Protective NY COLI VUL

04/17/2025 | Press release | Distributed by Public on 04/17/2025 14:57

Financial Statements by Insurance Company (Form N-VPFS)

Protective NY COLI VUL

Financial Statements

Year Ended December 31, 2024

(With Report of Independent Registered Public Accounting Firm Thereon)

Report of Independent Registered Public Accounting Firm

To the Policy Owners of Protective NY COLI VUL and the Board of
Directors of Protective Life and Annuity Insurance Company:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the subaccounts listed in Appendix A that comprise Protective NY COLI VUL (the Separate Account) as of December 31, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the four-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Separate Account as of December 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the four-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights 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 and financial highlights, 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. Such procedures also included confirmation of securities owned as of December 31, 2024, by correspondence with the underlying mutual funds or their transfer agents; when replies were not received, we performed other auditing procedures. 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 and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more Protective Life and Annuity Insurance Company Separate Accounts since 2019.

Birmingham, Alabama
April 17, 2025

1

Appendix A

The subaccounts that comprise Protective NY COLI VUL were audited according to varying periods as defined in the table below:

Subaccount Statement of Assets
and Liabilities
Statement of
Operations
Statements of Changes in
Net Assets
American Funds IS International Fund, Class 2 As of December 31, 2024 For the year then ended December 31, 2024 For each of the years in the two-year period then ended December 31, 2024
BlackRock Global Allocation V.I. Fund, Class I As of December 31, 2024 For the year then ended December 31, 2024 For each of the years in the two-year period then ended December 31, 2024
BlackRock High Yield V.I., Class I As of December 31, 2024 For the year then ended December 31, 2024 For each of the years in the two-year period then ended December 31, 2024
DWS Small Cap Index VIP, Class A As of December 31, 2024 For the year then ended December 31, 2024 For each of the years in the two-year period then ended December 31, 2024
Eaton Vance VT Floating-Rate Income, Initial Class As of December 31, 2024 For the year then ended December 31, 2024 For each of the years in the two-year period then ended December 31, 2024
Empower International Index Fund, Investor Class As of December 31, 2024 For the year then ended December 31, 2024 For each of the years in the two-year period then ended December 31, 2024
Empower Real Estate Index Fund, Investor Class As of December 31, 2024 For the year then ended December 31, 2024 For each of the years in the two-year period then ended December 31, 2024
Fidelity VIP Emerging Markets Portfolio, Service Class 2 As of December 31, 2024 For the year then ended December 31, 2024 For each of the years in the two-year period then ended December 31, 2024
Fidelity VIP Extended Market Index Portfolio, Service Class 2 As of December 31, 2024 For the year then ended December 31, 2024 For each of the years in the two-year period then ended December 31, 2024
2
Fidelity VIP Index 500 Portfolio, Initial Class As of December 31, 2024 For the year then ended December 31, 2024 For each of the years in the two-year period then ended December 31, 2024
MFS International Growth Portfolio, Initial Class As of December 31, 2024 For the year then ended December 31, 2024 For each of the years in the two-year period then ended December 31, 2024
PIMCO Global Bond Opportunities Portfolio (Unhedged), Admin Class As of December 31, 2024 For the year then ended December 31, 2024 For each of the years in the two-year period then ended December 31, 2024
PIMCO High Yield Portfolio, Admin Class As of December 31, 2024 For the year then ended December 31, 2024 For each of the years in the two-year period then ended December 31, 2024
PIMCO Low Duration Portfolio, Admin Class As of December 31, 2024 For the year then ended December 31, 2024 For each of the years in the two-year period then ended December 31, 2024
PIMCO Real Return Portfolio, Admin Class As of December 31, 2024 For the year then ended December 31, 2024 For each of the years in the two-year period then ended December 31, 2024
PIMCO Total Return Portfolio, Admin Class As of December 31, 2024 For the year then ended December 31, 2024 For each of the years in the two-year period then ended December 31, 2024
Vanguard VIF Global Bond Index Portfolio As of December 31, 2024 For the year then ended December 31, 2024 For each of the years in the two-year period then ended December 31, 2024
Vanguard VIF Total Bond Market Index Portfolio As of December 31, 2024 For the year then ended December 31, 2024 For each of the years in the two-year period then ended December 31, 2024
3
PROTECTIVE NY COLI VUL
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2024
SUBACCOUNTS
American Funds IS International Fund, Class 2 BlackRock Global Allocation V.I. Fund, Class I BlackRock High Yield V.I., Class I DWS Small Cap Index VIP, Class A Eaton Vance VT Floating-Rate Income, Initial Class Empower International Index Fund, Investor Class Empower Real Estate Index Fund, Investor Class
ASSETS:
Investments at fair value (1) $ 12,374 $ 26,505 $ 5,307 $ 11,076 $ 13,130 $ 12,513 $ 13,741
Receivable from dividends - - 31 - - - -
Total assets 12,374 26,505 5,338 11,076 13,130 12,513 13,741
LIABILITIES:
Payable to the Company - - - - - - -
Total liabilities - - - - - - -
NET ASSETS $ 12,374 $ 26,505 $ 5,338 $ 11,076 $ 13,130 $ 12,513 $ 13,741
Fair value per share (NAV) $ 17.75 $ 16.48 $ 6.91 $ 14.52 $ 8.61 $ 12.44 $ 12.09
Shares outstanding in the Separate Account 697 1,608 768 763 1,525 1,006 1,137
(1) Investments in mutual fund shares, at cost $ 12,477 $ 26,776 $ 5,215 $ 10,281 $ 13,164 $ 12,689 $ 13,216
Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.
(Continued)

See accompanying notes to financial statements.

4
PROTECTIVE NY COLI VUL
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2024
SUBACCOUNTS
Fidelity VIP Emerging Markets Portfolio, Service
Class 2
Fidelity VIP Extended Market Index Portfolio, Service
Class 2
Fidelity VIP Index 500 Portfolio, Initial Class MFS International Growth Portfolio, Initial Class PIMCO Global Bond Opportunities Portfolio (Unhedged), Admin Class PIMCO High Yield Portfolio, Admin Class PIMCO Low Duration Portfolio, Admin Class
ASSETS:
Investments at fair value (1) $ 18,670 $ 16,861 $ 44,363 $ 13,182 $ 17,346 $ 5,289 $ 5,102
Receivable from dividends - - - - - - -
Total assets 18,670 16,861 44,363 13,182 17,346 5,289 5,102
LIABILITIES:
Payable to the Company - - 1 - - - -
Total liabilities - - 1 - - - -
NET ASSETS $ 18,670 $ 16,861 $ 44,362 $ 13,182 $ 17,346 $ 5,289 $ 5,102
Fair value per share (NAV) $ 11.47 $ 14.29 $ 569.52 $ 15.79 $ 9.24 $ 7.24 $ 9.64
Shares outstanding in the Separate Account 1,628 1,180 78 835 1,877 731 529
(1) Investments in mutual fund shares, at cost $ 17,378 $ 14,654 $ 38,513 $ 12,428 $ 17,633 $ 5,189 $ 5,060
Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.
(Continued)

See accompanying notes to financial statements.

5
PROTECTIVE NY COLI VUL
STATEMENTS OF ASSETS AND LIABILITIES
AS OF DECEMBER 31, 2024
SUBACCOUNTS
PIMCO Real Return Portfolio, Admin Class PIMCO Total Return Portfolio, Admin Class Vanguard VIF Global Bond Index Portfolio Vanguard VIF Total Bond Market Index Portfolio
ASSETS:
Investments at fair value (1) $ 5,003 $ 30,420 $ 7,588 $ 7,538
Receivable from dividends - - - -
Total assets 5,003 30,420 7,588 7,538
LIABILITIES:
Payable to the Company - - - -
Total liabilities - - - -
NET ASSETS $ 5,003 $ 30,420 $ 7,588 $ 7,538
Fair value per share (NAV) $ 11.51 $ 9.04 $ 18.41 $ 10.46
Shares outstanding in the Separate Account 435 3,365 412 721
(1) Investments in mutual fund shares, at cost $ 4,993 $ 30,394 $ 7,407 $ 7,391
Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.
(Concluded)

See accompanying notes to financial statements.

6
PROTECTIVE NY COLI VUL
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2024
SUBACCOUNTS
American Funds IS International Fund, Class 2 BlackRock Global Allocation V.I. Fund, Class I BlackRock High Yield V.I., Class I DWS Small Cap Index VIP, Class A Eaton Vance VT Floating-Rate Income, Initial Class Empower International Index Fund, Investor Class Empower Real Estate Index Fund, Investor Class
INVESTMENT INCOME:
Dividend income $ 160 $ 364 $ 345 $ 144 $ 955 $ 264 $ 363
TOTAL INVESTMENT INCOME 160 364 345 144 955 264 363
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments 339 668 56 316 21 281 363
Capital gain distributions - 1,710 - 337 - 14 535
Net realized gain (loss) on investments 339 2,378 56 653 21 295 898
Change in net unrealized appreciation (depreciation) on investments (328 ) (738 ) 20 454 (78 ) (346 ) 131
Net realized and unrealized gain (loss) on investments 11 1,640 76 1,107 (57 ) (51 ) 1,029
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 171 $ 2,004 $ 421 $ 1,251 $ 898 $ 213 $ 1,392
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)

See accompanying notes to financial statements.

7
PROTECTIVE NY COLI VUL
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2024
SUBACCOUNTS
Fidelity VIP Emerging Markets Portfolio, Service
Class 2
Fidelity VIP Extended Market Index Portfolio, Service
Class 2
Fidelity VIP Index 500 Portfolio, Initial Class MFS International Growth Portfolio, Initial Class PIMCO Global Bond Opportunities Portfolio (Unhedged), Admin Class PIMCO High Yield Portfolio, Admin Class PIMCO Low Duration Portfolio, Admin Class
INVESTMENT INCOME:
Dividend income $ 226 $ 196 $ 488 $ 142 $ 613 $ 289 $ 192
TOTAL INVESTMENT INCOME 226 196 488 142 613 289 192
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments 532 490 2,358 251 55 59 16
Capital gain distributions - - 26 46 - - -
Net realized gain (loss) on investments 532 490 2,384 297 55 59 16
Change in net unrealized appreciation (depreciation) on investments 1,022 1,299 4,958 656 (532 ) 18 17
Net realized and unrealized gain (loss) on investments 1,554 1,789 7,342 953 (477 ) 77 33
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 1,780 $ 1,985 $ 7,830 $ 1,095 $ 136 $ 366 $ 225
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)

See accompanying notes to financial statements.

8
PROTECTIVE NY COLI VUL
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2024
SUBACCOUNTS
PIMCO Real Return Portfolio, Admin Class PIMCO Total Return Portfolio, Admin Class Vanguard VIF Global Bond Index Portfolio Vanguard VIF Total Bond Market Index Portfolio
INVESTMENT INCOME:
Dividend income $ 139 $ 1,186 $ 124 $ 120
TOTAL INVESTMENT INCOME 139 1,186 124 120
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments 10 146 48 41
Capital gain distributions - - 5 -
Net realized gain (loss) on investments 10 146 53 41
Change in net unrealized appreciation (depreciation) on investments (10 ) (296 ) 59 32
Net realized and unrealized gain (loss) on investments - (150 ) 112 73
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 139 $ 1,036 $ 236 $ 193
Note: Totals may not appear to foot/crossfoot due to rounding.
(Concluded)

See accompanying notes to financial statements.

9
PROTECTIVE NY COLI VUL
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2024
SUBACCOUNTS
American Funds IS International Fund, Class 2 BlackRock Global Allocation V.I. Fund, Class I BlackRock High Yield V.I., Class I DWS Small Cap Index VIP, Class A Eaton Vance VT Floating-Rate Income, Initial Class Empower International Index Fund, Investor Class Empower Real Estate Index Fund, Investor Class
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Total investment income $ 160 $ 364 $ 345 $ 144 $ 955 $ 264 $ 363
Net realized gain (loss) on investments 339 2,378 56 653 21 295 898
Change in net unrealized appreciation (depreciation) on investments (328 ) (738 ) 20 454 (78 ) (346 ) 131
Net increase (decrease) in net assets resulting from operations 171 2,004 421 1,251 898 213 1,392
POLICY TRANSACTIONS:
Policy owners' net payments 10,819 21,638 4,328 8,655 10,819 10,819 10,819
Policy maintenance charges (3,219 ) (6,452 ) (1,270 ) (2,665 ) (3,139 ) (3,213 ) (3,233 )
Net transfers (to) from the Company and/or Subaccounts - 1 - - (1 ) - (1 )
Increase (decrease) in net assets resulting from Policy transactions 7,600 15,187 3,058 5,990 7,679 7,606 7,585
Total increase (decrease) in net assets 7,771 17,191 3,479 7,241 8,577 7,819 8,977
NET ASSETS:
Beginning of period 4,603 9,314 1,859 3,835 4,553 4,694 4,764
End of period $ 12,374 $ 26,505 $ 5,338 $ 11,076 $ 13,130 $ 12,513 $ 13,741
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)

See accompanying notes to financial statements.

10
PROTECTIVE NY COLI VUL
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2024
SUBACCOUNTS
Fidelity VIP Emerging Markets Portfolio, Service
Class 2
Fidelity VIP Extended Market Index Portfolio, Service
Class 2
Fidelity VIP Index 500 Portfolio, Initial Class MFS International Growth Portfolio, Initial Class PIMCO Global Bond Opportunities Portfolio (Unhedged), Admin Class PIMCO High Yield Portfolio, Admin Class PIMCO Low Duration Portfolio, Admin Class
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Total investment income $ 226 $ 196 $ 488 $ 142 $ 613 $ 289 $ 192
Net realized gain (loss) on investments 532 490 2,384 297 55 59 16
Change in net unrealized appreciation (depreciation) on investments 1,022 1,299 4,958 656 (532 ) 18 17
Net increase (decrease) in net assets resulting from operations 1,780 1,985 7,830 1,095 136 366 225
POLICY TRANSACTIONS:
Policy owners' net payments 15,147 7,027 38,413 10,819 15,147 4,328 4,328
Policy maintenance charges (4,677 ) (3,361 ) (10,965 ) (3,283 ) (4,305 ) (1,263 ) (1,236 )
Net transfers (to) from the Company and/or Subaccounts - 1 - - - - -
Increase (decrease) in net assets resulting from Policy transactions 10,470 3,667 27,448 7,536 10,842 3,065 3,092
Total increase (decrease) in net assets 12,250 5,652 35,278 8,631 10,978 3,431 3,317
NET ASSETS:
Beginning of period 6,420 11,209 9,084 4,551 6,368 1,858 1,785
End of period $ 18,670 $ 16,861 $ 44,362 $ 13,182 $ 17,346 $ 5,289 $ 5,102
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)

See accompanying notes to financial statements.

11
PROTECTIVE NY COLI VUL
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2024
SUBACCOUNTS
PIMCO Real Return Portfolio, Admin Class PIMCO Total Return Portfolio, Admin Class Vanguard VIF Global Bond Index Portfolio Vanguard VIF Total Bond Market Index Portfolio
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Total investment income $ 139 $ 1,186 $ 124 $ 120
Net realized gain (loss) on investments 10 146 53 41
Change in net unrealized appreciation (depreciation) on investments (10 ) (296 ) 59 32
Net increase (decrease) in net assets resulting from operations 139 1,036 236 193
POLICY TRANSACTIONS:
Policy owners' net payments 4,328 25,966 6,491 6,491
Policy maintenance charges (1,234 ) (7,439 ) (1,852 ) (1,850 )
Net transfers (to) from the Company and/or Subaccounts (1 ) - 1 1
Increase (decrease) in net assets resulting from Policy transactions 3,093 18,527 4,640 4,642
Total increase (decrease) in net assets 3,232 19,563 4,876 4,835
NET ASSETS:
Beginning of period 1,771 10,857 2,712 2,703
End of period $ 5,003 $ 30,420 $ 7,588 $ 7,538
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)

See accompanying notes to financial statements.

12
PROTECTIVE NY COLI VUL
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS
American Funds IS International Fund, Class 2 BlackRock Global Allocation V.I. Fund, Class I BlackRock High Yield V.I., Class I DWS Small Cap Index VIP, Class A Eaton Vance VT Floating-Rate Income, Initial Class Empower International Index Fund, Investor Class Empower Real Estate Index Fund, Investor Class
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Total investment income $ 57 $ 209 $ 91 $ 29 $ 286 $ 110 $ 62
Net realized gain (loss) on investments 30 42 (13 ) (26 ) 1 138 (83 )
Change in net unrealized appreciation (depreciation) on investments 225 466 72 341 44 170 394
Net increase (decrease) in net assets resulting from operations 312 717 150 344 331 418 373
POLICY TRANSACTIONS:
Policy owners' net payments 6,840 13,680 2,736 5,472 6,840 6,840 6,840
Policy maintenance charges (2,551 ) (5,084 ) (1,028 ) (1,982 ) (2,619 ) (2,565 ) (2,450 )
Net transfers (to) from the Company and/or Subaccounts 2 1 1 1 1 1 1
Increase (decrease) in net assets resulting from Policy transactions 4,291 8,597 1,709 3,491 4,222 4,276 4,391
Total increase (decrease) in net assets 4,603 9,314 1,859 3,835 4,553 4,694 4,764
NET ASSETS:
Beginning of period - - - - - - -
End of period $ 4,603 $ 9,314 $ 1,859 $ 3,835 $ 4,553 $ 4,694 $ 4,764
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)

See accompanying notes to financial statements.

13
PROTECTIVE NY COLI VUL
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS
Fidelity VIP Emerging Markets Portfolio, Service
Class 2
Fidelity VIP Extended Market Index Portfolio, Service
Class 2
Fidelity VIP Index 500 Portfolio, Initial Class MFS International Growth Portfolio, Initial Class PIMCO Global Bond Opportunities Portfolio (Unhedged), Admin Class PIMCO High Yield Portfolio, Admin Class PIMCO Low Duration Portfolio, Admin Class
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Total investment income $ 125 $ 170 $ 130 $ 47 $ 108 $ 77 $ 50
Net realized gain (loss) on investments (161 ) (1 ) 669 110 (93 ) (17 ) (6 )
Change in net unrealized appreciation (depreciation) on investments 270 908 892 98 245 82 25
Net increase (decrease) in net assets resulting from operations 234 1,077 1,691 255 260 142 69
POLICY TRANSACTIONS:
Policy owners' net payments 9,576 12,400 16,329 6,840 9,576 2,736 2,736
Policy maintenance charges (3,390 ) (2,267 ) (8,937 ) (2,544 ) (3,468 ) (1,020 ) (1,020 )
Net transfers (to) from the Company and/or Subaccounts - (1 ) 1 - - - -
Increase (decrease) in net assets resulting from Policy transactions 6,186 10,132 7,393 4,296 6,108 1,716 1,716
Total increase (decrease) in net assets 6,420 11,209 9,084 4,551 6,368 1,858 1,785
NET ASSETS:
Beginning of period - - - - - - -
End of period $ 6,420 $ 11,209 $ 9,084 $ 4,551 $ 6,368 $ 1,858 $ 1,785
Note: Totals may not appear to foot/crossfoot due to rounding.
(Continued)

See accompanying notes to financial statements.

14
PROTECTIVE NY COLI VUL
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2023
SUBACCOUNTS
PIMCO Real Return Portfolio, Admin Class PIMCO Total Return Portfolio, Admin Class Vanguard VIF Global Bond Index Portfolio Vanguard VIF Total Bond Market Index Portfolio
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Total investment income $ 42 $ 291 $ 23 $ 29
Net realized gain (loss) on investments (21 ) (182 ) (29 ) (47 )
Change in net unrealized appreciation (depreciation) on investments 20 322 122 115
Net increase (decrease) in net assets resulting from operations 41 431 116 97
POLICY TRANSACTIONS:
Policy owners' net payments 2,736 16,416 4,104 4,104
Policy maintenance charges (1,006 ) (5,990 ) (1,508 ) (1,497 )
Net transfers (to) from the Company and/or Subaccounts - - - (1 )
Increase (decrease) in net assets resulting from Policy transactions 1,730 10,426 2,596 2,606
Total increase (decrease) in net assets 1,771 10,857 2,712 2,703
NET ASSETS:
Beginning of period - - - -
End of period $ 1,771 $ 10,857 $ 2,712 $ 2,703
Note: Totals may not appear to foot/crossfoot due to rounding.
(Concluded)

See accompanying notes to financial statements.

15

PROTECTIVE NY COLI VUL

NOTES TO FINANCIAL STATEMENTS

YEAR ENDED DECEMBER 31, 2024

1. ORGANIZATION

The Protective NY COLI VUL (the "Separate Account"), a segregated unit investment trust registered under the Investment Company Act of 1940, as amended, was established by Protective Life and Annuity Insurance Company ("PLAIC" or the "Company") on December 17, 2021 and exists in accordance with the regulations of the Alabama Department of Insurance. The Company is a wholly owned subsidiary of Protective Life Insurance Company ("PLICO"). PLICO is a wholly owned subsidiary of Protective Life Corporation ("PLC"). PLC is a wholly owned subsidiary of Dai-ichi Life International Holding, LLC, a godo kaisha organized under the laws of Japan.

Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from the Company's other assets and liabilities. The portion of the Separate Account's assets applicable to the variable life policies (the "Policies") is not chargeable with liabilities arising out of any other business the Company may conduct.

The Separate Account is a funding vehicle for individual variable life insurance Policies; it consists of a number of subaccounts (the "Subaccounts"), also commonly referred to as investment divisions or funds, each of which is treated as an individual accounting entity for financial reporting purposes. The Separate Account's value at any time is allocated among Policy owners based on the number and value of their units representing their interest in the Subaccounts of the Separate Account; all of the investible assets of the Separate Account are invested in the corresponding mutual funds.

The Separate Account has identified the Chief Product Officer - Protection Division as the chief operating decision maker ("CODM"). The Separate Account is comprised of multiple Subaccounts, each of which constitutes an operating segment. The CODM uses significant performance measures of the Subaccounts, such as the total return ratio, investment income ratio, and expense ratio to make operational decisions for the Separate Account. Segment assets are reflected on the Statements of Assets and Liabilities as Total assets, and significant segment expenses are listed on the Statements of Operations.

Policy owners may allocate some or all of the applicable net payments or transfer some or all of the Policy value to the Company's guaranteed account, which is not included in these financial statements. The assets of the Company support its insurance and annuity obligations and are subject to the Company's general liabilities from business operations.

Policy owners' net payments are allocated to the Subaccounts in accordance with Policy owner instructions and are recorded as Policy owners' net payments in the Statements of Changes in Net Assets. Such amounts are used to provide account funds to pay Policy values under the Policies.

The following is the variable life insurance product funded by the Separate Account:

Protective Executive Benefits Registered VUL NY

For the years or periods ended December 31, 2024 and 2023, the Separate Account was invested in up to 18 Subaccounts, as follows:

American Funds IS International Fund, Class 2

BlackRock Global Allocation V.I. Fund, Class I

BlackRock High Yield V.I., Class I

DWS Small Cap Index VIP, Class A

Eaton Vance VT Floating-Rate Income, Initial Class

Empower International Index Fund, Investor Class

16

Empower Real Estate Index Fund, Investor Class

Fidelity VIP Emerging Markets Portfolio, Service Class 2

Fidelity VIP Extended Market Index Portfolio, Service Class 2

Fidelity VIP Index 500 Portfolio, Initial Class

MFS International Growth Portfolio, Initial Class

PIMCO Global Bond Opportunities Portfolio (Unhedged), Admin Class

PIMCO High Yield Portfolio, Admin Class

PIMCO Low Duration Portfolio, Admin Class

PIMCO Real Return Portfolio, Admin Class

PIMCO Total Return Portfolio, Admin Class

Vanguard VIF Global Bond Index Portfolio

Vanguard VIF Total Bond Market Index Portfolio

The Separate Account is an investment company and, therefore, applies specialized accounting guidance in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 "Financial Services - Investment Companies".

17
2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies of the Separate Account.

Investment valuation

Investments are made and measured in shares and are presented net of management fees and other operating expenses incurred by the Subaccounts. The investments are valued at the net asset values of the mutual funds, which value their investment securities at fair value. Transactions with the mutual funds are recognized on the trade date.

The Separate Account classifies its valuations into three levels based upon the observability of inputs to the valuation of the Separate Account's investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

Level 1 - Unadjusted quoted prices for identical securities in active markets.

Level 2 - Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. These may include quoted prices for similar assets in active markets.

Level 3 - Unobservable inputs to the extent observable inputs are not available and may include prices obtained from single broker quotes. Unobservable inputs reflect the reporting entity's own assumptions and would be based on the best information available under the circumstances.

The Separate Account determines the fair values of certain financial assets based on quoted market prices. All of the investments in the Subaccounts of the Separate Account are classified as Level 1 in the fair value hierarchy and consist of open-ended mutual funds. Participants may, without restriction, transact at the daily net asset value ("NAV") of the mutual funds. The NAV represents the daily per share value based on the fair value of the underlying portfolio of investments of the respective Subaccounts.

Receivables and payables from (to) the Policies and the fund manager

Receivables and payables from (to) the Policies and the fund manager include trading activity initiated at the Policy level from the last business day of the year that has not yet been settled with the fund manager.

Receivable from dividends

Receivable from dividends include dividends declared by the fund managers that have not yet been reinvested in accordance with the Subaccounts' designated reinvestment dates.

Receivables and payables from (to) the Company

Receivables and payables from (to) the Company include accruals for pending claims payouts and accruals for the variance between investments and reserves applicable to the Subaccount.

Dividend income and capital gain distributions

Dividend income and capital gain distributions are recorded on the ex-dividend date and are reinvested in additional shares of the mutual funds. Ordinary dividend and capital gain distributions are recognized within net investment income and net realized gains, respectively, as recorded in the financial statements of the Subaccounts.

Net realized gains and losses

Net realized gains and losses on investments include gains and losses on redemptions of the Subaccounts' shares (determined for each product using the first-in-first-out (FIFO) basis) and capital gain distributions from the mutual funds.

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Net transfers (to) from the Company and/or Subaccounts

Net transfers (to) from the Company and/or Subaccounts include transfers between the Subaccounts of the Separate Account as well as transfers between the Separate Account and the Company.

Federal income taxes

The results of the operations of the Separate Account are included in the federal income tax return of the Company. Under the provisions of the Policies, the Company has the right to charge the Separate Account for federal income tax attributable to the Separate Account. No charge has been made against the Separate Account for such tax during the year ended December 31, 2024. Management will periodically review the application of this policy in the event of changes in tax law. Accordingly, a change may be made in future years to consider charges for any federal income taxes that would be attributable to the Policies.

Use of estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that could affect the reported amounts of assets and liabilities, as well as the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from the estimates reported in the accompanying financial statements.

Risks and uncertainties

The Separate Account provides for various investment options in any combination of Subaccounts, each of which bears exposure to the market, credit, and liquidity risks of the underlying portfolio in which it invests. Due to the level of risk associated with certain investments and the level of uncertainty related to changes in the value of investments, it is at least reasonably possible that changes in risks in the near term could materially affect investment balances, the amounts reported in the statements of assets and liabilities, of operations and of changes in net assets. Accordingly, these financial statements should be read in conjunction with the financial statements and footnotes of the underlying Subaccounts identified in Note 1.

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3. PURCHASES AND SALES OF INVESTMENTS

 The cost of purchases and proceeds from sales of investments for the year ended December 31, 2024 were as follows:

Subaccount Purchases Sales
American Funds IS International Fund, Class 2 $ 10,979 $ 3,219
BlackRock Global Allocation V.I. Fund, Class I 23,713 6,452
BlackRock High Yield V.I., Class I 4,652 1,270
DWS Small Cap Index VIP, Class A 9,136 2,665
Eaton Vance VT Floating-Rate Income, Initial Class 11,774 3,139
Empower International Index Fund, Investor Class 11,098 3,213
Empower Real Estate Index Fund, Investor Class 11,716 3,233
Fidelity VIP Emerging Markets Portfolio, Service Class 2 15,373 4,677
Fidelity VIP Extended Market Index Portfolio, Service Class 2 7,223 3,361
Fidelity VIP Index 500 Portfolio, Initial Class 38,927 10,965
MFS International Growth Portfolio, Initial Class 11,007 3,283
PIMCO Global Bond Opportunities Portfolio (Unhedged), Admin Class 15,760 4,305
PIMCO High Yield Portfolio, Admin Class 4,617 1,263
PIMCO Low Duration Portfolio, Admin Class 4,520 1,236
PIMCO Real Return Portfolio, Admin Class 4,467 1,234
PIMCO Total Return Portfolio, Admin Class 27,152 7,439
Vanguard VIF Global Bond Index Portfolio 6,620 1,852
Vanguard VIF Total Bond Market Index Portfolio 6,612 1,850
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4. CHANGES IN UNITS OUTSTANDING
The changes in units outstanding for the years or periods ended December 31, 2024 and 2023 were as follows:
2024 2023
Subaccount Units
Issued
Units
Redeemed
Net
Increase
(Decrease)
Units
Issued
Units
Redeemed
Net
Increase
(Decrease)
American Funds IS International Fund, Class 2 1,104 319 785 766 277 489
BlackRock Global Allocation V.I. Fund, Class I 2,018 580 1,438 1,400 504 896
BlackRock High Yield V.I., Class I 397 113 284 270 98 172
DWS Small Cap Index VIP, Class A 777 225 552 537 191 346
Eaton Vance VT Floating-Rate Income, Initial Class 946 268 678 639 235 404
Empower International Index Fund, Investor Class 920 266 654 645 233 412
Empower Real Estate Index Fund, Investor Class 920 257 663 609 215 394
Fidelity VIP Emerging Markets Portfolio, Service Class 2 1,682 487 1,195 1,110 386 724
Fidelity VIP Extended Market Index Portfolio, Service Class 2 636 286 350 1,249 227 1,022
Fidelity VIP Index 500 Portfolio, Initial Class 3,033 800 2,233 1,572 805 767
MFS International Growth Portfolio, Initial Class 967 278 689 653 237 416
PIMCO Global Bond Opportunities Portfolio (Unhedged), Admin Class 1,689 474 1,215 1,083 384 699
PIMCO High Yield Portfolio, Admin Class 410 116 294 277 100 177
PIMCO Low Duration Portfolio, Admin Class 439 123 316 285 103 182
PIMCO Real Return Portfolio, Admin Class 445 124 321 283 102 181
PIMCO Total Return Portfolio, Admin Class 2,902 814 2,088 1,873 668 1,205
Vanguard VIF Global Bond Index Portfolio 704 197 507 453 162 291
Vanguard VIF Total Bond Market Index Portfolio 712 199 513 455 162 293
Note: Units may not appear to foot/crossfoot due to rounding.
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5. EXPENSES AND RELATED PARTY TRANSACTIONS
The charges below are the current expenses deducted by Subaccount from the Policy as a redemption of units. Charges may vary based on factors such as face amount, gender, age at issue of the insured, age at issue of the joint insured, insurance rate classification and smoking status, death benefit option selected, insured's age at time of face increase, and/or age of the Policy. The charges are recorded, as applicable, to the respective Subaccount in the Separate Account. Redemption of units deductions are made to the individual Policies in accordance with the terms which govern each life insurance policy, as set forth in the Policy.
Expense Type Range
Policy Expense Charge
This charge is assessed to reimburse the Company for sales expenses, underwriting and issue expenses, and the average premium tax expense incurred when issuing Policies. The charge is assessed on each premium payment received; this deduction in turn reduces Policy owners' net payments on the Statements of Changes in Net Assets. 6.0% - 10.0% of each premium payment
Monthly Standard Administrative Charge
This charge is assessed to reimburse the Company for expenses incurred in the administration of the Policy and the Separate Account. The charge is deducted monthly, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. not more than $10 per month
Mortality and Expense Risk Charge
This charge is assessed to reimburse the Company for assuming mortality and expense risks. The charge is deducted monthly, assessed through a redemption of units, and recorded as Policy maintenance charges in the Statements of Changes in Net Assets. a monthly charge amounting to a per annum aggregate of not more than 0.90% of the average daily net assets of the Subaccounts
Transfer Charge
Currently there is no charge assessed for transfers; however, the Company has reserved the right to charge for transfers as reimbursement for costs incurred when transferring funds. The charge is deducted upon transfer, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. $10 per transfer after the first 12 transfers in any Policy year
Withdrawal Charge
This charge is assessed to reimburse the Company for costs incurred from withdrawals. The charge is deducted annually, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. $25 for any Policy year that had two or more partial withdrawals
Charge for Optional Benefits
This charge is assessed to reimburse the Company for costs and risks stemming from optional term insurance benefits elected by the Policy owner. The charge is deducted monthly, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. $0.01 - $83.33 per $1,000 of net amount at risk
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Expense Type Range
Cost of Insurance Charge (COI)
This charge is assessed to reimburse the Company for the cost of providing the death benefit. The charge is assessed on the Policy's monthly anniversary day, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. $0.01 - $83.33 per $1,000 of net amount at risk per month
Charge for Change of Insured Endorsement
This charge is assessed to reimburse the Company for costs incurred from a change of insured endorsement. The charge is deducted upon each change request, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets. $400 per change
Loan Interest Rate Spread
The loan interest rate spread is the difference between the amount of interest charged on outstanding loan balances and the amount of interest credited to amounts held in the guaranteed account that secures the loans. If applicable, the deduction is withdrawn annually, assessed through a redemption of units, and recorded as net Policy loan repayments (withdrawals) within the Statements of Changes in Net Assets. not more than 1.50% of the loan balance
The Company offers a loan privilege to certain Policy owners. Such Policy owners may obtain loans using the Policy's value as the only security for the loan. Loans are subject to provisions of The Internal Revenue Code of 1986, as amended.
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6. FINANCIAL HIGHLIGHTS
The Company sells one variable life product that is funded by the Separate Account. A summary of the units outstanding, unit fair values, net assets for variable Policies, investment income ratios, and total returns for each of the four years or periods ended December 31, 2024 is as follows:
As of December 31 For the period ended
December 31
Subaccount Units
(000's)
Unit Fair
Value
Net Assets
(000's)
Investment
Income
Ratio (a)
Total
Return (b)
American Funds IS International Fund, Class 2
2024 1 $ 9.72 $ 12 1.28 % 3.16 %
2023 0 * 9.42 5 1.61 % 8.11 %
2022 - - - 0.00 % (21.62 )%
BlackRock Global Allocation V.I. Fund, Class I
2024 2 11.36 27 1.45 % 9.23 %
2023 1 10.40 9 2.92 % 8.07 %
2022 - - - 0.00 % (16.60 )%
BlackRock High Yield V.I., Class I
2024 0 * 11.67 5 6.96 % 8.27 %
2023 0 * 10.78 2 6.33 % 8.87 %
2022 - - - 0.00 % (10.28 )%
DWS Small Cap Index VIP, Class A
2024 1 12.33 11 1.40 % 11.15 %
2023 0 * 11.09 4 1.04 % 9.11 %
2022 - - - 0.00 % (22.40 )%
Eaton Vance VT Floating-Rate Income, Initial Class
2024 1 12.13 13 7.82 % 7.68 %
2023 0 * 11.27 5 7.90 % 9.15 %
2022 - - - 0.00 % (2.79 )%
Fidelity VIP Index 500 Portfolio, Initial Class
2024 3 14.78 44 1.25 % 24.90 %
2023 1 11.84 9 1.40 % 21.33 %
2022 - - - 0.00 % (19.43 )%
2021 - 11.47 0 * 1.21 % 3.18 %
Fidelity VIP Emerging Markets Portfolio, Service Class 2
2024 2 9.73 19 1.26 % 9.71 %
2023 1 8.87 6 2.55 % 0.52 %
2022 - - - 0.00 % (20.61 )%
Fidelity VIP Extended Market Index Portfolio, Service Class 2
2024 1 12.29 17 1.18 % 12.03 %
2023 1 10.97 11 2.79 % 9.76 %
2022 - - - 0.00 % (3.39 )%
Empower Real Estate Index Fund, Investor Class
2024 1 13.00 14 2.84 % 7.54 %
2023 0 * 12.09 5 1.77 % 6.32 %
2022 - - - 0.00 % (27.49 )%
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As of December 31 For the period ended
December 31
Subaccount Units
(000's)
Unit Fair
Value
Net Assets
(000's)
Investment
Income
Ratio (a)
Total
Return (b)
Empower Government Money Market Fund, Investor Class
2022 - $ - $ - 0.00 % 0.84 %
Empower International Index Fund, Investor Class
2024 1 11.74 13 2.12 % 2.92 %
2023 0 * 11.41 5 3.07 % 9.53 %
2022 - - - 0.00 % (15.36 )%
MFS International Growth Portfolio, Initial Class
2024 1 11.92 13 1.12 % 9.00 %
2023 0 * 10.93 5 1.32 % 6.65 %
2022 - - - 0.00 % (15.40 )%
PIMCO Total Return Portfolio, Admin Class
2024 3 9.23 30 4.09 % 2.53 %
2023 1 9.01 11 3.44 % 3.16 %
2022 - - - 0.00 % (14.33 )%
PIMCO Global Bond Opportunities Portfolio (Unhedged), Admin Class
2024 2 9.06 17 3.66 % (0.50 )%
2023 1 9.10 6 2.19 % 2.48 %
2022 - - - 0.00 % (11.68 )%
PIMCO High Yield Portfolio, Admin Class
2024 0 * 11.23 5 5.86 % 6.89 %
2023 0 * 10.51 2 5.39 % 8.29 %
2022 - - - 0.00 % (10.35 )%
PIMCO Low Duration Portfolio, Admin Class
2024 0 * 10.26 5 4.01 % 4.50 %
2023 0 * 9.82 2 3.52 % 4.07 %
2022 - - - 0.00 % (5.68 )%
PIMCO Real Return Portfolio, Admin Class
2024 1 9.96 5 2.90 % 2.13 %
2023 0 * 9.75 2 2.97 % 2.42 %
2022 - - - 0.00 % (12.03 )%
Vanguard VIF Total Bond Market Index Portfolio
2024 1 9.36 8 1.67 % 1.24 %
2023 0 * 9.25 3 1.37 % 2.79 %
2022 - - - 0.00 % (13.30 )%
Vanguard VIF Global Bond Index Portfolio
2024 1 9.51 8 1.72 % 2.03 %
2023 0 * 9.32 3 1.07 % 3.67 %
2022 - - - 0.00 % (13.08 )%

* The Subaccount has units and/or dollars that round to less than one thousand.

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(a) These ratios represent the dividends received by the Subaccount, excluding distributions of capital gains, divided by the daily average net assets. The recognition of investment income by the Subaccount is affected by the timing of the declaration of dividends by the underlying mutual fund in which the Subaccounts invest.
(b) These amounts represent the total return for the periods indicated, are not annualized, and include changes in the value of the underlying mutual fund. The total return does not include any expenses addressed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented.
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7. SUBSEQUENT EVENTS
The Separate Account has evaluated the effects of events subsequent to December 31, 2024, and through the date at which the financial statements were available to be issued. All accounting and disclosure requirements related to subsequent events are included in our financial statements.
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