Form 485BPOS WoodmenLife Variable
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E-mail| ☐ | immediately upon filing pursuant to paragraph (b) of Rule 485 |
| ☒ | on May 1, 2026 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 of 1933 (“Securities Act”) |
| ☐ | this post-effective amendment designates a new effective date for a previously filed post-effective amendment |
| ☐ | New Registrant (as applicable, a Registered Separate Account or Insurance Company that has not filed a Securities Act registration statement or amendment thereto within 3 years preceding this filing) |
| ☐ | Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 (“Exchange Act”)) |
| ☐ | If an Emerging Growth Company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act |
| ☐ | Insurance Company relying on Rule 12h-7 under the Exchange Act |
| ☐ | Smaller reporting company (as defined by Rule 12b-2 under the Exchange Act) |
| Transaction Type | Direct or Send to | |
| Telephone Transaction | 1-877-664-3332 | |
| All payments made by check, and all claims, correspondence and notices | WoodmenLife, 1700 Farnam Street, Omaha, NE 68102 |
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| • | Subaccounts. |
| • | Fixed Account. |
| • | Free Withdrawal Amount (surrender charge waiver). |
| • | Dollar Cost Averaging Plan. |
| • | Asset Rebalancing Program. |
| • | Systematic Withdrawals. |
FEES, EXPENSES, AND ADJUSTMENTS |
Location in Prospectus | |||||||||||
Are There Charges or Adjustments for Early Withdrawals? |
Yes. Age 0 – 60. Age 61 – 75. Age 76 – 85. Any losses due to surrender charges will be greater if you also have to pay taxes or tax penalties. |
Fee Table Certificate Fees and Charges – Surrender Charge | ||||||||||
Are There Transaction Charges? |
Yes. |
Fee Table Certificate Fees and Charges | ||||||||||
Are There Ongoing Fees and Expenses? |
Yes. each year |
Fee Table Certificate Fees and Charges Appendix – Investment Options Available Under the Certificate | ||||||||||
Annual Fee |
Minimum |
Maximum |
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| Base Contract 1 |
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| Fund fees and expenses 2 |
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1 2 Because your Certificate is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Certificate, the following table shows the lowest and highest cost you could pay each year which could add surrender charges that substantially increase costs |
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Lowest Annual Cost: $[ |
Highest Annual Cost: $[ |
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Assumes: • Investment of $100,000 • 5% annual appreciation • Least expensive Fund fees and expenses • No sales charges • No additional premium payments, transfers or withdrawals |
Assumes: • Investment of $100,000 • 5% annual appreciation • Most expensive Fund fees and expenses • No sales charges • No additional premium payments, transfers or withdrawals |
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RISKS |
Location in Prospectus | |||||||||
Is There a Risk of Loss from Poor Performance? |
Yes. |
Principal Risks of Investing in the Certificate | ||||||||
Is This a Short-Term Investment? |
No. • The Certificate is not a short-term investment and is not appropriate for an investor who needs ready access to cash. • The Certificate’s tax deferral and long-term income features are generally more beneficial to investors with a long-time horizon. • Surrender charges may apply to a withdrawal or Surrender for several years, and when applied may significantly reduce the value of your investment. • A withdrawal or Surrender may be subject to income taxes, including a 10% federal penalty tax if taken before age 59 1 ⁄2 . |
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What Are the Risks Associated with the Investment Options? |
e.g. |
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What Are the Risks Related to the Insurance Company? |
1-877-664-3332. |
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RESTRICTIONS |
Location in Prospectus | |||||||||
Are There Restrictions on the Investment Options? |
Yes. • There are no restrictions that limit your choice of available investment options under your Certificate; however, there are limitations related to transfers among the investment options. • The first 12 transfers among the subaccounts, or from the subaccounts to the fixed account, each Certificate Year are free of charge. Each additional transfer is subject to a charge. |
Your Certificate – Transfers Among Subaccounts and/or the Fixed Account; Market Timing Investment Options Addition, Deletion or Substitution of Investments | ||||||||
• Transfers involving the subaccounts are subject to additional restrictions designed to prevent frequent or disruptive trading. • There are significant limits on your right to make transfers from the fixed account to the subaccounts. • We reserve the right to remove or substitute Funds as investment options. |
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Are There Any Restrictions on Contract Benefits? |
Yes. • Withdrawals may affect the availability of the death benefit by reducing the death benefit by an amount greater than the value withdrawn. • Except as otherwise provided, Certificate benefits may not be modified or terminated by us. |
Benefits Available Under the Certificate Your Certificate – Death of Annuitant Before the Annuity Starting Date | ||||||||
TAXES |
Location in Prospectus | |||||||||
What Are the Contract’s Tax Implications? |
• You should consult with a tax professional to determine the tax implications of an investment in and payments received under the Certificate. • If you purchase the Certificate through a tax-qualified plan or individual retirement account (IRA), there is no additional tax benefit from the Certificate.• A withdrawal or Surrender will be subject to ordinary income tax, and may be subject to tax penalties if taken before age 59 1 ⁄2 . |
Federal Tax Matters | ||||||||
CONFLICTS OF INTEREST |
Location in Prospectus | |||||||||
How Are Investment Professionals Compensated? |
e.g. non-cash compensation. Your investment professional may have a financial incentive to offer or recommend the Certificate to you over another investment. |
Other Information – Distribution Arrangements | ||||||||
Should I Exchange My Contract? |
Other Information – Information on Replacements | |||||||||
Annuitant Age on Certificate Issue Date 0 – 60 |
% | |||
Annuitant Age on Certificate Issue Date 61 – 75 |
% | |||
Annuitant Age on Certificate Issue Date 76 – 85 |
% | |||
Transfer Fee |
$ | |||
| 1 | Surrender charges may apply to any withdrawal or a Surrender during the accumulation period, or to amounts applied to annuity payment Options 3 or 4 upon annuitization. The surrender charge declines by 1% each year following your last premium payment until it reaches 0%. The surrender charge percentage is determined by the following schedule: |
Premium Year |
Annuitant Age on Certificate Issue Date |
|||||||||
0 – 60 * |
61 – 75 | 76 – 85 | ||||||||
1 |
7% | 6% | 5% | |||||||
2 |
6% | 5% | 4% | |||||||
3 |
5% | 4% | 3% | |||||||
4 |
4% | 3% | 2% | |||||||
5 |
3% | 2% | 1% | |||||||
6 |
2% | 1% | None | |||||||
7 |
1% | None | None | |||||||
8 or more |
None | None | None | |||||||
Administrative Expenses 1 |
$ | |
Base Contract Expenses 2 |
||
(as a percentage of average daily net asset value of the Variable Account) |
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| 1 |
| 2 |
Minimum |
Maximum |
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(12b-1) fees, and other expenses) |
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(1) |
If you Surrender your Certificate at the end of the applicable time period: |
1 year |
3 years | 5 years | 10 years | |||||||
| $ |
$ |
$ |
$ |
(2) |
If you annuitize your Certificate under Option 3 or 4 at the end of the applicable time period: |
1 year |
3 years | 5 years | 10 years | |||||||||||||||
| $ | $ | $ | $ |
(3) |
If you annuitize your Certificate under Option 1 or 2 at the end of the a pplicable time peri od or do not Surrender your Certificate: |
| 1 year | 3 years | 5 years | 10 years | |||||||||||||||
| $ | $ | $ | $ |
Standard Benefits (No Additional Charge) | ||||
Name of Benefit |
Purpose |
Brief Description of Restrictions/Limitations | ||
• Only available during the accumulation period. • Withdrawals may significantly reduce the benefit, including by more than the amount withdrawn. • Minimum death benefit amount is limited to 200% of the total premiums paid, reduced proportionately by any withdrawals. • Minimum death benefit accumulation rate will no longer apply following the Certificate Anniversary after the annuitant reaches age 80. | ||||
• Only available during the accumulation period. • Not available for the fixed account. | ||||
• Only available during the accumulation period. • Program rebalancing may only occur annually, semi-annually or quarterly.• Not available for the fixed account. | ||||
• Only available during the accumulation period. • Program withdrawals reduce Certificate value and the death benefit, perhaps significantly. • Program withdrawals may be subject to surrender charges, income taxes, and tax penalties. | ||||
• Only available during the accumulation period. • No carry forward of unused withdrawal amounts to future Certificate Years. • Free withdrawals may still be subject to taxes | ||||
| - | The net asset value of the underlying Fund as of the current Valuation Date, multiplied by the number of shares held by the subaccount, before the purchase or redemption of any shares on that date; plus |
| - | The amount of any dividend, capital gain, or other distribution made by the Fund since the previous Valuation Date if the ex-dividend date occurs during that Valuation Period; plus |
| - | A credit or charge for any taxes incurred since the previous Valuation Date that we determine to have resulted from the operation of the subaccount; minus |
| - | The dollar amount of the mortality and expense risk charge for the number of days since the previous Valuation Date; divided by |
| - | The total number of subaccount units as of the previous Valuation Date. |
| • | the number of transfers made over a period of time; |
| • | the length of time between transfers; |
| • | whether the transfers follow a pattern that appears to be designed to take advantage of short-term market fluctuations; |
| • | the dollar amount(s) requested for transfers; and |
| • | whether the transfers are part of a group of transfers made by a third party on behalf of several individual Certificate holders. |
| - | A Surrender or withdrawal may be subject to substantial surrender charges. |
| - | A Surrender or withdrawal may be subject to income taxes, including a 10% federal tax penalty if taken before age 59 1 ⁄2 . |
| - | A Surrender terminates the Certificate and all of its benefits, including the death benefit. |
| - | A withdrawal will reduce the Accumulated Value of your Certificate by the amount of the withdrawal. |
| - | A withdrawal will reduce the minimum death benefit amount in the same proportion that the Accumulated Value was reduced on the date of the withdrawal. The reduction may be greater than the amount withdrawn. (See “Death of an Annuitant before the Annuity Starting Date.”) |
| • | the Accumulated Value; or |
| • | the minimum death benefit amount. |
| • | You purchase the Certificate on January 1, 2026 and your initial premium payment is $50,000; |
| • | You make a $1,000 premium payment on January 1 each year thereafter until December 31, 2044; |
| • | On December 31, 2046, the annuitant dies (age 75 at the time of death); |
| • | You took no withdrawals from the Certificate prior to the annuitant’s death; and |
| • | The Accumulated Value at the time that the death benefit is calculated equals $100,000. |
| • | A certified copy of a death certificate; or |
| • | A certified copy of a court decree reciting a finding of death; or |
| • | Any other proof satisfactory to us. |
| • | If a period of at least ten (10) years is selected, the Accumulated Value will be used in determining the settlement option payment and the surrender charge scale will be transferred to the settlement option contract. |
| • | If a period of less than ten (10) years is selected, the surrender charge will be applied and the Surrender Value will be used in determining the settlement option payment. |
Premium Year |
Annuitant Issue Age |
|||||||
0-60* |
61-75 |
76-85 |
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1 |
7% | 6% | 5% | |||||
2 |
6% | 5% | 4% | |||||
3 |
5% | 4% | 3% | |||||
4 |
4% | 3% | 2% | |||||
5 |
3% | 2% | 1% | |||||
6 |
2% | 1% | None | |||||
7 |
1% | None | None | |||||
8 or more |
None | None | None | |||||
| * | Applies to all ages in Connecticut. |
| • | the Certificate must be owned by an individual (or an individual must be treated as the owner for tax purposes); |
| • | Variable Account investments must be “adequately diversified;” |
| • | we, rather than you, must be considered the owner of Variable Account assets for federal tax purposes; |
| • | annuity payments must appropriately amortize premium payments and Certificate earnings; |
| • | if any owner of the Certificate dies on or after the annuity starting date and before the entire interest in such Certificate has been distributed, the remaining portion of such interest must be distributed at least as rapidly as under the method of distributions being used as of the date of his death; and |
| • | if any owner of a Certificate dies before the annuity starting date, the entire interest in such Certificate must be distributed within five years after the death of such owner, subject to certain exceptions. |
| • | certain Certificates acquired by a decedent’s estate by reason of the death of a decedent; |
| • | certain Certificates issued in connection with a qualified retirement plan (see “Qualified Plans”); |
| • | certain Certificates used with structured settlement agreements; and |
| • | certain Certificates purchased with a single premium when the annuity starting date is no later than a year from contract purchase and substantially equal periodic payments are made at least annually. |
| • | payments received on or after the owner reaches age 59 1 ⁄2 ; |
| • | payments received on account of the owner becoming disabled (as defined in the Code); |
| • | payments made to a beneficiary on or after the owner’s death or, for non-natural owners, after the primary annuitant’s death; |
| • | payments made as a series of substantially equal periodic payments (at least annually) for the owner’s life (or life expectancy) or for the joint lives (or joint life expectancies) of the owner and a designated beneficiary (within the meaning of the Code); or |
| • | payments made under a Certificate purchased with a single premium when the annuity starting date is no later than a year from the date of Certificate purchase and substantially equal periodic payments are made at least annually. |
| • | if distributed in a lump sum they are taxed in the same manner as a full surrender, or |
| • | if distributed under an annuity payment option they are taxed like annuity payments. |
| • | if received in a lump sum they are includible in income if they exceed the unrecovered investment in the contract at that time; or |
| • | if distributed in accordance with the annuity payment option selected by the decedent they are fully excluded from income until the remaining investment in the contract is deemed to be recovered, and all annuity payments thereafter are fully includable in income. |
| • | received after you reach age 59 1 ⁄2 ; |
| • | received after your death or because of your disability (as defined in the Code); |
| • | made as a series of substantially equal periodic payments (at least annually) for your life (or life expectancy) or for the joint lives (or joint life expectancies) of you and your designated beneficiary (as defined in the Code); or |
| • | received in connection with the birth or adoption of a child (up to $5,000). |
| • | Roth IRA contributions are never deductible; |
| • | “qualified distributions” from a Roth IRA are excludible from income; |
| • | mandatory distribution rules do not apply before death; |
| • | a rollover to a Roth IRA must be a “qualified rollover contribution;” and |
| • | under the Code, special eligibility requirements must be satisfied to make contributions other than by rollover or transfer. |
| • | a Roth IRA; |
| • | a non-Roth IRA; |
| • | a “designated Roth account” maintained under a Qualified Plan; or |
| • | a non-Roth account of a Qualified Plan. |
| • | on or after you reach age 59 1 ⁄2 ; or |
| • | to a beneficiary after your death; or |
| • | because of your disability; or |
| • | to a first-time homebuyer who meets certain requirements. |
| • | Exchange their Section 403(b) Contracts for other Section 403(b) Contracts held under the TSA Plan that are issued by vendors eligible to receive contributions under the TSA Plan; and |
| • | Roll over their Section 403(b) Contracts to an eligible retirement plan, such as a traditional IRA (or a Roth IRA). |
| • | Contributions made pursuant to a salary reduction agreement in years beginning after December 31, 1988; |
| • | Earnings on those contributions; and |
| • | Earnings after December 31, 1988, on amounts attributable to salary reduction contributions held as of December 31, 1988. |
| • | If you have reached age 59 1 ⁄2 , |
| • | If you have had a severance from employment, |
| • | If you have died or become disabled (within the meaning of the Code), |
| • | In the case of hardship (within the meaning of applicable provision of the Code), |
| • | If the distribution is a qualified reservist distribution under section 72(t)(2)(G) of the Code, or |
| • | If the distribution is in connection with the birth or adoption of a child (up to $5,000). |
| • | minimum distributions required under Section 401(a)(9) of the Code; |
| • | distributions made as a result of hardship (as defined in the Code); and |
| • | certain distributions for life, life expectancy, or for ten (10) years or more that are part of a “series of substantially equal periodic payments.” |
| • | to operate the Variable Account in any form allowed under the 1940 Act or in any other form allowed by law; |
| • | add, delete, combine or modify subaccounts in the Variable Account; |
| • | restrict or otherwise eliminate any voting rights of Certificate owners or other persons who have voting rights as to the Variable Account; |
| • | add, delete or substitute, for the Fund shares held in any subaccount, the shares of another fund or any other investment allowed by law; and |
| • | make any amendments to the Certificates necessary to comply with the provisions of the Code or any other applicable federal or state law. |
Investment Objective |
Fund Name and Adviser/ Sub-adviser |
Current Expenses |
Average Annual Total Returns (as of 12/31/25) | |||||||
1 year |
5 year |
10 year | ||||||||
Global Growth Fund , Class 2 1 Adviser: SM |
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1 Adviser: SM |
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Adviser: SM |
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Capital World Growth and Income Fund, Class 2 1 Adviser: SM |
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Adviser: SM |
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Adviser: SM |
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Adviser: SM |
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SM Portfolio, Service ClassAdviser: Sub-adviser: |
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Investment Objective |
Fund Name and Adviser/ Sub-adviser |
Current Expenses |
Average Annual Total Returns (as of 12/31/25) | |||||||
1 year |
5 year |
10 year | ||||||||
® Index |
VIP Equity-Income Portfolio SM , Service Class1 Adviser: Sub-adviser: |
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VIP Growth Portfolio, Service Class 1 Adviser: Sub-adviser: |
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Adviser: Sub-adviser: |
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Adviser: Sub-adviser: |
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Adviser: Sub-adviser: |
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Seeks investment results that correspond to total return performance of U.S. common stocks, as represented by the S&P 500 Index |
1 Adviser: Sub-adviser: |
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Seeks investment results that correspond to total return performance of U.S. common stocks, as represented by the S&P MidCap 400 Index |
Calvert VP S&P MidCap 400 Index Portfolio, Class I 1 Adviser: Sub-adviser: |
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Calvert VP Russell 2000 Small Cap Index Portfolio, Class I 1 Adviser: Sub-adviser: |
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Investment Objective |
Fund Name and Adviser/ Sub-adviser |
Current Expenses |
Average Annual Total Returns (as of 12/31/25) | |||||||
1 year |
5 year |
10 year | ||||||||
Calvert VP NASDAQ-100 Index Portfolio, Class I 1 Adviser: Sub-adviser: |
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Seeks investment results that correspond to total return performance of the bond market, as represented by the Bloomberg U.S. Aggregate Bond Index |
Calvert VP Investment Grade Bond Index Portfolio, Class I 1 Adviser: Sub-adviser: |
- |
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Calvert VP EAFE International Index Portfolio, Class I 1 Adviser: |
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Franklin Income VIP Fund, Class 2 1 Adviser: |
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Franklin Strategic Income VIP Fund, Class 2 1 Adviser: |
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Templeton Global Bond VIP Fund, Class 2 1 Adviser: |
- |
- | ||||||||
Franklin Rising Dividends VIP Fund, Class 2 1 Adviser: |
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Adviser: |
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Adviser: |
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Adviser: |
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Name |
Minimum Guaranteed Interest Rate | |
| |
STATEMENT OF ADDITIONAL INFORMATION
Dated May 1, 2026
Offered By: Woodmen of the World Life Insurance Society, 1700 Farnam Street, Omaha, NE 68102
This Statement of Additional Information (SAI) is not a prospectus, but should be read in conjunction with the Prospectus dated May 1, 2026, for WoodmenLife Variable Annuity Account (the “Variable Account” or “Account”) describing an individual Flexible Premium Deferred Variable Annuity Certificate (the “certificate”) that Woodmen of the World Life Insurance Society (“WoodmenLife”) is offering to persons eligible for membership in WoodmenLife. Terms used in this SAI that are not otherwise defined herein have the same meanings given to them in the Prospectus. A copy of the Prospectus may be obtained at no charge by writing Woodmen of the World Life Insurance Society, 1700 Farnam Street, Omaha, NE 68102, or by calling (877) 664-3332.
| TABLE OF CONTENTS | ||||||
| SAI - 2 | ||||||
| SAI – 2 | ||||||
| SAI – 3 | ||||||
| SAI-3 | ||||||
| SAI -3 | ||||||
| SAI - 3 | ||||||
| F -1 | ||||||
SAI - 1
GENERAL INFORMATION
WoodmenLife is a fraternal benefit society organized under Internal Revenue Code section 501(c)(8) and established in 1890 under the laws of the State of Nebraska. WoodmenLife is a not-for-profit, non-stock, membership organization licensed to do business in all states and the District of Columbia (except it does not offer new products in New York). Membership in WoodmenLife is open to all individuals who share its values. WoodmenLife’s members are joined together for insurance, community, and patriotic and volunteer opportunities. In addition to providing fraternal benefits to our members, we offer individual life insurance and annuity certificates in every state (except New York) and the District of Columbia.
On August 1, 2001, we established the Woodmen Variable Annuity Account pursuant to the laws of the State of Nebraska. This Account is a separate account, as defined under the Investment Company Act of 1940 (the “1940 Act”), and is registered with the SEC as a unit investment trust under the 1940 Act. On June 1, 2015, we changed the name of the Woodmen Variable Annuity Account to its current name, the “WoodmenLife Variable Annuity Account,” to match the new service mark.
The assets of the Variable Account are held by WoodmenLife. The Variable Account has no third-party custodian.
STATE REGULATION AND RESERVES
WoodmenLife is subject to regulation by the Office of the Director of Insurance of the State of Nebraska and by insurance departments of other states and jurisdictions in which it is licensed to do business. This regulation covers a variety of areas, including benefit reserve requirements, adequacy of insurance company capital and surplus, various operational standards and accounting and financial reporting procedures. WoodmenLife’s operations and accounts are subject to periodic examination by insurance regulatory authorities. The forms of certificates described in the Prospectus are filed with and (where required) approved by insurance officials in each state and jurisdiction in which certificates are sold.
Pursuant to state insurance laws and regulations, WoodmenLife is obligated to carry on its books, as liabilities, reserves to meet its obligations under outstanding insurance contracts. These reserves are based on assumptions about, among other things, future claims experience and investment returns. Neither the reserve requirements nor the other aspects of state insurance regulation provide absolute protection to holders of insurance contracts, including holders of these certificates, if WoodmenLife were to incur claims or expenses at rates significantly higher than expected or experience significant unexpected losses on its investments.
NON-PRINCIPAL RISKS OF INVESTING IN THE CERTIFICATE
All non-principal risks of purchasing a Certificate have been disclosed in the Prospectus.
SAI - 2
PRINCIPAL UNDERWRITER
Woodmen Financial Services, Inc. (“WFS”), a wholly owned, indirect subsidiary of WoodmenLife, serves as the exclusive principal underwriter of the continuously offered certificates pursuant to a Principal Underwriting and Servicing Agreement to which WFS and WoodmenLife, on behalf of itself and the Variable Account, are parties. WFS’s principal business address is 1700 Farnam Street, Omaha, NE 68102. The certificates will be sold through WoodmenLife representatives who are licensed by state insurance officials to sell the certificates and who are duly licensed Registered Representatives of WFS.
Representatives of other broker-dealer firms with which WFS has executed a selling agreement may also sell the certificates, although currently no such selling agreements are contemplated. In addition, WoodmenLife may engage other firms to serve as principal underwriters of the certificates but has not yet done so.
For the year 2023, WFS received $1,095,422.31 in commissions, of which it retained $100,697.12 and paid $994,725.19 to its Registered Representatives. For the year 2024, WFS received $1,682,630.70 in commissions, of which it retained $172,347.52 and paid $1,510,283.18 to its Registered Representatives. For the year 2025, WFS received $1,930,128.29 in commissions, of which it retained $186,994.00 and paid $1,743,134.29 to its Registered Representatives.
FINANCIAL STATEMENTS
Deloitte & Touche LLP has audited the balance sheets of WoodmenLife as of December 31, 2025 and 2024, and the related statutory basis statements of operations, changes in surplus, and cash flow for the years ended December 31, 2025 and 2024, and the financial information for the WoodmenLife Variable Annuity Account for the years ended December 31, 2025 and 2024. The financial statements and schedules have been included in reliance upon such reports. Deloitte & Touche LLP is an independent auditors, as referenced in their reports herein. The principal business address of Deloitte & Touche LLP is 1100 Capitol Avenue, Suite 300, Omaha, Nebraska 68102.
The audited statutory basis balance sheets of WoodmenLife as of December 31, 2025 and 2024, and the related statutory basis statements of operations, changes in surplus, and cash flow for each of the 3 years in the period ended December 31, 2025, and the financial information for the WoodmenLife Variable Annuity Account for the year ended December 31, 2025, appear in this SAI.
SAI - 3
Financial Statements & Other Financial Information—Statutory Basis Woodmen of the World Life Insurance Society Years Ended December 31, 2025, 2024 and 2023, and Independent Auditor’s Report
Woodmen of the World Life Insurance Society
Financial Statements – Statutory Basis
As of December 31, 2025 and 2024
Years Ended December 31, 2025, 2024, and 2023
Contents
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INDEPENDENT AUDITOR’S REPORT
Audit Committee of Woodmen of the World Life Insurance Society
Opinions
We have audited the statutory basis financial statements of Woodmen of the World Life Insurance Society (the “Company”), which comprise the statutory basis balance sheet as of December 31, 2025 and 2024, and the related statutory basis statements of operations, changes in surplus, and cash flow for the years then ended, and the related notes to the statutory basis financial statements (collectively referred to as the “statutory basis financial statements”).
Unmodified Opinion on Statutory Basis of Accounting
In our opinion, the accompanying statutory basis financial statements present fairly, in all material respects, the admitted assets, liabilities, and surplus of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the years then ended in accordance with the accounting practices prescribed or permitted by the Nebraska Department of Insurance described in Note 1.
Adverse Opinion on Accounting Principles Generally Accepted in the United States of America
In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America section of our report, the 2025 and 2024 statutory basis financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations or its cash flows for the years then ended.
Predecessor Auditor’s Opinions on 2023 Statutory Basis Financial Statements
The statutory basis financial statements of the Company for the year in the period ended December 31, 2023, were audited by other auditors whose report, dated April 24, 2024, expressed an opinion that those statutory basis financial statements were not fairly presented in accordance with accounting principles generally accepted in the United States of America; however, such report also expressed an unmodified opinion on those statutory basis financial statements in accordance with the accounting practices prescribed or permitted by the Nebraska Department of Insurance described in Note 1.
Basis for Opinions
We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Statutory Basis Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America
As described in Note 1 to the statutory basis financial statements, the statutory basis financial statements are prepared by the Company using the accounting practices prescribed or permitted by the Nebraska Department of Insurance, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of the Nebraska Department of Insurance. The effects on the statutory basis financial statements of the variances between the statutory basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.
Responsibilities of Management for the Statutory Basis Financial Statements
Management is responsible for the preparation and fair presentation of the statutory basis financial statements in accordance with the accounting practices prescribed or permitted by the Nebraska Department of Insurance. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of statutory basis financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the statutory basis financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that the statutory basis financial statements are issued.
Auditor’s Responsibilities for the Audit of the Statutory Basis Financial Statements
Our objectives are to obtain reasonable assurance about whether the statutory basis financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the statutory basis financial statements.
In performing an audit in accordance with GAAS, we:
| ● | Exercise professional judgment and maintain professional skepticism throughout the audit. |
| ● | Identify and assess the risks of material misstatement of the statutory basis financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the statutory basis financial statements. |
| ● | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed. |
| ● | Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the statutory basis financial statements. |
| ● | Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time. |
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Other Information Included in the Annual Report
Management is responsible for the other information included in the annual report. The other information comprises the information included in the annual report but does not include the statutory basis financial statements and our auditor’s report thereon. Our opinion on the statutory basis financial statements does not cover the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audits of the statutory basis financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the statutory basis financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
/s/ Deloitte & Touche LLP
April 28, 2026
Woodmen of the World Life Insurance Society
Balance Sheets – Statutory Basis
(Dollars in Thousands)
| December 31 | ||||||||
| 2025 | 2024 | |||||||
| Admitted assets |
||||||||
| Cash and invested assets: |
||||||||
| Bonds |
$ | 6,622,299 | $ | 6,453,323 | ||||
| Preferred stocks |
129,661 | 137,848 | ||||||
| Common stocks (unaffiliated) (cost $228,070 and $310,521 as of December 31, 2024 and 2023) |
450,363 | 458,125 | ||||||
| Common stocks (affiliated) (cost $19,110 and $17,870 as of December 31, 2024 and 2023) |
921 | 709 | ||||||
| Mortgage loans |
2,358,107 | 2,405,454 | ||||||
| Properties occupied by WoodmenLife |
19,085 | 17,934 | ||||||
| Real estate held for the production of income |
53,310 | 56,192 | ||||||
| Certificate loans |
122,332 | 122,106 | ||||||
| Cash, cash equivalents and short-term investments |
104,332 | 269,713 | ||||||
| Securities lending reinvested collateral assets |
89,341 | 118,312 | ||||||
| Derivatives |
60,608 | 50,956 | ||||||
| Receivables for securities |
135 | 8,524 | ||||||
| Other invested assets |
101,934 | 83,434 | ||||||
| Total cash and invested assets |
10,112,428 | 10,182,630 | ||||||
| Accrued investment income |
68,117 | 64,197 | ||||||
| Premiums deferred and uncollected |
7,123 | 6,685 | ||||||
| Reinsurance balances recoverable |
1,495 | 2,457 | ||||||
| Electronic data processing equipment and other assets |
799 | 821 | ||||||
| Interest Maintenance Reserve |
54,616 | 65,536 | ||||||
| Separate account assets |
1,068,707 | 977,910 | ||||||
| Total admitted assets |
$ | 11,313,285 | $ | 11,300,236 | ||||
See accompanying notes.
4
Woodmen of the World Life Insurance Society
Balance Sheets – Statutory Basis (continued)
(Dollars in Thousands)
| December 31 | ||||||||
| 2025 | 2024 | |||||||
| Liabilities and surplus |
||||||||
| Liabilities: |
||||||||
| Aggregate reserves for certificate and contract liabilities: |
||||||||
| Life and annuity reserves |
$ | 7,037,470 | $ | 7,165,744 | ||||
| Accident and health reserves |
69,301 | 68,652 | ||||||
| Liability for deposit-type contracts |
790,596 | 815,142 | ||||||
| Certificate and contract claims |
57,349 | 58,352 | ||||||
| Other certificateholders’ funds |
799 | 860 | ||||||
| Refunds to members |
16,240 | 19,770 | ||||||
| Total aggregate reserves for certificate and contract liabilities |
7,971,755 | 8,128,520 | ||||||
| Accrued commissions, general expenses, and taxes |
34,693 | 33,960 | ||||||
| Amounts withheld by WoodmenLife as agent or trustee |
2,856 | (7,637 | ) | |||||
| Liability for postretirement benefits |
45,525 | 46,535 | ||||||
| Liability for employees’ and fieldworkers’ benefits |
19,100 | 16,986 | ||||||
| Asset valuation reserve |
155,119 | 154,372 | ||||||
| Payable for securities lending |
89,331 | 118,318 | ||||||
| Derivatives |
33,097 | 26,053 | ||||||
| Other liabilities |
16,840 | 15,666 | ||||||
| Separate account liabilities |
1,068,707 | 977,910 | ||||||
| Total liabilities |
9,437,023 | 9,510,683 | ||||||
| Surplus: |
||||||||
| Unassigned Surplus |
1,876,262 | 1,789,553 | ||||||
| Total Surplus |
1,876,262 | 1,789,553 | ||||||
| Total liabilities and surplus |
$ | 11,313,285 | $ | 11,300,236 | ||||
See accompanying notes.
5
Woodmen of the World Life Insurance Society
Statements of Changes in Surplus – Statutory Basis
(Dollars in Thousands)
| Year Ended December 31 | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Premiums and other revenues: |
||||||||||||
| Premiums (L&A, A&H) (net of reinsurance) |
$ | 614,994 | $ | 688,120 | $ | 744,395 | ||||||
| Net investment income |
410,202 | 383,909 | 374,292 | |||||||||
| Amortization of interest maintenance reserve |
(11,134 | ) | (11,949 | ) | (8,686 | ) | ||||||
| Commissions on reinsurance ceded and other income |
26,478 | 17,324 | 12,587 | |||||||||
| Other |
7,528 | 9,639 | 6,414 | |||||||||
| Total premums and other reserves |
1,048,068 | 1,087,043 | 1,129,002 | |||||||||
| Benefits paid or provided: |
||||||||||||
| Life benefits (net of reinsurance) |
259,053 | 251,099 | 257,537 | |||||||||
| Annuity benefits |
482,839 | 541,737 | 543,491 | |||||||||
| Surrender benefits and withdrawals |
124,675 | 131,522 | 130,600 | |||||||||
| Other benefits (net of reinsurance) |
53,480 | 50,569 | 49,113 | |||||||||
| Decrease in aggregate reserves for certificates and contracts and other certificateholders’ funds |
(127,625 | ) | (115,947 | ) | (74,900 | ) | ||||||
| Total benefits paid or provided |
792,422 | 858,980 | 905,841 | |||||||||
| Insurance expenses and other deductions: |
||||||||||||
| General insurance and fraternal expenses |
150,744 | 149,418 | 144,343 | |||||||||
| Commissions |
53,136 | 45,620 | 44,213 | |||||||||
| Insurance, taxes, licenses, and fees |
8,559 | 10,578 | 7,774 | |||||||||
| Separate account transfers, net |
(9,893 | ) | (13,238 | ) | (17,826 | ) | ||||||
| Other, net |
9,006 | 10,197 | 10,630 | |||||||||
| Total insurance expenses and other deductions |
211,552 | 202,575 | 189,134 | |||||||||
| Gain from operations before refunds to members and net realized capital gains |
44,092 | 25,488 | 34,027 | |||||||||
| Refunds to members |
16,799 | 19,036 | 24,300 | |||||||||
| Net gain from operations before net realized capital gains |
27,293 | 6,452 | 9,727 | |||||||||
| Net realized capital gains |
60,574 | 123,846 | 2,877 | |||||||||
| Net income |
$ | 87,867 | $ | 130,298 | $ | 12,604 | ||||||
See accompanying notes.
6
Woodmen of the World Life Insurance Society
Statements of Changes in Surplus– Statutory Basis
(Dollars in Thousands)
| Year Ended December 31 | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Unassigned Surplus: |
||||||||||||
| Balance at beginning of year |
$ | 1,789,553 | $ | 1,681,846 | $ | 1,674,846 | ||||||
| Net income |
87,867 | 130,298 | 12,604 | |||||||||
| Change in net unrealized capital gains or (losses) |
18,952 | (3,958 | ) | 94,778 | ||||||||
| Change in asset valuation reserve |
(747 | ) | (3,590 | ) | (95,765 | ) | ||||||
| Change in non-admitted assets |
(46,897 | ) | (103,481 | ) | (29,184 | ) | ||||||
| Change in reserve on account of change in valuation basis (increase) or decrease |
– | – | (1,859 | ) | ||||||||
| Change in pension liability |
27,534 | 88,438 | 26,426 | |||||||||
| Total surplus at end of year |
$ | 1,876,262 | $ | 1,789,553 | $ | 1,681,846 | ||||||
See accompanying notes.
7
Woodmen of the World Life Insurance Society
Statements of Cash Flow – Statutory Basis
(Dollars in Thousands)
| Year Ended December 31 | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Operating activities |
||||||||||||
| Premium and annuity considerations |
$ | 622,513 | $ | 695,285 | $ | 749,174 | ||||||
| Net investment income received |
426,371 | 408,468 | 393,997 | |||||||||
| Other income |
26,477 | 17,323 | 12,587 | |||||||||
| Total cash provided by operations |
1,075,361 | 1,121,076 | 1,155,758 | |||||||||
| Benefits paid |
(946,693 | ) | (1,017,852 | ) | (1,004,480 | ) | ||||||
| Net transfers from separate accounts |
9,240 | 12,496 | 18,649 | |||||||||
| Commissions and other expenses paid |
(251,347 | ) | (240,217 | ) | (220,821 | ) | ||||||
| Refunds paid to members |
(20,329 | ) | (22,794 | ) | (24,372 | ) | ||||||
| Total cash used in operations |
(1,209,129 | ) | (1,268,367 | ) | (1,231,024 | ) | ||||||
| Net cash provided by (used in) operating activities |
(133,768 | ) | (147,291 | ) | (75,266 | ) | ||||||
| Investing activities |
||||||||||||
| Proceeds from sales, maturities, or repayments of investments: |
||||||||||||
| Bonds |
636,105 | 741,018 | 1,256,092 | |||||||||
| Stocks |
93,866 | 228,035 | 51,008 | |||||||||
| Mortgage loans |
327,867 | 213,215 | 198,265 | |||||||||
| Real estate |
9,640 | 6,157 | 2,244 | |||||||||
| Other invested assets |
11,023 | 10,113 | 3,056 | |||||||||
| Securities lending |
– | – | 130,540 | |||||||||
| Net gains (losses) on cash, cash equivalents and short-term investments |
(1 | ) | (241 | ) | (1 | ) | ||||||
| Miscellaneous proceeds |
27,716 | 61,734 | 18,291 | |||||||||
| Total investment proceeds |
1,106,216 | 1,260,031 | 1,659,495 | |||||||||
| Cost of investments acquired: |
||||||||||||
| Bonds |
(798,903 | ) | (525,561 | ) | (1,055,267 | ) | ||||||
| Common stocks |
(24,528 | ) | (18,476 | ) | (29,783 | ) | ||||||
| Mortgage loans |
(280,520 | ) | (254,375 | ) | (259,682 | ) | ||||||
| Real estate |
(8,283 | ) | (12,308 | ) | (13,271 | ) | ||||||
| Other invested assets |
(24,416 | ) | (19,206 | ) | (36,584 | ) | ||||||
| Securities lending |
– | – | (167,293 | ) | ||||||||
| Miscellaneous applications |
(14,988 | ) | (53,255 | ) | (21,696 | ) | ||||||
| Total cost of investments acquired |
(1,151,638 | ) | (883,181 | ) | (1,583,576 | ) | ||||||
| Net decrease in certificate loans |
(558 | ) | (568 | ) | 2,434 | |||||||
| Net cash provided by (used in) investing activities |
(45,980 | ) | 376,282 | 78,353 | ||||||||
| Financing and other miscellaneous activities |
||||||||||||
| Change in payable for securities lending |
– | – | 36,753 | |||||||||
| Other cash used in financing activities and miscellaneous sources |
14,367 | (33,912 | ) | (4,142 | ) | |||||||
| Net cash from financing and miscellaneous sources |
14,367 | (33,912 | ) | 32,611 | ||||||||
| Net increase (decrease) in cash, cash equivalents and short-term investments |
(165,381 | ) | 195,079 | 35,698 | ||||||||
| Cash, cash equivalents and short-term investments at beginning of year |
269,713 | 74,634 | 38,936 | |||||||||
| Cash, cash equivalents and short-term investments at end of year |
$ | 104,332 | $ | 269,713 | $ | 74,634 | ||||||
| Supplemental disclosure of cash flow for non-cash transactions: |
||||||||||||
| Exchanges of stocks and bonds |
$ | 29,276 | $ | 14,368 | – | |||||||
| Conversion of mortgage loans to real estate |
$ | 2,121 | $ | 5,461 | – | |||||||
See accompanying notes.
8
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis
(Dollars in Thousands)
December 31, 2025
1. Nature of Operations and Significant Accounting Policies
Description of Business
Woodmen of the World Life Insurance Society (WoodmenLife) is a nonprofit fraternal benefit society incorporated in the state of Nebraska, exempt from tax under Internal Revenue Code (IRC) Section 501(c)(8).
WoodmenLife operates in the individual insurance market, with emphasis on life and annuity products. The vast majority of WoodmenLife’s premiums are in the family market, resulting in a relatively small average size certificate issued and in force. WoodmenLife markets its products through a captive field force and is licensed in all 50 states and the District of Columbia.
WoodmenLife operates in a business environment with many inherent risks, which can be broadly categorized as credit, legal, liquidity, market, operational, pricing/underwriting, reputation, and strategic risks. Risks from any of these categories can present unique challenges, which is why WoodmenLife performs rigorous stress testing on all identified risks and maintains capital levels to sufficiently protect against adverse events. WoodmenLife’s RBC ratio was 799% as of December 31, 2025.
WFS Holdings, Inc., a wholly owned subsidiary of WoodmenLife, operates as a holding company for subsidiary entities of WoodmenLife. Subsidiary entities include Woodmen Financial Services, Inc. and Woodmen Insurance Agency, Inc.
Woodmen Financial Services, Inc., a wholly owned subsidiary of WFS Holdings, Inc., operates as an introducing broker-dealer engaged in the sale of a proprietary variable product offered by WoodmenLife to its members.
Woodmen Insurance Agency, Inc., a wholly owned subsidiary of WFS Holdings, Inc., is an insurance agency offering insurance products not offered by WoodmenLife.
Basis of Presentation
WoodmenLife’s financial statements have been prepared on the basis of accounting practices prescribed or permitted by the Nebraska Department of Insurance (statutory accounting practices), which practices differ from U.S. generally accepted accounting principles (GAAP).
9
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
1. Nature of Operations and Significant Accounting Policies (continued)
The more significant differences between statutory accounting practices and GAAP are as follows:
Investments in bonds are reported at amortized cost or fair value based on their National Association of Insurance Commissioners’ (NAIC) rating for statutory purposes. For GAAP purposes, such investments in fixed maturities are designated at purchase as held-to-maturity, trading, or available for sale. Held-to-maturity investments in fixed maturities are reported at amortized cost. The remaining investments in fixed maturities are reported at fair value, with the unrealized holding gains and losses reported in operations for those designated as trading and as a separate component of surplus for those designated as available for sale.
All single class and multi-class mortgage-backed/asset-backed securities are adjusted for the effects of changes in prepayment assumptions on the related accretion of discount or amortization of premium of such securities using the retrospective method. If the fair value of the mortgage-backed/asset-backed security is less than amortized cost, an entity shall assess whether the impairment is other-than-temporary. An other-than-temporary impairment is considered to have occurred if the discounted estimated future cash flows are less than the amortized cost basis of the security. An other-than-temporary impairment is also considered to have occurred if the fair value of the mortgage-backed/asset-backed security is less than its amortized cost basis and the entity intends to sell the security or the entity does not have the intent and ability to hold the security for a period of time sufficient to recover the amortized cost basis.
If it is determined an other-than-temporary impairment has occurred as a result of the cash flow analysis, the security is written down to the discounted estimated future cash flows. If an other-than-temporary impairment has occurred due to intent to sell or lack of intent and ability to hold, the security is written down to fair value.
Under GAAP, if the Company does not intend to sell and it is not more likely than not that the Company will be required to sell the debt security but also do not expect to recover the entire amortized cost basis of the security, a credit loss would be recognized in operations for the amount of the credit loss. The difference between the present value of expected future cash flows and the amortized cost basis of the security is the amount of credit loss recognized in operations. The recognized credit loss is limited to the total unrealized loss on the security (i.e. the fair value floor).
10
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
1. Nature of Operations and Significant Accounting Policies (continued)
For statutory purposes, valuation allowances, if necessary, are established for mortgage loans based on the difference between the net value of the collateral, determined as the fair value of the collateral less estimated costs to obtain and sell, and the recorded investment in the mortgage loan. Under GAAP, credit loss allowances would be established when the Company determines it is probable that it will be unable to collect all amounts (both principal and interest) due according to the contractual terms of the loan agreement. Such credit loss allowances are based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, if foreclosure is probable, on the estimated fair value of the underlying real estate. The initial valuation allowance and subsequent changes in the allowance for mortgage loans are charged or credited directly to surplus as part of the change in the asset valuation reserve (AVR) for statutory purposes, rather than being included as a component of operations, as would be required by GAAP.
The AVR provides a valuation allowance for invested assets. The AVR is determined for STAT by NAIC-prescribed calculations with changes reflected directly in surplus and is not done for GAAP.
Investment and foreclosed real estate are carried at the lower of cost or market and are reported net of related obligations rather than on a gross cost less accumulated depreciation basis as for GAAP. Real estate owned and occupied by the Company is included in investments rather than reported as an operating asset as under GAAP, and investment income and operating expenses for statutory reporting include rent for WoodmenLife’s occupancy of those properties. Changes between depreciated cost and admitted amounts are credited or charged directly to unassigned surplus rather than to income as would be required under GAAP.
Under a formula determined by the NAIC, WoodmenLife defers in the Interest Maintenance Reserve (IMR) the portion of realized gains and losses on sales of fixed income investments, principally bonds and mortgage loans, attributable to changes in the general level of interest rates and amortizes those deferrals over the remaining period to maturity. Realized capital gains and losses are reported in operations net of transfers to the IMR for statutory purposes rather than reported in the statement of operations in the period that the asset giving rise to the gain or loss is sold under GAAP.
11
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
1. Nature of Operations and Significant Accounting Policies (continued)
The accounts and operations of WoodmenLife’s subsidiaries are not consolidated with the accounts and operations of WoodmenLife, and WoodmenLife’s share of undistributed earnings and losses of these subsidiaries is included in unrealized gains and losses, whereas consolidation is required under GAAP.
The direct and incremental costs of acquiring and renewing business are charged to current operations as incurred for statutory purposes rather than deferred and amortized over the premium-paying period or in proportion to the present value of expected gross profit margins for GAAP purposes.
Certain assets designated as non-admitted are excluded from the accompanying statutory basis balance sheets and are charged directly to surplus. Under GAAP, such assets are included in the balance sheet.
Certificate reserves on traditional life insurance products are based on statutory mortality rates and interest that may differ from reserves based on best estimate assumptions of expected mortality, interest, and withdrawals used for GAAP purposes, which include a provision for possible unfavorable deviation from such assumptions.
Certificate reserves on certain investment products use discounting methodologies based on statutory interest rates rather than full account values under GAAP.
Revenues for universal life-type policies and annuity policies with mortality or morbidity risk consist of premiums received, and benefits incurred represent the total death benefits paid and the change in policy reserves for statutory purposes. Under GAAP, revenues include only policy charges for the cost of insurance, certificate initiation and administration, surrender charges, and other fees that have been assessed against certificate account values, and benefits represent the excess of benefits paid over the policy account value and interest credited to the account values.
Expense allowances on reinsurance ceded are credited to income at the time the premium is ceded for statutory purposes rather than as a reduction to the amount of costs deferred and amortized over the premium-paying period or in proportion to the present value of expected gross profit margins for GAAP purposes.
Reinsurance amounts are netted against the corresponding receivable or payable balances for statutory purposes rather than shown as gross amounts on the balance sheet under GAAP.
12
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
1. Nature of Operations and Significant Accounting Policies (continued)
Expenses for pension benefits and postretirement benefits other than pensions are recognized in accordance with statutory accounting, which does not accrue for the nonvested employees or future earnings considerations rather than including active participants not currently eligible and future earnings considerations for GAAP purposes.
Refunds to members are recognized when declared for statutory purposes rather than over the term of the related policies under GAAP.
The effects of the foregoing variances from GAAP have not been determined but are presumed to be material.
Use of Estimates in the Preparation of Financial Statements
The preparation of WoodmenLife’s statutory basis financial statements and accompanying notes requires management to make estimates and assumptions that affect the amounts reported and disclosed. These estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed in the statutory basis financial statements and accompanying notes.
Cash, Cash Equivalents and Short-Term Investments
The Company considers all highly liquid investments with a maturity of one year or less when purchased to be short-term investments and are valued at amortized cost. Cash and cash equivalents consist of cash-in-bank, cash-in-transit, money market mutual funds and all highly liquid securities with remaining maturity of three months or less. Money market mutual funds are stated at amortized cost which approximates fair value.
Investments
Securities are valued in accordance with methods prescribed by the NAIC. Bonds are stated principally at cost, adjusted for amortization of premiums and accretion of discounts, both computed using the modified scientific method, and adjusted for other-than-temporary declines in fair value. In August of 2023, the NAIC issued revisions to SSAP No. 26, Bonds, SSAP No. 43, Loan-Backed and Structured Securities, and SSAP No. 21, Other Admitted Assets. The revised guidance updates the definition of a bond, revises the accounting for bonds, and updates various SSAPs to reflect the revised definition. There was no material effect on the Company’s financial statements during 2025 from these revisions to the SSAP’s.
13
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
1. Nature of Operations and Significant Accounting Policies (continued)
For the loan-backed securities included in the bond portfolio, the Company uses the retrospective adjustment method for the effects of changes in prepayment assumptions on the related accretion of discount or amortization of premium of these securities. Prepayment assumptions for publicly traded loan-backed securities are obtained from Bloomberg. Privately placed loan-backed securities do not require adjustments for prepayment risks due to provisions within the terms and conditions of the notes. Equity tranche investments in collateralized debt obligations are classified as other invested assets (fixed income and common stock joint ventures) and are valued based on the prospective adjustment method for the effects of changes in prepayment and default assumptions. Prepayment and default assumptions are obtained from a third-party broker. Common stocks are reported at fair value for unaffiliated companies and adjusted for other-than-temporary declines in fair value. For WoodmenLife’s noninsurance subsidiary, the common stock is carried at the GAAP equity value of the subsidiary. Preferred stocks are all considered perpetual, valued at either fair value or amortized cost, dependent on the underlying bond characteristics. The value should not exceed any currently effective call price.
Mortgage loans are stated at the unpaid principal balance less any unearned discount. WoodmenLife records impaired loans at the present value of expected future cash flows discounted at the loan’s effective interest rate or, as an expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral-dependent. A loan is impaired when it is probable the creditor will be unable to collect all contractual principal and interest payments due in accordance with the terms of the loan agreement.
Real estate occupied by WoodmenLife and real estate held for the production of income are reported at depreciated cost, net of encumbrances. Investment real estate that WoodmenLife has the intent to sell is reported at the lower of depreciated cost or fair value, net of encumbrances. Depreciation is calculated on both a straight-line basis and an accelerated basis over the estimated useful lives of the properties.
Certificate loans are stated at unpaid principal balances, including accrued interest.
Net realized capital gains and losses on investments are determined using the specific identification basis, recorded as of trade date.
14
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
1. Nature of Operations and Significant Accounting Policies (continued)
The AVR provides a reserve for losses from investments in bonds, common and preferred stocks, mortgage loans, real estate, and other invested assets, with related increases or decreases being recorded directly to surplus. Unrealized capital gains and losses on investments, including changes in mortgage and security reserves, are recorded directly in surplus. Comparable adjustments are also made to the AVR. Declines in value deemed to be other than temporary are charged to the statutory basis statements of operations as realized losses.
The IMR primarily defers certain interest-related gains and losses on sales of fixed income securities that are amortized into net income over the estimated remaining lives of the investments sold. A limited, optional, statutory accounting provision allows for the admittance of net negative (disallowed) IMR with certain restrictions. These provisions are permitted as a short-term solution until December 31, 2026, and will be automatically nullified on January 1, 2027. WoodmenLife adopted these provisions for 2025 reporting purposes and has included an IMR asset as of December 31, 2025, 2024 and 2023. The net negative (disallowed) IMR in aggregate and allocated to the General Account (Unassigned Surplus) was $54,616 in 2025. The amount of negative IMR admitted in the General Account and reported as an asset in 2025 was also $54,616. Adjusted Capital & Surplus calculation totaled $1,723,196, which represents 3.2% of total net negative (disallowed) IMR admitted in General Account. The net negative (disallowed) IMR in aggregate and allocated to the General Account (Unassigned Surplus) was $65,536 in 2024. The amount of negative IMR admitted in the General Account and reported as an asset in 2024 was also $65,536.Adjusted Capital & Surplus calculation totaled $1,609,068, which represents 4.1% of total net negative (disallowed) IMR admitted in General Account.
WoodmenLife may take positions from time to time in certain derivative instruments to manage the impact of changes in interest rates, the change in equity market values or equity indices on certain certificate liabilities. Financial instruments used for such purposes include options on interest rate swaps, S&P 500 options, and covered equity call options. As of December 31, 2025, $60,608 of purchased S&P 500 options were owned and $33,097 of S&P 500 options were written. As of December 31, 2024, $50,956 of purchased S&P 500 options were owned and $26,053 of S&P 500 options were written.
15
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued) (continued)
(Dollars in Thousands)
1. Nature of Operations and Significant Accounting Policies (continued) (continued)
Derivative instruments are valued consistently with the accounting treatment of the underlying security. Exchange traded S&P 500 call options are carried at fair value based
on values quoted by the exchange. The liability for positions in covered equity calls are also carried at fair value based upon exchange values. The change in market value for options is recorded directly to surplus as a change in unrealized gains and losses.
WoodmenLife’s risk of loss is typically limited to the fair value of the derivative instruments, not the notional or contractual amounts of these derivatives. Risk arises from changes in the fair value of the underlying instruments.
Securities Lending
In order to generate income and to offset expenses, WoodmenLife lends portfolio securities to registered broker-dealers or other eligible parties. Loans of securities may not exceed 20% of WoodmenLife’s total admitted assets. In return for the loaned securities, the borrower provides cash in an amount equal to at least 102% of the current fair value of the loaned securities, including accrued interest. The trust department of a financial institution administers WoodmenLife’s securities lending program. The administrator monitors the adequacy of the cash collateral daily and requires the borrower to provide additional cash collateral in the event the value of the cash collateral falls below 100% of the fair value of the securities on loan. At December 31, 2025 and 2024, the cash collateral received from the borrowers aggregated $89,331 and $118,318, respectively. WoodmenLife has the right to call any such loan and obtain the securities loaned at any time as allowed by required notice provisions. The loaned securities remain the property of WoodmenLife and therefore continue to be carried and accounted for as invested assets. The invested collateral and the liability representing the obligation to return it is also recorded on the balance sheet.
At December 31, 2025 and 2024, the following securities were loaned to broker-dealers and other eligible parties:
| 2025 | 2024 | |||||||
| General | General | |||||||
| Account | Account | |||||||
| Bonds, at amortized cost |
$ | 75,827 | $ | 92,938 | ||||
| Preferred stocks, at fair value |
7,567 | 20,625 | ||||||
| Common stocks, at fair value |
3,829 | 5,207 | ||||||
| Total |
$ | 87,223 | $ | 118,770 | ||||
16
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
1. Nature of Operations and Significant Accounting Policies (continued)
At December 31, 2025 and 2024, the fair value of the above securities aggregated $87,366 and $115,691, respectively.
The contractual maturities of the cash collateral received as of December 31, 2025 are as follows:
| General Account |
||||||
| Cash collateral received – securities lending |
||||||
| Open |
$ | 89,331 | ||||
| 30 days or less |
- | |||||
| 31 to 60 days |
- | |||||
| 61 to 90 days |
- | |||||
| Greater than 90 days |
- | |||||
|
|
|
|||||
| Sub-total |
89,331 | |||||
| Securities received |
- | |||||
|
|
|
|||||
| Total collateral received |
$ | 89,331 | ||||
|
|
|
|||||
The maturity dates of the reinvested securities lending collateral as of December 31, 2025 are as follows:
| General Account | ||||||||||
| Amortized Cost |
Fair Value | |||||||||
| Cash collateral reinvested – securities lending |
|
|||||||||
| Open |
$(1,210) | $(1,210) | ||||||||
| 30 days or less |
90,551 | 90,551 | ||||||||
| 31 to 60 days |
- | - | ||||||||
| 61 to 90 days |
- | - | ||||||||
| 91 to 120 days |
- | - | ||||||||
| 121 to 180 days |
- | - | ||||||||
| 181 to 365 days |
- | - | ||||||||
| 1 to 2 years |
- | - | ||||||||
| 2 to 3 years |
- | - | ||||||||
| Greater than 3 years |
- | - | ||||||||
| Sub-total |
89,341 | 89,341 | ||||||||
| Securities received |
- | - | ||||||||
| Total collateral reinvested |
$89,341 | $89,341 | ||||||||
17
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
1. Nature of Operations and Significant Accounting Policies (continued)
WoodmenLife has a revenue-sharing agreement with the custodian bank, whereby the cash collateral is invested in certain money market and short-term bond funds. Under the arrangement, earnings generated by the investments are shared between WoodmenLife and the custodian bank, thus generating an additional return on the loaned securities. At December 31, 2025 and 2024, this fair value of the money market and short-term bond funds aggregated $89,341 and $118,312, respectively.
Restricted Assets
| Gross Restricted Current Year |
Percentage | |||||||||||||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||||||||||
| Separate | Total | Gross | Admitted | |||||||||||||||||||||||||||||||||||||
| Total | G/A Supporting S/A Activity |
Account | S/A Assets | Total | Current | Restricted | Restricted | |||||||||||||||||||||||||||||||||
| General | (S/A) | Supporting | From | Year | to | to Total | ||||||||||||||||||||||||||||||||||
| Account | Restricted | G/A | Prior | Increase/ | Admitted | Total | Admitted | |||||||||||||||||||||||||||||||||
| (G/A) | Assets | Activity | Total | Year | Decrease | Restricted | Assets | Assets | ||||||||||||||||||||||||||||||||
| Collateral held under security lending agreements |
$ | 89,341 | $ | - | $ | - | $ | - | $ | 89,341 | $ | 118,312 | $ | (28,971) | $89,341 | 0.75% | 0.79 | % | ||||||||||||||||||||||
| FHLB capital stock |
532 | - | - | - | 532 | 510 | 22 | 532 | 0.00% | 0.00 | % | |||||||||||||||||||||||||||||
| On deposit with states |
639 | - | - | - | 639 | 638 | - | 639 | 0.01% | 0.01 | % | |||||||||||||||||||||||||||||
| Total restricted assets |
$ | 90,512 | $ | - | $ | - | $ | - | $ | 90,512 | $ | 119,460 | $(28,949) | $90,512 | 0.76% | 0.80 | % | |||||||||||||||||||||||
| Gross Restricted Prior Year |
Percentage | |||||||||||||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||||||||||
| Separate | Total | Gross | Admitted | |||||||||||||||||||||||||||||||||||||
| Total | G/A Supporting S/A Activity |
Account | S/A Assets | Total | Current | Restricted | Restricted | |||||||||||||||||||||||||||||||||
| General | (S/A) | Supporting | From | Year | to | to Total | ||||||||||||||||||||||||||||||||||
| Account | Restricted | G/A | Prior | Increase/ | Admitted | Total | Admitted | |||||||||||||||||||||||||||||||||
| (G/A) | Assets | Activity | Total | Year | Decrease | Restricted | Assets | Assets | ||||||||||||||||||||||||||||||||
| Collateral held under security lending agreements |
$ | 118,312 | $ | - | $ | - | $ | - | $ | 118,312 | $ | 167,293 | (48,981 | ) | $118,312 | 1.00% | 1.05 | % | ||||||||||||||||||||||
| FHLB capital stock |
510 | 510 | 510 | 510 | 0.00%. | 0.00 | % | |||||||||||||||||||||||||||||||||
| On deposit with states |
638 | - | - | - | 638 | 639 | - | 638 | 0.00% | 0.01 | % | |||||||||||||||||||||||||||||
| Total restricted assets |
$ | 119,460 | $ | - | $ | - | $ | - | $ | 119,460 | $ | 167,932 | $ | (48,471 | ) | $119,460 | 1.00% | 1.06 | % | |||||||||||||||||||||
WoodmenLife is a member of the Federal Home Loan Bank of Topeka with 500 shares of Class A capital stock and 322 shares of Excess Class B stock. Its membership is for strategic use as operation funding, with limits consistent with its risk management processes. Currently there are no borrowings through this membership.
18
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
1. Nature of Operations and Significant Accounting Policies (continued)
Reserves for Insurance, Annuity, and Accident and Health Certificates
Life, annuity, and accident and health disability benefit reserves are developed by actuarial methods and are determined based on published tables using statutorily specified interest rates and valuation methods that will provide, in the aggregate, reserves that are greater than or equal to the minimum or guaranteed certificate cash values or the amounts required by the Nebraska Department of Insurance. WoodmenLife waives deduction of deferred fractional premiums on the death of life and annuity certificate insureds and returns any portion of the final premium beyond the date of death. Surrender values on certificates do not exceed the corresponding benefit reserves. Substandard certificates are valued on the same basis as standard certificates. Additional reserves are established when the results of cash flow testing under various interest rate scenarios indicate the need for such reserves or the net premiums exceed the gross premiums on any insurance in force.
Tabular interest, tabular less actual reserves released, and tabular cost have been determined by the formulas specified in the NAIC instructions. Tabular interest on funds not involving life contingencies is equal to the guaranteed interest credited to these funds during the year.
Certificates issued on or after January 1, 2022, use VM-20 reserving methodologies. VM-20 is a life principle-based reserve framework in which the reserve is the greatest of three components, a net premium reserve (NPR), deterministic reserve (DR), and stochastic reserve (SR). WoodmenLife’s product categories included under principle-based reserving are fixed-premium term certificates, fixed-premium permanent certificates, and universal life with secondary guarantees. The fixed-premium term certificates include base coverages, other insured riders, and child riders. The VM-20 net premium reserves are based on prescribed assumptions and the deterministic and stochastic reserves use prudent estimate assumptions and interest/equity scenarios, as applicable.
Additionally, deferred variable annuity products use VM-21. VM-21 specifies statutory reserve requirements for all variable annuities. The aggregate reserve for contracts falling within the scope of these requirements equal the stochastic reserve plus the additional standard projection amount.
19
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
1. Nature of Operations and Significant Accounting Policies (continued)
The liability for unpaid accident and health claims is an estimate of the ultimate net cost of all reported and unreported losses not yet settled. This liability is estimated using actuarial analyses and case-basis evaluations. Although considerable variability is inherent in such estimates, WoodmenLife believes that the liability for unpaid claims is adequate. These estimates are continually reviewed, and as adjustments to this liability become necessary, such adjustments are reflected in current operations.
Revenue Recognition and Related Expenses
Life premiums are recognized as income over the premium paying period of the related certificates. Annuity considerations are recognized as revenue when received. Deposits on deposit-type contracts are recorded directly as a liability when received. Health premiums are earned ratably over the terms of the related insurance and reinsurance contracts or policies. Expenses incurred in connection with acquiring new insurance business, including acquisition costs such as commissions, are charged to operations as incurred.
Reinsurance
WoodmenLife reinsures certain risks related to a portion of its life and accident and health insurance business. Reinsurance premiums, expenses, and reserves related to reinsured business are accounted for on a basis consistent with that used for the original policies issued and the terms of the reinsurance contracts. Premiums ceded to other entities (2025 – $61,567; 2024 – $35,472; and 2023 – $30,137) are reported as a reduction of premium income and insurance reserves applicable to reinsurance ceded have also been reported as reductions of reserves (2025 – $103,665 and 2024 – $99,437). WoodmenLife received reinsurance recoveries in the amount of $40,305 and $16,275 during 2025 and 2024, respectively. WoodmenLife is contingently liable with respect to reinsurance ceded to other entities in the event the reinsurer is unable to meet the obligations that it has assumed.
Separate Accounts
Separate accounts represent funds related to WoodmenLife’s pension plan liabilities, which are backed by mutual funds and bonds, and the WoodmenLife Variable Annuity Account. The separate account assets supporting the contract liabilities are 100% legally insulated from the general account liabilities of WoodmenLife.
20
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
1. Nature of Operations and Significant Accounting Policies (continued)
As of December 31, 2025 and 2024, the fair value of mutual funds and bonds used to back pension plan liabilities was $415,503 and $403,220 respectively. As of December 31, 2025 and 2024, there were no dividends declared.
The remaining assets and liabilities in the separate accounts represent funds for an individual annuity product with a nonguaranteed return and for which the certificate holder, rather than WoodmenLife, bears the investment risk. Separate account assets, which consist of investments in mutual funds and one money market mutual fund, are reported at fair value. At December 31, 2025 and 2024, the fair value of these investments was $651,362 and $573,326, respectively. Income due and accrued as of December 31, 2025 and 2024 was $1,843 and $1,364.
The statutory basis statements of operations include the premiums, benefits, and other items arising from operations of the WoodmenLife Variable Annuity Account. Revenues and expenses related to the WoodmenLife Variable Annuity Account, to the extent of benefits paid or provided to the WoodmenLife Variable Annuity Account certificate holders, are excluded from the amounts reported in the accompanying statutory basis statements of operations. The total assets and liabilities relating to the separate accounts have been shown as a separate line item on the statutory basis balance sheets.
Fraternal Benefit Expenses
Fraternal benefit expenses represent expenditures made primarily for membership activities.
Other
Non-admitted assets (principally prepaid pension expense, overfunded pension assets and certain investments, receivables, and furniture and equipment) have been excluded from the statutory basis balance sheets through a change to surplus.
One hundred percent of the WoodmenLife’s life contracts are considered to be participating. Refunds to be paid to certificate holders are determined annually by resolution of WoodmenLife’s Board of Directors. The aggregate amount of certificate refunds is related to actual interest, mortality, morbidity, and expense experience for the year and judgment as to the appropriate level of statutory surplus to be retained by WoodmenLife. Certificate holders may receive their refund in cash, apply the refund to the purchase of fully paid-up insurance, apply the refund as renewal premium, or leave the refund on deposit with WoodmenLife to accumulate interest. An estimated provision has been made for refunds expected to be paid in the following calendar year.
21
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
1. Nature of Operations and Significant Accounting Policies (continued)
Subsequent Events
WoodmenLife has evaluated all events occurring after December 31, 2025 through April 28, 2026, the date the statutory basis financial statements were available to be issued, to determine whether any event required either recognition or disclosure in the statutory basis financial statements. As a result of this evaluation, no material subsequent events have been noted.
2. Investments
The amortized cost and estimated fair value of bonds and common stocks as of December 31, 2025 and 2024, are as follows:
| Gross | Gross | |||||||||||||||
| Amortized | Unrealized | Unrealized | Estimated | |||||||||||||
| Cost | Gains | Losses | Fair Value | |||||||||||||
| December 31, 2025 |
||||||||||||||||
| Bonds – Issuer Credit Obligations |
||||||||||||||||
| U.S. Government Obligations |
633 | - | (71) | 562 | ||||||||||||
| Other U.S. Government Obligations |
87,390 | - | (19,185 | ) | 68,205 | |||||||||||
| Muni Bonds – General Obligation |
164,212 | 993 | (14,952 | ) | 150,253 | |||||||||||
| Muni Bonds – Special Revenue |
443,265 | 754 | (65,637 | ) | 378,382 | |||||||||||
| Project Finance Bonds |
21,603 | 32 | (2 | ) | 21,633 | |||||||||||
| Corporate Bonds |
3,765,185 | 35,719 | (145,535 | ) | 3,655,369 | |||||||||||
| Other Issuer Credit Obligations |
26,042 | 896 | (186 | ) | 26,752 | |||||||||||
| Total – Issuer Credit Obligations |
4,508,330 | 38,394 | (245,568 | ) | 4,301,156 | |||||||||||
| Bonds – Asset-Backed Securities |
||||||||||||||||
| FAB Agency Residential MBS |
122,583 | 2,030 | (2,260) | 122,353 | ||||||||||||
| FAB Agency Commercial MBS |
1,258,394 | 6,792 | (88,864 | ) | 1,176,322 | |||||||||||
| FAB Non-Agency Residential MBS |
438,673 | 3,515 | (34,427 | ) | 407,761 | |||||||||||
| FAB Non-Agency Commercial MBS |
14,054 | 2 | - | 14,056 | ||||||||||||
| FAB Non-Agency CLO/CBO/CDO |
103,949 | 807 | (168) | 104,588 | ||||||||||||
| FAB Other Financial ABS |
87,234 | 52 | (4,419 | ) | 82,867 | |||||||||||
| Non-FAB Lease-Backed Securities |
18,751 | 63 | (98 | ) | 18,716 | |||||||||||
| Non-FAB Other Non-Financial ABS |
70,331 | 378 | (737 | ) | 69,972 | |||||||||||
| Total - Asset-Backed Securities |
2,113,969 | 13,639 | (130,973 | ) | 1,996,635 | |||||||||||
| Total Bonds |
$6,622,299 | $52,033 | $(376,541) | $6,297,791 | ||||||||||||
22
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
2. Investments (continued)
| Stocks: |
||||||||||||||||
| Common-Unaffiliated |
209,174 | 244,395 | (3,206 | ) | 450,363 | |||||||||||
| Preferred |
129,661 | 8 | (79 | ) | 129,590 | |||||||||||
| $ | 338,835 | $ | 244,403 | $ | (3,285) | $ | 579,953 | |||||||||
| Gross | Gross | |||||||||||||||
| Amortized | Unrealized | Unrealized | Estimated | |||||||||||||
| Cost | Gains | Losses | Fair Value | |||||||||||||
| December 31, 2024 |
||||||||||||||||
| Bonds: |
||||||||||||||||
| United States government and agencies |
$207,946 | $313 | $(6,213) | $202,046 | ||||||||||||
| States and political subdivisions |
771,077 | 340 | (136,296 | ) | 635,121 | |||||||||||
| Foreign governments |
436,193 | 692 | (54,067 | ) | 382,818 | |||||||||||
| Corporate securities |
3,721,375 | 11,764 | (205,591 | ) | 3,527,548 | |||||||||||
| Mortgage- and asset-backed securities |
1,316,732 | 1,285 | (152,051 | ) | 1,165,966 | |||||||||||
| $6,453,323 | $14,394 | $(554,218) | $5,913,499 | |||||||||||||
| Stocks: |
||||||||||||||||
| Common-Unaffiliated |
228,071 | 232,888 | (2,833 | ) | 458,126 | |||||||||||
| Preferred |
137,848 | 21 | (124 | ) | 137,745 | |||||||||||
| $365,919 | $ 232,909 | $ (2,957) | $ 595,871 | |||||||||||||
WoodmenLife closely monitors the financial condition and operations of the securities rated below investment grade and of certain investment grade securities on which it has concerns regarding credit quality. The Company also regularly monitors industry sectors. WoodmenLife considers relevant facts and circumstances in evaluating whether the impairment is other than temporary, including (1) the probability of WoodmenLife collecting all amounts due according to the contractual terms of the security in effect at the date of acquisition and (2) WoodmenLife’s decision to sell a security prior to its maturity at an amount below its carrying amount, or with respect to certain asset backed or structured securities, its ability and intent to hold until recovery to cost or amortized cost. Additionally, financial condition, near-term prospects of the issuer, and nationally
23
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
2. Investments (continued)
recognized credit rating changes are monitored. For asset-backed securities, cash flow trends and underlying levels of collateral are monitored. WoodmenLife will record a charge to the statutory basis statements of operations to the extent that these securities are subsequently determined to be other-than-temporarily impaired. WoodmenLife believes the issuers of the securities in an unrealized loss position will continue to make payments as scheduled.
For bonds with unrealized losses as of December 31, 2025, the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are summarized as follows:
| Less Than 12 Months | Greater Than or Equal to 12 Months |
Total | ||||||||||||||||||||||
| Gross | Gross | Gross | ||||||||||||||||||||||
| Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
| Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||||||
| Bonds: |
||||||||||||||||||||||||
| US Government |
$ 562 | $ (71 | ) | $ - | $ - | $ 562 | $ (71 | ) | ||||||||||||||||
| All Other Governments |
68,205 | (19,186 | ) | 68,205 | (19,186 | ) | ||||||||||||||||||
| Muni Bonds – General Obligations |
3,344 | (18 | ) | 105,745 | (14,934 | ) | 109,089 | (14,952 | ) | |||||||||||||||
| Muni bonds – special Revenue |
20,459 | (197 | ) | 312,085 | (65,440 | ) | 332,544 | (65,637 | ) | |||||||||||||||
| Project Finance Bonds |
11,251 | (2 | ) | - | - | 11,251 | (2 | ) | ||||||||||||||||
| Corporate Bonds |
108,814 | (3,001 | ) | 2,062,195 | (142,534 | ) | 2,171,009 | (145,535 | ) | |||||||||||||||
| Other Issuer Credit Obligations |
- | - | 5,094 | (186 | ) | 5,094 | (186 | ) | ||||||||||||||||
| Financial ABS – Self- Liquidating |
84,895 | (2,214 | ) | 1,220,014 | (127,924 | ) | 1,304,909 | (130,138 | ) | |||||||||||||||
| Financial ABS – Not Self-Liquidating Non-Financial ABS |
2,258 | (24 | ) | 46,083 | (811 | ) | 48,341 | (835 | ) | |||||||||||||||
| Total bonds |
$ 299,788 | $(24,713 | ) | $3,751,216 | $(351,829 | ) | $4,051,004 | $(376,542 | ) | |||||||||||||||
99.7% of the unrealized losses on fixed maturity securities are on securities that are rated investment grade. Investment grade securities are defined as those securities rated a 1 or 2 by the Investment Analysis Office of the NAIC. Unrealized losses on investment grade securities are principally related to changes in market interest rates or changes in credit spreads since the securities were acquired.
24
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
2. Investments (continued)
For bonds with unrealized losses as of December 31, 2024, the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are summarized as follows:
| Less Than 12 Months | Greater Than or Equal to 12 Months |
Total | ||||||||||||||||||||||
| Gross | Gross | Gross | ||||||||||||||||||||||
| Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
| Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||||||
| Bonds: |
||||||||||||||||||||||||
| US Government |
$ 70,537 | $ (971 | ) | $ 97,218 | $ (5,243 | ) | $ 167,755 | $ (6,213 | ) | |||||||||||||||
| States and political subdivisions |
78,265 | (2,281 | ) | 531,437 | (134,015 | ) | 609,702 | (136,296 | ) | |||||||||||||||
| Foreign governments |
20,182 | (658 | ) | 329,189 | (53,409 | ) | 349,371 | (54,067 | ) | |||||||||||||||
| Corporate securities |
445,707 | (10,097 | ) | 2,478,441 | (195,495 | ) | 2,924,148 | (205,591 | ) | |||||||||||||||
| Mortgage- and asset-backed securities |
131,434 | (3,450 | ) | 998,002 | (148,601 | ) | 1,129,436 | (152,051 | ) | |||||||||||||||
| Total bonds |
$ 746,125 | $(17,457 | ) | $4,434,287 | $(536,763 | ) | $5,180,412 | $(554,218 | ) | |||||||||||||||
99.7% of the unrealized losses on fixed maturity securities are on securities that are rated investment grade. Investment grade securities are defined as those securities rated a 1 or 2 by the Investment Analysis Office of the NAIC. Unrealized losses on investment grade securities are principally related to changes in market interest rates or changes in credit spreads since the securities were acquired.
The following table shows gross unrealized losses and fair values of common and preferred stocks, aggregated by length of time that individual securities have been in a continuous unrealized loss position:
| Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
| Gross | Gross | Gross | ||||||||||||||||||||||
| Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
| Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||||||
| December 31, 2025 |
||||||||||||||||||||||||
| Stocks: |
||||||||||||||||||||||||
| Preferred stocks |
$ | 82,003 | $(9,861 | ) | $ | 21,512 | $ | (6,041 | ) | $ | 103,515 | $ | (15,902 | ) | ||||||||||
| Common stocks (unaffiliated) |
4,444 | (803 | ) | 8,278 | (2,402 | ) | 12,722 | (3,205 | ) | |||||||||||||||
| Total |
$ | 86,447 | $(10,664 | ) | $ | 29,790 | $ | (8,443 | ) | $ | 116,237 | $ | (19,107 | ) | ||||||||||
25
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
2. Investments (continued)
| Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
| Gross | Gross | Gross | ||||||||||||||||||||||
| Estimated | Unrealized | Estimated | Unrealized | Estimated | Unrealized | |||||||||||||||||||
| Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | |||||||||||||||||||
| December 31, 2024 |
||||||||||||||||||||||||
| Stocks: |
||||||||||||||||||||||||
| Preferred stocks |
$ | 2,040 | $ | (341 | ) | $ | 49,323 | $ | (2,233 | ) | $ | 51,363 | $ | (2,574 | ) | |||||||||
| Common stocks (unaffiliated) |
2,988 | (437 | ) | 11,469 | (2,396 | ) | 14,457 | (2,833 | ) | |||||||||||||||
| Total |
$ | 5,028 | $ | (778 | ) | $ | 60,792 | $ | (4,629 | ) | $ | 65,820 | $ | (5,407 | ) | |||||||||
WoodmenLife believes the unrealized losses are temporary declines based on its evaluation of current economic conditions and company-specific information and believes the declines are temporary in nature.
The amortized cost and estimated fair value of bonds at December 31, 2025, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
| Amortized | Estimated | |||||||
| Cost | Fair Value | |||||||
| Due in one year or less |
$ | 242,795 | $ | 242,194 | ||||
| Due one through five years |
1,622,271 | 1,571,677 | ||||||
| Due five through ten years |
1,701,009 | 1,622,153 | ||||||
| Due after ten years |
942,255 | 865,132 | ||||||
| Mortgage-backed and other securities without a single maturity date |
2,113,969 | 1,996,635 | ||||||
| $ | 6,622,299 | $ | 6,297,791 | |||||
26
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
2. Investments (continued)
Major categories of net investment income are summarized as follows:
| Year Ended December 31 | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Bonds |
$ | 261,113 | $ | 246,789 | $ | 246,487 | ||||||
| Preferred stocks |
7,414 | 7,925 | 8,387 | |||||||||
| Common stocks |
7,970 | 10,011 | 10,974 | |||||||||
| Mortgage loans |
108,912 | 102,527 | 94,377 | |||||||||
| Real estate |
22,276 | 23,642 | 22,079 | |||||||||
| Certificate loans |
9,183 | 9,141 | 9,132 | |||||||||
| Cash, cash equivalents and short-term investments |
5,188 | 5,740 | 3,828 | |||||||||
| Other invested assets |
10,219 | 1,178 | (550 | ) | ||||||||
| Other |
3,924 | 3,786 | 3,742 | |||||||||
| 436,199 | 410,739 | 398,456 | ||||||||||
| Less investment expenses |
(25,997 | ) | (26,830 | ) | (24,164 | ) | ||||||
| $ | 410,202 | $ | 383,909 | $ | 374,292 | |||||||
Interest income is recognized on an accrual basis. WoodmenLife does not accrue income on bonds in default, mortgage loans on real estate in default and/or foreclosure or which are delinquent more than twelve months, or on real estate where rent is in arrears for more than three months. Income is also not accrued when collection is uncertain. In addition, accrued interest is excluded from investment income when payment exceeds 90 days past due. Interest income on nonperforming loans generally is recognized on a cash basis. WoodmenLife did not recognize any interest income on impaired loans for the years ended December 31, 2025, 2024, or 2023. The Company did not recognize any interest income on a cash basis for the years ended December 31, 2025, 2024, or 2023. At December 31, 2025 and 2024, the Company excluded investment income due and accrued for investments in default of $0 and $0, respectively, with respect to such practices.
27
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
2. Investments (continued)
The major components of realized capital gains (losses) on investments reflected in operations and unrealized capital gains (losses) on investments reflected directly in surplus are summarized as follows:
| Realized | Change in Unrealized | |||||||||||||||||||||||||||
| Year Ended December 31 | Year Ended December 31 | |||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||||||||||||||||||||||
| Bonds |
$331 | $ (3,161 | ) | $(74,505 | ) | $- | $- | $- | ||||||||||||||||||||
| Preferred stocks (unaffiliated) |
(551 | ) | (3,420 | ) | (11,012 | ) | 1,513 | 12,411 | 7,217 | |||||||||||||||||||
| Common stocks (unaffiliated) |
41,831 | 116,328 | 9,803 | 11,134 | (12,735 | ) | 78,630 | |||||||||||||||||||||
| Common stocks (affiliated) |
- | - | - | (328 | ) | (1,170 | ) | (261 | ) | |||||||||||||||||||
| Mortgage loans |
- | (2,261 | ) | - | - | - | - | |||||||||||||||||||||
| Real estate |
6,426 | 1,667 | 1,664 | - | - | - | ||||||||||||||||||||||
| Cash, cash equivalents and short-term investments |
- | (241 | ) | (1 | ) | - | - | - | ||||||||||||||||||||
| Derivative instruments |
13,418 | 11,862 | 883 | 1,918 | (304 | ) | 11,208 | |||||||||||||||||||||
| Other invested assets |
(1,096 | ) | (3,511 | ) | 9 | 4,715 | (2,161 | ) | (2,017 | ) | ||||||||||||||||||
| Total capital gains (losses) |
60,359 | 117,263 | (73,159) | 18,952 | (3,959 | ) | 94,777 | |||||||||||||||||||||
| Transferred to (from) interest maintenance reserve |
(214 | ) | (6,584 | ) | 76,036 | - | - | - | ||||||||||||||||||||
| Net capital gains (losses) |
$ 60,145 | $110,679 | $ 2,877 | $18,952 | $ (3,959 | ) | $94,777 | |||||||||||||||||||||
28
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
2. Investments (continued)
Results from sales and redemptions of bonds are summarized below:
| Year Ended December 31 | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Proceeds |
$ | 361,595 | $ | 394,056 | $ | 955,085 | ||||||
| Gross Realized Gains |
543 | 67 | 271 | |||||||||
| Gross Realized (Losses) |
(570 | ) | (3,228 | ) | (74,776 | ) | ||||||
| Other than temporary impairments |
- | - | - | |||||||||
Realized capital gains (losses) on common stocks in 2025, 2024, and 2023 included the recognition of OTTIs of $0, $0, and $(9,000), respectively.
The corporate private placement bond portfolio is diversified by issuer and industry. At December 31, 2025 and 2024, 21.5%, or $1,437,793, and 8.2%, or $531,085, respectively, of WoodmenLife’s bond portfolio was invested in private placement bonds.
At December 31, 2025 and 2024, bonds and certificates of deposit with a total statement value of $638 and $638, respectively and a fair value of $547 and $557, respectively were on deposit with state insurance departments to satisfy regulatory requirements.
Commercial mortgage loans originated or acquired by WoodmenLife represent its primary area of credit risk exposure. At December 31, 2025 and 2024, the commercial mortgage portfolio is diversified by geographic region and specific collateral property type as follows:
29
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
2. Investments (continued)
| Geographic Distribution | Property-Type Distribution | |||||||||||||||||||||
| December 31 | December 31 | |||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
| North Central |
$ | 499,415 | $ | 504,891 | Office | $ | 551,344 | $ | 607,734 | |||||||||||||
| South Atlantic |
596,636 | 598,556 | Industrial | 1,041,154 | 1,078,429 | |||||||||||||||||
| Pacific |
448,239 | 507,762 | Retail | 686,305 | 637,132 | |||||||||||||||||
| Mountain |
248,184 | 243,641 | Other | 79,304 | 82,159 | |||||||||||||||||
| Mid-Atlantic |
269,145 | 256,851 | Total | $ | 2,358,107 | $ | 2,405,454 | |||||||||||||||
| South Central |
259,993 | 256,263 | ||||||||||||||||||||
| Other |
36,495 | 37,490 | ||||||||||||||||||||
| Total |
$ | 2,358,107 | $ | 2,405,454 | ||||||||||||||||||
The credit quality of commercial mortgage loans for the year ended December 31, 2025, were as follows:
| Class CM1 |
$ | 2,316,922 | ||
| Class CM2 |
39,024 | |||
| Class CM3 |
2,161 | |||
| Class CM4 |
0 | |||
| Class CM5 |
0 | |||
|
|
|
|||
| $ | 2,358,107 | |||
|
|
|
The credit quality of the commercial mortgage loan portfolio was determined using the Risk-Based Capital reporting methodology adopted by the NAIC. The model assigns a letter rating (CM-1 through CM-5) to each loan in the portfolio using two common, well-known industry metrics: debt service coverage (DSC) and loan-to-value (LTV). DSC captures specific characteristics of a property, plus the impact of the collateral’s local economy on the property’s net operating income. Thus, both property-specific as well as market risks are reflected through the property’s income and DSC calculation. LTV is periodically updated using an independent industry index for property values.
30
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
2. Investments (continued)
During 2025, the respective maximum and minimum lending rates for mortgage loans were 6.58% and 5.59%, respectively. At the issuance of a loan, the percentage of loan to value on any one loan does not exceed 70%. At December 31, 2025 and 2024, the Company had no restructured mortgages. During 2025 and 2024, the Company did not reduce interest rates on any mortgages. In 2025 and 2024, the Company had no mortgages with interest 180 days or more past due. There were no taxes, assessments, or other amounts advanced on mortgage loans during 2025 or 2024.
WoodmenLife had $0 and $2,121 in past due commercial mortgage loans as of the years ended December 31, 2025 and 2024 respectively.
Woodmen Life recognized $0 impairments during 2025 and $2,261 during 2024 and $0 in 2023. The Company accepted a deed in lieu of foreclosure of $0 in 2025 and $5,461 in 2024. All properties covered by mortgage loans have fire insurance at least equal to the excess of the loan over the maximum loan that would be allowed on the land without the building. WoodmenLife did not hold an allowance for credit losses on mortgage loans at December 31, 2025, 2024 or 2023.
Net investment income for the years ended December 31, 2025, 2024, and 2023, included rental income of $2,961, $3,320, and $3,229, respectively, for the Company’s occupancy of office space in one owned real estate property. Rental income from other tenants and operating expenses of the buildings are also included in net investment income. These assets are being depreciated using the straight-line method over their estimated useful lives that range from 31.5 to 50 years. Improvements to property occupied by WoodmenLife are depreciated over a period equal to the lesser of the remaining useful life of the property, the useful life of the improvement, or 10 years. Depreciation expense on home office real estate for the years ended December 31, 2025, 2024, and 2023, was $2,816, $2,643, and $2,527, respectively.
WoodmenLife has other real estate consisting of land and buildings acquired by purchase or through foreclosure on mortgage loans. This real estate is segregated by property held for the production of income and held for sale. Net investment income on properties held for the production of income for the years ended December 31, 2025, 2024, and 2023, included rental income of $19,315, $20,322, and $18,850 respectively, and operating expenses of $7,188, $8,185, and $7,986, respectively. Properties held for sale during 2025, 2024, and 2023 were $0. Net investment income on properties held for sale for the years ended December 31, 2025, 2024, and 2023, included no rental income and operating expenses of $0, $0, and $0 respectively, on these properties. The carrying amount of real estate under leased fee arrangements is being amortized using the straight-line method over the corresponding lease terms that range from 20 to 30
31
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
2. Investments (continued)
years. The remaining other real estate properties are being depreciated using the straight-line method over their estimated useful lives that range from 10 to 50 years. Depreciation expense on properties held for the production of income was $3,983, $4,210, and $3,891 in 2025, 2024, and 2023, respectively.
There were no impairments to real estate property recognized during 2025, 2024 or 2023. Two real estate properties, in total, were fully disposed during 2025, 2024, and 2023, resulting in realized gains/(losses) of $6,426, $1,667 and $1,664 respectively on those transactions.
3. Related-Party Transactions
WoodmenLife has separate servicing agreements with WFS Holdings, Inc., Woodmen Financial Services, Inc., and Woodmen Insurance Agency, Inc. whereby these affiliates reimburse WoodmenLife for direct and allocated indirect costs. Total costs reimbursed by the affiliates were $3,482, $3,696, and $2,678 during 2025, 2024, and 2023, respectively.
WoodmenLife has mortgage loan agreements with fraternal youth camps and chapters. These loans are secured by a first lien on the related land and buildings, bear interest at 6%, and aggregated $201 and $283 as of December 31, 2025 and 2024, respectively.
4. Employee Benefit Plans
Pension Plans
WoodmenLife has a noncontributory, qualified defined benefit pension plan covering substantially all employees and fieldworkers who began service prior to October 1, 2006, with benefits based on years of service and either career or final average earnings. Under the pension plan, retirement benefits are primarily a function of the number of years of service and the level of compensation.
WoodmenLife has a supplemental retirement plan for those pension plan participants whose benefits calculated under the retirement plan formulas exceed ERISA limitations and for nonemployee members of the Board of Directors. This supplemental retirement plan makes up for any shortfall caused by the limitations and functions in the same manner as the retirement plan.
32
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
4. Employee Benefit Plans (continued)
The qualified and supplemental retirement plans are each funded via fixed and variable group deposit fund contracts issued by WoodmenLife and are included in the liability for deposit-type contracts on the statutory basis balance sheets. The Company accrues liabilities in accordance with actuarially determined amounts. As of December 31, 2025 and 2024, the fixed account totaled $412,455 and $422,942, respectively, and the variable account totaled $415,503 and $403,220, respectively.
Two different actuarial cost methods are used to develop the pension plan costs for employees and for fieldworkers because of the distinctly different benefit structures for those two groups. The employees’ benefits are developed using a final average salary formula, while the fieldworkers’ benefits are developed using a career average formula.
Postretirement Benefit Plan
WoodmenLife sponsors non-pension postretirement health and life plans. Substantially all employees and fieldworkers may become eligible if they reach retirement age while employed with WoodmenLife. Life insurance benefits are generally set at a fixed amount, while retirees are offered a preferred provider arrangement for their health care coverage. Under statutory accounting for employers providing postretirement benefits other than pensions, the estimated cost of postretirement benefits is accrued at the date WoodmenLife’s employees and fieldworkers become eligible to retire.
The health plan is contributory, with participants’ contributions adjusted annually; the life insurance plans include both contributory and noncontributory components. The accounting for the health plan anticipates future cost-sharing changes, including increases in premium, deductibles, and individual stop-loss levels, so as to keep pace, on average, with increases in the health care cost trend rate.
WoodmenLife uses a December 31 measurement date for its pension plans and other postretirement benefit plans. The accumulated benefit obligation for its pension plans represents the present value of pension benefits earned as of December 31 based on service and compensation through December of the respective year-end. The accumulated benefit obligation for the pension plans was $491,263 and $515,116 at December 31, 2025 and 2024, respectively.
The projected benefit obligation for pension and other postretirement benefits represents the present value of postretirement benefits deemed earned as of December 31, projected for estimated salary and medical cost rate increases as of an assumed date with respect to retirement, termination, disability, and death. The following table sets forth
33
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
4. Employee Benefit Plans (continued)
the change in the projected benefit obligation for pension and other postretirement benefits:
| Other Postretirement | ||||||||||||||||
| Pension Benefits | Benefits | |||||||||||||||
| Year Ended December 31 | Year Ended December 31 | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Change in projected benefit obligation |
|
|||||||||||||||
| Benefit obligation at beginning of year |
$ | 528,033 | $ | 571,282 | $ | 22,347 | $ | 26,210 | ||||||||
| Service cost |
1,870 | 2,349 | 380 | 545 | ||||||||||||
| Interest cost |
28,578 | 28,517 | 1,179 | 1,290 | ||||||||||||
| Contribution by plan participants |
- | - | 60 | 54 | ||||||||||||
| Actuarial loss (gain) |
12,035 | (26,544 | ) | 1,385 | (2,957 | ) | ||||||||||
| Benefits paid |
(34,887 | ) | (47,571 | ) | (546 | ) | (1,127 | ) | ||||||||
| Plan amendments |
- | - | (7,349 | ) | (1,614 | ) | ||||||||||
| Divestitures and special termination benefits | (32,886 | ) | - | - | (54 | ) | ||||||||||
| Benefit obligation at end of year |
$ | 502,743 | $ | 528,033 | $ | 17,456 | $ | 22,347 | ||||||||
Actuarial loss (gain) in 2025 and 2024 is primarily related to changes in the discount rate.
34
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
4. Employee Benefit Plans (continued)
A summary of plan assets and funded status of the pension and other postretirement benefit plans is as follows:
| Pension Benefits | Other Postretirement | |||||||||||||||||||
| Year Ended December 31 | Year Ended December 31 | |||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Change in plan assets |
||||||||||||||||||||
| Fair value of plan assets at beginning of year |
$ | 827,526 | $ | 779,472 | $ | - | $ | - | ||||||||||||
| Actual return on plan assets |
69,688 | 90,825 | - | - | ||||||||||||||||
| Employer contributions |
50 | 4,800 | 485 | 1,073 | ||||||||||||||||
| Contributions by plan participants |
- | - | 60 | 54 | ||||||||||||||||
| Benefits paid |
(34,887 | ) | (47,571 | ) | (545 | ) | (1,127 | ) | ||||||||||||
| Divestitures and special termination of benefits |
(32,632 | ) | ||||||||||||||||||
| Fair value of plan assets at end of year |
$ | 829,745 | $ | 827,526 | $ | - | $ | - | ||||||||||||
| Funded status |
||||||||||||||||||||
| Overfunded: |
||||||||||||||||||||
| Assets (nonadmitted) |
||||||||||||||||||||
| 1. Prepaid benefit costs |
$ | 243,153 | $ | 223,840 | $ | - | $ | - | ||||||||||||
| 2. Overfunded plan assets |
84,333 | 76,140 | - | - | ||||||||||||||||
| 3. Total assets (nonadmitted) |
$ | 327,486 | $ | 299,980 | $ | - | $ | - | ||||||||||||
| Underfunded: |
||||||||||||||||||||
| Liabilities recognized |
||||||||||||||||||||
| 1. Accrued benefit costs |
$ | 377 | $ | 352 | $ | 45,525 | $ | 46,535 | ||||||||||||
| 2. Liability for pension benefits |
107 | 135 | (28,069 | ) | (24,188 | ) | ||||||||||||||
| 3. Total liabilities recognized |
$ | 484 | $ | 487 | $ | 17,456 | $ | 22,347 | ||||||||||||
35
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
4. Employee Benefit Plans (continued)
A summary of key assumptions utilized in development of the benefit obligations is as follows:
| Pension Benefits | Other Postretirement | |||||||||||||||||||||||||||
| Benefits | ||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||||||||||||||||||||||
| Weighted average assumptions used to determine benefit obligations at December 31 |
| |||||||||||||||||||||||||||
| Discount rate |
5.62 | % | 5.82 | % | 5.23 | % | 5.62 | % | 5.82 | % | 5.23 | % | ||||||||||||||||
| Rate of compensation increase |
4.00 | % | 4.00 | % | 4.00 | % | N/A | N/A | N/A | |||||||||||||||||||
| Weighted average assumptions used to determine net periodic benefit cost for years ended December 31 |
| |||||||||||||||||||||||||||
| Discount rate |
5.82 | % | 5.23 | % | 5.54 | % | 5.82 | % | 5.23 | % | 5.54 | % | ||||||||||||||||
| Expected long-term rate of return on plan assets |
6.00 | % | 6.00 | % | 6.00 | % | N/A | N/A | N/A | |||||||||||||||||||
| Rate of compensation increase |
4.00 | % | 4.00 | % | 4.00 | % | N/A | N/A | N/A | |||||||||||||||||||
36
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
4. Employee Benefit Plans (continued)
The components of net periodic benefit cost for the years ended December 31 are as follows:
| Pension Benefits | Other Postretirement Benefits |
|||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||||||||||||||||||||||
| Components of net periodic benefit cost |
|
|||||||||||||||||||||||||||
| Service cost |
$ | 1,870 | $ | 2,349 | $ | 2,267 | $ | 380 | $ | 545 | $ | 523 | ||||||||||||||||
| Interest cost |
28,580 | 28,517 | 30,256 | 1,180 | 1,290 | 1,351 | ||||||||||||||||||||||
| Expected return on plan assets |
(46,550) | (45,338) | (42,465) | - | - | |||||||||||||||||||||||
| Prior service cost recognized |
- | -54 | - | - | ||||||||||||||||||||||||
| Recognized gains and losses |
50 | 45 | 967 | (1,943) | (1,737) | (2,237) | ||||||||||||||||||||||
| Prior service cost or credit |
(141) | |||||||||||||||||||||||||||
| Loss/(Gain) recognized due to settlement/curtailment |
(3,188) | 1,846 | - | - | (54) | - | ||||||||||||||||||||||
| Net periodic benefit cost |
$ | (19,238) | $ | (12,581) | $ | (8,921) | $ | (524) | $ | 44 | $ | (363) | ||||||||||||||||
37
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
4. Employee Benefit Plans (continued)
| Pension Benefits | Other Postretirement Benefits |
|||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Amounts in unassigned funds (surplus) recognized as components of net periodic benefit cost |
| |||||||||||||||||||
| a. Items not yet recognized as a component of net periodic |
$ | (76,005) | $ | (2,084) | $ | (24,189) | $ | (21,354) | ||||||||||||
| b. Net transition asset or obligation recognized |
- | - | - | - | ||||||||||||||||
| c. Net prior service cost or credit arising during the period |
- | - | (7,349) | - | ||||||||||||||||
| d. Net prior service cost or credit recognized |
- | - | 141 | - | ||||||||||||||||
| e. Net gain and loss arising during the period |
(8,171) | (72,030) | 1,385 | (2,957) | ||||||||||||||||
| f. Net gain and loss recognized |
(50) | (1,891) | 1,943 | 1,737 | ||||||||||||||||
| g. Items not yet recognized as a component of net periodic |
$ | (84,226 | ) | $ | (76,005 | ) | $ | (28,069 | ) | $ | (22,574 | ) | ||||||||
| Pension Benefits | Other Postretirement Benefits |
|||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Amounts in unassigned funds (surplus) that have not yet been recognized as components of net periodic benefit cost |
| |||||||||||||||||||
| a. Net transition asset or obligation |
$ | - | $ | - | $ | - | $ | - | ||||||||||||
| b. Net prior service cost or credit |
- | - | (8,822) | (1,614) | ||||||||||||||||
| c. Net recognized gains and losses |
(84,226) | (76,005) | (19,247) | (22,574) | ||||||||||||||||
For measurement purposes with respect to the postretirement health plan, a 8.13% annual rate of increase in the per capita cost of covered health care benefits was assumed for pre-65 ages and a 9.23% for post-65 ages for 2024. These rates were assumed to decrease to 4.5% over 10 years.
38
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
4. Employee Benefit Plans (continued)
Pension Plan Assets
Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels.
| • | Level 1 – Fair values are based on unadjusted quoted prices in active markets for identical assets. The pension plan’s Level 1 assets consist of a Pooled separate account, which includes large cap mutual funds. |
| • | Level 2 – Fair values are based on inputs other than quoted prices within Level 1 that are observable for the asset, either directly or indirectly. The pension plan’s Level 2 assets consist of bonds. |
| • | Level 3 – Fair values are based on significant unobservable inputs for the asset. The pension plan’s Level 3 assets include a Deposit administration contract. |
The pension plan assets are held in both the separate account and a WoodmenLife general account investment. The separate account assets consist of actively traded mutual funds (Level 1) and bonds (Level 2). Unadjusted quoted prices for these securities are provided to WoodmenLife by independent pricing services. The pension plan general account assets, all in Level 3, include assets in a WoodmenLife deposit contract. Fair value of the general account assets is equal to an interest bearing deposit account with interest being set at WoodmenLife’s discretion which is equivalent to the overall rate earned on WoodmenLife’s assets, which represents the amount the plan would receive if withdrawing funds from the contract.
The fair value of the pension plan’s assets by asset category as of December 31, 2025, is as follows:
| Assets | Fair Value Hierarchy Level | |||||||||||||||
| Measured at | ||||||||||||||||
| Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
| Asset category |
||||||||||||||||
| Pooled separate account |
$ | 415,503 | $ | 268,383 | $ | 147,120 | $ | - | ||||||||
| Deposit administration contract |
412,455 | - | - | 412,455 | ||||||||||||
| Total |
$ | 827,958 | $ | 268,383 | $ | 147,120 | $ | 412,455 | ||||||||
39
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
4. Employee Benefit Plans (continued)
The fair value of the pension plan’s assets by asset category as of December 31, 2024, is as follows:
| Assets | Fair Value Hierarchy Level | |||||||||||||||
| Measured at | ||||||||||||||||
| Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
| Asset category |
||||||||||||||||
| Pooled separate account |
$ | 403,220 | $ | 305,124 | $ | 92,096 | $ | - | ||||||||
| Deposit administration contract |
422,942 | - | - | 422,942 | ||||||||||||
| Total |
$ | 826,162 | $ | 305,124 | $ | - | $ | 422,942 | ||||||||
The reconciliation for all assets measured at fair value using significant unobservable inputs (Level 3) for the year ended December 31, 2025, is as follows:
| Actual Return on | ||||||||||||||||||||||||
| Plan Assets | ||||||||||||||||||||||||
| Beginning Asset Balance |
Relating to Assets Still Held at the Reporting Date |
Relating to Assets Sold During the Period |
Purchases, Sales, and Settlements |
Transfers in (Out) of Level 3 |
Ending Asset Balance |
|||||||||||||||||||
| Asset category |
||||||||||||||||||||||||
| Deposit administration contract |
$ | 422,942 | $ 18,310 | $ | - | $ (28,797) | $ | - | $ | 412,455 | ||||||||||||||
| Total |
$ | 422,942 | $ 18,310 | $ | - | $ (28,797) | $ | - | $ | 412,455 | ||||||||||||||
40
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
4. Employee Benefit Plans (continued)
The reconciliation for all assets measured at fair value using significant unobservable inputs (Level 3) for the year ended December 31, 2024, is as follows:
| Actual Return on | ||||||||||||||||||||||||
| Plan Assets | ||||||||||||||||||||||||
| Beginning Asset Balance |
Relating to Reporting |
Relating to Assets Sold During the Period |
Purchases, Sales, and Settlements |
Transfers in (Out) of |
Ending Asset Balance |
|||||||||||||||||||
| Asset category |
||||||||||||||||||||||||
| Deposit administration contract |
$ | 455,513 | $ | 18,338 | $ |
- |
|
$ | (50,909 | ) | $ | - | $ | 422,942 | ||||||||||
| Total |
$ | 455,513 | $ | 18,338 | $ | - | $ | (50,909 | ) | $ | - | $ | 422,942 | |||||||||||
Pension plan assets are primarily invested in investment grade securities and large cap mutual funds. The pension plan’s weighted average asset allocations at December 31, 2025 and 2024, by asset category are as follows:
| Plan Assets at | ||||||||
| December 31 | ||||||||
| 2025 | 2024 | |||||||
| Asset category |
||||||||
| Equity – Variable Group Deposit Contract |
32.4 | % | 36.8 | % | ||||
| Fixed Income – Fixed Group Deposit Contract |
67.6 | 63.2 | ||||||
| 100.0 | % | 100.0 | % | |||||
WoodmenLife’s long-range asset allocation model is 25% – 50% equities and 50% – 75% fixed income.
41
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
4. Employee Benefit Plans (continued)
At December 31, 2025, WoodmenLife used an expected long-term return of 6.0% on pension fund assets. This return is predicated on the fact that historically, over long periods of time, widely traded large-cap equity securities have provided a return of approximately 10%, while fixed income securities have provided a return of approximately 6%. WoodmenLife’s long-range asset allocation model of 25%–50% equities and 50%–75% fixed income would indicate that the long-term expected return would be approximately 7.5% if the investments were made in the broad indexes. Actual returns may vary depending on economic conditions, actual allocation of assets, and other currently unknown factors. While these assets will be professionally managed, such that we may expect to earn a premium on these returns, we are not including such an adjustment in our assumption.
WoodmenLife contributed $50 to its pension plans and $485 to its other postretirement benefit plan in 2025. WoodmenLife’s policy has been to contribute funds to the plan in amounts required to maintain sufficient plan assets to provide for accrued benefits. In applying this general policy, WoodmenLife considers, among other factors, the recommendations of its independent consulting actuaries, the requirements of federal pension law, SSAP No. 102, Accounting for Pensions, A Replacement of SSAP No. 89, expenses for the year in question, and the limitations on deductibility imposed by federal income tax law.
The following estimated future benefit payments, which reflect expected future service, as appropriate, are expected to be paid in the year indicated:
| Year(s) | Amount | Other Postretirement |
||||||
| 2026 |
$ | 35,117 | $ | 1,187 | ||||
| 2027 |
$ | 36,172 | $ | 1,256 | ||||
| 2028 |
$ | 37,222 | $ | 1,313 | ||||
| 2029 |
$ | 37,689 | $ | 1,280 | ||||
| 2030 |
$ | 38,266 | $ | 1,333 | ||||
| 2031-2034 |
$ | 194,071 | $ | 6,917 | ||||
Deferred Compensation Agreements
WoodmenLife has deferred compensation agreements with the key management employees of WoodmenLife. The liabilities under these agreements are being accrued over the employees’ periods of participation. The liabilities at December 31, 2025 and
42
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
4. Employee Benefit Plans (continued)
2024, were $13,819 and $13,183, respectively, and are included in other liabilities in the statutory basis balance sheets. Interest credited to participant accounts in 2025, 2024, and 2023 was $15, $18, and $20, respectively.
401(k) Defined Contribution Plan
WoodmenLife has a 401(k) plan for qualifying fieldworkers and employees. All employees beginning service after October 1, 2006, are enrolled in the 401(k) plan in lieu of the qualified defined benefit pension plan. WoodmenLife matches participant contributions up to 5% of the participant’s compensation. In addition, WoodmenLife provides service-related contributions based on the participant’s years of service. WoodmenLife’s matching contributions for 2025, 2024, and 2023 were $3,783, $3,454, and $3,214, respectively. Service-related contributions for 2025, 2024, and 2023 were $2,413, $2,338, and $2,037, respectively. Employees beginning service prior to October 1, 2006, are eligible to participate in the 401(k) plan but are not eligible for matching or service-related contributions. These participants may contribute up to 15% of their annual earnings, subject to certain limitations, as pretax, salary deferral contributions.
Other Benefits
As a result of WoodmenLife administering its own group life and short-term disability plans, WoodmenLife recognized premium income of $321, $1,050, and $986 during 2025, 2024, and 2023, respectively, which is included in the statutory basis statements of operations.
5. Surplus
WoodmenLife is required to maintain minimum surplus levels established by the Nebraska Department of Insurance. WoodmenLife is also subject to risk-based capital (RBC) requirements promulgated by the NAIC and adopted by the Nebraska Department of Insurance. The RBC standards establish uniform minimum capital requirements for insurance companies. The RBC formula applies various weighting factors to financial balances or various levels of activities based on the perceived degree of risk. As of December 31, 2025, WoodmenLife’s surplus exceeded the minimum levels required by the Nebraska Department of Insurance and RBC standards.
43
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
6. Life/Annuity Reserves and Deposit Fund Liabilities
At December 31, 2025 and 2024, WoodmenLife’s annuity reserves and deposit fund liabilities that are subject to discretionary withdrawal (with adjustment), subject to discretionary withdrawal (without adjustment), and not subject to discretionary withdrawal provisions are summarized as follows:
| Separate | ||||||||||||||||||||
| Account | Separate | |||||||||||||||||||
| General | with | Account Non- | ||||||||||||||||||
| Amount | Guarantees | guaranteed | Total | Percent | ||||||||||||||||
| Subject to discretionary withdrawal: |
||||||||||||||||||||
| With market value adjustment |
$ | - | $ | - | $ | - | $ | - | 0.0 | % | ||||||||||
| At book value less current surrender charge of 5% or more |
459,973 | - | - | 459,973 | 9.7 | % | ||||||||||||||
| At market value |
- | 639,525 | - | 639,525 | 13.5 | % | ||||||||||||||
| Total with market value adjustment or at fair value |
459,973 | 639,525 | - | 1,099,498 | 23.2 | % | ||||||||||||||
| At book value (minimal or no charge or adjustment) |
2,713,445 | - | - | 2,713,445 | 57.3 | % | ||||||||||||||
| Not subject to discretionary withdrawal |
503,118 | - | 417,346 | 920,464 | 19.4 | % | ||||||||||||||
| Total annuity reserves and deposit fund liabilities – before reinsurance |
3,676,536 | 639,525 | 417,346 | 4,733,407 | ||||||||||||||||
| Less reinsurance ceded |
- | - | - | - | ||||||||||||||||
| Net annuity reserves and deposit fund liabilities |
$ | 3,676,536 | $ | 639,525 | $ | 417,346$ | $ | 4,733,407 | 100.00 | % | ||||||||||
44
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
6. Life/Annuity Reserves and Deposit Fund Liabilities (continued)
| General Account |
Separate Account with Guarantees |
Separate Account Non- guaranteed |
Total | Percent | ||||||||||||||||
| Subject to discretionary withdrawal: |
||||||||||||||||||||
| With market value adjustment |
$ | - | $ | - | $ | - | $ | - | 0.0 | % | ||||||||||
| At book value less current surrender charge of 5% or more |
353,177 | - | - | 353,177 | 7.5 | % | ||||||||||||||
| At market value |
- | 562,143 | - | 562,143 | 11.9 | % | ||||||||||||||
| Total with market value adjustment or at fair value |
353,177 | 562,143 | - | 915,320 | 19.4 | % | ||||||||||||||
| At book value (minimal or no charge or adjustment) |
2,888,664 | - | - | 2,888,664 | 61.1 | % | ||||||||||||||
| Not subject to discretionary withdrawal |
515,225 | - | 404,584 | 919,809 | 19.5 | % | ||||||||||||||
| Total annuity reserves and deposit fund liabilities – before reinsurance |
3,757,066 | 562,143 | 404,584 | 4,723,793 | ||||||||||||||||
| Less reinsurance ceded |
- | - | - | - | ||||||||||||||||
| Net annuity reserves and deposit fund liabilities |
$ | 3,757,066 | $ | 562,143 | $ | 404,584 | $ | 4,723,793 | 100.00 | % | ||||||||||
45
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
6. Life/Annuity Reserves and Deposit Fund Liabilities (continued)
A reconciliation of total annuity actuarial reserves and deposit fund liabilities at December 31, 2025, is as follows:
| Life and accident and health annual statement: |
||||
| Annuity reserves, total net |
$ | 2,828,608 | ||
| Supplementary contracts with life contingencies, total net |
57,332 | |||
| Deposit-type contracts, total net |
790,596 | |||
|
|
|
|||
| 3,676,536 | ||||
| Separate accounts annual statement: |
||||
| Annuity reserves, total net |
639,525 | |||
| Other contract deposit funds |
417,346 | |||
|
|
|
|||
| Total annuity actuarial reserves and deposit fund liabilities |
$ | 4,733,407 | ||
|
|
|
A reconciliation of total annuity actuarial reserves and deposit fund liabilities at December 31, 2024, is as follows:
| Life and accident and health annual statement: |
||||
| Annuity reserves, total net |
$ | 2,883,896 | ||
| Supplementary contracts with life contingencies, total net |
57,670 | |||
| Deposit-type contracts, total net |
815,142 | |||
|
|
|
|||
| 3,756,708 | ||||
| Separate accounts annual statement: |
||||
| Annuity reserves, total net |
562,143 | |||
| Other contract deposit funds |
404,584 | |||
|
|
|
|||
| Total annuity actuarial reserves and deposit fund liabilities |
$ | 4,723,435 | ||
|
|
|
46
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
6. Life/Annuity Reserves and Deposit Fund Liabilities (continued)
At December 31, 2025, WoodmenLife’s Life reserves that are subject to discretionary withdrawal and not subject to discretionary withdrawal provisions are summarized as follows:
| Account Value | Cash Value | Reserve | ||||||||||
| Subject to discretionary withdrawal: |
||||||||||||
| Term Policies with Cash Value |
$ | - | $ | 1,639 | $ | 1,689 | ||||||
| Universal Life |
2,090,731 | 2,087,285 | 2,090,673 | |||||||||
| Universal Life with Secondary Guarantees |
88,792 | 56,672 | 351,606 | |||||||||
| Indexed Universal Life |
- | - | - | |||||||||
| Indexed Universal Life with Secondary Guarantees |
471,097 | 407,018 | 430,769 | |||||||||
| Indexed Life |
- | - | - | |||||||||
| Other Permanent Cash Value Life Insurance |
- | 969,510 | 1,073,430 | |||||||||
| Variable Life |
- | - | - | |||||||||
| Variable Universal Life |
- | - | - | |||||||||
| Miscellaneous Reserves |
- | - | - | |||||||||
| Not subject to discretionary withdrawal: |
||||||||||||
| Term Policies without Cash Value |
- | - | 169,998 | |||||||||
| Accidental Death Benefits |
- | - | 5,496 | |||||||||
| Disability – Active Lives |
- | - | 15,126 | |||||||||
| Disability – Disabled Lives |
- | - | 72,197 | |||||||||
| Miscellaneous Reserves |
- | - | - | |||||||||
| Total (gross: direct + assumed) |
2,650,620 | 3,522,124 | 4,210,984 | |||||||||
| Less reinsurance ceded |
- | - | 59,454 | |||||||||
| Net Life Reserves |
$ | 2,650,620 | $ | 3,522,124 | $ | 4,151,530 | ||||||
47
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
6. Life/Annuity Reserves and Deposit Fund Liabilities (continued)
At December 31, 2024, WoodmenLife’s Life reserves that are subject to discretionary withdrawal and not subject to discretionary withdrawal provisions are summarized as follows:
| Account Value | Cash Value | Reserve | ||||||||||
| Subject to discretionary withdrawal: |
||||||||||||
| Term Policies with Cash Value |
$ | - | $ | 1,714 | $ | 1,761 | ||||||
| Universal Life |
2,241,045 | 2,235,461 | 2,239,717 | |||||||||
| Universal Life with Secondary Guarantees |
86,313 | 53,077 | 316,162 | |||||||||
| Indexed Universal Life |
- | - | - | |||||||||
| Indexed Universal Life with Secondary Guarantees |
422,971 | 360,521 | 389,389 | |||||||||
| Indexed Life |
- | - | - | |||||||||
| Other Permanent Cash Value Life Insurance |
- | 977,345 | 1,067,605 | |||||||||
| Variable Life |
- | - | - | |||||||||
| Variable Universal Life |
- | - | - | |||||||||
| Miscellaneous Reserves |
- | - | - | |||||||||
| Not subject to discretionary withdrawal: |
||||||||||||
| Term Policies without Cash Value |
- | - | 170,407 | |||||||||
| Accidental Death Benefits |
- | - | 5,559 | |||||||||
| Disability – Active Lives |
- | - | 14,105 | |||||||||
| Disability – Disabled Lives |
- | - | 75,547 | |||||||||
| Miscellaneous Reserves |
- | - | - | |||||||||
| Total (gross: direct + assumed) |
2,750,329 | 3,628,118 | 4,280,252 | |||||||||
| Less reinsurance ceded |
- | - | 56,075 | |||||||||
| Net Life Reserves |
$ | 2,750,329 | $ | 3,628,118 | $ | 4,224,177 | ||||||
48
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
6. Life/Annuity Reserves and Deposit Fund Liabilities (continued)
A reconciliation of total life actuarial reserves at December 31, 2025, is as follows:
| Life and accident and health annual statement: |
||||
| Life Insurance, total net |
$ | 4,058,925 | ||
| Accidental Death Benefits, total net |
5,496 | |||
| Disability – Active Lives, total net |
15,126 | |||
| Disability – Disabled Lives, total net |
71,983 | |||
| Miscellaneous Reserves, total net |
- | |||
|
|
|
|||
| Total life actuarial reserves |
$ | 4,151,530 | ||
|
|
|
A reconciliation of total life actuarial reserves at December 31, 2024, is as follows:
| Life and accident and health annual statement: |
||||
| Life Insurance, total net |
$ | 4,129,174 | ||
| Accidental Death Benefits, total net |
5,559 | |||
| Disability – Active Lives, total net |
14,105 | |||
| Disability – Disabled Lives, total net |
75,339 | |||
| Miscellaneous Reserves, total net |
- | |||
|
|
|
|||
| Total life actuarial reserves |
$ | 4,224,177 | ||
|
|
|
7. Separate Accounts
Information regarding the nonguaranteed separate accounts of the Company as of and for the years ended December 31 is as follows:
| 2025 | 2024 | 2023 | ||||||||||
|
|
|
|||||||||||
| Premiums, deposits, and other considerations |
$ | 77,448 | $ | 71,750 | $ | 44,499 | ||||||
|
|
|
|||||||||||
| Reserves |
||||||||||||
| For accounts with assets at: |
||||||||||||
| Fair value |
$ | 786,646 | $ | 660,239 | $ | 497,993 | ||||||
| Amortized cost |
270,225 | 306,488 | 313,601 | |||||||||
|
|
|
|||||||||||
| Total |
$ | 1,056,871 | $ | 966,727 | $ | 811,594 | ||||||
|
|
|
|||||||||||
49
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
7. Separate Accounts (continued)
Amounts transferred to and from separate accounts in the statutory basis statements of operations are as follows:
| Year Ended December 31 | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
|
|
|
|||||||||||
| Transfers to separate accounts |
$ | 77,448 | $ | 71,750 | $ | 44,499 | ||||||
| Transfers from separate accounts |
87,341 | 84,988 | 62,325 | |||||||||
|
|
|
|||||||||||
| Net transfers to and from separate accounts |
$ | (9,893) | $ | (13,238) | $ | (17,826 | ) | |||||
|
|
|
|||||||||||
8. Commitments and Contingencies
WoodmenLife is involved in pending and threatened litigation in the normal course of its business in which claims for alleged economic and sometimes punitive damages have been asserted. In the opinion of WoodmenLife’s management, the ultimate disposition of such matters will not have a materially adverse effect on WoodmenLife’s financial position or results of operations.
WoodmenLife has committed to make capital contributions to its subsidiaries, WFS Holdings, Inc. and Woodmen Financial Services, Inc., as may be required to enable them to finance their business operations and to allow Woodmen Financial Services, Inc. to remain in continuous compliance with regulatory capital requirements for the foreseeable future.
As of December 31, 2025, WoodmenLife has outstanding commitments for purchases of mortgage loans in the amount or $31,400.
9. Fair Value of Financial Instruments
SSAP No. 100R, Fair Value Measurements, requires disclosure of fair value information about financial instruments, whether or not recognized in the statutory basis balance sheet, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent
50
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
9. Fair Value of Financial Instruments (continued)
markets and, in many cases, could not be realized in immediate settlement of the instrument. SSAP No. 100R excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. These fair value disclosures are not intended to represent the fair value of WoodmenLife.
Determination of Fair Value
Included in various investment-related line items in the statutory basis financial statements are certain financial instruments carried at fair value. Other financial instruments are periodically measured at fair value, such as when impaired or, for certain bonds, when carried at the lower of cost or market.
The fair value of an asset is the amount at which that asset could be bought or sold in a current transaction between willing parties, that is, other than in a forced or liquidation sale. The fair value of a liability is the amount at which that liability could be incurred or settled in a current transaction between willing parties, that is, other than in a forced or liquidation sale.
Fair values are based on quoted marks or market prices when available. When marks or market prices are not available, fair value is generally estimated using discounted cash flow analyses, incorporating current market inputs for similar financial instruments with comparable terms and credit quality. In instances where there is little or no market activity for the same or similar instruments, WoodmenLife estimates fair value using discounted cash flow methods, models, and assumptions that management believes market participants would use to determine a current transaction price. These valuation techniques involve some level of management estimation and judgment, which becomes significant with increasingly complex instruments or pricing models. Where appropriate, adjustments are included to reflect the risk inherent in a particular methodology, model, or input used.
Fair Value Hierarchy
WoodmenLife’s financial assets and liabilities carried at fair value have been classified, for disclosure purposes, based on a hierarchy defined by SSAP 100R. The hierarchy gives the highest ranking to fair values determined using unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest ranking to fair values determined using methodologies and models with unobservable inputs (Level 3). An asset’s or a liability’s classification is based on the lowest level input that is significant to its measurement. For example, a Level 3 fair value measurement may include inputs
51
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
9. Fair Value of Financial Instruments (continued)
that are both observable (Levels 1 and 2) and unobservable (Level 3). The levels of the fair value hierarchy are as follows:
| • | Level 1 – Values are unadjusted quoted prices for identical assets and liabilities in active markets accessible at the measurement date. |
| • | Level 2 – Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads, and yield curves. |
| • | Level 3 – Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset or liability at the reporting date. |
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:
Cash, cash equivalents and short-term investments:
Level 1: The carrying amounts for level 1 assets reported in the statutory basis balance sheets approximate their fair value due to their liquid nature or expected short-term settlement.
Bonds:
Level 2: Typical inputs to models used by independent pricing services include but are not limited to benchmark yields, reported trades, issuer spreads, benchmark securities, bids, offers, reference data, and industry and economic events. Because some securities do not trade daily, independent pricing services regularly derive fair values using recent trades of securities with similar features. When recent trades are not available, pricing models are used to estimate fair values of securities by discounting future cash flows at estimated market interest rates.
Level 3: If an independent pricing service is unable to provide the fair value for a security due to insufficient market information, such as for a private placement transaction, WoodmenLife will determine the fair value internally using a discounted expected future cash flow model. This model estimates fair value using discounted cash flows at a
52
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
9. Fair Value of Financial Instruments (continued)
market yield where the discount rate reflects market returns. The market return is obtained by referring to similar securities and may be adjusted based on specific characteristics of the security, including inputs that are not readily observable in the market. WoodmenLife classifies certain newly issued, privately placed, complex or illiquid securities in Level 3.
Preferred stocks:
Level 1: Assets include actively traded exchange listed securities whose fair values are based on quoted market prices or dealer quotes.
Level 2: Asset structures that do not have regular market pricings but the value can be determined based upon underlying holdings that have market values.
Level 3: Assets that are priced via broker-owned valuation teams with access to private trading activity.
Common stocks:
Level 1: Assets include actively traded exchange listed equity securities whose fair values are based on quoted market prices or dealer quotes.
Level 2: Asset structures that do not have regular market pricings but the value can be determined based upon underlying holdings that have market values.
Level 3: Assets include private common stocks and fund structures that are priced via broker-owned valuation teams with access to private trading activity.
Mortgage loans:
Level 3: Fair values for mortgage loans are estimated using discounted cash flow analyses using current market interest rates for loans with similar effective durations.
Certificate loans:
Level 3: Certificate loans, which have no defined maturity, had interest rates at December 31, 2025, which ranged from 5% to 8%. WoodmenLife believes that the statement value approximates the fair value of the certificate loans.
53
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
9. Fair Value of Financial Instruments (continued)
Derivatives:
Level 1: These instruments are highly liquid and fair values are based on quoted market prices.
Other invested assets:
Level 1: Fair values are based on quoted market prices or dealer statement values of mutual funds invested at the direction of participants of the Non-Qualified Deferred Compensation Plan.
Level 3: Limited Partnerships that are illiquid in nature are based on the equity method adjusted for quarterly costs, gains and losses. CLO’s are based on the issuer’s financial modeling and current market conditions.
Aggregate reserves for interest-sensitive certificates and contracts, life, and annuity:
Level 2: Fair values of WoodmenLife’s investment contract, deferred annuity, and single premium deferred annuity liabilities that are under contracts involving significant mortality or morbidity are stated at the cost WoodmenLife would incur to extinguish the cash surrender value related to the liability.
Separate accounts:
Level 1: Fair values for separate accounts established to back a portion of pension liabilities with common stocks and for variable annuity contracts with mutual funds are based on quoted market prices. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities.
Securities lending:
Level 2: The cash collateral from securities lending is reinvested in a short-term bond fund. The fair value of this fund is provided by the custodian. Liabilities represent the obligation to return cash collateral posted by borrowers of WoodmenLife’s securities lent.
The following tables set forth a comparison of the estimated fair values and carrying amounts of WoodmenLife’s financial instruments, including those not measured at fair value in the balance sheets, as of December 31, 2025 and 2024, respectively:
54
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
9. Fair Value of Financial Instruments (continued)
| December 31, 2025 |
||||||||||||||||||||
| Carrying | Fair | |||||||||||||||||||
| Amount | Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
| Financial assets: |
||||||||||||||||||||
| Cash, cash equivalents and short-term investments |
$ | 104,332 | $ | 104,332 | $ | 104,332 | $ | - | $ | - | ||||||||||
| Bonds |
6,622,299 | 6,297,941 | - | 6,291,258 | 6,683 | |||||||||||||||
| Common stock (unaffiliated) |
450,363 | 450,363 | 425,033 | 23,557 | 1,773 | |||||||||||||||
| Preferred stock |
129,661 | 129,661 | 119,741 | - | 9,920 | |||||||||||||||
| Mortgage loans |
2,358,107 | 2,306,300 | - | - | 2,306,300 | |||||||||||||||
| Certificate loans |
122,332 | 122,332 | - | - | 122,332 | |||||||||||||||
| Securities lending reinvested collateral assets |
89,341 | 89,341 | - | 89,341 | - | |||||||||||||||
| Derivatives |
60,608 | 60,608 | 60,608 | - | - | |||||||||||||||
| Other invested assets |
101,934 | 101,934 | 13,276 | - | 88,658 | |||||||||||||||
| Separate account assets |
1,068,707 | 1,068,707 | 1,068,707 | - | - | |||||||||||||||
| Financial liabilities: |
||||||||||||||||||||
| Aggregate reserves for interest-sensitive certificates and contracts, life, and annuity |
2,977,711 | 2,910,551 | - | 2,910,551 | - | |||||||||||||||
| Derivatives |
33,097 | 33,097 | 33,097 | - | - | |||||||||||||||
| Payable for securities lending |
89,331 | 89,331 | - | 89,331 | - | |||||||||||||||
55
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
9. Fair Value of Financial Instruments (continued)
| December 31, 2024 |
||||||||||||||||||||
| Carrying | Fair | |||||||||||||||||||
| Amount | Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
| Financial assets: |
||||||||||||||||||||
| Cash, cash equivalents and short-term investments |
$ | 269,713 | $ | 269,713 | $ | 269,713 | $ | - | $ | - | ||||||||||
| Bonds |
6,453,323 | 5,920,496 | - | 5,903,533 | 16,963 | |||||||||||||||
| Common stock (unaffiliated) |
458,126 | 458,126 | 433,123 | 23,033 | 1,773 | |||||||||||||||
| Preferred stock |
137,848 | 137,745 | 128,145 | - | 9,600 | |||||||||||||||
| Mortgage loans |
2,405,454 | 2,268,045 | - | - | 2,268,045 | |||||||||||||||
| Certificate loans |
122,106 | 122,106 | - | - | 122,106 | |||||||||||||||
| Securities lending reinvested collateral assets |
118,312 | 118,312 | - | 118,312 | - | |||||||||||||||
| Derivatives |
50,956 | 50,956 | 50,956 | - | - | |||||||||||||||
| Other invested assets |
83,434 | 83,434 | 12,465 | - | 70,968 | |||||||||||||||
| Separate account assets |
977,910 | 977,910 | 977,910 | - | - | |||||||||||||||
| Financial liabilities: |
||||||||||||||||||||
| Aggregate reserves for interest-sensitive certificates and contracts, life, and annuity |
3,028,233 | 2,962,408 | - | 2,962,408 | - | |||||||||||||||
| Derivatives |
26,053 | 26,053 | 26,053 | - | - | |||||||||||||||
| Payable for securities lending |
118,318 | 118,318 | - | 118,318 | - | |||||||||||||||
56
Woodmen of the World Life Insurance Society
Notes to Financial Statements - Statutory Basis (continued)
(Dollars in Thousands)
9. Fair Value of Financial Instruments (continued)
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table provides information as of December 31, 2025, about the Company’s financial assets and liabilities measured at fair value on a recurring basis.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
|
|||||||||||||||
| Assets at fair value: |
||||||||||||||||
| Common stocks (unaffiliated) |
424,501 | 23,557 | 1,773 | 449,831 | ||||||||||||
| Preferred stocks |
49,569 | - | 9,920 | 59,489 | ||||||||||||
| Derivatives |
60,608 | - | - | 60,608 | ||||||||||||
| Securities lending reinvested collateral assets |
- | 89,341 | - | 89,341 | ||||||||||||
| Separate account assets |
1,068,707 | - | - | 1,068,707 | ||||||||||||
|
|
|
|||||||||||||||
| Total assets at fair value |
$ | 1,603,385 | $ | 112,898 | $ | 11,693 | $ | 1,727,796 | ||||||||
|
|
|
|||||||||||||||
| Liabilities at fair value: |
||||||||||||||||
| Derivatives |
$ | 33,097 | $ | - | $ | - | $ | 33,097 | ||||||||
| Payable for securities lending |
- | 89,331 | - | 89,331 | ||||||||||||
|
|
|
|||||||||||||||
| Total liabilities at fair value |
$ | 33,097 | $ | 89,331 | $ | - | $ | 122,428 | ||||||||
|
|
|
|||||||||||||||
The following table provides information as of December 31, 2024, about the Company’s financial assets and liabilities measured at fair value on a recurring basis.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
|
|||||||||||||||
| Assets at fair value: |
||||||||||||||||
| Cash, cash equivalents and short-term investments |
$ | 269,713 | $ | - | $ | - | $ | 269,713 | ||||||||
| Common stocks (unaffiliated) |
433,123 | 23,033 | 1,969 | 458,125 | ||||||||||||
| Preferred stocks |
62,485 | - | 9,600 | 72,085 | ||||||||||||
| Derivatives |
50,956 | - | - | 50,956 | ||||||||||||
| Securities lending reinvested collateral assets |
- | 118,312 | - | 118,312 | ||||||||||||
| Separate account assets |
977,910 | - | - | 977,910 | ||||||||||||
|
|
|
|||||||||||||||
| Total assets at fair value |
$ | 1,794,187 | $ | 141,345 | $ | 11,569 | $ | 1,947,101 | ||||||||
|
|
|
|||||||||||||||
| Liabilities at fair value: |
||||||||||||||||
| Derivatives |
$ | 26,053 | $ | - | $ | - | $ | 26,053 | ||||||||
| Payable for securities lending |
- | 118,318 | - | 118,318 | ||||||||||||
|
|
|
|||||||||||||||
| Total liabilities at fair value |
$ | 26,053 | $ | 118,318 | $ | - | $ | 144,371 | ||||||||
|
|
|
|||||||||||||||
57
Woodmen of the World Life Insurance Society
Notes to Financial Statements – Statutory Basis (continued)
(Dollars in Thousands)
9. Fair Value of Financial Instruments (continued)
Fair values and changes in the fair values of separate account assets generally accrue directly to stakeholders and are not included in WoodmenLife’s revenues and expenses or surplus.
Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables summarize the changes in assets and liabilities classified in Level 3 for 2025 and 2024. Gains and losses reported in this table may include changes in fair value that are attributable to both observable and unobservable inputs.
| Common | Preferred | |||||||||||
| Stocks | Stocks | Total |
||||||||||
|
|
|
|||||||||||
| Balance at January 1, 2025 |
$ | 1,969 | $ | 9,600 | $ | 11,569 | ||||||
| Total gains or losses (realized/unrealized): |
||||||||||||
| Included in net income |
- | - | - | |||||||||
| Included in surplus |
(196 | ) | 320 | 124 | ||||||||
| Purchases |
- | - | - | |||||||||
| Sales |
- | - | - | |||||||||
| Transfers In |
- | - | - | |||||||||
|
|
|
|||||||||||
| Balance at December 31, 2025 |
$ | 1,773 | $ | 9,920 | $ | 11,693 | ||||||
|
|
|
|||||||||||
| Common | Preferred | |||||||||||
| Stocks | Stocks | Total |
||||||||||
|
|
|
|||||||||||
| Balance at January 1, 2024 |
$ | 2,829 | $ | - | $ | 2,829 | ||||||
| Total gains or losses (realized/unrealized): |
||||||||||||
| Included in net income |
- | - | - | |||||||||
| Included in surplus |
(860 | ) | - | (860 | ) | |||||||
| Purchases |
- | - | - | |||||||||
| Sales |
- | - | - | |||||||||
| Transfers In |
- | 9,600 | 9,600 | |||||||||
|
|
|
|||||||||||
| Balance at December 31, 2024 |
$ | 1,969 | $ | 9,600 | $ | 11,569 | ||||||
|
|
|
|||||||||||
During 2025 and 2024, there were no significant transfers between Level 1 and 2.
WoodmenLife’s policy is to recognize transfers in and out of levels at the end of the reporting period.
58
Supplementary Information – Statutory Basis
Supplementary Information – Statutory Basis
INDEPENDENT AUDITOR’S REPORT
Audit Committee of Woodmen of the World Life Insurance Society
Report on Supplemental Schedules
Our 2025 audit was conducted for the purpose of forming an opinion on the 2025 statutory basis financial statements of Woodmen of the World Life Insurance Society (“the Company”) as a whole. The supplemental schedule of investment risk interrogatories, the supplemental summary investment schedule, and the supplemental schedule of selected financial data as of and for the year ended December 31, 2025, are presented for purposes of additional analysis and are not a required part of the 2025 statutory basis financial statements.
These schedules are the responsibility of the Company’s management and were derived from and relate directly to the underlying accounting and other records used to prepare the statutory basis financial statements. Such schedules have been subjected to the auditing procedures applied in our audit of the 2025 statutory basis financial statements and certain additional procedures, including comparing and reconciling such schedules directly to the underlying accounting and other records used to prepare the statutory basis financial statements or to the statutory basis financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, such schedules are fairly stated in all material respects in relation to the 2025 statutory basis financial statements as a whole.
/s/ Deloitte & Touche LLP
April 28, 2026
Omaha, Nebraska
Woodmen of the World Life Insurance Society
Supplemental Schedule of Selected
Financial Data – Statutory Basis
(Dollars in Thousands)
As of and for the Year Ended December 31, 2025
| Investment income earned: |
||||
| U.S. government bonds |
$ | 57,654 | ||
| Other bonds (unaffiliated) |
203,460 | |||
| Preferred stocks (unaffiliated) |
7,414 | |||
| Common stocks (unaffiliated) |
7,970 | |||
| Common stocks of affiliates |
- | |||
| Mortgage loans |
108,911 | |||
| Real estate |
22,276 | |||
| Certificate loans |
9,183 | |||
| Cash on hand and on deposit and short-term investments |
5,188 | |||
| Other invested assets |
10,219 | |||
| Derivative instruments |
- | |||
| Aggregate write-ins for investment income |
3,924 | |||
|
|
|
|||
| Gross investment income |
$ | 436,199 | ||
|
|
|
|||
| Real estate owned, at book value less encumbrances |
$ | 72,395 | ||
| Mortgage loans by collateral classification, at book value: |
||||
| Farm mortgages |
$ | - | ||
| Residential mortgages |
- | |||
| Commercial mortgages |
2,358,107 | |||
|
|
|
|||
| Total mortgage loans |
$ | 2,358,107 | ||
|
|
|
|||
| Mortgage loans by standing, at book value: |
||||
| Good standing |
$ | 2,358,107 | ||
| Good standing with restructured terms |
- | |||
| Interest overdue more than 90 days, not in foreclosure |
- | |||
| Foreclosure in process |
- | |||
|
|
|
|||
| Total mortgage loans |
$ | 2,358,107 | ||
|
|
|
61
Woodmen of the World Life Insurance Society
Supplemental Schedule of Selected (continued)
Financial Data – Statutory Basis
(Dollars in Thousands)
| Securities lending reinvested collateral assets |
$ | 89,341 | ||
| Other Invested assets and receivables for securities |
$ | 102,069 | ||
| Certificate loans |
$ | 122,332 | ||
| Bonds and stocks of parents, subsidiaries, and affiliates, book value: |
||||
| Bonds |
$ | - | ||
| Common stocks |
921 | |||
|
|
|
|||
| Total bonds and stocks of parents, subsidiaries, and affiliates |
$ | 921 | ||
|
|
|
|||
| Bonds, short-term investments, and cash equivalents by maturity (using estimated sinking fund payment level), at statement value: |
||||
| Due within one year or less |
$ | 784,294 | ||
| Over one year through five years |
2,095,646 | |||
| Over five years through ten years |
2,222,365 | |||
| Over ten years through twenty years |
1,266,499 | |||
| Over twenty years |
325,399 | |||
|
|
|
|||
| Total bonds, short-term investments, and cash equivalents by maturity |
$ | 6,694,203 | ||
|
|
|
|||
| Bonds, short-term investments, and cash equivalents by class, at statement value: |
||||
| NAIC 1 |
$ | 5,267,239 | ||
| NAIC 2 |
1,408,467 | |||
| NAIC 3 |
18,497 | |||
| NAIC 4 |
- | |||
| NAIC 5 |
- | |||
| NAIC 6 |
- | |||
|
|
|
|||
| Total bonds, short-term investments, and cash equivalents by class |
$ | 6,694,203 | ||
|
|
|
|||
| Bonds, short-term investments, and cash equivalents by trading category, at statement value: |
||||
| Total publicly traded |
$ | 5,256,410 | ||
| Total privately placed |
1,437,793 | |||
|
|
|
|||
| Total bonds, short-term investments, and cash equivalents |
$ | 6,694,203 | ||
|
|
|
|||
| Preferred stocks, at statement value |
$ | 129,661 | ||
| Common stocks, at market value |
$ | 450,363 | ||
| Short-term investments, at book value |
$ | - | ||
| Options, caps, and floors owned, at statement value |
$ | 60,608 | ||
| Options, caps, and floors written and in force, at statement value |
$ | (33,097 | ) | |
62
Woodmen of the World Life Insurance Society
Supplemental Schedule of Selected (continued)
Financial Data – Statutory Basis
(Dollars in Thousands)
| Collar, swap, and forward agreements open, at statement value |
$ | – | ||
| Futures contracts open, at current value |
$ | – | ||
| Jon R. Aerni |
| |||
| Cash on deposit |
$ | 32,428 | ||
| Cash equivalents |
$ | 71,904 | ||
| Life insurance in-force: |
||||
| Ordinary |
$ | 39,390,075 | ||
| Amount of accidental death insurance in force under ordinary certificates |
$ | 2,474,287 | ||
| Life insurance certificates with disability provisions in force – ordinary |
– | |||
| Supplementary contracts in force: |
||||
| Ordinary, not involving life contingencies: |
||||
| Amount on deposit |
$ | 180,740 | ||
| Income payable |
14,019 | |||
| Ordinary, involving life contingencies – income payable |
6,535 | |||
| Annuities: |
||||
| Ordinary: |
||||
| Immediate – income payable |
$ | 16,209 | ||
| Deferred – fully paid (account balance) |
2,657,350 | |||
| Deferred – not fully paid (account balance) |
– | |||
| Accident and health insurance, certificates in force – ordinary |
$ | 59,466 | ||
| Deposit funds and refund accumulations: |
||||
| Deposit funds, account balance |
$ | 417,659 | ||
| Refund accumulations, account balance |
192,198 | |||
| Claim payments: |
||||
| Accident and health: |
||||
| 2025 |
$ | 8,251 | ||
| 2024 |
$ | 4,411 | ||
| 2023 |
$ | 2,333 | ||
| 2022 |
$ | 2,460 | ||
| 2021 |
$ | 2,198 | ||
| All prior years |
$ | 4,100 | ||
63
Woodmen of the World Life Insurance Society
Supplemental Schedule of Investment Risks Interrogatories
and Summary Investment Schedule
(Dollars in Thousands)
December 31, 2025
Investment Risks Interrogatories
| 1. | WoodmenLife’s total admitted assets, excluding separate account assets, as reported on page two of its Annual Statement are $10,244,578. |
| 2. | Following are the ten largest exposures to a single issuer/borrower/investment, by investment category, excluding: (i) U.S. government, U.S. government agency securities, and those U.S. government money market funds listed in the appendix to the SVO Purposes and Procedures Manual as exempt; (ii) property occupied by the Company; and (iii) policy loans: |
| Investment Category/Issuer | Amount | Percentage of Total Admitted Assets |
||||||||||
|
|
||||||||||||
| a. | Royal Bank of Canada | Bonds | $ | 58,900 | 0.57 | % | ||||||
| b. | Entergy Corporation | Bonds | 57,000 | 0.56 | ||||||||
| c. | Bank of Montreal | Bonds | 46,445 | 0.45 | ||||||||
| d. | Mars Inc. | Bonds | 46,259 | 0.45 | ||||||||
| e. | Bank of Nova Scotia | Bonds | 45,598 | 0.45 | ||||||||
| f. | Bank of America Corporation | Bonds | 44,736 | 0.44 | ||||||||
| g. | Cargill | Bonds | 43,000 | 0.42 | ||||||||
| h. | Kinder Morgan Inc. | Bonds | 43,000 | 0.42 | ||||||||
| i. | Exelon Corporation | Bonds | 42,320 | 0.41 | ||||||||
| j. | Duke Energy | Bonds | 41,815 | 0.41 | ||||||||
64
Woodmen of the World Life Insurance Society
Supplemental Schedule of Investment Risks Interrogatories
and Summary Investment Schedule
(Dollars in Thousands)
Investment Risks Interrogatories (continued)
| 3. | WoodmenLife’s total admitted assets held in bonds and short-term investments, by NAIC rating, are: |
| Bonds and Commercial Paper |
||||||||
| Percentage of Total | ||||||||
| NAIC Rating | Amount | Admitted Assets | ||||||
| NAIC-1 |
$ | 5,267,238 | 51.41 | % | ||||
| NAIC-2 |
1,408,467 | 13.75 | ||||||
| NAIC-3 |
18,497 | 0.18 | ||||||
| NAIC-4 |
— | 0.00 | ||||||
| NAIC-5 |
— | 0.00 | ||||||
| NAIC-6 |
— | 0.00 | ||||||
|
|
|
|
|
|||||
| $ | 6,694,203 | 65.34 | % | |||||
|
|
|
|
|
|||||
| 4. | Total admitted assets held in foreign investments on December 31, 2025 was $362,275, 3.54% of WoodmenLife’s admitted assets. |
| 5. | Aggregate foreign investment exposure categorized by NAIC sovereign rating: |
| Amount | Percentage of Total Admitted Assets |
|||||||||
| Class 1 |
$ | 330,347 | 3.22% | |||||||
| Class 2 |
21,928 | 0.21% | ||||||||
| Class 3 |
10,000 | 0.10% | ||||||||
|
|
|
|
|
|||||||
| $ | 362,275 | 3.53% | ||||||||
|
|
|
|
|
|||||||
65
Woodmen of the World Life Insurance Society
Supplemental Schedule of Investment Risks Interrogatories
and Summary Investment Schedule
(Dollars in Thousands)
Investment Risks Interrogatories (continued)
6. Largest foreign investment exposures by country, categorized by the country’s NAIC sovereign rating:
| Countries rated NAIC-1: | Amount | Percentage of Total Admitted Assets |
||||||
| Cayman Islands |
$ | 116,427 | 1.14 | % | ||||
| Great Britain |
57,478 | 0.56 | % | |||||
| Countries rated NAIC-2: | Amount | Percentage of Total Admitted Assets |
||||||
| Mexico |
$ | 21,928 | 0.21 | % | ||||
| None |
— | — | % | |||||
7-9. WoodmenLife had no unhedged foreign currency exposure.
10. WoodmenLife’s ten largest non-sovereign (i.e., non-governmental) foreign issues
|
|
Issuer |
Amount | Percentage | |||||
| a. |
Honda Motor | $ | 39,803 | 0.39% | ||||
| b. |
BP Capital | 34,937 | 0.34 | |||||
| c. |
Toyota Motor Credit Corporation | 28,973 | 0.28 | |||||
| d. |
Blue Diamond | 23,551 | 0.23 | |||||
| e. |
Siemens Finance | 23,466 | 0.23 | |||||
| f. |
Heineken NV | 21,357 | 0.21 | |||||
| g. |
Coca-Cola Femsa | 18,928 | 0.18 | |||||
| h. |
AstraZeneca PLC | 12,966 | 0.13 | |||||
| i. |
CSLB Holdings | 10,993 | 0.11 | |||||
| j. |
Ferguson PLC | 10,662 | 0.10 | |||||
66
Woodmen of the World Life Insurance Society
Supplemental Schedule of Investment Risks Interrogatories
and Summary Investment Schedule
(Dollars in Thousands)
Investment Risks Interrogatories (continued)
| 11. | WoodmenLife’s total admitted assets held in Canadian investments of $287,786 supported Canadian-denominated insurance liabilities of $0. |
| Amount | Percentage of Total Admitted Assets | |||||
| 11.02 Canadian investments |
$ | 287,786 | 2.81% | |||
| 11.03 Canadian currency-denominated investments |
— | — | ||||
| 11.04 Canadian-denominated insurance liabilities |
— | — | ||||
| 11.05 Unhedged Canadian currency exposure |
— | — | ||||
| 12. | Assets held in investments with contractual sales restrictions are less than 2.5% of the Company’s total admitted assets. |
67
Woodmen of the World Life Insurance Society
Supplemental Schedule of Investment Risks Interrogatories
and Summary Investment Schedule
(Dollars in Thousands)
Investment Risks Interrogatories (continued)
| 13. | WoodmenLife’s admitted assets held in the largest ten equity interests (including investments in the shares of mutual funds, publicly traded equity securities, and other equity securities and excluding money market and bond mutual funds listed in the appendix to the Purposes and Procedures Manual of the NAIC Investment Analysis Office as exempt or Class 1) are: |
| Percentage of Total Admitted |
||||||||
| Investment Category/Issuer
|
|
Amount
|
|
|
Assets
|
| ||
| a. Mutual Fund – Vanguard Total Stock Market |
$ | 333,030 | 3.25 | % | ||||
| b. Common Stock – Blue Diamond Non-Dir TEI Fund |
23,551 | 0.23 | ||||||
| c. Common Stock – JP Morgan Chase & Company |
5,671 | 0.06 | ||||||
| d. Common Stock – IBM Corporation |
5,050 | 0.05 | ||||||
| e. Common Stock – Bank of America Corp |
4,919 | 0.05 | ||||||
| f. Common Stock – Southern Company |
4,905 | 0.05 | ||||||
| g. Common Stock – Coca-Cola Company |
4,894 | 0.05 | ||||||
| h. Common Stock – Ares Capital Corporation |
4,869 | 0.05 | ||||||
| i. Common Stock – Exon Mobil Corp |
4,761 | 0.05 | ||||||
| j. Common Stock – OGE Energy Corporation |
4,697 | 0.05 | ||||||
| 14. | Assets held in nonaffiliated, privately placed equities are less than 2.5% of the Company’s total admitted assets. |
| 15. | Assets held in general partnership interests are less than 2.5% of the Company’s total admitted assets. |
68
Woodmen of the World Life Insurance Society
Supplemental Schedule of Investment Risks Interrogatories
and Summary Investment Schedule
(Dollars in Thousands)
Investment Risks Interrogatories (continued)
| 16. | With respect to mortgage loans reported in Schedule B, the amounts and percentages of the Company’s ten largest mortgage interests are as follows: |
| Type/Property | Amount | Percentage of Total Admitted Assets |
||||||
| a. Commercial |
$ | 17,000 | 0.17 | % | ||||
| b. Commercial |
15,000 | 0.15 | ||||||
| c. Commercial |
14,673 | 0.14 | ||||||
| d. Commercial |
14,519 | 0.14 | ||||||
| e. Commercial |
14,000 | 0.14 | ||||||
| f. Commercial |
13,914 | 0.14 | ||||||
| g. Commercial |
13,893 | 0.14 | ||||||
| h. Commercial |
13,686 | 0.13 | ||||||
| i. Commercial |
13,585 | 0.13 | ||||||
| j. Commercial |
13,500 | 0.13 | ||||||
69
Woodmen of the World Life Insurance Society
Supplemental Schedule of Investment Risks Interrogatories
and Summary Investment Schedule
(Dollars in Thousands)
Investment Risks Interrogatories (continued)
Mortgage loans classified by category:
| Amount | Percentage of Total Admitted | |||||||
| a. |
Construction loans |
$ | – | –% | ||||
| b. |
Mortgage loans over 90 days past due |
– | – | |||||
| c. |
Mortgage loans in the process of foreclosure |
– | – | |||||
| d. |
Mortgage loans foreclosed |
– | – | |||||
| e. |
Restructured mortgage loans |
– | – | |||||
| 17. | Aggregate mortgage loans having the following loan-to-value ratios as determined from the most current appraisal as of the annual statement date: |
| Residential | Commercial | Agricultural | ||||||||||||||||||||||
| Percentage of Total Admitted |
Percentage of Total Admitted |
Percentage of Total Admitted |
||||||||||||||||||||||
| Loan-to-Value | Amount | Assets | Amount | Assets | Amount | Assets | ||||||||||||||||||
| i. Above 95% |
$ | – | – | % | $ | – | – | % | $ | – | – | % | ||||||||||||
| ii. 91% to 95% |
– | – | – | – | – | – | ||||||||||||||||||
| iii. 81% to 90% |
– | – | – | – | – | – | ||||||||||||||||||
| iv. 71% to 80% |
– | – | 7,932 | 0.08 | – | – | ||||||||||||||||||
| v. Below 70% |
– | – | 2,350,175 | 22.94 | – | – | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| $ | – | – | % | $ | 2,358,107 | 23.02 | % | $ | – | – | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
70
Woodmen of the World Life Insurance Society
Supplemental Schedule of Investment Risks Interrogatories
and Summary Investment Schedule
(Dollars in Thousands)
Investment Risks Interrogatories (continued)
| 18. | Assets held in each of the five largest investments in one parcel or group of contiguous parcels of real estate reported in Schedule A are less than 2.5% of the Company’s total admitted assets. |
| 19. | Assets held in mezzanine real estate loans are less than 2.5% of the Company’s total admitted assets. |
| 20. | WoodmenLife’s total admitted assets are subject to the following types of agreements as of the following dates: |
| Unaudited at End of Each Quarter | ||||||||||||||||||||
| At Year-End | 1st Quarter | 2nd Quarter | 3rd Quarter | |||||||||||||||||
| Percentage of Total Admitted |
||||||||||||||||||||
| Amount | Assets | Amount | Amount | Amount | ||||||||||||||||
| a. Securities lending (do not include assets held as collateral for such transactions) |
$ | 89,341 | 0.87 | % | $ | 112,931 | $ | 119,675 | $ | 86,558 | ||||||||||
| b. Repurchase agreements |
– | – | – | – | – | |||||||||||||||
| c. Reverse repurchase agreements |
– | – | – | – | – | |||||||||||||||
| d. Dollar repurchase agreements |
– | – | – | – | – | |||||||||||||||
| e. Dollar reverse repurchase agreements |
– | – | – | – | – | |||||||||||||||
71
Woodmen of the World Life Insurance Society
Supplemental Schedule of Investment Risks Interrogatories
and Summary Investment Schedule
(Dollars in Thousands)
Investment Risks Interrogatories (continued)
| 21. | Warrants not attached to other financial instruments, options, caps, and floors are: |
| Owned | Written | |||||||||||||||
| Percentage of Total Admitted |
Percentage of Total Admitted |
|||||||||||||||
| Amount | Assets | Amount | Assets | |||||||||||||
| a. Hedging |
$ | – | – | % | $ | – | – | % | ||||||||
| b. Income generation |
– | – | – | – | ||||||||||||
| c. Other |
60,608 | 0.59 | (33,097 | ) | (0.32 | ) | ||||||||||
| 22. | WoodmenLife’s potential exposure (defined as the amount determined in accordance with the NAIC’s Annual Statement Instructions) for collars, swaps, and forwards as of the following dates is: |
| Unaudited at End of Each Quarter |
||||||||||||||||||||
| At Year-End | 1st Quarter |
2nd Quarter |
3rd Quarter |
|||||||||||||||||
| Percentage of Total Admitted |
||||||||||||||||||||
| Amount | Assets | Amount | Amount | Amount | ||||||||||||||||
| a. Hedging |
$ | – | – | % | $ | – | $ | – | $ | – | ||||||||||
| b. Income generation |
– | – | – | – | – | |||||||||||||||
| c. Replications |
– | – | – | – | – | |||||||||||||||
| d. Other |
– | – | – | – | – | |||||||||||||||
72
Woodmen of the World Life Insurance Society
Supplemental Schedule of Investment Risks Interrogatories
and Summary Investment Schedule
(Dollars in Thousands)
Investment Risks Interrogatories (continued)
| 23. | WoodmenLife’s potential exposure (defined as the amount determined in accordance with the NAIC’s Annual Statement Instructions) for futures contracts as of the following dates is: |
| Unaudited at End of Each Quarter |
||||||||||||||||||||
| At Year-End | 1st Quarter |
2nd Quarter |
3rd Quarter |
|||||||||||||||||
| Amount | Percentage of Total Admitted Assets |
Amount | Amount | Amount | ||||||||||||||||
| a. Hedging |
$ | – | – | % | $ | – | $ | – | $ | – | ||||||||||
| b. Income generation |
– | – | – | – | – | |||||||||||||||
| c. Replications |
– | – | – | – | – | |||||||||||||||
| d. Other |
– | – | – | – | – | |||||||||||||||
73
Woodmen of the World Life Insurance Society
Supplemental Schedule of Investment Risks Interrogatories
and Summary Investment Schedule
(Dollars in Thousands)
Summary Investment Schedule
| Admitted Assets as Reported in the | ||||||||||||||||||||||||
| Gross Investment Holdings* | Annual Statement | |||||||||||||||||||||||
| Investment Categories | Amount | Percentage of Total Invested Assets |
Amount | Securities Lending Reinvested Collateral Amount |
Total Amount |
Percentage of Total Invested Assets |
||||||||||||||||||
| Long-Term Bonds: |
||||||||||||||||||||||||
| Issuer Credit Obligations: |
||||||||||||||||||||||||
| U.S. Governments |
$ | 633 | .01 | % | $ | 633 | $ | — | $ | 633 | .01 | % | ||||||||||||
| All Other Governments |
87,390 | .86 | 87,390 | — | 87,390 | .86 | ||||||||||||||||||
| Non-U.S. Sovereign |
— | — | — | — | — | — | ||||||||||||||||||
| Muni Bonds – General Obligations |
164,212 | 1.62 | 164,212 | — | 164,212 | 1.62 | ||||||||||||||||||
| Muni Bonds – Special Revenue |
443,266 | 4.38 | 443,266 | — | 443,266 | 4.38 | ||||||||||||||||||
| Project Finance Bonds |
21,603 | .21 | 21,603 | — | 21,603 | .21 | ||||||||||||||||||
| Corporate Bonds |
3,765,185 | 37.23 | 3,765,185 | — | 3,765,185 | 37.23 | ||||||||||||||||||
| Mandatory Convertible Bonds |
— | — | — | — | — | — | ||||||||||||||||||
| Single Entity Backed Obligations |
— | — | — | — | — | — | ||||||||||||||||||
| SVO-Identified Bond ETFs – FV |
— | — | — | — | — | — | ||||||||||||||||||
| SVO-Identified Bond ETFs – SV |
— | — | — | — | — | — | ||||||||||||||||||
| Bonds issued by Funds Rep OEs |
— | — | — | — | — | — | ||||||||||||||||||
| Bank Loans – Issued |
— | — | — | — | — | — | ||||||||||||||||||
| Bank Loans – Acquired |
— | — | — | — | — | — | ||||||||||||||||||
| Mtg Loans – Credit Tenant Loans |
— | — | — | — | — | — | ||||||||||||||||||
| Certificates of Deposit |
— | — | — | — | — | — | ||||||||||||||||||
| Other Issuer Credit Obligations |
26,041 | .26 | 26,041 | 89,341 | 115,382 | 1.41 | ||||||||||||||||||
| Total Issuer Credit Obligations |
4,508,330 | 44.58 | 4,508,330 | 89,341 | 4,597,671 | 45.47 | ||||||||||||||||||
| Asset Backed Securities: |
||||||||||||||||||||||||
| Financial ABS – Self-Liquidating |
2,024,887 | 20.02 | 2,024,887 | — | 2,024,887 | 20.02 | ||||||||||||||||||
| Financial ABS – Not Self-Liquidating |
— | — | — | — | — | — | ||||||||||||||||||
| Non-Financial ABS |
89,082 | 0.88 | 89,082 | — | 89,082 | 0.88 | ||||||||||||||||||
| Total Asset-Backed Securities |
2,113,969 | 20.90 | 2,113,969 | — | 2,113,969 | 20.90 | ||||||||||||||||||
| Preferred Stocks |
||||||||||||||||||||||||
| Industrial and miscellaneous |
||||||||||||||||||||||||
| (Unaffiliated) |
129,661 | 1.28 | 129,661 | 129,661 | 1.28 | |||||||||||||||||||
| Parent, subsidiaries and affiliates |
— | — | — | — | — | — | ||||||||||||||||||
| Total Preferred Stocks |
129,661 | 1.28 | 129,661 | 129,661 | 1.28 | |||||||||||||||||||
| Common Stocks |
||||||||||||||||||||||||
| Industrial and Miscellaneous Publicly |
||||||||||||||||||||||||
| Traded (Unaffiliated) |
86,190 | 0.85 | 86,190 | — | 86,190 | 0.85 | ||||||||||||||||||
| Industrial and Miscellaneous Other |
25,861 | 0.26 | 25,861 | — | 25,861 | 0.26 | ||||||||||||||||||
| Parent, Subsidiaries and Affiliate |
||||||||||||||||||||||||
| Publicly Traded |
— | — | — | — | — | — | ||||||||||||||||||
| Parent, Subsidiaries and Affiliates |
||||||||||||||||||||||||
| Other |
921 | 0.01 | 921 | — | 921 | 0.01 | ||||||||||||||||||
| Mutual Funds |
338,312 | 3.35 | 338,312 | — | 338,312 | 3.35 | ||||||||||||||||||
| Unit Investment Trusts |
— | — | — | — | — | — | ||||||||||||||||||
| Closed-End Funds |
— | — | — | — | — | — | ||||||||||||||||||
| Exchange Traded Funds |
— | |||||||||||||||||||||||
| Total Common Stocks |
451,284 | 4.46 | 451,284 | — | 451,284 | 4.46 | ||||||||||||||||||
74
Woodmen of the World Life Insurance Society
Supplemental Schedule of Investment Risks Interrogatories
and Summary Investment Schedule
(Dollars in Thousands)
Summary Investment Schedule (continued)
| Admitted Assets as Reported in the | ||||||||||||||||||||||||
| Gross Investment Holdings* | Annual Statement | |||||||||||||||||||||||
| Investment Categories | Amount | Percentage of Total Invested Assets |
Amount | Securities Lending Reinvested Collateral Amount |
Total Amount |
Percentage of Total Invested Assets |
||||||||||||||||||
| Mortgage Loans |
||||||||||||||||||||||||
| Farm Mortgages |
— | — | — | — | — | — | ||||||||||||||||||
| Residential Mortgages |
— | — | — | — | — | — | ||||||||||||||||||
| Commercial Mortgages |
2,358,107 | 23.32 | 2,358,107 | — | 2,358,107 | 23.32 | ||||||||||||||||||
| Mezzanine Real Estate Loans |
— | — | — | — | — | — | ||||||||||||||||||
| Total Valuation Allowance |
— | — | — | — | — | — | ||||||||||||||||||
| Total Mortgage Loans |
2,358,107 | 23.32 | 2,358,107 | 2,358,107 | 23.32 | |||||||||||||||||||
| Real Estate |
||||||||||||||||||||||||
| Properties Occupied by Company |
19,085 | 0.19 | 19,085 | — | 19,085 | 0.19 | ||||||||||||||||||
| Properties Held for Production of Income |
53,310 | 0.53 | 53,310 | — | 53,310 | 0.53 | ||||||||||||||||||
| Properties Held for Sale |
— | — | — | — | — | — | ||||||||||||||||||
| Total Real Estate |
72,395 | 0.72 | 72,395 | — | 72,395 | 0.72 | ||||||||||||||||||
| Cash, Cash Equivalents and Short- |
||||||||||||||||||||||||
| Term Investments |
||||||||||||||||||||||||
| Cash |
32,428 | 0.32 | 32,428 | — | 32,428 | 0.32 | ||||||||||||||||||
| Cash Equivalents |
71,904 | 0.71 | 71,904 | — | 71,904 | 0.71 | ||||||||||||||||||
| Short-Term Investments |
— | — | — | — | — | — | ||||||||||||||||||
| Total Cash, Cash Equivalents and Short-Term Investments |
104,332 | 1.03 | 104,332 | — | 104,332 | 1.03 | ||||||||||||||||||
| Contract Loans |
123,601 | 1.22 | 122,332 | — | 122,332 | 1.21 | ||||||||||||||||||
| Derivatives |
60,608 | 0.60 | 60,608 | — | 60,608 | 0.60 | ||||||||||||||||||
| Other Invested Assets |
101,934 | 1.01 | 101,934 | — | 101,934 | 1.01 | ||||||||||||||||||
| Receivables for Securities |
134 | 0.00 | 134 | — | 134 | 0.00 | ||||||||||||||||||
| Securities lending |
89,341 | 0.88 | 89,341 | XXX | XXX | XXX | ||||||||||||||||||
| Total invested assets |
$ | 10,113,696 | 100.0 | % | $ | 10,112,427 | $ | 89,341 | $ | 10,112,427 | 100.0 | % | ||||||||||||
*Gross investment holdings as valued in compliance with the NAIC’s Accounting Practices and Procedures Manual.
75
Woodmen of the World Life Insurance Society
Note to Supplemental Schedules of Supplementary Information – Statutory Basis
December 31, 2025
Note – Basis of Presentation
The accompanying schedules and interrogatories present selected statutory basis financial data as of December 31, 2025, and for the year then ended, for purposes of complying with Paragraph 9 of the Annual Audited Financial Reports in the Annual Audited Report section of the National Association of Insurance Commissioners’ Annual Statement Instructions and the National Association of Insurance Commissioners’ Accounting Practices and Procedures Manual and agree to or are included in the amounts reported in WoodmenLife’s 2025 Statutory Annual Statement as filed with the Nebraska Department of Insurance.
Certain items required by Paragraph 9 of the Annual Audited Financial Reports in the Annual Audited Report section of the Annual Statement Instructions and the Accounting Practices and Procedures Manual have been omitted from the schedule presented herein as amounts are zero or items are not applicable.
The Company has not identified any reinsurance contracts entered into, renewed or amended on or after January 1, 1996 that would require disclosure in the supplemental schedule of life and health reinsurance disclosures as required under SSAP No. 61R, Life, Deposit-Type and Accident and Health Reinsurance.
76
Exhibits and Financial Statement Schedules
(a) Exhibits. See Exhibit Index following the signature pages to this Registration Statement.
(b) Financial Statement Schedules.
| Page | ||||
| II-2 | ||||
| II-3 | ||||
| II-4 | ||||
| II-6 | ||||
All other schedules, other than those listed above, are omitted because the information is not required or because the information is included in the Financial Statements or Notes to Financial Statements.
II-1
INDEPENDENT AUDITOR’S REPORT
Audit Committee of Woodmen of the World Life Insurance Society
Report on Supplemental Schedules
Our 2025 audit was conducted for the purpose of forming an opinion on the 2025 statutory basis financial statements of Woodmen of the World Life Insurance Society (“the Company”) as a whole. The supplemental schedules of summary of investments other than investments in related parties as of December 31, 2025, supplementary insurance information as of and for the years ended December 31, 2025 and 2024, and reinsurance for the years ended December 31, 2025, and 2024, are presented for purposes of additional analysis and are not a required part of the 2025 statutory basis financial statements.
These schedules are the responsibility of the Company’s management and were derived from and relate directly to the underlying accounting and other records used to prepare the statutory basis financial statements. Such schedules have been subjected to the auditing procedures applied in our audit of the 2025 and 2024 statutory basis financial statements and certain additional procedures, including comparing and reconciling such schedules directly to the underlying accounting and other records used to prepare the statutory basis financial statements or to the statutory basis financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, such schedules are fairly stated in all material respects in relation to the 2025 and 2024 statutory basis financial statements as a whole.
The 2023 supplemental schedules of supplementary insurance information and reinsurance were subjected to auditing procedures by other auditors whose report, dated April 24, 2024, stated that such schedules present fairly, in all material respects, the information set forth therein when considered in conjunction with the 2023 statutory basis financial statements.
| /s/ Deloitte & Touche LLP |
| April 28, 2026 |
| Omaha, Nebraska |
II-2
Schedule I – Summary of Investments
Other Than Investments in Related Parties
As of December 31, 2025
| Type of Investment | Cost | Estimated Market Value |
Statement of Financial Position Amount |
|||||||||
|
|
||||||||||||
| (Dollars In Thousands) | ||||||||||||
| Bonds: |
||||||||||||
| U.S. Governments |
$ | 634 | $ | 562 | $ | 633 | ||||||
| All Other Governments |
87,386 | 68,205 | 87,390 | |||||||||
| Muni Bonds – General Obligations |
164,001 | 150,253 | 164,212 | |||||||||
| Muni Bonds – Special Revenue |
442,927 | 378,382 | 443,265 | |||||||||
| Project Finance Bonds |
21,603 | 21,633 | 21,603 | |||||||||
| Corporate Bonds |
3,754,258 | 3,655,369 | 3,765,186 | |||||||||
| Other Issuer Credit Obligations |
26,340 | 26,752 | 26,041 | |||||||||
| Financial ABS – Self-Liquidating |
1,993,360 | 1,907,947 | 2,024,887 | |||||||||
| Financial ABS – Not Self-Liquidating |
||||||||||||
| Non-Financial ABS |
88,927 | 88,688 | 89,082 | |||||||||
|
|
|
|||||||||||
| Total bonds |
6,579,436 | 6,297,791 | 6,622,299 | |||||||||
| Equity securities: |
||||||||||||
| Preferred stocks: |
||||||||||||
| Industrial, miscellaneous and other |
145,001 | 129,590 | 129,661 | |||||||||
| Common stocks: |
||||||||||||
| Banks, trust, and insurance cos |
5,709 | 11,122 | 11,122 | |||||||||
| Industrial, miscellaneous, and all other |
72,613 | 100,929 | 100,929 | |||||||||
| Mutual funds |
130,852 | 338,312 | 338,312 | |||||||||
|
|
|
|||||||||||
| Total equity securities |
354,175 | 579,953 | 580,024 | |||||||||
| Mortgage loans |
2,358,107 | 2,358,107 | ||||||||||
| Real estate |
239,130 | 72,395 | ||||||||||
| Certificate loans |
123,601 | 122,332 | ||||||||||
| Securities lending reinvestment collateral assets |
89,341 | 89,341 | ||||||||||
| Cash, cash equivalents and short-term investments` |
104,332 | 104,332 | ||||||||||
| Derivatives |
60,608 | 60,608 | ||||||||||
| Other invested assets |
102,069 | 102,069 | ||||||||||
|
|
|
|
|
|||||||||
| Total investments |
10,010,799 | 10,111,507 | ||||||||||
|
|
|
|
|
|||||||||
PRELIMINARY AND TENTATIVE FOR DISCUSSIONS ONLY
II-3
Schedule III – Supplementary Insurance Information
As of December 31, 2025, 2024, and 2023 and for Each of the Years Then Ended
| Contractholder | ||||||||||||
| Future Policy | and Other | |||||||||||
| Benefits | Certificateholder | |||||||||||
| and Claims | Funds | |||||||||||
| (Dollars In Thousands) | ||||||||||||
| 2025 |
||||||||||||
| Life and health insurance |
$ | 7,954,716 | $ | 17,039 | ||||||||
| 2024 |
||||||||||||
| Life and health insurance |
$ | 8,107,890 | $ | 20,630 | ||||||||
| 2023 |
||||||||||||
| Life and health insurance |
$ | 8,274,585 | $ | 24,357 | ||||||||
II-4
Schedule III – Supplementary Insurance Information (continued)
As of December 31, 2025, 2024, and 2023 and for Each of the Years Then Ended
| Benefits, | ||||||||||||||||
| Premiums | Net | Claims, and | Other | |||||||||||||
| and Other | Investment | Settlement | Operating | |||||||||||||
| Considerations | Income (1) | Expenses | Expenses (1) | |||||||||||||
| (Dollars In Thousands) | ||||||||||||||||
| 2025 |
||||||||||||||||
| Life and health insurance |
$ 622,523 | $ | 410,202 | $ | 792,422 | $ | 211,552 | |||||||||
| 2024 |
||||||||||||||||
| Life and health insurance |
$ 697,760 | $ | 383,909 | $ | 858,980 | $ | 202,574 | |||||||||
| 2023 |
||||||||||||||||
| Life and health insurance |
$ 750,809 | $ | 374,292 | $ | 905,841 | $ | 189,134 | |||||||||
| (1) | Allocations of net investment income and certain operating expenses are based on a number of assumptions and estimates, and reported operating results would change if different methods were applied. |
II-5
Schedule IV – Reinsurance
As of December 31, 2025, 2024, and 2023 and for Each of the Years Then Ended
| Ceded to | ||||||||||||
| Gross | Other | Net | ||||||||||
| Amount | Companies | Amount | ||||||||||
|
|
|
|||||||||||
| (Dollars In Thousands) | ||||||||||||
| 2025 |
||||||||||||
| Life insurance in force |
$ | 39,390,075 | $ | 10,734,382 | $ | 28,655,693 | ||||||
|
|
|
|||||||||||
| Premiums: |
||||||||||||
| Life insurance |
$ | 631,800 | $ | 31,720 | $ | 600,080 | ||||||
| Supplemental contracts involving life contingencies |
7,528 | - | 7,528 | |||||||||
| Supplemental contracts not involving life contingencies |
- | - | - | |||||||||
| Accident and health insurance |
44,762 | 29,846 | 14,914 | |||||||||
|
|
|
|||||||||||
| Total |
$ | 684,090 | $ | 61,566 | $ | 622,524 | ||||||
|
|
|
|||||||||||
| 2024 |
||||||||||||
| Life insurance in force |
$ | 39,435,432 | $ | 10,087,790 | $ | 29,347,642 | ||||||
|
|
|
|||||||||||
| Premiums: |
||||||||||||
| Life insurance |
$ | 706,371 | $ | 27,774 | $ | 678,597 | ||||||
| Supplemental contracts involving life contingencies |
9,640 | - | 9,640 | |||||||||
| Supplemental contracts not involving life contingencies |
- | - | - | |||||||||
| Accident and health insurance |
17,220 | 7,698 | 9,522 | |||||||||
|
|
|
|||||||||||
| Total |
$ | 733,231 | $ | 35,472 | $ | 697,759 | ||||||
|
|
|
|||||||||||
| 2023 |
||||||||||||
| Life insurance in force |
$ | 39,445,658 | $ | 9,611,049 | $ | 29,834,609 | ||||||
|
|
|
|||||||||||
| Premiums: |
||||||||||||
| Life insurance |
$ | 764,983 | $ | 28,673 | $ | 736,310 | ||||||
| Supplemental contracts involving life contingencies |
6,414 | - | 6,414 | |||||||||
| Supplemental contracts not involving life contingencies |
- | - | - | |||||||||
| Accident and health insurance |
9,550 | 1,464 | 8,086 | |||||||||
|
|
|
|||||||||||
| Total |
$ | 780,947 | $ | 30,137 | $ | 750,810 | ||||||
|
|
|
|||||||||||
II-6
Financial Statements WoodmenLife Financial & Statements. Other pdf Financial Information—Statutory Basis Woodmen of the World Life Insurance Society Years Ended December 31, 2025, 2024 and 2023, and Independent Auditor’s Report
WoodmenLife Variable Annuity Account
Financial Statements
Years Ended December 31, 2025 and 2024
Contents
| 1 | ||||
| Financial Statements |
||||
| 3 | ||||
| 12 | ||||
| 21 | ||||
| 34 | ||||
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Policyowners of WoodmenLife Variable Annuity Account
and the Board of Directors of Woodmen of the World Life Insurance Society
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities for each of the subaccounts of Woodmen of the World Life Insurance Society (the “Account”) listed in Note 1 as of December 31, 2025, the related statements of operations for the period ended December 31, 2025, the statements of changes in net assets, financial highlights, and the related notes for the periods ended December 31, 2025 and December 31, 2024 (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the subaccounts constituting the Account as of December 31, 2025, and the results of its operations for the period ended December 31, 2025, the changes in their net assets and financial highlights for the period ended December 31, 2025 and December 31, 2024 presented in Note 1, in conformity with accounting principles generally accepted in the United States of America.
The accompanying financial highlights for the years ended December 31, 2023, 2022, and 2021 were audited by other auditors whose report dated April 24, 2024, expressed an unqualified opinion on those statements.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Account’s management. Our responsibility is to express an opinion on the subaccounts’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The subaccounts are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the subaccounts’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodians. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Omaha, Nebraska
April 28, 2026
We have served as the Company’s auditor since 2024.
WoodmenLife Variable Annuity Account
Statements of Assets and Liabilities
December 31, 2025
| American Asset Allocation Subaccount |
American Growth Subaccount |
American Capital World Growth & Income Subaccount |
American Growth & Income Subaccount |
American Subaccount |
American Subaccount | |||||||||||||||||||
|
|
|
| ||||||||||||||||||||||
| Assets |
||||||||||||||||||||||||
| Investments in shares of mutual funds, at net asset value |
$ | 70,924,110 | $ | 83,223,432 | $ | 5,915,820 | $ | 51,381,041 | $ | 13,644,475 | $ | 2,547,887 | ||||||||||||
|
|
|
| ||||||||||||||||||||||
| Total assets |
$ | 70,924,110 | $ | 83,223,432 | $ | 5,915,820 | $ | 51,381,041 | $ | 13,644,475 | $ | 2,547,887 | ||||||||||||
|
|
|
| ||||||||||||||||||||||
| Liabilities |
||||||||||||||||||||||||
| Liabilities |
– | – | – | – | – | – | ||||||||||||||||||
|
|
|
| ||||||||||||||||||||||
| Net assets |
$ | 70,924,110 | $ | 83,223,432 | $ | 5,915,820 | $ | 51,381,041 | $ | 13,644,475 | $ | 2,547,887 | ||||||||||||
|
|
|
| ||||||||||||||||||||||
| Net assets |
||||||||||||||||||||||||
| Accumulation units |
$ | 70,924,110 | $ | 83,223,432 | $ | 5,915,820 | $ | 51,381,041 | $ | 13,644,475 | $ | 2,547,887 | ||||||||||||
|
|
|
| ||||||||||||||||||||||
| Total net assets |
$ | 70,924,110 | $ | 83,223,432 | $ | 5,915,820 | $ | 51,381,041 | $ | 13,644,475 | $ | 2,547,887 | ||||||||||||
|
|
|
| ||||||||||||||||||||||
| Investments in shares of mutual funds, at cost |
$ | 66,323,524 | $ | 64,947,980 | $ | 4,620,578 | $ | 44,822,426 | $ | 12,976,136 | $ | 1,901,156 | ||||||||||||
| Shares of mutual fund owned |
2,621,963 | 599,592 | 321,862 | 775,212 | 358,029 | 194,495 | ||||||||||||||||||
| Accumulation units outstanding |
3,158,601 | 1,712,125 | 241,788 | 1,578,895 | 464,172 | 145,942 | ||||||||||||||||||
| Accumulation unit value |
$ | 22.45 | $ | 48.61 | $ | 24.47 | $ | 32.54 | $ | 29.40 | $ | 17.46 | ||||||||||||
See accompanying notes.
3
WoodmenLife Variable Annuity Account
Statements of Assets and Liabilities (continued)
December 31, 2025
| American Global Small Cap Subaccount |
Calvert NASDAQ 100 Subaccount |
Calvert EAFE International |
Calvert Investment Grade Bond Subaccount |
Calvert S&P 500 |
Calvert S&P Mid Cap 400 | |||||||||||||||||||
|
|
|
| ||||||||||||||||||||||
| Assets |
||||||||||||||||||||||||
| Investments in shares of mutual funds, at net asset value |
$ | 1,300,019 | $ | 65,521,547 | $ | 2,170,115 | $ | 9,753,826 | $ | 50,348,883 | $ | 14,471,930 | ||||||||||||
|
|
|
| ||||||||||||||||||||||
| Total assets |
$ | 1,300,019 | $ | 65,521,547 | $ | 2,170,115 | $ | 9,753,826 | $ | 50,348,883 | $ | 14,471,930 | ||||||||||||
|
|
|
| ||||||||||||||||||||||
| Liabilities |
||||||||||||||||||||||||
| Liabilities |
– | – | – | – | – | – | ||||||||||||||||||
|
|
|
| ||||||||||||||||||||||
| Net assets |
$ | 1,300,019 | $ | 65,521,547 | $ | 2,170,115 | $ | 9,753,826 | $ | 50,348,883 | $ | 14,471,930 | ||||||||||||
|
|
|
| ||||||||||||||||||||||
| Net assets |
||||||||||||||||||||||||
| Accumulation units |
$ | 1,300,019 | $ | 65,521,547 | $ | 2,170,115 | $ | 9,753,826 | $ | 50,348,883 | $ | 14,471,930 | ||||||||||||
|
|
|
| ||||||||||||||||||||||
| Total net assets |
$ | 1,300,019 | $ | 65,521,547 | $ | 2,170,115 | $ | 9,753,826 | $ | 50,348,883 | $ | 14,471,930 | ||||||||||||
|
|
|
| ||||||||||||||||||||||
| Investments in shares of mutual funds, at cost |
$ | 1,140,577 | $ | 41,648,427 | $ | 1,691,520 | $ | 10,165,027 | $ | 41,816,355 | $ | 13,499,600 | ||||||||||||
| Shares of mutual fund owned |
68,278 | 330,950 | 17,714 | 197,887 | 235,418 | 113,568 | ||||||||||||||||||
| Accumulation units outstanding |
74,015 | 386,814 | 66,711 | 671,627 | 665,657 | 220,739 | ||||||||||||||||||
| Accumulation unit value |
$ | 17.56 | $ | 169.39 | $ | 32.53 | $ | 14.52 | $ | 75.64 | $ | 65.56 | ||||||||||||
See accompanying notes.
4
WoodmenLife Variable Annuity Account
Statements of Assets and Liabilities (continued)
December 31, 2025
| Calvert Russell 2000 |
Fidelity Contrafund Subaccount |
Fidelity Equity Income |
Fidelity Growth Subaccount |
Fidelity Growth & Income Subaccount |
Fidelity Overseas Subaccount | |||||||||||||||||||
|
|
|
| ||||||||||||||||||||||
| Assets |
||||||||||||||||||||||||
| Investments in shares of mutual funds, at net asset value |
$ | 7,787,675 | $ | 74,495,605 | $ | 13,505,319 | $ | 36,698,643 | $ | 23,028,067 | $ | 4,396,029 | ||||||||||||
|
|
|
| ||||||||||||||||||||||
| Total assets |
$ | 7,787,675 | $ | 74,495,605 | $ | 13,505,319 | $ | 36,698,643 | $ | 23,028,067 | $ | 4,396,029 | ||||||||||||
|
|
|
| ||||||||||||||||||||||
| Liabilities |
||||||||||||||||||||||||
| Liabilities |
– | – | – | – | – | – | ||||||||||||||||||
|
|
|
| ||||||||||||||||||||||
| Net assets |
$ | 7,787,675 | $ | 74,495,605 | $ | 13,505,319 | $ | 36,698,643 | $ | 23,028,067 | $ | 4,396,029 | ||||||||||||
|
|
|
| ||||||||||||||||||||||
| Net assets |
||||||||||||||||||||||||
| Accumulation units |
$ | 7,787,675 | $ | 74,495,605 | $ | 13,505,319 | $ | 36,698,643 | $ | 23,028,067 | $ | 4,396,029 | ||||||||||||
|
|
|
| ||||||||||||||||||||||
| Total net assets |
$ | 7,787,675 | $ | 74,495,605 | $ | 13,505,319 | $ | 36,698,643 | $ | 23,028,067 | $ | 4,396,029 | ||||||||||||
|
|
|
| ||||||||||||||||||||||
| Investments in shares of mutual funds, at cost |
$ | 7,320,467 | $ | 61,530,138 | $ | 11,774,966 | $ | 36,730,413 | $ | 18,680,343 | $ | 3,976,202 | ||||||||||||
| Shares of mutual fund owned |
85,938 | 1,255,614 | 463,145 | 380,061 | 701,220 | 160,909 | ||||||||||||||||||
| Accumulation units outstanding |
153,979 | 730,872 | 264,361 | 364,408 | 362,479 | 114,132 | ||||||||||||||||||
| Accumulation unit value |
$ | 50.58 | $ | 101.93 | $ | 51.09 | $ | 100.71 | $ | 63.53 | $ | 38.52 | ||||||||||||
See accompanying notes.
5
WoodmenLife Variable Annuity Account
Statements of Assets and Liabilities (continued)
December 31, 2025
| Fidelity Money Market Subaccount |
Franklin Income Subaccount |
Franklin Mutual Global Discovery Subaccount |
Franklin Rising Dividends Subaccount |
Franklin Strategic Income Subaccount |
Franklin Global Bond Subaccount |
|||||||||||||||||||
|
|
|
| ||||||||||||||||||||||
| Assets |
||||||||||||||||||||||||
| Investments in shares of mutual funds, at net asset value |
$ | 12,612,401 | $ | 40,622,966 | $ | 6,461,360 | $ | 30,588,117 | $ | 10,254,836 | $ | 3,399,002 | ||||||||||||
|
|
|
| ||||||||||||||||||||||
| Total assets |
$ | 12,612,401 | $ | 40,622,966 | $ | 6,461,360 | $ | 30,588,117 | $ | 10,254,836 | $ | 3,399,002 | ||||||||||||
|
|
|
| ||||||||||||||||||||||
| Liabilities |
||||||||||||||||||||||||
| Liabilities |
– | – | – | – | – | – | ||||||||||||||||||
|
|
|
| ||||||||||||||||||||||
| Net assets |
$ | 12,612,401 | $ | 40,622,966 | $ | 6,461,360 | $ | 30,588,117 | $ | 10,254,836 | $ | 3,399,002 | ||||||||||||
|
|
|
| ||||||||||||||||||||||
| Net assets |
||||||||||||||||||||||||
| Accumulation units |
$ | 12,612,401 | $ | 40,622,966 | $ | 6,461,360 | $ | 30,588,117 | $ | 10,254,836 | $ | 3,399,002 | ||||||||||||
|
|
|
| ||||||||||||||||||||||
| Total net assets |
$ | 12,612,401 | $ | 40,622,966 | $ | 6,461,360 | $ | 30,588,117 | $ | 10,254,836 | $ | 3,399,002 | ||||||||||||
|
|
|
| ||||||||||||||||||||||
| Investments in shares of mutual funds, at cost |
$ | 12,612,401 | $ | 39,236,455 | $ | 5,858,809 | $ | 29,512,341 | $ | 10,574,371 | $ | 3,455,852 | ||||||||||||
| Shares of mutual fund owned |
12,612,401 | 2,679,615 | 339,001 | 1,090,874 | 1,123,202 | 258,087 | ||||||||||||||||||
| Accumulation units outstanding |
11,542,799 | 2,399,493 | 325,506 | 1,082,950 | 896,323 | 411,523 | ||||||||||||||||||
| Accumulation unit value |
$ | 1.09 | $ | 16.93 | $ | 19.85 | $ | 28.25 | $ | 11.44 | $ | 8.26 | ||||||||||||
See accompanying notes.
6
WoodmenLife Variable Annuity Account
Statements of Assets and Liabilities (continued)
December 31, 2025
| PIMCO Low Duration Subaccount |
PIMCO Real Return |
|||||||
|
|
|
|||||||
| Assets |
||||||||
| Investments in shares of mutual funds, at net asset value |
$ | 2,442,063 | $ | 13,866,676 | ||||
|
|
|
|||||||
| Total assets |
$ | 2,442,063 | $ | 13,866,676 | ||||
|
|
|
|||||||
| Liabilities |
||||||||
| Liabilities |
– | – | ||||||
|
|
|
|||||||
| Net assets |
$ | 2,442,063 | $ | 13,866,676 | ||||
|
|
|
|||||||
| Net assets |
||||||||
| Accumulation units |
$ | 2,442,063 | $ | 13,866,676 | ||||
|
|
|
|||||||
| Total net assets |
$ | 2,442,063 | $ | 13,866,676 | ||||
|
|
|
|||||||
| Investments in shares of mutual funds, at cost |
$ | 2,442,687 | $ | 14,875,097 | ||||
| Shares of mutual fund owned |
249,700 | 1,154,594 | ||||||
| Accumulation units outstanding |
181,958 | 813,663 | ||||||
| Accumulation unit value |
$ | 13.42 | $ | 17.04 | ||||
See accompanying notes.
7
WoodmenLife Variable Annuity Account
Statements of Operations
Year Ended December 31, 2025
| American Asset Allocation Subaccount |
American Growth Subaccount |
American Capital World Growth & Income Subaccount |
American Growth & Income Subaccount |
American Global Growth Subaccount |
American International Growth & Income Subaccount |
|||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Income: |
||||||||||||||||||||||||
| Dividends |
$ | 1,346,882 | $ | 112,431 | $ | 77,561 | $ | 442,097 | $ | 175,718 | $ | 58,515 | ||||||||||||
| Expenses: |
||||||||||||||||||||||||
| Mortality and expense risk |
(813,380 | ) | (923,741 | ) | (70,989) | (586,961 | ) | (153,725 | ) | (27,442) | ||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net investment income (loss) |
533,502 | (811,310 | ) | 6,572 | (144,864 | ) | 21,993 | 31,073 | ||||||||||||||||
| Realized gain (loss) on sales of fund shares |
857,554 | 2,405,604 | 109,544 | 1,504,876 | 213,763 | (74,637) | ||||||||||||||||||
| Capital gain distributions |
4,512,426 | 5,745,618 | 206,962 | 7,835,303 | 1,524,705 | – | ||||||||||||||||||
| Change in unrealized appreciation (depreciation) of investments |
2,922,062 | 5,634,117 | 887,760 | (1,827,707 | ) | 527,051 | 670,208 | |||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net increase (decrease) in net assets from operations |
$ | 8,825,544 | $ | 12,974,029 | $ | 1,210,838 | $ | 7,367,608 | $ | 2,287,512 | $ | 626,644 | ||||||||||||
|
|
|
|||||||||||||||||||||||
See accompanying notes.
8
WoodmenLife Variable Annuity Account
Statements of Operations (continued)
Year Ended December 31, 2025
| American Global Small |
Calvert NASDAQ 100 Subaccount |
Calvert EAFE International Subaccount |
Calvert Investment Grade Bond Subaccount |
Calvert S&P 500 Subaccount |
Calvert S&P Mid Cap 400 Subaccount |
|||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Income: |
||||||||||||||||||||||||
| Dividends |
$ | 4,347 | $ | 165,594 | $ | 49,174 | $ | 290,524 | $ | 517,400 | $ | 154,534 | ||||||||||||
| Expenses: |
||||||||||||||||||||||||
| Mortality and expense risk |
(15,618 | ) | (741,379 | ) | (24,353) | (115,574) | (560,381) | (176,482) | ||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net investment income (loss) |
(11,271 | ) | (575,785 | ) | 24,821 | 174,950 | (42,981) | (21,948) | ||||||||||||||||
| Realized gain (loss) on sales of fund shares |
(158,804 | ) | 4,045,845 | 89,496 | (326,217) | 1,263,385 | 361,977 | |||||||||||||||||
| Capital gain distributions |
26,748 | 971,769 | – | – | 4,336,737 | 930,334 | ||||||||||||||||||
| Change in unrealized appreciation (depreciation) of investments |
291,420 | 6,002,449 | 377,904 | 650,641 | 1,232,929 | (449,216) | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net increase (decrease) in net assets from operations |
$ | 148,093 | $ | 10,444,278 | $ | 492,221 | $ | 499,374 | $ | 6,790,070 | $ | 821,147 | ||||||||||||
|
|
|
|||||||||||||||||||||||
See accompanying notes.
9
WoodmenLife Variable Annuity Account
Statements of Operations (continued)
Year Ended December 31, 2025
| Calvert Subaccount |
Fidelity Subaccount |
Fidelity Subaccount |
Fidelity Subaccount |
Fidelity Subaccount |
Fidelity Subaccount |
|||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Income: |
||||||||||||||||||||||||
| Dividends |
$ | 113,121 | $ | 35,325 | $ | 218,339 | $ | 71,332 | $ | 317,641 | $ | 65,967 | ||||||||||||
| Expenses: |
||||||||||||||||||||||||
| Mortality and expense risk |
(93,264 | ) | (847,790 | ) | (154,074) | (423,334 | ) | (271,680 | ) | (53,767) | ||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net investment income (loss) |
19,857 | (812,465 | ) | 64,265 | (352,002 | ) | 45,961 | 12,200 | ||||||||||||||||
| Realized gain (loss) on sales of fund shares |
258,731 | 3,604,315 | 409,535 | 1,230,860 | 1,474,872 | 247,858 | ||||||||||||||||||
| Capital gain distributions |
368,035 | 11,182,597 | 711,504 | 4,530,609 | 2,054,458 | 384,165 | ||||||||||||||||||
| Change in unrealized appreciation (depreciation) of investments |
139,420 | (1,399,750 | ) | 818,206 | (1,078,462 | ) | 408,194 | 75,436 | ||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net increase (decrease) in net assets from operations |
$ | 786,043 | $ | 12,574,697 | $ | 2,003,510 | $ | 4,331,005 | $ | 3,983,485 | $ | 719,659 | ||||||||||||
|
|
|
|||||||||||||||||||||||
See accompanying notes.
10
WoodmenLife Variable Annuity Account
Statements of Operations (continued)
Year Ended December 31, 2025
| Fidelity Money Market Subaccount |
Franklin Income Subaccount |
Franklin Mutual Global Discovery Subaccount |
Franklin Rising Dividends Subaccount |
Franklin Strategic Income Subaccount |
Franklin Global Bond Subaccount |
|||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Income: |
||||||||||||||||||||||||
| Dividends |
$ | 516,892 | $ | 2,022,160 | $ | 114,925 | $ | 240,991 | $ | 513,611 | $ | – | ||||||||||||
| Expenses: |
||||||||||||||||||||||||
| Mortality and expense risk |
(163,035 | ) | (492,955 | ) | (78,123) | (368,755 | ) | (130,854 | ) | (43,660) | ||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net investment income (loss) |
353,857 | 1,529,205 | 36,802 | (127,764 | ) | 382,757 | (43,660) | |||||||||||||||||
| Realized gain (loss) on sales of fund shares |
(754 | ) | (327,876 | ) | 130,113 | 378,475 | (288,169 | ) | (249,654) | |||||||||||||||
| Capital gain distributions |
– | 425,051 | 637,038 | 2,887,172 | 115 | – | ||||||||||||||||||
| Change in unrealized appreciation (depreciation) of investments |
– | 2,596,473 | 435,180 | (204,668 | ) | 507,238 | 772,678 | |||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net increase (decrease) in net assets from operations |
$ | 353,103 | $ | 4,222,853 | $ | 1,239,133 | $ | 2,933,215 | $ | 601,941 | $ | 479,364 | ||||||||||||
|
|
|
|||||||||||||||||||||||
See accompanying notes.
11
WoodmenLife Variable Annuity Account
Statements of Operations (continued)
Year Ended December 31, 2025
| PIMCO Low Duration Subaccount |
PIMCO Real Return Subaccount |
|||||||
|
|
|
|||||||
| Income: |
||||||||
| Dividends |
$ | 90,583 | $ | 470,717 | ||||
| Expenses: |
||||||||
| Mortality and expense risk |
(28,702 | ) | (176,835 | ) | ||||
|
|
|
|||||||
| Net investment income (loss) |
61,881 | 293,882 | ||||||
| Realized gain (loss) on sales of fund shares |
(17,560 | ) | (350,252 | ) | ||||
| Capital gain distributions |
– | – | ||||||
| Change in unrealized appreciation (depreciation) of investments |
50,726 | 950,831 | ||||||
|
|
|
|||||||
| Net increase (decrease) in net assets from operations |
$ | 95,047 | $ | 894,461 | ||||
|
|
|
|||||||
See accompanying notes.
12
WoodmenLife Variable Annuity Account
Statements of Changes in Net Assets
Years Ended December 31, 2025 and 2024
| American Asset Allocation Subaccount |
American Growth Subaccount |
American Capital World Subaccount |
||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Increase (decrease) in net assets from operations: |
|
|||||||||||||||||||||||
| Net investment income (loss) |
$ | 533,502 | $ | 538,317 | $ | (811,310 | ) | $ | (540,944) | $ | 6,572 | $ | 21,102 | |||||||||||
| Net realized gain (loss) on investments |
5,369,980 | 3,050,772 | 8,151,222 | 3,729,043 | 316,506 | 65,688 | ||||||||||||||||||
| Change in unrealized appreciation (depreciation) of investments |
2,922,062 | 4,525,714 | 5,634,117 | 12,025,335 | 887,760 | 508,605 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net increase (decrease) in net assets from operations |
8,825,544 | 8,114,803 | 12,974,029 | 15,213,434 | 1,210,838 | 595,395 | ||||||||||||||||||
| Certificate transactions: |
||||||||||||||||||||||||
| Certificate deposits |
1,064,010 | 477,792 | 2,572,465 | 940,742 | 126,009 | 49,699 | ||||||||||||||||||
| Certificate surrenders and death benefits |
(6,708,249 | ) | (6,881,061 | ) | (9,111,660 | ) | (8,677,335) | (858,199 | ) | (1,061,403 | ) | |||||||||||||
| Transfers between subaccounts, including fixed interest account |
5,900,065 | 4,247,916 | 10,290,728 | 7,560,839 | 141,339 | 782,045 | ||||||||||||||||||
| Administrative charges |
(5,233 | ) | (5,646 | ) | (7,767 | ) | (7,456) | (747 | ) | (792 | ) | |||||||||||||
|
|
|
|||||||||||||||||||||||
| Net increase (decrease) in net assets from certificate transactions |
250,593 | (2,160,999 | ) | 3,743,766 | (183,210) | (591,598 | ) | (230,451 | ) | |||||||||||||||
| Total increase (decrease) in net assets |
9,076,137 | 5,953,804 | 16,717,795 | 15,030,224 | 619,240 | 364,944 | ||||||||||||||||||
| Net assets at beginning of year |
61,847,973 | 55,894,169 | 66,505,637 | 51,475,413 | 5,296,580 | 4,931,636 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net assets at end of year |
$ | 70,924,110 | $ | 61,847,973 | $ | 83,223,432 | $ | 66,505,637 | $ | 5,915,820 | $ | 5,296,580 | ||||||||||||
|
|
|
|||||||||||||||||||||||
See accompanying notes.
13
WoodmenLife Variable Annuity Account
Statements of Changes in Net Assets (continued)
Years Ended December 31, 2025 and 2024
| American Growth & Income Subaccount |
American Global Growth Subaccount |
American International Growth & Income Subaccount |
||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Increase (decrease) in net assets from operations: |
|
|||||||||||||||||||||||
| Net investment income (loss) |
$ | (144,864 | ) | $ | (47,857) | $ | 21,993 | $ | 31,542 | $ | 31,073 | $ | 23,878 | |||||||||||
| Net realized gain (loss) on investments |
9,340,179 | 2,750,306 | 1,738,468 | 683,388 | (74,637 | ) | (269,404) | |||||||||||||||||
| Change in unrealized appreciation (depreciation) of investments |
(1,827,707 | ) | 5,155,721 | 527,051 | 526,757 | 670,208 | 281,907 | |||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net increase (decrease) in net assets from operations |
7,367,608 | 7,858,170 | 2,287,512 | 1,241,687 | 626,644 | 36,381 | ||||||||||||||||||
| Certificate transactions: |
||||||||||||||||||||||||
| Certificate deposits |
838,089 | 327,331 | 350,753 | 289,150 | 47,984 | 27,627 | ||||||||||||||||||
| Certificate surrenders and death benefits |
(6,292,624 | ) | (4,584,426) | (1,498,824 | ) | (1,746,635 | ) | (121,678 | ) | (349,449) | ||||||||||||||
| Transfers between subaccounts, including fixed interest account |
6,185,286 | 4,759,306 | 1,354,526 | 1,086,276 | 150,595 | 314,835 | ||||||||||||||||||
| Administrative charges |
(3,642 | ) | (3,734) | (1,683 | ) | (1,826 | ) | (373 | ) | (427) | ||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net increase (decrease) in net assets from certificate transactions |
727,109 | 498,477 | 204,772 | (373,035 | ) | 76,528 | (7,414) | |||||||||||||||||
| Total increase (decrease) in net assets |
8,094,717 | 8,356,647 | 2,492,284 | 868,652 | 703,172 | 28,967 | ||||||||||||||||||
| Net assets at beginning of year |
43,286,324 | 34,929,677 | 11,152,191 | 10,283,539 | 1,844,715 | 1,815,748 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net assets at end of year |
$ | 51,381,041 | $ | 43,286,324 | $ | 13,644,475 | $ | 11,152,191 | $ | 2,547,887 | $ | 1,844,715 | ||||||||||||
|
|
|
|||||||||||||||||||||||
See accompanying notes.
14
WoodmenLife Variable Annuity Account
Statements of Changes in Net Assets (continued)
Years Ended December 31, 2025 and 2024
| American Global Small Cap Subaccount |
Calvert NASDAQ 100 Subaccount |
Calvert EAFE International Subaccount |
||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Increase (decrease) in net assets from operations: |
||||||||||||||||||||||||
| Net investment income (loss) |
$ | (11,271 | ) | $ | (2,565 | ) | $ | (575,785 | ) | $ | (481,399) | $ | 24,821 | $ | 24,526 | |||||||||
| Net realized gain (loss) on investments |
(132,056 | ) | (174,321 | ) | 5,017,614 | 8,880,333 | 89,496 | 59,129 | ||||||||||||||||
| Change in unrealized appreciation (depreciation) of investments |
291,420 | 188,710 | 6,002,449 | 2,548,963 | 377,904 | (36,409) | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net increase (decrease) in net assets from operations |
148,093 | 11,824 | 10,444,278 | 10,947,897 | 492,221 | 47,246 | ||||||||||||||||||
| Certificate transactions: |
||||||||||||||||||||||||
| Certificate deposits |
35,310 | 28,114 | 1,142,489 | 822,775 | 24,618 | 13,106 | ||||||||||||||||||
| Certificate surrenders and death benefits |
(277,537 | ) | (220,475 | ) | (8,208,521 | ) | (9,242,082) | (277,083 | ) | (420,235) | ||||||||||||||
| Transfers between subaccounts, including fixed interest account |
124,411 | 136,661 | 5,903,645 | 5,737,869 | 171,307 | 101,412 | ||||||||||||||||||
| Administrative charges |
(287 | ) | (302 | ) | (7,393 | ) | (8,003) | (538 | ) | (633) | ||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net increase (decrease) in net assets from certificate transactions |
(118,103 | ) | (56,002 | ) | (1,169,780 | ) | (2,689,441) | (81,696 | ) | (306,350) | ||||||||||||||
| Total increase (decrease) in net assets |
29,990 | (44,178 | ) | 9,274,498 | 8,258,456 | 410,525 | (259,104) | |||||||||||||||||
| Net assets at beginning of year |
1,270,029 | 1,314,207 | 56,247,049 | 47,988,593 | 1,759,590 | 2,018,694 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net assets at end of year |
$ | 1,300,019 | $ | 1,270,029 | $ | 65,521,547 | $ | 56,247,049 | $ | 2,170,115 | $ | 1,759,590 | ||||||||||||
|
|
|
|||||||||||||||||||||||
See accompanying notes.
15
WoodmenLife Variable Annuity Account
Statements of Changes in Net Assets (continued)
Years Ended December 31, 2025 and 2024
| Calvert Investment Grade Bond Subaccount |
Calvert S&P 500 Subaccount |
Calvert S&P Mid Cap 400 Subaccount |
||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Increase (decrease) in net assets from operations: |
||||||||||||||||||||||||
| Net investment income (loss) |
$ | 174,950 | $ | 147,503 | $ | (42,981 | ) | $ | 1,877 | $ | (21,948 | ) | $ | (6,865) | ||||||||||
| Net realized gain (loss) on investments |
(326,217 | ) | (289,629 | ) | 5,600,122 | 3,130,172 | 1,292,311 | 896,580 | ||||||||||||||||
| Change in unrealized appreciation (depreciation) of investments |
650,641 | 115,909 | 1,232,929 | 4,639,149 | (449,216 | ) | 723,163 | |||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net increase (decrease) in net assets from operations |
499,374 | (26,217 | ) | 6,790,070 | 7,771,198 | 821,147 | 1,612,878 | |||||||||||||||||
| Certificate transactions: |
||||||||||||||||||||||||
| Certificate deposits |
83,682 | 135,385 | 663,601 | 319,081 | 245,242 | 175,423 | ||||||||||||||||||
| Certificate surrenders and death benefits |
(1,227,372 | ) | (1,017,226 | ) | (4,789,183 | ) | (4,049,996 | ) | (2,474,097 | ) | (2,610,245) | |||||||||||||
| Transfers between subaccounts, including fixed interest account |
818,452 | 340,505 | 5,606,025 | 4,393,463 | 1,278,984 | 1,762,682 | ||||||||||||||||||
| Administrative charges |
(1,378 | ) | (1,630 | ) | (5,268 | ) | (5,491 | ) | (3,365 | ) | (3,949) | |||||||||||||
|
|
|
|||||||||||||||||||||||
| Net increase (decrease) in net assets from certificate transactions |
(326,616 | ) | (542,966 | ) | 1,475,175 | 657,057 | (953,236 | ) | (676,089) | |||||||||||||||
| Total increase (decrease) in net assets |
172,758 | (569,183 | ) | 8,265,245 | 8,428,255 | (132,089 | ) | 936,789 | ||||||||||||||||
| Net assets at beginning of year |
9,581,068 | 10,150,251 | 42,083,638 | 33,655,383 | 14,604,019 | 13,667,230 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net assets at end of year |
$ | 9,753,826 | $ | 9,581,068 | $ | 50,348,883 | $ | 42,083,638 | $ | 14,471,930 | $ | 14,604,019 | ||||||||||||
|
|
|
|||||||||||||||||||||||
See accompanying notes.
16
WoodmenLife Variable Annuity Account
Statements of Changes in Net Assets (continued)
Years Ended December 31, 2025 and 2024
| Calvert Russell 2000 Small Cap Subaccount |
Fidelity Contrafund Subaccount |
Fidelity Equity Income Subaccount |
||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Increase (decrease) in net assets from operations: |
||||||||||||||||||||||||
| Net investment income (loss) |
$ | 19,857 | $ | (1,544 | ) | $ | (812,465 | ) | $ | (697,394) | $ | 64,265 | $ | 48,326 | ||||||||||
| Net realized gain (loss) on investments |
626,766 | 159,858 | 14,786,912 | 10,609,832 | 1,121,039 | 1,025,523 | ||||||||||||||||||
| Change in unrealized appreciation (depreciation) of investments |
139,420 | 548,028 | (1,399,750 | ) | 5,920,061 | 818,206 | 395,024 | |||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net increase (decrease) in net assets from operations |
786,043 | 706,342 | 12,574,697 | 15,832,499 | 2,003,510 | 1,468,873 | ||||||||||||||||||
| Certificate transactions: |
||||||||||||||||||||||||
| Certificate deposits |
139,872 | 104,367 | 853,875 | 677,947 | 118,477 | 54,710 | ||||||||||||||||||
| Certificate surrenders and death benefits |
(1,250,044 | ) | (866,092 | ) | (10,209,117 | ) | (10,717,764) | (1,475,460 | ) | (1,893,497) | ||||||||||||||
| Transfers between subaccounts, including fixed interest account |
275,334 | 492,813 | 6,808,061 | 8,160,142 | 1,206,361 | 1,063,266 | ||||||||||||||||||
| Administrative charges |
(1,638 | ) | (1,927 | ) | (12,368 | ) | (13,499) | (2,292 | ) | (2,523) | ||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net increase (decrease) in net assets from certificate transactions |
(836,476 | ) | (270,839 | ) | (2,559,549 | ) | (1,893,174) | (152,914 | ) | (778,044) | ||||||||||||||
| Total increase (decrease) in net assets |
(50,433 | ) | 435,503 | 10,015,148 | 13,939,325 | 1,850,596 | 690,829 | |||||||||||||||||
| Net assets at beginning of year |
7,838,108 | 7,402,605 | 64,480,457 | 50,541,132 | 11,654,723 | 10,963,894 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net assets at end of year |
$ | 7,787,675 | $ | 7,838,108 | $ | 74,495,605 | $ | 64,480,457 | $ | 13,505,319 | $ | 11,654,723 | ||||||||||||
|
|
|
|||||||||||||||||||||||
See accompanying notes.
17
WoodmenLife Variable Annuity Account
Statements of Changes in Net Assets (continued)
Years Ended December 31, 2025 and 2024
| Fidelity Growth Subaccount | Fidelity Growth & Income Subaccount |
Fidelity Overseas Subaccount |
||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Increase (decrease) in net assets from operations: |
||||||||||||||||||||||||
| Net investment income (loss) |
$ | (352,002 | ) | $ | (386,340 | ) | $ | 45,961 | $ | 27,274 | $ | 12,200 | $ | 12,930 | ||||||||||
| Net realized gain (loss) on investments |
5,761,469 | 8,965,103 | 3,529,330 | 2,501,568 | 632,023 | 412,698 | ||||||||||||||||||
| Change in unrealized appreciation (depreciation) of investments |
(1,078,462 | ) | (1,177,544 | ) | 408,194 | 1,067,044 | 75,436 | (274,651) | ||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net increase (decrease) in net assets from operations |
4,331,005 | 7,401,219 | 3,983,485 | 3,595,886 | 719,659 | 150,977 | ||||||||||||||||||
| Certificate transactions: |
||||||||||||||||||||||||
| Certificate deposits |
683,882 | 504,488 | 535,833 | 231,767 | 67,090 | 49,569 | ||||||||||||||||||
| Certificate surrenders and death benefits |
(5,107,468 | ) | (6,164,296 | ) | (3,809,516 | ) | (2,851,483) | (621,400 | ) | (762,247) | ||||||||||||||
| Transfers between subaccounts, including fixed |
4,072,573 | 4,633,789 | 1,673,868 | 1,708,601 | 331,323 | 464,822 | ||||||||||||||||||
| Administrative charges |
(5,336 | ) | (5,937 | ) | (3,610 | ) | (4,195) | (1,538 | ) | (1,908) | ||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net increase (decrease) in net assets from certificate transactions |
(356,349 | ) | (1,031,956 | ) | (1,603,425 | ) | (915,310) | (224,525 | ) | (249,764) | ||||||||||||||
| Total increase (decrease) in net assets |
3,974,656 | 6,369,263 | 2,380,060 | 2,680,576 | 495,134 | (98,787) | ||||||||||||||||||
| Net assets at beginning of year |
32,723,987 | 26,354,724 | 20,648,007 | 17,967,431 | 3,900,895 | 3,999,682 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net assets at end of year |
$ | 36,698,643 | $ | 32,723,987 | $ | 23,028,067 | $ | 20,648,007 | $ | 4,396,029 | $ | 3,900,895 | ||||||||||||
|
|
|
|||||||||||||||||||||||
See accompanying notes.
18
WoodmenLife Variable Annuity Account
Statements of Changes in Net Assets (continued)
Years Ended December 31, 2025 and 2024
| Fidelity Money Market Subaccount |
Franklin Income Subaccount |
Franklin Mutual Global Discovery Subaccount |
||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Increase (decrease) in net assets from operations: |
||||||||||||||||||||||||
| Net investment income (loss) |
$ | 353,857 | $ | 416,750 | $ | 1,529,205 | $ | 1,484,114 | $ | 36,802 | $ | 28,485 | ||||||||||||
| Net realized gain (loss) on investments |
(754 | ) | (378 | ) | 97,175 | (306,232) | 767,151 | 445,667 | ||||||||||||||||
| Change in unrealized appreciation (depreciation) of investments |
– | – | 2,596,473 | 960,732 | 435,180 | (224,062) | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net increase (decrease) in net assets from operations |
353,103 | 416,372 | 4,222,853 | 2,138,614 | 1,239,133 | 250,090 | ||||||||||||||||||
| Certificate transactions: |
||||||||||||||||||||||||
| Certificate deposits |
66,021,611 | 65,678,224 | 673,849 | 417,433 | 49,152 | 77,975 | ||||||||||||||||||
| Certificate surrenders and death benefits |
(1,740,801 | ) | (734,984 | ) | (5,555,741 | ) | (4,103,456) | (1,116,370 | ) | (1,258,964) | ||||||||||||||
| Transfers between subaccounts, including fixed interest account |
(64,580,321 | ) | (59,617,129 | ) | 2,978,372 | 2,709,833 | 195,722 | 5,095 | ||||||||||||||||
| Administrative charges |
(939 | ) | (868 | ) | (5,144 | ) | (5,720) | (1,200 | ) | (1,311) | ||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net increase (decrease) in net assets from certificate transactions |
(300,450 | ) | 5,325,243 | (1,908,664 | ) | (981,910) | (872,696 | ) | (1,177,205) | |||||||||||||||
| Total increase (decrease) in net assets |
52,653 | 5,741,615 | 2,314,189 | 1,156,704 | 366,437 | (927,115) | ||||||||||||||||||
| Net assets at beginning of year |
12,559,748 | 6,818,133 | 38,308,777 | 37,152,073 | 6,094,923 | 7,022,038 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net assets at end of year |
$ | 12,612,401 | $ | 12,559,748 | $ | 40,622,966 | $ | 38,308,777 | $ | 6,461,360 | $ | 6,094,923 | ||||||||||||
|
|
|
|||||||||||||||||||||||
See accompanying notes.
19
WoodmenLife Variable Annuity Account
Statements of Changes in Net Assets (continued)
Years Ended December 31, 2025 and 2024
| Franklin Rising Dividends Subaccount |
Franklin Strategic Income Subaccount |
Franklin Global Bond Subaccount |
||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Increase (decrease) in net assets from operations: |
||||||||||||||||||||||||
| Net investment income (loss) |
$ | (127,764 | ) | $ | (72,526 | ) | $ | 382,757 | $ | 358,317 | $ | (43,660 | ) | $ | (52,367) | |||||||||
| Net realized gain (loss) on investments |
3,265,647 | 1,648,786 | (288,054 | ) | (335,188 | ) | (249,654 | ) | (499,114) | |||||||||||||||
| Change in unrealized appreciation (depreciation) of investments |
(204,668 | ) | 978,123 | 507,238 | 273,842 | 772,678 | 7,408 | |||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net increase (decrease) in net assets from operations |
2,933,215 | 2,554,383 | 601,941 | 296,971 | 479,364 | (544,073) | ||||||||||||||||||
| Certificate transactions: |
||||||||||||||||||||||||
| Certificate deposits |
401,350 | 312,570 | 141,547 | 66,219 | 44,262 | 49,878 | ||||||||||||||||||
| Certificate surrenders and death benefits |
(4,156,314 | ) | (3,854,615 | ) | (1,654,721 | ) | (1,466,332 | ) | (790,598 | ) | (748,690) | |||||||||||||
| Transfers between subaccounts, including fixed interest account |
2,524,359 | 2,081,786 | 261,063 | 968,633 | 278,490 | (415,407) | ||||||||||||||||||
| Administrative charges |
(3,747 | ) | (4,326 | ) | (1,578 | ) | (1,811 | ) | (730 | ) | (1,280) | |||||||||||||
|
|
|
|||||||||||||||||||||||
| Net increase (decrease) in net assets from certificate transactions |
(1,234,352 | ) | (1,464,585 | ) | (1,253,689 | ) | (433,291 | ) | (468,576 | ) | (1,115,499) | |||||||||||||
| Total increase (decrease) in net assets |
1,698,863 | 1,089,798 | (651,748 | ) | (136,320 | ) | 10,788 | (1,659,572) | ||||||||||||||||
| Net assets at beginning of year |
28,889,254 | 27,799,456 | 10,906,584 | 11,042,904 | 3,388,214 | 5,047,786 | ||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Net assets at end of year |
$ | 30,588,117 | $ | 28,889,254 | $ | 10,254,836 | $ | 10,906,584 | $ | 3,399,002 | $ | 3,388,214 | ||||||||||||
|
|
|
|||||||||||||||||||||||
See accompanying notes.
20
WoodmenLife Variable Annuity Account
Statements of Changes in Net Assets (continued)
Years Ended December 31, 2025 and 2024
| PIMCO Low Duration Subaccount |
PIMCO Real Return Subaccount |
|||||||||||||||
|
|
|
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
|
|
|
|||||||||||||||
| Increase (decrease) in net assets from operations: |
||||||||||||||||
| Net investment income (loss) |
$ | 61,881 | $ | 69,175 | $ | 293,882 | $ | 199,494 | ||||||||
| Net realized gain (loss) on investments |
(17,560 | ) | (71,985 | ) | (350,252 | ) | (328,944) | |||||||||
| Change in unrealized appreciation (depreciation) of investments |
50,726 | 80,120 | 950,831 | 252,913 | ||||||||||||
|
|
|
|||||||||||||||
| Net increase (decrease) in net assets from operations |
95,047 | 77,310 | 894,461 | 123,463 | ||||||||||||
| Certificate transactions: |
||||||||||||||||
| Certificate deposits |
20,993 | 20,506 | 531,577 | 158,155 | ||||||||||||
| Certificate surrenders and death benefits |
(182,183 | ) | (521,457 | ) | (1,924,183 | ) | (2,433,046) | |||||||||
| Transfers between subaccounts, including fixed interest account |
186,152 | 1,334 | 237,021 | 1,193,659 | ||||||||||||
| Administrative charges |
(491 | ) | (569 | ) | (2,988 | ) | (3,585) | |||||||||
|
|
|
|||||||||||||||
| Net increase (decrease) in net assets from certificate transactions |
24,471 | (500,186 | ) | (1,158,573 | ) | (1,084,817) | ||||||||||
| Total increase (decrease) in net assets |
119,518 | (422,876 | ) | (264,112 | ) | (961,354) | ||||||||||
| Net assets at beginning of year |
2,322,545 | 2,745,421 | 14,130,788 | 15,092,142 | ||||||||||||
|
|
|
|||||||||||||||
| Net assets at end of year |
$ | 2,442,063 | $ | 2,322,545 | $ | 13,866,676 | $ | 14,130,788 | ||||||||
|
|
|
|||||||||||||||
See accompanying notes.
21
WoodmenLife Variable Annuity Account
Notes to Financial Statements
1. Organization and Significant Accounting Policies
Organization
WoodmenLife Variable Annuity Account (the Account), a unit investment trust registered under the Investment Company Act of 1940, as amended, was established by Woodmen of the World Life Insurance Society (the Company) and exists in accordance with the rules and regulations of the Nebraska Department of Insurance. The Account is a funding vehicle for individual flexible premium deferred variable annuity certificates issued by the Company.
At the direction of eligible certificate owners, the Account invests in 26 investment subaccounts which, in turn, own shares of the following open-end registered investment companies (the Funds):
| Subaccount | Invests Exclusively in Shares of | |
|
| ||
| American Variable Products: | ||
| American Asset Allocation |
Asset Allocation Fund, Class 2 | |
| American Growth |
Growth Fund, Class 2 | |
| American Capital World Growth & Income |
Capital World Growth & Income Fund, Class 2 | |
| American Growth & Income |
Growth-Income Fund, Class 2 | |
| American Global Growth |
Global Growth Fund, Class 2 | |
| American International Growth & Income |
International Growth & Income Fund, Class 2 | |
| American Global Small Cap |
Global Small Capitalization Fund, Class 2 | |
| Calvert Variable Products: | ||
| Calvert NASDAQ 100 |
NASDAQ-100 Index Portfolio, Class 1 | |
| Calvert EAFE International |
EAFE International Index Portfolio, Class 1 | |
| Calvert Investment Grade Bond |
Investment Grade Bond Index Portfolio, Class 1 | |
| Calvert S&P 500 |
S&P 500 Index Portfolio | |
| Calvert S&P Mid Cap 400 |
S&P MidCap 400 Index Portfolio, Class 1 | |
| Calvert Russell 2000 Small Cap |
Russell 2000 Small Cap Index Portfolio, Class 1 | |
| Fidelity Variable Insurance Products Funds: | ||
| Fidelity Contrafund |
VIP Contrafund-Portfolio®, Service Class | |
| Fidelity Equity Income |
VIP Equity-Income Portfolio®, Service Class | |
| Fidelity Growth |
VIP Growth Portfolio, Service Class | |
| Fidelity Growth & Income |
VIP Growth & Income Portfolio, Service Class | |
| Fidelity Overseas |
VIP Overseas Portfolio, Service Class | |
| Fidelity Money Market |
VIP Government Money Market Portfolio, Service Class | |
22
WoodmenLife Variable Annuity Account
Notes to Financial Statements (continued)
1. Organization and Significant Accounting Policies (continued)
| Subaccount | Invests Exclusively in Shares of | |
|
| ||
| Franklin Templeton Variable Products: | ||
| Franklin Income |
Franklin Income VIP Fund, Class 2 | |
| Franklin Mutual Global Discovery |
Franklin Mutual Global Discovery VIP Fund, Class 2 | |
| Franklin Rising Dividends |
Franklin Rising Dividends VIP Fund, Class 2 | |
| Franklin Strategic Income |
Franklin Strategic Income VIP Fund, Class 2 | |
| Franklin Global Bond |
Templeton Global Bond VIP Fund, Class 2 | |
| PIMCO Variable Insurance Trust: | ||
| PIMCO Low Duration |
Low Duration Portfolio Administrative Class | |
| PIMCO Real Return |
Real Return Portfolio Administrative Class | |
Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the Company’s other assets and liabilities. The portion of the Account’s assets applicable to the variable annuity certificates is not chargeable with liabilities arising out of any other business the Company may conduct. All amounts reported are for the entire year ended December 31, 2025.
Investments
Investments in shares of the Funds are stated at fair value, which is the closing net asset value per share as determined by the Funds. The first-in, first-out cost basis has been used in determining the net realized gain or loss from investment transactions and unrealized appreciation or depreciation on investments. Investment transactions are accounted for on the trade date.
Dividends and realized capital gain distributions are taken into income on an accrual basis as of the ex-dividend date and are automatically reinvested in shares of the Funds on the payable date.
23
WoodmenLife Variable Annuity Account
Notes to Financial Statements (continued)
1. Organization and Significant Accounting Policies (continued)
Certificates in Annuitization Period
Net assets allocated to certificates in the annuitization period are computed according to the Annuity 2000 Mortality Table, with an assumed investment return of 3%. The mortality risk is fully borne by the Company and may result in additional amounts being transferred into the Account by the Company to cover greater longevity of annuitants than expected.
Conversely, if amounts allocated exceed amounts required, transfers may be made to the Company. At December 31, 2025, there were no net assets allocated to certificates in the annuitization period.
Use of Estimates in the Preparation of Financial Statements
The preparation of the Account’s financial statements and accompanying notes in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. These estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.
2. Expense Charges
The Account pays the Company certain amounts relating to the distribution and administration of the certificates funded by the Account and as reimbursements for certain mortality and other risks assumed by the Company. The following summarizes those amounts:
Mortality and expense risk charges: The Company deducts a daily mortality and expense risk charge from the Account at an effective annual rate of 1.25% of the average daily net asset value of the Account. These charges are assessed in return for the Company’s assumption of risks associated with adverse mortality experience or excess administrative expenses in connection with certificates issued, and results in a reduction in the unit value of the fund.
24
WoodmenLife Variable Annuity Account
Notes to Financial Statements (continued)
2. Expense Charges (continued)
Administrative charge: Prior to the annuity payment period, the Company deducts an annual administrative charge, which is currently $30 ($45 maximum charge) to reimburse it for administrative expenses related to the certificate. The administrative charge applies to certificates with net assets less than $50,000 in the variable subaccounts as of the assessment day, and results in a reduction in the member’s unit holdings.
Surrender charge: Surrender charges are assessed on an individual deposit basis. Each deposit has its own surrender schedule. A surrender charge is imposed in the event of a full or partial surrender during the first seven certificate years. A certificate owner may annually surrender a maximum of 10% of the cash value without incurring a surrender charge. Depending on the annuitant’s issue age, the amount charged ranges from 5% to 7% of the amount surrendered during the first certificate year and declines by 1% in each of the next four to six certificate years, and results in a reduction in the member’s unit holdings. The charge is not reflected as a separate fee in the financial statements, but as a reduction in the surrender amount.
Transfer charge: A transfer charge of $25 may be imposed for the thirteenth and each subsequent transfer between subaccounts in any one certificate year, and results in a reduction in the member’s unit holdings. The Company has not historically charged customers a transfer fee.
3. Federal Income Taxes
The Company is a tax-exempt fraternal benefit society under the provisions of the Internal Revenue Code (the IRC). Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited under the certificates. Based on this, no charge is being made currently to the Account for federal income taxes. The Company will review periodically the status of this policy. In the event of changes in the tax law, a charge may be made in future years for any federal income taxes that would be attributable to the certificates.
25
WoodmenLife Variable Annuity Account
Notes to Financial Statements (continued)
4. Purchases and Sales of Investment Securities
The aggregate cost of investment securities purchased and proceeds from investment securities sold by subaccount were as follows for the year ended December 31, 2025:
| Cost of | Proceeds | |||||||
| Subaccount | Purchases | From Sales | ||||||
|
|
||||||||
| American Asset Allocation |
$6,394,935 | $6,957,721 | ||||||
| American Growth |
10,369,710 | 7,549,684 | ||||||
| American Capital World Growth & Income |
736,090 | 1,398,677 | ||||||
| American Growth & Income |
5,563,629 | 5,423,480 | ||||||
| American Global Growth |
1,691,424 | 1,640,377 | ||||||
| American International Growth & Income |
225,187 | 176,102 | ||||||
| American Global Small Cap |
203,536 | 337,257 | ||||||
| Calvert NASDAQ 100 |
4,860,572 | 6,771,731 | ||||||
| Calvert EAFE International |
229,687 | 335,735 | ||||||
| Calvert Investment Grade Bond |
1,518,891 | 1,961,082 | ||||||
| Calvert S&P 500 |
4,955,944 | 4,041,152 | ||||||
| Calvert S&P Mid Cap 400 |
1,342,655 | 2,472,372 | ||||||
| Calvert Russell 2000 Small Cap |
600,370 | 1,530,110 | ||||||
| Fidelity Contrafund |
4,967,544 | 8,374,883 | ||||||
| Fidelity Equity Income |
1,264,223 | 1,571,211 | ||||||
| Fidelity Growth |
3,830,625 | 4,610,309 | ||||||
| Fidelity Growth & Income |
2,028,016 | 3,903,122 | ||||||
| Fidelity Overseas |
411,434 | 689,726 | ||||||
| Fidelity Money Market |
44,219,635 | 44,683,120 | ||||||
| Franklin Income |
3,612,453 | 6,014,073 | ||||||
| Franklin Mutual Global Discovery |
325,395 | 1,276,213 | ||||||
| Franklin Rising Dividends |
2,718,680 | 4,321,787 | ||||||
| Franklin Strategic Income |
973,112 | 2,357,655 | ||||||
| Franklin Global Bond |
480,428 | 992,663 | ||||||
| PIMCO Low Duration |
255,727 | 259,958 | ||||||
| PIMCO Real Return |
943,858 | 2,279,266 | ||||||
26
WoodmenLife Variable Annuity Account
Notes to Financial Statements (continued)
5. Summary of Changes from Unit Transactions
Transactions in units of each subaccount were as follows for the years ended December 31, 2025 and 2024:
| 2025 | 2024 | |||||||||||||||
|
|
|
|||||||||||||||
| Subaccount | Purchased | Redeemed | Purchased | Redeemed | ||||||||||||
|
|
||||||||||||||||
| American Asset Allocation |
454,696 | 447,500 | 360,998 | 484,365 | ||||||||||||
| American Growth |
348,253 | 260,692 | 269,421 | 279,273 | ||||||||||||
| American Capital World Growth & Income |
37,422 | 62,456 | 47,050 | 59,921 | ||||||||||||
| American Growth & Income |
279,637 | 251,684 | 238,972 | 223,355 | ||||||||||||
| American Global Growth |
77,929 | 69,464 | 68,405 | 84,440 | ||||||||||||
| American International Growth & Income |
20,269 | 15,628 | 29,711 | 30,536 | ||||||||||||
| American Global Small Cap |
16,377 | 24,224 | 12,300 | 16,040 | ||||||||||||
| Calvert NASDAQ 100 |
55,516 | 63,521 | 62,777 | 84,444 | ||||||||||||
| Calvert EAFE International |
8,652 | 11,869 | 5,376 | 17,162 | ||||||||||||
| Calvert Investment Grade Bond |
117,951 | 142,829 | 81,091 | 120,778 | ||||||||||||
| Calvert S&P 500 |
106,315 | 86,315 | 95,153 | 85,006 | ||||||||||||
| Calvert S&P Mid Cap 400 |
30,840 | 45,788 | 42,566 | 54,136 | ||||||||||||
| Calvert Russell 2000 Small Cap |
18,568 | 36,701 | 19,493 | 25,930 | ||||||||||||
| Fidelity Contrafund |
98,888 | 126,332 | 132,651 | 158,714 | ||||||||||||
| Fidelity Equity Income |
34,173 | 37,742 | 37,115 | 56,031 | ||||||||||||
| Fidelity Growth |
62,116 | 66,041 | 68,571 | 81,836 | ||||||||||||
| Fidelity Growth & Income |
52,009 | 79,164 | 62,859 | 82,156 | ||||||||||||
| Fidelity Overseas |
14,994 | 21,163 | 17,529 | 25,069 | ||||||||||||
| Fidelity Money Market |
67,629,322 | 67,895,914 | 68,257,598 | 63,095,479 | ||||||||||||
| Franklin Income |
341,438 | 457,264 | 311,029 | 378,152 | ||||||||||||
| Franklin Mutual Global Discovery |
26,264 | 74,762 | 23,827 | 95,151 | ||||||||||||
| Franklin Rising Dividends |
152,036 | 198,432 | 143,413 | 202,996 | ||||||||||||
| Franklin Strategic Income |
119,198 | 232,530 | 156,319 | 196,764 | ||||||||||||
| Franklin Global Bond |
70,626 | 127,949 | 36,714 | 179,198 | ||||||||||||
| PIMCO Low Duration |
20,582 | 18,966 | 29,711 | 69,351 | ||||||||||||
| PIMCO Real Return |
82,911 | 152,372 | 125,371 | 193,530 | ||||||||||||
27
WoodmenLife Variable Annuity Account
Notes to Financial Statements (continued)
6. Financial Highlights
The following summarizes units outstanding, unit values, and net assets at the end of each year in the five-year period ended December 31, 2025, and investment income ratios, ratios of expenses to average net assets, and total return ratios for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, as follows:
| Ratio of | ||||||||||||||||||||||
| Investment | Expenses | |||||||||||||||||||||
| Income | to Average | Total | ||||||||||||||||||||
| Unit | Ratio | Net Assets | Return | |||||||||||||||||||
| Subaccount | Units | Value | Net Assets | (1) (2) | (3) | (4) | ||||||||||||||||
|
|
||||||||||||||||||||||
| American Asset Allocation |
||||||||||||||||||||||
| 2025 |
3,158,601 | $ | 22.45 | $ | 70,924,110 | 2.07% | 1.25% | 14.41% | ||||||||||||||
| 2024 |
3,151,405 | $ | 19.63 | $ | 61,847,973 | 2.17% | 1.25% | 14.98% | ||||||||||||||
| 2023 |
3,274,772 | $ | 17.07 | $ | 55,894,169 | 2.28% | 1.25% | 12.85% | ||||||||||||||
| 2022 |
3,242,783 | $ | 15.12 | $ | 49,044,097 | 2.00% | 1.25% | -14.48% | ||||||||||||||
| 2021 |
2,732,885 | $ | 17.68 | $ | 48,329,686 | 1.79% | 1.25% | 13.67% | ||||||||||||||
| American Growth |
|
|||||||||||||||||||||
| 2025 |
1,712,125 | $ | 48.61 | $ | 83,223,432 | 0.15% | 1.25% | 18.74% | ||||||||||||||
| 2024 |
1,624,563 | $ | 40.94 | $ | 66,505,637 | 0.34% | 1.25% | 29.98% | ||||||||||||||
| 2023 |
1,634,414 | $ | 31.49 | $ | 51,475,413 | 0.37% | 1.25% | 36.77% | ||||||||||||||
| 2022 |
1,675,745 | $ | 23.03 | $ | 38,588,783 | 0.32% | 1.25% | -30.81% | ||||||||||||||
| 2021 |
1,624,781 | $ | 33.28 | $ | 54,073,361 | 0.23% | 1.25% | 20.47% | ||||||||||||||
| American Capital World Growth & Income |
||||||||||||||||||||||
| 2025 |
241,788 | $ | 24.47 | $5,915,820 | 1.37% | 1.25% | 23.26% | |||||||||||||||
| 2024 |
266,823 | $ | 19.85 | $5,296,580 | 1.66% | 1.25% | 12.58% | |||||||||||||||
| 2023 |
279,694 | $ | 17.63 | $4,931,636 | 1.85% | 1.25% | 19.38% | |||||||||||||||
| 2022 |
302,651 | $ | 14.77 | $4,470,021 | 2.33% | 1.25% | -18.36% | |||||||||||||||
| 2021 |
297,440 | $ | 18.09 | $5,380,991 | 1.59% | 1.25% | 13.35% | |||||||||||||||
28
WoodmenLife Variable Annuity Account
Notes to Financial Statements (continued)
6. Financial Highlights (continued)
| Subaccount | Units | Unit Value |
Net Assets | Investment (1) (2) |
Ratio of Expenses to Average Net Assets (3) |
Total Return |
||||||||||||||||
| American Growth & Income |
||||||||||||||||||||||
| 2025 |
1,578,895 | $ | 32.54 | $ | 51,381,041 | 0.94% | 1.25% | 16.60% | ||||||||||||||
| 2024 |
1,550,942 | $ | 27.91 | $ | 43,286,324 | 1.13% | 1.25% | 22.68% | ||||||||||||||
| 2023 |
1,535,326 | $ | 22.75 | $ | 34,929,677 | 1.39% | 1.25% | 24.58% | ||||||||||||||
| 2022 |
1,597,907 | $ | 18.26 | $ | 29,181,749 | 1.33% | 1.25% | -17.53% | ||||||||||||||
| 2021 |
1,481,109 | $ | 22.14 | $ | 32,797,784 | 1.20% | 1.25% | 22.55% | ||||||||||||||
| American Global Growth |
||||||||||||||||||||||
| 2025 |
464,172 | $ | 29.40 | $ | 13,644,475 | 1.43% | 1.25% | 20.12% | ||||||||||||||
| 2024 |
455,707 | $ | 24.47 | $ | 11,152,191 | 1.54% | 1.25% | 12.26% | ||||||||||||||
| 2023 |
471,742 | $ | 21.80 | $ | 10,283,539 | 0.91% | 1.25% | 21.09% | ||||||||||||||
| 2022 |
493,465 | $ | 18.00 | $ | 8,883,891 | 0.68% | 1.25% | -25.67% | ||||||||||||||
| 2021 |
488,452 | $ | 24.22 | $ | 11,830,971 | 0.34% | 1.25% | 14.97% | ||||||||||||||
| American International Growth & Income |
||||||||||||||||||||||
| 2025 |
145,942 | $ | 17.46 | $2,547,887 | 2.66% | 1.25% | 33.73% | |||||||||||||||
| 2024 |
141,302 | $ | 13.06 | $1,844,715 | 2.52% | 1.25% | 2.19% | |||||||||||||||
| 2023 |
142,127 | $ | 12.78 | $1,815,748 | 2.46% | 1.25% | 14.33% | |||||||||||||||
| 2022 |
156,858 | $ | 11.17 | $1,752,787 | 3.10% | 1.25% | -16.30% | |||||||||||||||
| 2021 |
144,783 | $ | 13.35 | $1,932,930 | 2.94% | 1.25% | 4.06% | |||||||||||||||
| American Global Small Cap |
||||||||||||||||||||||
| 2025 |
74,015 | $ | 17.56 | $1,300,019 | 0.35% | 1.25% | 13.21% | |||||||||||||||
| 2024 |
81,862 | $ | 15.51 | $1,270,029 | 1.06% | 1.25% | 1.05% | |||||||||||||||
| 2023 |
85,605 | $ | 15.35 | $1,314,207 | 0.25% | 1.25% | 14.73% | |||||||||||||||
| 2022 |
110,228 | $ | 13.38 | $1,474,967 | 0.00% | 1.25% | -30.43% | |||||||||||||||
| 2021 |
112,048 | $ | 19.23 | $2,155,088 | 0.00% | 1.25% | 5.41% | |||||||||||||||
29
WoodmenLife Variable Annuity Account
Notes to Financial Statements (continued)
6. Financial Highlights (continued)
| Subaccount | Units | Unit Value |
Net Assets | Investment (1) (2) |
Ratio of Expenses to Average Net Assets (3) |
Total (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Calvert NASDAQ 100 |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 |
386,814 | $169.39 | $65,521,547 | 0.28 | % | 1.25 | % | 18.90% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 |
394,819 | $142.46 | $56,247,049 | 0.34 | % | 1.25 | % | 23.64% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 |
416,486 | $115.22 | $47,988,593 | 0.33 | % | 1.25 | % | 52.49% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 |
432,678 | $75.56 | $32,693,489 | 0.18 | % | 1.25 | % | -33.48% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2021 |
444,044 | $113.59 | $50,439,585 | 0.29 | % | 1.25 | % | 25.30% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Calvert EAFE International |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 |
66,711 | $32.53 | $2,170,115 | 2.52 | % | 1.25 | % | 29.28% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 |
69,927 | $25.16 | $1,759,590 | 2.50 | % | 1.25 | % | 1.86% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 |
81,713 | $24.70 | $2,018,694 | 2.94 | % | 1.25 | % | 16.31% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 |
89,097 | $21.24 | $1,892,385 | 3.58 | % | 1.25 | % | -15.64% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2021 |
90,652 | $25.18 | $2,282,431 | 1.67 | % | 1.25 | % | 9.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Calvert Investment Grade Bond |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 |
671,627 | $14.52 | $9,753,826 | 3.14 | % | 1.25 | % | 5.57% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 |
696,504 | $13.76 | $9,581,068 | 2.78 | % | 1.25 | % | -0.23% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 |
736,192 | $13.79 | $10,150,251 | 2.69 | % | 1.25 | % | 4.16% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 |
701,196 | $13.24 | $9,281,281 | 2.59 | % | 1.25 | % | -13.61% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2021 |
790,359 | $15.32 | $2,109,768 | 2.63 | % | 1.25 | % | -3.04% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Calvert S&P 500 |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 |
665,657 | $75.64 | $50,348,883 | 1.15 | % | 1.25 | % | 16.05% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 |
645,658 | $65.18 | $42,083,638 | 1.26 | % | 1.25 | % | 23.08% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 |
635,510 | $52.96 | $33,655,383 | 1.40 | % | 1.25 | % | 24.36% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 |
630,112 | $42.58 | $26,832,575 | 1.25 | % | 1.25 | % | -19.35% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2021 |
603,970 | $52.80 | $31,891,251 | 1.42 | % | 1.25 | % | 26.82% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30
WoodmenLife Variable Annuity Account
Notes to Financial Statements (continued)
6. Financial Highlights (continued)
| Subaccount | Units | Unit Value |
Net Assets | Investment (1) (2) |
Ratio of Expenses to Average Net Assets (3) |
Total (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Calvert S&P MidCap 400 |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 |
220,739 | $65.56 | $14,471,930 | 1.09 | % | 1.25 | % | 5.81% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 |
235,686 | $61.96 | $14,604,019 | 1.21 | % | 1.25 | % | 12.10% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 |
247,256 | $55.28 | $13,667,230 | 1.22 | % | 1.25 | % | 14.68% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 |
272,744 | $48.20 | $13,146,046 | 0.93 | % | 1.25 | % | -14.41% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2021 |
288,494 | $56.31 | $16,246,157 | 0.85 | % | 1.25 | % | 22.87% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Calvert Russell 2000 Small Cap |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 |
153,979 | $50.58 | $7,787,675 | 1.52 | % | 1.25 | % | 11.06% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 |
172,111 | $45.54 | $7,838,108 | 1.24 | % | 1.25 | % | 9.84% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 |
178,549 | $41.46 | $7,402,605 | 0.89 | % | 1.25 | % | 15.16% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 |
187,955 | $36.00 | $6,766,993 | 0.81 | % | 1.25 | % | -21.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2021 |
203,398 | $45.87 | $9,328,990 | 0.79 | % | 1.25 | % | 13.10% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fidelity Contrafund |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 |
730,872 | $101.93 | $74,495,605 | 0.05 | % | 1.25 | % | 19.87% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 |
758,316 | $85.03 | $64,480,457 | 0.09 | % | 1.25 | % | 31.96% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 |
784,378 | $64.43 | $50,541,132 | 0.40 | % | 1.25 | % | 31.69% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 |
823,336 | $48.93 | $40,285,380 | 0.40 | % | 1.25 | % | -27.30% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2021 |
860,793 | $67.30 | $57,931,110 | 0.05 | % | 1.25 | % | 26.12% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fidelity Equity Income |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 |
264,361 | $51.09 | $13,505,319 | 1.77 | % | 1.25 | % | 17.44% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 |
267,929 | $43.50 | $11,654,723 | 1.68 | % | 1.25 | % | 13.81% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 |
286,845 | $38.22 | $10,963,894 | 1.83 | % | 1.25 | % | 9.17% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 |
304,375 | $35.01 | $10,657,190 | 1.86 | % | 1.25 | % | -6.26% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2021 |
289,204 | $37.35 | $10,802,768 | 1.82 | % | 1.25 | % | 23.28% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31
WoodmenLife Variable Annuity Account
Notes to Financial Statements (continued)
6. Financial Highlights (continued)
| Subaccount | Units | Unit Value |
Net Assets | Investment (1) (2) |
Ratio of Expenses to Average Net Assets (3) |
Total (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fidelity Growth |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 |
364,408 | $100.71 | $36,698,643 | 0.21 | % | 1.25 | % | 13.35% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 |
368,333 | $88.84 | $32,723,987 | 0.00 | % | 1.25 | % | 28.64% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 |
381,598 | $69.06 | $26,354,724 | 0.04 | % | 1.25 | % | 34.41% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 |
395,017 | $51.38 | $20,297,053 | 0.50 | % | 1.25 | % | -25.46% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2021 |
392,439 | $68.93 | $27,051,970 | 0.00 | % | 1.25 | % | 21.55% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fidelity Growth & Income |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 |
362,479 | $63.53 | $23,028,067 | 1.46 | % | 1.25 | % | 19.88% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 |
389,634 | $52.99 | $20,648,007 | 1.39 | % | 1.25 | % | 20.61% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 |
408,931 | $43.94 | $17,967,431 | 1.52 | % | 1.25 | % | 17.11% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 |
464,450 | $37.52 | $17,425,362 | 1.62 | % | 1.25 | % | -6.20% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2021 |
434,019 | $40.00 | $17,360,125 | 2.31 | % | 1.25 | % | 24.20% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fidelity Overseas |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 |
114,132 | $38.52 | $4,396,029 | 1.53 | % | 1.25 | % | 18.78% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 |
120,301 | $32.43 | $3,900,895 | 1.57 | % | 1.25 | % | 3.64% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 |
127,842 | $31.29 | $3,999,682 | 0.91 | % | 1.25 | % | 18.92% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 |
145,175 | $26.31 | $3,819,432 | 0.97 | % | 1.25 | % | -25.52% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2021 |
151,243 | $35.32 | $5,342,454 | 0.43 | % | 1.25 | % | 18.09% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fidelity Money Market |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 |
11,542,799 | $1.09 | $12,612,401 | 3.96 | % | 1.25 | % | 2.74% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 |
11,809,391 | $1.06 | $12,559,748 | 4.85 | % | 1.25 | % | 3.69% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2023 |
6,647,168 | $1.03 | $6,818,133 | 4.68 | % | 1.25 | % | 3.49% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 |
5,550,963 | $0.99 | $5,501,538 | 1.23 | % | 1.25 | % | 0.10% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2021 |
7,307,245 | $0.99 | $7,234,838 | 0.01 | % | 1.25 | % | -1.24% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
32
WoodmenLife Variable Annuity Account
Notes to Financial Statements (continued)
6. Financial Highlights (continued)
| Subaccount | Units | Unit Value |
Net Assets | Investment (1) (2) |
Ratio of Expenses to Average Net Assets (3) |
Total (4) | ||||||||||||||||||||||||
| Franklin Income |
|
|||||||||||||||||||||||||||||
| 2025 |
2,399,493 | $16.93 | $40,622,966 | 5.13 | % | 1.25 | % | 11.16% | ||||||||||||||||||||||
| 2024 |
2,515,320 | $15.23 | $38,308,777 | 5.18 | % | 1.25 | % | 5.87% | ||||||||||||||||||||||
| 2023 |
2,582,442 | $14.39 | $37,152,073 | 5.10 | % | 1.25 | % | 7.28% | ||||||||||||||||||||||
| 2022 |
2,568,687 | $13.41 | $34,447,350 | 4.87 | % | 1.25 | % | -6.65% | ||||||||||||||||||||||
| 2021 |
2,428,398 | $14.37 | $4,884,350 | 4.56 | % | 1.25 | % | 15.30% | ||||||||||||||||||||||
| Franklin Mutual Global Discovery |
|
|||||||||||||||||||||||||||||
| 2025 |
325,506 | $19.85 | $6,461,360 | 1.84 | % | 1.25 | % | 21.81% | ||||||||||||||||||||||
| 2024 |
374,004 | $16.30 | $6,094,923 | 1.68 | % | 1.25 | % | 3.35% | ||||||||||||||||||||||
| 2023 |
445,329 | $15.77 | $7,022,038 | 2.47 | % | 1.25 | % | 18.82% | ||||||||||||||||||||||
| 2022 |
488,530 | $13.27 | $6,483,111 | 1.36 | % | 1.25 | % | -5.93% | ||||||||||||||||||||||
| 2021 |
539,944 | $14.11 | $7,617,117 | 2.67 | % | 1.25 | % | 17.65% | ||||||||||||||||||||||
| Franklin Rising Dividends |
|
|||||||||||||||||||||||||||||
| 2025 |
1,082,950 | $28.25 | $30,588,117 | 0.82 | % | 1.25 | % | 10.42% | ||||||||||||||||||||||
| 2024 |
1,129,347 | $25.58 | $28,889,254 | 1.00 | % | 1.25 | % | 9.40% | ||||||||||||||||||||||
| 2023 |
1,188,929 | $23.38 | $27,799,456 | 0.92 | % | 1.25 | % | 10.69% | ||||||||||||||||||||||
| 2022 |
1,292,285 | $21.12 | $27,298,643 | 0.81 | % | 1.25 | % | -11.68% | ||||||||||||||||||||||
| 2021 |
1,268,649 | $23.92 | $30,343,293 | 0.85 | % | 1.25 | % | 25.22% | ||||||||||||||||||||||
| Franklin Strategic Income |
|
|||||||||||||||||||||||||||||
| 2025 |
896,323 | $11.44 | $10,254,836 | 4.91 | % | 1.25 | % | 5.91% | ||||||||||||||||||||||
| 2024 |
1,009,654 | $10.80 | $10,906,584 | 4.50 | % | 1.25 | % | 2.72% | ||||||||||||||||||||||
| 2023 |
1,050,099 | $10.52 | $11,042,904 | 4.67 | % | 1.25 | % | 6.84% | ||||||||||||||||||||||
| 2022 |
1,234,626 | $9.84 | $12,151,989 | 4.37 | % | 1.25 | % | -11.86% | ||||||||||||||||||||||
| 2021 |
1,308,681 | $11.17 | $14,613,867 | 3.39 | % | 1.25 | % | 0.84% | ||||||||||||||||||||||
33
WoodmenLife Variable Annuity Account
Notes to Financial Statements (continued)
6. Financial Highlights (continued)
| Subaccount | Units | Unit Value |
Net Assets | Investment (1) (2) |
Ratio of Expenses to Average Net Assets (3) |
Total (4) | ||||||||||||||||||||||||
| Franklin Global Bond |
|
|||||||||||||||||||||||||||||
| 2025 |
411,523 | $ | 8.26 | $ | 3,399,002 | 0.00 | % | 1.25 | % | 14.29% | ||||||||||||||||||||
| 2024 |
468,846 | $ | 7.23 | $ | 3,388,214 | 0.00 | % | 1.25 | % | -12.48% | ||||||||||||||||||||
| 2023 |
611,330 | $ | 8.26 | $ | 5,047,786 | 0.00 | % | 1.25 | % | 1.61% | ||||||||||||||||||||
| 2022 |
694,523 | $ | 8.13 | $ | 5,643,879 | 0.00 | % | 1.25 | % | -6.13% | ||||||||||||||||||||
| 2021 |
766,337 | $ | 8.66 | $ | 6,634,066 | 0.00 | % | 1.25 | % | -6.17% | ||||||||||||||||||||
| PIMCO Low Duration |
|
|||||||||||||||||||||||||||||
| 2025 |
181,958 | $ | 13.42 | $ | 2,442,063 | 3.94 | % | 1.25 | % | 4.21% | ||||||||||||||||||||
| 2024 |
180,341 | $ | 12.88 | $ | 2,322,545 | 3.99 | % | 1.25 | % | 3.19% | ||||||||||||||||||||
| 2023 |
219,982 | $ | 12.48 | $ | 2,745,421 | 3.59 | % | 1.25 | % | 3.67% | ||||||||||||||||||||
| 2022 |
262,735 | $ | 12.04 | $ | 3,162,861 | 1.68 | % | 1.25 | % | -6.91% | ||||||||||||||||||||
| 2021 |
264,665 | $ | 12.93 | $ | 3,422,558 | 0.53 | % | 1.25 | % | -2.16% | ||||||||||||||||||||
| PIMCO Real Return |
|
|||||||||||||||||||||||||||||
| 2025 |
813,663 | $ | 17.04 | $ | 13,866,676 | 3.33 | % | 1.25 | % | 6.51% | ||||||||||||||||||||
| 2024 |
883,124 | $ | 16.00 | $ | 14,130,788 | 2.63 | % | 1.25 | % | 0.86% | ||||||||||||||||||||
| 2023 |
951,283 | $ | 15.87 | $ | 15,092,142 | 2.98 | % | 1.25 | % | 2.48% | ||||||||||||||||||||
| 2022 |
1,092,115 | $ | 15.48 | $ | 16,907,548 | 7.03 | % | 1.25 | % | -13.00% | ||||||||||||||||||||
| 2021 |
1,079,293 | $ | 17.79 | $ | 19,204,990 | 5.04 | % | 1.25 | % | 4.27% | ||||||||||||||||||||
34
WoodmenLife Variable Annuity Account
Notes to Financial Statements (continued)
6. Financial Highlights (continued)
| (1) | These ratios represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. For subaccounts which commenced operations during the period indicated, average net assets have been calculated from the date operations commenced through the end of the reporting period. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccount invests. |
| (2) | When net investment income is less than $1, the amount is not reported in the statements of operations but is used in the calculation of the investment income ratio. |
| (3) | These ratios represent the annualized certificates expenses of the separate account, consisting primarily of mortality and expense risk charges, for the period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to certificate holder accounts through the redemption of units and expenses of the underlying fund are excluded. |
| (4) | These ratios represent the total return for the period indicated, including changes in the value of the underlying fund, and reflect deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. For subaccounts which commenced operations during the period indicated, total return has been calculated from the date operations commenced through the end of the reporting period and has not been annualized. |
35
WoodmenLife Variable Annuity Account
Notes to Financial Statements (continued)
7. Fair Value Measurements and Fair Value Hierarchy
U.S. generally accepted accounting principles define fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the nature of inputs used to measure fair value and enhances disclosure requirements for fair value measurements.
The Account has categorized its financial instruments into a three level hierarchy which is based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.
Financial assets and liabilities recorded at fair value on the Statements of Assets and Liabilities are categorized as follows:
| • | Level 1. Unadjusted quoted prices for identical assets or liabilities in an active market. |
| • | Level 2. Quoted prices in markets that are not active or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: |
| a) | Quoted prices for similar assets or liabilities in active markets. |
| b) | Quoted prices for identical or similar assets or liabilities in non-active markets. |
| c) | Inputs other than quoted market prices that are observable. |
| d) | Inputs that are derived principally from or corroborated by observable market data through correlation or other means. |
| • | Level 3. Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. They reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability. |
At December 31, 2025 and 2024, all investments in the Account are valued using a combination of observable inputs, such as market prices of underlying investments, and unobservable inputs, such as mortality and expense, administrative, surrender and transfer charges. This makes them classified as Level 2.
36
WoodmenLife Variable Annuity Account
Notes to Financial Statements (continued)
8. Segment Reporting
Each fund of the Separate Account constitutes a single operating segment and therefore, a single reportable segment because the chief operating decision maker (CODM) manages the activities of the Separate Account using information of each fund. The Separate Account is engaged in a single line of business as a registered unit investment trust. The Separate Account is a funding vehicle for individual variable annuity contracts with the assets owned by Woodmen of the World Life Insurance Society to support the liabilities of the applicable insurance contracts. The subaccounts have identified the President of Woodmen Financial Services, Inc., as the CODM as the Separate Account does not have employees and is not a separate legal entity.
Woodmen Financial Services, Inc. is a wholly owned subsidiary of WFS Holdings, Inc., and operates as an introducing broker-dealer engaged in the sale of a proprietary variable product offered by WoodmenLife to its members. WFS Holdings, Inc. is a wholly owned subsidiary of WoodmenLife, and operates as a holding company for subsidiary entities Woodmen Financial Services, Inc. and Woodmen Insurance Agency, Inc.
The CODM uses increase (decrease) in net assets from operations as their performance measure in order to make operational decisions while monitoring the net assets of each of the funds within the Separate Account. The Accounting policies used to measure profit and loss of the segments are the same as those described in the summary of significant accounting policies (see Note 1). The measure of segment assets is reported on the Statements of Assets and Liabilities. Refer to the Statements of Operations for each fund’s operating segment and related footnotes for significant expenses and the existing segment requirements as of and for the year ended December 31, 2025. All assets and revenue are generated in the US and there are no customers greater than 10% of consolidated results for all periods presented.
9. Subsequent Events
The Account is not aware of any transactions or events, which occurred after the date of the Statements of Assets and Liabilities and before the financial statements were issued which would require recognition or disclosure.
37
Part C
OTHER INFORMATION
| ITEM 27. | EXHIBITS |
| (a) | Certified resolution of the Board of Directors of Woodmen of the World Life Insurance Society (“WoodmenLife”) Establishing WoodmenLife Variable Annuity Account (the “Account”) | Incorporated herein by reference from the Initial Filing of this Registration Statement (File No 333-101231) as filed with the Securities and Exchange Commission on November 15, 2002. | ||||
| (b) | Custodian Agreements | Not Applicable. | ||||
| (c) | Distribution Agreement between WoodmenLife and Woodmen Financial Services, Inc. | Incorporated herein by reference from the Initial filing of this Registration Statement (File No 333-101231) as filed with the Securities and Exchange Commission on November 15, 2002. | ||||
| (d) | (1) | Form of Variable Annuity Certificate | Incorporated herein by reference from Exhibit (4)(a) to Registrant’s Initial Registration Statement on Form N-4 (File No 333-101231) filed with the Securities and Exchange Commission on November 15, 2002. | |||
| (2) | Form of IRA endorsement | Incorporated herein by reference from Exhibit (4)(b) to Post-Effective Amendment No. 5 to Registrant’s Registration Statement on Form N-4 (File No 333-101231) filed with the Securities and Exchange Commission on April 30, 2007. | ||||
| (3) | Form of Roth IRA endorsement | Incorporated herein by reference from the Filing of this Registration Statement (File No 333-101231) as filed with the Securities and Exchange Commission on April 30, 2007. | ||||
| (4) | Form of SIMPLE IRA Endorsement | Incorporated herein by reference from the Filing of this Registration Statement (File No 333-101231) as filed with the Securities and Exchange Commission on April 30, 2007. | ||||
| (5) | Form of 403(b) TSA Endorsement | Incorporated herein by reference from the Filing of this Registration Statement (File No 333-101231) as filed with the Securities and Exchange Commission on April 30, 2007. | ||||
| (e) | (1) | Certificate Application | Incorporated herein by reference from the Initial Filing of this Registration Statement (File No 333-101231) as filed with the Securities and Exchange Commission on November 15, 2002. | |||
| (2) | Form of IRA disclosure statement | Incorporated herein by reference from the Initial Filing of this Registration Statement (File No 333-101231) as filed with the Securities and Exchange Commission on November 15, 2002. | ||||
| (3) | Form of Roth IRA disclosure statement | Incorporated herein by reference from the Initial Filing of this Registration Statement (File No 333-101231) as filed with the Securities and Exchange Commission on November 15, 2002. | ||||
| (4) | Form of SIMPLE IRA disclosure statement | Incorporated herein by reference from the Initial Filing of this Registration Statement (File No 333-101231) as filed with the Securities and Exchange Commission on November 15, 2002. | ||||
| (f) | Woodmen of the World Life Insurance Society Articles of Incorporation and Constitution and Laws | Filed herewith. | ||||
| (g) | Reinsurance Contracts | Not Applicable. | ||||
| (h) | (1) | Participation Agreement (Summit (n/k/a Calvert)) | Incorporated by reference from Exhibit (h)(1) to Post-Effective Amendment No. 26 to Registrant’s Registration Statement on Form N-4 (File No. 333-101231) filed with the Securities and Exchange Commission on April 28, 2022. | |||
| (2) | Participation Agreement (Fidelity) | Incorporated by reference from Exhibit (h)(2) to Post-Effective Amendment No. 26 to Registrant’s Registration Statement on Form N-4 (File No. 333-101231) filed with the Securities and Exchange Commission on April 28, 2022. | ||||
| (3) | Administrative Services Agreement (Summit (n/k/a Calvert)) | Incorporated by reference from Exhibit (h)(3) to Post-Effective Amendment No. 26 to Registrant’s Registration Statement on Form N-4 (File No. 333-101231) filed with the Securities and Exchange Commission on April 28, 2022. | ||||
| (4) | Service Contract (Fidelity) | Incorporated by reference from Exhibit (h)(4) to Post-Effective Amendment No. 26 to Registrant’s Registration Statement on Form N-4 (File No. 333-101231) filed with the Securities and Exchange Commission on April 28, 2022. | ||||
| (5) | Participation Agreement (PIMCO) | Incorporated by reference from Exhibit (h)(5) to Post-Effective Amendment No. 26 to Registrant’s Registration Statement on Form N-4 (File No. 333-101231) filed with the Securities and Exchange Commission on April 28, 2022. | ||||
| (6) | Services Agreement (PIMCO) | Incorporated by reference from Exhibit (h)(6) to Post-Effective Amendment No. 26 to Registrant’s Registration Statement on Form N-4 (File No. 333-101231) filed with the Securities and Exchange Commission on April 28, 2022. | ||||
| (7) | Participation Agreement (Franklin Templeton) | Incorporated by reference from Exhibit (h)(7) to Post-Effective Amendment No. 26 to Registrant’s Registration Statement on Form N-4 (File No. 333-101231) filed with the Securities and Exchange Commission on April 28, 2022. | ||||
| (8) | Shareholder Information Agreement (Franklin Templeton) | Incorporated by reference from Exhibit (h)(8) to Post-Effective Amendment No. 26 to Registrant’s Registration Statement on Form N-4 (File No. 333-101231) filed with the Securities and Exchange Commission on April 28, 2022. | ||||
| (9) | Fund Participation and Service Agreement (American Funds) | Incorporated by reference from Exhibit 8(i) to Post-Effective Amendment No. 14 to Registrant’s Registration Statement on Form N-4 (File No. 333-101231) filed with the Securities and Exchange Commission on December 31, 2014. | ||||
| (10) | Business Agreement (American Funds) | Incorporated by reference from Exhibit 8(j) to Post-Effective Amendment No. 14 to Registrant’s Registration Statement on Form N-4 (File No. 333-101231) filed with the Securities and Exchange Commission on December 31, 2014. | ||||
| (11) | 22c-2 Agreement (American Funds) | Incorporated by reference from Exhibit 8(k) to Post-Effective Amendment No. 14 to Registrant’s Registration Statement on Form N-4 (File No. 333-101231) filed with the Securities and Exchange Commission on December 31, 2014. | ||||
| (12) | Fund Participation Agreement (Eaton Vance) | Incorporated by reference from Exhibit (8)(m) to Post-Effective Amendment No. 17 to Registrant’s Registration Statement on Form N-4 (File No. 333-101231) filed with the Securities and Exchange Commission on April 26, 2017. | ||||
| (13) | Consent of Assignment of Administrative Services Agreement (Summit n/k/a Calvert) | Incorporated by reference from Exhibit (h)(13) to Post-Effective Amendment No. 26 to Registrant’s Registration Statement on Form N-4 (File No. 333-101231) filed with the Securities and Exchange Commission on April 28, 2022. | ||||
| (14) | Administrative Services Agreement (Calvert n/k/a Eaton Vance) | Incorporated by reference from Exhibit (h)(14) to Post-Effective Amendment No. 26 to Registrant’s Registration Statement on Form N-4 (File No. 333-101231) filed with the Securities and Exchange Commission on April 28, 2022. | ||||
| (15) | Fund Participation Agreement (Calvert n/k/a Eaton Vance) | Incorporated by reference from Exhibit (h)(15) to Post-Effective Amendment No. 26 to Registrant’s Registration Statement on Form N-4 (File No. 333-101231) filed with the Securities and Exchange Commission on April 28, 2022. | ||||
| (16) | Termination of Agreements (Summit n/k/a Calvert) | Incorporated by reference from Exhibit (h)(16) to Post-Effective Amendment No. 26 to Registrant’s Registration Statement on Form N-4 (File No. 333-101231) filed with the Securities and Exchange Commission on April 28, 2022. | ||||
| (17) | Service Contract (Fidelity) | Incorporated by reference from Exhibit (h)(17) to Post-Effective Amendment No. 26 to Registrant’s Registration Statement on Form N-4 (File No. 333-101231) filed with the Securities and Exchange Commission on April 28, 2022. | ||||
| (18) | Participation Agreement Amendment (Fidelity) | Incorporated by reference from Exhibit (h)(18) to Post-Effective Amendment No. 26 to Registrant’s Registration Statement on Form N-4 (File No. 333-101231) filed with the Securities and Exchange Commission on April 28, 2022. | ||||
| (19) | Participation Agreement Amendment (Fidelity) | Incorporated by reference from Exhibit (h)(19) to Post-Effective Amendment No. 26 to Registrant’s Registration Statement on Form N-4 (File No. 333-101231) filed with the Securities and Exchange Commission on April 28, 2022. | ||||
| (20) | Services Agreement (PIMCO) | Incorporated by reference from Exhibit (h)(20) to Post-Effective Amendment No. 26 to Registrant’s Registration Statement on Form N-4 (File No. 333-101231) filed with the Securities and Exchange Commission on April 28, 2022. | ||||
| (21) | Participation Agreement Amendment (Franklin Templeton) | Incorporated by reference from Exhibit (h)(21) to Post-Effective Amendment No. 26 to Registrant’s Registration Statement on Form N-4 (File No. 333-101231) filed with the Securities and Exchange Commission on April 28, 2022. | ||||
| (i) |
Administrative Contracts | Not applicable. | ||||
| (j) |
Other Material Contracts | Not applicable. | ||||
| (k) |
Legal Opinion | Filed herewith. | ||||
| (l) |
Consent of Deloitte & Touche LLP | Filed herewith. | ||||
| (m) |
Omitted Financial Statements | Not Applicable. | ||||
| (n) |
Initial Capital Agreements | Not Applicable. | ||||
| (o) |
Form of Initial Summary Prospectus | Not Applicable – The Registrant does not intend to rely on Rule 498A at this time. | ||||
| (p) |
Powers of Attorney from Dr. James W. Shaver, Michael C. Shealy, Daryl J. Doise, Dwayne H. Tucker, Cathryn B. Mobley, J. Patrick Caldwell, Tiffany G. Myers, Patrick L. Dees, Denise M. McCauley, Jon R. Aerni, S. Kyle McMahan, C. Shawn Bengston, and Annette M. Devine | Incorporated by reference from Exhibit (p) to Post-Effective Amendment No. 29 to Registrant’s Registration Statement on Form N-4 (File No 333-101231) filed with the Securities and Exchange Commission on April 30, 2024. | ||||
| (q) |
Letter Regarding Change in Certifying Accountant | Not Applicable. | ||||
| (r) |
Historical Current Limits on Index Gains | Not Applicable. | ||||
| ITEM 28. | DIRECTORS AND OFFICERS OF THE INSURANCE COMPANY |
| NAME AND PRINCIPAL BUSINESS ADDRESS* | Positions and Offices with the Insurance Company | |
| Denise M. McCauley | President & CEO, Chair of the Board | |
| Jon R. Aerni | Executive Vice President, Chief Financial Officer, Director | |
| S. Kyle McMahan | Executive Vice President, Chief Marketing Officer, Director | |
| C. Shawn Bengston | Executive Vice President, Chief Risk Officer, Director | |
| Wilbur Jenkins | Executive Vice President, Chief Operating Officer | |
| Charles R. Driffill | Senior Vice President, National Sales Manager | |
| John A. Sharp | Senior Vice President, General Counsel | |
| Kenneth R. Knaub | Senior Vice President, Chief Information Officer | |
| Annette M. Devine | Vice President & Chief Accounting Officer | |
| Michael M. Hemenway | Vice President & Chief Human Resources Officer | |
| Jacob M. Day | Vice President & Chief Investment Officer | |
| Lee A. Janecek | Vice President, Certificate Administration & Chief Underwriter | |
| Lori E. Howard | Vice President, Marketing & PR | |
| Blake D. Warneke | Vice President & Chief Actuary | |
| Daniel R. Molony | Vice President, Fraternal | |
| Pam A. Mortenson | Vice President & Strategic Planning Officer | |
| Kelly A. Liberty | Vice President, Strategic Execution | |
| Timothy K. Buderus | Vice President, WFS Operations & President, WFS | |
| Kyle W. Savage | Vice President, Sales | |
| Lance R. Larsen | Vice President, Additional Distribution | |
| Nicholas C. Olari | Vice President, Chief Compliance & Privacy Official | |
| Rob J. LaMagna-Reiter | Vice President & Chief Information Security Officer | |
| Dr. James W. Shaver | Director | |
| Michael C. Shealy | Director | |
| Daryl J. Doise | Director | |
| Dwayne H. Tucker | Director | |
| Cathryn B. Mobley | Director | |
| J. Patrick Caldwell | Director | |
| Tiffany G. Myers | Director | |
| Patrick L. Dees | Director |
* The principal business address of each person is Woodmen of the World Life Insurance Society, 1700 Farnam Street, Omaha, NE 68102
| ITEM 29. | PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE INSURANCE COMPANY OR THE SEPARATE ACCOUNT |
Registrant is a separate account of Woodmen of the World Life Insurance Society, the Depositor, established by the Board of Directors of the Depositor in 2001 pursuant to the laws of the State of Nebraska. The Depositor is a fraternal benefit society organized under the laws of the State of Nebraska and is owned by and operated for its members. It has no shareholders and is not subject to the control of any affiliated persons. Depositor controls its wholly- owned direct subsidiary, WFS Holdings, Inc., a Nebraska corporation which is a holding company with no independent operations. WFS Holdings, Inc. controls its wholly-owned subsidiary, Woodmen Financial Services, Inc., a Nebraska corporation that is a broker-dealer and principal underwriter hereunder. WFS Holdings also controls one other wholly owned subsidiary, Woodmen Insurance Agency, Inc. All are located at 1700 Farnam Street, Omaha, NE 68102.
| ITEM 30. | INDEMNIFICATION |
Article 3 Section 4 of the Constitution and Laws of Woodmen of the World Life Insurance Society contains provisions governing the indemnification of officers and employees of the depositor, which provides:
“Sec. 4. Indemnification of Officers and Employees. Every current and former officer, employee, and National Director of WoodmenLife shall be indemnified against losses or judgments assessed against him/her by a court of competent jurisdiction and for expenses actually and reasonably incurred by him/her in connection with the defense of any action, suit or proceeding, civil in nature, in which he/she is made a party by reason of serving WoodmenLife, except in relation to matters as to which he/she shall be adjudged in such action, suit or proceeding to be guilty of fraud, gross negligence or malfeasance in the performance of duty.”
Under the Nebraska Business Corporation Act, a Nebraska corporation, such as Woodmen Financial Services, Inc., is required to indemnify a director and officer who was wholly successful in the defense of any proceeding to which such person was a party because of his or her position as a director or officer against reasonable expenses, including attorneys’ fees, incurred in connection with such proceeding. Under the Nebraska Business Corporation Act, a Nebraska corporation, is permitted, but not required, to indemnify a director or officer against liability if such person conducted himself or herself in good faith, and the director or officer reasonably believed that his or her conduct was in the best interests of the corporation.
Insofar as indemnification for liability arising under the Securities Act of 1933, as amended (the “Act”) 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, officer or controlling person 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 31. | PRINCIPAL UNDERWRITER |
(a) Woodmen Financial Services, Inc., is the Registrant’s principal underwriter and is not the principal underwriter, depositor, sponsor or investment adviser of any investment company, other than the Registrant.
(b) Directors, Officers and Managers of Woodmen Financial Services, Inc.
| NAME AND PRINCIPAL BUSINESS ADDRESS* | POSITIONS AND OFFICES WITH THE UNDERWRITER | |
| Timothy K. Buderus | CEO, President, Director | |
| C. Shawn Bengston | Chair of the Board, Director | |
| Nicholas C. Olari | Director & Secretary | |
| Benjamin W. Janecek | Director | |
| Charles R. Driffill | Director | |
| Jacob M. Day | Director | |
| Lindsey Eblen | Treasurer and Financial and Operations Principal | |
| Rahja Porter | Chief Compliance Officer | |
| Annette M. Devine | AML Officer | |
* The principal business address of all of the persons listed above is Woodmen of the World Life Insurance Society, 1700 Farnam Street, Omaha, NE 68102.
(c) Compensation from the Registrant. The following table reflects all commissions and other compensation received, directly or indirectly, from the Registrant during the Registrant’s last fiscal year by the principal underwriter:
| (1) Name of Principal |
(2) Net Underwriting |
(3) Compensation on |
(4) Brokerage Commissions |
(5) Other Compensation | ||||
| Woodmen Financial Services, Inc. (“WFS”) |
$0 | $0 | $1,930,128.29 | $470,930.00 |
| ITEM 31A. | INFORMATION ABOUT CONTRACTS WITH INDEX-LINKED OPTIONS AND FIXED OPTIONS SUBJECT TO A CONTRACT ADJUSTMENT |
Not Applicable
| ITEM 32. | LOCATION OF ACCOUNTS AND RECORDS |
All of the accounts, books, records or other documents required to be kept by Section 31(a) of the Investment Company Act of 1940 and rules thereunder, are maintained by the depositor at its home office located at 1700 Farnam Street, Omaha, NE 68102.
| ITEM 33. | MANAGEMENT SERVICES |
Not Applicable
| ITEM 34. | FEE REPRESENTATION |
(a) With regard to the variable options, Woodmen of the World Life Insurance Society represents that the fees and charges under the Certificates, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by Woodmen of the World Life Insurance Society.
(b) Woodmen of the World Life Insurance Society represents that in connection with its offering of the Certificates as funding vehicles for retirement plans meeting the requirements of Section 403(b) of the Internal Revenue Code of 1986, it is relying on a no-action letter dated November 28, 1988, to the American Council of Life Insurance (Ref. No. IP-6-88) regarding Sections 22(e), 27(c)(1), and 27(d) of the Investment Company Act of 1940, and that WoodmenLife will comply with paragraphs numbered (1) through (4) of that letter.
(c) Woodmen of the World Life Insurance Society represents that in connection with its offering of the Certificates as funding vehicles for certain retirement plans meeting the requirements of Section 403(b) of the Internal Revenue Code of 1986, it is relying on a no-action letter dated August 30, 2012, to ING Life Insurance and Annuity Company regarding Sections 22(e) and 27(i)(2)(a) of the Investment Company Act of 1940, and that WoodmenLife will comply with the requirements set forth in the no-action letter for entities relying on that no-action position.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, WoodmenLife Variable Annuity Account, certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act, and has caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Omaha, State of Nebraska, on this 28th day of April, 2026.
| WoodmenLife Variable Annuity Account (Registrant) | ||
| By: Woodmen of the World Life Insurance Society | ||
| By: | /s/ Jon R. Aerni | |
| Jon R. Aerni | ||
| Executive Vice President, Chief Financial Officer | ||
| Woodmen of the World Life Insurance Society (Depositor) | ||
| By: | /s/ Jon R. Aerni | |
| Jon R. Aerni | ||
| Executive Vice President, Chief Financial Officer | ||
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities with the Depositor and on the dates indicated:
| Signature | Title | Date | ||||
| * Daryl J. Doise |
Director |
April 28, 2026 | ||||
| * Dr. James W. Shaver |
Director |
April 28, 2026 | ||||
| * Michael C. Shealy |
Director |
April 28, 2026 | ||||
| * Dwayne H. Tucker |
Director |
April 28, 2026 | ||||
| * Cathryn B. Mobley |
Director |
April 28, 2026 | ||||
| * J. Patrick Caldwell |
Director |
April 28, 2026 | ||||
| * Tiffany G. Myers |
Director |
April 28, 2026 | ||||
| * Patrick L. Dees |
Director |
April 28, 2026 | ||||
| * Denise M. McCauley |
Director, President & CEO & Chair of the Board (principal executive officer) |
April 28, 2026 | ||||
| /s/ Jon R. Aerni Jon R. Aerni |
Director, Executive Vice President, Chief Financial Officer (principal financial officer) |
April 28, 2026 | ||||
| * S. Kyle McMahan |
Director |
April 28, 2026 | ||||
| * C. Shawn Bengston |
Director |
April 28, 2026 | ||||
| * Annette M. Devine |
Vice President, Chief Accounting Officer (principal accounting officer) |
April 28, 2026 | ||||
| *By: | /s/ Jon R. Aerni | |
| Jon R. Aerni | ||
| Pursuant to Powers of.Attorney |
EXHIBIT INDEX
| No. |
Exhibit | |
| (f) | Woodmen of the World Life Insurance Society Articles of Incorporation and Constitution and Laws | |
| (k) | Legal Opinion | |
| (l) | Consent of Deloitte & Touche LLP | |
ATTACHMENTS / EXHIBITS
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