Financial Statements by Insurance Company (Form N-VPFS)

Report of Independent Registered Public Accounting Firm

The Board of Directors and Contract Owners of

EquiTrust Life Annuity Account and

EquiTrust Life Insurance Company

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts listed in the Appendix that comprise EquiTrust Life Annuity Account (the Accounts) as of December 31, 2025, and the related statements of operations for the year then ended, and the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Accounts as of December 31, 2025, and the results of their operations for the year then ended and changes in net assets for each of the years in the two-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Accounts' management. Our responsibility is to express an opinion on the Accounts' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Accounts in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with the fund companies or their transfer agents, as applicable. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Forvis Mazars LLP

We have served as the Accounts' auditor since 2024.

West Des Moines, Iowa

April 30, 2026

Appendix

Subaccounts comprising EquiTrust Life Annuity Account

Subaccounts
Product A	Product B
BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares	CVT S&P MidCap 400 Index Portfolio - Class F
BNY Mellon VIF Appreciation Portfolio - Initial Shares	Columbia VP Small Cap Value Fund - Class 2
BNY Mellon VIF Growth & Income Portfolio - Initial Shares	Federated Hermes Quality Bond Fund II - Primary Shares
BNY Mellon VIF Small Cap Portfolio - Initial Shares	Fidelity® VIP Contrafund® Portfolio - Service Class 2
CVT NASDAQ-100 Index Portfolio	Fidelity® VIP Growth Portfolio - Service Class 2
CVT Russell 2000® Small Cap Index Portfolio	Fidelity® VIP High Income Portfolio - Service Class 2
CVT S&P MidCap 400 Index Portfolio	Fidelity® VIP Mid Cap Portfolio - Service Class 2
Federated Hermes Government Money Fund II - Service Shares	Fidelity® VIP Real Estate Portfolio - Service Class 2
Federated Hermes Managed Volatility Fund II - Primary Shares	Franklin Mutual Shares VIP Fund - Class 2
Federated Hermes Quality Bond Fund II - Primary Shares	Franklin U.S. Government Securities VIP Fund - Class 2
Fidelity® VIP Contrafund® Portfolio - Initial Class	Templeton Global Bond VIP Fund - Class 2
Fidelity® VIP Growth & Income Portfolio - Initial Class	T. Rowe Price Equity Income Portfolio
Fidelity® VIP Growth Portfolio - Initial Class	T. Rowe Price International Stock Portfolio
Fidelity® VIP High Income Portfolio - Service Class 2
Fidelity® VIP Index 500 Portfolio - Initial Class
Fidelity® VIP Mid Cap Portfolio - Service Class 2
Fidelity® VIP Overseas Portfolio - Initial Class
Franklin Global Real Estate VIP Fund - Class 2
Franklin Mutual Shares VIP Fund - Class 2
Franklin Small Cap Value VIP Fund - Class 2
Franklin Small-Mid Cap Growth VIP Fund - Class 2
Franklin U.S. Government Securities VIP Fund - Class 2
Templeton Growth VIP Fund - Class 2
LVIP American Century Capital Appreciation Fund - Standard II
LVIP American Century Inflation Protection Fund - Standard II
LVIP American Century Ultra Fund - Standard II
LVIP American Century Value Fund - Standard II
LVIP JPMorgan Mid Cap Value Fund - Standard
LVIP JPMorgan Small Cap Core Fund - Standard
T. Rowe Price All-Cap Opportunities Portfolio
T. Rowe Price Equity Income Portfolio
T. Rowe Price Mid-Cap Growth Portfolio
T. Rowe Price Moderate Allocation Portfolio
T. Rowe Price International Stock Portfolio

EquiTrust Life Annuity Account

Statements of Assets and Liabilities

December 31, 2025

						Net assets								Investments in mutual funds
Subaccount		Investments in shares of mutual funds, at fair value				Accumulation units				Total net assets				Cost				Shares owned				Accumulation units outstanding
Product A
BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares		$	5,632			$	5,632			$	5,632			$	4,253				98.61				115.41
BNY Mellon VIF Appreciation Portfolio - Initial Shares			652,143				652,143				652,143				681,363				19,368.65				12,429.23
BNY Mellon VIF Growth & Income Portfolio - Initial Shares			316,715				316,715				316,715				254,442				7,961.67				4,723.31
BNY Mellon VIF Small Cap Portfolio - Initial Shares			490,203				490,203				490,203				436,070				10,212.57				13,610.42
CVT NASDAQ-100 Index Portfolio			258,810				258,810				258,810				144,637				1,307.25				2,027.09
CVT Russell 2000® Small Cap Index Portfolio			191,673				191,673				191,673				165,835				2,115.13				3,865.55
CVT S&P MidCap 400 Index Portfolio			77,815				77,815				77,815				71,109				610.65				1,142.24
Federated Hermes Government Money Fund II - Service Shares			188,773				188,773				188,773				188,773				188,772.88				19,437.72
Federated Hermes Managed Volatility Fund II - Primary Shares			684,059				684,059				684,059				648,780				65,774.86				32,442.18
Federated Hermes Quality Bond Fund II - Primary Shares			831,259				831,259				831,259				836,084				78,568.88				66,897.33
Fidelity® VIP Contrafund® Portfolio - Initial Class			1,865,133				1,865,133				1,865,133				1,418,442				31,142.65				18,963.36
Fidelity® VIP Growth & Income Portfolio - Initial Class			244,382				244,382				244,382				197,308				7,327.79				3,934.74
Fidelity® VIP Growth Portfolio - Initial Class			477,493				477,493				477,493				463,583				4,886.34				5,584.47
Fidelity® VIP High Income Portfolio - Service Class 2			298,200				298,200				298,200				309,646				64,685.37				9,904.28
Fidelity® VIP Index 500 Portfolio - Initial Class			437,999				437,999				437,999				223,981				663.50				6,134.99
Fidelity® VIP Mid Cap Portfolio - Service Class 2			533,564				533,564				533,564				535,758				15,170.99				7,053.86
Fidelity® VIP Overseas Portfolio - Initial Class			171,446				171,446				171,446				149,525				6,229.88				5,313.19
Franklin Global Real Estate VIP Fund - Class 2			118,761				118,761				118,761				114,026				9,093.47				6,189.14
Franklin Mutual Shares VIP Fund - Class 2			174,556				174,556				174,556				163,499				10,842.00				5,357.53
Franklin Small Cap Value VIP Fund - Class 2			287,298				287,298				287,298				264,050				20,713.63				4,803.76
Franklin Small-Mid Cap Growth VIP Fund - Class 2			307,998				307,998				307,998				299,402				21,523.28				7,049.70
Franklin U.S. Government Securities VIP Fund - Class 2			373,680				373,680				373,680				404,158				35,588.62				27,916.71
Templeton Growth VIP Fund - Class 2			65,987				65,987				65,987				48,954				4,663.42				2,445.51
LVIP American Century Capital Appreciation Fund - Standard II			182,942				182,942				182,942				172,371				12,067.41				3,290.10
LVIP American Century Inflation Protection Fund - Standard II			44,311				44,311				44,311				48,760				4,908.74				3,132.58
LVIP American Century Ultra Fund - Standard II			146,945				146,945				146,945				104,710				4,665.52				1,783.13
LVIP American Century Value Fund - Standard II			148,046				148,046				148,046				125,592				11,459.52				4,900.58
LVIP JPMorgan Mid Cap Value Fund - Standard			315,077				315,077				315,077				342,436				34,961.89				4,753.49
LVIP JPMorgan Small Cap Core Fund - Standard			198,553				198,553				198,553				186,212				9,047.32				4,143.55
T. Rowe Price All-Cap Opportunities Portfolio			220,433				220,433				220,433				198,700				5,558.07				2,358.64
T. Rowe Price Equity Income Portfolio			857,224				857,224				857,224				812,472				29,651.48				15,984.78
T. Rowe Price Mid-Cap Growth Portfolio			291,302				291,302				291,302				319,926				11,118.40				2,969.62

See accompanying notes, including note 6 which includes per unit information.

EquiTrust Life Annuity Account

Statements of Assets and Liabilities (continued)

December 31, 2025

						Net assets								Investments in mutual funds
Subaccount			Investments in shares of mutual funds, at fair value				Accumulation units				Total net assets				Cost				Shares owned				Accumulation units outstanding
T. Rowe Price Moderate Allocation Portfolio		$	562,728			$	562,728			$	562,728			$	524,602				25,088.17				12,778.24
T. Rowe Price International Stock Portfolio			351,428				351,428				351,428				328,693				22,102.40				15,117.90
Product B
CVT S&P MidCap 400 Index Portfolio - Class F		$	45,963			$	45,963			$	45,963			$	41,318				363.20				2,379.54
Columbia VP Small Cap Value Fund - Class 2			28,673				28,673				28,673				26,540				2,304.93				453.97
Federated Hermes Quality Bond Fund II - Primary Shares			71,594				71,594				71,594				72,449				6,766.90				5,441.56
Fidelity® VIP Contrafund® Portfolio - Service Class 2			74,164				74,164				74,164				63,772				1,304.33				1,170.73
Fidelity® VIP Growth Portfolio - Service Class 2			67,467				67,467				67,467				66,489				726.39				1,459.49
Fidelity® VIP High Income Portfolio - Service Class 2			31,551				31,551				31,551				32,413				6,844.07				1,940.41
Fidelity® VIP Mid Cap Portfolio - Service Class 2			27,889				27,889				27,889				28,420				792.99				712.07
Fidelity® VIP Real Estate Portfolio - Service Class 2			18,614				18,614				18,614				18,112				1,068.54				771.06
Franklin Mutual Shares VIP Fund - Class 2			74,285				74,285				74,285				69,581				4,613.99				1,874.81
Franklin U.S. Government Securities VIP Fund - Class 2			68,762				68,762				68,762				73,815				6,548.78				5,826.67
Templeton Global Bond VIP Fund - Class 2			24,085				24,085				24,085				23,711				1,828.76				1,890.10
T. Rowe Price Equity Income Portfolio			5,364				5,364				5,364				4,917				185.53				142.16
T. Rowe Price International Stock Portfolio			70,811				70,811				70,811				66,858				4,453.51				2,972.16

See accompanying notes, including note 6 which includes per unit information.

EquiTrust Life Annuity Account

Statements of Operations

Year Ended December 31, 2025

		Income				Expenses							Realized gain (loss) on investments
Subaccount		Dividends				Mortality and expense risk				Net investment income (loss)				Realized gain (loss) on sale of fund shares				Realized gain distributions				Net realized gain (loss) on investments				Change in unrealized appreciation/ depreciation of investments				Net increase in net assets from operations
Product A
BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares		$	15			$	(252	)		$	(237	)		$	6,982			$	2,118			$	9,100			$	(6,402	)		$	2,461
BNY Mellon VIF Appreciation Portfolio - Initial Shares			2,408				(9,076	)			(6,668	)			(652	)			99,657				99,005				(37,619	)			54,718
BNY Mellon VIF Growth & Income Portfolio - Initial Shares			1,419				(4,345	)			(2,926	)			19,136				26,837				45,973				(1,022	)			42,025
BNY Mellon VIF Small Cap Portfolio - Initial Shares			4,150				(7,392	)			(3,242	)			(20,419	)			-				(20,419	)			63,886				40,225
CVT NASDAQ-100 Index Portfolio			666				(3,291	)			(2,625	)			6,114				3,906				10,020				34,914				42,309
CVT Russell 2000® Small Cap Index Portfolio			2,811				(2,448	)			363				1,061				9,145				10,206				8,080				18,649
CVT S&P MidCap 400 Index Portfolio			818				(1,029	)			(211	)			335				4,923				5,258				(955	)			4,092
Federated Hermes Government Money Fund II - Service Shares			6,956				(2,636	)			4,320				-				-				-				-				4,320
Federated Hermes Managed Volatility Fund II - Primary Shares			20,829				(9,645	)			11,184				(1,533	)			12,707				11,174				12,674				35,032
Federated Hermes Quality Bond Fund II - Primary Shares			29,696				(12,039	)			17,657				(7,597	)			-				(7,597	)			37,344				47,404
Fidelity® VIP Contrafund® Portfolio - Initial Class			2,453				(24,172	)			(21,719	)			66,756				281,133				347,889				(8,380	)			317,790
Fidelity® VIP Growth & Income Portfolio - Initial Class			3,540				(3,190	)			350				8,239				21,491				29,730				10,846				40,926
Fidelity® VIP Growth Portfolio - Initial Class			1,315				(6,321	)			(5,006	)			10,389				58,598				68,987				(7,309	)			56,672
Fidelity® VIP High Income Portfolio - Service Class 2			20,339				(4,371	)			15,968				(5,483	)			-				(5,483	)			16,104				26,589
Fidelity® VIP Index 500 Portfolio - Initial Class			4,698				(5,632	)			(934	)			24,065				2,098				26,163				36,178				61,407
Fidelity® VIP Mid Cap Portfolio - Service Class 2			1,257				(7,085	)			(5,828	)			8,239				60,948				69,187				(14,173	)			49,186
Fidelity® VIP Overseas Portfolio - Initial Class			2,769				(2,718	)			51				28,378				15,651				44,029				(6,080	)			38,000
Franklin Global Real Estate VIP Fund - Class 2			1,677				(1,641	)			36				(2,138	)			-				(2,138	)			9,561				7,459
Franklin Mutual Shares VIP Fund - Class 2			3,577				(2,568	)			1,009				(2,315	)			17,625				15,310				1,147				17,466
Franklin Small Cap Value VIP Fund - Class 2			3,017				(3,833	)			(816	)			602				23,527				24,129				(6,117	)			17,196
Franklin Small-Mid Cap Growth VIP Fund - Class 2			-				(4,508	)			(4,508	)			(5,005	)			17,796				12,791				(4,034	)			4,249
Franklin U.S. Government Securities VIP Fund - Class 2			13,057				(5,463	)			7,594				(7,688	)			-				(7,688	)			20,117				20,023
Templeton Growth VIP Fund - Class 2			525				(879	)			(354	)			2,796				4,505				7,301				5,672				12,619
LVIP American Century Capital Appreciation Fund - Standard II			-				(2,691	)			(2,691	)			4,778				29,909				34,687				(21,117	)			10,879
LVIP American Century Inflation Protection Fund - Standard II			3,471				(607	)			2,864				(76	)			-				(76	)			(620	)			2,168
LVIP American Century Ultra Fund - Standard II			-				(1,906	)			(1,906	)			2,769				11,732				14,501				2,342				14,937
LVIP American Century Value Fund - Standard II			2,406				(2,126	)			280				4,670				11,387				16,057				4,512				20,849
LVIP JPMorgan Mid Cap Value Fund - Standard			3,574				(4,769	)			(1,195	)			(9,882	)			34,112				24,230				(11,643	)			11,392
LVIP JPMorgan Small Cap Core Fund - Standard			1,221				(2,624	)			(1,403	)			806				15,597				16,403				1,881				16,881
T. Rowe Price All-Cap Opportunities Portfolio			-				(3,132	)			(3,132	)			17,535				24,165				41,700				(7,320	)			31,248

See accompanying notes.

EquiTrust Life Annuity Account

Statements of Operations (continued)

Year Ended December 31, 2025

		Income				Expenses								Realized gain (loss) on investments
Subaccount		Dividends					Mortality and expense risk				Net investment income (loss)				Realized gain (loss) on sale of fund shares				Realized gain distributions				Net realized gain (loss) on investments				Change in unrealized appreciation/ depreciation of investments				Net increase in net assets from operations
T. Rowe Price Equity Income Portfolio		$	13,681			$	(11,609	)		$	2,072			$	5,715			$	81,427			$	87,142			$	11,956			$	101,170
T. Rowe Price Mid-Cap Growth Portfolio			-				(4,095	)			(4,095	)			5,617				36,788				42,405				(32,697	)			5,613
T. Rowe Price Moderate Allocation Portfolio			12,563				(7,760	)			4,803				6,099				24,015				30,114				32,718				67,635
T. Rowe Price International Stock Portfolio			6,566				(4,981	)			1,585				5,142				28,837				33,979				19,446				55,010
Product B
CVT S&P MidCap 400 Index Portfolio - Class F		$	486			$	(503	)		$	(17	)		$	4,914			$	2,929			$	7,843			$	(5,827	)		$	1,999
Columbia VP Small Cap Value Fund - Class 2			252				(294	)			(42	)			(488	)			4,335				3,847				(1,012	)			2,793
Federated Hermes Quality Bond Fund II - Primary Shares			2,993				(769	)			2,224				(1,293	)			-				(1,293	)			3,433				4,364
Fidelity® VIP Contrafund® Portfolio - Service Class 2			-				(745	)			(745	)			11,146				12,132				23,278				(9,484	)			13,049
Fidelity® VIP Growth Portfolio - Service Class 2			32				(689	)			(657	)			2,802				8,832				11,634				(2,836	)			8,141
Fidelity® VIP High Income Portfolio - Service Class 2			2,063				(337	)			1,726				(1,318	)			-				(1,318	)			2,357				2,765
Fidelity® VIP Mid Cap Portfolio - Service Class 2			65				(285	)			(220	)			1,641				3,467				5,108				(2,408	)			2,480
Fidelity® VIP Real Estate Portfolio - Service Class 2			359				(216	)			143				172				8				180				(105	)			218
Franklin Mutual Shares VIP Fund - Class 2			1,448				(815	)			633				3,449				7,135				10,584				(4,074	)			7,143
Franklin U.S. Government Securities VIP Fund - Class 2			2,210				(742	)			1,468				(3,509	)			-				(3,509	)			5,863				3,822
Templeton Global Bond VIP Fund - Class 2			-				(269	)			(269	)			(1,989	)			-				(1,989	)			6,169				3,911
T. Rowe Price Equity Income Portfolio			83				(50	)			33				-				509				509				85				627
T. Rowe Price International Stock Portfolio			1,323				(777	)			546				4,690				5,811				10,501				2,239				13,286

See accompanying notes.

EquiTrust Life Annuity Account

Statements of Changes in Net Assets

For the Year Ended December 31, 2025

						Operations																Contract transactions
Subaccount		Net Assets at December 31, 2024				Net investment income (loss)				Net realized gain (loss) on investments				Change in unrealized appreciation/ depreciation of investments				Net increase in net assets from operations				Transfers of net premiums				Transfers of surrenders and death benefits				Transfers of administrative and other charges				Transfers between subaccounts, including Declared Interest Option account				Net increase (decrease) in net assets from contract transactions				Total increase (decrease) in net assets				Net Assets at December 31, 2025
Product A
BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares		$	25,866			$	(237	)		$	9,100			$	(6,402	)		$	2,461			$	-			$	(22,644	)		$	(22	)		$	(29	)		$	(22,695	)		$	(20,234	)		$	5,632
BNY Mellon VIF Appreciation Portfolio - Initial Shares			658,168				(6,668	)			99,005				(37,619	)			54,718				8,722				(68,856	)			(498	)			(111	)			(60,743	)			(6,025	)			652,143
BNY Mellon VIF Growth & Income Portfolio - Initial Shares			334,617				(2,926	)			45,973				(1,022	)			42,025				1,200				(58,873	)			(213	)			(2,041	)			(59,927	)			(17,902	)			316,715
BNY Mellon VIF Small Cap Portfolio - Initial Shares			625,766				(3,242	)			(20,419	)			63,886				40,225				2,681				(180,251	)			(979	)			2,761				(175,788	)			(135,563	)			490,203
CVT NASDAQ-100 Index Portfolio			219,950				(2,625	)			10,020				34,914				42,309				5,000				(6,819	)			(66	)			(1,564	)			(3,449	)			38,860				258,810
CVT Russell 2000® Small Cap Index Portfolio			176,378				363				10,206				8,080				18,649				242				(3,690	)			(1,532	)			1,626				(3,354	)			15,295				191,673
CVT S&P MidCap 400 Index Portfolio			74,207				(211	)			5,258				(955	)			4,092				187				(817	)			(71	)			217				(484	)			3,608				77,815
Federated Hermes Government Money Fund II - Service Shares			194,546				4,320				-				-				4,320				2,181				(16,905	)			(152	)			4,783				(10,093	)			(5,773	)			188,773
Federated Hermes Managed Volatility Fund II - Primary Shares			731,830				11,184				11,174				12,674				35,032				8,650				(92,283	)			(363	)			1,193				(82,803	)			(47,771	)			684,059
Federated Hermes Quality Bond Fund II - Primary Shares			878,450				17,657				(7,597	)			37,344				47,404				9,891				(114,738	)			(614	)			10,866				(94,595	)			(47,191	)			831,259
Fidelity® VIP Contrafund® Portfolio - Initial Class			1,679,823				(21,719	)			347,889				(8,380	)			317,790				3,988				(120,763	)			(451	)			(15,254	)			(132,480	)			185,310				1,865,133
Fidelity® VIP Growth & Income Portfolio - Initial Class			223,610				350				29,730				10,846				40,926				129				(18,726	)			(87	)			(1,470	)			(20,154	)			20,772				244,382
Fidelity® VIP Growth Portfolio - Initial Class			459,239				(5,006	)			68,987				(7,309	)			56,672				1,955				(38,825	)			(168	)			(1,380	)			(38,418	)			18,254				477,493
Fidelity® VIP High Income Portfolio - Service Class 2			313,459				15,968				(5,483	)			16,104				26,589				490				(41,509	)			(223	)			(606	)			(41,848	)			(15,259	)			298,200
Fidelity® VIP Index 500 Portfolio - Initial Class			403,031				(934	)			26,163				36,178				61,407				2,530				(20,046	)			(2,111	)			(6,812	)			(26,439	)			34,968				437,999

See accompanying notes.

EquiTrust Life Annuity Account

Statements of Changes in Net Assets (continued)

For the Year Ended December 31, 2025

						Operations																Contract transactions
Subaccount		Net Assets at December 31, 2024				Net investment income (loss)				Net realized gain (loss) on investments				Change in unrealized appreciation/ depreciation of investments				Net increase in net assets from operations				Transfers of net premiums				Transfers of surrenders and death benefits				Transfers of administrative and other charges				Transfers between subaccounts, including Declared Interest Option account				Net increase (decrease) in net assets from contract transactions				Total increase (decrease) in net assets				Net Assets at December 31, 2025
Fidelity® VIP Mid Cap Portfolio - Service Class 2		$	523,153			$	(5,828	)		$	69,187			$	(14,173	)		$	49,186			$	2,562			$	(38,262	)		$	(2,899	)		$	(176	)		$	(38,775	)		$	10,411			$	533,564
Fidelity® VIP Overseas Portfolio - Initial Class			210,852				51				44,029				(6,080	)			38,000				180				(75,638	)			(68	)			(1,880	)			(77,406	)			(39,406	)			171,446
Franklin Global Real Estate VIP Fund - Class 2			110,037				36				(2,138	)			9,561				7,459				2,628				(5,153	)			(84	)			3,874				1,265				8,724				118,761
Franklin Mutual Shares VIP Fund - Class 2			194,253				1,009				15,310				1,147				17,466				121				(36,555	)			(94	)			(635	)			(37,163	)			(19,697	)			174,556
Franklin Small Cap Value VIP Fund - Class 2			280,874				(816	)			24,129				(6,117	)			17,196				615				(12,619	)			(197	)			1,429				(10,772	)			6,424				287,298
Franklin Small-Mid Cap Growth VIP Fund - Class 2			342,787				(4,508	)			12,791				(4,034	)			4,249				3,688				(39,818	)			(99	)			(2,809	)			(39,038	)			(34,789	)			307,998
Franklin U.S. Government Securities VIP Fund - Class 2			387,124				7,594				(7,688	)			20,117				20,023				4,547				(44,427	)			(216	)			6,629				(33,467	)			(13,444	)			373,680
Templeton Growth VIP Fund - Class 2			62,936				(354	)			7,301				5,672				12,619				-				(9,050	)			(22	)			(496	)			(9,568	)			3,051				65,987
LVIP American Century Capital Appreciation Fund - Standard II			201,880				(2,691	)			34,687				(21,117	)			10,879				2,680				(31,269	)			(83	)			(1,145	)			(29,817	)			(18,938	)			182,942
LVIP American Century Inflation Protection Fund - Standard II			42,288				2,864				(76	)			(620	)			2,168				-				(139	)			(6	)			-				(145	)			2,023				44,311
LVIP American Century Ultra Fund - Standard II			138,047				(1,906	)			14,501				2,342				14,937				120				(5,688	)			(107	)			(364	)			(6,039	)			8,898				146,945
LVIP American Century Value Fund - Standard II			154,349				280				16,057				4,512				20,849				108				(27,183	)			(77	)			-				(27,152	)			(6,303	)			148,046
LVIP JPMorgan Mid Cap Value Fund - Standard			373,213				(1,195	)			24,230				(11,643	)			11,392				2,044				(71,553	)			(237	)			218				(69,528	)			(58,136	)			315,077
LVIP JPMorgan Small Cap Core Fund - Standard			190,079				(1,403	)			16,403				1,881				16,881				99				(8,756	)			(49	)			299				(8,407	)			8,474				198,553
T. Rowe Price All-Cap Opportunities Portfolio			234,872				(3,132	)			41,700				(7,320	)			31,248				-				(45,131	)			(154	)			(402	)			(45,687	)			(14,439	)			220,433
T. Rowe Price Equity Income Portfolio			824,467				2,072				87,142				11,956				101,170				5,163				(72,468	)			(1,668	)			560				(68,413	)			32,757				857,224

See accompanying notes.

EquiTrust Life Annuity Account

Statements of Changes in Net Assets (continued)

For the Year Ended December 31, 2025

						Operations																Contract transactions
Subaccount		Net Assets at December 31, 2024				Net investment income (loss)				Net realized gain (loss) on investments				Change in unrealized appreciation/ depreciation of investments				Net increase in net assets from operations				Transfers of net premiums				Transfers of surrenders and death benefits				Transfers of administrative and other charges				Transfers between subaccounts, including Declared Interest Option account				Net increase (decrease) in net assets from contract transactions				Total increase (decrease) in net assets				Net Assets at December 31, 2025
T. Rowe Price Mid-Cap Growth Portfolio		$	310,120			$	(4,095	)		$	42,405			$	(32,697	)		$	5,613			$	3,250			$	(26,908	)		$	(2,465	)		$	1,692			$	(24,431	)		$	(18,818	)		$	291,302
T. Rowe Price Moderate Allocation Portfolio			547,846				4,803				30,114				32,718				67,635				6,226				(57,860	)			(2,005	)			886				(52,753	)			14,882				562,728
T. Rowe Price International Stock Portfolio			338,748				1,585				33,979				19,446				55,010				5,614				(47,599	)			(179	)			(166	)			(42,330	)			12,680				351,428
Product B
CVT S&P MidCap 400 Index Portfolio - Class F		$	61,941			$	(17	)		$	7,843			$	(5,827	)		$	1,999			$	639			$	(19,384	)		$	(325	)		$	1,093			$	(17,977	)		$	(15,978	)		$	45,963
Columbia VP Small Cap Value Fund - Class 2			35,855				(42	)			3,847				(1,012	)			2,793				321				(10,652	)			(189	)			545				(9,975	)			(7,182	)			28,673
Federated Hermes Quality Bond Fund II - Primary Shares			86,608				2,224				(1,293	)			3,433				4,364				1,968				(18,958	)			(429	)			(1,959	)			(19,378	)			(15,014	)			71,594
Fidelity® VIP Contrafund® Portfolio - Service Class 2			82,973				(745	)			23,278				(9,484	)			13,049				744				(22,395	)			(473	)			266				(21,858	)			(8,809	)			74,164
Fidelity® VIP Growth Portfolio - Service Class 2			78,368				(657	)			11,634				(2,836	)			8,141				741				(20,276	)			(429	)			922				(19,042	)			(10,901	)			67,467
Fidelity® VIP High Income Portfolio - Service Class 2			38,920				1,726				(1,318	)			2,357				2,765				627				(9,800	)			(205	)			(756	)			(10,134	)			(7,369	)			31,551
Fidelity® VIP Mid Cap Portfolio - Service Class 2			33,325				(220	)			5,108				(2,408	)			2,480				420				(8,808	)			(169	)			641				(7,916	)			(5,436	)			27,889
Fidelity® VIP Real Estate Portfolio - Service Class 2			26,084				143				180				(105	)			218				318				(7,994	)			(135	)			123				(7,688	)			(7,470	)			18,614
Franklin Mutual Shares VIP Fund - Class 2			97,572				633				10,584				(4,074	)			7,143				1,065				(31,060	)			(533	)			98				(30,430	)			(23,287	)			74,285
Franklin U.S. Government Securities VIP Fund - Class 2			84,029				1,468				(3,509	)			5,863				3,822				1,968				(18,647	)			(415	)			(1,995	)			(19,089	)			(15,267	)			68,762
Templeton Global Bond VIP Fund - Class 2			29,971				(269	)			(1,989	)			6,169				3,911				627				(9,926	)			(166	)			(332	)			(9,797	)			(5,886	)			24,085
T. Rowe Price Equity Income Portfolio			4,757				33				509				85				627				-				-				(20	)			-				(20	)			607				5,364

See accompanying notes.

EquiTrust Life Annuity Account

Statements of Changes in Net Assets (continued)

For the Year Ended December 31, 2025

						Operations																Contract transactions
Subaccount		Net Assets at December 31, 2024				Net investment income (loss)				Net realized gain (loss) on investments				Change in unrealized appreciation/ depreciation of investments				Net increase in net assets from operations				Transfers of net premiums				Transfers of surrenders and death benefits				Transfers of administrative and other charges				Transfers between subaccounts, including Declared Interest Option account				Net increase (decrease) in net assets from contract transactions				Total increase (decrease) in net assets				Net Assets at December 31, 2025
T. Rowe Price International Stock Portfolio		$	86,697			$	546			$	10,501			$	2,239			$	13,286			$	1,062			$	(31,096	)		$	(492	)		$	1,354			$	(29,172	)		$	(15,886	)		$	70,811

See accompanying notes.

EquiTrust Life Annuity Account

Statements of Changes in Net Assets

For the Year Ended December 31, 2024

						Operations																Contract transactions
Subaccount		Net Assets at December 31, 2023				Net investment income (loss)				Net realized gain (loss) on investments				Change in unrealized appreciation/ depreciation of investments				Net increase (decrease) in net assets from operations				Transfers of net premiums				Transfers of surrenders and death benefits				Transfers of administrative and other charges				Transfers between subaccounts, including Declared Interest Option account				Net increase (decrease) in net assets from contract transactions				Total increase (decrease) in net assets				Net Assets at December 31, 2024
Product A
BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares		$	32,255			$	(334	)		$	5,032			$	2,313			$	7,011			$	-			$	(11,120	)		$	(36	)		$	(2,244	)		$	(13,400	)		$	(6,389	)		$	25,866
BNY Mellon VIF Appreciation Portfolio - Initial Shares			602,410				(6,263	)			44,312				29,373				67,422				13,708				(68,492	)			(531	)			43,651				(11,664	)			55,758				658,168
BNY Mellon VIF Growth & Income Portfolio - Initial Shares			295,839				(2,775	)			20,069				43,303				60,597				694				(18,318	)			(240	)			(3,955	)			(21,819	)			38,778				334,617
BNY Mellon VIF Small Cap Portfolio - Initial Shares			634,544				(4,469	)			(15,012	)			39,312				19,831				8,680				(68,400	)			(219	)			31,330				(28,609	)			(8,778	)			625,766
CVT NASDAQ-100 Index Portfolio			211,098				(2,313	)			34,774				12,886				45,347				-				(31,258	)			(80	)			(5,157	)			(36,495	)			8,852				219,950
CVT Russell 2000® Small Cap Index Portfolio			162,426				(247	)			3,907				12,091				15,751				242				(968	)			207				(1,280	)			(1,799	)			13,952				176,378
CVT S&P MidCap 400 Index Portfolio			98,854				(213	)			9,911				2,170				11,868				156				(37,305	)			(77	)			711				(36,515	)			(24,647	)			74,207
Federated Hermes Government Money Fund II - Service Shares			206,459				6,172				-				-				6,172				833				(27,730	)			(175	)			8,987				(18,085	)			(11,913	)			194,546
Federated Hermes Managed Volatility Fund II - Primary Shares			713,013				6,451				(18,910	)			105,899				93,440				12,276				(91,126	)			(388	)			4,615				(74,623	)			18,817				731,830
Federated Hermes Quality Bond Fund II - Primary Shares			995,655				15,848				(16,184	)			24,995				24,659				15,804				(185,018	)			(654	)			28,004				(141,864	)			(117,205	)			878,450
Fidelity® VIP Contrafund® Portfolio - Initial Class			1,453,353				(20,411	)			327,867				141,054				448,510				14,065				(243,398	)			(470	)			7,763				(222,040	)			226,470				1,679,823
Fidelity® VIP Growth & Income Portfolio - Initial Class			145,794				369				24,145				10,284				34,798				120				(25,318	)			(100	)			68,316				43,018				77,816				223,610
Fidelity® VIP Growth Portfolio - Initial Class			599,085				(8,760	)			235,023				(66,507	)			159,756				1,387				(287,506	)			(174	)			(13,309	)			(299,602	)			(139,846	)			459,239
Fidelity® VIP High Income Portfolio - Service Class 2			365,700				14,593				(10,715	)			19,377				23,255				501				(66,423	)			(246	)			(9,328	)			(75,496	)			(52,241	)			313,459
Fidelity® VIP Index 500 Portfolio - Initial Class			355,937				(727	)			61,596				21,877				82,746				4,765				(82,494	)			27				42,050				(35,652	)			47,094				403,031

See accompanying notes.

EquiTrust Life Annuity Account

Statements of Changes in Net Assets (continued)

For the Year Ended December 31, 2024

						Operations																Contract transactions
Subaccount		Net Assets at December 31, 2023				Net investment income (loss)				Net realized gain (loss) on investments				Change in unrealized appreciation/ depreciation of investments				Net increase (decrease) in net assets from operations				Transfers of net premiums				Transfers of surrenders and death benefits				Transfers of administrative and other charges				Transfers between subaccounts, including Declared Interest Option account				Net increase (decrease) in net assets from contract transactions				Total increase (decrease) in net assets				Net Assets at December 31, 2024
Fidelity® VIP Mid Cap Portfolio - Service Class 2		$	551,217			$	(6,204	)		$	94,308			$	(4,352	)		$	83,752			$	4,568			$	(116,185	)		$	228			$	(427	)		$	(111,816	)		$	(28,064	)		$	523,153
Fidelity® VIP Overseas Portfolio - Initial Class			260,789				128				36,286				(22,325	)			14,089				180				(67,919	)			(75	)			3,788				(64,026	)			(49,937	)			210,852
Franklin Global Real Estate VIP Fund - Class 2			137,144				656				(8,731	)			7,337				(738	)			140				(27,994	)			(93	)			1,578				(26,369	)			(27,107	)			110,037
Franklin Mutual Shares VIP Fund - Class 2			211,509				1,019				(5,456	)			23,257				18,820				151				(36,497	)			(109	)			379				(36,076	)			(17,256	)			194,253
Franklin Small Cap Value VIP Fund - Class 2			292,433				(1,401	)			(2,452	)			31,309				27,456				253				(42,959	)			(215	)			3,906				(39,015	)			(11,559	)			280,874
Franklin Small-Mid Cap Growth VIP Fund - Class 2			424,055				(5,248	)			(30,854	)			67,918				31,816				1,504				(111,351	)			(118	)			(3,119	)			(113,084	)			(81,268	)			342,787
Franklin U.S. Government Securities VIP Fund - Class 2			431,890				6,836				(12,895	)			5,641				(418	)			904				(55,928	)			(238	)			10,914				(44,348	)			(44,766	)			387,124
Templeton Growth VIP Fund - Class 2			91,233				(221	)			(1,778	)			5,993				3,994				-				(31,600	)			(22	)			(669	)			(32,291	)			(28,297	)			62,936
LVIP American Century Capital Appreciation Fund - Standard II			199,223				(2,885	)			19,859				27,087				44,061				180				(39,930	)			(86	)			(1,568	)			(41,404	)			2,657				201,880
LVIP American Century Inflation Protection Fund - Standard II			42,262				1,084				(83	)			(832	)			169				-				(137	)			(6	)			-				(143	)			26				42,288
LVIP American Century Ultra Fund - Standard II			151,920				(2,182	)			29,263				9,505				36,586				120				(48,828	)			(107	)			(1,644	)			(50,459	)			(13,873	)			138,047
LVIP American Century Value Fund - Standard II			167,052				2,338				13,441				(3,325	)			12,454				148				(25,225	)			(80	)			-				(25,157	)			(12,703	)			154,349
LVIP JPMorgan Mid Cap Value Fund - Standard			408,144				(1,011	)			59,617				(10,382	)			48,224				1,495				(84,988	)			(236	)			574				(83,155	)			(34,931	)			373,213
LVIP JPMorgan Small Cap Core Fund - Standard			208,962				(1,453	)			1,020				21,796				21,363				37				(40,387	)			(53	)			157				(40,246	)			(18,883	)			190,079
T. Rowe Price All-Cap Opportunities Portfolio			242,840				(3,427	)			47,602				10,178				54,353				-				(56,120	)			(174	)			(6,027	)			(62,321	)			(7,968	)			234,872
T. Rowe Price Equity Income Portfolio			828,516				3,667				63,716				17,178				84,561				5,499				(90,094	)			(143	)			(3,872	)			(88,610	)			(4,049	)			824,467

See accompanying notes.

EquiTrust Life Annuity Account

Statements of Changes in Net Assets (continued)

For the Year Ended December 31, 2024

						Operations																Contract transactions
Subaccount		Net Assets at December 31, 2023				Net investment income (loss)				Net realized gain (loss) on investments				Change in unrealized appreciation/ depreciation of investments				Net increase (decrease) in net assets from operations				Transfers of net premiums				Transfers of surrenders and death benefits				Transfers of administrative and other charges				Transfers between subaccounts, including Declared Interest Option account				Net increase (decrease) in net assets from contract transactions				Total increase (decrease) in net assets				Net Assets at December 31, 2024
T. Rowe Price Mid-Cap Growth Portfolio		$	283,572			$	(4,337	)		$	33,204			$	(7,084	)		$	21,783			$	7,580			$	(33,693	)		$	226			$	30,652			$	4,765			$	26,548			$	310,120
T. Rowe Price Moderate Allocation Portfolio			598,571				4,986				34,428				10,456				49,870				10,703				(133,102	)			(188	)			21,992				(100,595	)			(50,725	)			547,846
T. Rowe Price International Stock Portfolio			436,911				(2,522	)			20,218				(4,708	)			12,988				2,347				(115,384	)			(184	)			2,070				(111,151	)			(98,163	)			338,748
Product B
CVT S&P MidCap 400 Index Portfolio - Class F		$	67,963			$	167			$	5,164			$	3,181			$	8,512			$	1,477			$	(14,123	)		$	(530	)		$	(1,358	)		$	(14,534	)		$	(6,022	)		$	61,941
Columbia VP Small Cap Value Fund - Class 2			40,350				(185	)			3,640				(244	)			3,211				790				(7,856	)			(301	)			(339	)			(7,706	)			(4,495	)			35,855
Federated Hermes Quality Bond Fund II - Primary Shares			94,083				1,853				(1,407	)			2,388				2,834				2,771				(16,440	)			(645	)			4,005				(10,309	)			(7,475	)			86,608
Fidelity® VIP Contrafund® Portfolio - Service Class 2			78,472				(895	)			21,707				4,418				25,230				1,671				(16,232	)			(654	)			(5,514	)			(20,729	)			4,501				82,973
Fidelity® VIP Growth Portfolio - Service Class 2			74,925				(870	)			27,517				(5,028	)			21,619				1,568				(14,663	)			(606	)			(4,475	)			(18,176	)			3,443				78,368
Fidelity® VIP High Income Portfolio - Service Class 2			41,945				2,429				(1,631	)			2,473				3,271				1,065				(8,232	)			(309	)			1,180				(6,296	)			(3,025	)			38,920
Fidelity® VIP Mid Cap Portfolio - Service Class 2			34,528				(250	)			6,779				(896	)			5,633				779				(6,280	)			(258	)			(1,077	)			(6,836	)			(1,203	)			33,325
Fidelity® VIP Real Estate Portfolio - Service Class 2			30,643				935				276				596				1,807				687				(6,264	)			(224	)			(565	)			(6,366	)			(4,559	)			26,084
Franklin Mutual Shares VIP Fund - Class 2			108,769				1,214				(1,171	)			11,352				11,395				2,461				(23,693	)			(862	)			(498	)			(22,592	)			(11,197	)			97,572
Franklin U.S. Government Securities VIP Fund - Class 2			93,320				2,041				(3,282	)			1,639				398				2,771				(16,343	)			(635	)			4,518				(9,689	)			(9,291	)			84,029
Templeton Global Bond VIP Fund - Class 2			39,234				(393	)			(4,024	)			(595	)			(5,012	)			1,065				(7,928	)			(277	)			2,889				(4,251	)			(9,263	)			29,971
T. Rowe Price Equity Income Portfolio			4,318				39				311				108				458				-				-				(19	)			-				(19	)			439				4,757

See accompanying notes.

EquiTrust Life Annuity Account

Statements of Changes in Net Assets (continued)

For the Year Ended December 31, 2024

						Operations																Contract transactions
Subaccount		Net Assets at December 31, 2023				Net investment income (loss)				Net realized gain (loss) on investments				Change in unrealized appreciation/ depreciation of investments				Net increase (decrease) in net assets from operations				Transfers of net premiums				Transfers of surrenders and death benefits				Transfers of administrative and other charges				Transfers between subaccounts, including Declared Interest Option account				Net increase (decrease) in net assets from contract transactions				Total increase (decrease) in net assets				Net Assets at December 31, 2024
T. Rowe Price International Stock Portfolio		$	103,751			$	(43	)		$	647			$	1,947			$	2,551			$	2,358			$	(22,412	)		$	(784	)		$	1,233			$	(19,605	)		$	(17,054	)		$	86,697

See accompanying notes.

EquiTrust Life Annuity Account

Notes to Financial Statements

December 31, 2025

1. Organization and Significant Accounting Policies

Organization

EquiTrust Life Annuity Account (the Account), a unit investment trust registered under the Investment Company Act of 1940, as amended, was established by EquiTrust Life Insurance Company (the Company). The Account is a funding vehicle for individual flexible premium deferred variable annuity contracts (Product A) and variable annuity contracts (Product B) issued by the Company. The Company discontinued sales of all new variable annuity contracts but continues to receive premiums from sales that occurred prior to this change.

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 contracts is not available to satisfy liabilities arising out of any other business the Company may conduct.

At the direction of eligible contract owners, the Account invests in the following fifty investment subaccounts which, in turn, own open-end mutual fund shares of registered investment companies (the Funds). Eligible contract owners may also allocate funds to the Declared Interest Option (DIO) account. The DIO is funded by the general account of the Company and pays interest at declared rates with a guaranteed minimum. Assets and liabilities associated with funds allocated to the DIO are excluded from the Account as these are included in the Company's general account.

Subaccount / Fund	Product
BNY Mellon Sustainable U.S. Equity Portfolio, Inc.
BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares	A
BNY Mellon Variable Investment Fund
BNY Mellon VIF Appreciation Portfolio - Initial Shares	A
BNY Mellon VIF Growth & Income Portfolio - Initial Shares	A
BNY Mellon VIF Small Cap Portfolio - Initial Shares (4)	A
Calvert Variable Trust, Inc.
CVT EAFE International Index Portfolio - Class F (2)	B
CVT NASDAQ-100 Index Portfolio (2)	A & B
CVT Russell 2000® Small Cap Index Portfolio	A
CVT Russell 2000® Small Cap Index Portfolio - Class F (2)	B
CVT S&P MidCap 400 Index Portfolio	A
CVT S&P MidCap 400 Index Portfolio - Class F	B
Columbia Variable Products, Inc.
Columbia VP Overseas Core Fund - Class 1 (2)	B
Columbia VP Select Mid Cap Value Fund - Class 1 (2)	B
Columbia VP Small Cap Value Fund - Class 2	B
Columbia VP Small Company Growth Fund - Class 2 (2)	B
Deutsche DWS Variable Series I
DWS Global Small Cap VIP - Class A (2)	B
Deutsche DWS Variable Series II
DWS International Opportunities VIP - Class A (2) (3)	B

EquiTrust Life Annuity Account

Notes to Financial Statements (continued)

Subaccount / Fund	Product
Federated Hermes Insurance Series
Federated Hermes Government Money Fund II - Service Shares (2)	A & B
Federated Hermes Managed Volatility Fund II - Primary Shares (2)	A & B
Federated Hermes Quality Bond Fund II - Primary Shares	A & B
Fidelity® Variable Insurance Products Funds
Fidelity® VIP Contrafund® Portfolio - Initial Class	A
Fidelity® VIP Contrafund® Portfolio - Service Class 2	B
Fidelity® VIP Growth & Income Portfolio - Initial Class	A
Fidelity® VIP Growth Portfolio - Initial Class	A
Fidelity® VIP Growth Portfolio - Service Class 2	B
Fidelity® VIP High Income Portfolio - Service Class 2	A & B
Fidelity® VIP Index 500 Portfolio - Initial Class	A
Fidelity® VIP Index 500 Portfolio - Service Class 2 (2)	B
Fidelity® VIP Mid Cap Portfolio - Service Class 2	A & B
Fidelity® VIP Overseas Portfolio - Initial Class	A
Fidelity® VIP Real Estate Portfolio - Service Class 2	B
Franklin Templeton Variable Insurance Products Trust
Franklin Global Real Estate VIP Fund - Class 2	A
Franklin Mutual Shares VIP Fund - Class 2	A & B
Franklin Small Cap Value VIP Fund - Class 2 (2)	A & B
Franklin Small-Mid Cap Growth VIP Fund - Class 2	A
Franklin U.S. Government Securities VIP Fund - Class 2	A & B
Templeton Global Bond VIP Fund - Class 2	B
Templeton Growth VIP Fund - Class 2	A
Lincoln Variable Insurance Products Trust
LVIP American Century Capital Appreciation Fund - Standard II	A
LVIP American Century Inflation Protection Bond Fund - Standard II	A
LVIP American Century Mid Cap Value Fund - Standard II (1)	A
LVIP American Century Ultra Fund - Standard II	A
LVIP American Century Value Fund - Standard II	A
LVIP JPMorgan Mid Cap Value Fund - Standard	A
LVIP JPMorgan Small Cap Core Fund - Standard	A
LVIP JPMorgan Small Cap Core Fund - Service (2)	B
T. Rowe Price Equity Series, Inc.
T. Rowe Price All-Cap Opportunities Portfolio (2)	A & B
T. Rowe Price Equity Income Portfolio	A & B
T. Rowe Price Mid-Cap Growth Portfolio	A
T. Rowe Price Moderate Allocation Portfolio (2)	A & B
T. Rowe Price International Series, Inc.
T. Rowe Price International Stock Portfolio	A & B

EquiTrust Life Annuity Account

Notes to Financial Statements (continued)

(1)

Product A subaccount was inactive during 2025 and 2024; accordingly, a Statement of Assets and Liabilities, a Statement of Operations and a Statement of Changes in Net Assets have not been presented herein.

(2)

Product B subaccount was inactive during 2025 and 2024; accordingly, a Statement of Assets and Liabilities, a Statement of Operations and a Statement of Changes in Net Assets have not been presented herein.

(3)

Effective May 1, 2025, Deutsche DWS Variable Series II changed the name of DWS International Growth VIP fund to DWS International Opportunities VIP.

(4)

Effective December 31, 2025, BNY Mellon Variable Investment Fund changed the name of BNY Mellon VIF Opportunistic Small Cap Portfolio fund to BNY Mellon VIF Small Cap Portfolio.

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.

At December 31, 2025, all valuation inputs used to determine the fair value of mutual fund shares owned by the Account were classified as Level 1 in accordance with accounting principles generally accepted in the United States of America. There were no transfers into or out of Level 3 during the year.

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.

Contracts in Annuitization Period

Net assets allocated to contracts in the annuitization period are computed according to the mortality table indicated in the original contract with an assumed investment return determined at the time of annuitization. The mortality risk is fully borne by the Company and may result in additional amounts being transferred into the variable annuity 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 insurance company.

Use of Estimates in the Preparation of Financial Statements

The preparation of the Account's financial statements and accompanying notes in accordance with accounting principles generally accepted in the United States of America 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 financial statements and accompanying notes.

2. Expense Charges and Related Party Transactions

Paid to the Company

The Account pays the Company certain amounts relating to the distribution and administration of the contracts funded by the Account and as reimbursement 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 1.40% on Product A, and 1.00% on Product B of the average daily net asset value of the Account.

EquiTrust Life Annuity Account

Notes to Financial Statements (continued)

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 contracts issued.

Administrative Charge: Prior to the annuity payment period, the Company will deduct an administrative charge of $45 annually on Product A or $4 monthly on Product B to reimburse it for administrative expenses related to the contract. Product B is also assessed an asset-based administrative charge of 0.02% monthly of the variable accumulated value. A portion of this charge may be deducted from funds held in the fixed interest subaccount.

Transfer Charge: A transfer charge of $25 for Product A or $10 for Product B may be imposed for the thirteenth and each subsequent transfer between subaccounts in any one contract year.

3. Federal Income Taxes

The operations of the Account are included in the federal income tax return of the Company, which is taxed as a life insurance company under the provisions of the Internal Revenue Code (IRC). Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited under the contracts. Based on this, no charge is being made currently to the Account for federal income taxes. 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 contracts.

EquiTrust Life 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 during the year ended December 31, 2025:

		Cost of				Proceeds
Subaccount		Purchases				from Sales
Product A:
BNY Mellon Sustainable U.S. Equity Portfolio, Inc.:
BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares		$	2,195			$	23,009
BNY Mellon Variable Investment Fund:
BNY Mellon VIF Appreciation Portfolio - Initial Shares			112,070				79,824
BNY Mellon VIF Growth & Income Portfolio - Initial Shares			30,641				66,657
BNY Mellon VIF Small Cap Portfolio - Initial Shares			10,403				189,433
Calvert Variable Trust, Inc.:
CVT NASDAQ-100 Index Portfolio			9,563				11,731
CVT Russell 2000® Small Cap Index Portfolio			15,900				9,746
CVT S&P MidCap 400 Index Portfolio			6,113				1,885
Federated Hermes Insurance Series:
Federated Hermes Government Money Fund II - Service Shares			13,814				19,587
Federated Hermes Managed Volatility Fund II - Primary Shares			43,642				102,554
Federated Hermes Quality Bond Fund II - Primary Shares			48,241				125,179
Fidelity® Variable Insurance Products Funds:
Fidelity® VIP Contrafund® Portfolio - Initial Class			287,647				160,713
Fidelity® VIP Growth & Income Portfolio - Initial Class			26,545				24,858
Fidelity® VIP Growth Portfolio - Initial Class			63,061				47,887
Fidelity® VIP High Income Portfolio - Service Class 2			20,674				46,554
Fidelity® VIP Index 500 Portfolio - Initial Class			11,698				36,973
Fidelity® VIP Mid Cap Portfolio - Service Class 2			65,696				49,351
Fidelity® VIP Overseas Portfolio - Initial Class			19,731				81,435
Franklin Templeton Variable Insurance Products Trust:
Franklin Global Real Estate VIP Fund - Class 2			8,031				6,730
Franklin Mutual Shares VIP Fund - Class 2			21,224				39,753
Franklin Small Cap Value VIP Fund - Class 2			28,422				16,483
Franklin Small-Mid Cap Growth VIP Fund - Class 2			21,444				47,194
Franklin U.S. Government Securities VIP Fund - Class 2			25,585				51,458
Templeton Growth VIP Fund - Class 2			5,029				10,446
Lincoln Variable Insurance Products Trust:
LVIP American Century Capital Appreciation Fund - Standard II			32,507				35,106
LVIP American Century Inflation Protection Fund - Standard II			3,472				753
LVIP American Century Ultra Fund - Standard II			11,771				7,984
LVIP American Century Value Fund - Standard II			13,828				29,313
LVIP JPMorgan Mid Cap Value Fund - Standard			39,986				76,597
LVIP JPMorgan Small Cap Core Fund - Standard			18,905				13,118

EquiTrust Life Annuity Account

Notes to Financial Statements (continued)

		Cost of				Proceeds
Subaccount		Purchases				from Sales
T. Rowe Price Equity Series, Inc.:
T. Rowe Price All-Cap Opportunities Portfolio		$	24,165			$	48,819
T. Rowe Price Equity Income Portfolio			101,899				86,813
T. Rowe Price Mid-Cap Growth Portfolio			42,240				33,978
T. Rowe Price Moderate Allocation Portfolio			44,954				68,889
T. Rowe Price International Series, Inc.:
T. Rowe Price International Stock Portfolio			40,763				52,671
Product B:
Calvert Variable Trust, Inc.:
CVT S&P MidCap 400 Index Portfolio - Class F		$	5,554			$	20,619
Columbia Variable Products, Inc.:
Columbia VP Small Cap Value Fund - Class 2			5,883				11,565
Federated Hermes Insurance Series:
Federated Hermes Quality Bond Fund II - Primary Shares			4,991				22,145
Fidelity® Variable Insurance Products Funds:
Fidelity® VIP Contrafund® Portfolio - Service Class 2			14,355				24,826
Fidelity® VIP Growth Portfolio - Service Class 2			11,496				22,363
Fidelity® VIP High Income Portfolio - Service Class 2			2,674				11,082
Fidelity® VIP Mid Cap Portfolio - Service Class 2			4,785				9,454
Fidelity® VIP Real Estate Portfolio - Service Class 2			1,073				8,610
Franklin Templeton Variable Insurance Products Trust:
Franklin Mutual Shares VIP Fund - Class 2			9,754				32,416
Franklin U.S. Government Securities VIP Fund - Class 2			4,409				22,030
Templeton Global Bond VIP Fund - Class 2			1,507				11,573
T. Rowe Price Equity Series, Inc.:
T. Rowe Price Equity Income Portfolio			592				70
T. Rowe Price International Series, Inc.:
T. Rowe Price International Stock Portfolio			10,081				32,896

EquiTrust Life 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 periods ended December 31, 2025 and 2024:

						Period Ended December 31,
						2025												2024
Subaccount		Purchased				Redeemed				Net Increase (Decrease)				Purchased				Redeemed				Net Increase (Decrease)
Product A:
BNY Mellon Sustainable U.S. Equity Portfolio, Inc.:
BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares			1				491				(490	)			1				322				(321	)
BNY Mellon Variable Investment Fund:
BNY Mellon VIF Appreciation Portfolio - Initial Shares			224				1,412				(1,188	)			1,242				1,489				(247	)
BNY Mellon VIF Growth & Income Portfolio - Initial Shares			41				1,068				(1,027	)			29				431				(402	)
BNY Mellon VIF Small Cap Portfolio - Initial Shares			208				5,615				(5,407	)			1,174				2,050				(876	)
Calvert Variable Trust, Inc.:
CVT NASDAQ-100 Index Portfolio			52				70				(18	)			-				379				(379	)
CVT Russell 2000® Small Cap Index Portfolio			97				176				(79	)			32				72				(40	)
CVT S&P MidCap 400 Index Portfolio			6				15				(9	)			15				580				(565	)
Federated Hermes Insurance Series:
Federated Hermes Government Money Fund II - Service Shares			726				1,781				(1,055	)			1,053				3,008				(1,955	)
Federated Hermes Managed Volatility Fund II - Primary Shares			546				4,741				(4,195	)			984				5,020				(4,036	)
Federated Hermes Quality Bond Fund II - Primary Shares			1,643				9,404				(7,761	)			3,781				15,807				(12,026	)
Fidelity® Variable Insurance Products Funds:
Fidelity® VIP Contrafund® Portfolio - Initial Class			58				1,557				(1,499	)			741				3,635				(2,894	)
Fidelity® VIP Growth & Income Portfolio - Initial Class			30				409				(379	)			1,363				439				924
Fidelity® VIP Growth Portfolio - Initial Class			44				546				(502	)			22				4,144				(4,122	)
Fidelity® VIP High Income Portfolio - Service Class 2			17				1,439				(1,422	)			89				2,916				(2,827	)
Fidelity® VIP Index 500 Portfolio - Initial Class			82				504				(422	)			1,008				1,583				(575	)
Fidelity® VIP Mid Cap Portfolio - Service Class 2			59				609				(550	)			96				1,750				(1,654	)
Fidelity® VIP Overseas Portfolio - Initial Class			45				2,490				(2,445	)			141				2,323				(2,182	)
Franklin Templeton Variable Insurance Products Trust:
Franklin Global Real Estate VIP Fund - Class 2			357				272				85				137				1,511				(1,374	)
Franklin Mutual Shares VIP Fund - Class 2			4				1,203				(1,199	)			17				1,294				(1,277	)
Franklin Small Cap Value VIP Fund - Class 2			38				220				(182	)			89				821				(732	)
Franklin Small-Mid Cap Growth VIP Fund - Class 2			92				974				(882	)			86				2,898				(2,812	)
Franklin U.S. Government Securities VIP Fund - Class 2			996				3,510				(2,514	)			1,009				4,513				(3,504	)
Templeton Growth VIP Fund - Class 2			-				402				(402	)			-				1,444				(1,444	)

EquiTrust Life Annuity Account

Notes to Financial Statements (continued)

						Period Ended December 31,
						2025												2024
Subaccount		Purchased				Redeemed				Net Increase (Decrease)				Purchased				Redeemed				Net Increase (Decrease)
Lincoln Variable Insurance Products Trust:
LVIP American Century Capital Appreciation Fund - Standard II			55				586				(531	)			6				832				(826	)
LVIP American Century Inflation Protection Fund - Standard II			-				10				(10	)			-				11				(11	)
LVIP American Century Ultra Fund - Standard II			2				83				(81	)			1				743				(742	)
LVIP American Century Value Fund - Standard II			4				949				(945	)			4				989				(985	)
LVIP JPMorgan Mid Cap Value Fund - Standard			38				1,100				(1,062	)			42				1,393				(1,351	)
LVIP JPMorgan Small Cap Core Fund - Standard			54				224				(170	)			32				942				(910	)
T. Rowe Price Equity Series, Inc.:
T. Rowe Price All-Cap Opportunities Portfolio			-				524				(524	)			1				796				(795	)
T. Rowe Price Equity Income Portfolio			156				1,510				(1,354	)			147				2,000				(1,853	)
T. Rowe Price Mid-Cap Growth Portfolio			59				317				(258	)			416				370				46
T. Rowe Price Moderate Allocation Portfolio			219				1,489				(1,270	)			1,688				4,297				(2,609	)
T. Rowe Price International Series, Inc.:
T. Rowe Price International Stock Portfolio			265				2,164				(1,899	)			216				5,546				(5,330	)
Product B:
Calvert Variable Trust, Inc.:
CVT S&P MidCap 400 Index Portfolio - Class F			137				1,152				(1,015	)			163				946				(783	)
Columbia Variable Products, Inc.:
Columbia VP Small Cap Value Fund - Class 2			28				218				(190	)			38				174				(136	)
Federated Hermes Insurance Series:
Federated Hermes Quality Bond Fund II - Primary Shares			163				1,700				(1,537	)			573				1,392				(819	)
Fidelity® Variable Insurance Products Funds:
Fidelity® VIP Contrafund® Portfolio - Service Class 2			48				449				(401	)			65				457				(392	)
Fidelity® VIP Growth Portfolio - Service Class 2			76				541				(465	)			80				524				(444	)
Fidelity® VIP High Income Portfolio - Service Class 2			42				716				(674	)			164				580				(416	)
Fidelity® VIP Mid Cap Portfolio - Service Class 2			42				269				(227	)			37				227				(190	)
Fidelity® VIP Real Estate Portfolio - Service Class 2			30				360				(330	)			103				362				(259	)

EquiTrust Life Annuity Account

Notes to Financial Statements (continued)

						Period Ended December 31,
						2025												2024
Subaccount		Purchased				Redeemed				Net Increase (Decrease)				Purchased				Redeemed				Net Increase (Decrease)
Franklin Templeton Variable Insurance Products Trust:
Franklin Mutual Shares VIP Fund - Class 2			34				878				(844	)			117				737				(620	)
Franklin U.S. Government Securities VIP Fund - Class 2			197				1,892				(1,695	)			679				1,540				(861	)
Templeton Global Bond VIP Fund - Class 2			133				938				(805	)			357				758				(401	)
T. Rowe Price Equity Series, Inc.:
T. Rowe Price Equity Income Portfolio			-				1				(1	)			1				1				-
T. Rowe Price International Series, Inc.:
T. Rowe Price International Stock Portfolio			143				1,437				(1,294	)			198				1,151				(953	)

EquiTrust Life Annuity Account

Notes to Financial Statements (continued)

6. Unit Values

The following summarizes units outstanding, unit values, and net assets at December 31, 2025, 2024, 2023, 2022 and 2021, and investment income ratios, expense ratios, and total return ratios for the periods then ended:

			As of December 31												Investment
							Unit								Income				Expense				Total
Subaccount			Units				Value (A)				Net Assets				Ratio (B)				Ratio (C)				Return (D)
Product A:
BNY Mellon Sustainable U.S. Equity Portfolio - Service Shares:
2025				115			$	48.80			$	5,632				0.08		%		1.40		%		14.07	%
2024				605				42.78				25,866				0.39				1.40				22.83
2023				926				34.83				32,255				0.52				1.40				21.83
2022				938				28.59				26,810				0.34				1.40				(24.12	)
2021				1,304				37.68				49,134				0.60				1.40				24.93
BNY Mellon VIF Appreciation Portfolio - Initial Shares:
2025				12,429				52.47				652,143				0.37				1.40				8.57
2024				13,617				48.33				658,168				0.43				1.40				11.23
2023				13,864				43.45				602,410				0.70				1.40				19.30
2022				17,523				36.42				638,214				0.64				1.40				(19.19	)
2021				23,763				45.07				1,071,040				0.44				1.40				25.37
BNY Mellon VIF Growth & Income Portfolio - Initial Shares:
2025				4,723				67.05				316,715				0.45				1.40				15.21
2024				5,750				58.20				334,617				0.54				1.40				21.02
2023				6,152				48.09				295,839				0.60				1.40				24.94
2022				12,227				38.49				470,598				0.79				1.40				(16.00	)
2021				13,070				45.82				598,782				0.47				1.40				23.90
BNY Mellon VIF Small Cap Portfolio - Initial Shares:
2025				13,610				36.02				490,203				0.78				1.40				9.45
2024				19,017				32.91				625,766				0.69				1.40				3.17
2023				19,893				31.90				634,544				0.32				1.40				7.77
2022				23,327				29.60				690,370				-				1.40				(17.75	)
2021				24,796				35.99				892,443				0.11				1.40				14.87
CVT NASDAQ-100 Index Portfolio:
2025				2,027				127.68				258,810				0.28				1.40				18.74
2024				2,045				107.53				219,950				0.33				1.40				23.46
2023				2,424				87.10				211,098				0.31				1.40				52.27
2022				3,551				57.20				203,090				0.17				1.40				(33.57	)
2021				5,539				86.10				476,918				0.28				1.40				25.11
CVT Russell 2000® Small Cap Index Portfolio:
2025				3,866				49.58				191,673				1.60				1.40				10.89
2024				3,945				44.71				176,378				1.26				1.40				9.69
2023				3,985				40.76				162,426				0.89				1.40				14.98
2022				3,852				35.45				136,536				0.82				1.40				(21.61	)
2021				4,188				45.22				189,384				0.74				1.40				12.94

EquiTrust Life Annuity Account

Notes to Financial Statements (continued)

			As of December 31												Investment
							Unit								Income				Expense				Total
Subaccount			Units				Value (A)				Net Assets				Ratio (B)				Ratio (C)				Return (D)
CVT S&P MidCap 400 Index Portfolio:
2025				1,142			$	68.12			$	77,815				1.11		%		1.40		%		5.65	%
2024				1,151				64.48				74,207				1.19				1.40				11.94
2023				1,716				57.60				98,854				1.20				1.40				14.51
2022				1,930				50.30				97,066				0.94				1.40				(14.53	)
2021				1,979				58.85				116,451				0.93				1.40				22.71
Federated Hermes Government Money Fund II - Service Shares:
2025				19,438				9.71				188,773				3.67				1.40				2.32
2024				20,493				9.49				194,546				4.58				1.40				3.15
2023				22,448				9.20				206,459				4.41				1.40				3.14
2022				27,379				8.92				244,282				1.10				1.40				(0.22	)
2021				31,740				8.94				283,866				-				1.40				(1.43	)
Federated Hermes Managed Volatility Fund II - Primary Shares:
2025				32,442				21.09				684,059				3.00				1.40				5.56
2024				36,637				19.98				731,830				2.29				1.40				13.98
2023				40,673				17.53				713,013				1.88				1.40				7.15
2022				44,290				16.36				724,359				1.86				1.40				(14.92	)
2021				48,375				19.23				930,186				1.77				1.40				16.90
Federated Hermes Quality Bond Fund II - Primary Shares:
2025				66,897				12.43				831,259				3.43				1.40				5.61
2024				74,658				11.77				878,450				3.05				1.40				2.44
2023				86,684				11.49				995,655				2.62				1.40				4.74
2022				95,618				10.97				1,049,220				2.59				1.40				(10.52	)
2021				103,169				12.26				1,265,268				2.38				1.40				(2.78	)
Fidelity® VIP Contrafund® Portfolio - Initial Class:
2025				18,963				98.35				1,865,133				0.14				1.40				19.79
2024				20,462				82.10				1,679,823				0.18				1.40				31.93
2023				23,356				62.23				1,453,353				0.45				1.40				31.62
2022				29,240				47.28				1,382,442				0.48				1.40				(27.33	)
2021				33,257				65.06				2,163,655				0.06				1.40				26.09
Fidelity® VIP Growth & Income Portfolio - Initial Class:
2025				3,935				62.11				244,382				1.54				1.40				19.83
2024				4,314				51.83				223,610				1.58				1.40				20.51
2023				3,390				43.01				145,794				0.89				1.40				17.10
2022				9,269				36.73				340,487				1.63				1.40				(6.28	)
2021				10,862				39.19				425,641				2.42				1.40				24.22
Fidelity® VIP Growth Portfolio - Initial Class:
2025				5,584				85.50				477,493				0.29				1.40				13.31
2024				6,086				75.46				459,239				-				1.40				28.57
2023				10,208				58.69				599,085				0.13				1.40				34.36
2022				12,314				43.68				537,857				0.62				1.40				(25.50	)
2021				12,630				58.63				740,457				-				1.40				21.54

EquiTrust Life Annuity Account

Notes to Financial Statements (continued)

			As of December 31												Investment
							Unit								Income				Expense				Total
Subaccount			Units				Value (A)				Net Assets				Ratio (B)				Ratio (C)				Return (D)
Fidelity® VIP High Income Portfolio - Service Class 2:
2025				9,904			$	30.11			$	298,200				6.47		%		1.40		%		8.78	%
2024				11,326				27.68				313,459				5.73				1.40				7.12
2023				14,153				25.84				365,700				5.52				1.40				8.71
2022				15,524				23.77				368,966				4.71				1.40				(12.87	)
2021				18,128				27.28				494,621				5.20				1.40				2.83
Fidelity® VIP Index 500 Portfolio - Initial Class:
2025				6,135				71.39				437,999				1.16				1.40				16.14
2024				6,557				61.47				403,031				1.22				1.40				23.16
2023				7,132				49.91				355,937				1.48				1.40				24.46
2022				7,424				40.10				297,678				1.32				1.40				(19.33	)
2021				9,165				49.71				455,606				1.24				1.40				26.81
Fidelity® VIP Mid Cap Portfolio - Service Class 2:
2025				7,054				75.64				533,564				0.25				1.40				9.94
2024				7,604				68.80				523,153				0.31				1.40				15.55
2023				9,258				59.54				551,217				0.33				1.40				13.22
2022				12,859				52.59				676,203				0.26				1.40				(16.14	)
2021				15,545				62.71				974,784				0.35				1.40				23.59
Fidelity® VIP Overseas Portfolio - Initial Class:
2025				5,313				32.27				171,446				1.42				1.40				18.73
2024				7,758				27.18				210,852				1.45				1.40				3.58
2023				9,940				26.24				260,789				1.03				1.40				18.84
2022				11,394				22.08				251,517				1.07				1.40				(25.51	)
2021				12,224				29.64				362,342				0.53				1.40				18.04
Franklin Global Real Estate VIP Fund - Class 2:
2025				6,189				19.19				118,761				1.42				1.40				6.43
2024				6,104				18.03				110,037				1.90				1.40				(1.69	)
2023				7,478				18.34				137,144				2.75				1.40				9.89
2022				7,377				16.69				123,120				2.35				1.40				(27.09	)
2021				7,906				22.89				180,940				0.89				1.40				25.08
Franklin Mutual Shares VIP Fund - Class 2:
2025				5,358				32.58				174,556				1.94				1.40				9.96
2024				6,557				29.63				194,253				1.91				1.40				9.74
2023				7,834				27.00				211,509				1.88				1.40				11.89
2022				8,215				24.13				198,209				1.81				1.40				(8.70	)
2021				10,867				26.43				287,202				2.67				1.40				17.52
Franklin Small Cap Value VIP Fund - Class 2:
2025				4,804				59.81				287,298				1.09				1.40				6.18
2024				4,986				56.33				280,874				0.91				1.40				10.15
2023				5,718				51.14				292,433				0.52				1.40				11.20
2022				6,350				45.99				292,045				0.99				1.40				(11.32	)
2021				7,232				51.86				375,025				0.99				1.40				23.65

EquiTrust Life Annuity Account

Notes to Financial Statements (continued)

			As of December 31												Investment
							Unit								Income				Expense				Total
Subaccount			Units				Value (A)				Net Assets				Ratio (B)				Ratio (C)				Return (D)
Franklin Small-Mid Cap Growth VIP Fund - Class 2:
2025				7,050			$	43.69			$	307,998				-		%		1.40		%		1.11	%
2024				7,932				43.21				342,787				-				1.40				9.48
2023				10,744				39.47				424,055				-				1.40				24.98
2022				11,074				31.58				349,671				-				1.40				(34.60	)
2021				11,269				48.29				544,141				-				1.40				8.49
Franklin U.S. Government Securities VIP Fund - Class 2:
2025				27,917				13.39				373,680				3.32				1.40				5.27
2024				30,431				12.72				387,124				3.07				1.40				(0.08	)
2023				33,935				12.73				431,890				2.74				1.40				3.08
2022				36,519				12.35				451,124				2.41				1.40				(11.02	)
2021				40,877				13.88				567,344				2.59				1.40				(3.21	)
Templeton Growth VIP Fund - Class 2:
2025				2,446				26.98				65,987				0.83				1.40				22.08
2024				2,848				22.10				62,936				1.12				1.40				3.95
2023				4,292				21.26				91,233				3.19				1.40				19.37
2022				5,495				17.81				97,892				0.16				1.40				(12.74	)
2021				6,095				20.41				124,402				1.10				1.40				3.45
LVIP American Century Capital Appreciation Fund - Standard II:
2025				3,290				55.60				182,942				-				1.40				5.24
2024				3,821				52.83				201,880				-				1.40				23.23
2023				4,647				42.87				199,223				-				1.40				19.02
2022				4,687				36.02				168,790				-				1.40				(29.09	)
2021				4,720				50.80				239,762				-				1.40				9.62
LVIP American Century Inflation Protection Fund - Standard II:
2025				3,133				14.15				44,311				7.93				1.40				5.20
2024				3,143				13.45				42,288				3.96				1.40				0.37
2023				3,154				13.40				42,262				3.67				1.40				2.13
2022				2,961				13.12				38,843				5.19				1.40				(14.08	)
2021				2,962				15.27				45,212				3.38				1.40				5.17
LVIP American Century Ultra Fund - Standard II:
2025				1,783				82.41				146,945				-				1.40				11.29
2024				1,864				74.05				138,047				-				1.40				26.99
2023				2,606				58.31				151,920				-				1.40				41.53
2022				4,644				41.20				191,304				-				1.40				(33.30	)
2021				5,440				61.77				336,052				-				1.40				21.45
LVIP American Century Value Fund - Standard II:
2025				4,901				30.21				148,046				1.57				1.40				14.43
2024				5,846				26.40				154,349				2.86				1.40				7.93
2023				6,831				24.46				167,052				2.35				1.40				7.61
2022				8,141				22.73				185,032				2.05				1.40				(0.83	)
2021				10,341				22.92				237,038				1.71				1.40				22.76

EquiTrust Life Annuity Account

Notes to Financial Statements (continued)

			As of December 31												Investment
							Unit								Income				Expense				Total
Subaccount			Units				Value (A)				Net Assets				Ratio (B)				Ratio (C)				Return (D)
LVIP JPMorgan Mid Cap Value Fund - Standard:
2025				4,753			$	66.28			$	315,077				1.04		%		1.40		%		3.27	%
2024				5,815				64.18				373,213				1.15				1.40				12.70
2023				7,166				56.95				408,144				3.18				1.40				9.37
2022				7,205				52.07				375,134				0.92				1.40				(9.41	)
2021				9,287				57.48				533,878				0.89				1.40				28.10
LVIP JPMorgan Small Cap Core Fund - Standard:
2025				4,144				47.92				198,553				0.65				1.40				8.76
2024				4,314				44.06				190,079				0.72				1.40				10.15
2023				5,224				40.00				208,962				1.38				1.40				11.54
2022				5,697				35.86				204,320				0.44				1.40				(20.47	)
2021				6,141				45.09				276,895				0.49				1.40				19.70
T. Rowe Price All-Cap Opportunities Portfolio:
2025				2,359				93.46				220,433				-				1.40				14.70
2024				2,883				81.48				234,872				0.06				1.40				23.42
2023				3,678				66.02				242,840				0.26				1.40				27.18
2022				3,719				51.91				193,044				-				1.40				(22.59	)
2021				4,040				67.06				270,921				-				1.40				19.13
T. Rowe Price Equity Income Portfolio:
2025				15,985				53.63				857,224				1.64				1.40				12.79
2024				17,339				47.55				824,467				1.83				1.40				10.15
2023				19,192				43.17				828,516				2.08				1.40				8.03
2022				21,009				39.96				839,522				1.86				1.40				(4.68	)
2021				22,572				41.92				946,166				1.57				1.40				23.84
T. Rowe Price Mid-Cap Growth Portfolio:
2025				2,970				98.09				291,302				-				1.40				2.11
2024				3,228				96.06				310,120				-				1.40				7.80
2023				3,182				89.11				283,572				-				1.40				18.31
2022				3,435				75.32				258,724				-				1.40				(23.65	)
2021				4,485				98.65				442,501				-				1.40				13.26
T. Rowe Price Moderate Allocation Portfolio:
2025				12,778				44.04				562,728				2.25				1.40				12.92
2024				14,048				39.00				547,846				2.25				1.40				8.54
2023				16,657				35.93				598,571				2.26				1.40				13.74
2022				19,267				31.59				608,599				1.53				1.40				(19.43	)
2021				22,470				39.21				881,048				0.98				1.40				8.55
T. Rowe Price International Stock Portfolio:
2025				15,118				23.25				351,428				1.83				1.40				16.78
2024				17,017				19.91				338,748				0.80				1.40				1.84
2023				22,347				19.55				436,911				0.95				1.40				14.66
2022				26,741				17.05				456,062				0.75				1.40				(16.99	)
2021				27,633				20.54				567,617				0.57				1.40				(0.10	)

EquiTrust Life Annuity Account

Notes to Financial Statements (continued)

			As of December 31												Investment
							Unit								Income				Expense				Total
Subaccount			Units				Value (A)				Net Assets				Ratio (B)				Ratio (C)				Return (D)
Product B:
CVT S&P MidCap 400 Index Portfolio - Class F:
2025				2,380			$	19.32			$	45,963				0.96		%		1.00		%		5.86	%
2024				3,395				18.25				61,941				1.23				1.00				12.17
2023				4,178				16.27				67,963				1.20				1.00				14.74
2022				4,842				14.18				68,639				0.90				1.00				(14.32	)
2021				5,638				16.55				93,329				0.81				1.00				22.96
Columbia VP Small Cap Value Fund - Class 2:
2025				454				63.16				28,673				0.85				1.00				13.52
2024				644				55.64				35,855				0.56				1.00				7.60
2023				780				51.71				40,350				0.41				1.00				20.45
2022				902				42.93				38,708				0.47				1.00				(9.87	)
2021				1,051				47.63				50,034				0.47				1.00				27.52
Federated Hermes Quality Bond Fund II - Primary Shares:
2025				5,442				13.16				71,594				3.88				1.00				6.04
2024				6,979				12.41				86,608				2.87				1.00				2.82
2023				7,798				12.07				94,083				2.75				1.00				5.14
2022				8,749				11.48				100,446				2.89				1.00				(10.17	)
2021				10,941				12.78				139,840				2.18				1.00				(2.37	)
Fidelity® VIP Contrafund® Portfolio - Service Class 2:
2025				1,171				63.35				74,164				-				1.00				20.00
2024				1,572				52.79				82,973				0.03				1.00				32.11
2023				1,964				39.96				78,472				0.25				1.00				31.79
2022				2,440				30.32				73,963				0.25				1.00				(27.20	)
2021				2,938				41.65				122,374				0.03				1.00				26.25
Fidelity® VIP Growth Portfolio - Service Class 2:
2025				1,459				46.23				67,467				0.05				1.00				13.48
2024				1,924				40.74				78,368				-				1.00				28.80
2023				2,368				31.63				74,925				-				1.00				34.54
2022				2,918				23.51				68,614				0.37				1.00				(25.39	)
2021				3,332				31.51				105,010				-				1.00				21.71
Fidelity® VIP High Income Portfolio - Service Class 2:
2025				1,940				16.26				31,551				6.08				1.00				9.20
2024				2,614				14.89				38,920				6.43				1.00				7.59
2023				3,030				13.84				41,945				5.57				1.00				9.15
2022				3,452				12.68				43,786				4.77				1.00				(12.55	)
2021				4,245				14.50				61,576				5.42				1.00				3.20
Fidelity® VIP Mid Cap Portfolio - Service Class 2:
2025				712				39.17				27,889				0.23				1.00				10.40
2024				939				35.48				33,325				0.35				1.00				15.99
2023				1,129				30.59				34,528				0.38				1.00				13.68
2022				1,280				26.91				34,446				0.25				1.00				(15.80	)
2021				1,699				31.96				54,308				0.35				1.00				24.07

EquiTrust Life Annuity Account

Notes to Financial Statements (continued)

			As of December 31												Investment
							Unit								Income				Expense				Total
Subaccount			Units				Value (A)				Net Assets				Ratio (B)				Ratio (C)				Return (D)
Fidelity® VIP Real Estate Portfolio - Service Class 2:
2025				771			$	24.14			$	18,614				1.65		%		1.00		%		1.86	%
2024				1,101				23.70				26,084				3.96				1.00				5.19
2023				1,360				22.53				30,643				2.35				1.00				9.80
2022				1,375				20.52				28,209				1.05				1.00				(28.40	)
2021				1,826				28.66				52,343				0.95				1.00				37.26
Franklin Mutual Shares VIP Fund - Class 2:
2025				1,875				39.62				74,285				1.77				1.00				10.39
2024				2,719				35.89				97,572				2.03				1.00				10.16
2023				3,339				32.58				108,769				1.84				1.00				12.34
2022				3,870				29.00				112,206				1.75				1.00				(8.34	)
2021				4,865				31.64				153,897				2.87				1.00				18.02
Franklin U.S. Government Securities VIP Fund - Class 2:
2025				5,827				11.80				68,762				2.97				1.00				5.64
2024				7,522				11.17				84,029				3.09				1.00				0.36
2023				8,383				11.13				93,320				2.63				1.00				3.44
2022				9,261				10.76				99,670				2.23				1.00				(10.63	)
2021				11,590				12.04				139,599				2.63				1.00				(2.82	)
Templeton Global Bond VIP Fund - Class 2:
2025				1,890				12.74				24,085				-				1.00				14.57
2024				2,695				11.12				29,971				-				1.00				(12.23	)
2023				3,096				12.67				39,234				-				1.00				1.85
2022				3,498				12.44				43,517				-				1.00				(5.90	)
2021				4,341				13.22				57,391				-				1.00				(5.91	)
T. Rowe Price Equity Income Portfolio:
2025				142				37.73				5,364				1.66				1.00				13.20
2024				143				33.33				4,757				1.84				1.00				10.62
2023				143				30.13				4,318				2.11				1.00				8.46
2022				138				27.78				3,842				1.74				1.00				(4.31	)
2021				345				29.03				10,025				1.57				1.00				24.33
T. Rowe Price International Stock Portfolio:
2025				2,972				23.82				70,811				1.69				1.00				17.22
2024				4,266				20.32				86,697				0.96				1.00				2.21
2023				5,219				19.88				103,751				0.94				1.00				15.11
2022				6,438				17.27				111,197				0.77				1.00				(16.65	)
2021				6,757				20.72				140,030				0.59				1.00				0.29

EquiTrust Life Annuity Account

Notes to Financial Statements (continued)

(A)

There are no differences in unit value between accumulation units and units of contracts in annuitization period since there are no differences in charges that result in direct reductions of unit values.

(B)

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. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

(C)

These ratios represent the annualized contract expenses of the separate account, consisting 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 contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.

(D)

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.

7. Segment Reporting

Each subaccount, as detailed in Note 1, represents a single operating segment. The Chief Operating Officer of the Company acts as the Chief Operating Decision Maker (CODM) and monitors the operating results of each subaccount. The change in net assets resulting from operations, which is used by the CODM to assess the subaccount's performance, is consistent with that presented within the subaccount's financial statements. Subaccount assets are reflected on the accompanying Statement of Assets and Liabilities and significant segment expenses are listed on the accompanying Statement of Operations.