: Fidelity Management & Research Company LLC	0.61%	-1.08%	8.56%	9.14%
Seeks capital appreciation	Fidelity^® VIP Value Portfolio Adviser: Fidelity Management & Research Company LLC	0.60%	19.79%	15.98%	9.99%
Seeks capital appreciation	Fidelity^® VIP Value Strategies Portfolio Adviser: Fidelity Management & Research Company LLC	0.60%	20.85%	16.93%	9.38%
Seeks long-term capital appreciation by investing primarily in equity securities of issuers throughout the world, including U.S. issuers	Invesco V.I. Global Core Equity Fund Adviser: Invesco Advisers, Inc. Subadviser: Invesco Canada Ltd.	0.98%*	21.73%	9.35%	5.60%
Seeks long-term capital appreciation	Lazard Retirement Emerging Markets Equity Portfolio Adviser: Lazard Asset Management LLC	1.17%	22.61%	5.26%	2.29%

Edgar Contract Identifier C000024032

VUL-PRO-0424

1. 796104.122


		Current Expenses	Average Annual Total Returns (as of 12/31/23)
Investment Objective	Fund & Adviser/Subadviser	Current Expenses	1 year	5 year	10 year
Seeks high total return by investing primarily in fixed income-securities of government and government- related issuers and, to a lesser extent, of corporate issuers in emerging market countries	Morgan Stanley Variable Insurance Fund, Inc. (“Morgan Stanley”) Emerging Markets Debt Portfolio Adviser: Morgan Stanley Investment Management Inc.	1.10%*	11.84%	1.43%	2.12%
Seeks long-term capital appreciation by investing primarily in growth-oriented equity securities of issuers in emerging market countries	Morgan Stanley Emerging Markets Equity Portfolio Adviser: Morgan Stanley Investment Management Inc.	1.25%	11.97%	3.41%	1.84%
Seeks total return	Morgan Stanley Global Strategist Portfolio Adviser: Morgan Stanley Investment Management Inc.	0.90%*	14.07%	6.05%	3.93%

*	This Fund’s current expenses reflect temporary fee reductions. See the Fund’s prospectus for additional information.

**	This Fund is no longer available within the Variable Account.

†	Prior to April 28, 2023, the fund was named Fidelity^® VIP Financial Services Portfolio

We have filed additional information about the Policy and the Variable Account with the Securities and Exchange Commission in a Statement of Additional Information (“SAI”) dated April 30, 2024. The SAI is incorporated by reference in this prospectus and is available, without charge, upon request. To request the SAI, other information about the Policy, or to make investor inquiries, call us at 1-800-544-2442.

Reports and other information about the Variable Account are available on the Securities and Exchange Commission’s website at http://www.sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: [email protected].

Fidelity Lifetime Reserves^®

Flexible Premium Variable Universal Life Insurance Policy

and

Fidelity Lifetime Reserves^®

Flexible Premium Survivorship Variable Universal Life Insurance Policy

STATEMENT OF ADDITIONAL INFORMATION

April 30, 2024

This Statement of Additional Information (“SAI”) supplements the information found in the current Prospectus for the variable universal life insurance policy (“Policy”) offered by Fidelity Investments Life Insurance Company (“FILI” or the “Company”) through its Fidelity Investments Variable Life Account I (the “Variable Account”). You may obtain a copy of the Prospectus dated April 30, 2024, without charge by calling 1-888-343-5433.

THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT A PROSPECTUS.


Table of Contents
	PAGE
General Information and History		2

Non-Principal Risks of Investing in the Policy		2

Services		2

Safekeeping of Variable Account Assets		3

Underwriters		3

Underwriting a Policy		3

Experts		3

Financial Statements		3

Variable Account (enclosed)

Fidelity Investments Life Insurance Company (enclosed)

VUL-PTB-0424

1.796150.122

GENERAL INFORMATION AND HISTORY

Fidelity Investments Life Insurance Company (“FILI”)

FILI is a stock life insurance company that was established in 1981 and exists in accordance with the laws, rules and regulations of the State of Utah. FILI issues life insurance and annuity products in 49 states (not New York) and the District of Columbia; FILI’s wholly-owned subsidiary Empire Fidelity Investments Life Insurance Company (“EFILI”) issues life insurance and annuity products in New York. FILI is part of Fidelity Investments, a group of companies that provides a variety of financial services and products. FILI is a wholly-owned subsidiary of FMR LLC, the parent company of the Fidelity Investments companies. Abigail P. Johnson, certain Johnson family members, and various key employees of FMR LLC own the voting common stock of FMR LLC.

Fidelity Investments Variable Life Account I (“Variable Account”)

The Variable Account is a separate investment account of FILI established on July 22, 1987 and exists in accordance with the laws, rules and regulations of the State of Utah. It is used to support the variable universal life policy described herein. It is registered with the Securities and Exchange Commission (“SEC”) as a unit investment trust under the Investment Company Act of 1940 (“1940 Act”). It is also a separate account as defined under the federal securities laws.

NON-PRINCIPAL RISKS OF INVESTING IN THE POLICY

Considerations Regarding Cybersecurity

With the increased use of technologies such as the Internet to conduct business, our business, including our variable insurance business, is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events and may arise from external or internal sources. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information; corrupting data, equipment or systems; or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting FILI, the Funds, and any affiliated or unaffiliated vendors or service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with our processing of policy transactions (including surrenders, withdrawals, annuity income payments, and insurance proceeds), our ability to calculate Accumulation Unit Values and Annuity Income Unit Values, destruction to equipment and systems, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While FILI has established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, FILI cannot control the cyber security plans and systems put in place by its service providers or any other third parties whose operations may affect its business. A variable insurance product and its Owners, Annuitants, Insureds, and Beneficiaries could be negatively impacted as a result.

SERVICES

McCamish Systems, LLC (in California the company is registered as McCamish Systems, LLC Insurance Administrators), 6425 Powers Ferry Road, 3rd floor, Atlanta, GA, 30339, provides administrative services to FILI related to Policy application processing, production of Policy documents, administration of Policy transactions, maintenance of Policy files, production of periodic reports, and Variable Account administration. McCamish Systems, LLC provides similar administrative services to FILI for other insurance policies that it issues. The total amount FILI paid to McCamish Systems, LLC for this Policy and other products for the period January 1, 2023 through December 31, 2023 was $642,242.70.

SAFEKEEPING OF VARIABLE ACCOUNT ASSETS

The assets of the Variable Account are held by FILI. The assets of the Variable Account are held apart from our general account assets and any other separate accounts we may establish. We maintain records of all purchases and redemptions of the shares of the Funds held by the variable Subaccounts. We maintain fidelity bond coverage for the acts of our officers and employees.

UNDERWRITERS

The Policies are distributed through Fidelity Brokerage Services LLC (“FBS”) and Fidelity Insurance Agency, Inc. (“FIA”). FBS is the principal underwriter. FIA and FILI are wholly-owned, direct subsidiaries of FMR LLC; and FBS is a wholly-owned, indirect subsidiary of FMR LLC. The principal business address of FBS is 900 Salem Street, Smithfield, Rhode Island 02917. The Policies are no longer sold, but were offered to the public on a continuing basis.

We pay FIA first year sales compensation of not more than 35% of first year premium, up to planned Premium, plus 3% of the excess of first year Premium over planned Premium.

No underwriting commissions have been paid to or retained by the principal underwriter related to sales of contracts of the Registrant (Fidelity Investments Life Account I) for the past three years.

UNDERWRITING A POLICY

The underwriting of a Policy determines: (1) whether the Policy application will be approved or disapproved; and (2) into what Underwriting Class the Insured should be placed. The Underwriting Class is a principal factor in determining the Cost of Insurance Rate. Risk factors that are considered for Underwriting Class determinations include: (a) the Insured’s age; (b) the Insured’s health history and lifestyle; (c) whether the Insured smokes or not. As risk factors are added (i.e., higher age, smoker, poor health history, risky lifestyle) the amount of the premium required for an approved Policy will increase.

EXPERTS

The consolidated financial statements of the Company as of December 31, 2023 and 2022 and for each of the three years in the period ended December 31, 2023, and the financial statements of each of the subaccounts of Fidelity Investments Variable Life Account I as of December 31, 2023 and for each of the periods indicated, included in this Statement of Additional Information constituting part of this Registration Statement, have been so included in reliance on the reports of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The principal business address for PricewaterhouseCoopers LLP is 101 Seaport Boulevard, Boston, Massachusetts 02210.

FINANCIAL STATEMENTS

The consolidated financial statements of Fidelity Investments Life Insurance Company included herein should be distinguished from the financial statements of the Variable Account and should be considered only as bearing upon our ability to meet our obligations under the Policies.

LOGO

This report and the financial statements contained herein are submitted for the general information of Fidelity Investments Life Insurance Company variable life owners. This report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Neither Fidelity Investments Life Insurance Company nor Fidelity Brokerage Services LLC is a bank, and neither the life insurance policies nor mutual fund shares are backed or guaranteed by any bank or insured by the FDIC.

Fidelity Investments Variable Life Account I

Statements of Assets and Liabilities

December 31, 2023


	Subaccounts Investing In:
	VIP – Government Money Market Initial Class		VIP – High Income Initial Class		VIP – Equity Income Initial Class		VIP – Growth Initial Class		VIP – Overseas Initial Class

Assets:

Investments at market value	$	630,388	$	534,483	$	4,683,534	$	3,537,134	$	649,778

Receivable from FILI		—		52		—		237		—


Total Assets	$	630,388	$	534,535	$	4,683,534	$	3,537,371	$	649,778

Liabilities:

Payable to FILI		29		—		612		—		85


Total Net Assets	$	630,359	$	534,535	$	4,682,922	$	3,537,371	$	649,693


Net Assets:

Life Contracts		630,359		534,535		4,682,922		3,537,371		649,693


Total Net Assets	$	630,359	$	534,535	$	4,682,922	$	3,537,371	$	649,693


Variable Life:

Units Outstanding and Unit Value

Lifetime Reserves:

Units Outstanding		2,601		859		17,125		7,536		3,611


Unit Value	$	21.77	$	60.37	$	176.77	$	332.17	$	66.64


Fidelity Lifetime Reserves:

Units Outstanding		27,490		22,835		9,597		3,086		17,339


Unit Value	$	20.87	$	21.14	$	172.52	$	335.14	$	23.59


	Subaccounts Investing In:
	VIP – Investment Grade Bond Initial Class		VIP – Asset Manager Initial Class		VIP – Index 500 Initial Class		VIP – Asset Manager Growth Initial Class		VIP – Contrafund Initial Class		VIP – Balanced Initial Class

Assets:

Investments at market value	$	1,453,942	$	294,137	$	4,036,744	$	481,907	$	5,825,041	$	2,171,539

Receivable from FILI		—		3		111		—		—		4


Total Assets	$	1,453,942	$	294,140	$	4,036,855	$	481,907	$	5,825,041	$	2,171,543

Liabilities:

Payable to FILI		144		—		—		270		328		—


Total Net Assets	$	1,453,798	$	294,140	$	4,036,855	$	481,637	$	5,824,713	$	2,171,543


Net Assets:

Life Contracts		1,453,798		294,140		4,036,855		481,637		5,824,713		2,171,543


Total Net Assets	$	1,453,798	$	294,140	$	4,036,855	$	481,637	$	5,824,713	$	2,171,543


Variable Life:

Units Outstanding and Unit Value

Lifetime Reserves:

Units Outstanding		5,874		2,742		—		—		—		—


Unit Value	$	44.64	$	78.67	$	—	$	—	$	—	$	—


Fidelity Lifetime Reserves:

Units Outstanding		27,677		1,052		27,319		8,711		32,980		40,576


Unit Value	$	43.05	$	74.54	$	147.76	$	55.29	$	176.62	$	53.52

See accompanying notes which are an integral part of the financial statements.


		3		*Annual Report*

Fidelity Investments Variable Life Account I

Statements of Assets and Liabilities - continued

December 31, 2023


	Subaccounts Investing In:
	VIP – Dynamic Capital Appreciation Initial Class		VIP – Growth & Income Initial Class		VIP – Growth Opportunities Initial Class		VIP – Mid Cap Initial Class		VIP – Value Strategies Initial Class		VIP – Utilities Initial Class

Assets:

Investments at market value	$	201,353	$	917,468	$	1,358,020	$	1,805,737	$	162,834	$	90,639

Receivable from FILI		—		0		—		—		0		1


Total Assets	$	201,353	$	917,468	$	1,358,020	$	1,805,737	$	162,834	$	90,640

Liabilities:

Payable to FILI		18		—		2		66		—		—


Total Net Assets	$	201,335	$	917,468	$	1,358,018	$	1,805,671	$	162,834	$	90,640


Net Assets:

Life Contracts		201,335		917,468		1,358,018		1,805,671		162,834		90,640


Total Net Assets	$	201,335	$	917,468	$	1,358,018	$	1,805,671	$	162,834	$	90,640


Variable Life:

Units Outstanding and Unit Value

Lifetime Reserves:

Units Outstanding		—		—		—		—		—		—


Unit Value	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Lifetime Reserves:

Units Outstanding		3,637		13,864		16,623		26,139		4,122		2,327


Unit Value	$	55.36	$	66.18	$	81.70	$	69.08	$	39.50	$	38.95


	Subaccounts Investing In:
	VIP – Technology Initial Class		VIP – Energy Initial Class		VIP – Health Care Initial Class		VIP – Financials Initial Class		VIP – Industrials Initial Class		VIP – Consumer Discretionary Initial Class

Assets:

Investments at market value	$	658,419	$	421,870	$	858,669	$	302,113	$	269,108	$	97,215

Receivable from FILI		—		—		24		0		20		—


Total Assets	$	658,419	$	421,870	$	858,693	$	302,113	$	269,128	$	97,215

Liabilities:

Payable to FILI		545		235		—		—		—		11


Total Net Assets	$	657,874	$	421,635	$	858,693	$	302,113	$	269,128	$	97,204


Net Assets:

Life Contracts		657,874		421,635		858,693		302,113		269,128		97,204


Total Net Assets	$	657,874	$	421,635	$	858,693	$	302,113	$	269,128	$	97,204


Variable Life:

Units Outstanding and Unit Value

Lifetime Reserves:

Units Outstanding		—		—		—		—		—		—


Unit Value	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Lifetime Reserves:

Units Outstanding		6,298		12,087		12,505		12,052		3,849		1,799


Unit Value	$	104.46	$	34.88	$	68.67	$	25.07	$	69.92	$	54.02

See accompanying notes which are an integral part of the financial statements.


		4		*Annual Report*

Fidelity Investments Variable Life Account I

Statements of Assets and Liabilities - continued

December 31, 2023


	Subaccounts Investing In:
	VIP – Real Estate Initial Class		VIP – Strategic Income Initial Class		VIP – International Capital Appreciation Initial Class		VIP – Value Initial Class

Assets:

Investments at market value	$	1,720,420	$	582,293	$	446,788	$	283,718

Receivable from FILI		—		—		0		—


Total Assets	$	1,720,420	$	582,293	$	446,788	$	283,718

Liabilities:

Payable to FILI		0		2		—		494


Total Net Assets	$	1,720,420	$	582,291	$	446,788	$	283,224


Net Assets:

Life Contracts		1,720,420		582,291		446,788		283,224


Total Net Assets	$	1,720,420	$	582,291	$	446,788	$	283,224


Variable Life:

Units Outstanding and Unit Value

Lifetime Reserves:

Units Outstanding		—		—		—		—


Unit Value	$	—	$	—	$	—	$	—


Fidelity Lifetime Reserves:

Units Outstanding		67,987		29,235		15,540		7,485


Unit Value	$	25.31	$	19.92	$	28.75	$	37.84


	Subaccounts Investing In:
	VIP – Freedom Income Initial Class		VIP – Freedom 2015 Initial Class		VIP – Freedom 2020 Initial Class		VIP – Freedom 2025 Initial Class		VIP – Freedom 2030 Initial Class

Assets:

Investments at market value	$	15,176	$	6,896	$	785,115	$	373,928	$	451,654

Receivable from FILI		—		—		—		1		—


Total Assets	$	15,176	$	6,896	$	785,115	$	373,929	$	451,654

Liabilities:

Payable to FILI		4		1		1		—		1


Total Net Assets	$	15,172	$	6,895	$	785,114	$	373,929	$	451,653


Net Assets:

Life Contracts		15,172		6,895		785,114		373,929		451,653


Total Net Assets	$	15,172	$	6,895	$	785,114	$	373,929	$	451,653


Variable Life:

Units Outstanding and Unit Value

Lifetime Reserves:

Units Outstanding		—		—		—		—		—


Unit Value	$	—	$	—	$	—	$	—	$	—


Fidelity Lifetime Reserves:

Units Outstanding		888		292		31,421		13,661		15,686


Unit Value	$	17.08	$	23.63	$	24.99	$	27.37	$	28.79

See accompanying notes which are an integral part of the financial statements.


		5		*Annual Report*

Fidelity Investments Variable Life Account I

Statements of Assets and Liabilities - continued

December 31, 2023


	Subaccounts Investing In:
	VIP – Disciplined Small Cap Initial Class		VIP – FundsManager 20% Investor Class		VIP – FundsManager 50% Investor Class		VIP – FundsManager 70% Investor Class		VIP – FundsManager 85% Investor Class		VIP – Consumer Staples Initial Class		VIP – Materials Initial Class

Assets:

Investments at market value	$	127,824	$	284,457	$	914,859	$	3,991,797	$	428,274	$	106,632	$	7,788

Receivable from FILI		5		2		—		5		—		—		—

Total Assets	$	127,829	$	284,459	$	914,859	$	3,991,802	$	428,274	$	106,632	$	7,788

Liabilities:

Payable to FILI		—		—		2		—		212		388		5


Total Net Assets	$	127,829	$	284,459	$	914,857	$	3,991,802	$	428,062	$	106,244	$	7,783


Net Assets:

Life Contracts		127,829		284,459		914,857		3,991,802		428,062		106,244		7,783

Total Net Assets	$	127,829	$	284,459	$	914,857	$	3,991,802	$	428,062	$	106,244	$	7,783


Variable Life:

Units Outstanding and Unit Value

Lifetime Reserves:

Units Outstanding		—		—		—		—		—		—		—

Unit Value	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Lifetime Reserves:

Units Outstanding		4,524		18,025		43,312		164,106		16,135		3,096		279

Unit Value	$	28.25	$	15.78	$	21.12	$	24.32	$	26.53	$	34.31	$	27.88


			Subaccounts Investing In:
			VIP – Communication Services Initial Class		VIF – Emerging Markets Equity Portfolio - Class I		VIF – Emerging Markets Debt Portfolio - Class I		VIF – Global Strategist Portfolio - Class II		Invesco – VI Global Core Equity		Lazard – Retirement Emerging Markets Equity Portfolio - Investor

Assets:

Investments at market value			$	29,739	$	153,566	$	31,805	$	149,597	$	125,240	$	62,347

Receivable from FILI				—		—		3		4		—		22

Total Assets			$	29,739	$	153,542	$	31,808	$	149,601	$	125,240	$	62,369

Liabilities:

Payable to FILI				2		24		—		—		139		—

Total Net Assets			$	29,737	$	153,542	$	31,808	$	149,601	$	125,101	$	62,369


Net Assets:

Life Contracts				29,737		153,542		31,808		149,601		125,101		62,369

Total Net Assets			$	29,737	$	153,542	$	31,808	$	149,601	$	125,101	$	62,369


Variable Life:

Units Outstanding and Unit Value

Lifetime Reserves:

Units Outstanding				—		—		—		—		—		—

Unit Value			$	—	$	—	$	—	$	—	$	—	$	—


Fidelity Lifetime Reserves:

Units Outstanding				1,060		5,304		984		7,101		4,700		3,746

Unit Value			$	28.07	$	28.95	$	32.32	$	21.07	$	26.62	$	16.65

See accompanying notes which are an integral part of the financial statements.


		6		*Annual Report*

Fidelity Investments Variable Life Account I

Statements of Operations

For the year ended December 31, 2023


	Subaccounts Investing In:
	VIP – Government Money Market Initial Class		VIP – High Income Initial Class		VIP – Equity Income Initial Class		VIP – Growth Initial Class			VIP – Overseas Initial Class		VIP – Investment Grade Bond Initial Class
Income:
Dividends	$	31,764	$	29,229	$	86,109	$	4,108		$	6,395	$	36,482

Expenses:
Mortality and expense risk charges		6,405		4,908		32,439		22,121			5,206		12,820
Administrative charges		161		123		7,094		5,446			559		637

Net investment income (loss)		25,198		24,198		46,576		(23,459	)		630		23,025

Realized and unrealized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		—		268		8,631		20,963			4,385		926
Realized gain distributions		—		—		129,257		146,648			1,618		—

Net realized gain (loss) on investments		—		268		137,888		167,611			6,003		926
Unrealized appreciation (depreciation)		—		21,640		227,508		773,219			100,507		46,164

Net increase (decrease) in net assets from operations	$	25,198	$	46,106	$	411,972	$	917,371		$	107,140	$	70,115


	Subaccounts Investing In:
	VIP – Asset Manager Initial Class			VIP – Index 500 Initial Class		VIP – Asset Manager Growth Initial Class		VIP – Contrafund Initial Class			VIP – Balanced Initial Class		VIP – Dynamic Capital Appreciation Initial Class			VIP – Growth & Income Initial Class
Income:
Dividends	$	6,626		$	53,842	$	8,274	$	25,848		$	34,934	$	649		$	14,382
Expenses:
Mortality and expense risk charges		1,904			36,308		4,624		52,102			21,241		1,801			8,636
Administrative charges		513			—		—		—			—		—			—

Net investment income (loss)		4,209			17,534		3,650		(26,254	)		13,693		(1,152	)		5,746

Realized and unrealized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		(368	)		60,890		7,453		71,635			45,052		1,136			18,007
Realized gain distributions		2,958			31,994		—		185,731			75,554		8,550			32,407

Net realized gain (loss) on investments		2,590			92,884		7,453		257,366			120,606		9,686			50,414
Unrealized appreciation (depreciation)		24,387			694,965		53,916		1,207,594			244,003		35,609			84,066

Net increase (decrease) in net assets from operations	$	31,186		$	805,383	$	65,019	$	1,438,706		$	378,302	$	44,143		$	140,226

See accompanying notes which are an integral part of the financial statements.


		7		*Annual Report*

Fidelity Investments Variable Life Account I

Statements of Operations - continued

For the year ended December 31, 2023


	Subaccounts Investing In:
	VIP – Growth Opportunities Initial Class			VIP – Mid Cap Initial Class			VIP – Value Strategies Initial Class		VIP – Utilities Initial Class			VIP – Technology Initial Class			VIP – Energy Initial Class
Income:
Dividends	$	—		$	10,197		$	1,748	$	2,153		$	710		$	11,573

Expenses:
Mortality and expense risk charges		11,700			16,980			1,674		974			5,706			4,379
Administrative charges		—			—			—		—			—			—

Net investment income (loss)		(11,700	)		(6,783	)		74		1,179			(4,996	)		7,194

Realized and unrealized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		12,377			3,564			10,002		4,398			9,132			11,110
Realized gain distributions		—			46,585			5,824		3,653			15,958			—

Net realized gain (loss) on investments		12,377			50,149			15,826		8,051			25,090			11,110
Unrealized appreciation (depreciation)		418,790			181,146			14,274		(13,375	)		223,197			(17,604	)

Net increase (decrease) in net assets from operations	$	419,467		$	224,512		$	30,174	$	(4,145	)	$	243,291		$	700


	Subaccounts Investing In:
	VIP – Health Care Initial Class			VIP – Financials Initial Class		VIP – Industrials Initial Class			VIP – Consumer Discretionary Initial Class			VIP – Real Estate Initial Class		VIP – Strategic Income Initial Class
Income:
Dividends	$	—		$	7,274	$	760		$	67		$	39,260	$	25,252

Expenses:
Mortality and expense risk charges		8,271			2,649		2,442			770			16,007		5,573
Administrative charges		—			—		—			—			—		—

Net investment income (loss)		(8,271	)		4,625		(1,682	)		(703	)		23,253		19,679

Realized and unrealized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		8,683			1,253		1,349			1,181			7,269		200
Realized gain distributions		—			11,471		—			—			65,875		—

Net realized gain (loss) on investments		8,683			12,724		1,349			1,181			73,144		200
Unrealized appreciation (depreciation)		27,107			19,107		50,574			23,971			61,995		24,871

Net increase (decrease) in net assets from operations	$	27,519		$	36,456	$	50,241		$	24,449		$	158,392	$	44,750

See accompanying notes which are an integral part of the financial statements.


		8		*Annual Report*

Fidelity Investments Variable Life Account I

Statements of Operations - continued

For the year ended December 31, 2023


	Subaccounts Investing In:
	VIP – International Capital Appreciation Initial Class			VIP – Value Initial Class		VIP – Freedom Income Initial Class
Income:
Dividends	$	1,578		$	3,328	$	547

Expenses:
Mortality and expense risk charges		4,054			2,620		141
Administrative charges		—			—		—

Net investment income (loss)		(2,476	)		708		406

Realized and unrealized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		2,841			4,533		(56	)
Realized gain distributions		—			9,450		—

Net realized gain (loss) on investments		2,841			13,983		(56	)
Unrealized appreciation (depreciation)		93,104			30,487		348

Net increase (decrease) in net assets from operations	$	93,469		$	45,178	$	698


	Subaccounts Investing In:
	VIP – Freedom 2015 Initial Class			VIP – Freedom 2020 Initial Class		VIP – Freedom 2025 Initial Class		VIP – Freedom 2030 Initial Class		VIP – Disciplined Small Cap Initial Class
Income:
Dividends	$	2,321		$	24,166	$	10,011	$	10,573	$	1,266

Expenses:
Mortality and expense risk charges		1,281			7,526		3,505		4,263		1,233
Administrative charges		—			—		—		—		—

Net investment income (loss)		1,040			16,640		6,506		6,310		33

Realized and unrealized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		(37,486	)		813		958		871		964
Realized gain distributions		3,336			5,156		—		—		—

Net realized gain (loss) on investments		(34,150	)		5,969		958		871		964
Unrealized appreciation (depreciation)		39,742			57,684		33,846		47,186		22,579

Net increase (decrease) in net assets from operations	$	6,632		$	80,293	$	41,310	$	54,367	$	23,576

See accompanying notes which are an integral part of the financial statements.


		9		*Annual Report*

Fidelity Investments Variable Life Account I

Statements of Operations - continued

For the year ended December 31, 2023


	Subaccounts Investing In:
	VIP – FundsManager 20% Investor Class			VIP – FundsManager 50% Investor Class		VIP – FundsManager 70% Investor Class			VIP – FundsManager 85% Investor Class		VIP – Consumer Staples Initial Class			VIP – Materials Initial Class
Income:
Dividends	$	10,549		$	22,530	$	76,094		$	6,390	$	2,077		$	103

Expenses:
Mortality and expense risk charges		2,988			8,665		37,288			3,952		1,070			73
Administrative charges		—			—		—			—		—			—

Net investment income (loss)		7,561			13,865		38,806			2,438		1,007			30


Realized and unrealized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		(789	)		3,666		3,495			372		428			37
Realized gain distributions		—			—		—			—		1,421			12

Net realized gain (loss) on investments		(789	)		3,666		3,495			372		1,849			49
Unrealized appreciation (depreciation)		13,000			79,604		466,281			57,625		(636	)		382

Net increase (decrease) in net assets from operations	$	19,772		$	97,135	$	508,582		$	60,435	$	2,220		$	461


	Subaccounts Investing In:
	VIP – Communication Services Initial Class			VIF – Emerging Markets Equity Portfolio - Class I		VIF – Emerging Markets Debt - Portfolio Class I			VIF – Global Strategist Portfolio - Class II		Invesco – VI Global Core Equity			Lazard – Retirement Emerging Markets Equity Portfolio - Investor
Income:
Dividends	$	—		$	2,636	$	3,682		$	2,416	$	672		$	2,950
Expenses:
Mortality and expense risk charges		253			1,561		372			1,442		1,154			574
Administrative charges		—			—		—			—		—			—

Net investment income (loss)		(253	)		1,075		3,310			974		(482	)		2,376


Realized and unrealized gain (loss) on investments:
Realized gain (loss) on sale of fund shares		(29	)		1,563		(5,673	)		1,086		565			170
Realized gain distributions		—			2,854		—			—		86			—

Net realized gain (loss) on investments		(29	)		4,417		(5,673	)		1,086		651			170
Unrealized appreciation (depreciation)		10,930			10,685		5,934			15,633		21,183			8,502

Net increase (decrease) in net assets from operations	$	10,648		$	16,177	$	3,571		$	17,693	$	21,352		$	11,048

See accompanying notes which are an integral part of the financial statements.


		10		*Annual Report*

Fidelity Investments Variable Life Account I

Statements of Changes in Net Assets

For the years ended December 31, 2023 and 2022


	Subaccounts Investing In:
	VIP – Government Money Market Initial Class						VIP – High Income Initial Class						VIP – Equity Income Initial Class						VIP – Growth Initial Class
	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22

Operations:
Net investment income (loss)	$	25,198		$	3,668		$	24,198		$	21,175		$	46,576		$	43,030		$	(23,459	)	$	(8,998	)
Net realized gain (loss) on investments		—			—			268			(3,652	)		137,888			162,514			167,611			270,353
Unrealized appreciation (depreciation)		—			—			21,640			(89,588	)		227,508			(472,488	)		773,219			(1,196,512	)

Net increase (decrease) in net assets from operations		25,198			3,668			46,106			(72,065	)		411,972			(266,944	)		917,371			(935,157	)


Contract Transactions:
Payments received from contractholders		52,007			45,279			17,573			18,188			35,857			37,869			9,663			10,799
Transfers between subaccounts, net		45,095			115,147			(16,230	)		(27,221	)		23,384			(57,752	)		55,000			(224,984	)
Contract terminations		(124,049	)		(2,086	)		—			—			(6,459	)		—			(5,968	)		(901	)
Contract maintenance charges		(884	)		(854	)		(122	)		(134	)		(467	)		(486	)		(375	)		(378	)
Contract benefits		(416	)		(258,368	)		—			—			(13,159	)		—			—			—
Cost of insurance		(51,497	)		(45,899	)		(7,280	)		(7,383	)		(31,670	)		(29,997	)		(19,611	)		(18,836	)
Other transfers (to) from FILI, net		3,729			5,286			1,346			9,353			5			(57	)		1,536			1,111

Net increase (decrease) in net assets from contract transactions		(76,015	)		(141,495	)		(4,713	)		(7,197	)		7,491			(50,423	)		40,245			(233,189	)

Total increase (decrease) in net assets		(50,817	)		(137,827	)		41,393			(79,262	)		419,463			(317,367	)		957,616			(1,168,346	)

Net Assets:
Beginning of year		681,176			819,003			493,142			572,404			4,263,459			4,580,826			2,579,755			3,748,101

End of year	$	630,359		$	681,176		$	534,535		$	493,142		$	4,682,922		$	4,263,459		$	3,537,371		$	2,579,755


	Subaccounts Investing In:
	VIP – Overseas Initial Class						VIP – Investment Grade Bond Initial Class						VIP – Asset Manager Initial Class						VIP – Index 500 Initial Class
	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22

Operations:
Net investment income (loss)	$	630		$	662		$	23,025		$	17,714		$	4,209		$	3,365		$	17,534		$	15,661
Net realized gain (loss) on investments		6,003			15,581			926			47,519			2,590			17,910			92,884			99,886
Unrealized appreciation (depreciation)		100,507			(213,763	)		46,164			(293,132	)		24,387			(70,563	)		694,965			(871,207	)

Net increase (decrease) in net assets from operations		107,140			(197,520	)		70,115			(227,899	)		31,186			(49,288	)		805,383			(755,660	)


Contract Transactions:
Payments received from contractholders		5,101			6,300			42,652			52,309			3,492			5,314			62,255			50,930
Transfers between subaccounts, net		(10,578	)		(47,409	)		19,621			(314,165	)		4,716			—			46,398			143,453
Contract terminations		(1,257	)		—			(3,069	)		—			—			—			(4,792	)		(1,418	)
Contract maintenance charges		(216	)		(210	)		(357	)		(403	)		(90	)		(91	)		(1,451	)		(1,447	)
Contract benefits		—			(10,709	)		—			—			—			—			—			(18,111	)
Cost of insurance		(11,554	)		(10,445	)		(26,528	)		(25,212	)		(4,977	)		(4,642	)		(79,710	)		(70,531	)
Other transfers (to) from FILI, net		872			743			27,115			5,299			(5,288	)		33			20,712			22,447

Net increase (decrease) in net assets from contract transactions		(17,632	)		(61,730	)		59,434			(282,172	)		(2,147	)		614			43,412			125,323

Total increase (decrease) in net assets		89,508			(259,250	)		129,549			(510,071	)		29,039			(48,674	)		848,795			(630,337	)

Net Assets:
Beginning of year		560,185			819,435			1,324,249			1,834,320			265,101			313,775			3,188,060			3,818,397

End of year	$	649,693		$	560,185		$	1,453,798		$	1,324,249		$	294,140		$	265,101		$	4,036,855		$	3,188,060

See accompanying notes which are an integral part of the financial statements.


		11		*Annual Report*

Fidelity Investments Variable Life Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2023 and 2022


	Subaccounts Investing In:
	VIP – Asset Manager Growth Initial Class						VIP – Contrafund Initial Class						VIP – Balanced Initial Class						VIP – Dynamic Capital Appreciation Initial Class
	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22

Operations:
Net investment income (loss)	$	3,650		$	3,848		$	(26,254	)	$	(24,305	)	$	13,693		$	5,634		$	(1,152	)	$	(1,217	)
Net realized gain (loss) on investments		7,453			32,770			257,366			271,684			120,606			137,067			9,686			25,406
Unrealized appreciation (depreciation)		53,916			(130,358	)		1,207,594			(1,927,926	)		244,003			(598,577	)		35,609			(69,648	)

Net increase (decrease) in net assets from operations		65,019			(93,740	)		1,438,706			(1,680,547	)		378,302			(455,876	)		44,143			(45,459	)


Contract Transactions:
Payments received from contractholders		11,169			8,482			64,114			66,650			28,970			16,960			379			1,145
Transfers between subaccounts, net		(14,433	)		—			(68,689	)		80,632			8,037			(13,516	)		—			(8,104	)
Contract terminations		—			—			(2,687	)		(24,568	)		(94,090	)		(2,578	)		(757	)		—
Contract maintenance charges		(459	)		(461	)		(2,025	)		(2,106	)		(1,075	)		(1,141	)		(74	)		(77	)
Contract benefits		—			—			(18,132	)		(56,243	)		(65,593	)		—			—			—
Cost of insurance		(10,567	)		(9,596	)		(87,134	)		(79,987	)		(26,005	)		(25,818	)		(2,580	)		(2,484	)
Other transfers (to) from FILI, net		(2,263	)		(2,551	)		(16,515	)		(3,026	)		(12,453	)		199			35			(15	)

Net increase (decrease) in net assets from contract transactions		(16,553	)		(4,126	)		(131,068	)		(18,648	)		(162,209	)		(25,894	)		(2,997	)		(9,535	)

Total increase (decrease) in net assets		48,466			(97,866	)		1,307,638			(1,699,195	)		216,093			(481,770	)		41,146			(54,994	)

Net Assets:
Beginning of year		433,171			531,037			4,517,075			6,216,270			1,955,450			2,437,220			160,189			215,183

End of year	$	481,637		$	433,171		$	5,824,713		$	4,517,075		$	2,171,543		$	1,955,450		$	201,335		$	160,189


	Subaccounts Investing In:
	VIP – Growth & Income Initial Class						VIP – Growth Opportunities Initial Class						VIP – Mid Cap Initial Class						VIP – Value Strategies Initial Class
	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22

Operations:
Net investment income (loss)	$	5,746		$	5,854		$	(11,700	)	$	(11,409	)	$	(6,783	)	$	(8,550	)	$	74		$	183
Net realized gain (loss) on investments		50,414			24,309			12,377			233,531			50,149			115,878			15,826			10,738
Unrealized appreciation (depreciation)		84,066			(84,281	)		418,790			(818,079	)		181,146			(415,641	)		14,274			(25,215	)

Net increase (decrease) in net assets from operations		140,226			(54,118	)		419,467			(595,957	)		224,512			(308,313	)		30,174			(14,294	)


Contract Transactions:
Payments received from contractholders		19,875			18,558			9,068			10,816			24,203			24,284			2,381			1,968
Transfers between subaccounts, net		6,330			193,240			—			229,472			(616	)		(49,694	)		(22,339	)		3,271
Contract terminations		(1,811	)		—			(4,943	)		—			(20,551	)		(8,812	)		(1,228	)		—
Contract maintenance charges		(336	)		(326	)		(549	)		(559	)		(842	)		(895	)		(110	)		(121	)
Contract benefits		(16,424	)		—			—			—			(14,562	)		(14,271	)		—			—
Cost of insurance		(19,401	)		(16,914	)		(18,988	)		(16,994	)		(28,188	)		(27,187	)		(4,638	)		(4,731	)
Other transfers (to) from FILI, net		(12,020	)		(122	)		(174	)		(412	)		(6,338	)		(1,143	)		(5,780	)		(22	)

Net increase (decrease) in net assets from contract transactions		(23,787	)		194,436			(15,586	)		222,323			(46,894	)		(77,718	)		(31,714	)		365

Total increase (decrease) in net assets		116,439			140,318			403,881			(373,634	)		177,618			(386,031	)		(1,540	)		(13,929	)

Net Assets:
Beginning of year		801,029			660,711			954,137			1,327,771			1,628,053			2,014,084			164,374			178,303

End of year	$	917,468		$	801,029		$	1,358,018		$	954,137		$	1,805,671		$	1,628,053		$	162,834		$	164,374

See accompanying notes which are an integral part of the financial statements.


		12		*Annual Report*

Fidelity Investments Variable Life Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2023 and 2022


	Subaccounts Investing In:
	VIP – Utilities Initial Class						VIP – Technology Initial Class						VIP – Energy Initial Class						VIP – Health Care Initial Class
	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22
Operations:
Net investment income (loss)	$	1,179		$	921		$	(4,996	)	$	(5,097	)	$	7,194		$	6,088		$	(8,271	)	$	(8,289	)
Net realized gain (loss) on investments		8,051			2,626			25,090			56,861			11,110			17,758			8,683			61,366
Unrealized appreciation (depreciation)		(13,375	)		(245	)		223,197			(296,140	)		(17,604	)		155,248			27,107			(175,544	)

Net increase (decrease) in net assets from operations		(4,145	)		3,302			243,291			(244,376	)		700			179,094			27,519			(122,467	)


Contract Transactions:
Payments received from contractholders		1,868			4,267			2,918			2,589			4,065			6,661			11,635			15,137
Transfers between subaccounts, net		(39,189	)		41,016			(16,026	)		90,431			(3,774	)		(6,316	)		15,212			125,448
Contract terminations		—			—			—			(4,464	)		(19,372	)		(1,635	)		(19,752	)		(5,145	)
Contract maintenance charges		(87	)		(92	)		(255	)		(244	)		(222	)		(239	)		(368	)		(385	)
Contract benefits		—			—			—			—			(3,644	)		—			—			—
Cost of insurance		(4,980	)		(4,587	)		(5,398	)		(4,550	)		(18,597	)		(16,186	)		(14,988	)		(14,319	)
Other transfers (to) from FILI, net		546			16			(110	)		(34	)		(6,935	)		399			(526	)		(1,205	)

Net increase (decrease) in net assets from contract transactions		(41,842	)		40,620			(18,871	)		83,728			(48,479	)		(17,316	)		(8,787	)		119,531

Total increase (decrease) in net assets		(45,987	)		43,922			224,420			(160,648	)		(47,779	)		161,778			18,732			(2,936	)

Net Assets:
Beginning of year		136,627			92,705			433,454			594,102			469,414			307,636			839,961			842,897

End of year	$	90,640		$	136,627		$	657,874		$	433,454		$	421,635		$	469,414		$	858,693		$	839,961


	Subaccounts Investing In:
	VIP – Financials Initial Class						VIP – Industrials Initial Class						VIP – Consumer Discretionary Initial Class						VIP – Real Estate Initial Class
	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22
Operations:
Net investment income (loss)	$	4,625		$	2,586		$	(1,682	)	$	(2,060	)	$	(703	)	$	(702	)	$	23,253		$	5,698
Net realized gain (loss) on investments		12,724			8,725			1,349			34,073			1,181			7,456			73,144			65,537
Unrealized appreciation (depreciation)		19,107			(38,426	)		50,574			(64,801	)		23,971			(38,601	)		61,995			(690,534	)

Net increase (decrease) in net assets from operations		36,456			(27,115	)		50,241			(32,788	)		24,449			(31,847	)		158,392			(619,299	)


Contract Transactions:
Payments received from contractholders		3,002			1,939			1,750			2,825			146			146			6,734			8,003
Transfers between subaccounts, net		6,926			50,879			—			—			16,207			—			12,978			9,424
Contract terminations		—			(1,047	)		(18,730	)		—			—			—			(14,804	)		(918	)
Contract maintenance charges		(70	)		(76	)		(117	)		(129	)		(32	)		(26	)		(202	)		(226	)
Contract benefits		—			—			—			—			—			—			—			—
Cost of insurance		(3,406	)		(3,370	)		(12,880	)		(11,199	)		(1,726	)		(507	)		(19,573	)		(19,219	)
Other transfers (to) from FILI, net		(83	)		(4	)		(27	)		—			(44	)		(113	)		4,765			5,235

Net increase (decrease) in net assets from contract transactions		6,369			48,321			(30,004	)		(8,503	)		14,551			(500	)		(10,102	)		2,299

Total increase (decrease) in net assets		42,825			21,206			20,237			(41,291	)		39,000			(32,347	)		148,290			(617,000	)

Net Assets:
Beginning of year		259,288			238,082			248,891			290,182			58,204			90,551			1,572,130			2,189,130

End of year	$	302,113		$	259,288		$	269,128		$	248,891		$	97,204		$	58,204		$	1,720,420		$	1,572,130

See accompanying notes which are an integral part of the financial statements.


		13		*Annual Report*

Fidelity Investments Variable Life Account I

Statements of Changes in Net Assets - continued

For the years ended December 31, 2023 and 2022


	Subaccounts Investing In:
	VIP – Strategic Income Initial Class						VIP – International Capital Appreciation Initial Class						VIP – Value Initial Class						VIP – Freedom Income Initial Class
	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22
Operations:
Net investment income (loss)	$	19,679		$	14,872		$	(2,476	)	$	(2,795	)	$	708		$	1,080		$	406		$	112
Net realized gain (loss) on investments		200			281			2,841			30,458			13,983			9,010			(56	)		296
Unrealized appreciation (depreciation)		24,871			(89,331	)		93,104			(160,787	)		30,487			(24,693	)		348			(1,718	)

Net increase (decrease) in net assets from operations		44,750			(74,178	)		93,469			(133,124	)		45,178			(14,603	)		698			(1,310	)

Contract Transactions:
Payments received from contractholders		8,824			11,266			2,765			3,025			1,158			756			—			—
Transfers between sub-accounts, net		2,184			2,907			—			1,793			(21,370	)		101,591			11,843			—
Contract terminations		—			—			(1,644	)		(800	)		—			—			—			—
Contract maintenance charges		(185	)		(190	)		(108	)		(105	)		(128	)		(133	)		(54	)		(22	)
Contract benefits		—			—			—			—			—			—			—			—
Cost of insurance		(9,351	)		(8,705	)		(2,988	)		(2,781	)		(4,988	)		(4,685	)		(5,137	)		(1,371	)
Other transfers (to) from FILI, net		(2,514	)		27			(3,597	)		3			(87	)		10			3			(2	)

Net increase (decrease) in net assets from contract transactions		(1,042	)		5,305			(5,572	)		1,135			(25,415	)		97,539			6,655			(1,395	)

Total increase (decrease) in net assets		43,708			(68,873	)		87,897			(131,989	)		19,763			82,936			7,353			(2,705	)

Net Assets:
Beginning of year		538,583			607,456			358,891			490,880			263,461			180,525			7,819			10,524

End of year	$	582,291		$	538,583		$	446,788		$	358,891		$	283,224		$	263,461		$	15,172		$	7,819


	Subaccounts Investing In:
	VIP – Freedom 2015 Initial Class						VIP – Freedom 2020 Initial Class						VIP – Freedom 2025 Initial Class						VIP – Freedom 2030 Initial Class
	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22
Operations:
Net investment income (loss)	$	1,040		$	2,143		$	16,640		$	8,301		$	6,506		$	3,625		$	6,310		$	4,004
Net realized gain (loss) on investments		(34,150	)		14,248			5,969			78,222			958			23,117			871			123,803
Unrealized appreciation (depreciation)		39,742			(60,575	)		57,684			(231,053	)		33,846			(94,766	)		47,186			(219,349	)

Net increase (decrease) in net assets from operations		6,632			(44,184	)		80,293			(144,530	)		41,310			(68,024	)		54,367			(91,542	)

Contract Transactions:
Payments received from contractholders		8,506			11,145			5,278			6,043			13,846			13,651			12,572			14,791
Transfers between subaccounts, net		—			—			—			—			—			—			(7,450	)		(359,262	)
Contract terminations		(167,592	)		(78,969	)		—			—			(458	)		(698	)		(403	)		(2,714	)
Contract maintenance charges		(70	)		(125	)		(342	)		(343	)		(345	)		(345	)		(570	)		(590	)
Contract benefits		—			—			—			—			—			—			—			—
Cost of insurance		(6,446	)		(8,269	)		(19,561	)		(17,798	)		(8,612	)		(7,771	)		(7,660	)		(7,322	)
Other transfers (to) from FILI, net		(1	)		3			(532	)		(495	)		(1,050	)		(1,008	)		(5,832	)		(35	)

Net increase (decrease) in net assets from contract transactions		(165,603	)		(76,215	)		(15,157	)		(12,593	)		3,381			3,829			(9,343	)		(355,132	)

Total increase (decrease) in net assets		(158,971	)		(120,399	)		65,136			(157,123	)		44,691			(64,195	)		45,024			(446,674	)

Net Assets:
Beginning of year		165,866			286,265			719,978			877,101			329,238			393,433			406,629			853,303

End of year	$	$6,895		$	165,866		$	785,114		$	719,978		$	373,929		$	329,238		$	451,653		$	406,629

See accompanying notes which are an integral part of the financial statements.


		14		*Annual Report*

Fidelity Investments Variable Life Account I

Statements of Changes in Net Assets - continued - continued

For the years ended December 31, 2023 and 2022


	Subaccounts Investing In:
	VIP – Disciplined Small Cap Initial Class						VIP – FundsManager 20% Investor Class						VIP – FundsManager 50% Investor Class						VIP – FundsManager 70% Investor Class
	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22
Operations:
Net investment income (loss)	$	33		$	(239)		$	7,561		$	4,121		$	13,865		$	8,787		$	38,806		$	22,484
Net realized gain (loss) on investments		964			26,031			(789	)		22,040			3,666			148,006			3,495			665,288
Unrealized appreciation (depreciation)		22,579			(56,666	)		13,000			(62,332	)		79,604			(300,061	)		466,281			(1,376,482	)

Net increase (decrease) in net assets from operations		23,576			(30,874	)		19,772			(36,171	)		97,135			(143,268	)		508,582			(688,710	)

Contract Transactions:
Payments received from contractholders		1,517			843			—			—			19,097			18,706			23,405			31,225
Transfers between subaccounts, net		(14,193	)		9,777			(30,041	)		—			—			—			—			—
Contract terminations		(1,048	)		—			—			—			—			—			—			—
Contract maintenance charges		(82	)		(98	)		(50	)		(92	)		(408	)		(423	)		(647	)		(643	)
Contract benefits		—			(14,575	)		—						—						—			—
Cost of insurance		(3,834	)		(4,927	)		(6,736	)		(10,699	)		(25,229	)		(22,867	)		(28,168	)		(25,312	)
Other transfers (to) from FILI, net		—			(488	)		5			175			1,467			2,041			979			1,347

Net increase (decrease) in net assets from contract transactions		(17,640	)		(9,468	)		(36,822	)		(10,616	)		(5,073	)		(2,543	)		(4,431	)		6,617

Total increase (decrease) in net assets		5,936			(40,342	)		(17,050	)		(46,787	)		92,062			(145,811	)		504,151			(682,093	)

Net Assets:
Beginning of year		121,893			162,235			301,509			348,296			822,795			968,606			3,487,651			4,169,744

End of year	$	127,829		$	121,893		$	284,459		$	301,509		$	914,857		$	822,795		$	3,991,802		$	3,487,651


	Subaccounts Investing In:
	VIP – FundsManager 85% Investor Class						VIP – Consumer Staples Initial Class						VIP – Materials Initial Class						VIP – Communication Services Initial Class
	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22
Operations:
Net investment income (loss)	$	2,438		$	410		$	1,007		$	832		$	30		$	6		$	(253	)	$	(180	)
Net realized gain (loss) on investments		372			78,264			1,849			6,580			49			350			(29	)		88
Unrealized appreciation (depreciation)		57,625			(157,345	)		(636	)		(9,165	)		382			(1,298	)		10,930			(8,165	)

Net increase (decrease) in net assets from operations		60,435			(78,671	)		2,220			(1,753	)		461			(942	)		10,648			(8,257	)

Contract Transactions:
Payments received from contract holders		9,199			9,932			—			1,466			733			794			—			—
Transfers between subaccounts, net		—			—			—			—			—			—			—			23,913
Contract terminations		—			—			—			—			—			(988	)		—
Contract maintenance charges		(328	)		(329	)		(41	)		(40	)		(9	)		(10	)		(5	)		(4	)
Contract benefits		—			—			—			—			—			—			—			—
Cost of insurance		(5,650	)		(4,935	)		(2,513	)		(2,178	)		(205	)		(196	)		(111	)		(80	)
Other transfers (to) from FILI, net		(22	)		57			(10	)		9			(7	)		—			34			(1	)

Net increase (decrease) in net assets from contract transactions		3,199			4,725			(2,564	)		(743	)		512			(400	)		(82	)		23,828

Total increase (decrease) in net assets		63,634			(73,946	)		(344	)		(2,496	)		973			(1,342	)		10,566			15,571

Net Assets:
Beginning of year		364,428			438,374			106,588			109,084			6,810			8,152			19,171			3,600

End of year	$	428,062		$	364,428		$	106,244		$	106,588		$	7,783		$	6,810		$	29,737		$	19,171

See accompanying notes which are an integral part of the financial statements.


		15		*Annual Report*

Fidelity Investments Variable Life Account I

Statements of Changes in Net Assets - continued - continued

For the years ended December 31, 2023 and 2022


	Subaccounts Investing In:
	VIF – Emerging Markets Equity Portfolio - Class I						VIF – Emerging Markets Debt Portfolio – Class I						VIF – Global Strategist Portfolio - Class II						Lazard – Retirement Emerging Markets Equity Portfolio -Investor
	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22
Operations:
Net investment income (loss)	$	1,075		$	(1,013	)	$	3,310		$	3,367		$	974		$	(1,463	)	$	2,376		$	1,403
Net realized gain (loss) on investments		4,417			14,477			(5,673	)		(1,775	)		1,086			25,457			170			(1,913	)
Unrealized appreciation (depreciation)		10,685			(70,880	)		5,934			(13,792	)		15,633			(53,585	)		8,502			(8,992	)

Net increase (decrease) in net assets from operations		16,177			(57,416	)		3,571			(12,200	)		17,693			(29,591	)		11,048			(9,502	)

Contract Transactions:
Payments received from contractholders		3,210			4,164			1,811			1,727			3,751			3,829			1,218			1,824
Transfers between subaccounts, net		(2,806	)		(22,867	)		—			(8,352	)		(5,285	)		2,265			(911	)		(31,267	)
Contract terminations		(914	)					—			—			(2,553	)		—			—			—
Contract maintenance charges		(98	)		(108	)		(41	)		(54	)		(75	)		(88	)		(42	)		(41	)
Contract benefits		(14,761	)		—			(14,313	)		—			—			—			—			—
Cost of insurance		(3,138	)		(3,091	)		(963	)		(1,264	)		(2,411	)		(2,531	)		(1,477	)		(1,236	)
Other transfers (to) from FILI, net		(984	)		47			158			90			(178	)		(192	)		30			9

Net increase (decrease) in net assets from contract transactions		(19,491	)		(21,855	)		(13,348	)		(7,853	)		(6,751	)		3,283			(1,182	)		(30,711	)

Total increase (decrease) in net assets		(3,314	)		(79,271	)		(9,777	)		(20,053	)		10,942			(26,308	)		9,866			(40,213	)

Net Assets:
Beginning of year		156,856			236,127			41,585			61,638			138,659			164,967			52,503			92,716

End of year	$	153,542		$	156,856		$	31,808		$	41,585		$	149,601		$	138,659		$	62,369		$	52,503


	Subaccounts Investing In:
	Invesco – V.I. Global Core Equity
	12/31/23			12/31/22
Operations:
Net investment income (loss)	$	(482	)	$	(736	)
Net realized gain (loss) on investments		651			18,829
Unrealized appreciation (depreciation)		21,183			(49,382	)

Net increase (decrease) in net assets from operations		21,352			(31,289	)

Contract Transactions:
Payments received from contractholders		1,875			1,990
Transfers between subaccounts, net		—			(39,673	)
Contract terminations		(874	)		(2,370	)
Contract maintenance charges		(92	)		(91	)
Contract benefits		—			—
Cost of insurance		(1,288	)		(1,186	)
Other transfers (to) from FILI, net		36			126

Net increase (decrease) in net assets from contract transactions		(343	)		(41,204	)

Total increase (decrease) in net assets		21,009			(72,493	)

Net Assets:
Beginning of year		104,092			176,585

End of year	$	125,101		$	104,092

See accompanying notes which are an integral part of the financial statements.


		16		*Annual Report*

Notes to Financial Statements

Fidelity Investments Variable Life Account I

1. Organization

Fidelity Investments Variable Life Account I (the “Account”), a unit investment trust registered under the Investment Company Act of 1940 as amended, was established by Fidelity Investments Life Insurance Company (“FILI”) on July 22, 1987 and exists in accordance with the regulations of the State of Utah Insurance Department. FILI is a wholly-owned subsidiary of FMR LLC. The Account is a funding vehicle for individual Fidelity Variable Life (“VL”) and Fidelity Lifetime Reserves (“FLR”) Variable Universal Life insurance contracts. The VL and FLR contracts are closed to new business. Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of FILI. The Account cannot be charged with liabilities arising out of any other business of FILI.

Each subaccount invests exclusively in one of the Funds (“Underlying Funds”) that are part of the following fund groups:

Fund Groups

Fidelity Variable Insurance Product Funds (Investor Class) (“VIP - Investor Class”)

Fidelity Variable Insurance Product Funds (Initial Class) (“VIP - Initial Class”)

Morgan Stanley Variable Insurance Funds, Inc. (Class I) (“VIF”)

Morgan Stanley Variable Insurance Funds, Inc. (Class II) (“VIF”) (“VIF - Class II”)

Lazard Retirement Series, Inc. (Investor Class) (“Lazard”)

Invesco Advisers, Inc. (Series I) (“Invesco”)

During 2023, the following underlying fund(s) were renamed:


*Old Name*		*New Name*

VIP Financial Services Initial Class		VIP – Financials Initial Class

Six subaccounts had no contract owner activity during the year and no balance as of December 31, 2023.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed consistently by the Account in preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Financial Accounting Standards Board (“FASB”) established the FASB Accounting Standards Codification (“the Codification”) as the source of authoritative GAAP. All guidance contained in the Codification carries an equal level of authority.

Investments

Investments are made by the subaccounts in their corresponding mutual fund portfolios and are valued at the reported net asset values of such portfolios. Investment transactions are recorded on the trade date. Income from dividends and realized capital gain distributions are recorded on the ex-dividend date. Realized gains and losses include gains and losses on the sales of investments (computed on the basis of the identified cost of the investment sold) and capital gain distributions from the mutual funds.

Federal Income Taxes

The operations of the Account are included in the federal income tax return of FILI, which is taxed as a life insurance company under the provisions of the Internal Revenue Code (the “Code”).

Under the current provisions of the Code, FILI does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited under the contracts. Based on this, no charge is being made currently to the Account for federal income taxes. FILI will review periodically the status of such decision based on changes in the tax law. Such a charge may be made in future years for any federal income taxes that would be attributable to the contracts.

Under the provisions of Section 817(h) of the Code, a variable life contract will not be treated as a life contract for federal income tax purposes for any period for which the investments of the segregated asset account on which the contract is based are not adequately diversified. The Code provides that the “adequately diversified” requirement may be met if the underlying investments satisfy either a statutory safe harbor test or diversification requirements set forth in regulations issued by the Secretary of the Treasury. The Internal Revenue Service has issued regulations under Section 817(h) of the Code. FILI believes that the Separate Account satisfies the current requirements of the regulations, and it intends that it will continue to meet such requirements.

Estimates

The preparation of the Financial Statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the related amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Receivable from/Payable to FILI

Receivable from/payable to FILI represents adjustments for contract guarantees which are the responsibility of FILI.


		17		*Annual Report*

Notes to Financial Statements - continued

Fidelity Investments Variable Life Account I

2. Significant Accounting Policies - continued

Contract Transactions

Other transfers (to) from FILI, net, as reported in the Statement of Changes in Net Assets, represents miscellaneous contract transfers.

Fair Value Measurements

The Financial Accounting Standards Board issued guidance on fair value measurements that establishes a framework for measuring fair value under U.S. GAAP and disclosures about fair value measurements. The definition of fair value focuses on the price that would be received to sell the asset or paid to transfer the liability regardless of whether an observable market price existed (an exit price). In addition, the guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels (“Level 1, 2, and 3”).

The Account carries investments which are made by the subaccounts in their corresponding mutual funds at fair value in the financial statements. The mutual funds are valued at the reported net asset values of such portfolios. The Account categorized the financial assets carried at fair value in the Statement of Assets and Liabilities based upon the guidance’s three-level valuation hierarchy. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable valuation inputs (Level 3). If the inputs used to measure a financial asset or liability cross different levels of the hierarchy, categorization is based on the lowest level input that is significant to the fair value measurement. The assessment of the significance of a particular input to the overall fair value measurement of a financial asset or liability requires judgment, and considers factors specific to the asset or liability. The three levels are described below:

•

Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets and liabilities in an active market (e.g., active exchange-traded equities).

•

Level 2 – Financial assets and liabilities whose values are based on quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.

•

Level 3 – Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable in the market and significant to the overall fair value measurement. These inputs reflect judgments about the assumptions that a market participant would use in pricing the asset or liability, and are based on the best available information, some of which is internally developed.

All subaccounts are invested in mutual funds whose value is based on the underlying net asset value of those funds. Open ended mutual funds in the subaccounts produce a daily NAV that is validated with a sufficient level of observable activity to support classification of the fair value measurement as Level 1. There were no transfers between Level 1 and Level 2 during 2023 and 2022. The Account had no Level 3 activity during 2023 or 2022.

3. Expenses and Related Party Transactions

FILI deducts a daily charge for the assumption of mortality and expense risks, through a reduction in unit values, from the net assets of the Account equivalent to an effective annual rate of 0.60% for VL contracts. FLR contracts have an effective annual rate of 1.00% for years one through twenty and 0.40% thereafter. FILI deducts a daily administrative charge, through a reduction in unit values, from the net assets of the Account equivalent to an effective annual rate of 0.25% for VL contracts. FLR policyholders are charged $5 per month for maintenance costs. In addition, the cost of providing insurance protection, including optional riders, is deducted monthly through a redemption of units. The maintenance charge and the cost of insurance are recorded as contract transactions in the accompanying Statement of Changes in Net Assets.

FILI charges an amount equal to the state premium tax it pays, ranging from 0 to 3.5%, pursuant to provisions in the contract it issues.

The disclosures above include charges currently assessed to the policyholder. There are certain other additional charges, such as exchange charges and other taxes which may be assessed in accordance with the terms of the contract in future periods.

The contracts are distributed through Fidelity Brokerage Services LLC (“FBS”) and Fidelity Insurance Agency, Inc. (“FIA”), both of which are subsidiaries of FMR LLC. FBS and FIA are the distributors and FBS is the principal underwriter of the contracts. Fidelity Investments Institutional Operations Company, LLC., a subsidiary of FMR LLC, is the transfer and shareholder servicing agent for the VIP portfolios.

Management fees are paid by certain funds to Fidelity Management & Research Company, a subsidiary of FMR LLC, in its capacity as advisor to the VIP mutual fund portfolios. The total management fees, as a percentage of a fund’s average net assets, for the year ended December 31, 2023 were .045% to .930% depending on the fund.


		18		*Annual Report*

Notes to Financial Statements - continued

Fidelity Investments Variable Life Account I

4. Investments

Purchases and Sales

The following table shows aggregate cost of shares purchased and proceeds from sales of each portfolio for the year ended December 31, 2023:


Fund Name	Purchases		Sales
VIP - Government Money Market Initial Class	$	337,406	$	647,710
VIP - High Income Initial Class		46,783		27,307
VIP - Equity Income Initial Class		279,767		96,417
VIP - Growth Initial Class		218,901		55,501
VIP - Overseas Initial Class		16,897		32,293
VIP - Investment Grade Bond Initial Class		122,463		40,002
VIP - Asset Manager Initial Class		23,064		18,055
VIP - Index 500 Initial Class		221,876		128,923
VIP - Asset Manager Growth Initial Class		15,905		28,754
VIP - Contrafund Initial Class		284,492		256,022
VIP - Balanced Initial Class		135,458		208,425
VIP - Dynamic Capital Appreciation Initial Class		9,537		5,162
VIP - Growth & Income Initial Class		72,632		58,280
VIP - Growth Opportunities Initial Class		9,781		37,089
VIP - Mid Cap Initial Class		81,972		89,054
VIP - Value Strategies Initial Class		19,318		45,144
VIP - Utilities Initial Class		7,825		44,824
VIP - Technology Initial Class		22,695		30,433
VIP - Energy Initial Class		13,889		55,179
VIP - Health Care Initial Class		25,274		42,343
VIP - Financials Initial Class		28,899		6,437
VIP - Industrials Initial Class		2,037		33,725
VIP - Consumer Discretionary Initial Class		16,361		2,538
VIP - Real Estate Initial Class		126,686		47,661
VIP - Strategic Income Initial Class		33,501		14,865
VIP - International Capital Appreciation Initial Class		2,722		10,782
VIP - Value Initial Class		13,813		29,006
VIP - Freedom Income Initial Class		12,390		5,330
VIP - Freedom 2015 Initial Class		13,764		174,993
VIP - Freedom 2020 Initial Class		32,914		26,279
VIP - Freedom 2025 Initial Class		18,540		8,657
VIP - Freedom 2030 Initial Class		19,651		22,687
VIP - Disciplined Small Cap Initial Class		6,401		24,014
VIP - FundsManager 20% Investor Class		10,549		39,813
VIP - FundsManager 50% Investor Class		39,235		30,453
VIP - FundsManager 70% Investor Class		99,506		65,133
VIP - FundsManager 85% Investor Class		12,669		6,996
VIP - Consumer Staples Initial Class		3,498		3,626
VIP - Materials Initial Class		806		245
VIP - Communication Services Initial Class		—		367
VIF - Emerging Markets Equity Portfolio - Class I		9,335		24,904
VIF - Emerging Markets Debt Portfolio - Class I		5,231		15,274
VIF - Global Startegist - Class II Portfolio		8,729		14,504
Invesco - V.I. Global Core Equity Fund - Series I		2,994		3,708
Lazard - Retirement Emerging Markets Equity Portfolio - Investor		3,934		2,765


		19		*Annual Report*

Notes to Financial Statements - continued

Fidelity Investments Variable Life Account I

4. Investments - continued

Shares, Aggregate Cost and Net Asset Value

The following table shows the number of shares owned, aggregate cost, and net asset value per share of each portfolio at December 31, 2023:


Fund Name	Number of Shares		Aggregate Cost		Net Asset Value per Share
VIP - Government Money Market Initial Class		630,388	$	630,388	$	1.00
VIP - High Income Initial Class		116,192		732,989		4.60
VIP - Equity Income Initial Class		188,472		4,606,943		24.85
VIP - Growth Initial Class		37,993		3,160,506		93.10
VIP - Overseas Initial Class		25,166		593,973		25.82
VIP - Investment Grade Bond Initial Class		130,165		1,711,864		11.17
VIP - Asset Manager Initial Class		18,807		322,067		15.64
VIP - Index 500 Initial Class		8,742		2,629,222		461.79
VIP - Asset Manager Growth Initial Class		22,508		423,909		21.41
VIP - Contrafund Initial Class		119,783		4,775,134		48.63
VIP - Balanced Initial Class		97,291		1,802,051		22.32
VIP - Dynamic Capital Appreciation Initial Class		12,007		157,445		16.77
VIP - Growth & Income Initial Class		33,930		745,918		27.04
VIP - Growth Opportunities Initial Class		22,725		1,159,713		59.76
VIP - Mid Cap Initial Class		49,554		1,827,667		36.44
VIP - Value Strategies Initial Class		9,839		141,419		16.55
VIP - Utilities Initial Class		4,480		84,754		20.23
VIP - Technology Initial Class		20,505		470,134		32.11
VIP - Energy Initial Class		17,059		294,935		24.73
VIP - Health Care Initial Class		25,056		789,478		34.27
VIP - Financials Initial Class		20,114		268,199		15.02
VIP - Industrials Initial Class		12,014		247,095		22.40
VIP - Consumer Discretionary Initial Class		2,908		64,382		33.40
VIP - Real Estate Initial Class		99,734		1,775,826		17.25
VIP - Strategic Income Initial Class		55,562		643,168		10.48
VIP - International Capital Appreciation Initial Class		21,075		349,977		21.20
VIP - Value Initial Class		14,847		251,412		19.11
VIP - Freedom Income Initial Class		1,383		16,133		10.97
VIP - Freedom 2015 Initial Class		600		8,641		11.49
VIP - Freedom 2020 Initial Class		62,809		815,818		12.50
VIP - Freedom 2025 Initial Class		24,649		352,292		15.17
VIP - Freedom 2030 Initial Class		29,405		463,800		15.36
VIP - Disciplined Small Cap Initial Class		7,842		127,947		16.30
VIP - FundsManager 20% Investor Class		27,195		297,469		10.46
VIP - FundsManager 50% Investor Class		80,463		926,005		11.37
VIP - FundsManager 70% Investor Class		327,734		3,991,914		12.18
VIP - FundsManager 85% Investor Class		35,191		423,610		12.17
VIP - Consumer Staples Initial Class		5,494		102,245		19.40
VIP - Materials Initial Class		453		7,069		17.20
VIP - Communication Services Initial Class		1,660		26,221		17.88
VIF - Emerging Markets Equity Portfolio - Class I		11,897		267,466		12.90
VIF - Emerging Markets Debt Portfolio - Class I		5,783		51,165		5.50
VIF - Global Startegist - Class II Portfolio		17,456		206,778		8.57
Invesco - V.I. Global Core Equity Fund - Series I		12,952		131,659		9.67
Lazard - Retirement Emerging Markets Equity Portfolio - Investor		3,029		83,021		21.00


		20		*Annual Report*

Notes to Financial Statements - continued

Fidelity Investments Variable Life Account I

5. Changes in Units Outstanding

The change in units outstanding for the years ended December 31, 2023 and 2022 were as follows:


Fidelity Variable Life
	VIP - Government Money Market Initial Class						VIP - High Income Initial Class						VIP - Equity-Income Initial Class

	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22
Units Issued		–			12,223			–			–			–			–
Units Redeemed		(15,200	)		–			(4	)		3			(49	)		257

Net Increase/(Decrease)		(15,200	)		12,223			(4	)		3			(49	)		257


	VIP - Growth Initial Class						VIP - Overseas Initial Class						VIP - Investment Grade Bond Initial Class						VIP - Asset Manager Initial Class

	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22
Units Issued		189			–			–			—			–			–			–			–
Units Redeemed		–			916			(31	)		32			(31	)		29			(40	)		38

Net Increase/(Decrease)		189			916			(31	)		32			(31	)		29			(40	)		38


Fidelity Lifetime Reserves
	VIP - Government Money Market Initial Class						VIP - High Income Initial Class						VIP - Equity Income Initial Class

	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22
Units Issued		23,400			3,582			953			1,339			405			414
Units Redeemed		(24,177	)		(10,438	)		(1,174	)		(1,802	)		(309	)		(474	)

Net Increase/(Decrease)		(777	)		(6,856	)		(221	)		(463	)		96			(60	)


	VIP - Growth Initial Class						VIP - Overseas Initial Class						VIP - Investment Grade Bond Initial Class

	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22
Units Issued		34			39			477			1,789			2,282			3,661
Units Redeemed		(60	)		(45	)		(1,195	)		(4,365	)		(833	)		(9,901	)

Net Increase/(Decrease)		(26	)		(6	)		(718	)		(2,576	)		1,449			(6,240	)


	VIP - Asset Manager Initial Class						VIP - Index 500 Initial Class						VIP - Asset Manager Growth Initial Class

	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22
Units Issued		207			77			1,245			2,193			219			172
Units Redeemed		(200	)		(29	)		(880	)		(1,378	)		(533	)		(251	)

Net Increase/(Decrease)		7			48			365			815			(314	)		(79	)


	VIP - Contrafund Initial Class						VIP - Balanced Initial Class						VIP - Dynamic Capital Appreciation Initial Class

	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22
Units Issued		692			953			753			355			8			25
Units Redeemed		(1,504	)		(1,084	)		(4,139	)		(908	)		(69	)		(220	)

Net Increase/(Decrease)		(812	)		(131	)		(3,386	)		(553	)		(61	)		(195	)


		21		*Annual Report*

Notes to Financial Statements - continued

Fidelity Investments Variable Life Account I

5. Changes in Units Outstanding - continued


Fidelity Lifetime Reserves - continued
	VIP - Growth & Income Initial Class						VIP - Growth Opportunities Initial Class						VIP - Mid Cap Initial Class

	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22
Units Issued		440			3,495			136			2,946			586			638
Units Redeemed		(803	)		(311	)		(354	)		(455	)		(1,297	)		(1,825	)

Net Increase/(Decrease)		(363	)		3,184			(218	)		2,491			(711	)		(1,187	)


	VIP - Value Strategies Initial Class						VIP - Utilities Initial Class						VIP - Technology Initial Class

	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22
Units Issued		355			257			67			1,173			80			1,011
Units Redeemed		(1,212	)		(250	)		(1,176	)		(170	)		(286	)		(169	)

Net Increase/(Decrease)		(857	)		7			(1,109	)		1,003			(206	)		842


	VIP - Energy Initial Class						VIP - Health Care Initial Class						VIP - Financials Initial Class

	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22
Units Issued		117			1,169			410			2,132			517			2,784
Units Redeemed		(1,484	)		(1,959	)		(531	)		(494	)		(213	)		(825	)

Net Increase/(Decrease)		(1,367	)		(790	)		(121	)		1,638			304			1,959


	VIP - Industrials Initial Class						VIP - Consumer Discretionary Initial Class						VIP - Real Estate Initial Class

	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22
Units Issued		29			51			323			3			1,124			911
Units Redeemed		(523	)		(205	)		(38	)		(14	)		(1,527	)		(862	)

Net Increase/(Decrease)		(494	)		(154	)		285			(11	)		(403	)		49


	VIP - Strategic Income Initial Class						VIP - International Capital Appreciation Initial Class						VIP - Value Initial Class

	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22
Units Issued		584			878			106			209			52			3,073
Units Redeemed		(639	)		(611	)		(323	)		(157	)		(825	)		(186	)

Net Increase/(Decrease)		(55	)		267			(217	)		52			(773	)		2,887


	VIP - Freedom Income Initial Class						VIP - Freedom 2015 Initial Class

	12/31/23			12/31/22			12/31/23			12/31/22
Units Issued		714			—			380			496
Units Redeemed		(315	)		(84	)		(7,800	)		(4,038	)

Net Increase/(Decrease)		399			(84	)		(7,420	)		(3,542	)


	VIP - Freedom 2020 Initial Class						VIP - Freedom 2025 Initial Class						VIP - Freedom 2030 Initial Class

	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22
Units Issued		224			260			537			544			465			556
Units Redeemed		(867	)		(801	)		(406	)		(390	)		(816	)		(12,215	)

Net Increase/(Decrease)		(643	)		(541	)		131			154			(351	)		(11,659	)


		22		*Annual Report*

Notes to Financial Statements - continued

Fidelity Investments Variable Life Account I

5. Changes in Units Outstanding - continued


Fidelity Lifetime Reserves - continued
	VIP - Disciplined Small Cap Initial Class						VIP - FundsManager 20% Investor Class						VIP - FundsManager 50% Investor Class

	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22
Units Issued		226			785			—			—			1,036			1,058
Units Redeemed		(868	)		(1,184	)		(2,432	)		(693	)		(1,288	)		(1,190	)

Net Increase/(Decrease)		(642	)		(399	)		(2,432	)		(693	)		(252	)		(132	)


	VIP - FundsManager 70% Investor Class						VIP - FundsManager 85% Investor Class						VIP - Consumer Staples Initial Class

	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22
Units Issued		1,103			1,476			377			420			—			45
Units Redeemed		(1,277	)		(1,173	)		(245	)		(223	)		(76	)		(67	)

Net Increase/(Decrease)		(174	)		303			132			197			(76	)		(22	)


	VIP - Materials Initial Class						VIP - Communication Services Initial Class						VIF - Emerging Markets Equity Portfolio - Class I						VIF - Emerging Markets Debt Portfolio - Class I

	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22
Units Issued		27			30			—			946			272			255			62			61
Units Redeemed		(8	)		(49	)		(5	)		(4	)		(975	)		(955	)		(502	)		(335	)

Net Increase/(Decrease)		19			(19	)		(5	)		942			(703	)		(700	)		(440	)		(274	)


	VIF – Global Strategist Portfolio - Class II						Lazard – Retirement Emerging Markets Equity Portfolio - Investor						Invesco - V.I. Global Core Equity

	12/31/23			12/31/22			12/31/23			12/31/22			12/31/23			12/31/22
Units Issued		242			311			85			242			79			89
Units Redeemed		(573	)		(150	)		(167	)		(2,105	)		(92	)		(1,560	)

Net Increase/(Decrease)		(331	)		161			(82	)		(1,863	)		(13	)		(1,471	)


		23		*Annual Report*

Notes to Financial Statements - continued

Fidelity Investments Variable Life Account I

6. Unit Values

A summary of unit values and units outstanding and the expense ratios, excluding expenses of the underlying funds, the investment income ratio, and total returns for each of the five years ended December 31:


			Unit value							Expense ratio (1)						Total Return (3)
	Units		VL		FLR		Net assets			VL		FLR		Investment income ratio (2)		(VL)		(FLR)
VIP - Government Money Market Initial Class
2023		30,091		$21.77		$20.87		$	630,359		0.85%		1.00%		4.81%		4.00%		3.85%
2022		33,669		$20.93		$20.10		$	681,176		0.85%		1.00%		1.47%		0.58%		0.43%
2021		40,703		$20.81		$20.01		$	819,003		0.85%		1.00%		0.01%		(0.84%)		(0.99%)
2020		31,858		$20.98		$20.21		$	645,485		0.85%		1.00%		0.35%		(0.54%)		(0.69%)
2019		44,666		$21.10		$20.35		$	912,483		0.85%		1.00%		2.06%		1.15%		1.00%
VIP - High Income Initial Class
2023		23,694		$60.37		$21.14		$	534,535		0.85%		1.00%		5.75%		9.54%		9.38%
2022		23,921		$55.11		$19.32		$	493,142		0.85%		1.00%		4.99%		(12.13%)		(12.26%)
2021		24,387		$62.72		$22.02		$	572,404		0.85%		1.00%		4.84%		3.52%		3.37%
2020		64,113		$60.59		$21.31		$	1,405,546		0.85%		1.00%		5.06%		1.87%		1.72%
2019		64,596		$59.47		$20.95		$	1,392,793		0.85%		1.00%		5.25%		14.13%		13.96%
VIP - Equity-Income Initial Class
2023		26,722		$176.77		$172.52		$	4,682,922		0.85%		1.00%		1.97%		9.71%		9.54%
2022		26,675		$161.13		$157.48		$	4,263,459		0.85%		1.00%		1.91%		(5.76%)		(5.91%)
2021		26,993		$170.98		$167.37		$	4,580,826		0.85%		1.00%		1.92%		23.83%		23.65%
2020		27,366		$138.08		$135.36		$	3,752,113		0.85%		1.00%		1.84%		5.78%		5.62%
2019		27,764		$130.53		$128.15		$	3,599,945		0.85%		1.00%		2.02%		26.36%		26.17%
VIP - Growth Initial Class
2023		10,622		$332.17		$335.14		$	3,537,371		0.85%		1.00%		0.13%		35.08%		34.88%
2022		10,459		$245.90		$248.48		$	2,579,755		0.85%		1.00%		0.60%		(25.10%)		(25.21%)
2021		11,379		$328.30		$332.23		$	3,748,101		0.85%		1.00%		—		22.17%		21.98%
2020		10,273		$268.73		$272.36		$	2,772,259		0.85%		1.00%		0.07%		42.67%		42.45%
2019		10,241		$188.36		$191.20		$	1,938,596		0.85%		1.00%		0.26%		33.17%		32.97%
VIP - Overseas Initial Class
2023		20,950		$66.64		$23.59		$	649,693		0.85%		1.00%		1.05%		19.48%		19.30%
2022		21,698		$55.78		$19.78		$	560,185		0.85%		1.00%		1.06%		(25.13%)		(25.24%)
2021		24,308		$74.49		$26.45		$	819,435		0.85%		1.00%		0.53%		18.68%		18.50%
2020		25,775		$62.77		$22.32		$	724,810		0.85%		1.00%		0.45%		14.63%		14.46%
2019		26,466		$54.76		$19.50		$	647,603		0.85%		1.00%		1.48%		26.68%		26.49%
VIP - Investment Grade Bond Initial Class
2023		33,551		$44.64		$43.05		$	1,453,798		0.85%		1.00%		2.65%		5.30%		5.14%
2022		32,132		$42.39		$40.95		$	1,324,249		0.85%		1.00%		2.22%		(13.70%)		(13.83%)
2021		38,402		$49.12		$47.52		$	1,834,320		0.85%		1.00%		2.04%		(1.45%)		(1.60%)
2020		38,516		$49.84		$48.29		$	1,869,712		0.85%		1.00%		2.21%		8.46%		8.30%
2019		30,442		$45.95		$44.59		$	1,366,066		0.85%		1.00%		2.73%		8.73%		8.57%
VIP - Asset Manager Initial Class
2023		3,794		$78.67		$74.54		$	294,140		0.85%		1.00%		2.44%		11.99%		11.82%
2022		3,827		$70.25		$66.66		$	265,101		0.85%		1.00%		2.11%		(15.66%)		(15.79%)
2021		3,816		$83.30		$79.16		$	313,775		0.85%		1.00%		1.48%		8.99%		8.82%
2020		9,447		$76.43		$72.74		$	718,414		0.85%		1.00%		1.53%		13.89%		13.72%
2019		9,639		$67.11		$63.97		$	643,932		0.85%		1.00%		3.10%		17.24%		17.07%
VIP - Index 500 Initial Class
2023		27,319		$ —		$147.76		$	4,036,855		—		1.00%		1.49%		—		24.94%
2022		26,955		—		$118.27		$	3,188,060		—		1.00%		1.47%		—		(19.03%)
2021		26,141		—		$146.07		$	3,818,397		—		1.00%		1.24%		—		27.29%
2020		27,921		—		$114.75		$	3,204,014		—		1.00%		1.72%		—		17.05%
2019		28,609		—		$98.03		$	2,804,576		—		1.00%		2.05%		—		30.04%
VIP - Asset Manager Growth Initial Class
2023		8,711		$ —		$55.29		$	481,637		—		1.00%		1.80%		0.00%		15.21%
2022		9,025		—		$48.00		$	433,171		—		1.00%		1.85%		—		(17.71%)
2021		9,105		—		$58.32		$	531,037		—		1.00%		1.44%		—		12.82%
2020		9,125		—		$51.70		$	471,767		—		1.00%		1.07%		—		16.09%
2019		10,756		—		$44.53		$	478,986		—		1.00%		1.60%		—		21.60%


		24		*Annual Report*

Notes to Financial Statements - continued

Fidelity Investments Variable Life Account I

6. Unit Values - continued


			Unit value								Expense ratio (1)					Total Return (3)
	Units		VL		FLR			Net assets			VL	FLR		Investment income ratio (2)		(VL)	(FLR)
VIP - Contrafund Initial Class
2023		32,980		$ —			$176.62		$	5,824,713.00	—		1.00%		0.50%			0.00%	32.12%
2022		33,791		—			$133.68		$	4,517,075	—		1.00%		0.51%			—	(27.05%)
2021		33,925		—			$183.24		$	6,216,270	—		1.00%		0.06%			—	26.56%
2020		30,885		—			$144.79		$	4,471,831	—		1.00%		0.25%			—	29.26%
2019		31,345		—			$112.02		$	3,511,150	—		1.00%		0.46%			—	30.26%
VIP - Balanced Initial Class
2023		40,576		$ —			$53.52		$	2,171,543.00	—		1.00%		1.65%			0.00%	20.32%
2022		43,962		—			$44.48		$	1,955,450	—		1.00%		1.27%			—	(18.76%)
2021		44,513		—			$54.75		$	2,437,220	—		1.00%		0.89%			—	17.08%
2020		50,084		—			$46.76		$	2,342,167	—		1.00%		1.44%			—	21.16%
2019		54,088		—			$38.60		$	2,087,638	—		1.00%		1.77%			—	23.26%
VIP - Dynamic Capital Appreciation Initial Class
2023		3,637		$ —			$55.36		$	201,335.00	—		1.00%		0.36%			0.00%	27.79%
2022		3,697		—			$43.32		$	160,189	—		1.00%		0.30%			—	(21.66%)
2021		3,891		—			$55.30		$	215,183	—		1.00%		0.42%			—	23.38%
2020		3,918		—			$44.82		$	175,592	—		1.00%		0.22%			—	32.27%
2019		3,967		—			$33.88		$	134,429	—		1.00%		0.62%			—	28.78%
VIP - Growth & Income Initial Class
2023		13,864		$ —			$66.18		$	917,468.00	—		1.00%		1.67%			0.00%	17.54%
2022		14,227		—			$56.30		$	801,029	—		1.00%		1.77%			—	(5.90%)
2021		11,043		—			$59.83		$	660,711	—		1.00%		2.44%			—	24.69%
2020		11,054		—			$47.98		$	530,413	—		1.00%		2.14%			—	6.77%
2019		12,174		—			$44.94		$	547,158	—		1.00%		3.54%			—	28.75%
VIP - Growth Opportunities Initial Class
2023		16,623		$ —			$81.70		$	1,358,018.00	—		1.00%		0.00%			0.00%	44.20%
2022		16,841		—			$56.66		$	954,137	—		1.00%		—			—	(38.77%)
2021		14,350		—			$92.53		$	1,327,771	—		1.00%		—			—	10.82%
2020		14,716		—			$83.49		$	1,228,652	—		1.00%		0.01%			—	66.97%
2019		20,818		—			$50.00		$	1,040,994	—		1.00%		0.16%			—	39.43%
VIP - Mid Cap Initial Class
2023		26,139		$ —			$69.08		$	1,805,671.00	—		1.00%		0.60%			0.00%	13.93%
2022		26,850		—			$60.64		$	1,628,053	—		1.00%		0.50%			—	(15.59%)
2021		28,036		—			$71.84		$	2,014,084	—		1.00%		0.61%			—	24.35%
2020		29,012		—			$57.77		$	1,676,129	—		1.00%		0.66%			—	17.00%
2019		30,483		—			$49.38		$	1,505,152	—		1.00%		0.87%			—	22.21%
VIP - Value Strategies Initial Class
2023		4,122		$ —			$39.50		$	162,834.00	—		1.00%		1.05%			0.00%	19.64%
2022		4,978		—			$33.02		$	164,374	—		1.00%		1.11%			—	(7.95%)
2021		4,970		—			$35.87		$	178,303	—		1.00%		1.54%			—	32.26%
2020		5,165		—			$27.12		$	140,069	—		1.00%		1.45%			—	7.17%
2019		3,825		—			$25.31		$	96,796	—		1.00%		1.68%			—	33.18%
VIP - Utilities Initial Class
2023		2,327		$ —			$38.95		$	90,640.00	—		1.00%		2.22%			0.00%	-2.02%
2022		3,437		—			$39.75		$	136,627	—		1.00%		1.84%			—	4.37%
2021		2,434		—			$38.09		$	92,705	—		1.00%		1.88%			—	16.32%
2020		2,866		—			$32.74		$	93,835	—		1.00%		2.62%			—	(1.18%)
2019		2,929		—			$33.13		$	97,036	—		1.00%		2.14%			—	21.95%
VIP - Technology Initial Class
2023		6,298		$ —			$104.46		$	657,874.00	—		1.00%		0.12%			0.00%	56.74%
2022		6,504		—		$	66.65		$	433,454	—		1.00%		—			—	(36.50%)
2021		5,660		—		$	104.95		$	594,102	—		1.00%		—			—	26.88%
2020		6,553		—		$	82.71		$	542,033	—		1.00%		0.07%			—	63.30%
2019		8,809		—		$	50.65		$	446,200	—		1.00%		0.41%			—	49.81%
VIP - Energy Initial Class
2023		12,087		$ —			$34.88		$	421,635.00	—		1.00%		2.66%			0.00%	-0.02%
2022		13,454		—			$34.89		$	469,414	—		1.00%		2.45%			—	61.56%
2021		14,245		—			$21.60		$	307,636	—		1.00%		2.54%			—	53.80%
2020		14,891		—			$14.04		$	209,100	—		1.00%		3.09%			—	(33.44%)
2019		7,467		—			$21.10		$	157,522	—		1.00%		1.95%			—	8.98%


		25		*Annual Report*

Notes to Financial Statements - continued

Fidelity Investments Variable Life Account I

6. Unit Values - continued


			Unit value							Expense ratio (1)					Total Return (3)
	Units		VL		FLR		Net assets			VL	FLR		Investment income ratio (2)		(VL)	(FLR)
VIP - Health Care Initial Class
2023		12,505		$ —		$68.67		$	858,693.00	—		1.00%		0.00%			0.00%	3.22%
2022		12,626		—		$66.53		$	839,961	—		1.00%		—			—	(13.28%)
2021		10,987		—		$76.72		$	842,897	—		1.00%		0.09%			—	10.62%
2020		11,210		—		$69.36		$	777,468	—		1.00%		0.56%			—	20.36%
2019		11,604		—		$57.62		$	668,671	—		1.00%		0.23%			—	27.09%
VIP - Financials Initial Class (4)
2023		12,052		$ —		$25.07		$	302,113.00	—		1.00%		2.76%			0.00%	13.59%
2022		11,749		—		$22.07		$	259,288	—		1.00%		2.00%			—	(9.25%)
2021		9,791		—		$24.32		$	238,082	—		1.00%		1.72%			—	31.86%
2020		11,261		—		$18.44		$	207,666	—		1.00%		2.57%			—	(0.25%)
2019		7,416		—		$18.49		$	137,097	—		1.00%		2.06%			—	32.99%
VIP - Industrials Initial Class
2023		3,849		$ —		$69.92		$	269,128.00	—		1.00%		0.31%			0.00%	22.02%
2022		4,343		—		$57.30		$	248,891	—		1.00%		0.17%			—	(11.20%)
2021		4,497		—		$64.53		$	290,182	—		1.00%		—			—	15.92%
2020		4,683		—		$55.67		$	260,688	—		1.00%		0.54%			—	11.19%
2019		4,795		—		$50.06		$	240,046	—		1.00%		1.01%			—	26.86%
VIP - Consumer Discretionary Initial Class
2023		1,799		$ —		$54.02		$	97,204.00	—		1.00%		0.09%			0.00%	40.58%
2022		1,515		—		$38.43		$	58,204	—		1.00%		(0.01%)			—	(35.29%)
2021		1,525		—		$59.38		$	90,551	—		1.00%		—			—	18.21%
2020		1,535		—		$50.23		$	77,121	—		1.00%		0.10%			—	34.79%
2019		1,321		—		$37.27		$	49,227	—		1.00%		0.33%			—	25.92%
VIP - Real Estate Initial Class
2023		67,987		$ —		$25.31		$	1,720,420.00	—		1.00%		2.46%			0.00%	10.08%
2022		68,390		—		$22.99		$	1,572,130	—		1.00%		1.32%			—	(28.24%)
2021		68,341		—		$32.03		$	2,189,130	—		1.00%		1.17%			—	37.60%
2020		69,164		—		$23.28		$	1,610,074	—		1.00%		2.16%			—	(7.49%)
2019		71,542		—		$25.16		$	1,800,190	—		1.00%		1.76%			—	21.99%
VIP - Strategic Income Initial Class
2023		29,235		$ —		$19.92		$	582,291.00	—		1.00%		4.55%			0.00%	8.32%
2022		29,290		—		$18.39		$	538,583	—		1.00%		3.68%			—	(12.14%)
2021		29,024		—		$20.93		$	607,456	—		1.00%		2.72%			—	2.70%
2020		27,004		—		$20.38		$	550,314	—		1.00%		3.33%			—	6.44%
2019		27,076		—		$19.15		$	518,423	—		1.00%		3.35%			—	9.78%
VIP - International Capital Appreciation Initial Class
2023		15,540		$ —		$28.75		$	446,788.00	—		1.00%		0.39%			0.00%	26.23%
2022		15,757		—		$22.78		$	358,891	—		1.00%		0.27%			—	(27.13%)
2021		15,704		—		$31.26		$	490,880	—		1.00%		—			—	11.22%
2020		16,959		—		$28.10		$	476,609	—		1.00%		0.31%			—	21.01%
2019		18,514		—		$23.22		$	429,948	—		1.00%		0.57%			—	32.00%
VIP - Value Initial Class
2023		7,485		$ —		$37.84		$	283,224.00	—		1.00%		1.28%			0.00%	18.60%
2022		8,257		—		$31.91		$	263,461	—		1.00%		1.45%			—	(5.07%)
2021		5,371		—		$33.61		$	180,525	—		1.00%		1.68%			—	28.85%
2020		5,638		—		$26.08		$	147,081	—		1.00%		1.50%			—	5.19%
2019		7,350		—		$24.80		$	182,254	—		1.00%		1.83%			—	30.81%
VIP - Freedom Income Initial Class
2023		888		$ —		$17.08		$	15,172.00	—		1.00%		3.90%			0.00%	6.84%
2022		489		—		$15.99		$	7,819	—		1.00%		2.26%			—	(12.92%)
2021		573		—		$18.36		$	10,524	—		1.00%		1.03%			—	2.32%
2020		355		—		$17.95		$	6,375	—		1.00%		1.22%			—	9.37%
2019		417		—		$16.41		$	6,841	—		1.00%		1.99%			—	10.83%
VIP - Freedom 2015 Initial Class
2023		292		$ —		$23.63		$	6,895.00	—		1.00%		1.83%			0.00%	9.85%
2022		7,712		—		$21.51		$	165,866	—		1.00%		1.94%			—	(15.45%)
2021		11,253		—		$25.44		$	286,265	—		1.00%		1.12%			—	6.62%
2020		11,123		—		$23.86		$	265,374	—		1.00%		1.34%			—	12.71%
2019		10,892		—		$21.17		$	230,572	—		1.00%		2.11%			—	17.08%


		26		*Annual Report*

Notes to Financial Statements - continued

Fidelity Investments Variable Life Account I

6. Unit Values - continued


			Unit value							Expense ratio (1)					Total Return (3)
	Units		VL		FLR		Net assets			VL	FLR		Investment income ratio (2)		(VL)	(FLR)
VIP - Freedom 2020 Initial Class
2023		31,421		$ —		$24.99		$	785,114.00	—		1.00%		3.23%			0.00%	11.28%
2022		32,065		—		$22.45		$	719,978	—		1.00%		2.09%			—	(16.53%)
2021		32,606		—		$26.90		$	877,101	—		1.00%		1.11%			—	8.38%
2020		33,300		—		$24.82		$	826,529	—		1.00%		1.32%			—	13.91%
2019		33,926		—		$21.79		$	739,289	—		1.00%		2.10%			—	18.93%
VIP - Freedom 2025 Initial Class
2023		13,661		$ —		$27.37		$	373,929.00	—		1.00%		2.87%			0.00%	12.48%
2022		13,530		—		$24.33		$	329,238	—		1.00%		2.06%			—	(17.26%)
2021		13,377		—		$29.41		$	393,433	—		1.00%		1.09%			—	9.73%
2020		13,109		—		$26.80		$	351,380	—		1.00%		1.14%			—	14.79%
2019		17,332		—		$23.35		$	404,731	—		1.00%		2.07%			—	20.64%
VIP - Freedom 2030 Initial Class
2023		15,686		$ —		$28.79		$	451,653.00	—		1.00%		2.49%			0.00%	13.56%
2022		16,037		—		$25.36		$	406,629	—		1.00%		1.94%			—	(17.70%)
2021		27,696		—		$30.81		$	853,303	—		1.00%		1.15%			—	11.25%
2020		26,126		—		$27.69		$	723,551	—		1.00%		1.27%			—	15.72%
2019		25,018		—		$23.93		$	598,752	—		1.00%		2.03%			—	23.18%
VIP - Disciplined Small Cap Initial Class
2023		4,524		$ —		$28.25		$	127,829.00	—		1.00%		1.03%			0.00%	19.75%
2022		5,166		—		$23.59		$	121,893	—		1.00%		0.83%			—	(19.05%)
2021		5,566		—		$29.15		$	162,235	—		1.00%		0.37%			—	19.45%
2020		6,341		—		$24.40		$	154,719	—		1.00%		0.79%			—	17.27%
2019		6,759		—		$20.81		$	140,625	—		1.00%		0.88%			—	22.47%
VIP - FundsManager 20% Investor Class
2023		18,025		$ —		$15.78		$	284,459.00	—		1.00%		3.55%			0.00%	7.08%
2022		20,458		—		$14.74		$	301,509	—		1.00%		2.31%			—	(10.50%)
2021		21,151		—		$16.47		$	348,296	—		1.00%		1.03%			—	2.62%
2020		21,205		—		$16.05		$	340,284	—		1.00%		1.14%			—	7.12%
2019		21,189		—		$14.98		$	317,414	—		1.00%		1.89%			—	9.30%
VIP - FundsManager 50% Investor Class
2023		43,312		$ —		$21.12		$	914,857.00	—		1.00%		2.61%			0.00%	11.84%
2022		43,565		—		$18.89		$	822,795	—		1.00%		2.03%			—	(14.80%)
2021		43,697		—		$22.17		$	968,606	—		1.00%		1.15%			—	8.92%
2020		46,602		—		$20.35		$	948,433	—		1.00%		1.15%			—	12.84%
2019		47,506		—		$18.04		$	856,829	—		1.00%		1.72%			—	16.71%
VIP - FundsManager 70% Investor Class
2023		164,106		$ —		$24.32		$	3,991,802.00	—		1.00%		2.05%			0.00%	14.58%
2022		164,280		—		$21.23		$	3,487,651	—		1.00%		1.62%			—	(16.51%)
2021		163,977		—		$25.43		$	4,169,744	—		1.00%		1.04%			—	13.38%
2020		163,490		—		$22.43		$	3,666,787	—		1.00%		0.95%			—	14.93%
2019		162,772		—		$19.51		$	3,176,349	—		1.00%		1.40%			—	21.44%
VIP - FundsManager 85% Investor Class
2023		16,135		$ —		$26.53		$	428,062.00	—		1.00%		1.62%			0.00%	16.50%
2022		16,003		—		$22.77		$	364,428	—		1.00%		1.11%			—	(17.90%)
2021		15,805		—		$27.74		$	438,374	—		1.00%		0.98%			—	16.65%
2020		15,627		—		$23.78		$	371,549	—		1.00%		0.84%			—	16.28%
2019		20,363		—		$20.45		$	416,360	—		1.00%		1.20%			—	24.95%
VIP—Consumer Staples Initial Class
2023		3,096		$ —		$34.31		$	106,244.00	—		1.00%		1.95%			0.00%	2.11%
2022		3,173		—		$33.60		$	106,588	—		1.00%		1.80%			—	(1.61%)
2021		3,194		—		$34.15		$	109,084	—		1.00%		1.92%			—	13.10%
2020		3,253		—		$30.19		$	98,227	—		1.00%		1.90%			—	10.66%
2019		3,316		—		$27.29		$	90,478	—		1.00%		1.55%			—	30.54%
VIP - Materials Initial Class
2023		279		$ —		$27.88		$	7,783.00	—		1.00%		1.42%			0.00%	6.53%
2022		260		—		$26.17		$	6,810	—		1.00%		1.09%			—	(10.69%)
2021		278		—		$29.30		$	8,152	—		1.00%		0.79%			—	32.09%
2020		262		—		$22.18		$	5,808	—		1.00%		1.27%			—	20.27%
2019		4,319		—		$18.44		$	79,657	—		1.00%		1.58%			—	12.26%


		27		*Annual Report*

Notes to Financial Statements - continued

Fidelity Investments Variable Life Account I

6. Unit Values - continued


			Unit value							Expense ratio (1)					Total Return (3)
	Units		VL		FLR		Net assets			VL	FLR		Investment income ratio (2)		(VL)	(FLR)
VIP - Communication Services Initial Class
2023		1,060		$ —		$28.07		$	29,737.00	—		1.00%		0.00%			0.00%	55.83%
2022		1,064		—		$18.01		$	19,171	—		1.00%		(0.01%)			—	—
2021		122		—		$29.41		$	3,600	—		1.00%		(0.03%)			—	14.49%
2020		124		—		$25.68		$	3,196	—		1.00%		—			—	34.24%
2019		—		—		—			—	—		—		—			—	—
VIF - Emerging Markets Equity Portfolio - Class I
2023		5,304		$ —		$28.95		$	153,542.00	—		1.00%		1.70%			0.00%	10.86%
2022		6,006		—		$26.11		$	156,856	—		1.00%		0.42%			—	(25.83%)
2021		6,706		—		$35.21		$	236,127	—		1.00%		0.83%			—	1.96%
2020		6,834		—		$34.53		$	236,003	—		1.00%		1.30%			—	13.29%
2019		9,354		—		$30.48		$	285,144	—		1.00%		1.07%			—	18.39%
VIF - Emerging Markets Debt Portfolio - Class I
2023		984		$ —		$32.32		$	31,808.00	—		1.00%		9.92%			0.00%	10.72%
2022		1,425		—		$29.19		$	41,585	—		1.00%		7.91%			—	(19.55%)
2021		1,698		—		$36.29		$	61,638	—		1.00%		5.13%			—	(3.00%)
2020		1,714		—		$37.41		$	64,118	—		1.00%		4.08%			—	4.49%
2019		2,494		—		$35.80		$	89,298	—		1.00%		5.31%			—	13.11%
VIF - Global Strategist Portfolio - Class II
2023		7,101		$ —		$21.07		$	149,601.00	—		1.00%		1.68%			0.00%	12.93%
2022		7,433		—		$18.66		$	138,659	—		1.00%		—			—	(17.77%)
2021		7,271		—		$22.69		$	164,967	—		1.00%		1.76%			—	7.28%
2020		8,751		—		$21.15		$	185,067	—		1.00%		1.40%			—	9.81%
2019		11,254		—		$19.26		$	216,751	—		1.00%		1.87%			—	16.59%
Invesco - V.I. Global Core Equity
2023		4,700		$ —		$26.62		$	125,101.00	—		1.00%		0.58%			0.00%	20.51%
2022		4,713		—		$22.09		$	104,092	—		1.00%		0.35%			—	(22.66%)
2021		5,692		—		$16.29		$	92,716	—		1.00%		1.00%			—	14.81%
2020		6,096		—		$24.87		$	151,626	—		1.00%		1.35%			—	12.09%
2019		6,463		—		$22.19		$	143,418	—		1.00%		1.42%			—	23.95%
Lazard - Retirement Emerging Markets Equity
2023		3,746		$ —		$16.65		$	62,369.00	—		1.00%		5.16%			0.00%	21.39%
2022		3,829		—		$13.71		$	52,503	—		1.00%		3.60%			—	(15.81%)
2021		6,184		—		$28.56		$	176,585	—		1.00%		2.27%			—	4.74%
2020		5,175		—		$15.55		$	80,490	—		1.00%		2.86%			—	(2.03%)
2019		8,013		—		$15.87		$	127,214	—		1.00%		0.91%			—	17.17%

(1)

These amounts represent that annualized contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.

(2)

These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that 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 subaccounts invest.

(3)	These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, which includes expenses assessed through the reduction of unit values. The ratio does not include expenses assessed through the redemption of units.

(4)	Fund Name Change. See Note 1.

7. Subsequent Events

Effective April 11, 2024, the mortality and risk expense charge was lowered to 0.40% for FLR contracts.

The Account has evaluated subsequent events from the balance sheet date through the date of this report and no other events have

occurred that would require disclosure.


		28		*Annual Report*

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Fidelity Investments Life Insurance Company and the Contract Owners of Fidelity Investments Variable Life Account I

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts of Fidelity Investments Variable Life Account I indicated in the table below as of December 31, 2023, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including 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 of the subaccounts of Fidelity Investments Variable Life Account I as of December 31, 2023, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.



Fidelity VIP Government Money Market - Initial Class (1)	Fidelity VIP High Income - Initial Class (1)	Fidelity VIP Equity-Income - Initial Class (1)

Fidelity VIP Growth - Initial Class (1)	Fidelity VIP Overseas - Initial Class (1)	Fidelity VIP Investment Grade Bond - Initial Class (1)

Fidelity VIP Asset Manager - Initial Class (1)	Fidelity VIP Index 500 - Initial Class (1)	Fidelity VIP Asset Manager Growth - Initial Class (1)

Fidelity VIP Contrafund - Initial Class (1)	Fidelity VIP Balanced - Initial Class (1)	Fidelity VIP Dynamic Capital Appreciation - Initial Class (1)

Fidelity VIP Growth & Income - Initial Class (1)	Fidelity VIP Growth Opportunities - Initial Class (1)	Fidelity VIP Mid Cap - Initial Class (1)

Fidelity VIP Value Strategies - Initial Class (1)	Fidelity VIP Utilities - Initial Class (1)	Fidelity VIP Technology - Initial Class (1)

Fidelity VIP Energy - Initial Class (1)	Fidelity VIP Health Care - Initial Class (1)	Fidelity VIP Financials - Initial Class (1)

Fidelity VIP Industrials - Initial Class (1)	Fidelity VIP Consumer Discretionary - Initial Class (1)	Fidelity VIP Real Estate - Initial Class (1)

Fidelity VIP Strategic Income - Initial Class (1)	Fidelity VIP International Capital Appreciation - Initial Class (1)	Fidelity VIP Value - Initial Class (1)

Fidelity VIP Freedom Income - Initial Class (1)	Fidelity VIP Freedom 2015 - Initial Class (1)	Fidelity VIP Freedom 2020 - Initial Class (1)

Fidelity VIP Freedom 2025 - Initial Class (1)	Fidelity VIP Freedom 2030 - Initial Class (1)	Fidelity VIP Disciplined Small Cap - Initial Class (1)

Fidelity VIP FundsManager 20% - Initial Class (1)	Fidelity VIP FundsManager 50% - Initial Class (1)	Fidelity VIP FundsManager 70% - Initial Class (1)

Fidelity VIP FundsManager 85% - Initial Class (1)	Fidelity VIP Consumer Staples - Initial Class (1)	Fidelity VIP Materials - Initial Class (1)

Fidelity VIP Communication Services – Initial Class (1)	Morgan Stanley Variable Insurance Fund, Inc. Emerging Markets Equity Portfolio – Class I (1)	Morgan Stanley Variable Insurance Fund, Inc. Emerging Markets Debt Portfolio – Class I (1)

Morgan Stanley Variable Insurance Fund, Inc. Global Strategist Portfolio – Class II (1)	Invesco V.I. Global Core Equity Fund - Series I (1)	Lazard Retirement Emerging Markets Equity Portfolio – Investor (1)

(1) Statement of operations for the year ended December 31, 2023 and statement of changes in net assets for the years ended December 31, 2023 and 2022


		29		*Annual Report*

Basis for Opinions

These financial statements are the responsibility of the Fidelity Investments Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the subaccounts of Fidelity Investments Variable Life Account I 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 each of the subaccounts of Fidelity Investments Variable Life Account I 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 of these financial statements 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 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. Our procedures included confirmation of investments owned as of December 31, 2023 by correspondence the transfer agents or custodians of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 29, 2024

We have served as the auditor of one or more of the subaccounts of Fidelity Investments Variable Life Account I since 1987.


		30		*Annual Report*

LOGO

Fidelity Variable Life, Variable Universal Life and Survivorship Universal Life are issued by Fidelity Investments Life Insurance Company

Fidelity Brokerage Services LLC, member NYSE, SIPC, and Fidelity Insurance Agency,

Inc. are the distributors.

900 Salem Street, Smithfield, RI 02917

N. LIF-ANN-0222

1.xxxxxx.xxx

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

CONSOLIDATED FINANCIAL STATEMENTS

for the years ended December 31, 2023, 2022 and 2021


TABLE OF CONTENTS	PAGE
Report of Independent Auditors		1
Consolidated Balance Sheets		3
Consolidated Statements of Comprehensive Income		4
Consolidated Statements of Stockholder’s Equity		5
Consolidated Statements of Cash Flows		6
Notes to Consolidated Financial Statements		7

Report of Independent Auditors

To the Board of Directors and Management of Fidelity Investments Life Insurance Company

Opinion

We have audited the accompanying consolidated financial statements of Fidelity Investments Life Insurance Company and its subsidiaries (the “Company”), which comprise the consolidated balance sheets as of December 31, 2023 and 2022, and the related consolidated statements of comprehensive income, of stockholder’s equity, and of cash flows for each of the three years in the period ended December 31, 2023, including the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023 in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Consolidated 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 audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated 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 the consolidated financial statements are available to be issued.

Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ 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 US 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 consolidated financial statements.

In performing an audit in accordance with US GAAS, we:

•

Exercise professional judgment and maintain professional skepticism throughout the audit.

•

Identify and assess the risks of material misstatement of the consolidated 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 consolidated 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 consolidated 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.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

April 29, 2024

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)


	December 31,
	2023			2022
ASSETS
Investments:
Debt securities, available-for-sale, at fair value (amortized cost of $1,580,809 in 2023 and $1,662,801 in 2022)	$	1,529,445		$	1,523,089
Other investment		178			104
Policy loans		1,500			1,711

Total Investments		1,531,123			1,524,904

Cash and cash equivalents		148,479			140,067
Restricted cash and cash equivalents		34,704			34,448
Accrued investment income		17,640			16,561
Deferred policy acquisition costs		79,097			80,096
Reinsurance deposit and receivables		761,801			397,772
Other assets		19,391			15,906
Net deferred tax asset		63,035			89,350
Separate account assets		43,222,664			37,783,412

Total Assets		45,877,934			40,082,516

LIABILITIES
Future contract and policy benefits		529,151			563,233
Contract holder deposit funds		501,602			557,685
Funds withheld payable		398,702			—
Other liabilities and accrued expenses		80,688			73,766
Income taxes payable		38,889			53,330
Payable to parent and affiliates, net		6,367			9,840
Separate account liabilities		43,222,664			37,783,412

Total Liabilities		44,778,063			39,041,266

Commitments and Contingencies (Note 12)

STOCKHOLDER’S EQUITY
Common stock, par value $10 per share - 1,000,000 shares authorized; 300,000 shares issued and outstanding		3,000			3,000
Additional paid-in capital		71,378			71,378
Accumulated other comprehensive (loss) income		(39,339	)		(107,744	)
Retained earnings		1,064,699			1,074,536

Total Fidelity Investments Life Insurance Company Stockholder’s Equity		1,099,738			1,041,170
Noncontrolling interest		133			80

Total Stockholder’s Equity		1,099,871			1,041,250
Total Liabilities and Equity	$	45,877,934		$	40,082,516

The accompanying notes are an integral part of the consolidated financial statements

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)


	For the years ended December 31,
	2023			2022			2021
REVENUES
Fees charged to contract holders	$	126,024		$	130,159		$	146,884
Fund administration fees ⁽¹⁾		56,475			56,474			62,022
Net investment income		54,931			51,989			32,750
Interest on reinsurance deposit		13,327			17,296			21,099
Premiums, net		4,051			3,603			5,028
Gain on reinsurance recapture		—			35,431			—
Net realized investment (losses) gains:
Net realized investment (losses) gains on sales		(28,306	)		(18,822	)		13,113
Net realized investment (loss) on funds withheld embedded derivative		(28,731	)		—			—

Total net realized investment (losses) gains		(57,037	)		(18,822	)		13,113
Total Revenues		197,771			276,130			280,896

BENEFITS AND EXPENSES:
Underwriting, acquisition and insurance expenses⁽¹⁾		95,480			97,180			84,370
Contract and policy benefits and expenses		30,194			89,321			39,183
Other expenses		424			296			12,113

Total Benefits and Expenses		126,098			186,797			135,666

Income before income taxes		71,673			89,333			145,230

Income tax expense		6,457			15,704			12,404

Net Income		65,216			73,629			132,826
Less: Net gain (loss) attributable to noncontrolling interest		53			5			(1,209	)

Net Income Attributable to Fidelity Investments Life Insurance Company	$	65,163		$	73,624		$	134,035

Net Income	$	65,216		$	73,629		$	132,826

Other comprehensive income (loss), before tax:
Net unrealized investment gains (losses) during the period		58,539			(176,234	)		(47,247	)
Reclassification adjustment for net realized losses (gains) included in net income		28,306			18,822			(13,113	)
(Provision) benefit for income taxes related to items of other comprehensive income (loss)		(18,440	)		33,387			12,885

Other comprehensive income (loss), net of tax		68,405			(124,025	)		(47,475	)

Comprehensive Income (Loss)		133,621			(50,396	)		85,351
Less: Comprehensive income (loss) attributable to noncontrolling interest		53			5			(1,209	)

Comprehensive Income (Loss) Attributable to Fidelity Investments Life Insurance Company	$	133,568		$	(50,401	)	$	86,560

⁽¹⁾	Includes affiliated company transactions (Note 9)

The accompanying notes are an integral part of the consolidated financial statements

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

CONSOLIDATED STATEMENTS OF STOCKHOLDER’S EQUITY

(in thousands)

For the years ended December 31, 2023, 2022, and 2021


	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)			Retained Earnings			Noncontrolling Interest			Total Stockholder’s Equity
Balance at December 31, 2020	$	3,000	$	71,378	$	63,756		$	1,094,877		$	109		$	1,233,120

Comprehensive income:
Other contributions		—		—		—			—			1,150			1,150
Net income (loss)		—		—		—			134,035			(1,209	)		132,826
Dividends paid to parent		—		—		—			(103,000	)		—			(103,000	)
Other comprehensive income (loss)		—		—		(47,475	)		—			—			(47,475	)

Balance at December 31, 2021	$	3,000	$	71,378	$	16,281		$	1,125,912		$	50		$	1,216,621

Comprehensive income:
Other contributions		—		—		—			—			25			25
Net income (loss)		—		—		—			73,624			5			73,629
Dividends paid to parent									(125,000	)		—			(125,000	)
Other comprehensive income (loss)		—		—		(124,025	)		—			—			(124,025	)

Balance at December 31, 2022	$	3,000	$	71,378	$	(107,744	)	$	1,074,536		$	80		$	1,041,250

Comprehensive income:
Net income (loss)		—		—		—			65,163			53			65,216
Dividends paid to parent		—		—		—			(75,000	)		—			(75,000	)
Other comprehensive income (loss)		—		—		68,405			—			—			68,405

Balance at December 31, 2023	$	3,000	$	71,378	$	(39,339	)	$	1,064,699		$	133		$	1,099,871

The accompanying notes are an integral part of the consolidated financial statements

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)


	For the years ended December 31,
	2023			2022			2021
Cash flows provided by (used for) operating activities:
Net income	$	65,216		$	73,629		$	132,826
Adjustments to reconcile net income to cash provided by operating activities:
Gain from reinsurance recapture		—			(35,431	)		—
Amortization and depreciation		5,603			5,399			2,693
Net realized investment (gains) losses on sales		28,306			18,822			(13,113	)
Net realized investment losses on funds withheld embedded derivative		28,731			—			—
Provision for deferred taxes		7,874			3,539			(7,127	)
Equity loss from investee company		105			296			12,113
Changes in assets and liabilities:
Accrued investment income		(1,079	)		(6,515	)		713
Funds withheld payable		1,068			—			—
Deferred policy acquisition costs, net of amortization		(505	)		6,181			(6,313	)
Future contract and policy benefits, net		47,054			102,408			70,619
Reinsurance deposit and receivables		17,118			40,195			50,284
(Receivable) payable to parent and affiliates, net		(3,472	)		373			(2,665	)
Income taxes payable		(14,442	)		2,986			4,666
Other assets and other (liabilities), net		3,243			5,775			2,684

Net cash provided by (used for) operating activities		184,820			217,657			247,380

Cash flows provided by (used for) investing activities:
Purchase of debt securities		(616,294	)		(515,910	)		(403,872	)
Proceeds from sales of debt securities		575,513			365,376			269,420
Proceeds from maturities and calls of debt securities		76,637			150,773			145,470
Investment in investee company		—			(1,000	)		(9,988	)
Accrued (distributions) contributions in investee company		—			772			(371	)
Investment trades payable/ receivable, net		—			(3,036	)		(4,509	)
Proceeds from sale of capitalized internal use software		—			—			8,021
Change in policy loans		211			(32	)		(74	)

Net cash provided by (used for) investing activities		36,067			(3,057	)		4,097

Cash flows provided by (used for) financing activities:
Deposits credited to fixed annuity contracts		1,326,591			1,230,644			2,426,329
Net transfers from separate accounts		1,440,092			1,087,878			(643,299	)
Withdrawals from variable annuity contracts		(2,822,566	)		(2,350,668	)		(1,905,968	)
Withdrawals from fixed annuity contracts		(81,336	)		(92,420	)		(4,477	)
Dividend paid to parent		(75,000	)		(125,000	)		(103,000	)

Net cash used for financing activities		(212,219	)		(249,566	)		(230,415	)

Net increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents		8,668			(34,966	)		21,062
Cash, cash equivalents, and restricted cash and cash equivalents:
Beginning of year		174,515			209,481			188,419

End of year	$	183,183		$	174,515		$	209,481

Supplemental Disclosure of cash flow for non-cash transactions
Assets deposited for funds withheld account	$	(384,544	)	$	—		$	—
Reinsurance deposit and receivables under funds withheld	$	375,535		$	—		$	—
Proceeds from reinsurance recapture	$	—		$	406,242		$	—

The accompanying notes are an integral part of the consolidated financial statements

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

1. ORGANIZATION AND NATURE OF OPERATIONS:

The consolidated financial statements include the accounts of Fidelity Investments Life Insurance Company (“FILI”), a Utah domiciled insurance company, and Empire Fidelity Investments Life Insurance Company (“EFILI”), FILI’s wholly-owned insurance company subsidiary operating exclusively in the State of New York (collectively, the “Company”). In addition, the accounts also include Feedstock Investments VII, LLC (“Feedstock”), a special purpose entity (“SPE”) that makes tax advantaged investments in certain refined coal transactions under Section 45 of the Internal Revenue Code (“IRC 45”). FILI is a wholly-owned subsidiary of FMR LLC.

The Company issues and services certain variable and fixed annuity contracts and variable universal life (“VUL”) policies. Amounts invested in the fixed option of the annuity contracts and VUL contracts are allocated to the general account of the Company. Amounts invested in the variable option of the annuity contracts and variable universal life policies are allocated to the Variable Annuity Account and Variable Life Account respectively which are separate accounts of the Company. The assets of the Variable Annuity Account and Variable Life Account are invested in certain portfolios of the Fidelity Variable Insurance Product Funds, the Fidelity Variable Insurance Product Funds (Investor Class), the Morgan Stanley Variable Insurance Funds, Inc., the Allspring Variable Trust Funds, the Lazard Retirement Series, Inc., Invesco Advisers Inc., the PIMCO Variable Insurance Trust Funds, the Franklin Templeton Variable Insurance Products Trust Funds and the Blackrock Variable Series Funds. Separate account assets are reported at the net asset value of such portfolios.

The Company offers a term life insurance product with level premium paying periods of ten, fifteen, and twenty years.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Basis of Presentation

The accompanying consolidated financial statements of the Company have been prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”).

The preparation of the consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the related amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Investments

Investments in debt securities are classified as available-for-sale and are reported at fair value. Fair values for debt securities are obtained from independent pricing sources. Unrealized gains or losses on securities are reported as a component of other comprehensive income, net of income taxes. The discount or premium on debt securities, excluding loan-backed bonds and structured securities, is amortized using the effective interest method. Such amortization is included in investment income. Prepayment assumptions for loan-backed bonds and structured securities are obtained from broker-dealer survey values. Amortization of loan-backed bonds and structured securities includes anticipated prepayments over the estimated economic life of the security. When actual prepayments differ significantly from anticipated prepayments, the effective yield is recalculated to reflect actual payments to date and anticipated future payments and any resulting adjustment is included in investment income.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):

Investments (continued)

The Company evaluates available-for-sale investments that experience declines in fair value for impairment.

Impairment related to credit losses on available-for-sale investments is recorded in the consolidated Statements of Comprehensive Income with an offsetting allowance for credit losses, and the portion that is related to other factors is recorded as a component of other comprehensive income (“OCI”). The Company considers many factors, including the extent to which the fair value is less than amortized cost and reasons for the decline in value (e.g., general credit spreads, the financial condition of the issuer, information from industry analyst reports and external credit ratings). If analysis of these factors results in a security needing to be impaired, the credit loss is measured as the extent amortized cost exceeds the present value of expected future cash flows. In addition to these factors, if the Company has the intent to sell an investment whose fair value is below amortized cost, or it is more likely than not that the Company will be required to sell an investment before recovery, the Company will write down the amortized cost to fair value and record an impairment in earnings.

Investment income is recognized on the accrual basis. Debt securities that are delinquent are placed on a non-accrual status, and thereafter interest income is recognized only when cash payments are received. Realized gains or losses on investments sold are determined by the specific identification method.

Cash and Cash Equivalents

The Company considers highly liquid instruments purchased with an original maturity date of three months or less to be cash equivalents. Cash and cash equivalents comprise amounts in demand deposit accounts and money market mutual funds, and are reported at cost which approximates fair value. Money market mutual funds used to hold cash prior to reinvestment and to meet operating cash requirements were $153,484 and $134,303 at December 31, 2023, and 2022, respectively. The Company reclassifies cash overdrafts to Other liabilities and accrued expenses. Cash overdrafts were $21,603 and $14,796 at December 31, 2023, and 2022, respectively.

Other Investment

Other investment includes an investment in which the Company has the ability to influence (but not control) the financial or operating policies of the investee entity and is accounted for using the equity method of accounting. In applying the equity method, the Company uses financial information provided by the investee. The Company reports its share of the equity method investee earnings and losses in Other expenses in the Consolidated Statements of Comprehensive Income.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):

Separate Accounts

Separate account assets represent funds held for the exclusive benefit of variable annuity and variable life insurance contract holders and are reported at fair value based on the net asset value (“NAV”) of the underlying mutual fund portfolios. Since the contract holders receive the full benefit and bear the full risk of the separate account investments, the income and realized and unrealized gains and losses from such investments are offset by an increase or decrease in the amount of liabilities related to the separate account.

Revenue Recognition

Fees charged to contract holders include mortality and expense risk, administrative charges for variable annuity and life contract holders, and the cost of providing insurance protection for variable life contract holders. Fund administration fees represent administrative fees charged to investment managers and recordkeeping fees earned by the Company for administering a third party insurance product. Fees charged to contract holders and fund administration fees are recognized ratably throughout the year as a percentage of the related separate account assets. Premiums for term life insurance products are recognized as revenues over the premium-paying period. Interest accretion on the reinsurance deposit related to the fixed income annuity product and the fixed portion of the variable income annuity product is recognized over the remaining term of the underlying contracts.

Future Contract and Policy Benefits

Future contract and policy benefits include the guaranteed minimum death benefit (“GMDB”) and the guaranteed minimum withdrawal benefit features (“GMWB”) (see Note 3 – Guaranteed Benefits) on three types of products including certain variable annuity products, the majority of the 100% fixed life contingent fixed income annuity product and life products. Such liabilities are established in amounts sufficient to meet the estimated future obligations of policies in force, taking into consideration the future premiums and assessments. Future contract and policy benefit liabilities are computed using certain assumptions including mortality, lapse, investment performance and expense based on the Company’s experience, industry results, emerging trends and future expectations. With the exception of the GMDB and GMWB features, assumptions are locked in at the time of issuance and are not changed unless there are adverse changes in experience or assumptions which may require the Company to provide for expected future losses by establishing premium deficiency reserves.

The Company evaluates future contract and policy benefit liabilities annually to determine if a premium deficiency exists. If the future contract and policy benefit liabilities plus the present value of future gross premiums are insufficient to provide for the current present value of future contract and policy benefits then a charge to earnings is recorded against unamortized deferred policy acquisition costs and, if necessary, a premium deficiency reserve is established. Premium deficiency for certain products is adjusted for the impact of unrealized gains and losses on investments as if the gains and losses have been realized with a corresponding credit or charge to accumulated other comprehensive income, net of income taxes.

Contract Holder Deposit Funds

Contract holder deposit funds consist of annuity deposits received from customers for the fixed portion of the variable deferred annuity product, for the fixed income annuity product with no life contingencies and for the fixed portion of life contingent income annuity products not included in Future Contract and Policy Benefits. Liabilities are established in amounts sufficient to meet the estimated future obligations of policies in force and represent accumulated account deposits plus interest credited, less contract holder withdrawals and other charges assessed against the account balance.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):

Reinsurance Deposit and Receivables

The Company reinsures a substantial portion of its life insurance and annuity product risks with other companies. As a result, when the Company records liabilities that are subject to reinsurance, reinsurance deposits and receivables are recorded. The Company remains contingently liable for claims reinsured in the event the reinsurer is unable to meet its obligations. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk arising from similar activities or economic characteristics of the reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. The largest reinsurance counterparty exposure is partially held in collateral accounts which offers the Company additional protection and reduces the risk of loss to the Company that could result from failure of a reinsurer. The Company is subject to concentration of risk with respect to these reinsurance agreements.

Reinsurance deposits and receivables are recorded net of the allowance for credit losses. The allowance for credit losses represents management’s estimate of credit losses and considers the quality of the reinsurance counterparty using probability-of-default (“PD”) / loss-given-default (“LGD”) models. The PD estimate is determined based on similarly rated companies and the LGD estimate is based on management’s estimate assigned to each reinsurer. The estimate represents the expected economic loss of a reinsurer’s default. There are two primary factors which affect LGD, (i) the presence and amount of collateral backing the reinsurance counterparty credit, and (ii) whether the reinsurer is also a direct writer of insurance. Overall, the allowance for credit losses are affected by changes in the underlying reinsurance reserve credit which can fluctuate with market returns, policy persistency and policyholder mortality. The allowance for credit losses may vary due to (i) updates in assumed probabilities of default, (ii) the value of any collateral, (iii) changes in financial strength ratings of the reinsurance counterparty by various statistical rating agencies and (iv) other risk factors. Changes in the allowance for credit losses are recorded in the provision for credit losses in the Company’s consolidated statements of comprehensive income.

Funds Withheld

The Company entered into a coinsurance with funds withheld reinsurance agreement under which the Company withholds the funds rather than transferring the underlying investments to the reinsurer. The funds withheld liability represents the amount of assets withheld by the Company in accordance with the terms of the reinsurance agreement. The assets in the funds withheld account are required to remain at a value sufficient to support the policy benefit liabilities reinsured on a statutory basis. While the Company legally owns the assets in the funds withheld account and managed in accordance with guidelines to ensure investment risk is appropriately managed, the economic benefits of the funds withheld assets are transferred to the reinsurer.

Embedded Derivative

The funds withheld payable contains an embedded derivative that is considered a total return swap as the Company is obligated to pay the total return on the funds withheld assets. The embedded derivative is carried at fair value which is based on the fair value of the assets supporting the funds withheld payable. The change in fair value of the funds withheld embedded derivative is separately reported on the Consolidated Statements of Comprehensive Income. The fair value of the embedded derivative is classified based on valuation methods used for the assets held supporting the reinsurance agreement.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):

Deferred Policy Acquisition Costs

Costs that vary with and are primarily associated with acquiring new and renewal business are deferred. The costs consist principally of first-year commissions paid to Fidelity Insurance Agency, Inc. in accordance with contractual agreements as described in Note 9 – Affiliated Company Transactions, and certain expenses for traditional life policy issuance and underwriting. These deferred policy acquisition costs (“DAC”) are amortized over the lifetime of the policy, generally estimated as the level term period for the term insurance product and either a 30-year or 50-year period for the variable deferred and immediate annuity products in proportion to expected gross profits.

The amortization process requires the use of various assumptions, estimates and judgments about the future. The primary assumptions are expenses, investment performance, mortality, and contract cancellations (i.e., lapses, withdrawals, internal replacements and surrenders). These assumptions are reviewed on a regular basis and are generally based on the Company’s past experience, industry studies, and judgments about the future. Finally, analyses are performed periodically to assess whether there are sufficient gross profits to amortize the remaining DAC balances. See Note 10 – Underwriting, Acquisition and Insurance Expenses for additional information regarding amortization of deferred policy acquisition costs.

A significant assumption for the projection of estimated gross profits is the investment return on separate account fund balances. The Company assumes a long-term return of 6.5% before fund expenses and other charges. The Company also applies a “Reversion to the Mean” assumption in setting the projected return for the next seven years. The projected return over the next seven years is developed such that the combination of actual and projected returns equals the long term return, and the long term return is projected for the eighth year and beyond. The Company limits the projected return to no greater than 11.5% (before fund expenses and other charges) and no less than approximately 5% (before fund expenses and other charges).

GAAP provides guidance for DAC on internal replacements of insurance and investment contracts. An internal replacement is a modification in product benefits, features, rights or coverages that occurs by the exchange of a contract for a new contract, or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. Modifications that result in a permanent contract that is substantially changed from the replaced contract is accounted for as an extinguishment of the replaced contract. DAC, unearned revenue liabilities and deferred sales inducements from contracts materially changed or replaced are written-off in the period changed or replaced. Modifications that result in a contract that is substantially unchanged from the replaced contract are accounted for as a continuation of the replaced contract.

The Company defines an internal replacement as a modification in product benefits, features, rights or coverages that occurs by the exchange of a contract, by amendment, endorsement or rider to the contract. Contract modifications resulting in a replacement contract that is substantially changed from the replaced contract is accounted for as an extinguishment of the replaced contract and any unamortized deferred acquisition costs are written off. There were no changes to the Company’s definition of internal replacements or changes in product benefits, features, rights or coverage during 2023, 2022, or 2021.

DAC for certain products is adjusted for the impact of unrealized gains and losses on investments as if the gains and losses have been realized with a corresponding credit or charge to accumulated other comprehensive income, net of income taxes.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):

Property and Equipment

Property, equipment, and computer software are stated at cost less accumulated depreciation or amortization. Software includes certain costs incurred for purchasing and developing software for internal use. Depreciation or amortization is provided using the straight-line method over the estimated useful lives of the asset, generally three years.

Effective January 2021, the Company sold certain capitalized software assets at their carrying value of $8,021 to Fidelity Technology Group, LLC (“FTG”), an affiliate which is wholly-owned by FMR LLC.

Income Taxes

The Company files a consolidated federal income tax return with its subsidiary, EFILI. Under a tax sharing agreement, each company is charged or credited its share of taxes as determined on a separate company basis. Tax benefits are credited with respect to taxable losses to the extent such losses are utilized by the consolidated group. Intercompany tax balances are settled within 30 days of the actual tax payment.

The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the current enacted tax rates.

The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance if necessary to reduce the deferred tax assets to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, the Company considers available positive and negative evidence including nature and tax characteristic of taxable temporary differences and the timing of their reversal, projected future taxable income, tax planning strategies, and results of recent operations. Although realization is not assured, management believes it is more likely than not that the deferred tax assets, net of valuation allowances, will be realized. The Company adjusts the valuation allowance if there is a change in management’s assessment of the amount of the deferred tax assets that are more likely than not to be realized.

The Company recognizes the benefit of uncertain tax positions only when the position is more-likely-than-not to be sustained upon review by taxing authorities.

Future Adoption of Accounting Pronouncements

The Financial Accounting Standards Board (“FASB”) issued new guidance for insurance companies that issue long-duration insurance and annuity contracts. The guidance makes several changes including amendments to the assumptions used to measure liabilities for future policy benefits, measurement of market-based risk benefits, amortization of deferred acquisition costs and additional disclosures. The guidance will be effective for the Company in the year beginning January 1, 2025 and early adoption is permitted. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements.

The FASB issued new guidance that improves income tax disclosures primarily related to a company’s effect tax rate reconciliation and income taxes paid. The guidance will be effective for the Company in the year beginning January 1, 2026 and early adoption is permitted. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

3. GUARANTEED BENEFITS:

The Company establishes a liability for death or withdrawal benefit guarantees contained in variable annuity contracts.

Guaranteed Minimum Death Benefits (GMDB)

The Company has certain variable annuity contracts with a GMDB feature. The GMDB feature provides annuity contract holders with a default guarantee that the benefit received at death will be no less than a prescribed minimum amount. Upon death of the annuitant prior to age 85, the death benefit is the greater of the contract value and total premiums, adjusted for withdrawals. For an additional charge, the death benefit is the greater of the default guaranteed death benefit and the highest contract value as of any prior anniversary, prior to age 80, adjusted for any additional payments or withdrawals. The optional rider is no longer offered to new customers, effective January 1, 2003. If the GMDB is higher than the current account value at the time of death, the Company incurs a cost equal to the difference. The Company’s current variable annuity contract does not offer a GMDB feature.

The following summarizes the liability for GMDB contracts reflected in the general account:


	Years Ended December 31,
	2023			2022
Beginning Balance	$	93		$	33
Change in benefit ratio estimate		(137	)		(20	)
Interest on reserve		(3	)		1
Claims paid		—			(45	)
Accrual of benefit ratio		52			124

Ending Balance	$	5		$	93

The reinsurance recoverables associated with the GMDB were $3 and $92 at December 31, 2023 and 2022, respectively.

The following information relates to the reserving methodology and assumptions for developing the GMDB policy benefit liability.

•

The projection model uses 100 pairs of stochastically generated market return scenarios for equity and bond returns.

•

The projection period is 30 years from issue.

•

The mean investment performance assumptions, prior to the consideration of mortality and expense fees, vary from 3.3% to 11.5% depending on the underlying fund type.

•

The projection model employs a mean reversion adjustment that is based on historical performance from 1997 to the present and the long-term rate assumption.

•

The volatility assumption is 20% for equity funds; 9% for bond funds; and 0% for money market funds.

•

The mortality assumption is 86%/80% for males/females, respectively, of the 2012 IAM Basic Mortality Table with Scale G2.

•

The base lapse rate assumption varies from 3.7% to 6.5%, depending on policy duration. The partial withdrawal assumption is 1.8% for all policy durations.

•

The annual lapse rate for anticipated internal replacements is 1.2%.

•

The discount rate is 6.83%.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

3. GUARANTEED BENEFITS (CONTINUED):

The table below represents the account value, net amount at risk and average attained age of underlying contract holders for GMDB as of December 31, 2023 and 2022. The net amount at risk is the death benefit coverage in force or the amount that the Company would have to pay if all contract holders had died as of the specified date, and represents the excess of the guaranteed benefit over the fair value of the underlying investments.


	Years Ended December 31,
(in thousands, except for contract holder data)	2023		2022
Net deposits paid
Account value	$	4,805,070	$	4,348,786
Net amount at risk	$	48,420	$	60,324
Average attained age of contract holders		71		70
Ratchet (highest historical account value at specified anniversary dates)
Account value	$	213,186	$	202,049
Net amount at risk	$	7,659	$	27,900
Average attained age of contract holders		74		74

Guaranteed Minimum Withdrawal Benefits (GMWB)

The Company issued a variable annuity contract with a GMWB feature. The GMWB feature provides annuity contract holders with withdrawal payments that are guaranteed for life. The withdrawal feature allows for guaranteed withdrawals beginning with age 59¹⁄₂ for the life of the contract holder based on a preset withdrawal percentage of the guaranteed withdrawal benefit (“GWB”) value as defined in the contract. The contract holder is eligible to take the withdrawal benefit each year until there is no longer any living annuitant. The GWB value is initially set equal to the purchase payment and is ratcheted up to the contract value on each anniversary until the oldest annuitant’s 85th birthday. The GWB value is reduced by (i) withdrawals if the youngest annuitant is under age 59¹⁄₂ or (ii) withdrawals in excess of the GWB amount if the youngest annuitant has reached age 59¹⁄₂.

The following summarizes the liability for GMWB contracts reflected in the general account:


	Years Ended December 31,
	2023		2022
Beginning Balance	$	11,067	$	10,337
Change in benefit ratio estimate		3,304		(197	)
Interest on reserve		741		523
Accrual of benefit ratio		473		404

Ending Balance	$	15,585	$	11,067

For contracts issued prior to January 1, 2009, the Company has reinsurance coverage for 100% of its GMWB provisions. Effective January 1, 2009, the Company entered into a reinsurance agreement to reinsure 90% of GMWB product sales during the first quarter of 2009. Effective March 31, 2009, the GMWB was no longer offered.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

3. GUARANTEED BENEFITS (CONTINUED):

The reinsurance recoverables associated with the GMWB were $15,127 and $10,758 at December 31, 2023, and 2022, respectively.

The following information relates to the reserve methodology and assumptions for developing the GMWB policy benefit liability:

•

The projection model uses 100 pairs of stochastically generated market return scenarios for equity and bond returns.

•

The projection period is 50 years from issue.

•

The mean investment return assumptions for the stochastic scenarios, before fund expenses and other charges, vary from 3.3% to 11.5% depending on the underlying fund type.

•

The projection model employs a mean reversion adjustment that is based on historical performance from 1997 to the present and the long-term rate assumption.

•

The volatility assumption is 20% for equity funds; 9% for bond funds; and 0% for money market funds.

•

Separate benefit ratios were calculated for single life and joint life policies.

•

For contract holders not yet taking withdrawals, the GMWB withdrawal waiting period is defined as the later of 17¹⁄₂ years from issue and age 59¹⁄₂.

•

The mortality assumption is 86% of the 2012 IAM Basic Mortality Table with projection scale G2.

•

The lapse rate assumption is 4.9%, with dynamic lapse reduction for contracts in the money.

•

The discount rate is 6.425%, adjusted for maintenance and expense charges.

The table below displays the account value and guaranteed withdrawal values at December 31, 2023, and 2022:


	Years Ended December 31,
	2023		2022
Account value	$	1,367,030	$	1,324,932
GWB value	$	1,529,737	$	1,640,204
Average attained age of contract holders		80		79

4. INVESTMENTS:

The components of net investment income were as follows:


	Years Ended December 31,
	2023		2022		2021
Debt securities	$	52,784	$	53,067	$	36,071
Cash and cash equivalents		4,540		2,105		14
Other income		1,205		263		219

Total investment income		58,529		55,435		36,304
Less: investment expenses		3,598		3,446		3,554

Net investment income	$	54,931	$	51,989	$	32,750

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

4. INVESTMENTS (CONTINUED):

Gross realized gains and losses from sales of debt securities were as follows:


	Years Ended December 31,
	2023			2022			2021
Debt securities:
Gross realized gains	$	636		$	1,031		$	14,052
Gross realized losses		(28,942	)		(19,853	)		(939	)

Total realized investment gains (losses)		(28,306	)	$	(18,822	)	$	13,113

The Company recorded realized investment losses as a result of impairments of $231, $0, and $0 for 2023, 2022 and 2021, respectively. The Company recorded debt securities of $16, $0, and $0 that were non-income producing for 2023, 2022 and 2021, respectively. Interest foregone by non-income producing securities was $16, $0, and $0 for 2023, 2022, and 2021, respectively.

Net unrealized investment gains (losses) on debt securities carried at fair value and the related impact on DAC and deferred income taxes as of December 31 were as follows:


	December 31,
	2023			2022
Debt securities	$	(51,364	)	$	(139,712	)
DAC		1,446			2,949
Deferred income tax benefit (expense)		10,579			29,019

	$	(39,339	)	$	(107,744	)

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

4. INVESTMENTS (CONTINUED):

Debt securities, without an allowance for credit losses, that have been in a continuous unrealized loss position as of December 31, 2023 were as follows:


	2023
	Less than twelve months							Twelve months or more							Total
	Estimated Fair Value		Gross Unrealized Losses			Number of Securities		Estimated Fair Value		Gross Unrealized Losses			Number of Securities		Estimated Fair Value		Gross Unrealized Losses			Number of Securities
	(in thousands)
Investment grade debt securities:
U.S. Treasury securities	$	54,048	$	(1,009	)		8	$	47,345	$	(5,231	)		9	$	101,393	$	(6,240	)		17
States and political subdivisions		—		—			—		1,297		(204	)		5		1,297		(204	)		5
Corporate debt securities		65,345		(1,986	)		28		834,449		(60,794	)		532		899,794		(62,780	)		560
Mortgage and asset-backed securities		7,444		(56	)		2		1,548		(67	)		3		8,992		(123	)		5

Total	$	126,837	$	(3,051	)		38	$	884,639	$	(66,296	)		549	$	1,011,476	$	(69,347	)		587

Below Investment grade debt securities:
U.S. Treasury securities	$	—	$	—			—	$	—	$	—			—	$	—	$	—			—
States and political subdivisions		—		—			—		—		—			—		—		—			—
Corporate debt securities		1,578		(93	)		14		48,617		(4,077	)		236		50,195		(4,170	)		250
Mortgage and asset-backed securities		—		—			—		—		—			—		—		—			—

Total	$	1,578	$	(93	)		14	$	48,617	$	(4,077	)		236	$	50,195	$	(4,170	)		250

The Company believes that declines in the fair value of the securities above were not indicative of credit impairment as of December 31, 2023. The Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. The majority of the securities are investment grade debt securities with average fair values of 94% of amortized cost at December 31, 2023. Investments in below investment grade securities have an average fair value of 92% of amortized cost as of December 31, 2023.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

4. INVESTMENTS (CONTINUED):

Debt securities that have been in a continuous unrealized loss position as of December 31, 2022, were as follows:


	2022
	Less than twelve months							Twelve months or more							Total
	Estimated Fair Value		Gross Unrealized Losses			Number of Securities		Estimated Fair Value		Gross Unrealized Losses			Number of Securities		Estimated Fair Value		Gross Unrealized Losses			Number of Securities
	(in thousands)
Investment grade debt securities:
U.S. Treasury securities	$	166,477	$	(8,439	)		13	$	90,333	$	(12,360	)		6	$	256,810	$	(20,799	)		19
State and political subdivisions		7,247		(416	)		5		216		(84	)		1		7,463		(500	)		6
Corporate debt securities	$	781,041	$	(46,317	)		420	$	350,417	$	(63,410	)		247		1,131,458		(109,727	)		667
Mortgage and asset-backed securities		15,255		(875	)		9		516		(71	)		3		15,771		(946	)		12

Total	$	970,020	$	(56,047	)		447	$	441,482	$	(75,925	)		257	$	1,411,502	$	(131,972	)		704


Below Investment grade debt securities:
U.S. Treasury securities	$	—	$	—			—	$	—	$	—			—	$	—	$	—			—
State and political subdivisions		—		—			—		—		—			—		—		—			—
Corporate debt securities		26,914		(2,390	)		129		35,691		(6,848	)		196		62,605		(9,238	)		325
Mortgage and asset-backed securities		—		—			—		—		—			—		—		—			—

Total	$	26,914	$	(2,390	)		129	$	35,691	$	(6,848	)		196	$	62,605	$	(9,238	)		325

The Company believes that declines in the fair value of the securities above were not indicative of credit impairment as of December 31, 2022. The Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. The majority of the securities are investment grade debt securities with average fair values of 91% of amortized cost at December 31, 2022. Investments in below investment grade securities have an average fair value 85% of amortized cost as of December 31, 2022.

There were no additions, write-offs, and recoveries during 2023, 2022, and 2021, respectively.

The amortized cost and fair value of debt securities by type of issuer as of December 31, 2023, were as follows:


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Gross Unrealized Losses - Allowance		Estimated Fair Value
Debt securities:
U.S. Treasury securities	$	184,788	$	2,552	$	(6,240	)	$	—	$	181,100
States and political subdivisions		1,501		—		(204	)		—		1,297
Corporate and other debt securities		1,339,674		17,792		(66,939	)		—		1,290,527
Mortgage and asset-backed securities		54,846		1,809		(134	)		—		56,521

Total debt securities	$	1,580,809	$	22,153	$	(73,517	)	$	—	$	1,529,445

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

4. INVESTMENTS (CONTINUED):

The amortized cost and fair value of debt securities by type of issuer as of December 31, 2022, were as follows:


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Gross Unrealized Losses - Allowance		Estimated Fair Value
Debt securities:
U.S. Treasury securities	$	291,012	$	136	$	(20,799	)		—	$	270,349
States and political subdivisions		7,963		—		(500	)		—	$	7,463
Corporate and other debt securities		1,347,109		1,362		(118,965	)		—	$	1,229,506
Mortgage and asset-backed securities		16,717		—		(946	)		—		15,771

Total debt securities	$	1,662,801	$	1,498	$	(141,210	)		—	$	1,523,089

The allowance for credit losses was zero as of December 31, 2023 and 2022, respectively.

The amortized cost and fair value of debt securities at December 31, 2023, by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	December 31, 2023
	Amortized Cost		Estimated Fair Value
Due in 1 year or less	$	103,950	$	102,607
Due after 1 year through 5 years		720,720		691,847
Due after 5 years through 10 years		459,753		437,336
Due after 10 years		241,540		241,134
Mortgage and asset-backed securities		54,846		56,521

	$	1,580,809	$	1,529,445

At December 31, 2023, and 2022, there were no contractual investment commitments. There were no significant concentrations of debt securities by issuer or by industry, other than U.S. Treasury securities.

At December 31, 2023, the amortized cost and fair value of securities on deposit with various state and governmental authorities was $2,795 and $2,758 respectively. At December 31, 2022, the amortized cost and fair value of securities on deposit with various state and governmental authorities was $2,794 and $2,694 respectively.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

5. VARIABLE INTEREST ENTITIES:

Effective April 1, 2014, FMR LLC contributed a 100% wholly owned subsidiary, Feedstock, to the Company at its carrying value of $1,796. Feedstock makes tax advantaged investments in certain refined coal transactions under Section 45 of the Internal Revenue Code. IRC 45 provides a tax credit for the production of certain refined energy resources at a qualified facility during a ten year period beginning on the date the facility was originally placed in service and the refined energy is sold to an unrelated party.

Feedstock entered into certain operating agreements to provide operational funding of a qualified energy facility through 2021. Feedstock is required to provide 90% of these operational fundings to LRC Holdings LLC (“LRCH”) through a membership interest agreement. LRCH ultimately funds the qualified facility through a 60% membership interest agreement. These funding obligations are tied to the production of the qualified energy resource and eligibility to receive the expected tax credit pursuant to the operating agreements. The Company is expected to make funding payments on behalf of Feedstock and receive the benefits of the tax credits generated. The Company provided cash funding payments of $0, $1,000 and $9,988, respectively for the years ended December 31, 2023, 2022, and 2021 respectively.

FMR LLC provides certain guarantees of Feedstock to third parties which are contingent upon Feedstock’s eligibility to receive the expected tax credits. FMR LLC continues to provide such guarantees subsequent to its contribution of Feedstock to the Company.

Feedstock and LRCH are deemed to be variable interest entities (“VIEs”).A VIE is an entity that either (i) has equity investors that lack controlling financial interest or (ii) does not have sufficient equity to finance its own activities without financial support provided by another entity. If the Company determines that it is the VIE’s “primary beneficiary,” it consolidates the VIE. The primary beneficiary has the power to direct the activities of a VIE that most significantly impact its economic performance and either the obligation to absorb the losses of the entity or the right to receive the benefits from the entity that could be potentially significant to the VIE.

The Company determined that its interest in Feedstock and in turn Feedstock’s 90% membership interest in LRCH qualifies as a variable interest, and that Feedstock and LRCH are both VIEs. The Company has determined that it is the primary beneficiary as it has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or receive benefits of the entity that could potentially be significant to the VIE as a result of the operational funding provided and the return in the form of income tax credits. Accordingly, the Company consolidates Feedstock and LRCH. The consolidated balances include restricted cash and cash equivalents of $34,704 and $34,448 as of December 31, 2023, and 2022, respectively. These balances are restricted for withdrawal or use under the terms of certain contractual agreements and are recorded as restricted cash and cash equivalents in the Consolidated Balance Sheets.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

5. VARIABLE INTEREST ENTITIES (CONTINUED):

The following is the incremental impact of consolidating LRCH in the Company’s consolidated financial statements at December 31, 2023, and 2022 and for the years ended December 31, 2023, 2022, and 2021:


	December 31,
	2023		2022
Total Assets	$	3,539	$	3,474
Total Liabilities		3,406		3,394

Noncontrolling equity interest	$	133	$	80


	Years Ended December 31,
	2023			2022			2021
Total Revenues	$	995		$	25		$	35
Total Expenses		(942	)		(20	)		(1,244	)

Net loss before income taxes		53			5			(1,209	)
Income tax expense		—			—			—

Net Income (Loss)		53			5			(1,209	)
Less: Net loss attributable to noncontrolling interest		53			5			(1,209	)

Net Income Attributable to Fidelity Investments Life Insurance Company	$	—		$	—		$	—

Noncontrolling interest represents ownership interests in LRCH that is not attributable to the Company.

6. FAIR VALUE MEASUREMENTS:

The Company categorizes the financial assets and liabilities carried at fair value in its balance sheets based upon a three-level valuation hierarchy. The Company carries the following financial instruments at fair value in the Company’s financial statements: debt securities, cash equivalents such as money market funds, and separate account assets. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable valuation inputs (Level 3). If the inputs used to measure a financial asset or liability cross different levels of the hierarchy, categorization is based on the lowest level input that is significant to the fair value measurement. Management’s assessment of the significance of a particular input to the overall fair value measurement of a financial asset or liability requires judgment, and considers factors specific to the asset or liability. The three levels are described below:

•

Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets and liabilities in an active market.

•

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

6. FAIR VALUE MEASUREMENTS (CONTINUED):

•

Level 3 – Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable in the market and significant to the overall fair value measurement. These inputs reflect management’s judgment about the assumptions that a market participant would use in pricing the asset or liability and are based on the best available information, some of which is internally developed.

The Company’s available-for-sale debt securities generally use Level 2 inputs for the determination of fair value. These fair values are obtained primarily from industry-standard pricing methodologies based on market observable information. The fair value of U.S. Treasury debt securities is based on quoted prices in active markets that are readily and regularly obtainable and are reflected in Level 1. While the Company obtains values for the debt securities it holds from independent pricing services, it is ultimately management’s responsibility to determine whether the value obtained and recorded to the financial statements are representative of fair value.

Cash equivalents are reported at fair value on a recurring basis and include money market instruments. Fair values of these cash equivalents may be determined using public quotations which are reflected in Level 1.

Separate account assets are invested in mutual funds whose value is based on the underlying net asset value of these funds. Open ended mutual funds in the Separate Account produce a daily NAV that is validated with a sufficient level of observable activity to support classification of the fair value measurement as Level 1.

The funds withheld payable includes an embedded derivative that has been bifurcated from the host contract and is measured at fair value on a recurring basis. The fair value is determined based on the change in the estimated fair value of the underlying funds withheld investments which is reflected in Level 2.

There were no Level 3 assets held by the Company during 2023 or 2022. There were no transfers into or out of Level 3 during 2023 or 2022.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

6. FAIR VALUE MEASUREMENTS (CONTINUED):

The following fair value hierarchy table presents information about the Company’s assets measured at fair value on a recurring basis as of:


	December 31, 2023
	Quoted Market Prices in Active Markets (Level 1)		Pricing Methods with Significant Observable Market Inputs (Level 2)		Pricing Methods with Significant Unobservable Market Inputs (Level 3)		Total Estimated Fair Value
Assets:
Available-for-sale debt securities:
U.S. Treasury securities	$	181,100	$	—	$	—	$	181,100
States and political subdivisions		—		1,297		—		1,297
Corporate and other debt securities		—		1,290,527		—		1,290,527
Mortgage and asset-backed securities		—		56,521		—		56,521

Total available-for-sale debt securities		181,100		1,348,345		—		1,529,445
Cash equivalents		153,484		—		—		153,484

Subtotal excluding separate account assets		334,584		1,348,345		—		1,682,929
Separate account assets		43,222,664		—		—		43,222,664

Total	$	43,557,248	$	1,348,345	$	—	$	44,905,593

Liabilities:
Funds withheld payable	$	—	$	398,702	$	—	$	398,702

Total	$	—	$	398,702	$	—	$	398,702


	December 31, 2022
	Quoted Market Prices in Active Markets (Level 1)		Pricing Methods with Significant Observable Market Inputs (Level 2)		Pricing Methods with Significant Unobservable Market Inputs (Level 3)		Total Estimated Fair Value
Assets:
Available-for-sale debt securities:
U.S. Treasury securities	$	270,349	$	—	$	—	$	270,349
States and political subdivisions		—		7,463		—		7,463
Corporate and other debt securities		—		1,229,506		—		1,229,506
Mortgage and asset-backed securities		—		15,771		—		15,771

Total available-for-sale debt securities		270,349		1,252,740		—		1,523,089
Cash equivalents		134,303		—		—		134,303

Subtotal excluding separate account assets		404,652		1,252,740		—		1,657,392
Separate account assets		37,783,412		—		—		37,783,412

Total	$	38,188,064	$	1,252,740	$	—	$	39,440,804

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

6. FAIR VALUE MEASUREMENTS (CONTINUED):

Financial Instruments Not Carried at Fair Value

Certain financial instruments are not required to be measured at fair value in the financial statements but are disclosed if it is practicable to estimate such values.

The following include disclosures for other financial instruments not carried at fair value and not included in the above discussion:


	December 31, 2023				December 31, 2022
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial Assets:
Other investment	$	178	$	178	$	104	$	104
Policy loans		1,500		1,500		1,711		1,711
Reinsurance deposit and receivables		761,801		762,979		397,772		391,130

Total	$	763,479	$	764,657	$	399,587	$	392,945

Financial Liabilities:
Contract holder deposit funds	$	502,203	$	493,267	$	557,685	$	550,246

The following methods and assumptions were used to estimate the fair value of each class of financial instruments:

Other Investment

Fair value for the other investment is based on the Company’s share of the investee based on the underlying financial statements of the investee.

Policy Loans

Policy loans are carried at outstanding principal balances, not in excess of policy cash surrender value. These loans are an integral part of the insurance products and have no maturity dates. Consequently, the outstanding principal balance is considered to be a reasonable estimate of the fair value of policy loans.

Reinsurance Deposit and Receivables

Fair values for certain of the Company’s reinsurance deposits for the fixed portion of the variable annuities contracts in payout and the fixed immediate annuity contracts are estimated using discounted cash flow calculations based on expected current offering interest rates versus contract rates.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

6. FAIR VALUE MEASUREMENTS (CONTINUED):

Contract Holder Deposit Funds

Fair value for the Company’s contract holder deposit fund liabilities for the fixed portion of the variable annuity contracts in payout and the fixed immediate annuity contracts are estimated using discounted cash flow calculations based on expected current offering interest and mortality rates versus contract rates.

The fixed portion of variable deferred annuity products is carried at account value and can be withdrawn without prior notice pursuant to the terms of the annuity contract. The fixed portion of variable deferred annuity products is an integral part of the contract, and consequently the account value is considered to be a reasonable estimate of the fair value of the contract.

7. INCOME TAXES:

The components of the provision for income taxes attributable to operations were as follows:


	Years Ended December 31,
	2023			2022			2021
Current:
Federal	$	(1,766	)	$	11,858		$	19,128
State		349			307			403

	$	(1,417	)	$	12,165		$	19,531

Deferred:
Federal	$	7,734		$	3,749		$	(7,180	)
State		140			(210	)		53

	$	7,874		$	3,539		$	(7,127	)

Income tax expense	$	6,457		$	15,704		$	12,404

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Life insurance corporations in New York remain subject to a franchise tax. However, for tax years beginning on or after January 1, 2003, in no event may the franchise tax on life insurance corporations, computed prior to the application of tax credits, be less than 1.5% of premiums or more than 2.0% of premiums. Accordingly, state deferred taxes are no longer recorded for EFILI, as EFILI believes that the reversal of temporary differences will have no impact on the state income tax that EFILI will pay in the future. State deferred taxes are recorded for FILI for the impact of its reversing temporary differences on its future state income tax liability.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

7. INCOME TAXES(CONTINUED):

Significant components of the Company’s net deferred tax asset were as follows:


	December 31,
	2023			2022
Deferred income tax assets (liabilities):
Deferred policy acquisition costs	$	24,272		$	23,880
Contract holder reserves		34,246			34,234
Contract holder reserves - Tax Cuts and Jobs Act (“TCJA”)
Transition Adjustment		(2,943	)		(4,414	)
Unrealized gains on available-for-sale securities		10,908			29,718
Deferred revenue		672			2,121
Deferred compensation and retirement benefit plans		1,277			1,647
Capital loss carryforward		5,657			—
Embedded Derivative		2,194			—
Other, net		3,317			2,164

Net deferred tax asset before valuation allowance		79,600			89,350

Valuation allowance		(16,565	)		—

Net deferred tax asset after valuation allowance	$	63,035		$	89,350

The Company recorded a deferred tax asset of approximately $16,565 related to net unrealized losses on available-for-sale

securities and capital loss carryforwards as of December 31, 2023. The capital loss carryforwards can be used to offset taxable capital gains income in the future but will expire if they are not used within certain prescribed periods. The Company concluded that it was more likely than not that it will not have sufficient taxable capital gains income in the future to realize the net unrealized losses on available-for-sale securities and capital loss carryforwards. Accordingly, the Company recorded a valuation allowance of $16,565 as of December 31, 2023.

A reconciliation of the tax provision at the U.S. Federal statutory rate to the provision for income taxes is as follows:


	Years Ended December 31,
	2023			2022			2021
Tax provision at U.S. Federal statutory rate	$	15,052		$	18,759		$	30,499
Unrecognized tax benefits		(27,711	)		3,901			8,727
Provision to return adjustment		6,122			2,174			2,350
Dividends received deduction		(3,805	)		(9,028	)		(19,358	)
IRC 45 tax credit		—			(217	)		(10,451	)
Increase in valuation allowance		16,565			—			—
Other, net		234			115			637

Income tax expense	$	6,457		$	15,704		$	12,404

The Company paid (recovered) net federal and state income taxes of $ 13,024, $$9,180, and $ 14,865 in 2023, 2022, and 2021, respectively.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

7. INCOME TAXES (CONTINUED):

Currently, the Company only files income tax returns in the United States. The Company is not currently under examinations and is no longer subject to U.S. federal or state tax examinations for years before 2020. The Company is not currently under examination for the income tax filings in any other jurisdictions.

The Inflation Reduction Act of 2022 (“IRA”) was enacted by the U.S. Government on August 16, 2022 and includes a new corporate alternative minimum tax (“CAMT”) effective January 1, 2023. The CAMT will apply to corporations based on their affiliated group basis and requires computing the U.S. federal income tax liability under the regular corporate tax system and the CAMT. The Company determined that it is subject to the CAMT.

The effects of tax legislation are recognized in the period of enactment. In addition, companies are required to consider the impact of the new tax law on the realizability of deferred tax assets. The Company did not have any CAMT liability as of December 31, 2023.

In 2017, an affiliate received notification from the Internal Revenue Service (“IRS”) that challenged its eligibility to claim certain tax credits under Internal Revenue Code Section 45, and certain operating losses, for tax years 2011 and 2012. As of December 31, 2023, the statute of limitations expired for certain tax years under the IRS challenge. Accordingly, the Company decreased its liability for unrecognized tax benefits by $28,300 for the year ended December 31, 2023. The IRS audit of the affiliate is ongoing for the open tax years.As a result, the Company’s unrecognized tax benefits as of December 31, 2023 was $29,210 (including $5,951 of interest expense). The Company classifies all interest and penalties as income tax expense.

8. STOCKHOLDER’S EQUITY AND DIVIDEND RESTRICTIONS:

Generally, the net assets of the Company available for payment as dividends to FMR LLC are limited to the excess of FILI’s net assets, as determined in accordance with statutory accounting practices, over minimum statutory capital requirements; however, payments of such amounts as dividends may be subject to approval by regulatory authorities. Under the Insurance Code of the State of Utah for FILI and New York State Insurance Laws for EFILI, dividends to shareholders are limited to the lesser of the Company’s net gain from operations for the year ended on the preceding December 31, or 10% of the Company’s surplus held for policyholders as of the preceding December 31. The Company paid cash dividends to FMR LLC of $75,000, $125,000, and $103,000 in 2023, 2022 and 2021, respectively.

The Company prepares its statutory financial statements in accordance with accounting practices prescribed or permitted by the applicable state insurance department which vary with GAAP in certain respects. Prescribed statutory accounting practices include publications of the National Association of Insurance Commissioners, as well as state laws, regulations and general administrative rules. The principal differences with GAAP are that statutory financial statements do not reflect DAC, recognition of deferred income tax assets are limited, bonds are generally carried at amortized cost, insurance liabilities are presented net of reinsurance assets, a wholly-owned insurance subsidiary is reported at statutory equity and future policy benefit liabilities are estimated using different actuarial assumptions. The Company does not rely on the use of any permitted statutory accounting practices.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

8. STOCKHOLDER’S EQUITY AND DIVIDEND RESTRICTIONS (CONTINUED):

Net income and capital and surplus as determined in accordance with statutory accounting practices were as follows:


	Years Ended December 31,
	(Unaudited)		(Audited)		(Audited)
	2023		2022		2021
FILI
Statutory net income	$	119,778	$	101,546	$	125,298
Statutory surplus	$	1,014,933	$	1,003,195	$	1,086,824

EFILI
Statutory net income	$	9,151	$	13,186	$	10,701
Statutory surplus	$	108,768	$	112,281	$	110,394

9. AFFILIATED COMPANY TRANSACTIONS:

The Company has a services agreement with Fidelity Investments Institutional Operations Company LLC and Fidelity Distributors Company LLC, both wholly-owned subsidiaries of FMR LLC, under which the Company provides certain shareholder account services (recordkeeping and customer reporting, customer support, and preparing/distributing marketing materials) with respect to Investor Class shares of the Fidelity Variable Insurance Product Funds. The Company earned fees of $43,524, $41,730 and $45,325 in 2023, 2022 and 2021, respectively, under these agreements. These fees are included in Fund administration fees in the Consolidated Statements of Comprehensive Income.

The Company’s insurance contracts are distributed through Fidelity Brokerage Services LLC, Fidelity Insurance Agency, Inc. (“FIA”), and Fidelity Distributors Company LLC, all of which are wholly-owned subsidiaries of FMR LLC. FILI and EFILI have agreements with FIA under which FILI pays FIA renewal sales compensation of 0.10% of the variable annuity contract value each year and compensation for each new first year contract. EFILI pays FIA sales compensation of 3% of annuity payments received for its variable deferred and immediate annuity contracts. The Company pays FIA 37.5% of term life insurance first-year premiums. The Company compensated FIA in the amount of $40,878, $40,968, and $46,019 in 2023, 2022 and 2021, respectively.

The Company has an administrative services agreement with FIA whereby the Company provides certain administrative and accounting functions. The Company was reimbursed $35,354, $24,220, and $20,383 in 2023, 2022 and 2021, respectively, for such services. The reimbursements are accounted for as a direct reduction of the Company’s expenses.

The Company entered into agreements with Fidelity Institutional Asset Management LLC, and Fidelity Institutional Asset Management Trust Company whereby investment and managerial advice is provided to the Company. During 2023, the Company entered into an agreement with Soteria Reinsurance Holdings LLC to provide investment and managerial advice for the assets supporting the Funds withheld account. The Company incurred charges of $2,482, $2,348, and $2,379 in 2023, 2022 and 2021, respectively, for such services.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

9. AFFILIATED COMPANY TRANSACTIONS (CONTINUED):

The Company has an administrative services agreement with FMR LLC and its subsidiaries whereby certain administrative and other services are provided for the Company. The Company incurred charges from FMR LLC and its subsidiaries of $27,188, $22,180, and $18,944 in 2023, 2022 and 2021, respectively, for such services. Intercompany balances with FMR LLC and its subsidiaries are settled in accordance with the terms of the respective agreements.

FMR LLC sponsors a Profit-Sharing Plan covering substantially all eligible Company employees. Payments are made to the trustee by FMR LLC annually for the Profit-Sharing Plan. FMR LLC’s policy is to fund all costs accrued and to charge each subsidiary for its share of the cost. The costs charged to the Company were $2,877, $2,000 and $1,829 in 2023, 2022 and 2021, respectively.

The Company participates in various share-based compensatory plans sponsored by FMR LLC and is allocated a compensation charge from FMR LLC that is amortized over the period in which it is earned. These share-based compensation arrangements generally provide holders with participation in changes in FMR LLC’s Net Asset Value per share (as defined) over their respective terms.All plans are settled in cash or promissory notes at the end of their defined term or when plan participants are no longer employees. The aggregate expenses related to these plans charged to the Company were $6,074, $4,996, and $3,089 in 2023, 2022 and 2021, respectively.

The Company participates in FMR LLC’s Retiree Health Reimbursement Plan (“RHRP”), a defined benefit health reimbursement arrangement covering eligible employees. FMR LLC has established the Fidelity Welfare Benefit Plans VEBA Trust (the “Trust”) to provide a funding vehicle for certain benefits related to FMR LLC’s benefit plans, including the RHRP. FMR LLC accrued a benefit to participants under the RHRP based on awards to employees that are subject to ten year cliff vesting with consideration given for prior service. Future awards under the RHRP are at the discretion of FMR LLC and participant contributions are not required. The Company is allocated an expense from FMR LLC associated with the actuarial derived annual cost of providing these benefits to the Company’s employees. For the years ended December 31, 2023, 2022 and 2021, compensation expense related to the RHRP was $175, $210 and $254, respectively.

The Company issued a $300 million unsecured revolving line of credit facility (“LOC Agreement”) to FMR LLC which matures on March 14, 2023. The LOC Agreement may be extended for successive one year periods by mutual agreement of the parties and prior notice to and a lack of objection by the Utah Insurance Department. Under the terms of the LOC Agreement, the Company receives a facility fee per year based on the unused amounts. In addition, the Company receives annual interest on any advances made under the LOC Agreement where the spread may change from time to time based on the terms of the LOC Agreement. There were no amounts advanced by the Company as of December 31, 2023. The Company earned interest of $0 and facility fees of $122 for each of the years ended December 31, 2023, 2022, and 2021 respectively. Effective March 15, 2024, the Company and FMR LLC extended the LOC Agreement for one year.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

10. UNDERWRITING, ACQUISITION AND INSURANCE EXPENSES:

Underwriting, acquisition and insurance expenses were as follows:


	Years Ended December 31,
	2023			2022			2021
Underwriting, acquisition and insurance expenses:
Commissions, gross	$	40,878		$	40,968		$	46,019
Compensation and benefits		25,318			24,198			22,427
Capitalization of deferred policy acquisition costs		(3,712	)		(3,518	)		(5,423	)
Amortization (accretion) of deferred policy acquisition costs		3,208			9,699			(890	)
Rent expense		1,939			1,629			1,941
Taxes, licenses and fees		2,700			3,163			2,011
General insurance expenses		25,148			21,040			18,285

Total underwriting, acquisition and insurance expenses	$	95,479		$	97,179		$	84,370

Amortization of deferred policy acquisition costs is adjusted periodically as estimates of future gross profits are revised to reflect actual and expected future experience. The Company (decreased) increased amortization by ($1,868), $3,510, and ($6,950) in 2023, 2022 and 2021, respectively, to reflect actual and expected future experience for investment performance, persistency (including internal replacements), administrative expenses and inflation assumptions. This adjustment has been reflected in amortization expense.

11. REINSURANCE:

The Company retains a maximum coverage per individual life of $25 plus 30% of the excess over $25 with a maximum initial retention not to exceed $100 for its life insurance business issued before March 1, 2008. The Company retains a flat $100 per individual life for its life business issued on and after March 1, 2008. The Company reinsures certain guarantee provisions and mortality on its annuity contracts and portions of annuity income that are fixed. The Company reinsures substantially all of its GMDB provisions for business issued prior to July 1, 2001. The Company reinsures 100% of its GMWB provisions issued prior to January 1, 2009, and 90% for business issued in the first quarter of 2009. The GMWB product and associated reinsurance contract were discontinued for new business effective March 31, 2009.

The Company has entered into a coinsurance agreement for substantially all of the fixed portion of the variable income annuity product and the fixed income annuities which arise through the annuitization of deferred annuity products if annuitization is prior to June 1, 2009. The Company retains 100% of the risk for annuitizations of deferred annuity products where annuitization occurs on or after June 1, 2009. Sales of the variable income annuity product with a fixed payment option were discontinued in May 2008. The reinsurance receivable is accounted for as a deposit asset and is recorded in reinsurance deposit and receivables on the consolidated balance sheets. Under this reinsurance agreement, the Company receives a front end ceding expense allowance ranging from 2.5% to 3.5% of premiums and an annual allowance of a percentage of assets ranging from 0.30% to 0.60%. Revenue from the reinsurance agreements and benefit expense from the underlying annuity contracts are recognized over the lives of the underlying contracts.

The Company entered into a 100% coinsurance agreement for its fixed guaranteed income annuity product with Genworth Life Insurance Company (“GLIC”). Sales of this product were discontinued in May 2008. The reinsurance receivable has been accounted for as a deposit asset and was recorded in reinsurance deposit and receivables, while the liability related to the

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

11. REINSURANCE: (CONTINUED)

underlying annuity contracts with no life contingencies has been accounted for as a deposit liability and recorded in contract holder deposit funds on the consolidated balance sheets. Under the reinsurance agreement, the Company received a front end ceding expense allowance ranging from 2.5% to 3.5% of premiums and an annual allowance of a percentage of assets ranging from 0.12% to 0.60%. Revenue from the reinsurance agreement and benefit expense from the underlying annuity contracts has been recognized over the lives of the underlying contracts.

Effective April 1, 2022, the Company recaptured its 100% coinsurance agreement with GLIC that reinsured a fixed guaranteed income annuity product. Pursuant to the recapture agreement, the Company received approximately $409,979 in net cash and debt securities as consideration which was partially offset by the recaptured policy and contract reserves of $368,381. The Company recognized a one-time gain of approximately $35,431, before-tax, as the difference between the assets received and the recaptured reserves. As a result of loss recognition testing, the Company recognized premium deficiency reserves as a charge to the Statement of Comprehensive Income of $0, $46,193, and $0 for the years ended December 31, 2023, 2022, and 2021, respectively.

The Company is subject to concentration risks related to the two coinsurance agreements. Financial information related to the two coinsurance agreements for the years ended December 31 were as follows:


	As of December 31,
	2023		2022
Reinsurance deposits and receivables:
Principal Life Insurance Company	$	339,598	$	365,439

Reinsurance deposits and receivables	$	339,598	$	365,439

Contract holder deposit funds and future contract and policy benefits	$	339,598	$	365,439

Interest on reinsurance deposit	$	12,561	$	17,350

Contract and policy benefits and expenses	$	10,522	$	12,749

The Company’s deposit assets under the reinsurance agreements with Principal Life Insurance Company are partially secured by investments held in a collateral account which offers the Company additional protection and reduces the risk of loss to the Company that could result from failure of the reinsurer. The Company’s deposit assets with Genworth Life Insurance Company were partially secured by investments held in trust prior to the recapture.

Effective July 1, 2023, the Company entered into a 100% coinsurance with funds withheld reinsurance agreement with an affiliate, Soteria Reinsurance, Ltd. (“Soteria Re”), to reinsure the fixed guaranteed income annuity product previously recaptured from GLIC. Soteria Re is a Bermuda based reinsurer who is wholly-owned by Soteria Reinsurance Holdings LLC (“Soteria Holdings”) who in turn is wholly-owned by FMR LLC. In connection with the coinsurance with funds withheld reinsurance agreement, the Company entered into an investment management agreement with Soteria Holdings to provide investment and managerial advice for the assets supporting the reinsured liabilities.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

11. REINSURANCE: (CONTINUED)

At the inception of the agreement, the Company established a funds withheld account, which is recorded in funds withheld payable, equal to the associated assets at fair value of $384,544, to support the policy liabilities reinsured on a statutory basis. The assets in the funds withheld account are trued up on a quarterly basis to the policy liabilities on a statutory basis. The Company receives a per policy ceding expense allowance which is adjusted for inflation annually.The Company earned ceding expense allowance of $200 for the year ended December 31, 2023.

As a result of the funds withheld agreement, the Company recorded a cost of reinsurance asset of $5,611 which is reported in Reinsurance Deposit and Receivables as of December 31, 2023. The cost of reinsurance asset represents the difference between the assets transferred and liabilities reinsured and is amortized over the expected life of the reinsured policies. Accretion for the cost of reinsurance asset was $144 for the year ended December 31, 2023.

The Company held the following assets under the coinsurance with funds withheld agreement which are reported in the line items shown on the Consolidated Balance Sheet:


	As of December 31,
	2023
Debt securities, available-for-sale
Corporate and other debt securities	$	314,452
Mortgage and asset-backed securities		54,972

Total Debt Securities		369,424
Cash equivalents		13,947
Accrued investment income		5,776
Pending securities receivable		9,990

Total	$	399,137

Certain assets in the funds withheld payable are reported at fair value. As of December 31, 2023, the funds withheld payable balance was $398,702 which was net of a derivative liability of $28,731. The change in fair value of the embedded derivative was a loss of $28,731 for the year ended December 31, 2023 and is reported as Net Realized Investment Losses on Funds Withheld Embedded Derivative on the Consolidated Statements of Comprehensive Income.

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

11. REINSURANCE: (CONTINUED)

The net investment income and net realized capital gains (losses) related to the assets under the coinsurance with funds withheld agreement are reported net of the amounts in the line items shown on the Consolidated Statements of Comprehensive Income. The following are the components of net investment income and net realized capital gains (losses) on the funds withheld assets that were transferred to Soteria Re:


	Year Ended December 31,
	2023
Debt securities	$	6,926
Cash equivalents		486

Total investment income		7,412
Less: investment expenses		(184	)

Net investment income	$	7,228


	Year Ended December 31,
	2023
Debt securities	$	(12,387	)

Net realized investment (losses)	$	(12,387	)

The Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk arising from similar activities or economic characteristics of the reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. Any expected credit losses are reflected in the allowance for credit losses, after considering any collateral. The Company did not record an allowance for credit loss on reinsurance deposits and receivables as of December 31, 2023.

Additional information on direct business written and reinsurance ceded for the years ended December 31, was as follows:


	Years Ended December 31,
	2023			2022			2021
Direct life premiums	$	12,435		$	11,103		$	11,831
Reinsurance ceded, net of ceding expense allowance		(8,384	)		(7,500	)		(6,803	)

Net premiums	$	4,051		$	3,603		$	5,028

Direct contract and policy benefits	$	52,867		$	105,133		$	79,036
Reinsurance ceded benefits incurred		(404,038	)		(29,623	)		(57,074	)
Reinsurance costs		381,365			13,811			17,221

Net contract and policy benefits	$	30,194		$	89,321		$	39,183

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(A Wholly-Owned Subsidiary of FMR LLC)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in thousands)

12. COMMITMENTS AND CONTINGENCIES:

The Company is, from time to time, involved in various legal actions concerning policy benefits and certain other matters. Those actions are considered by the Company in estimating policy reserves and other liabilities. The Company believes that the resolution of those actions should not have a material adverse effect on stockholder’s equity or net income.

Regulatory Matters

Under existing guaranty fund laws in all states, insurers licensed to do business in those states can be assessed for certain obligations of insolvent insurance companies to policyholders and claimants. The actual amount of such assessments will depend upon the final outcome of rehabilitation proceedings and will be paid over several years.

13. SUBSEQUENT EVENTS:

The Company has evaluated subsequent events from the balance sheet date through April 29, 2024 and did not identify any other events that would require adjustments to, or disclosure in, the consolidated financial statements.

PART C

OTHER INFORMATION

Item 30. Exhibits

(a)	Board of Directors Resolution

(1)

Amended and Restated Resolution of Board of Directors of Fidelity Investments Life Insurance Company (“Fidelity Investments Life”) establishing the Fidelity Investments Variable Account I incorporated herein by reference to original Registration Statement on Form N-4, Reg. No. 33-16966, on behalf of Fidelity Investments Variable Account I filed on September 2, 1987 (Filed in Paper).

(2)

Board of Directors Resolution incorporated by reference from Post-Effective Amendment No.23 to Registration Statement to Form N-6, Reg. No. 333-103174, on behalf of Fidelity Investments Variable Life Account I, filed electronically on April 29, 2022.

(b)	Custodian Agreements—Not Applicable

(c)	Underwriting Contracts

(1)

Distribution Agreement between Fidelity Investments Life, Fidelity Insurance Agency and Fidelity Brokerage Services LLC, is incorporated by reference from Post-Effective Amendment No. 10 to Registration Statement for the Variable Annuity Account (Registration No. 33-24400) filed on April 25, 1996.

(2)

Second Amendment to the Distribution Agreement is incorporated by reference from Pre-Effective Amendment No. 2 to Registration Statement for the Variable Life Account I (Registration No. 333-103174) filed on October 31, 2003.

(d)	Contracts

(1)

Fidelity Lifetime Reserves Flexible Premium Survivorship Variable Universal Life Insurance Policy is incorporated by reference from Pre-Effective Amendment No. 2 to Registration Statement for the Variable Life Account I (Registration No. 333-103174) filed on October 31, 2003.

(2)

Fidelity Lifetime Reserves Flexible Premium Variable Universal Life Insurance Policy is incorporated by reference from Pre-Effective Amendment No. 2 to Registration Statement for the Variable Life Account I (Registration No. 333-103174) filed on October 31, 2003.

(3)

Estate Protection Rider Four Year Term is incorporated by reference from Pre-Effective Amendment No. 2 to Registration Statement for the Variable Life Account I (Registration No. 333-103174) filed on August 12, 2003.

(4)

Total Disability Premium Payment Rider is incorporated by reference from Pre-Effective Amendment No. 2 to Registration Statement for the Variable Life Account I (Registration No. 333-103174) filed on August 12, 2003.

(5)

Aviation Limitation Rider is incorporated by reference from Pre-Effective Amendment No. 2 to Registration Statement for the Variable Life Account I (Registration No. 333-103174) filed on August 12, 2003.

(6)

Children’s Term Rider is incorporated by reference from Pre-Effective Amendment No. 2 to Registration Statement for the Variable Life Account I (Registration No. 333-103174) filed on August 12, 2003.

(7)

Total Disability Waiver of Monthly Deductions Rider is incorporated by reference from Pre-Effective Amendment No. 2 to Registration Statement for the Variable Life Account I (Registration No. 333-103174) filed on August 12, 2003.

(e)	Applications

(1)

Application for Life Insurance is incorporated by reference from Pre-Effective Amendment No. 2 to Registration Statement for the Variable Life Account I (Registration No. 333-103174) filed on July 30, 2003.

(f)	Depositor’s Certification of Incorporation and By-Laws

(1)

Articles of Domestication of FILI, are incorporated herein by reference to the initial Registration Statement of the Separate Account (Registration No.33-24400) Post-Effective Amendment No. 4.

(2)

Amended By-laws of FILI, are incorporate herein by reference to the initial Registration Statement of the Separate Account (Registration No.33-24400) Post-Effective Amendment No. 4.

(g)	Reinsurance Contracts

(1)

Reinsurance Agreement between Fidelity Investments Life Insurance Company and the Reinsurer is incorporated by reference from Pre-Effective Amendment No. 2 to Registration Statement for the Variable Life Account I (Registration No. 333-103174) filed on October 31, 2003.

(h)	Participation Agreements

(1)

Amendment to the Participation Agreement between Fidelity Investments Life Insurance Company, Strong Variable Insurance Funds, Inc., Strong Opportunity Fund II, Inc., Strong Investments, Inc., (f/k/a Strong Fund Distributors, Inc.) and Strong Capital Management, Inc. is incorporated by reference from Pre-Effective Amendment No. 2 to Registration Statement for the Variable Life Account I (Registration No. 333-103174) filed on October 31, 2003.

(2)

Amendment to the Participation Agreement between Fidelity Investments Life Insurance Company, Credit Suisse Trust (formerly Warburg, Pincus Trust), Credit Suisse Asset Management, LLC (successor to Warburg, Pincus Counsellors, Inc.) and Credit Suisse Asset Management Securities, Inc. (formerly Counsellors Securities Inc.) is incorporated by reference from Pre-Effective Amendment No. 2 to Registration Statement for the Variable Life Account I (Registration No. 333-103174) filed on October 31, 2003.

(3)

Amendment to the Participation Agreement between Fidelity Investments Life Insurance Company, Morgan Stanley Variable Insurance Fund, Inc. (the “Fund”) and MORGAN STANLEY INVESTMENT MANAGEMENT INC. (the “Adviser”) is incorporated by reference from Pre-Effective Amendment No. 2 to Registration Statement for the Variable Life Account I (Registration No. 333-103174) filed on October 31, 2003.

(4)

Amendment to the Participation Agreement between Fidelity Investments Life Insurance Company, PBHG Insurance Series Fund, Inc., Pilgrim Baxter & Associates, LTD is incorporated by reference from Pre-Effective Amendment No. 2 to Registration Statement for the Variable Life Account I (Registration No. 333-103174) filed on October 31, 2003.

(5)

Amendment to the Participation Agreement between Fidelity Investments Life Insurance Company (“Company”), Fidelity Distributors Corporation (“Underwriter”) and each of Variable Insurance Products Fund, Variable Insurance Products Fund II, Variable Insurance Products Fund III and Variable Insurance Products Fund IV (each, a “VIP Fund”) is incorporated by reference from Pre-Effective Amendment No. 2 to Registration Statement for the Variable Life Account I (Registration No. 333-103174) filed on October 31, 2003.

(6)

Participation Agreement between Fidelity Investments Life and Lazard Asset Management Securities LLC, and Lazard Retirement Series, Inc. (“Fund”) are incorporated by reference from Post-Effective Amendment No. 26 to Registration No. 33-24400 filed April 27, 2006.

(7)

Participation Agreement between Fidelity Investments Life Insurance Company and Fidelity Distributors Corporation and each of Variable Insurance Products Fund, Variable Insurance Products Fund II, Variable Insurance Products Fund III, Variable Insurance Products Fund IV, and Variable Insurance Products Fund V incorporated by reference from Post-Effective Amendment No. 23 to Registration Statement on Form N-6, Reg. No. 333-103174, on behalf of Fidelity Investments Variable Life Account I, filed electronically April 29, 2022.

(i)	Administrative Contracts

(1)

Master Administration Agreement between McCamish Systems, L.L.C. and Fidelity Investments Life Insurance Company, dated August 8, 2003, is incorporated by reference from Pre-Effective Amendment No. 2 to Registration Statement for the Variable Life Account I (Registration No. 33-103174) filed on October 31, 2003.

(j)	Other Material Contracts—Not Applicable

(k)	Legal Opinion

Legal opinion and consent of Lance A. Warrick, filed herein as Exhibit (k)

(l)	Actuarial Opinion—Not Applicable

(m)	Calculation—Not Applicable

(n)	Other Opinions

Written consent of PricewaterhouseCoopers LLP, filed herein as Exhibit (n)

(o)	Omitted Financial Statements—Not Applicable

(p)	Initial Capital Agreements—Not Applicable

(q)	Redeemability Exemption

(1)

Variable Life Administrative Policies and Procedures Applicable to Financial Transactions on behalf of Fidelity Investments Life Insurance Company and Empire Fidelity Investments Life Insurance Company is incorporated by reference from Pre-Effective Amendment No. 2 to Registration Statement for the Variable Life Account I (Registration No. 333-103174) filed on October 31, 2003.

(r)	Form of Initial Summary Prospectuses—Not Applicable

(s)	Power of Attorney

(1)

Power of Attorney for William J. Johnson, Jr. incorporated by reference from Post-Effective Amendment No. 14 to Registration Statement on Form N-6, Reg. No. 333-103174, on behalf of Fidelity Investments Variable Life Account I filed electronically on April 29, 2016.

(2)

Power of Attorney for Miles Mei incorporated by reference from Post-Effective Amendment No. 14 to Registration Statement on Form N-6, Reg. No. 333-103174, on behalf of Fidelity Investments Variable Life Account I filed electronically on April 29, 2016.

(3)

Power of Attorney for Rodney R. Rhoda incorporated by reference from Post-Effective Amendment No. 14 to Registration Statement on Form N-6, Reg. No. 333-103174, on behalf of Fidelity Investments Variable Life Account I filed electronically on April 29, 2016.

(4)

Power of Attorney for Roger T. Servison incorporated by reference from Post-Effective Amendment No. 14 to Registration Statement on Form N-6, Reg. No. 333-103174, on behalf of Fidelity Investments Variable Life Account I filed electronically on April 29, 2016.

(5)

Power of Attorney for Malcolm MacKay incorporated by reference from Post-Effective Amendment No. 14 to Registration Statement on Form N-6, Reg. No. 333-103174, on behalf of Fidelity Investments Variable Life Account I filed electronically on April 29, 2016.

(6)

Power of Attorney for Jane P. Jamieson incorporated by reference from Post-Effective Amendment No. 16 to Registration Statement on Form N-6, Reg. No. 333-103174, on behalf of Fidelity Investments Variable Life Account I filed electronically on April 27, 2018.

(7)

Power of Attorney for Nancy D. Prior incorporated by reference from Post-Effective Amendment No. 16 to Registration Statement on Form N-6, Reg. No. 333-103174, on behalf of Fidelity Investments Variable Life Account I filed electronically on April 27, 2018.

(8)

Power of Attorney for David J. Vargo incorporated by reference from Post-Effective Amendment No. 18 to Registration Statement on Form N-6, Reg. No. 333-103174, on behalf of Fidelity Investments Variable Life Account I filed electronically on April 30, 2020.

(9)

Power of Attorney for Wendy E. John incorporated by reference from Post-Effective Amendment No. 19 to Registration Statement on Form N-6, Reg. No. 333-103174, on behalf of Fidelity Investments Variable Life Account I, filed electronically on April 29, 2021.

(10)

Power of Attorney for Richard G. Compson, Jr. incorporated by reference from Post-Effective Amendment No. 24 to Registration Statement on Form N-6, Reg. No. 333-103174, on behalf of Fidelity Investments Variable Life Account I, filed electronically on April 28, 2023.

(11)

Power of Attorney for Kathryn A. Dunn incorporated by reference from Post-Effective Amendment No. 24 to Registration Statement on Form N-6, Reg. No. 333-103174, on behalf of Fidelity Investments Variable Life Account I, filed electronically on April 28, 2023.

(12)

Power of Attorney for Robert W. Litle incorporated by reference from Post-Effective Amendment No. 24 to Registration Statement on Form N-6, Reg. No. 333-103174, on behalf of Fidelity Investments Variable Life Account I, filed electronically on April 28, 2023.

(13)

Power of Attorney for David A. Golino filed herein as Exhibit (s)(13)

(14)

Power of Attorney for Roger L. Stiles filed herein as Exhibit (s)(14)

Item 31. Directors and Officers of the Depositor


Name and Principal Business Address		Positions and Offices with Depositor
David A. Golino		Director and President
Richard G. Compson, Jr.		Director
Kathryn A. Dunn		Director
Jane P. Jamieson		Director
Wendy E. John		Director
William J. Johnson, Jr.		Director
Robert W. Litle		Director
Malcolm MacKay		Director
Nancy D. Prior		Director
Rodney R. Rohda		Director
Roger T. Servison		Director
Roger L. Stiles		Director
David J. Vargo		Director
James F. Andrea, Jr.		Head of Client Services & Operations
Dwight Clarke		Director, Human Resources
Joseph L. Cook-Shugart		Illustration Actuary
Sara Liane Latham		Appointed Actuary
Brian N. Leary		Vice President, Chief Compliance Officer & Consumer Services Officer
Miles Mei		Treasurer
Robert G. Regan		Chief Risk Officer
Richard S. Rowland		Vice President, Channel Development
Deepa Rao Trivedi		Vice President, Technology Management
Lance A. Warrick		Vice President, General Counsel and Secretary

The principal business address for each person named in Item 31 is 900 Salem Street, Smithfield, Rhode Island 02917.

Item 32. Persons Controlled By or Under Common Control with the Depositor or the Registrant

The Depositor, Fidelity Investments Life Insurance Company, a Utah Corporation, is 100% owned by FMR LLC. FMR LLC has numerous subsidiaries, including the following financial services providers:

•

Fidelity Brokerage Services LLC, a Delaware limited liability Company

•

Fidelity Distributors Company LLC, a Delaware limited liability Company

•

Fidelity Workplace Investing LLC, a Delaware limited liability Company

•

Fidelity Insurance Agency, Inc., a Massachusetts Corporation

•

Fidelity Investments Institutional Operations Company LLC, a Delaware limited liability Company

•

Fidelity Management & Research Company LLC, a Delaware limited liability Company (advisor to the Fidelity Funds including the Variable Insurance Product Funds named in the prospectus)

•

Digital Brokerage Services, LLC, a Delaware limited liability Company

•

Fidelity Prime Financing LLC, a Delaware limited liability Company

•

Green Pier Fintech LLC, a Delaware limited liability Company

•

National Financial Services LLC, a Delaware limited liability Company

Item 33. Indemnification

FMR LLC and its subsidiaries own a directors’ and officers’ liability reimbursement contract (the “Policies”), issued by National Union Fire Insurance Company, that provides coverage for “Loss” (as defined in the Policies) arising from any claim or claims by reason of any breach of duty, neglect, error, misstatement, misleading statement, omission or other act done or wrongfully attempted by a person while he or she is acting in his or her capacity as a director or officer. The coverage is provided to these insureds, including Fidelity Investments Life, to the extent required or permitted by applicable law, common or statutory, or under their respective charters or by-laws, to indemnify directors or officers for Loss arising from the above-described matters. Coverage is also provided to the individual directors or officers for such Loss, for which they shall not be indemnified, subject to relevant contract exclusions. Loss is essentially the legal liability on claims against a director or officer, including damages, judgements, settlements, costs, charges and expenses (excluding salaries of officers or employees) incurred in the defense of actions, suits or proceedings and appeals therefrom.

There are a number of exclusions from coverage. Among the matters excluded are Losses arising as the result of (1) fines or penalties imposed by law or other matters that may be deemed uninsurable under the law pursuant to which the Policy is construed, (2) claims brought about or contributed to by the fraudulent, dishonest, or criminal acts of a director or officer, (3) any claim made against the directors or officers for violation of any of the responsibilities, obligations, or duties imposed upon fiduciaries by the Employee Retirement Income Security Act of 1974 or amendments thereto, (4) professional errors or omissions, and (5) claims for an accounting of profits in fact made from the purchase or sale by a director or officer of any securities of the insured corporations within the meaning of Section 16(b) of the Securities Exchange Act of 1934 and amendments thereto or similar provisions of any state statutory law.

A $100 million limit (policy aggregate limit) and a $500,000 deductible apply to Loss for which the directors and officers are indemnified by Fidelity Investments Life Insurance Company. A $10 million limit (policy aggregate limit) and a $0 deductible apply to Loss for which the directors and officers are not indemnified by Fidelity Investments Life Insurance Company.

Utah law (Revised Business Corporation Act §16-10a-901 et seq.) provides, in substance, that a corporation may indemnify a director, officer, employee or agent against liability if he acted in good faith and in a manner he reasonably believed to be in, or not opposed to, the best interest of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.

The Text of Article XIV of Fidelity Investments Life Insurance Company’s By-Laws, which relates to indemnification of the directors and officers, is as follows:

INDEMNIFICATION OF DIRECTORS, OFFICERS AND PERSONS

ADMINISTERING EMPLOYEE BENEFIT PLANS

Each officer or Director or former officer or Director of the Corporation, and each person who shall, at the Corporation’s request, have served as an officer or Director of another corporation or as trustee, partner or officer of a trust, partnership or association, and each person who shall, at the Corporation’s request, have served in any capacity with respect to any employee benefit plan, whether or not then in office or then serving with respect to such employee benefit plan, and the heirs, executors, administrators, successors and assigns of each of them, shall be indemnified by the Corporation against all liabilities, costs and expenses, including amounts paid in satisfaction of judgments, in compromise and or as fines or reasonably incurred by him or them in connection with or arising out of any action, suit, or proceeding, civil or criminal, in which he or they may be involved, or incurred in anticipation of any action, suit or proceeding, by reason of his being or having any alleged act or omission by him in such capacity or in serving with respect to an employee benefit plan, including the cost of reasonable settlements (other than amounts paid to the Corporation itself) made with a view to curtailment of costs of litigation.

The Corporation shall not, however, indemnify any such person, or his heirs, executors, administrators, successors, or assigns, with respect to any matter as to which his conduct shall be finally adjudged in any such action, suit, or proceeding to constitute willful misconduct or recklessness or to the extent that such matter relates to service with respect to an employee benefit plan, to be not in the best interests of the participants or beneficiaries of such employee benefit plan.

Such indemnification may include payment by the Corporation of expenses incurred in defending any such action, suit, or proceeding in advance of the final disposition thereof, upon receipt of an undertaking by or on behalf of the person indemnified to repay such payment if it shall ultimately be determined that he is not entitled to be indemnified by the Corporation. Such undertaking may be accepted by the Corporation without reference to the financial ability of such person to make repayment.

The foregoing rights of indemnification shall not be exclusive of other rights to which any such Director, officer, trustee, partner or person serving with respect to an employee benefit plan may be entitled as a matter of law. These indemnity provisions shall be separable, and if any portion thereof shall be finally adjudged to be invalid, such invalidity shall not affect any other portion which can be given effect.

The Board of Directors may purchase and maintain insurance on behalf of any persons who is or was a Director, officer, trustee, partner, employee or other agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, trustee, partner, employee or other agent of another corporation, association, trust or partnership, against any liability incurred by him in any such capacity or arising out of his status as such, whether or not the Corporation would have the power to indemnify him against such liability.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers, and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director or officer, or controlling persons of the Registrant in the successful defense of any action, suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 34. Principal Underwriters

(a)	Fidelity Brokerage Services LLC acts as distributor for other variable life and variable annuity contracts registered by separate accounts of Fidelity Investments Life, and Empire Fidelity Investments Life Insurance Company.

(b)	Management


Name and Principal Business Address		Positions and Offices with Depositor
Robert R. Mascialino		Director, Chief Executive Officer, and President
Lisa D. Kriser		Assistant Secretary
Michael Lyons		Treasurer
Kevin M. McLaughlin		Chief Financial Officer
Gail R. Merken		Chief Compliance Officer
Michael Shulman		Assistant Treasurer
Marc Squires		Director
Charles Sturdy		Secretary and Chief Legal Officer

The address for each person named in Item 34(b) is 900 Salem Street, Smithfield, Rhode Island 02917.

(c)	Compensation From the Registrant: $0.00

Item 35. Location of Accounts and Records

The records regarding the Account required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and Rules 31a-1 to 31a-3 promulgated thereunder, are maintained at Fidelity Investments Life Insurance Company at 900 Salem Street, Smithfield, Rhode Island 02917.

Item 36. Management Services

Not Applicable

Item 37. Fee Representation

Fidelity Investments Life Insurance Company hereby represents that the aggregate charges under the variable life policy (“the policy”) offered by Fidelity Investments Life Insurance Company, under this registration statement, are reasonable in relation to services rendered, the expenses expected to be incurred, and the risks assumed by Fidelity Investments Life Insurance Company.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, Fidelity Investments Variable Life Account I, certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Smithfield, and State of Rhode Island, on this 29th day of April, 2024.

FIDELITY INVESTMENTS VARIABLE LIFE ACCOUNT I

(Registrant)

By: FIDELITY INVESTMENTS LIFE INSURANCE COMPANY


By:	/s/ *	Attest:	/s/ Lance A. Warrick
	David A. Golino		Lance A. Warrick,
	President		Secretary

FIDELITY INVESTMENTS LIFE INSURANCE COMPANY

(Depositor)


By:	/s/ *	Attest:	/s/ Lance A. Warrick
	David A. Golino		Lance A. Warrick,
	President		Secretary

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities indicated and on this 29th day of April 2024.


Signature	Title

/s/ *		)
David A. Golino	President and Director	)
/s/ *		) )
Miles Mei	Treasurer	)
/s/ *		) )
Richard G. Compson, Jr.	Director	)	By:	/s/ Lance A. Warrick
/s/ *		) )		Lance A. Warrick (Attorney-in-Fact)*
Kathryn A. Dunn	Director	)
/s/ *		) )
Jane P. Jamieson	Director	)
/s/ *		) )
Wendy E. John	Director	)
/s/ *		) )
William J. Johnson, Jr.	Director	)
/s/ *		) )
Robert W. Litle	Director	)
/s/ *		) )
Malcolm MacKay	Director	)


/s/ *		)
Nancy D. Prior	Director	)
/s/ *		) )
Rodney R. Rohda	Director	)
/s/ *		) )
Roger T. Servison	Director	)	By:	/s/ Lance A. Warrick
/s/ *		) )		Lance A. Warrick (Attorney-in-Fact)*
Roger L. Stiles	Director	)
/s/ *		) )
David J. Vargo	Director	)