# STATE FARM VP MANAGEMENT CORP. X-17A-5/A (2026-03-02) — Broker-dealer annual report

- Company: STATE FARM VP MANAGEMENT CORP.
- Form: X-17A-5/A
- Filed: 2026-03-02
- Period: 2025-12-31
- Accession: 0001037728-26-000003
- CIK: 1037728
- File #: 8-50128
- Type: Broker-dealer
- Material weakness: No
- Auditor: PricewaterhouseCoopers LLP
- Auditor location: Chicago, IL
- Contact: Cory Rogers
- Phone: 309-766-2344
- Email: scott.hintz.sf1h@statefarm.co
- Website: statefarm.co
- Signed by: Scott Hintz (VP - Financial & Secretary)

Original filing: https://www.sec.gov/Archives/edgar/data/1037728/000103772826000003/statefarm12312025.pdf

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# State Farm VP Management Corp.

(A wholly-owned subsidiary of State Farm Investment Management Corp.)

Statement of Financial Condition December 31, 2025 With Report of Independent Registered Public Accounting Firm

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

# ANNUAL REPORTS FORM X-17A-5 PART III

OMB APPROVAL OMB Number: 3235-0123 Expires: Nov. 30, 2026 Estimated average burden hours per response: 12

SEC FILE NUMBER

|                                                                                                                                 | FACING PAGE                                                | Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934 |  |
|---------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------|--|
|                                                                                                                                 |                                                            |                                                                                                           |  |
| FILING FOR THE PERIOD BEGINNING 01/01/2025 AND ENDING 12/31/2025                                                                | MM/DD/YY                                                   | MM/DD/YY                                                                                                  |  |
|                                                                                                                                 |                                                            |                                                                                                           |  |
|                                                                                                                                 | A. REGISTRANT IDENTIFICATION                               |                                                                                                           |  |
| NAME OF FIRM: State Farm VP Management Corp.                                                                                    |                                                            |                                                                                                           |  |
| TYPE OF REGISTRANT (check all applicable boxes):<br>Broker-dealer<br>Check here if respondent is also an OTC derivatives dealer |                                                            | [ Major security-based swap participant                                                                   |  |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)                                                             |                                                            |                                                                                                           |  |
| One State Farm Plaza, B-1                                                                                                       |                                                            |                                                                                                           |  |
|                                                                                                                                 | (No. and Street)                                           |                                                                                                           |  |
| Bloomington                                                                                                                     |                                                            | 61710-0001                                                                                                |  |
| (City)                                                                                                                          | (State)                                                    | (Zip Code)                                                                                                |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING                                                                                    |                                                            |                                                                                                           |  |
| Scott Hintz                                                                                                                     | (309) 735-1520                                             | scott.hintz.sf1h@statefarm.co                                                                             |  |
| (Name)                                                                                                                          | (Area Code - Telephone Number)                             | (Email Address)                                                                                           |  |
|                                                                                                                                 | B. Accountant IDENTIFICATION                               |                                                                                                           |  |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*<br>PricewaterhouseCoopers LLP                         |                                                            |                                                                                                           |  |
|                                                                                                                                 | (Name - if individual, state last, first, and middle name) |                                                                                                           |  |
| One North Wacker Dr.                                                                                                            | Chicago                                                    | 60606-2807                                                                                                |  |
| (Address)                                                                                                                       | (City)                                                     | (Zip Code)<br>(State)                                                                                     |  |
| October 20, 2003                                                                                                                |                                                            | 238                                                                                                       |  |
| (Date of Registration with PCAOB)(if applicable)                                                                                | FOR OFFICIAL USE ONLY                                      | (PCAOB Registration Number, if applicable)                                                                |  |

\* Claims for exemption from the requirement that the annual reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable.

Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

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#### OATH OR AFFIRMATION

l, Scott Hintz ..............................................................................................................................................................................

financial report pertaining to the firm of State Farm VP Management Corp. \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ December 31 2 025 \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer.

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| Signature:                           |  |
|--------------------------------------|--|
| Title:<br>VP - Financial & Secretary |  |
|                                      |  |

#### This filing \*\* contains (check all applicable boxes):

- (a) Statement of financial condition.
- (b) Notes to consolidated statement of financial condition.
- [c] Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X).
- O (d) Statement of cash flows.
- [ (e) Statement of changes in stockholders' or partners' or sole proprietor's equity.
- [ (f) Statement of changes in liabilities subordinated to claims of creditors.
- [ {g) Notes to consolidated financial statements.
- [ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable.
- [ (i) Computation of tangible net worth under 17 CFR 240.18a-2.
- [ (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
- [ (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable.
- [1) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3.
- [ (m) Information relating to possession or control reguirements for customers under 17 CFR 240.15c3-3.
- O (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable.
- | | | Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist.
- [ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.
- (g) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable.
- [r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- [ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- (t) Independent public accountant's report based on an examination of the statement of financial condition.
- [ (u) Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.
- [ (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- [ (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- | |x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.17a-12, as applicable.
- [] (y) Report describing any material inadequacies found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k).
- O (z) Other:
- \*\* To request confidential treatment of certain portions of this filing, see 17 CFR 240.17o-5(e)(3) or 17 CFR 240.18c-7(d)(2), as applicable.

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# Page(s)

| Report of Independent Registered Public Accounting Firm |  |  |
|---------------------------------------------------------|--|--|
| Financial Statement                                     |  |  |
| Statement of Financial Condition                        |  |  |
| Notes to Financial Statement                            |  |  |

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### **Report of Independent Registered Public Accounting Firm**

To the Board of Directors and Stockholder of State Farm VP Management Corp.

## *Opinion on the Financial Statement – Statement of Financial Condition*

We have audited the accompanying statement of financial condition of State Farm VP Management Corp. (the "Company") as of December 31, 2025, including the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

# *Basis for Opinion*

The financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement 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 Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of this financial statement 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 statement is free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, 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 statement. 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 statement. We believe that our audit provides a reasonable basis for our opinion.

February 27, 2026

We have served as the Company's auditor since 1999.

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{8}------------------------------------------------

### **-+1-\*-'%17''2817-1+2/-'-)6?'217-18)(**

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{9}------------------------------------------------

### **-+1-\*-'%17''2817-1+2/-'-)6?'217-18)(**

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{10}------------------------------------------------

### **-+1-\*-'%17''2817-1+2/-'-)6?'217-18)(**

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### **1'20)!%;)6**

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| )*)55)(7%;%66)76                                 |      |
|--------------------------------------------------|------|
| 53<1G2343@@321=;>3<A/B7=<                        | <br> |
| 11@C32AC>>:3;3<B/:@3B7@3;3<B03<347B              | <br> |
| 11@C32(+'3F>3<A3                                 | <br> |
| '>3@/B7<5:=AA3A1/@@7324=@E/@24=@AB/B37<1=;3B/F3A |      |
| <3B=44323@/:03<347B                              | <br> |
| (=AB@3B7@3;3<B03<347B                            | <br> |
| !<13<B7D3A                                       | <br> |
| 11@C32A3:4<br>7<AC@/<133F>3<A3                   | <br> |
| 11@C32:35/:3F>3<A3A                              | <br> |
| 11@C32E=@93@A1=;>3<A/B7=<                        | <br> |
| )3137D/0:34@=;1:3/@7<50@=93@                     | <br> |

{11}------------------------------------------------

#### 3. Income Taxes - continued

| Commission payable to agents                             |    |            |
|----------------------------------------------------------|----|------------|
| National convention                                      |    | 503        |
| Contractual vendor liability                             |    |            |
| Contingent legal settlement                              |    |            |
| Federal net operating loss                               |    |            |
| Gross DTAs                                               |    | 18,678,595 |
| Less: Valuation allowance                                | S  | 12,684,468 |
| Adjusted gross DTAs                                      | S  | 5,994,127  |
| Deferred tax liabilities                                 |    |            |
| Capitalized software costs                               |    | 883,211    |
| Assessment fee                                           |    | 305,052    |
| Gross DTI s                                              |    | 1,188,263  |
| Net DTAs (Adjusted gross DTAs less Gross DTLs)           | ಕಾ | 4,805,864  |
| Change in Valuation Allowance                            |    |            |
| Balance at January 1, 2025 net of federal benefit        | S  | 12,854,864 |
| Increase (decrease) in valuation allowance for operating |    |            |
| losses carried forward for state income taxes            |    | (170,396)  |
| Balance at December 31, 2025 net of federal benefit      | S  | 12,684,468 |

The Company has determined that it is more likely than not that future sources of state taxable income will not be sufficient to realize all of the net state deferred tax asset. Therefore, as of December 31, 2025, the Company has recorded a valuation allowance for that portion of the state deferred tax asset, net of federal income taxes, of \$12,684,468.

The Company has no federal net operating loss carryforward, and \$226,430,539 of state net operating loss carryforwards that have expirations between 2026-2046.

#### 4. Transactions with Affiliates

# As of December 31, 2025

| Payable to SFMAIC                      | A | (18,773,226) |
|----------------------------------------|---|--------------|
| Receivable from affiliates             |   | 1,325,191    |
| Receivable from SFL for commissions    |   | 95,141       |
| Receivable from SFLAAC for commissions |   | 2.496        |
| Receivable from parent                 |   | 280.134      |

At December 31, 2025, the Company netted amounts due to and from SFMAIC for income taxes and allocated general and administrative expenses per the enterprise Master Service Agreement. Management has concluded that the right of offset exists and has elected to present these balances net in accordance with ASC 210-20. The Company also had Payables for commissions which includes commissions and incentives owed to registered representatives resulting from the sales of variable annuities, variable life products, third party mutual funds, small business retirement plans and 529 Savings Plans.

{12}------------------------------------------------

### **!5%16%'7-216:-7,\*\*-/-%7)6?'217-18)(**

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#### **)'85-7-)6%1(;',%1+)200-66-218/) '**

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#### **-6.-6'/2685)6**

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{13}------------------------------------------------

### **-6.-6'/2685)6?'217-18)(**

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### **)+8/%725<)7%3-7%/)48-5)0)17**

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=@=4/55@35/B32307B7B3;A /A2347<32B313;03@ 
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#### **217-1+)1'-)6**

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| 3:7D3@G/B3=4&=B713=4+3@;7</B7=< | +3@;7</B7=<33 |
|---------------------------------|---------------|
| !<G3/@<br><br><br>              | <br>          |
| !<G3/@<br><br><br>              | <br>          |
| !<G3/@<br><br><br>              | <br>          |
| !<G3/@<br><br><br>              | <br>          |

{14}------------------------------------------------

#### **217-1+)1'-)6?'217-18)(**

| !<G3/@ |  |
|--------|--|
|        |  |
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| !<G3/@ |  |
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| !<G3/@ |  |
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#### **)+0)17)3257-1+**

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#### **8&6)48)179)176**

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{15}------------------------------------------------

![](_page_15_Picture_0.jpeg)

State Farm Bloomington, IL CS43234


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