INDEX TO FINANCIAL STATEMENTS

PROTECTIVE VARIABLE ANNUITY SEPARATE ACCOUNT
Report of Independent Registered Public Accounting Firm				FSA-2
Statement of Assets and Liabilities as of December 31, 2020				FSA-5
Statement of Operations for the year ended December 31, 2020				FSA-22
Statement of Changes in Net Assets for the year ended December 31, 2020				FSA-39
Statement of Changes in Net Assets for the year ended December 31, 2019				FSA-56
Notes to Financial Statements				FSA-71
PROTECTIVE LIFE INSURANCE COMPANY
Reports of Independent Registered Public Accounting Firms				F-1
Consolidated Statements of Income For the Years Ended December, 31, 2020, 2019 and 2018				F-4
Consolidated Statements of Comprehensive Income (Loss) For the Years Ended December 31, 2020, 2019 and 2018				F-5
Consolidated Balance Sheets as of December 31, 2020 and December 31, 2019				F-6
Consolidated Statements of Shareowner's Equity For The Years Ended December, 31, 2020, 2019 and 2018				F-7
Consolidated Statements of Cash Flows For The Years Ended December, 31, 2020, 2019 and 2018				F-8
Notes to Consolidated Financial Statements				F-9
Financial Statement Schedules:
Schedule III — Supplementary Insurance Information For The Years Ended December 31, 2020, 2019, and 2018				S-1
Schedule IV — Reinsurance For The Years Ended December 31, 2020, 2019 and 2018				S-2
Schedule V — Valuation and Qualifying Accounts As of December 31, 2020 and 2019				S-3

All other schedules to the consolidated financial statements required by Article 7 of Regulation S-X are not required under the related instructions or are inapplicable and therefore have been omitted.

Report of Independent Registered Public Accounting Firm

To the Contact Owners of Protective Variable Annuity Separate Account and
the Board of Directors of Protective Life 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 Variable Annuity Separate Account (collectively, the Separate Account), as of December 31, 2020, the related statements of operations for the year or period (as described in Appendix A) then ended, the statements of changes in net assets for each of the years or periods (as described in Appendix A) in the two-year period then ended, and the related notes including the financial highlights in Note 6 for each of the years or periods in the two-year period then ended (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2020, and the results of their operations for the year or period then ended and the changes in their net assets and financial highlights for each of the years or periods in the two-year period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for each of the years in the three-year period ended December 31, 2018 were audited by other independent registered public accountants whose report dated April 22, 2019, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Separate Account's management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the 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 are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2020, by correspondence with the underlying mutual funds or their transfer agents. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/KPMG LLP

We have served as the auditor of one or more of Protective Life Insurance Company's separate accounts since 2019.

Birmingham, Alabama
April 28, 2021

Appendix A

Unless noted otherwise, statements of assets and liabilities as of December 31, 2020, statements of operations for the year then ended, and statements of changes in net assets for each of the years in the two-year period then ended.

Subaccounts

American Funds Asset Allocation Class 2

American Funds Asset Allocation Class 4

American Funds Blue Chip Income & Growth Class 2

American Funds Blue Chip Income & Growth Class 4

American Funds Bond Class 4

American Funds Capital Income Builder Class 4

American Funds Global Growth Class 2

American Funds Global Growth Class 4

American Funds Global Growth & Income Class 4

American Funds Global Small Capitalization Class 2

American Funds Global Small Capitalization Class 4

American Funds Growth Class 2

American Funds Growth Class 4

American Funds Growth — Income Class 4

American Funds International Class 2

American Funds International Class 4

American Funds IS Bond Fund Class 2

American Funds IS Capital Income Builder Class 2

American Funds IS Global Growth and Income Fund Class 2

American Funds IS Growth — Income Fund Class 2

American Funds IS US Government/AAA-Rated Securities Fund Class 2

American Funds New World Class 2

American Funds New World Class 4

American Funds US Government/AAA-Rated Securities Class 4

Calvert VP SRI Balanced

ClearBridge Variable Mid Cap Portfolio Class II

ClearBridge Variable Small Cap Growth II

DFA VA International Small(4)

DFA VA International Value(4)

DFA VA Short-Term Fixed(2)

DFA VA US Large Value(4)

Fidelity Contrafund Portfolio SC2

Fidelity Equity Income SC2

Fidelity Freedom Fund — 2015 Maturity SC2

Fidelity Freedom Fund — 2020 Maturity SC2

Fidelity Growth Portfolio SC2

Fidelity Index 500 Portfolio SC2

Fidelity Investment Grade Bonds SC2

Fidelity Mid Cap SC2

Franklin Flex Cap Growth VIP CL 2

Franklin Mutual Shares VIP CL 2

Franklin Rising Dividend VIP CL 2

Franklin Small Cap Value VIP CL 2

Franklin Small-Mid Cap Growth VIP CL 2

Franklin Strategic Income VIP CL 2

Franklin US Government Securities VIP CL 2

Goldman Sachs Global Trends Allocation Fund SC

Goldman Sachs International Equity Insights

Goldman Sachs International Equity Insights SC

Goldman Sachs Large Cap Value

Goldman Sachs Large Cap Value Fund SC

Goldman Sachs Mid Cap Value

Goldman Sachs Mid Cap Value SC

Goldman Sachs Small Cap Equity Insights

Goldman Sachs Small Cap Equity Insights SC

Goldman Sachs Strategic Growth

Goldman Sachs Strategic Growth SC

Goldman Sachs US Equity Insights

Goldman Sachs US Equity Insights SC

Goldman Sachs VIT Core Fixed Income Fund SC

Goldman Sachs VIT Growth Opportunities SC

Guggenheim Floating Rate Strategies (Series F)

Guggenheim Global Managed Futures Strategy

Guggenheim Long Short Equity

Guggenheim Multi-Hedge Strategies

Invesco Oppenheimer VI Capital Appreciation Fund/VA

Invesco Oppenheimer VI Capital Appreciation Fund/VA SC

Invesco Oppenheimer VI Discovery Mid Cap Growth Fund/VA SC

Invesco Oppenheimer VI Discovery Mid Cap Growth Fund/VA

Invesco Oppenheimer VI Global Fund/VA

Invesco Oppenheimer VI Global Fund/VA SC

Invesco Oppenheimer VI Global Strategic Income Fund/VA

Invesco Oppenheimer VI Global Strategic Income Fund/VA SC

Invesco Oppenheimer VI Main Street Fund/VA

Invesco Oppenheimer VI Government Money Fund/VA

Invesco Oppenheimer VI Main Street Fund/VA SC

Invesco VI American Franchise I

Invesco VI American Franchise II

Invesco VI American Value II

Invesco VI Balanced Risk Allocation II

Invesco VI Comstock I

Invesco VI Comstock II

Invesco VI Equity and Income II

Invesco VI Global Real Estate II

Invesco VI Government Securities II

Invesco VI Growth & Income I

Invesco VI Growth & Income II

Invesco VI International Growth II

Invesco VI Mid-Cap Growth II(1)

Invesco VI Small Cap Equity II

Lord Abbett Bond Debenture VC

Lord Abbett Dividend Growth Fund(7)

Lord Abbett Classic Stock VC(8)

Lord Abbett Growth & Income VC

Lord Abbett Growth Opportunities VC

Lord Abbett International Opportunities VC(8)

Lord Abbett Mid Cap Stock VC

Lord Abbett Series Fundamental Equity VC

MFS Growth Series IC

MFS Growth Series SC

MFS Investors Trust IC

MFS Investors Trust SC

MFS New Discovery IC

MFS New Discovery SC

MFS Research IC

MFS Research SC

MFS Total Return IC

MFS Total Return SC

MFS Utilities IC

MFS Utilities SC

MFS VIT Total Return Bond SC

MFS VIT Value SC

MFS VIT II Emerging Markets Equity SC

MFS VIT II International Value SC

PIMCO VIT Low Duration Advisor

PIMCO VIT Real Return Advisor

PIMCO VIT Short-Term Advisor

PIMCO VIT Total Return Advisor

Protective Life Dynamic Allocation Series — Conservative

Protective Life Dynamic Allocation Series — Growth

Protective Life Dynamic Allocation Series — Moderate

QS Legg Mason Dynamic Multi-Strategy VIT II

Royce Capital Fund Micro-Cap SC

Royce Capital Fund Small-Cap SC

Rydex Commodities Strategy

Rydex Inverse Government Long Bond

Templeton Developing Markets VIP CL 2

Templeton Foreign VIP CL 2

Templeton Global Bond VIP Fund CL 2

Templeton Growth VIP CL 2

VanEck Global Hard Asset

Vanguard VIF Balanced(6)

Vanguard VIF Capital Growth(5)

Vanguard VIF Equity Index(4)

Vanguard VIF Global Bond Index(2)

Vanguard VIF Growth(3)

Vanguard VIF High Yield Bond(6)

Vanguard VIF International(4)

Vanguard VIF Mid-Cap Index(4)

Vanguard VIF Moderate Allocation(4)

Vanguard VIF Money Market(2)

Vanguard VIF Real Estate Index(4)

Vanguard VIF Short Term Invmt Grade(4)

Vanguard VIF Total Bond Mkt Index(5)

Vanguard VIF Total Intl Stk Mkt Idx(2)

Vanguard VIF Total Stock Mkt Index(5)

(1)  Statement of operations for the period January 1, 2020 to April 30, 2020 (liquidation date) and statements of changes in net assets for the period January 1, 2020 to April 30, 2020 and for the year ended December 31, 2019.

(2)  Statement of assets and liabilities as of December 31, 2020, statement of operations and statement of changes in net assets for the period December 10, 2020 (commencement date) to December 31, 2020.

(3)  Statement of assets and liabilities as of December 31, 2020, statement of operations and statement of changes in net assets for the period December 11, 2020 (commencement date) to December 31, 2020.

(4)  Statement of assets and liabilities as of December 31, 2020, statement of operations and statement of changes in net assets for the period December 21, 2020 (commencement date) to December 31, 2020.

(5)  Statement of assets and liabilities as of December 31, 2020, statement of operations and statement of changes in net assets for the period November 24, 2020 (commencement date) to December 31, 2020.

(6)  Statement of assets and liabilities as of December 31, 2020, statement of operations and statement of changes in net assets for the period December 29, 2020 (commencement date) to December 31, 2020.

(7)  Fund formerly known as Lord Abbett Calibrated Dividend Growth VC.

(8)  Statement of changes in net assets for the period January 1, 2019 to August 1, 2019 (liquidation date).

PROTECTIVE VARIABLE ANNUITY SEPARATE ACCOUNT

STATEMENT OF ASSETS AND LIABILITIES, CONTINUED
As of December 31, 2020
($ in thousands, except Fair Value per Share)

				American Funds Insurance Series
				American Funds Growth Class 2				American Funds Growth Class 4				American Funds Growth-Income Class 4				American Funds International Class 2				American Funds International Class 4				American Funds IS Bond Fund Class 2				American Funds IS Capital Income Builder Class 2				American Funds IS Global Growth and Income Fund Class 2				American Funds IS Growth-Income Fund Class 2				American Funds IS US Government/ AAA-Rated Securities Fund Class 2				American Funds New World Class 2
Assets
Investments in subaccounts at fair value				$	27,688			$	41,912			$	13,411			$	7,211			$	392			$	6,314			$	3,559			$	4,029			$	3,905			$	1,846			$	5,933
Receivable from Protective Life Insurance Company					186				157				12				124				—				43				3				3				188				1				1
Total Assets					27,874				42,069				13,423				7,335				392				6,357				3,562				4,032				4,093				1,847				5,934
Liabilities
Payable to Protective Life Insurance Company					186				157				12				124				—				43				3				3				188				1				1
Net Assets				$	27,688			$	41,912			$	13,411			$	7,211			$	392			$	6,314			$	3,559			$	4,029			$	3,905			$	1,846			$	5,933
Analysis of Net Assets
Accumulation period					27,688				41,912				13,411				7,211				392				6,314				3,559				4,029				3,905				1,846				5,933
Annuity period					—				—				—				—				—				—				—				—				—				—				—
Net Assets				$	27,688			$	41,912			$	13,411			$	7,211			$	392			$	6,314			$	3,559			$	4,029			$	3,905			$	1,846			$	5,933
Units Outstanding					1,249				1,874				828				535				29				557				304				314				287				167				384
Shares Owned in each Portfolio					232				357				248				306				17				538				327				242				71				143				190
Fair Value per Share				$	119.17			$	117.24			$	53.99			$	23.54			$	23.25			$	11.73			$	10.87			$	16.63			$	54.66			$	12.89			$	31.25
Investment in Portfolio shares, at Cost				$	18,389			$	26,504			$	11,387			$	5,946			$	349			$	6,013			$	3,299			$	3,584			$	3,581			$	1,805			$	4,337