CG Variable Annuity Separate Account II

04/29/2026 | Press release | Distributed by Public on 04/29/2026 14:16

Financial Statements by Insurance Company (Form N-VPFS)

















CG Variable Annuity Separate Account II

















S-1
CG Variable Annuity Separate Account II
Statements of assets and liabilities
December 31, 2025
Subaccount Investments ($) Total Assets ($) Net Assets ($)
Alger Capital Appreciation Portfolio - Class I-2 4,158,175 4,158,175 4,158,175
Alger Large Cap Growth Portfolio - Class I-2 6,805,640 6,805,640 6,805,640
Alger Mid Cap Growth Portfolio - Class I-2 4,476,168 4,476,168 4,476,168
Alger Small Cap Growth Portfolio - Class I-2 1,123,897 1,123,897 1,123,897
Fidelity® VIP Asset Manager 50% Portfolio - Initial Class 267,219 267,219 267,219
Fidelity® VIP Contrafund® Portfolio - Initial Class 3,079,166 3,079,166 3,079,166
Fidelity® VIP Equity-Income Portfolio - Initial Class 6,115,906 6,115,906 6,115,906
Fidelity® VIP Government Money Market Portfolio - Initial Class 763,438 763,438 763,438
Fidelity® VIP Growth Opportunities Portfolio - Initial Class 1,664,239 1,664,239 1,664,239
Fidelity® VIP High Income Portfolio - Initial Class 797,839 797,839 797,839
Fidelity® VIP Investment Grade Bond Portfolio - Initial Class 903,547 903,547 903,547
Fidelity® VIP Overseas Portfolio - Initial Class 1,438,776 1,438,776 1,438,776
Goldman Sachs VIT Government Money Market Fund - Institutional Shares 688,287 688,287 688,287
MFS® VIT Growth Series - Initial Class 1,508,668 1,508,668 1,508,668
MFS® VIT Investors Trust Series - Initial Class 1,460,424 1,460,424 1,460,424
MFS® VIT Research Series - Initial Class 1,005,001 1,005,001 1,005,001
MFS® VIT Total Return Series - Initial Class 3,401,156 3,401,156 3,401,156
MFS® VIT Utilities Series - Initial Class 1,190,852 1,190,852 1,190,852
MFS® VIT II Income Portfolio - Initial Class 241,902 241,902 241,902
Neuberger Berman AMT Mid Cap Growth Portfolio - I Class 589,439 589,439 589,439
Neuberger Berman AMT Quality Equity Portfolio - I Class 2,752,438 2,752,438 2,752,438
Neuberger Berman AMT Short Duration Bond Portfolio - I Class 299,096 299,096 299,096
See accompanying notes
S-2
CG Variable Annuity Separate Account II
Statements of operations
Year Ended December 31, 2025
Subaccount Dividends from Investment Income ($) Mortality and Expense Guarantee Charges ($) Net Investment Income (Loss) ($) Net Realized Gain (Loss) on Investments ($) Dividends from Net Realized Gain on Investments ($) Total Net Realized Gain (Loss) on Investments ($) Net Change in Unrealized Appreciation or Depreciation on Investments ($) Net Increase in Net Assets Resulting from Operations ($)
Alger Capital Appreciation Portfolio - Class I-2 - (48,154) (48,154) 51,648 654,637 706,285 337,386 995,517
Alger Large Cap Growth Portfolio - Class I-2 - (81,840) (81,840) 167,106 732,649 899,755 721,614 1,539,529
Alger Mid Cap Growth Portfolio - Class I-2 - (58,362) (58,362) 23,757 - 23,757 647,984 613,379
Alger Small Cap Growth Portfolio - Class I-2 - (15,087) (15,087) (108,518) 13,108 (95,410) 151,938 41,441
Fidelity® VIP Asset Manager 50% Portfolio - Initial Class 6,438 (3,359) 3,079 446 11,101 11,547 17,074 31,700
Fidelity® VIP Contrafund® Portfolio - Initial Class 4,110 (42,716) (38,606) 201,715 477,330 679,045 (89,026) 551,413
Fidelity® VIP Equity-Income Portfolio - Initial Class 104,078 (82,555) 21,523 178,272 324,872 503,144 453,834 978,501
Fidelity® VIP Government Money Market Portfolio - Initial Class 32,696 (10,744) 21,952 - - - - 21,952
Fidelity® VIP Growth Opportunities Portfolio - Initial Class - (21,895) (21,895) 129,534 25,272 154,806 166,160 299,071
Fidelity® VIP High Income Portfolio - Initial Class 50,523 (10,414) 40,109 (7,057) - (7,057) 31,752 64,804
Fidelity® VIP Investment Grade Bond Portfolio - Initial Class 33,812 (13,903) 19,909 (32,798) - (32,798) 72,439 59,550
Fidelity® VIP Overseas Portfolio - Initial Class 22,082 (19,582) 2,500 51,312 123,134 174,446 65,659 242,605
Goldman Sachs VIT Government Money Market Fund - Institutional Shares 35,432 (11,919) 23,513 1 - 1 (1) 23,513
MFS® VIT Growth Series - Initial Class - (20,779) (20,779) 60,445 263,363 323,808 (161,703) 141,326
MFS® VIT Investors Trust Series - Initial Class 22,814 (19,713) 3,101 52,795 583,870 636,665 (468,435) 171,331
MFS® VIT Research Series - Initial Class 10,504 (14,893) (4,389) 37,464 257,402 294,866 (176,411) 114,066
MFS® VIT Total Return Series - Initial Class 94,795 (48,340) 46,455 42,405 252,774 295,179 (21,261) 320,373
MFS® VIT Utilities Series - Initial Class 34,387 (16,879) 17,508 54,948 15,726 70,674 60,220 148,402
MFS® VIT II Income Portfolio - Initial Class 9,998 (3,041) 6,957 (650) - (650) 7,130 13,437
Neuberger Berman AMT Mid Cap Growth Portfolio - I Class - (8,138) (8,138) 1,768 77,091 78,859 (47,905) 22,816
Neuberger Berman AMT Quality Equity Portfolio - I Class - (38,234) (38,234) 176,427 164,260 340,687 9,674 312,127
Neuberger Berman AMT Short Duration Bond Portfolio - I Class 17,324 (5,371) 11,953 (14,504) - (14,504) 19,430 16,879
See accompanying notes
S-3
CG Variable Annuity Separate Account II
Statements of changes in net assets
Year Ended December 31, 2024
Changes From Operations Changes From Unit Transactions
Subaccount Net Assets at January 1, 2024 ($) Net investment income (loss) ($) Net realized gain (loss) on investments ($) Net change in unrealized appreciation or depreciation on investments ($) Net Increase (Decrease) in Net Assets Resulting from Operations ($) Net unit transactions ($) Net Increase (Decrease) in Net Assets Resulting from Unit Transactions ($) Total Increase (Decrease) in Net Assets ($) Net Assets at December 31, 2024 ($)
Alger Capital Appreciation Portfolio - Class I-2 2,372,654 (38,139) 75,245 1,025,354 1,062,460 (212,947) (212,947) 849,513 3,222,167
Alger Large Cap Growth Portfolio - Class I-2 4,420,932 (68,660) 122,079 1,667,453 1,720,872 (524,929) (524,929) 1,195,943 5,616,875
Alger Mid Cap Growth Portfolio - Class I-2 3,699,728 (54,457) (32,611) 790,482 703,414 (292,094) (292,094) 411,320 4,111,048
Alger Small Cap Growth Portfolio - Class I-2 1,362,063 (12,896) (101,427) 199,877 85,554 (179,447) (179,447) (93,893) 1,268,170
Fidelity® VIP Asset Manager 50% Portfolio - Initial Class 240,084 2,578 2,918 10,380 15,876 (19,436) (19,436) (3,560) 236,524
Fidelity® VIP Contrafund® Portfolio - Initial Class 2,533,249 (34,902) 492,448 315,036 772,582 (289,907) (289,907) 482,675 3,015,924
Fidelity® VIP Equity-Income Portfolio - Initial Class 5,545,186 23,236 417,668 304,484 745,388 (406,570) (406,570) 338,818 5,884,004
Fidelity® VIP Government Money Market Portfolio - Initial Class 836,111 30,418 - - 30,418 (41,496) (41,496) (11,078) 825,033
Fidelity® VIP Growth Opportunities Portfolio - Initial Class 1,470,624 (22,254) 286,139 223,917 487,802 (404,899) (404,899) 82,903 1,553,527
Fidelity® VIP High Income Portfolio - Initial Class 730,593 33,824 (10,979) 29,736 52,581 (40,540) (40,540) 12,041 742,634
Fidelity® VIP Investment Grade Bond Portfolio - Initial Class 934,879 23,653 (9,933) (15,742) (2,022) 147,565 147,565 145,543 1,080,422
Fidelity® VIP Overseas Portfolio - Initial Class 1,410,279 3,988 105,820 (58,173) 51,635 (151,388) (151,388) (99,753) 1,310,526
Goldman Sachs VIT Government Money Market Fund - Institutional Shares 921,994 32,961 - - 32,961 (84,378) (84,378) (51,417) 870,577
MFS® VIT Growth Series - Initial Class 1,528,978 (21,843) 302,354 135,862 416,373 (431,326) (431,326) (14,953) 1,514,025
MFS® VIT Investors Trust Series - Initial Class 1,227,422 (9,538) 116,333 110,368 217,163 (39,323) (39,323) 177,840 1,405,262
MFS® VIT Research Series - Initial Class 1,121,112 (9,106) 133,987 51,780 176,661 (237,036) (237,036) (60,375) 1,060,737
MFS® VIT Total Return Series - Initial Class 3,527,771 35,479 233,654 (53,555) 215,578 (214,594) (214,594) 984 3,528,755
MFS® VIT Utilities Series - Initial Class 2,102,276 8,598 131,587 18,664 158,849 (874,674) (874,674) (715,825) 1,386,451
MFS® VIT II Income Portfolio - Initial Class 204,312 5,924 (654) (953) 4,317 16,631 16,631 20,948 225,260
Neuberger Berman AMT Mid Cap Growth Portfolio - I Class 486,782 (7,374) 35,934 79,474 108,034 (28,310) (28,310) 79,724 566,506
Neuberger Berman AMT Quality Equity Portfolio - I Class 2,888,170 (33,943) 340,314 327,084 633,455 (639,685) (639,685) (6,230) 2,881,940
Neuberger Berman AMT Short Duration Bond Portfolio - I Class 459,229 18,121 (6,904) 8,552 19,769 (42,243) (42,243) (22,474) 436,755
See accompanying notes
S-4
CG Variable Annuity Separate Account II
Statements of changes in net assets (continued)
Year Ended December 31, 2025
Changes From Operations Changes From Unit Transactions
Subaccount Net Assets At January 1, 2025 ($) Net investment income (loss) ($) Net realized gain (loss) on investments ($) Net change in unrealized appreciation or depreciation on investments ($) Net Increase in Net Assets Resulting from Operations ($) Net unit transactions ($) Net Increase (Decrease) in Net Assets Resulting from Unit Transactions ($) Total Increase (Decrease) in Net Assets ($) Net Assets at December 31, 2025 ($)
Alger Capital Appreciation Portfolio - Class I-2 3,222,167 (48,154) 706,285 337,386 995,517 (59,509) (59,509) 936,008 4,158,175
Alger Large Cap Growth Portfolio - Class I-2 5,616,875 (81,840) 899,755 721,614 1,539,529 (350,764) (350,764) 1,188,765 6,805,640
Alger Mid Cap Growth Portfolio - Class I-2 4,111,048 (58,362) 23,757 647,984 613,379 (248,259) (248,259) 365,120 4,476,168
Alger Small Cap Growth Portfolio - Class I-2 1,268,170 (15,087) (95,410) 151,938 41,441 (185,714) (185,714) (144,273) 1,123,897
Fidelity® VIP Asset Manager 50% Portfolio - Initial Class 236,524 3,079 11,547 17,074 31,700 (1,005) (1,005) 30,695 267,219
Fidelity® VIP Contrafund® Portfolio - Initial Class 3,015,924 (38,606) 679,045 (89,026) 551,413 (488,171) (488,171) 63,242 3,079,166
Fidelity® VIP Equity-Income Portfolio - Initial Class 5,884,004 21,523 503,144 453,834 978,501 (746,599) (746,599) 231,902 6,115,906
Fidelity® VIP Government Money Market Portfolio - Initial Class 825,033 21,952 - - 21,952 (83,547) (83,547) (61,595) 763,438
Fidelity® VIP Growth Opportunities Portfolio - Initial Class 1,553,527 (21,895) 154,806 166,160 299,071 (188,359) (188,359) 110,712 1,664,239
Fidelity® VIP High Income Portfolio - Initial Class 742,634 40,109 (7,057) 31,752 64,804 (9,599) (9,599) 55,205 797,839
Fidelity® VIP Investment Grade Bond Portfolio - Initial Class 1,080,422 19,909 (32,798) 72,439 59,550 (236,425) (236,425) (176,875) 903,547
Fidelity® VIP Overseas Portfolio - Initial Class 1,310,526 2,500 174,446 65,659 242,605 (114,355) (114,355) 128,250 1,438,776
Goldman Sachs VIT Government Money Market Fund - Institutional Shares 870,577 23,513 1 (1) 23,513 (205,803) (205,803) (182,290) 688,287
MFS® VIT Growth Series - Initial Class 1,514,025 (20,779) 323,808 (161,703) 141,326 (146,683) (146,683) (5,357) 1,508,668
MFS® VIT Investors Trust Series - Initial Class 1,405,262 3,101 636,665 (468,435) 171,331 (116,169) (116,169) 55,162 1,460,424
MFS® VIT Research Series - Initial Class 1,060,737 (4,389) 294,866 (176,411) 114,066 (169,802) (169,802) (55,736) 1,005,001
MFS® VIT Total Return Series - Initial Class 3,528,755 46,455 295,179 (21,261) 320,373 (447,972) (447,972) (127,599) 3,401,156
MFS® VIT Utilities Series - Initial Class 1,386,451 17,508 70,674 60,220 148,402 (344,001) (344,001) (195,599) 1,190,852
MFS® VIT II Income Portfolio - Initial Class 225,260 6,957 (650) 7,130 13,437 3,205 3,205 16,642 241,902
Neuberger Berman AMT Mid Cap Growth Portfolio - I Class 566,506 (8,138) 78,859 (47,905) 22,816 117 117 22,933 589,439
Neuberger Berman AMT Quality Equity Portfolio - I Class 2,881,940 (38,234) 340,687 9,674 312,127 (441,629) (441,629) (129,502) 2,752,438
Neuberger Berman AMT Short Duration Bond Portfolio - I Class 436,755 11,953 (14,504) 19,430 16,879 (154,538) (154,538) (137,659) 299,096
See accompanying notes
S-5
CG Variable Annuity Separate Account II
Notes to financial statements
December 31, 2025
1. Accounting Policies and Variable Account Information
The Variable Account: CG Variable Annuity Separate Account II (the Variable Account) is a segregated investment account of Connecticut General Life Insurance Company (the Company) and is registered as a unit investment trust with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. The operations of the Variable Account are part of the operations of the Company. The assets and liabilities of the Variable Account are clearly identified and distinguished from other assets and liabilities of the Company. The assets of the Variable Account are owned by the Company, but are not available to meet the general obligations of the Company. The Variable Account only offers one product (Flexible Payment Deferred) at multiple fee rates.
Effective January 1, 1998, the Company contracted the administrative servicing obligations to its individual variable annuity business to The Lincoln National Life Insurance Company (Lincoln Life) and Lincoln Life & Annuity Company of New York (LNY). Although the Company is responsible for all policy terms and conditions, Lincoln Life and LNY are responsible for servicing the individual annuity contracts, including the payment of benefits, oversight of investment management and contract administration.
Basis of Presentation: The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for unit investment trusts.
Certain amounts presented in the financial statement footnotes for prior year periods in this report have been reclassified to conform to the presentation adopted in the current year.
Accounting Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions affecting the reported amounts as of the date of the financial statements. Those estimates are inherently subject to change and actual results could differ from those estimates. Included among the material (or potentially material) reported amounts that require use of estimates is the fair value of certain assets.
Investments: The assets of the Variable Account are divided into variable subaccounts, each of which may be invested in shares of one of twenty-two available mutual funds (the Funds) of six open-ended management investment companies, each Fund with its own investment objective. The Funds are:
The Alger Portfolios:
Alger Capital Appreciation Portfolio - Class I-2
Alger Large Cap Growth Portfolio - Class I-2
Alger Mid Cap Growth Portfolio - Class I-2
Alger Small Cap Growth Portfolio - Class I-2
Fidelity® Variable Insurance Products:
Fidelity® VIP Asset Manager 50% Portfolio - Initial Class
Fidelity® VIP Contrafund® Portfolio - Initial Class
Fidelity® VIP Equity-Income Portfolio - Initial Class
Fidelity® VIP Government Money Market Portfolio - Initial Class
Fidelity® VIP Growth Opportunities Portfolio - Initial Class
Fidelity® VIP High Income Portfolio - Initial Class
Fidelity® VIP Investment Grade Bond Portfolio - Initial Class
Fidelity® VIP Overseas Portfolio - Initial Class
Goldman Sachs Variable Insurance Trust:
Goldman Sachs VIT Government Money Market Fund - Institutional Shares
MFS® Variable Insurance Trust:
MFS® VIT Growth Series - Initial Class
MFS® VIT Investors Trust Series - Initial Class
MFS® VIT Research Series - Initial Class
MFS® VIT Total Return Series - Initial Class
MFS® VIT Utilities Series - Initial Class
MFS® Variable Insurance Trust II:
MFS® VIT II Income Portfolio - Initial Class
Neuberger Berman Advisers Management Trust:
Neuberger Berman AMT Mid Cap Growth Portfolio - I Class
Neuberger Berman AMT Quality Equity Portfolio - I Class
Neuberger Berman AMT Short Duration Bond Portfolio - I Class
Each subaccount invests in shares of a single underlying Fund. The investment performance of the subaccount will reflect the investment performance of the underlying Fund less separate account expenses. There is no assurance that the investment objective of any underlying Fund will be met. A Fund calculates a daily net asset value per share ("NAV") which is based on the market value of its investment portfolio. The amount of risk varies significantly between subaccounts. Due to the level of risk associated with certain investment portfolios, it is at least reasonably possible that changes in the values of investment portfolios will occur in the near term and that such changes could materially affect contract holders' investments in the Fund and the amounts reported in the financial statements. The contract holder assumes all of the investment performance risk for the subaccounts selected.
Investments in the Funds are stated at fair value as determined by the closing net asset value per share on December 31, 2025. Net asset value is quoted by the Funds as derived by the fair value of the Funds' underlying investments. The difference between cost and net asset value is reflected as unrealized appreciation or depreciation of investments. There are no redemption restrictions on investments in the Funds.
Investments for which the fair value is measured at NAV using the practical expedient (investments in investees measured at NAV) are excluded from the fair value hierarchy. Accordingly, the Variable Account's investments in the Funds have not been classified in the fair value hierarchy.
Investment transactions are accounted for on a trade-date basis. The cost of investments sold is determined by the average cost method.
ASC 946-10-15, "Financial Services - Investment Companies (Topic 946) - Scope and Scope Exceptions" provides accounting guidance for assessing whether an entity is an investment company. This guidance evaluates the entity's purpose and design to determine whether the entity is an investment company. The standard also adds additional disclosure requirements regarding contractually required commitments to investees. Management has evaluated the criteria in the standard and concluded that the Variable Account qualifies as an investment company and therefore applies the accounting requirements of ASC 946.
Dividends: Dividends paid to the Variable Account are automatically reinvested in shares of the Funds on the payable date with the exception of Fidelity VIP Government Money Market Portfolio which is invested monthly. Dividend income is recorded on the ex-dividend date.
Federal Income Taxes: Operations of the Variable Account form a part of and are taxed with operations of the Company, which is taxed as a "life insurance company" under the Internal Revenue Code. The Variable Account will not be taxed as a regulated investment company under Subchapter M of the Internal Revenue Code, as amended. Under current federal income tax law, no federal income taxes are payable or receivable with respect to the Variable Account's Net Investment Income (Loss) and the Net Realized Gain (Loss) on Investments.
Annuity Reserves: The amount of annuity reserves is determined by the actuarial assumptions which meet statutory requirements. Gains or losses resulting from the actuarial mortality experience, the responsibility of which is assumed by the Company, are offset by transfers to or from the Company.
Diversification Requirements: Under the provisions of Section 817(h) of the Internal Revenue Code of 1986 (the Code), a variable annuity contract, other than a contract issued in connection with certain types of employee benefit plans, will not be treated as an annuity contract for federal tax purposes for any period for which the investments of the segregated asset account, on which the contract is based, are not adequately diversified. The Code provides that the "adequately diversified" requirement may be met if the underlying investments satisfy either a statutory safe harbor test or diversification requirements set forth in regulations issued by the Secretary of the Treasury. The Company believes, based on assurances from the mutual fund managers, that the mutual funds satisfy the requirements of the regulations.
Segment Reporting: In this reporting period, we adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect our financial position or the results of its operations.
Each subaccount of the Variable Account constitutes a single operating segment and therefore, a single reportable segment because the chief operating decision maker ("CODM") manages the activities of the Variable Account using information of each fund. The Variable Account is engaged in a single line of business as a registered unit investment trust. The Variable Account is a funding vehicle for individual variable annuity contracts with assets owned by the Company to support the liabilities of the applicable insurance contracts. The subaccounts have identified the Board of Directors of the Lincoln Financial Investments Corporation as the CODM as the Variable Account does not have employees and is not a separate legal entity. Lincoln Financial Investments Corporation is a wholly owned subsidiary of Lincoln Life.
The CODM uses Net Increase (Decrease) in Net Assets Resulting from Operations as their performance measure in order to make operational decisions while monitoring the net assets of each of the subaccounts within the Variable Account. The accounting policies used to measure profit and loss of the segments are the same as those described in the Accounting Policies and Variable Account Information (see note 1). The measure of segment assets is reported on the Statements of assets and liabilities as Total Assets and significant segment expenses are listed on the Statements of operations. Refer to the Statements of operations and Statements of changes in net assets for each subaccount's operating segment results as of December 31, 2025 and 2024.
Investment Fund Changes: During 2025, the following funds changed their names:
Previous Fund Name New Fund Name
Fidelity® VIP Asset Manager Portfolio - Initial Class Fidelity® VIP Asset Manager 50% Portfolio - Initial Class
Neuberger Berman AMT Sustainable Equity Portfolio - I Class Neuberger Berman AMT Quality Equity Portfolio - I Class
S-6
CG Variable Annuity Separate Account II
Notes to financial statements (continued)
2. Mortality and Expense Guarantees and Other Transactions with Affiliates
Amounts are paid to the Company for mortality and expense guarantees at a percentage of the current value of the Variable Account each day. The mortality and expense risk charges for each of the variable subaccounts are reported in the Statements of operations. The ranges of rates are as follows for the one contract type within the Variable Account:
•Flexible Payment Deferred at a daily rate of .0035616% to .0038356% (1.30% to 1.40% on an annual basis)
As partial compensation for administrative services provided, the Company additionally receives a $35 ($30 on New York contracts) annuity account fee per year from each contract. This charge is deducted from the fixed or variable sub-account of the participant or on a pro-rata basis from two or more fixed or variable sub-accounts in relation to their values under the contract. Fixed sub-accounts are part of the general account of the Company and are not included in the financial statements. The annuity account fee will be waived for any contract year in which the annuity account value equals or exceeds $100,000 as of the last valuation date of the contract year.
For contracts sold prior to May 1, 1997 (excluding contracts sold in the state of New York where the optional death benefit was not available), the participants could have, for an additional charge (optional death benefit fee), selected an optional death benefit. The optional death benefit fee will be deducted from the participant's fixed or variable sub-account or on a pro-rata basis from two or more fixed or variable sub-accounts in relation to their values under the contract on the date of each contract anniversary.
Under certain circumstances, the Company reserves the right to charge a transfer fee of up to $10 for transfers between sub-accounts.
No deduction for sales charges is made from the premium payment. However, if a cash withdrawal is made, a withdrawal charge (contingent deferred sales charge) may be assessed by the Company. The withdrawal charge, if assessed, varies from 0-7% depending upon the duration of each contract deposit. The withdrawal charge is deducted from withdrawal proceeds for full withdrawals and reduces the remaining account value for partial withdrawals. These charges are paid to the Company as reimbursement for services provided. These services include commissions paid to sales personnel, the cost associated with preparation of sales literature and other promotional costs and acquisition expenses.
Withdrawal, account and all other charges are included within Net unit transactions on the Statements of changes in net assets. The total charges for 2025 and 2024 were $6,588 and $19,283, respectively.
S-7
CG Variable Annuity Separate Account II
Notes to financial statements (continued)
3. Financial Highlights
A summary of the fee rates, unit values, units outstanding, net assets and total return and investment income ratios for variable annuity contracts as of and for each year or period in the five years ended December 31, 2025, follows:
Subaccount Year Commencement Date (1) Minimum Fee Rate (2) Maximum Fee Rate (2) Minimum Unit Value ($) (3) Maximum Unit Value ($) (3) Units Outstanding Net Assets ($) Minimum Total Return (4) Maximum Total Return (4) Investment Income Ratio (5)
Alger Capital Appreciation Portfolio - Class I-2 2025 1.30 % 1.40 % 223.53 379.72 14,007 4,158,175 31.02 % 31.16 % 0.00 %
2024 1.30 % 1.40 % 170.60 289.52 14,238 3,222,167 46.08 % 46.22 % 0.00 %
2023 1.30 % 1.40 % 116.79 198.00 15,323 2,372,654 41.14 % 41.28 % 0.00 %
2022 1.30 % 1.40 % 82.74 140.14 16,371 1,825,701 -37.41 % -37.34 % 0.00 %
2021 1.30 % 1.40 % 132.19 223.67 16,941 2,997,806 17.47 % 17.59 % 0.00 %
Alger Large Cap Growth Portfolio - Class I-2 2025 1.30 % 1.40 % 106.99 169.44 49,100 6,805,640 28.46 % 28.59 % 0.00 %
2024 1.30 % 1.40 % 83.29 131.77 52,455 5,616,875 40.90 % 41.04 % 0.00 %
2023 1.30 % 1.40 % 59.11 93.43 58,933 4,420,932 30.83 % 30.96 % 0.00 %
2022 1.30 % 1.40 % 45.18 71.34 64,053 3,669,165 -39.51 % -39.45 % 0.00 %
2021 1.30 % 1.40 % 74.69 117.82 70,073 6,581,303 10.29 % 10.40 % 0.00 %
Alger Mid Cap Growth Portfolio - Class I-2 2025 1.30 % 1.40 % 86.39 131.23 45,009 4,476,168 15.14 % 15.26 % 0.00 %
2024 1.30 % 1.40 % 75.02 113.86 47,609 4,111,048 19.39 % 19.51 % 0.00 %
2023 1.30 % 1.40 % 62.84 95.27 51,417 3,699,728 21.46 % 21.58 % 0.00 %
2022 1.30 % 1.40 % 51.74 78.36 52,958 3,134,340 -36.96 % -36.90 % 0.00 %
2021 1.30 % 1.40 % 82.08 124.19 56,497 5,255,037 2.75 % 2.86 % 0.00 %
Alger Small Cap Growth Portfolio - Class I-2 2025 1.30 % 1.40 % 38.29 56.64 23,085 1,123,897 4.44 % 4.54 % 0.00 %
2024 1.30 % 1.40 % 36.66 54.18 27,328 1,268,170 6.63 % 6.73 % 0.37 %
2023 1.30 % 1.40 % 34.38 50.76 31,528 1,362,063 14.87 % 14.99 % 0.00 %
2022 1.30 % 1.40 % 29.93 44.15 35,471 1,322,750 -38.88 % -38.82 % 0.00 %
2021 1.30 % 1.40 % 48.97 72.15 36,277 2,212,651 -7.37 % -7.27 % 0.00 %
Fidelity® VIP Asset Manager 50% Portfolio - Initial Class 2025 1.30 % 1.40 % 42.11 51.23 5,739 267,219 13.39 % 13.50 % 2.58 %
2024 1.30 % 1.40 % 37.14 45.14 5,761 236,524 6.99 % 7.10 % 2.44 %
2023 1.30 % 1.40 % 34.71 42.15 6,228 240,084 11.37 % 11.49 % 2.39 %
2022 1.30 % 1.40 % 31.17 37.80 6,217 215,527 -16.12 % -16.04 % 1.81 %
2021 1.30 % 1.40 % 37.16 45.02 8,404 342,561 8.39 % 8.50 % 1.60 %
Fidelity® VIP Contrafund® Portfolio - Initial Class 2025 1.40 % 1.40 % 140.75 140.75 21,877 3,079,166 19.79 % 19.79 % 0.13 %
2024 1.40 % 1.40 % 117.49 117.49 25,669 3,015,924 31.93 % 31.93 % 0.19 %
2023 1.40 % 1.40 % 89.06 89.06 28,446 2,533,249 31.60 % 31.60 % 0.51 %
2022 1.40 % 1.40 % 67.67 67.67 26,768 1,811,435 -27.34 % -27.34 % 0.50 %
2021 1.40 % 1.40 % 93.13 93.13 28,387 2,643,786 26.06 % 26.06 % 0.06 %
Fidelity® VIP Equity-Income Portfolio - Initial Class 2025 1.30 % 1.40 % 59.13 93.51 82,875 6,115,906 17.37 % 17.48 % 1.71 %
2024 1.30 % 1.40 % 50.38 79.60 94,709 5,884,004 13.74 % 13.86 % 1.76 %
2023 1.30 % 1.40 % 44.29 69.91 102,440 5,545,186 9.11 % 9.22 % 1.92 %
2022 1.30 % 1.40 % 40.60 64.01 106,996 5,294,115 -6.28 % -6.19 % 1.89 %
2021 1.30 % 1.40 % 43.32 68.23 114,783 6,014,692 23.16 % 23.28 % 1.88 %
Fidelity® VIP Government Money Market Portfolio - Initial Class 2025 1.30 % 1.40 % 13.29 14.26 54,796 763,438 2.69 % 2.79 % 4.06 %
2024 1.30 % 1.40 % 12.94 13.88 60,835 825,033 3.64 % 3.75 % 4.99 %
2023 1.30 % 1.40 % 12.49 13.38 63,887 836,111 3.43 % 3.54 % 4.79 %
2022 1.30 % 1.40 % 12.07 12.92 68,273 864,320 0.03 % 0.13 % 1.38 %
2021 1.30 % 1.40 % 12.07 12.90 76,579 967,069 -1.38 % -1.28 % 0.01 %
Fidelity® VIP Growth Opportunities Portfolio - Initial Class 2025 1.40 % 1.40 % 109.02 109.02 15,265 1,664,239 20.33 % 20.33 % 0.00 %
2024 1.40 % 1.40 % 90.60 90.60 17,146 1,553,527 36.96 % 36.96 % 0.00 %
2023 1.40 % 1.40 % 66.15 66.15 22,230 1,470,624 43.63 % 43.63 % 0.00 %
2022 1.40 % 1.40 % 46.06 46.06 25,113 1,156,678 -39.01 % -39.01 % 0.00 %
2021 1.40 % 1.40 % 75.52 75.52 27,360 2,066,234 10.39 % 10.39 % 0.00 %
Fidelity® VIP High Income Portfolio - Initial Class 2025 1.30 % 1.40 % 23.19 27.17 32,643 797,839 8.83 % 8.94 % 6.62 %
2024 1.30 % 1.40 % 21.31 24.94 33,081 742,634 7.46 % 7.56 % 6.00 %
2023 1.30 % 1.40 % 19.83 23.18 34,939 730,593 8.94 % 9.05 % 5.58 %
2022 1.30 % 1.40 % 18.20 21.26 38,534 736,395 -12.61 % -12.52 % 5.07 %
2021 1.30 % 1.40 % 20.83 24.30 40,924 897,343 2.96 % 3.06 % 5.60 %
Fidelity® VIP Investment Grade Bond Portfolio - Initial Class 2025 1.30 % 1.40 % 23.20 26.04 36,659 903,547 5.73 % 5.84 % 3.27 %
2024 1.30 % 1.40 % 21.94 24.61 46,329 1,080,422 0.37 % 0.47 % 3.80 %
2023 1.30 % 1.40 % 21.86 24.49 40,660 934,879 4.73 % 4.83 % 2.51 %
2022 1.30 % 1.40 % 20.87 23.36 45,485 996,697 -14.17 % -14.09 % 2.11 %
2021 1.30 % 1.40 % 24.32 27.19 56,348 1,447,869 -1.99 % -1.89 % 2.03 %
Fidelity® VIP Overseas Portfolio - Initial Class 2025 1.30 % 1.40 % 31.73 38.20 41,721 1,438,776 18.72 % 18.84 % 1.53 %
2024 1.30 % 1.40 % 26.73 32.14 45,353 1,310,526 3.59 % 3.70 % 1.64 %
2023 1.30 % 1.40 % 25.80 31.00 50,808 1,410,279 18.83 % 18.95 % 1.03 %
2022 1.30 % 1.40 % 21.71 26.06 54,828 1,277,928 -25.54 % -25.46 % 1.03 %
2021 1.30 % 1.40 % 29.16 34.96 62,377 1,952,941 18.04 % 18.15 % 0.52 %
Goldman Sachs VIT Government Money Market Fund - Institutional Shares 2025 1.30 % 1.40 % 10.79 10.89 63,681 688,287 2.75 % 2.85 % 4.13 %
2024 1.30 % 1.40 % 10.50 10.59 82,795 870,577 3.69 % 3.80 % 5.04 %
2023 1.30 % 1.40 % 10.13 10.20 90,949 921,994 3.58 % 3.68 % 4.92 %
2022 1.30 % 1.40 % 9.78 9.84 98,384 962,701 0.19 % 0.29 % 1.55 %
2021 1.30 % 1.40 % 9.76 9.81 111,429 1,088,271 -1.38 % -1.29 % 0.01 %
MFS® VIT Growth Series - Initial Class 2025 1.40 % 1.40 % 107.09 107.09 14,087 1,508,668 10.64 % 10.64 % 0.00 %
2024 1.40 % 1.40 % 96.80 96.80 15,641 1,514,025 29.64 % 29.64 % 0.00 %
2023 1.40 % 1.40 % 74.67 74.67 20,477 1,528,978 33.98 % 33.98 % 0.00 %
2022 1.40 % 1.40 % 55.73 55.73 23,722 1,322,056 -32.59 % -32.59 % 0.00 %
2021 1.40 % 1.40 % 82.67 82.67 27,677 2,288,130 21.82 % 21.82 % 0.00 %
MFS® VIT Investors Trust Series - Initial Class 2025 1.40 % 1.40 % 63.64 63.64 22,947 1,460,424 11.99 % 11.99 % 1.62 %
2024 1.40 % 1.40 % 56.83 56.83 24,728 1,405,262 17.86 % 17.86 % 0.70 %
2023 1.40 % 1.40 % 48.22 48.22 25,457 1,227,422 17.33 % 17.33 % 0.72 %
2022 1.40 % 1.40 % 41.10 41.10 27,066 1,112,273 -17.65 % -17.65 % 0.64 %
2021 1.40 % 1.40 % 49.90 49.90 34,023 1,697,891 25.05 % 25.05 % 0.63 %
MFS® VIT Research Series - Initial Class 2025 1.40 % 1.40 % 68.51 68.51 14,669 1,005,001 11.28 % 11.28 % 0.99 %
2024 1.40 % 1.40 % 61.57 61.57 17,229 1,060,737 17.22 % 17.22 % 0.57 %
2023 1.40 % 1.40 % 52.52 52.52 21,345 1,121,112 20.72 % 20.72 % 0.51 %
2022 1.40 % 1.40 % 43.51 43.51 22,274 969,126 -18.36 % -18.36 % 0.48 %
2021 1.40 % 1.40 % 53.30 53.30 23,409 1,247,580 23.07 % 23.07 % 0.54 %
MFS® VIT Total Return Series - Initial Class 2025 1.30 % 1.40 % 45.67 62.89 68,024 3,401,156 9.62 % 9.73 % 2.71 %
2024 1.30 % 1.40 % 41.66 57.31 77,258 3,528,755 6.25 % 6.36 % 2.42 %
2023 1.30 % 1.40 % 39.21 53.88 80,116 3,527,771 8.91 % 9.02 % 2.05 %
2022 1.30 % 1.40 % 36.00 49.43 83,319 3,366,039 -10.84 % -10.75 % 1.70 %
2021 1.30 % 1.40 % 40.38 55.38 87,033 3,960,313 12.53 % 12.64 % 1.79 %
MFS® VIT Utilities Series - Initial Class 2025 1.30 % 1.40 % 89.82 132.72 12,242 1,190,852 13.41 % 13.52 % 2.80 %
2024 1.30 % 1.40 % 79.20 116.91 15,623 1,386,451 10.11 % 10.22 % 1.86 %
2023 1.30 % 1.40 % 71.93 106.07 23,873 2,102,276 -3.47 % -3.37 % 3.52 %
2022 1.30 % 1.40 % 74.51 109.77 25,591 2,312,110 -0.65 % -0.55 % 2.39 %
2021 1.30 % 1.40 % 75.00 110.37 26,734 2,423,474 12.51 % 12.62 % 1.73 %
MFS® VIT II Income Portfolio - Initial Class 2025 1.30 % 1.40 % 23.59 24.54 9,869 241,902 5.84 % 5.94 % 4.28 %
2024 1.30 % 1.40 % 22.28 23.16 9,736 225,260 1.81 % 1.91 % 4.04 %
2023 1.30 % 1.40 % 21.89 22.73 9,000 204,312 6.10 % 6.20 % 3.68 %
2022 1.30 % 1.40 % 20.63 21.40 9,330 199,444 -14.91 % -14.82 % 3.48 %
2021 1.30 % 1.40 % 24.25 25.12 9,426 236,567 -0.93 % -0.83 % 3.08 %
Neuberger Berman AMT Mid Cap Growth Portfolio - I Class 2025 1.30 % 1.40 % 48.06 53.68 11,875 589,439 3.98 % 4.09 % 0.00 %
2024 1.30 % 1.40 % 46.21 51.58 11,871 566,506 22.30 % 22.42 % 0.00 %
2023 1.30 % 1.40 % 37.79 42.13 12,434 486,782 16.50 % 16.62 % 0.00 %
2022 1.30 % 1.40 % 32.44 36.13 12,357 414,891 -29.73 % -29.66 % 0.00 %
2021 1.30 % 1.40 % 46.16 51.36 12,342 589,456 11.42 % 11.53 % 0.00 %
Neuberger Berman AMT Quality Equity Portfolio - I Class 2025 1.30 % 1.40 % 66.59 116.71 33,631 2,752,438 12.16 % 12.27 % 0.00 %
2024 1.30 % 1.40 % 59.37 103.95 39,580 2,881,940 24.09 % 24.22 % 0.22 %
2023 1.30 % 1.40 % 47.85 83.68 49,487 2,888,170 25.14 % 25.26 % 0.34 %
2022 1.30 % 1.40 % 38.24 66.81 52,740 2,435,235 -19.59 % -19.51 % 0.43 %
2021 1.30 % 1.40 % 47.55 83.00 56,943 3,213,734 21.76 % 21.88 % 0.37 %
Neuberger Berman AMT Short Duration Bond Portfolio - I Class 2025 1.30 % 1.40 % 14.30 16.24 19,470 299,096 4.24 % 4.35 % 4.39 %
2024 1.30 % 1.40 % 13.71 15.56 30,080 436,755 4.62 % 4.73 % 5.52 %
2023 1.30 % 1.40 % 13.11 14.86 33,149 459,229 4.43 % 4.53 % 4.57 %
2022 1.30 % 1.40 % 12.55 14.22 35,083 464,735 -6.50 % -6.41 % 3.80 %
2021 1.30 % 1.40 % 13.43 15.19 37,904 535,980 -0.66 % -0.56 % 2.58 %
(1) Reflects less than a full year of activity. Funds were first received in this option on the commencement date noted or the option was inactive at the date funds were received thereby a succeeding commencement date is disclosed. In the scenario where a subaccount commenced operations during the year, the total returns may not bear proportion to the fee rate range if multiple fee rates commenced during the year.
(2) These amounts represent the annualized minimum and maximum contract expenses of the separate account, consisting primarily of mortality and expense charges, for only those subaccounts that existed for the entire year. In the scenario where a subaccount commenced operations during the year, the range only includes those subaccounts that contained investments as of the end of the year. 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 funds have been excluded.
(3) As the unit value is presented as a range of minimum to maximum values for only those subaccounts which existed for the entire year, some individual contract unit values may not be within the ranges presented as a result of partial year activity. In the scenario where a subaccount commenced operations during the year, the range only includes those subaccounts that contained investments as of the end of the year.
(4) These amounts represent the total return, including changes in value of mutual funds, and reflect deductions for all items included in the fee rate. The total return does not include contract charges deducted directly from policy account values. The total return is not annualized. As the total return is presented as a range of minimum to maximum values for only those subaccounts that existed for the entire year, some individual contract total returns may not be within the ranges presented as a result of partial year activity. In the scenario where a subaccount commenced operations during the year, the range only includes those subaccounts that contained investments as of the end of the year.
(5) These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense guarantee 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. Investment income ratios are not annualized.
Note: Fee rate, unit value and total return minimum and maximum are the same where there is only one active contract level charge for the subaccount.
S-8
CG Variable Annuity Separate Account II
Notes to financial statements (continued)
4. Purchases and Sales of Investments
The aggregate cost of investments purchased and the aggregate proceeds from investments sold were as follows for 2025:
Subaccount Aggregate Cost of Purchases ($) Aggregate Proceeds from Sales ($)
Alger Capital Appreciation Portfolio - Class I-2 656,675 109,701
Alger Large Cap Growth Portfolio - Class I-2 732,395 432,350
Alger Mid Cap Growth Portfolio - Class I-2 21,740 328,361
Alger Small Cap Growth Portfolio - Class I-2 46,000 233,693
Fidelity® VIP Asset Manager 50% Portfolio - Initial Class 17,520 4,345
Fidelity® VIP Contrafund® Portfolio - Initial Class 480,746 530,193
Fidelity® VIP Equity-Income Portfolio - Initial Class 430,382 830,586
Fidelity® VIP Government Money Market Portfolio - Initial Class 93,638 155,233
Fidelity® VIP Growth Opportunities Portfolio - Initial Class 67,181 252,163
Fidelity® VIP High Income Portfolio - Initial Class 70,115 39,605
Fidelity® VIP Investment Grade Bond Portfolio - Initial Class 101,565 318,081
Fidelity® VIP Overseas Portfolio - Initial Class 193,937 182,658
Goldman Sachs VIT Government Money Market Fund - Institutional Shares 87,458 269,748
MFS® VIT Growth Series - Initial Class 263,305 167,404
MFS® VIT Investors Trust Series - Initial Class 693,918 223,116
MFS® VIT Research Series - Initial Class 349,885 266,674
MFS® VIT Total Return Series - Initial Class 432,574 581,317
MFS® VIT Utilities Series - Initial Class 55,254 366,021
MFS® VIT II Income Portfolio - Initial Class 14,942 4,780
Neuberger Berman AMT Mid Cap Growth Portfolio - I Class 78,399 9,329
Neuberger Berman AMT Quality Equity Portfolio - I Class 234,008 549,611
Neuberger Berman AMT Short Duration Bond Portfolio - I Class 25,238 167,823
S-9
CG Variable Annuity Separate Account II
Notes to financial statements (continued)
5. Investments
The following is a summary of investments owned at December 31, 2025:
Subaccount Shares Owned Net Asset Value ($) Fair Value of Shares ($) Cost of Shares ($)
Alger Capital Appreciation Portfolio - Class I-2 32,271 128.85 4,158,175 2,536,174
Alger Large Cap Growth Portfolio - Class I-2 65,965 103.17 6,805,640 4,261,509
Alger Mid Cap Growth Portfolio - Class I-2 187,916 23.82 4,476,168 3,943,520
Alger Small Cap Growth Portfolio - Class I-2 60,295 18.64 1,123,897 1,490,731
Fidelity® VIP Asset Manager 50% Portfolio - Initial Class 15,166 17.62 267,219 228,397
Fidelity® VIP Contrafund® Portfolio - Initial Class 51,414 59.89 3,079,166 2,067,985
Fidelity® VIP Equity-Income Portfolio - Initial Class 207,812 29.43 6,115,906 4,843,022
Fidelity® VIP Government Money Market Portfolio - Initial Class 763,438 1.00 763,438 763,438
Fidelity® VIP Growth Opportunities Portfolio - Initial Class 16,684 99.75 1,664,239 702,464
Fidelity® VIP High Income Portfolio - Initial Class 163,492 4.88 797,839 928,145
Fidelity® VIP Investment Grade Bond Portfolio - Initial Class 79,538 11.36 903,547 982,686
Fidelity® VIP Overseas Portfolio - Initial Class 52,281 27.52 1,438,776 1,147,401
Goldman Sachs VIT Government Money Market Fund - Institutional Shares 688,287 1.00 688,287 688,286
MFS® VIT Growth Series - Initial Class 22,235 67.85 1,508,668 1,050,771
MFS® VIT Investors Trust Series - Initial Class 55,827 26.16 1,460,424 1,459,997
MFS® VIT Research Series - Initial Class 32,962 30.49 1,005,001 874,285
MFS® VIT Total Return Series - Initial Class 145,785 23.33 3,401,156 3,127,165
MFS® VIT Utilities Series - Initial Class 31,562 37.73 1,190,852 919,883
MFS® VIT II Income Portfolio - Initial Class 28,326 8.54 241,902 271,077
Neuberger Berman AMT Mid Cap Growth Portfolio - I Class 20,332 28.99 589,439 537,789
Neuberger Berman AMT Quality Equity Portfolio - I Class 64,369 42.76 2,752,438 1,808,169
Neuberger Berman AMT Short Duration Bond Portfolio - I Class 30,930 9.67 299,096 333,265
S-10
CG Variable Annuity Separate Account II
Notes to financial statements (continued)
6. Changes in Units Outstanding
The change in units outstanding for the year ended December 31, 2025, is as follows:
Subaccount Units Issued Units Redeemed Net Increase (Decrease)
Alger Capital Appreciation Portfolio - Class I-2 9 (240) (231)
Alger Large Cap Growth Portfolio - Class I-2 - (3,355) (3,355)
Alger Mid Cap Growth Portfolio - Class I-2 249 (2,849) (2,600)
Alger Small Cap Growth Portfolio - Class I-2 871 (5,114) (4,243)
Fidelity® VIP Asset Manager 50% Portfolio - Initial Class - (22) (22)
Fidelity® VIP Contrafund® Portfolio - Initial Class - (3,792) (3,792)
Fidelity® VIP Equity-Income Portfolio - Initial Class 45 (11,879) (11,834)
Fidelity® VIP Government Money Market Portfolio - Initial Class 4,723 (10,762) (6,039)
Fidelity® VIP Growth Opportunities Portfolio - Initial Class 592 (2,473) (1,881)
Fidelity® VIP High Income Portfolio - Initial Class 862 (1,300) (438)
Fidelity® VIP Investment Grade Bond Portfolio - Initial Class 4,077 (13,747) (9,670)
Fidelity® VIP Overseas Portfolio - Initial Class 1,548 (5,180) (3,632)
Goldman Sachs VIT Government Money Market Fund - Institutional Shares 4,990 (24,104) (19,114)
MFS® VIT Growth Series - Initial Class - (1,554) (1,554)
MFS® VIT Investors Trust Series - Initial Class 1,759 (3,540) (1,781)
MFS® VIT Research Series - Initial Class 1,206 (3,766) (2,560)
MFS® VIT Total Return Series - Initial Class 1,504 (10,738) (9,234)
MFS® VIT Utilities Series - Initial Class 68 (3,449) (3,381)
MFS® VIT II Income Portfolio - Initial Class 210 (77) 133
Neuberger Berman AMT Mid Cap Growth Portfolio - I Class 28 (24) 4
Neuberger Berman AMT Quality Equity Portfolio - I Class 744 (6,693) (5,949)
Neuberger Berman AMT Short Duration Bond Portfolio - I Class 551 (11,161) (10,610)
S-11
CG Variable Annuity Separate Account II
Notes to financial statements (continued)
6. Changes in Units Outstanding (continued)
The change in units outstanding for the year ended December 31, 2024, is as follows:
Subaccount Units Issued Units Redeemed Net Increase (Decrease)
Alger Capital Appreciation Portfolio - Class I-2 2 (1,087) (1,085)
Alger Large Cap Growth Portfolio - Class I-2 82 (6,560) (6,478)
Alger Mid Cap Growth Portfolio - Class I-2 7 (3,815) (3,808)
Alger Small Cap Growth Portfolio - Class I-2 578 (4,778) (4,200)
Fidelity® VIP Asset Manager 50% Portfolio - Initial Class - (467) (467)
Fidelity® VIP Contrafund® Portfolio - Initial Class 562 (3,339) (2,777)
Fidelity® VIP Equity-Income Portfolio - Initial Class 964 (8,695) (7,731)
Fidelity® VIP Government Money Market Portfolio - Initial Class 82 (3,134) (3,052)
Fidelity® VIP Growth Opportunities Portfolio - Initial Class 1,596 (6,680) (5,084)
Fidelity® VIP High Income Portfolio - Initial Class 61 (1,919) (1,858)
Fidelity® VIP Investment Grade Bond Portfolio - Initial Class 8,399 (2,730) 5,669
Fidelity® VIP Overseas Portfolio - Initial Class 611 (6,066) (5,455)
Goldman Sachs VIT Government Money Market Fund - Institutional Shares 3,525 (11,679) (8,154)
MFS® VIT Growth Series - Initial Class 4 (4,840) (4,836)
MFS® VIT Investors Trust Series - Initial Class - (729) (729)
MFS® VIT Research Series - Initial Class 7 (4,123) (4,116)
MFS® VIT Total Return Series - Initial Class 10,556 (13,414) (2,858)
MFS® VIT Utilities Series - Initial Class 165 (8,415) (8,250)
MFS® VIT II Income Portfolio - Initial Class 797 (61) 736
Neuberger Berman AMT Mid Cap Growth Portfolio - I Class 13 (576) (563)
Neuberger Berman AMT Quality Equity Portfolio - I Class 186 (10,093) (9,907)
Neuberger Berman AMT Short Duration Bond Portfolio - I Class 670 (3,739) (3,069)
7. Subsequent Events
Management evaluated subsequent events through April 29, 2026, the date at which the Variable Account's financial statements were available to be issued and determined there were no additional matters to be disclosed.
S-12


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Board of Directors of
Connecticut General Life Insurance Company
and Contract Owners of CG Variable
Annuity Separate Account II

Opinion on the Financial Statements

We have audited the accompanying statements of net assets of each of the subaccounts listed in the Appendix that comprise the CG Variable Annuity Separate Account II (the Account) as of December 31, 2025, the related statements of operations for the year then ended, the statement of changes in net assets for the year then ended and the related notes (collectively referred to as the "financial statements"), and the financial highlights for the year then ended. In our opinion, the 2025 financial statements present fairly, in all material respects, the financial position of each of the subaccounts constituting CG Variable Annuity Separate Account II at December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for the period then ended, and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

The statement of changes in net assets of the Account for the year ended December 31, 2024, and the financial highlights of the Account for each of the four years in the period then ended December 31, 2024, in Note 3, were derived from financial statements audited by other auditors whose report dated April 24, 2025, expressed an unqualified opinion on those financial statements.

Basis for Opinion

These financial statements and the financial highlights are the responsibility of the Account's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. 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 Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit 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. The Account is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, 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 Account's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit 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 audit also included evaluating the accounting principles used

and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audit provide a reasonable basis for our opinion.

We have served as the Account's auditor since 2026.

/s/ MITCHELL & TITUS, LLP
Philadelphia, PA
April 29, 2026

2000 Market Street,
Philadelphia, PA 19103
T +1 215 561 7300
F +1 215 569 8709
mitchelltitus.com
S-13


APPENDIX

List of Subaccounts

•Alger Capital Appreciation Portfolio - Class I-2
•Alger Large Cap Growth Portfolio - Class I-2
•Alger Mid Cap Growth Portfolio - Class I-2
•Alger Small Cap Growth Portfolio - Class I-2
•Fidelity VIP Asset Manager Portfolio - Initial Class
•Fidelity VIP Contrafund Portfolio - Initial Class
•Fidelity VIP Equity-Income Portfolio - Initial Class
•Fidelity VIP Government Money Market Portfolio - Initial Class
•Fidelity VIP Growth Opportunities Portfolio - Initial Class
•Fidelity VIP High Income Portfolio - Initial Class
•Fidelity VIP Investment Grade Bond Portfolio - Initial Class
•Fidelity VIP Overseas Portfolio - Initial Class
•Goldmans Sachs VIT Government Money Market Fund - Institutional Share
•MFS VIT Growth Series - Initial Class
•MFS VIT Investors Trust Series - Initial Class
•MFS VIT Research Series - Initial Class
•MFS VIT Total Return Series - Initial Class
•MFS VIT Utilities Series - Initial Class
•MFS VIT II Income Portfolio - Initial Class
•Neuberger Berman AMT Mid Cap Growth Portfolio - I Class
•Neuberger Berman AMT Short Duration Bond Portfolio - I Class
•Neuberger Berman AMT Sustainable Equity Portfolio - I Class

S-14
CG Variable Annuity Separate Account II published this content on April 29, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 29, 2026 at 20:17 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]