WRL Xcelerator & WRL Xcelerator Focus

Other limitations:

There is no conditional receipt coverage for riders or any additional benefits, if any, for which you may have applied.

If one or more of the receipt’s conditions have not been met exactly, or if a proposed insured dies by suicide, we will not be liable except to return any payment made with the application.

If we do not approve and accept the application within 60 days of the date you signed the application, the application will be deemed to be rejected by us and there will be no conditional insurance coverage. In that case, Western Reserve’s liability will be limited to returning any payment(s) you have made upon return of this receipt to us.

N-6 1 d51831dn6.htm WRL XCELERATOR & WRL XCELERATOR FOCUS WRL Xcelerator & WRL Xcelerator Focus

As filed with the Securities and Exchange Commission on September 30, 2020

Registration No. 333-

811- 4420

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-6

REGISTRATION STATEMENT

UNDER


		*THE SECURITIES ACT OF 1933*
		Pre-Effective Amendment No.		☐
		Post-Effective Amendment No.		☐

and

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940


		Amendment No. 189		☒

WRL SERIES LIFE ACCOUNT

(Exact Name of Registrant)

TRANSAMERICA LIFE INSURANCE COMPANY

(Name of Depositor)

(Former Depositor, Transamerica Premier Life Insurance Company)

4333 Edgewood Road, NE

Cedar Rapids, IA 52499

(Address of Depositor’s Principal Executive Offices)

Depositor’s Telephone Number: (319) 355-8511

Brian Stallworth, Esq.

Transamerica Life Insurance Company

c/o Office of the General Counsel

4333 Edgewood Road, N.E.

Cedar Rapids, IA 52499-4240

(Name and Address of Agent for Service)

Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of the Registration statement.

Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.

Explanatory Note

Registrant is filing this Registration Statement for the purpose of registering interests under the WRL Xcelerator^SM and WRL Xcelerator Focus^SM each a flexible premium variable life insurance policy (“Policy”) on a new Form N-6 in compliance with the pre-July 2020 version of Form N-6 (OMB number 3235-0503). Interests under the Policies were previously registered on Form N-6 (File No. 333-199062) and funded by WRL Series Life Account (File No. 811-4420). Upon effectiveness of the merger between Transamerica Premier Life Insurance Company with and into Transamerica Life Insurance Company (“TLIC”), TLIC became the obligor of the Policies and Depositor of WRL Series Life Account which was transferred intact to TLIC.

WRL XCELERATOR^SM

WRL XCELERATOR FOCUS^SM

Issued by

TRANSAMERICA LIFE INSURANCE COMPANY

(Former Depositor, Transamerica Premier Life Insurance Company)

WRL Series Life Account

Supplement dated October 1, 2020

to the

Prospectus dated May 1, 2012

as Supplemented

Home Office: 4333 Edgewood Road NE Cedar

Rapids, Iowa 52249

Service Center: 4333 Edgewood Road NE Cedar

Rapids, Iowa 52499-0001

Phone: (800) 333-6524

Transamerica Life Insurance Company (“TLIC” or “the Company”) is amending the prospectus dated May 1, 2012 as supplemented for WRL Xcelerator^SM and WRL Xcelerator Focus^SM policies (the “Policy”/“Policies”) to provide information regarding the merger (the “Merger”) of the issuer of your Policy, Transamerica Premier Life Insurance Company (“TPLIC”), formerly known as Western Reserve Life Assurance Co. of Ohio, with and into TLIC. . Please read this supplement carefully and retain it for future reference. Capitalized terms not otherwise defined in this supplement have the meanings given to them in the prospectus. Except as modified in this supplement, all other terms and information in the prospectus remain unchanged.

TPLIC no longer sells the Policies. Following the Merger, TLIC will not issue new Policies. Although Policies will no longer be sold, additional purchase payments will continue to be permitted.

Effective on October 1, 2020, TPLIC merged with and into its affiliate TLIC. Before the Merger, TPLIC was the issuer of the Policies. Upon consummation of the Merger, TPLIC’s corporate existence ceased by operation of law, and TLIC assumed legal ownership of all of the assets of TPLIC, including WRL Series Life Account (the “Separate Account”) that funds the Policies, and the assets of the Separate Account. As a result of the merger, TLIC became responsible for all liabilities and obligations of TPLIC, including those created under the policies. The Contracts have thereby become individual flexible premium variable life insurance policies funded by a separate account of TLIC.

The Merger did not affect the terms of, or the rights and obligations under your Policy, other than to change the insurance company that provides your Policy benefits from TPLIC to TLIC. The Merger also did not result in any adverse tax consequences for any Policy owners, and Policy owners will not be charged additional fees or expenses as a result of the Merger. Policy values will not change as a result of the Merger. You will receive a Policy endorsement from TLIC that reflects the change from TPLIC to TLIC. Until we amend all forms we use that are related to the Policies, we may still reflect TPLIC in correspondence and disclosure to you. The information below describes changes to the prospectus as a result of the Merger and otherwise updates information in the prospectus. As a result all references in the prospectus to Transamerica Premier Life Insurance Company (formerly, Western Reserve Life Assurance Co. of Ohio) are amended to refer to Transamerica Life Insurance Company.

More detailed information, including an explanation of the underlying portfolio’s fees and investment objectives, may be found in the current prospectuses for the underlying fund portfolios, which you can receive by contacting our Service Center at the phone number above.

Please note the change regarding your fund reports:

We want to let you know that beginning January 1, 2021, we will no longer mail copies of shareholder reports for funds in your portfolio. This change is permitted by regulations adopted by the Securities and Exchange Commission. Instead, the reports will be made available on our website. We’ll let you know by mail each time a report is posted. The notification will have a URL for accessing the report.

If you’ve already elected to receive documents from us electronically, you’re not affected by this change. You’re already receiving an email with a link to the reports so there’s nothing you need to do.

You do have the option of continuing to receive paper copies of all future shareholder reports free of charge. If you’d like this option, give us a call at the number on your account statement.

I.	*The following hereby replaces the table for “Please direct transactions, claim forms, payments and other correspondence and notices as follows” in the prospectus:*


*Transaction*		*Direct or Send to*
Telephonic Transaction		1-727- 299-1800 or 1-800-851-9777 (toll free)

Facsimile Transaction		1-727-299-1648 (subaccount transfers only) 1-727-299-1620 (all other facsimile transactions)

Electronic Transaction		www.tlic.transamerica.com

Payments made by check		PO Box 653011, Dallas, TX 75265-3011 or 4333 Edgewood Road, N.E., Cedar Rapids, Iowa 52499-0001

Claims, general correspondence, and notices		Mailing Address: 4333 Edgewood Road, N.E., Cedar Rapids, Iowa 52499-0001

II.

The following hereby replaces the list of portfolios available to you on the cover of the prospectus and the table in “The Portfolios” subsection (p. 46) of the “Western Reserve, the Separate Account, the Fixed Account, and The Portfolios” section (p. 44) of the prospectus:


PORTFOLIO	INVESTMENT OBJECTIVE	ADVISOR/ SUBADVISOR
Access One Trust

Access VP High Yield Fund^SM	The Fund seeks to provide investment results that correspond generally to the total return of the high yield market, consistent with maintaining reasonable liquidity.	ProFund Advisors LLC

AB Variable Products Series Fund, Inc. – Class B

AB Balanced Wealth Strategy Portfolio	The Portfolio’s investment objective is to maximize total return consistent with the Adviser’s determination of reasonable risk.	AllianceBernstein L.P.
Fidelity^® Variable Insurance Products – Service Class 2

Fidelity VIP Index 500 Portfolio	The fund seeks investment results that correspond to the total return of common stocks publicly traded in the United States, as represented by the &P 500^® Index.	Fidelity Management & Research Company LLC


Franklin Templeton Variable Insurance Products Trust – Class 4

Franklin Allocation VIP Fund	Capital appreciation. Its secondary goal is income.	Franklin Advisers, Inc.

Transamerica Series Trust – Initial Class

Transamerica Aegon High Yield Bond VP	Seeks a high level of current income by investing in high-yield debt securities.	Transamerica Asset Management, Inc./ Aegon USA Investment Management, LLC

Transamerica Aegon U.S. Government Securities VP	Seeks to provide as high a level of total return as is consistent with prudent investment strategies.	Transamerica Asset Management, Inc./Aegon USA Investment Management, LLC

Transamerica Barrow Hanley Dividend Focused VP	Seeks total return gained from the combination of dividend yield, growth of dividends and capital appreciation.	Transamerica Asset Management, Inc./Barrow, Hanley, Mewhinney & Strauss, LLC

Transamerica BlackRock Global Real Estate Securities VP	Seeks to maximize total return.	Transamerica Asset Management Inc./BlackRock Investment Management, LLC

Transamerica BlackRock Government Money Market VP	Seeks as high a level of current income as is consistent with preservation of capital and liquidity.	Transamerica Asset Management, Inc./BlackRock Investment Management, LLC

Transamerica BlackRock iShares Edge 40 VP	Seeks long-term capital appreciation and capital preservation.	Transamerica Asset Management, Inc./BlackRock Investment Management, LLC

Transamerica BlackRock Tactical Allocation VP	Seeks capital appreciation with current income as a secondary objective.	Transamerica Asset Management, Inc./BlackRock Investment Management, LLC

Transamerica International Growth VP	Seeks long-term capital appreciation.	Transamerica Asset Management, Inc./TDAM USA Inc.

Transamerica Janus Balanced VP	Seeks long-term capital appreciation.	Transamerica Asset Management, Inc./Janus Capital Management LLC

Transamerica Janus Mid-Cap Growth VP	Seeks long-term capital appreciation	Transamerica Asset Management, Inc./Janus Capital Management LLC

Transamerica JPMorgan Asset Allocation – Conservative VP	Seeks current income and preservation of capital.	Transamerica Asset Management, Inc./JPMorgan Investment Management Inc.

Transamerica JPMorgan Asset Allocation – Growth VP	Seeks long-term capital appreciation.	Transamerica Asset Management, Inc./JPMorgan Investment Management Inc.

Transamerica JPMorgan Asset Allocation – Moderate VP	Seeks capital appreciation and current income.	Transamerica Asset Management, Inc./JPMorgan Investment Management Inc.

Transamerica JPMorgan Asset Allocation – Moderate Growth VP	Seeks capital appreciation with current income as a secondary objective.	Transamerica Asset Management, Inc./JPMorgan Investment Management Inc.

Transamerica JPMorgan Core Bond VP	Seeks total return, consisting of current income and capital appreciation.	Transamerica Asset Management, Inc./JPMorgan Investment Management Inc.

Transamerica JPMorgan Enhanced Index VP	Seeks to earn a total return modestly in excess of the total return performance of the S&P 500^® (including the reinvestment of dividends) while maintaining a volatility of return similar to the S&P 500^®	Transamerica Asset Management, Inc./J.P. Morgan Investment Management Inc.

Transamerica JPMorgan International Moderate Growth VP	Seeks capital appreciation with current income as a secondary objective.	Transamerica Asset Management, Inc./JPMorgan Investment Management Inc.

Transamerica JPMorgan Mid Cap Value VP	Seeks growth from capital appreciation.	Transamerica Asset Management, Inc./JPMorgan Investment Management Inc.

Transamerica JPMorgan Tactical Allocation	Seeks current income and preservation of capital.	Transamerica Asset Management, Inc./JPMorgan Investment Management Inc.

Transamerica Managed Risk-Balanced ETF VP	Seeks to balance capital appreciation and income.	Transamerica Asset Management, Inc./Milliman Financial Risk Management LLC

Transamerica Managed Risk – Growth ETF VP	Seeks capital appreciation as a primary objective and income as a secondary objective.	Transamerica Asset Management, Inc./Milliman Financial Risk Management LLC

Transamerica Morgan Stanley Capital Growth VP	Seeks to maximize long-term growth.	Transamerica Asset Management, Inc./Morgan Stanley Investment Management Inc.


Transamerica Morgan Stanley Global Allocation VP	Seeks high total return.	Transamerica Asset Management, Inc./Morgan Stanley Investment Management Inc.

Transamerica Multi-Managed Balanced VP	Seeks to provide a high total investment return through investments in a broadly diversified portfolio of stocks, bonds and money market instruments.	Transamerica Asset Management, Inc./Aegon USA Investment Management, LLC

Transamerica PIMCO Tactical – Balanced VP	Seeks a combination of capital appreciation and income.	Transamerica Asset Management, Inc./Pacific Investment Management Company LLC

Transamerica PIMCO Tactical – Conservative VP	Seeks a combination of capital appreciation and income.	Transamerica Asset Management, Inc./Pacific Investment Management Company LLC

Transamerica PIMCO Tactical – Growth VP	Seeks a combination of capital appreciation and income.	Transamerica Asset Management, Inc./Pacific Investment Management Company LLC

Transamerica PIMCO Total Return VP	Seeks maximum total return consistent with preservation of capital and prudent investment management.	Transamerica Asset Management, Inc./Pacific Investment Management Company LLC

Transamerica QS Investors Active Asset Allocation – Conservative VP	Seeks current income and preservation of capital.	Transamerica Asset Management, Inc./QS Investors, LLC

Transamerica QS Investors Active Asset Allocation – Moderate Growth VP	Seeks capital appreciation with current income as a secondary objective.	Transamerica Asset Management, Inc./QS Investors, LLC

Transamerica QS Investors Active Asset Allocation – Moderate VP	Seeks capital appreciation and current income.	Transamerica Asset Management, Inc./QS Investors, LLC

Transamerica Small/Mid Cap Value VP	Seeks to maximize total return.	Transamerica Asset Management, Inc./Systematic Financial Management, L.P.

Transamerica T. Rowe Price Small Cap VP	Seeks long-term growth of capital by investing primarily in common stocks of small growth companies.	Transamerica Asset Management, Inc./T. Rowe Price Associates, Inc.

Transamerica WMC US Growth VP	Seeks to maximize long-term growth.	Transamerica Asset Management, Inc./Wellington Management Company LLP

ProFunds Trust

ProFund VP Asia 30	Seeks investment results, before fees and expenses, that correspond to the performance of the ProFunds Asia 30 Index.	ProFund Advisors LLC

ProFund VP Basic Materials	Seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Basic Materials^SM Index.	ProFund Advisors LLC

ProFund VP Bull	Seeks investment results, before fees and expenses, that correspond to the performance of the S&P 500^® Index.	ProFund Advisors LLC

ProFund VP Consumer Services	Seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Consumer Services^SM Index.	ProFund Advisors LLC

ProFund VP Emerging Markets	Seeks investment results, before fees and expenses, that correspond to the performance of the S&P/BNY Mellon Emerging 50 ADR Index (USD).	ProFund Advisors LLC

ProFund VP Europe 30	Seeks investment results, before fees and expenses, that correspond to the performance of the ProFunds Europe 30 Index.	ProFund Advisors LLC

ProFund VP Falling U.S. Dollar	Seeks daily investment results, before fees and expenses, that correspond to the daily performance of the basket of non-U.S. currencies included in the ICE^® U.S. Dollar Index^®.	ProFund Advisors LLC

ProFund VP Financials	Seeks investments results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Financials^SM Index.	ProFund Advisors LLC


ProFund VP Government Money Market	The Fund seeks a high level of current income consistent with liquidity and preservation of capital.	ProFund Advisors LLC

ProFund VP International	Seeks investment results, before fees and expenses, that correspond to the performance of the MSCI EAFE Index.	ProFund Advisors LLC

ProFund VP Japan	Seeks investment results, before fees and expenses, that correspond to the performance of the Nikkei 225 Stock Average.	ProFund Advisors LLC

ProFund VP Mid-Cap	Seeks investment results, before fees and expenses, that correspond to the performance of the S&P MidCap 400^® Index.	ProFund Advisors LLC

ProFund VP NASDAQ – 100	Seeks investment results, before fees and expenses, that correspond to the performance of the Nasdaq - 100^® Index.	ProFund Advisors LLC

ProFund VP Oil & Gas	Seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Oil & Gas^SM Index.	ProFund Advisors LLC

ProFund VP Pharmaceuticals	Seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Select Pharmaceuticals^SM Index.	ProFund Advisors LLC

ProFund VP Precious Metals	Seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones Precious Metals^SM Index.	ProFund Advisors LLC

ProFund VP Short Emerging Markets	Seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the return of the S&P/BNY Mellon Emerging 50 ADR Index (USD) for a single day, not for any other period.	ProFund Advisors LLC

ProFund VP Short International	Seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the return of the MSCI EAFE Index for a single day, not for any other period.	ProFund Advisors LLC

ProFund VP Short NASDAQ – 100	Seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the return of the Nasdaq-100^® Index for a single day, not for any other period.	ProFund Advisors LLC

ProFund VP Short Small-Cap	Seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the return of the Russell 2000^® Index for a single day, not for any other period.	ProFund Advisors LLC

ProFund VP Small-Cap	Seeks investment results, before fees and expenses, that correspond to the performance of the Russell 2000^® Index.	ProFund Advisors LLC

ProFund VP Small-Cap Value	Seeks investment results, before fees and expenses, that correspond to the performance of the S&P SmallCap 600^® Value Index.	ProFund Advisors LLC

ProFund VP Telecommunications	Seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Select Telecommunications^SM Index.	ProFund Advisors LLC

ProFund VP U.S. Government Plus	Seeks daily investment results, before fees and expenses, that correspond to one and one-quarter times (1.25x) the daily price movement of the most recently issued Long Bond.	ProFund Advisors LLC

ProFund VP UltraNASDAQ – 100	Seeks daily investment results, before fees and expenses, that correspond to two times (2x) the return of the Nasdaq-100^® Index for a single day, not for any other period.	ProFund Advisors LLC


ProFund VP UltraSmall-Cap	Seeks daily investment results, before fees and expenses, that correspond to two times (2x) the return of the Russell 2000^® Index for a single day, not for any other period.	ProFund Advisors LLC

ProFund VP Utilities	Seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Utilities^SM Index.	ProFund Advisors LLC

III.

The following hereby replaces the “Range of Expenses for the Portolios^1,2” subsection (p. 44) of the “Fee Tables” section (p. 5) of the prospectus:

The table below shows the lowest and highest total operating expenses charged by the portfolios during the fiscal year ended December 31, 2019. Expenses of the portfolios may be higher or lower in the future. More detail concerning each portfolio’s fees and expenses is contained in the prospectus for each portfolio.


	Lowest			Highest
Total Annual Portfolio Operating Expenses (total of all expenses that are deducted from portfolio assets, including management fees, 12b-1 fees, and other expenses)		0.29	%		5.49	%
Net Annual Portfolio Operating Expenses (total of all expenses that are deducted from portfolio assets, including management fees, 12b-1 fees, and other expenses, after contractual waiver of fees and expenses)³		0.29	%		1.68	%

¹	The portfolio expenses used to prepare this table were provided to Transamerica by the funds. The expenses shown are those incurred for the year ended December 31, 2019. Current or future expenses may be greater or less than those shown.

The table showing the range of expenses for the portfolios takes into account the expenses of several Transamerica Series Trust asset allocation portfolios that are each a “fund of funds.” A “fund of funds” portfolio typically allocates its assets, within predetermined percentage ranges, among certain other Fund portfolios and affiliated Fund portfolios (each such portfolio an “Acquired Fund”). Each “fund of funds” has its own set of operating expenses, as does each of the portfolios in which it invests. In determining the range of portfolio expenses, Transamerica took into account the information received from those funds on the combined actual expenses for each “fund of funds” and for the portfolios in which it invests. See the prospectuses for the Transamerica Series Trust for a presentation of all applicable Acquired Fund fees and expenses.

³	The range of Net Annual Portfolio Operating Expenses takes into account contractual arrangements for 28 portfolios that require a portfolio’s investment adviser to reimburse or waive portfolio expenses until April 30, 2021.

IV.

The following hereby replaces the “Western Reserve” subsection (p. 44) of the “Western Reserve, The Separate Account, The Fixed Account and The Portfolios” section (p. 44) of the prospectus:

Transamerica Life Insurance Company

Transamerica Life Insurance Company, located at 4333 Edgewood Road NE, Cedar Rapids, Iowa 52499, is the insurance company issuing the Policy.

Transamerica Life Insurance Company was incorporated under the laws of the State of Iowa on April 19, 1961 as NN Investors Life Insurance Company, Inc. It is engaged in the sale of life and health insurance policies and annuity contracts. The Company is licensed in the District of Columbia, Guam, Puerto Rico, the U.S. Virgin Islands, and all states except New York.

The Company is a wholly-owned indirect subsidiary of Transamerica Corporation which conducts most of its operations through subsidiary companies engaged in the insurance business or in providing non-insurance financial services. All of the stock of Transamerica Corporation is indirectly owned by Aegon N.V. of The Netherlands, the securities of which are publicly traded. Aegon N.V., a holding company, conducts its business through subsidiary companies engaged primarily in the insurance business.

Financial Condition of the Company

The benefits under the Policy are paid by TLIC from its general account assets and/or your cash value held in the Separate Account. It is important that you understand that payment of the benefits is not assured and depends upon certain factors discussed below.

Assets in the Separate Account. You assume all of the investment risk for your investment base that is allocated to the investment divisions of the Separate Account. Your investment base in those investment divisions constitutes a portion of the assets of the Separate Account. These assets are segregated and insulated from our general account, and may not be charged with liabilities arising from any other business that we may conduct.

Assets in the General Account. Any guarantees under the Policy that exceed your investment base are paid from our general account (and not the Separate Account). Therefore, any amounts that we may be obligated to pay under the Policy in excess of investment base are subject to our financial strength and claims-paying ability and our long-term ability to make such payments. The assets of the Separate Account, however, are also available to cover the liabilities of our general account, but only to the extent that the Separate Account assets exceed the Separate Account liabilities arising under the Policies supported by it. We issue other types of insurance policies and financial products as well, and we also pay our obligations under these products from our assets in the general account.

State insurance regulators also require insurance companies to maintain a minimum amount of capital, which acts as a cushion in the event that the insurer suffers a financial impairment, based on the inherent risks in the insurer’s operations. These risks include those associated with losses that we may incur as the result of defaults on the payment of interest or principal on our general account assets, which include bonds, mortgages, general real estate investments, and stocks, as well as the loss in market value of these investments. We also experience liquidity risk if our general account assets cannot be readily converted into cash to meet obligations to our contract owners, or to provide the collateral necessary to finance our business operations.

We are continuing to evaluate our investment portfolio to mitigate market risk and actively manage the investments in the portfolio.

How to Obtain More Information. We encourage contract owners to read and understand our financial statements. We prepare our financial statements on a statutory basis. Our financial statements, which are presented in conformity with accounting practices prescribed or permitted by the Iowa Department of Insurance as well as the audited financial statements of the Separate Account are located in the Statement of Additional Information (SAI). For a free copy of the SAI, simply call or write us at the phone number or address of our Administrative Office referenced in this prospectus. In addition, the SAI is available on the SEC’s website at www.sec.gov. Our financial strength ratings which reflect the opinions of leading independent rating agencies of our ability to meet our obligations to our policy Owners, are available on our website (www.transamerica.com/individual/what-we-do/about-us/financial-strength/), and the websites of these nationally recognized statistical ratings organizations – A.M. Best Company (www.ambest.com), Moody’s Investors Service (www.moodys.com), Standard & Poor’s Rating Services (www.standardandpoors.com) and Fitch, Inc. (www.fitchratings.com).

V.	*The following hereby replaces “The Separate” subsection (p. 45) of the “Western Reserve, the Separate Account, the Fixed Account, and the Portfolios” section (p. 44) of the prospectus:*

The separate account invests in shares of the portfolios of a fund. Each portfolio is an investment division of a fund, which is an open-end investment management company registered with the SEC. Such registration does not involve supervision of the management or investment practices or policies of the portfolios by the SEC.

Each portfolio’s assets are held separate from the assets of the other portfolios, and each portfolio has investment objectives and policies that are different from those of the other portfolios. Thus, each portfolio operates as a separate investment fund, and the income or loss of one portfolio has no effect on the investment performance of any other portfolio. Pending any required approval by a state insurance regulatory authority, certain subaccounts and corresponding portfolios may not be available to residents of some states.

Each portfolio’s investment objective(s) and policies are summarized below. There is no assurance that a portfolio will achieve its stated objective(s). Certain portfolios may have investment objectives and policies similar to other portfolios that are managed by the same investment adviser or sub-adviser. The investment results of the portfolios, however, may be higher or lower than those of such other portfolios. We do not guarantee or make any representation that the investment results of the portfolios will be comparable to any other portfolio, even those with the same investment adviser or manager.

Certain portfolios invest substantially all of their assets in portfolios of other funds. (See the chart above listing portfolios available under the Policy.) As a result, you will pay fees and expenses at both portfolio levels. This will reduce your investment return. These arrangements are referred to as fund of funds or master-feeder funds. Funds of funds or master-feeder structures may have higher expenses than portfolios that invest directly in debt or equity securities.

As described in more detail in the underlying portfolio prospectuses, certain underlying portfolios employ a managed volatility strategy that is intended to reduce the underlying portfolio’s overall volatility and downside risk, and to help us manage the risks associated with providing certain guarantees under the Policies. During rising markets, the hedging strategies employed to manage volatility could result in your Policy value rising less than would have been the case if you had been invested in an underlying portfolio with substantially similar investment objectives, securities, policies and strategies that does not utilize a volatility management strategy. In addition, the cost of these hedging strategies may have a negative impact on performance. On the other hand, investing in underlying portfolios with a managed volatility strategy may be helpful in a declining market with higher market volatility because the hedging strategy will reduce your equity exposure in such circumstances. In such cases, your Policy value may decline less than would have been the case if you had not invested in underlying portfolios with a managed volatility strategy. There is no guarantee that a managed volatility strategy can achieve or maintain the underlying portfolio’s optimal risk targets, and the underlying portfolio may not perform as expected. Portfolios that employ a managed volatility strategy are identified by an “*” preceding the name of the portfolio in the first column of the chart above.

Certain portfolios may employ hedging strategies to provide for downside protection during sharp downward movements in equity markets. (See chart above listing portfolios available under the Policy.) The cost of these hedging strategies could limit the upside participation of the portfolio in rising equity markets relative to other portfolios. You should consult with your registered representative to determine which combination of investment choices is appropriate for you.

Note: If you received a summary prospectus for a portfolio listed above, please follow the directions on the first page of the summary prospectus to obtain a copy of the full fund prospectus.

SELECTION OF UNDERLYING PORTFOLIOS

The underlying portfolios offered through this product are selected by TLIC. TLIC may consider various factors, including, but not limited to, asset class coverage, the alignment of the investment objectives of an underlying portfolio with our hedging strategy, the strength of the adviser’s or sub-adviser’s reputation and tenure, brand recognition, performance, and the capability and qualification of each investment firm. Another factor that we may consider is whether the underlying portfolio or its service providers (e.g., the investment adviser or sub-advisers) or its affiliates will make payments to us or our affiliates in connection with certain administrative, marketing, and support services, or whether affiliates of the portfolio can provide marketing and distribution support for sales of the Policies. (For additional information on these arrangements, please refer to the section of this prospectus entitled “Revenues We Receive.”) We review the portfolios periodically and may remove a portfolio or limit its availability to new premiums and/or transfers of cash value if we determine that a portfolio no longer satisfies one or more of the selection criteria, and/or if the portfolio has not attracted significant allocations from policyowners. We have included the Transamerica Series Trust portfolios at least in part because they are managed by TAM, our directly owned subsidiary.

You are responsible for choosing the portfolios, and the amounts allocated to each, that are appropriate for your own individual circumstances and your investment goals, financial situation, and risk tolerance. Because investment risk is borne by you, decisions regarding investment allocations should be carefully considered. We do not recommend or endorse any particular underlying fund portfolio and we do not provide investment advice.

In making your investment selections, we encourage you to thoroughly investigate all of the information that is available to you regarding the portfolios including each fund’s prospectus, statement of additional information and annual and semi-annual reports. Other sources, such as the underlying fund’s website, provide more current information including information about any regulatory actions or investigations relating to a fund or underlying fund portfolio. After you select portfolios for your initial premium, you should monitor and periodically re-evaluate your allocations to determine if they are still appropriate.

You bear the risk of any decline in your cash value resulting from the performance of the portfolios you have chosen.

ADDITION, DELETION, OR SUBSTITUTION OF PORTFOLIOS

We do not guarantee that each portfolio will always be available for investment through the Policy. We reserve the right, subject to compliance with applicable law, to add new portfolios or portfolio classes, close existing portfolios or portfolio classes, or substitute portfolio shares that are held by any subaccount for shares of a different portfolio. New or substitute portfolios may have different fees and expenses and their availability may be limited to certain classes of purchasers. We will not add, delete or substitute any shares attributable to your interest in a subaccount without notice to you and prior approval of the SEC, to the extent required by the 1940 Act or other applicable law. We may also decide to purchase securities from other portfolios for the separate account. We reserve the right to transfer separate account assets to another separate account that we determine to be associated with the class of contracts to which the Policy belongs.

YOUR RIGHT TO VOTE PORTFOLIO SHARES

Even though we are the legal owner of the portfolio shares held in the subaccounts, and have the right to vote on all matters submitted to shareholders of the portfolios, we will vote our shares only as policyowners instruct, as long as such action is required by law.

Before a vote of a portfolio’s shareholders occurs, you will receive voting materials from us. We will ask you to instruct us on how to vote and to return your voting instructions to us in a timely manner. You will have the right to instruct us on the number of portfolio shares that corresponds to the amount of cash value you have in that portfolio (as of a date set by the portfolio).

If we do not receive voting instructions on time from some policyowners, we will vote those shares as well as shares of the fund that the Insurer itself owns in the same proportion as the timely voting instructions we receive. Therefore, because of proportional voting, a small number of policyowners may control the outcome of a vote. Should federal securities laws, regulations and interpretations change, we may elect to vote portfolio shares in our own right. If required by state insurance officials, or if permitted under federal regulation, we may disregard certain owner voting instructions. If we ever disregard voting instructions, we will send you a summary in the next annual report to policyowners advising you of the action and the reasons we took such action.

VI.

The following hereby amends the “Premium Limitations” subsection (p. 75) of the “Premiums” section (p. 72) of the prospectus:

We will not allow the premiums you pay to exceed the current maximum premium limitations, if applicable, by which the Policy qualifies as life insurance under federal tax laws. (For more information regarding the Guideline Premium Test, please refer to the section entitled “Death Benefit” in this prospectus.)

This maximum is set forth in your Policy. If you make a payment that would cause your total premiums to be greater than the maximum premium limitations, we generally will return the excess portion of the premium payment, with interest, within 60 days after the end of the Policy year. In addition, we reserve the right to refund a premium or require evidence of insurability if the premium would increase the death benefit by more than the amount of the premium. We will not accept a payment that will cause the Policy to become a modified endowment contract without your consent. Please refer to the section of this prospectus entitled “Federal Income Tax Considerations” for more information regarding tax considerations regarding your Policy or consult a qualified tax advisor.

Note: We reserve the right to reject any form of payment. Any unacceptable forms of payment will be returned.

VII.

The following hereby replaces the “Disruptive Trading and Market Timing” subsection (p. 76) of the “Transfers” section (p. 75) of the prospectus:

Statement of Policy. This variable insurance contract was not designed to accommodate market timing or facilitate frequent or large trading through transfers among the investment divisions of the Separate Account (“Subaccounts”) by market timers or frequent or disruptive traders. (Both frequent and large transfers may be considered disruptive.)

Market timing and disruptive trading can adversely affect you, other contract owners, beneficiaries and underlying Funds. These adverse effects may include:

Dilution of the interests of long-term investors in a Subaccount if purchases or transfers into or out of an underlying Fund are made at prices that do not reflect an accurate value for the underlying Fund’s investments (some market timers attempt to do this through methods known as “time-zone arbitrage” and “liquidity arbitrage”);

2.	An adverse effect on Fund management, such as:

Impeding a Fund manager’s ability to sustain an investment objective.

Causing the underlying Fund to maintain a higher level of cash than would otherwise be the case.

Causing an underlying Fund to liquidate investments prematurely (or otherwise at an inopportune time) in order to pay withdrawals or Transfers out of the underlying Fund.

3.	Increased brokerage and administrative expenses.

These risks and costs are borne by all contract owners invested in those Subaccounts, not just those making the Transfers.

We have developed policies and procedures with respect to market timing and disruptive trading (which vary for certain Subaccounts at the request of the corresponding underlying Funds) and we do not make special arrangements or grant exceptions to accommodate market timing or other potentially disruptive or harmful trading. As discussed herein, we cannot detect or deter all market timing or potentially disruptive trading. Do not invest with us if you intend to conduct market timing or potentially disruptive trading.

Detection. We employ various means in an attempt to detect and deter market timing and disruptive trading. However, despite our monitoring we may not be able to detect nor halt all harmful trading. In addition, because other insurance companies (and retirement plans) with different policies and procedures may invest in the underlying Funds, we cannot guarantee that all harmful trading will be detected or that an underlying Fund will not suffer from market timing and disruptive trading among Subaccounts of variable products issued by these other insurance companies or retirement plans.

Deterrence. If we determine that you are engaged in market timing or disruptive trading, we may take one or more actions in an attempt to halt such trading. Your ability to make Transfers is subject to modification or restriction if we determine, in our sole opinion, that your exercise of the Transfer privilege may disadvantage or potentially harm the rights or interests of other contract owners (or others having an interest in the variable insurance products). As described below, restrictions may take various forms but, under our current policies and procedures, will include loss of expedited Transfer privileges. We consider Transfers by telephone, fax, or overnight mail to be “expedited” Transfers. This means that we would accept only written Transfer requests with an original signature sent to us only by U.S. mail. We may also restrict the Transfer privileges of others acting on your behalf, including your registered representative or an asset allocation or investment advisory service.

We reserve the right to reject any premiums or Transfer request from any person without prior notice, if, in our judgment, (1) the payment or Transfer, or series of Transfers, would have a negative impact on an underlying Fund’s operations; or (2) if an underlying Fund would reject or has rejected our purchase order or has instructed us not to allow that purchase or Transfer; or (3) because of a history of market timing or disruptive trading.

We may impose other restrictions on Transfers, or even prohibit Transfers for any owner who, in our view, has abused, or appears likely to abuse, the Transfer privilege on a case-by-case basis. We may, at any time and without prior notice, discontinue Transfer privileges, modify our procedures, impose holding period requirements, or limit the number, size, frequency, manner, or timing of Transfers we permit. We also reserve the right to reverse a potentially harmful Transfer if an underlying Fund refuses or reverses our order; in such instances some contract owners may be treated differently than others in that some Transfers may be reversed and others allowed. For all of these purposes, we may aggregate two or more variable insurance products that we believe are connected by contract owners or persons engaged in trading on behalf of contract owners.

In addition to our internal policies and procedures, we will administer your variable insurance product to comply with any applicable state, federal, and other regulatory requirements concerning Transfers. We reserve the right to implement, administer, and charge you for any fee or restriction, including redemption fees, imposed by any underlying Fund. To the extent permitted by law, we also reserve the right to defer the Transfer privilege at any time that we are unable to purchase or redeem shares of any of the underlying Funds.

Under our current policies and procedures, we do not:

•

Impose redemption fees on Transfers.

•

Expressly limit the number or size of Transfers in a given period except for certain Subaccounts where an underlying Fund has advised us to prohibit certain Transfers that exceed a certain size.

•

Provide a certain number of allowable Transfers in a given period.

Redemption fees, Transfer limits, and other procedures or restrictions may be more or less successful than ours in deterring market timing or other disruptive trading, and in preventing or limiting harm from such trading.

We do not impose any prophylactic transfer restrictions. In the absence of any such restrictions (e.g., expressly limiting the number of trades within a given period or limiting trades by their size), it is possible that some level of market timing and disruptive trading will occur before it is detected and we take steps to deter it.

Please Note: The limits and restrictions described herein are subject to our ability to monitor Transfer activity. Our ability to detect market timing or other disruptive trading may be limited by operational and technological systems, as well as by our ability to predict strategies employed by contract owners (or those acting on their behalf) to avoid detection. As a result, despite our efforts to prevent harmful trading activity among the Subaccounts available under this variable insurance product, there is no assurance that we will be able to detect or deter market timing or disruptive trading by such contract owners or intermediaries acting on their behalf. Moreover, our ability to discourage and restrict market timing or disruptive trading may be limited by decisions of state regulatory bodies and court orders which we cannot predict.

Furthermore, we may revise our policies and procedures in our sole discretion at any time and without prior notice as we deem necessary or appropriate: (1) to better detect and deter market timing or other harmful trading that may adversely affect other contract owners, other persons with material rights under the variable insurance products, or underlying Fund shareholders generally; (2) to comply with state or federal regulatory requirements; or (3) to impose additional or alternative restrictions on owners engaging in market timing or disruptive trading among the Subaccounts under the variable insurance product. In addition, we may not honor Transfer requests if any Subaccount that would be affected by the Transfer is unable to purchase or redeem shares of its corresponding underlying Fund.

Underlying Fund Frequent Trading Policies. The underlying Funds may have adopted their own policies and procedures with respect to frequent purchases and redemptions of their respective shares. Underlying Funds may, for example, assess a redemption fee (which we reserve the right to collect) on shares held for a relatively short period of time. The prospectuses for the underlying Funds describe any such policies and procedures. The frequent trading policies and procedures of an underlying Fund may be different, and more or less restrictive, than the frequent trading policies and procedures of other underlying Fund and the policies and procedures we have adopted for our variable insurance policies to discourage market timing and disruptive trading. Contract owners should be aware that we do not monitor Transfer requests from contract owners or persons acting on behalf of contract owners for compliance with, nor do we apply, the frequent trading policies and procedures of the respective underlying Funds that would be affected by the Transfers.

Contract owners should be aware that we are required to provide to an underlying Fund portfolio or its payee, promptly upon request, certain information about the trading activity of individual contract owners, and to restrict or prohibit further purchases or transfers by specific contract owners or persons acting on their behalf, if identified by an underlying Fund portfolio as violating the frequent trading policies established for the underlying Fund portfolio. Please read the Fund’s prospectus for information about restrictions on transfers.

Omnibus Order. Contract owners and other persons with material rights under the variable insurance products also should be aware that the purchase and redemption orders received by the underlying Funds generally are “omnibus” orders from intermediaries such as retirement plans and Separate Accounts funding variable insurance products. The omnibus orders reflect the aggregation and netting of multiple orders from individual retirement plan participants and individual owners of variable insurance products. The omnibus nature of these orders may limit the underlying Funds’ ability to apply their respective frequent trading policies and procedures.

We cannot guarantee that the underlying Funds will not be harmed by Transfer activity relating to the retirement plans or other insurance companies that may invest in the underlying Funds. These other insurance companies are responsible for their own policies and procedures regarding frequent Transfer activity. If their policies and procedures fail to successfully discourage harmful Transfer activity, it will affect other owners of underlying Fund shares, as well as the owners of all of the variable annuity contracts or life insurance policies, including ours, whose variable Account Options correspond to the affected underlying Funds. In addition, if an underlying Fund believes that an omnibus order we submit may reflect one or more Transfer requests from owners engaged in market timing and disruptive trading, the underlying Fund may reject the entire omnibus order and thereby delay or prevent us from implementing your request.

VIII.

The following hereby amends the “Cash Withdrawals” subsection (p. 91) of the “Surrenders and Cash Withdrawals” section (p. 90) of the prospectus:

We currently charge $20 for an overnight delivery ($30 for Saturday delivery) and $50 for wire service. You can obtain further information about these charges by contacting us at our mailing address or our Service Center

IX.

The following is hereby added to the “General” subsection (p. 93) of the “Loans” section (p. 93) of the prospectus:

Your requests for a loan that are received at our mailing address (or faxed to our administrative office per the above instructions) before the NYSE closes are priced using the subaccount unit value determined at the close of that regular business session of the NYSE (usually 4:00 p.m. Eastern Time). If we receive a written request at our mailing address (or a fax request at our administrative office) after the NYSE closes, or on a day the NYSE is closed for trading, we will process the request using the subaccount unit value determined at the close of the next regular business session of the NYSE. Please Note: All loan requests must be submitted in good order to avoid a delay in processing your request.

X.	*The following hereby replaces the “Federal Income Tax Considerations” section (p. 96) of the prospectus:*

The following summarizes some of the basic federal income tax considerations associated with a Policy and does not purport to be complete or to cover all situations. This discussion is not intended as tax advice. Please consult counsel or other qualified tax professionals for more complete information. We base this discussion on our understanding of the present federal income tax laws as they are currently interpreted by the Internal Revenue Service (the “IRS”). Federal income tax laws and the current interpretations by the IRS may change.

Tax Status of the Policy

A Policy must satisfy certain requirements set forth in the Internal Revenue Code (the “Code”) in order to qualify as a life insurance policy for federal income tax purposes and to receive the tax treatment normally accorded life insurance policies under federal tax law. Guidance as to how these requirements are to be applied is limited. Nevertheless, we believe that the Policy should generally satisfy the applicable Code requirements.

In certain circumstances, owners of variable life insurance policies have been considered for federal income tax purposes to be the owners of the assets of the separate account supporting their policies due to their ability to exercise investment control over those assets. Where this is the case, the policy owners have been currently taxed on income and gains attributable to the separate account assets. There is little guidance in this area. We believe that the Policy does not give you investment control over separate account assets.

In addition, the Code requires that the investments of the separate account be “adequately diversified” in order to treat the Policy as a life insurance policy for federal income tax purposes. We intend that the separate account, through the portfolios, will satisfy these diversification requirements.

The following discussion assumes that the Policy will qualify as a life insurance policy for federal income tax purposes.

Tax Treatment of Policy Benefits

In General. We believe that the Policy described in this prospectus is a life insurance policy under Code Section 7702. Section 7702 defines a life insurance policy for federal income tax purposes and places limits on the relationship of the cash value to the death benefit. As life insurance policies, the death benefits of the policies are generally excludable from the gross income of the beneficiaries. In the absence of any guidance from the IRS on the issue, we believe that providing an amount at risk after attained age 99 in the manner provided should be sufficient to maintain the excludability of the death benefit after attained age 99. Lack of specific IRS guidance, however, makes the tax treatment of the death benefit after attained age 99 uncertain. Also, any increase in cash value should generally not be taxable until received by you or your designee. However, if your Policy is a modified endowment contract as defined in Code Section 7702A you may be taxed to the extent of gain in the Policy when you take a Policy loan, pledge or assign the Policy. Federal, state and local transfer, estate and other tax consequences of ownership or receipt of Policy proceeds depend on your circumstances and the beneficiary’s circumstances. A tax professional should be consulted on these consequences.

Generally, you will not be deemed to be in constructive receipt of the cash value until there is a distribution. When distributions from a Policy occur, or when loans are taken out from or secured by a Policy (e.g., by assignment), the tax consequences depend on whether the Policy is classified as a MEC. Moreover, if a loan from a Policy that is not a MEC is outstanding when the Policy is surrendered or lapses, the amount of outstanding indebtedness will be considered an amount distributed and will be taxed accordingly.

Modified Endowment Contracts. Under the Code, certain life insurance policies are classified as MECs and receive less favorable tax treatment than other life insurance policies. The rules are too complex to summarize here, but generally depend on the amount of premiums paid during the first seven Policy years or in the seven Policy years following certain changes in the Policy. Changes that would cause a contract to enter a new seven-year test period include, for example, an increase in the death benefit that is not the result of a premium necessary to keep the Policy in-force. Additionally, a reduction in benefits during a seven-year test period could cause a Policy to become a MEC. Due to the Policy’s flexibility, each Policy’s circumstances will determine whether the Policy is classified as a MEC. If you do not want your Policy to be classified as a MEC, you should consult a tax professional to determine the circumstances, if any, under which your Policy would or would not be classified as a MEC.

Upon issue of your Policy, we will notify you as to whether or not your Policy is classified as a MEC based on the initial premium we receive. If a payment would cause your Policy to become a MEC, you and your registered representative will be notified and we will not apply the premium. At that time, you will need to notify us if you want to continue your Policy as a MEC. Unless you notify us that you do want to continue your Policy as a MEC, we will refund the dollar amount of the excess premium that would cause the Policy to become a MEC.

Distributions (other than Death Benefits) from MECs. Policies classified as MECs are subject to the following tax rules:

•

All distributions other than death benefits from a MEC, including distributions upon surrender and cash withdrawals, will be treated first as distributions of gain taxable as ordinary income. They will be treated as tax-free recovery of the owner’s investment in the Policy only after all gain has been distributed. Your investment in the Policy is generally your total premium payments. When a distribution is taken from the Policy, your investment in the Policy is reduced by the amount of the distribution that is tax-free.

•

Loans taken from or secured by (e.g., by assignment) or pledges of such a Policy and increases in cash value secured by such loan or pledge are treated as distributions and taxed accordingly. If the Policy is part of a collateral assignment split dollar arrangement, the initial assignment as well as increases in cash value during the assignment may be treated as distributions and considered taxable.

•

A 10% additional federal income tax is imposed on the amount included in income except where the distribution or loan is made when you have reached age 59¹⁄₂ or are disabled, or where the distribution is part of a series of substantially equal periodic payments for your life (or life expectancy) or the joint lives (or joint life expectancies) of you and the beneficiary.

•

If a Policy becomes a MEC, distributions that occur during the Policy year will be taxed as distributions from a MEC. In addition, the IRS has the authority, but has not yet done so, to issue regulations providing that distributions from a Policy that are made within two years before the Policy becomes a MEC will also be taxed in this manner.

Distributions (other than Death Benefits) from Policies that are not MECs. Distributions from a Policy that is not a MEC are generally treated first as a recovery of your investment in the Policy, and as taxable income after the recovery of all investment in the Policy. However, certain distributions which must be made in order to enable the Policy to continue to qualify as a life insurance policy for federal income tax purposes if Policy benefits are reduced during the first 15 Policy years may be treated in whole or in part as ordinary income subject to tax. Distributions from or loans from or secured by a Policy that is not a MEC are not subject to the 10% additional tax applicable to MECs.

Policy Loans. Loans from or secured by a Policy that is not a MEC are generally not treated as distributions. Instead, such loans are treated as indebtedness. If a loan from a Policy that is not a MEC is outstanding when the Policy is surrendered or lapses, the amount of the outstanding indebtedness will be taxed as if it were a distribution at that time. The tax consequences associated with Policy loans outstanding after the first 10 Policy years with preferred loan rates are less clear and a tax professional should be consulted about such loans.

Deductibility of Policy Loan Interest. In general, interest you pay on a loan from a Policy will not be deductible. Before taking out a Policy loan, you should consult a tax professional as to the tax consequences.

Investment in the Policy. Your investment in the Policy is generally the sum of the premium payments you made reduced by a withdrawal or distributions from the Policy that are tax-free.

Withholding. To the extent that Policy distributions are taxable, they are generally subject to withholding for the recipient’s

federal income tax liability. The federal income tax withholding rate is generally 10% of the taxable amount of the distribution. Withholding applies only if the taxable amount of all distributions is at least $200 during a taxable year. Some states also require withholding for state income taxes. With the exception of amounts that represent eligible rollover distributions from Pension Plans and 403(b) arrangements, which are subject to mandatory withholding of 20% for federal tax, recipients can generally elect, however, not to have tax withheld from distributions. If the taxable distributions are delivered to foreign countries, U.S. persons may not elect out of withholding. Taxable distributions to non-resident aliens are generally subject to withholding at a 30% rate unless withholding is eliminated under an international treaty with the United States. The payment of death benefits is generally not subject to withholding.

Business Uses of the Policy. The Policy may be used in various arrangements, including nonqualified deferred compensation or salary continuance plans, split dollar insurance plans, executive bonus plans, retiree medical benefit plans and others. The tax consequences of such plans and business uses of the Policy may vary depending on the particular facts and circumstances of each individual arrangement and business use of the Policy. Therefore, if you are contemplating using the Policy in any such arrangement, you should be sure to consult a tax professional as to tax attributes of the arrangement and in its use of life insurance. In recent years, moreover, Congress and the IRS have adopted new rules relating to nonqualified deferred compensation and to life insurance owned by businesses and life insurance used in split-dollar arrangements. The IRS has recently issued new guidance regarding concerns in the use of life insurance in employee welfare benefit plans, including, but not limited to, the deduction of employer contributions and the status of such plans as listed transactions. Any business contemplating the purchase of a new Policy or a change in an existing Policy should consult a tax professional. In addition, Section 101(j) of the Internal Revenue Code imposes notice, consent and other provisions on policies owned by employers and certain of their affiliates, owners and employees in order to receive death benefits tax-free and it requires additional tax reporting requirements.

Alternative Minimum Tax. There also may be an indirect tax upon the income in the Policy or the proceeds of a Policy under the federal corporate alternative minimum tax, if the policyowner is subject to that tax.

Living Benefit Rider (an Accelerated Death Benefit). We believe that the single-sum payment we make under this rider should be fully excludible from the gross income of the beneficiary, except in certain business contexts. You should consult a tax professional about the consequences of adding this rider to your Policy, or requesting a single-sum payment.

Continuation of Policy Beyond Attained Age 99. The tax consequences of continuing the Policy beyond the insured’s attained age 99 are unclear and may include taxation of the gain in the Policy or the taxation of the death benefit in whole or in part. You should consult a tax professional if you intend to keep the Policy in force beyond the insured’s attained age 99.

Other Tax Considerations. The transfer of the Policy or designation of a beneficiary may have federal, state, and/or local transfer and inheritance tax consequences, including the imposition of gift, estate, and generation-skipping transfer taxes. The individual situation of each owner or beneficiary will determine the extent, if any, to which federal, state, and local transfer and inheritance taxes may be imposed and how ownership or receipt of Policy proceeds will be treated for purposes of federal, state and local estate, inheritance, generation-skipping and other taxes. Special Rules for Pension Plans and Section 403(b) Arrangements. If the Policy is purchased in connection with a section 401(a) qualified pension or profit sharing plan, including a section 401(k) plan, or in connection with a section 403(b) plan or program, federal and state income and estate tax consequences could differ from those stated in this prospectus. The purchase may also affect the qualified status of the plan. You should consult a qualified tax professional in connection with such purchase. Policies owned under these types of plans may be subject to the Employee Retirement Income Security Act of 1974, or ERISA, which may impose additional requirements on the purchase of policies by such plans. You should consult a qualified tax professional regarding ERISA.

Please Note:

•

Foreign Account Tax Compliance Act (“FATCA”). The discussion above provides general information regarding U.S. federal income tax consequences to life and annuity purchasers that are U.S. citizens or residents. Purchasers that are not U.S. citizens or residents will generally be subject to U.S. federal withholding tax on taxable distributions from life policies and annuity contracts at a 30% rate, unless a lower treaty rate applies. In addition, such purchasers may be subject to state and/or municipal taxes and taxes that may be imposed by the purchaser’s country of citizenship or residence. FATCA imposed additional reporting and documentation requirements where non-U.S. entities (including foreign corporations, partnerships, and trusts) purchase policies to identify U.S. persons who are beneficial owners of the policies. Additional withholding of U.S. tax may be imposed if such documentation is not provided. In furtherance of FATCA implementation, the U.S. has entered into Inter-

Government Agreements (“IGA’s”) with various foreign governments that require an exchange of information between U.S. financial institutions, including TLIC and the foreign governments regarding purchases of life insurance and annuities by their respective citizens. Prospective purchasers are advised to consult with a qualified tax professional regarding U.S., state, and foreign taxation with respect to a life insurance policy or an annuity contract purchase.

•

In 2001, Congress enacted the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”), which modified the estate, gift and generation-skipping transfer taxes through 2009 and eliminated the estate tax (but not the gift tax) and replaced it with a carryover basis income tax regime for estates of decedents dying in 2010, and also eliminated the generation-skipping transfer tax for transfers made in 2010. The 2010 Taxpayer Relief Act generally extended the EGTRRA provisions existing in 2009 and reunified the estate and gift transfer taxes for 2011 and 2012. The American Taxpayer Relief Act of 2012 made permanent certain of the changes to the estate, gift and generation-skipping transfer taxes. These provisions were modified again in December, 2017 by H.R. 1 (formerly known as the Tax Cuts and Jobs Act). The estate and gift tax unified credit basic exclusion amount increases to $10,000,000, subject to inflation adjustments (using the C-CPI-U), for taxable years beginning after December 31, 2017, and before January 1, 2026. This recent history of changes in these important tax provisions underscores the importance of seeking guidance from a qualified tax professional to help ensure that your estate plan adequately addresses possible transfer taxation of the Policy and its benefits in light of your needs and that of your beneficiaries under all possible scenarios.

XI.

The following is added to the “Additional Information” section (p. 106) of the prospectus:

Payments to Contract Owners

We usually pay the amounts of any surrender, cash withdrawal, or death benefit within seven calendar days after we receive all applicable written notices and/or due proofs of death (in good order) at our Service Center. However, we can postpone such payments if any of the following occurs:

•

The New York Stock Exchange (“NYSE”) is closed, other than customary weekend and holiday closings, or trading on the NYSE is restricted.

•

The SEC permits, by an order, the postponement for the protection of contract owners.

•

An emergency exists that would make the disposal of securities held in the Separate Account or the determination of their value not reasonably practicable.

In addition, if, pursuant to SEC rules, the Money Market Portfolio available in your policy suspends payment of redemption proceeds in connection with a liquidation of such Portfolio or as a result of Portfolio liquidity levels, then we will delay payment of any transfer, cash withdrawal, surrender, loan, or death benefit from the Money Market Portfolio Subaccount until the Portfolio pays redemption proceeds.

If you have submitted a recent check or draft, we have the right to defer payment of surrenders, cash withdrawals, or death benefit until such check or draft has been honored.

If mandated under applicable law, we may be required to reject a premium payment and/or block a contract owner’s account and thereby refuse to pay any request for transfers, withdrawals, surrenders, loans, or death benefits until instructions are received from the appropriate regulators. We may also be required to provide additional information about you or your account to governmental regulators.

Collateral Assignment

You may assign your Policy by filing a written request with us. We will not be bound by any assignment until we receive it in our records. Unless otherwise specified by you, the assignment will then take effect on the date the assignment is signed by you, subject to any payments made or actions taken by us prior to our recording of the assignment. We assume no responsibility for the validity or effect of any assignment of the Policy or any interest in it. Any death benefit which becomes payable to an assignee will be payable in a single sum and will be subject to proof of the assignee’s interest and the extent of the assignment.

Tax-Free Section 1035 Exchanges

You can generally exchange one life insurance policy for another policy covering the same insured in a “tax-free exchange” under Section 1035 of the Internal Revenue Code. Before making an exchange, you should compare both life insurance policies carefully. Remember that if you exchange another life insurance policy for the one described in this prospectus, you might have to pay a surrender charge on your old policy, other charges may be higher (or lower), and the benefits may be different. If the exchange does not qualify for Section 1035 treatment, or if your current policy is subject to a policy loan, you may also have to pay federal income tax on the exchange. Additionally, if you are under age 59¹⁄₂ then you also may be subject to a federal tax penalty equal to 10% of the taxable amount. You should not exchange another life insurance policy for this one unless you determine, after knowing all the facts, that the exchange is in your best interest and not just better for the person selling you the Policy. (That person will generally earn a commission if you buy the Policy through an exchange or otherwise.)

Selection of Underlying Fund Portfolio

Please note the following information regarding Government Money Market funds

There can be no assurance that a government money market fund will be able to maintain a stable net asset value per share. During extended periods of low interest rates, and partly as a result of insurance charges, the yield on a government money market fund may become extremely low and possibly negative. You could lose money by investing in a government money market fund.

Cyber Security Risks

Our operations support complex transactions and are highly dependent on the proper functioning of information technology and communication systems. Any failure of our information technology or communications systems may result in a material adverse effect on our results of operations and corporate reputation.

Any failure of or gap in the systems and processes necessary to support complex transactions and avoid systems failure, fraud, information security failures, processing errors, cyber intrusion, loss of data and breaches of regulation may lead to a materially adverse effect on our results of operations and corporate reputation. In addition, we must commit significant resources to maintain and enhance its existing systems in order to keep pace with applicable regulatory requirements, industry standards and customer preferences. If we fail to maintain secure and well-functioning information systems, we may not be able to rely on information for product pricing, compliance obligations, risk management and underwriting decisions. In addition, we cannot assure investors or consumers that interruptions, failures or breaches in security of these processes and systems will not occur, or if they do occur, that they can be timely detected and remediated. The occurrence of any of these events may have a materially adverse effect on our businesses, results of operations and financial condition.

A computer system failure or security breach may disrupt our business, damage our reputation and adversely affect our results of operations, financial condition and cash flows.

We rely heavily on computer and information systems and internet and network connectivity to conduct a large portion of our business operations. This includes the need to securely store, process, transmit and dispose of confidential information,

including personal information, through a number of complex systems. In many cases this also includes transmission and processing to or through commercial customers, business partners and third-party service providers. The introduction of new technologies, computer system failures, cyber-crime attacks or security or data privacy breaches may materially disrupt our business operations, damage our reputation, result in regulatory and litigation exposure, investigation and remediation costs, and materially and adversely affect our results of operations, financial condition and cash flows.

The information security risk that we face includes the risk of malicious outside forces using public networks and other methods, including social engineering and the exploitation of targeted offline processes, to attack our systems and information. It also includes inside threats, both malicious and accidental. For example, human error, unauthorized user activity and lack of sufficiently automated processing can result in improper information exposure or use. We also face risk in this area due to its reliance in many cases on third-party systems, all of which may face cyber and information security risks of their own. Third-party administrators or distribution partners used by us or our affiliates may not adequately secure their own information systems and networks, or may not adequately keep pace with the dynamic changes in this area. Potential bad actors that target us and our applicable third parties may include, but are not limited to, criminal organizations, foreign government bodies, political factions, and others.

In recent years information security risk has increased sharply due to a number of developments in how information systems are used by companies such as us, but also by society in general. Threats have increased as criminals and other bad actors become more organized and employ more sophisticated techniques. At the same time companies increasingly make information systems and data available through the internet, mobile devices or other network connections to customers, employees and business partners, thereby expanding the attack surface that bad actors can exploit.

Large, global financial institutions such as us have been, and will continue to be subject to information security attacks for the foreseeable future. The nature of these attacks will also continue to be unpredictable, and in many cases may arise from circumstances that are beyond our control. If we fail to adequately invest in defensive infrastructure, timely response capabilities, technology and processes or to effectively execute against its information security strategy, it may suffer material adverse consequences.

To date the highest impact information security incidents that we have experienced are believed to have been the result of e-mail phishing attacks targeted at our business partners and commercial customers. This in turn led to unauthorized use of valid our website credentials to engage in fraudulent transactions and improper data exfiltration. Additionally, we have also faced other types of attacks, including but not limited to other types of phishing attacks and distributed denial of service (DDoS) attacks, as well as certain limited cases of unauthorized internal user activity, including activity between other units of Aegon. Although to our knowledge these events have thus far not been material in nature, our management recognizes the need to establish and maintain adequate information security systems that are capable of addressing the possibility of these types of attacks, as well as for the possibility of more significant and sophisticated information security attacks, in the future. There is no guarantee that the measures that we take will be sufficient to stop all types of attacks or mitigate all types of information security or data privacy risks.

We maintain cyber liability insurance to help decrease the impact of cyber-attacks and information security events, subject to the terms and conditions of the policy, however such insurance may not be sufficient to cover all applicable losses that we may suffer.

A breach of data privacy or security obligations may disrupt our business, damage our reputation and adversely affect financial conditions and results of operations.

Pursuant to applicable laws, various government agencies and independent administrative bodies have established numerous rules protecting the privacy and security of personal information and other confidential information held by us. For example, our businesses are subject to laws and regulations enacted by U.S. federal and state governments, including various regulatory organizations relating to the privacy and/or security of the information of customers, employees or others. These laws, among other things, increased compliance obligations, impacted our businesses’ collection, processing and retention of personal data, reporting of data breaches, and provide for penalties for non-compliance. As an example, the New York Department of Finance Services (NYDFS), pursuant to its cybersecurity regulation, requires financial institutions regulated by the NYDFS, including certain of our entities, to, among other things, satisfy an extensive set of minimum cyber security requirements, including but not limited to governance, management, reporting, policy, technology and control requirements. Numerous other U.S. laws also impose various information security and privacy related obligations with respect to various

Company affiliates operating in the U.S., including but not limited to the Gramm-Leach-Bliley Act and related state laws (GLBA), the California Consumer Privacy Act (CCPA) and the Health Insurance Portability and Accountability Act (HIPAA), among many others. Other legislators and regulators with jurisdiction over our businesses are considering, or have already enacted, enhanced information security risk management and privacy rules and regulations. A number of our entities and affiliates are also subject to contractual restrictions with respect to the information of our clients and business partners. The Company, and numerous of its employees and business partners have access to, and routinely process, the personal information of consumers and employees. We rely on various processes and controls to protect the confidentiality, integrity and availability of personal information and other confidential information that is accessible to, or in the possession of, us, our systems, employees and business partners. It is possible that an employee, business partner or system could, intentionally or unintentionally, inappropriately disclose or misuse personal or confidential information. Our data or data in our possession could also be the subject of an unauthorized information security attack. If we fail to maintain adequate processes and controls or if we or our business partners fail to comply with relevant laws and regulations, policies and procedures, misappropriation or intentional or unintentional inappropriate disclosure or misuse of personal information or other confidential information could occur. Such control inadequacies or non-compliance could cause disrupted operations and misstated or unreliable financial data, materially damage our reputation or lead to increased regulatory scrutiny or civil or criminal penalties or litigation, which, in turn, could have a material adverse effect on our business, financial condition and results of operations. In addition, we analyze personal information and customer data to better manage our business, subject to applicable laws and regulations and other restrictions. It is possible that additional regulatory or other restrictions regarding the use of such techniques may be imposed. Additional privacy and information security obligations have been imposed by various governments with jurisdiction over the Company or its affiliates in recent years, and more such obligations are likely to be imposed in the near future across our operations. Such restrictions and obligations could have material impacts on our business, financial conditions and/or results of operations.

For a complete description regarding Transamerica’s policies for its websites, including the Privacy Policy and Terms of Use for such websites, please visit: www.transamerica.com/individual/privacy-policy and www.transamerica.com/individual/terms-of-use.

Business Continuity

Our business operations may be adversely affected by volatile natural and man-made disasters, including (but not limited to) hurricanes, earthquakes, terrorism, civil unrest, military action, fires and explosions, pandemic diseases, and other catastrophes (“Catastrophic Events”). Over the past several years, changing weather patterns and climatic conditions have added to the unpredictability and frequency of natural disasters in certain parts of the world. Such uncertainty as to future trends and exposure may lead to financial losses to our businesses. Furthermore, Catastrophic Events may disrupt our operations and result in the loss of, or restricted access to, property and information about Transamerica and its clients. Such events may also impact the availability and capacity of our key personnel. If our business continuity plans have not included effective contingencies for Catastrophic Events, we may experience business disruption, damage to corporate reputation, and damage to financial condition for a prolonged period of time.

XII.

The following hereby replaces the “Sending Forms and Transaction Requests in Good Order” subsection (p. 106) of the “Additional Information” section (p. 106) of the prospectus:

We cannot carry out your instructions to process a transaction relating to the Policy until we have received your instructions in good order at our mailing address (or our administrative office or website as appropriate). “Good order” means the actual receipt by us of the instructions relating to a transaction in writing or, when appropriate, by telephone or facsimile, or electronically along with all forms, information and supporting legal documentation (including any required spousal or joint owner’s consents) we require in order to effect the transaction. This information and documentation generally includes, to the extent applicable to the transaction: your completed application; the policy number; the transaction amount (in dollars or percentage terms); the names and allocations to and/or from the subaccounts affected by the requested transaction; the dated signatures of all owners (exactly as registered on the Policy) if necessary; Social Security Number or Taxpayer I.D.; and any other information or supporting documentation that we may require. To be in “good order,” instructions must be sufficiently clear so that we do not need to exercise any discretion to follow such instructions.

XIII.

The following hereby replaces the “Legal Proceedings” subsection (p. 108) of the “Additional Information” section (p. 106) of the prospectus:

We, like other life insurance companies, are subject to regulatory and legal proceedings in the ordinary course of our business. Such legal and regulatory matters include proceedings specific to us and other proceedings generally applicable to business practices in the industry in which we operate. In some lawsuits and regulatory proceedings involving insurers, substantial damages have been sought and/or material settlement payments have been made. Although the outcome of any litigation or regulatory proceeding cannot be predicted with certainty, at the present time, we believe that there are no pending or threatened proceedings or lawsuits that are likely to have a material adverse impact on the separate account, on TCI’s ability to perform under its principal underwriting agreement, or on our ability to meet our obligations under the Policy.

P R O S P E C T U S

May 1, 2012

WRL XCELERATOR^SM

WRL XCELERATOR FOCUS^SM

WRL XCELERATOR EXEC^SM

issued through

WRL Series Life Account

Western Reserve Life Assurance Co. of Ohio

Administrative Office

570 Carillon Parkway

St. Petersburg, Florida 33716

Please direct transactions, claim forms, payments and other correspondence and notices as follows:


*Transaction Type*		*Direct or Send to*
Telephonic Transaction		1-727- 299-1800 or 1-800-851-9777 (toll free)
Facsimile Transaction		1-727-299-1648 (subaccount transfers only) 1-727-299-1620 (all other facsimile transactions)
Electronic Transaction		www.westernreserve.com
All payments made by check, and all claims, correspondence and notices		Mailing Address: 4333 Edgewood Road, N.E., Cedar Rapids, Iowa 52499

An Individual Flexible Premium Variable Life Insurance Policy

This prospectus describes the WRL Xcelerator^SM, WRL Xcelerator Focus^SMand WRL Xcelerator Exec^SM, each a flexible premium variable life insurance policy (the “Policy” or the “Policies”). You can allocate your Policy’s cash value to the fixed account (which credits a specified guaranteed interest rate) and/or to the WRL Series Life Account, which invests through its subaccounts in portfolios of the Transamerica Series Trust – Initial Class (“Series Trust”), the Fidelity Variable Insurance Products Funds – Service Class 2 (“Fidelity VIP Fund”), the ProFunds, the Access One Trust (“Access Trust”), the AllianceBernstein Variable Products Series Fund, Inc. (“AllianceBernstein”), and the Franklin Templeton Variable Insurance Products Trust (“Franklin Templeton”) (collectively, the “funds”). Please refer to the next page of this prospectus for the list of portfolios available to you under this Policy.

Investing in the Policies involves investment risk and fluctuating interest rates.

If you already own a life insurance policy, it may not be to your advantage to buy additional insurance or to replace your policy with the Policy described in this prospectus. Additionally, it may not be to your advantage to borrow money to purchase this Policy or to take withdrawals from another policy you own to make premium payments under this Policy.

Prospectuses for the portfolios of the funds must accompany this prospectus. Certain portfolios may not be available in all states. Please read these documents before investing and save them for future reference.

An investment in the Policy is not a bank deposit. The Policy is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

PORTFOLIOS AVAILABLE UNDER YOUR POLICY


TRANSAMERICA SERIES TRUST:		TRANSAMERICA SERIES TRUST (CONT.):		PROFUNDS (CONT.)
•	TRANSAMERICA AEGON ACTIVE ASSET ALLOCATION – CONSERVATIVE VP	•	TRANSAMERICA JANUS BALANCED VP	•	PROFUND VP JAPAN
•	TRANSAMERICA AEGON ACTIVE ASSET ALLOCATION – MODERATE GROWTH VP	•	TRANSAMERICA JENNISON GROWTH VP	•	PROFUND VP MID-CAP
•	TRANSAMERICA AEGON ACTIVE ASSET ALLOCATION – MODERATE VP	•	TRANSAMERICA MFS INTERNATIONAL EQUITY VP	•	PROFUND VP MONEY MARKET
•	TRANSAMERICA AEGON HIGH YIELD BOND VP	•	TRANSAMERICA MORGAN STANLEY CAPITAL GROWTH VP	•	PROFUND VP NASDAQ-100
•	TRANSAMERICA AEGON MONEY MARKET VP	•	TRANSAMERICA MORGAN STANLEY MID-CAP GROWTH VP	•	PROFUND VP OIL & GAS
•	TRANSAMERICA AEGON U.S. GOVERNMENT SECURITIES VP	•	TRANSAMERICA MULTI-MANAGED BALANCED VP	•	PROFUND VP PHARMACEUTICALS
•	TRANSAMERICA ALLIANCEBERNSTEIN DYNAMIC ALLOCATION VP	•	TRANSAMERICA MULTI MANAGED LARGE CAP CORE VP	•	PROFUND VP PRECIOUS METALS
•	TRANSAMERICA ASSET ALLOCATION – CONSERVATIVE VP	•	TRANSAMERICA PIMCO TOTAL RETURN VP	•	PROFUND VP SHORT EMERGING MARKETS
•	TRANSAMERICA ASSET ALLOCATION – GROWTH VP	•	TRANSAMERICA SYSTEMATIC SMALL/MID CAP VALUE VP	•	PROFUND VP SHORT INTERNATIONAL
•	TRANSAMERICA ASSET ALLOCATION – MODERATE GROWTH VP	•	TRANSAMERICA T. ROWE PRICE SMALL CAP VP	•	PROFUND VP SHORT NASDAQ-100
•	TRANSAMERICA ASSET ALLOCATION – MODERATE VP	•	TRANSAMERICA THIRD AVENUE VALUE VP	•	PROFUND VP SHORT SMALL-CAP
•	TRANSAMERICA BLACKROCK GLOBAL ALLOCATION VP	•	TRANSAMERICA WMC DIVERSIFIED GROWTH VP	•	PROFUND VP SMALL-CAP
•	TRANSAMERICA BLACKROCK LARGE CAP VALUE VP			•	PROFUND VP SMALL-CAP VALUE
•	TRANSAMERICA BLACKROCK TACTICAL ALLOCATION VP		FIDELITY FUNDS:	•	PROFUND VP TELECOMMUNICATIONS

•	TRANSAMERICA CLARION GLOBAL REAL ESTATE VP	•	FIDELITY VIP INDEX 500 PORTFOLIO	•	PROFUND VP ULTRANASDAQ-100
•	TRANSAMERICA EFFICIENT MARKETS VP			•	PROFUND VP ULTRASMALL-CAP
•	TRANSAMERICA HANLON BALANCED VP		PROFUNDS:	•	PROFUND VP U.S. GOVERNMENT PLUS

•	TRANSAMERICA HANLON GROWTH AND INCOME VP	•	PROFUND VP ASIA 30	•	PROFUND VP UTILITIES
•	TRANSAMERICA HANLON GROWTH VP	•	PROFUND VP BASIC MATERIALS
					ACCESS TRUST:

•	TRANSAMERICA HANLON INCOME VP	•	PROFUND VP BULL	•	ACCESS VP HIGH YIELD FUND
•	TRANSAMERICA INDEX 50 VP	•	PROFUND VP CONSUMER SERVICES
•	TRANSAMERICA INDEX 75 VP	•	PROFUND VP EMERGING MARKETS		ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND, INC.:

•	TRANSAMERICA INTERNATIONAL MODERATE GROWTH VP	•	PROFUND VP EUROPE 30	•	ALLIANCEBERNSTEIN BALANCED WEALTH STRATEGY PORTFOLIO

•	TRANSAMERICA JPMORGAN CORE BOND VP	•	PROFUND VP FALLING U.S. DOLLAR		FRANKLIN TEMPLETON VARIABLE PRODUCTS TRUST:

•	TRANSAMERICA JPMORGAN ENHANCED INDEX VP	•	PROFUND VP FINANCIALS	•	FRANKLIN TEMPLETON VIP FOUNDING FUNDS ALLOCATION FUND
•	TRANSAMERICA JPMORGAN TACTICAL ALLOCATION VP	•	PROFUND VP INTERNATIONAL

Table of Contents WRL Xcelerator^SM, WRL Xcelerator Focus^SM & WRL Xcelerator Exec^SM


Policy Benefits/Risks Summary			1
Policy Benefits			1
Risks of Your Policy			4
Fee Tables			5
Fee Tables for Policies Applied For On Or After October 30, 2008			6
Fee Tables For Policies Applied For Before October 30, 2008 and Issued			25
Before January 1, 2009			25
Western Reserve, the Separate Account, the Fixed Account and the Portfolios			44
Western Reserve			44
Financial Condition of the Company			44
The Separate Account			45
The Fixed Account			46
The Portfolios			46
Selection of Underlying Portfolios			56
Addition, Deletion, or Substitution of Portfolios			57
Your Right to Vote Portfolio Shares			57
Charges and Deductions			57
Premium Expense Charge			58
Monthly Deductions			58
Mortality and Expense Risk Charge			61
Surrender Charge (Base and Focus Policies)			61
Decrease Charge (Base and Focus Policies)			63
Transfer Charge			64
Loan Interest Charges			65
Cash Withdrawal Charge (Base and Focus Policies)			65
Taxes			65
Rider Charges			65
Portfolio Expenses			66
Revenue We Receive			66
Your Policy			67
Ownership Rights			67
Modifying Your Policy			67
Purchasing a Policy			68
Tax Free “Section 1035” Exchanges			68
When Insurance Coverage Takes Effect			69
Backdating a Policy			70
Policy Changes After Age 100			70
Focus Policy			71
Exec Policy			71
Premiums			72
Allocating Premiums			72
Premium Flexibility			73
Planned Periodic Payments			73
Minimum Monthly Guarantee Premium (Base and Focus Policies)			73
No Lapse Period Guarantee			74
Premium Limitations			74
Making Premium Payments			74
Transfers			75
General			75
Disruptive Trading and Market Timing			76
Telephone, Fax and Online Privileges			78
Fixed Account Transfers			79
Conversion Rights			79
Dollar Cost Averaging			79


Asset Rebalancing Program		80
Third Party Asset Allocation Services		81
Policy Values		82
Cash Value		82
Net Surrender Value		82
Subaccount Value		82
Subaccount Unit Value		82
Fixed Account Value		83
Death Benefit		83
Death Benefit Proceeds		83
Death Benefit		83
Choosing Death Benefit Options		88
Change to Death Benefit Option		88
Increasing/Decreasing the Specified Amount		88
Surrenders and Cash Withdrawals		90
Surrenders		90
Cash Withdrawals		90
Canceling a Policy		91
Signature Guarantees		92
Loans		92
General		92
Loan Interest Spread		93
Effect of Policy Loans		93
Policy Lapse and Reinstatement		94
Lapse		94
No Lapse Period Guarantee (Base Policy and Focus Policy)		94
Reinstatement		95
Federal Income Tax Considerations		96
Other Policy Information		96
Settlement Options		96
Split Dollar Arrangements		100
Policy Termination		100
Assignment of the Policy		100
Supplemental Benefits (Riders)		101
Primary Insured Rider Plus (“PIR Plus”) (Base Policy and Focus Policy)		101
Other Insured Rider (Base Policy and Focus Policy)		102
Children’s Insurance Rider (Base Policy and Focus Policy)		102
Accidental Death Benefit Rider (Base Policy and Focus Policy)		102
Disability Waiver of Monthly Deductions Rider (Base Policy, Focus Policy and Exec Policy)		103
Disability Waiver of Premium Rider (Base Policy, Focus Policy and Exec Policy)		103
Living Benefit Rider (an Accelerated Death Benefit) (Base Policy, Focus Policy and Exec Policy)		104
Inflation Fighter Rider (Base Policy and Focus Policy)		105
Additional Information		106
Sending Forms and Transaction Requests In Good Order		106
Sale of the Policies		106
Legal Proceedings		108
Financial Statements		108
Glossary		109
Appendices A-1, B-1, C-1 & D-1 - 2001 C.S.O. Tables:		114
Surrender Charge Per Thousand of Specified Amount Layer – BASE Policy		115
Surrender Charge Per Thousand of Specified Amount Layer Xcelerator Focus		117
(Based on the gender and rate class of the insured)		117
Monthly Per Unit Charges (Rate Per Thousand) (Base Policy)		119
Guaranteed Monthly Per Unit Charges Xcelerator Focus		121
Current Monthly Per Unit Charges Xcelerator Focus		124
(Rate per Thousand)		124
Monthly Per Unit Charges (Rate per Thousand)		133
Inflation Fighter Rider Surrender Charge and Monthly Per Unit Charge Tables for the WRL Xcelerator (Base Policy)		133
Inflation Fighter Rider Surrender Charge and Monthly Per Unit Charge Tables for the WRL Xcelerator Focus		136
Illustrations		138


Appendices A-2, B-2 & C-2 - 1980 C.S.O. Tables			146
Surrender Charge Per Thousand of Specified Amount Layer BASE & FOCUS			147
Monthly Per Unit Charges (Rate Per Thousand) BASE POLICY			149149
Focus Current Monthly Per Unit Charges (Rate Per Thousand) Xcelerator FOCUS			151
Guaranteed Monthly Per Unit Charges (Rate Per Thousand) Xcelerator Focus			153
Monthly Per Unit Charges (Rate Per Thousand)			155
Prospectus Back Cover			164

POLICY BENEFITS/RISKS SUMMARY

WRL XCELERATOR^SM, WRL XCELERATOR FOCUS^SM & WRL XCELERATOR EXEC^SM

This summary describes your Policy’s important benefits and risks. More detailed information about the Policy appears later in this prospectus and in the Statement of Additional Information (“SAI”). For your convenience, we have provided a Glossary at the end of this prospectus that defines certain words and phrases used in this prospectus.

POLICY BENEFITS

The Policy in General

•

The WRL Xcelerator is an individual flexible premium variable life insurance policy, which gives you the potential for long-term life insurance coverage with the opportunity for tax-deferred accumulation of cash value.

•

Three variations of the Policy are available:

WRL Xcelerator Policy (the “Base Policy”) – the basic version of the Policy that is available to individuals.

WRL Xcelerator Focus Policy (the “Focus Policy”) – compared to the Base Policy, the monthly per unit charges are lower, but the minimum specified amount is higher, investment options are restricted during the first year and the minimum no lapse period is shorter. This Policy is available to individuals.

WRL Xcelerator Exec Policy (the “Exec Policy”) – only available for group or sponsored arrangements; different minimum specified amount, issue ages, banding, and rates for certain charges, than under the Base and Focus Policies; no surrender or withdrawal charges; no minimum no lapse period; more withdrawals permitted per Policy year.

•

The Policy is designed to be long-term in nature in order to provide significant life insurance benefits for you. You should only purchase the Policy if you have the financial ability to keep it in force for a substantial period of time. You should consider this Policy in conjunction with other insurance that you own.

•

You may place your money in the fixed account where it earns an interest rate (at least 2% annual interest) declared in advance for a specified period, or in any of the subaccounts of the WRL Series Life Account which are described in this prospectus. The fixed account is not available to you if your Policy was issued in the State of New Jersey.

•

The Policy’s cash value will increase or decrease depending on the investment performance of the subaccounts, the premiums you pay, the fees and charges that we deduct, the interest we credit to the fixed account, and the effects of any Policy transactions (such as transfers, loans and cash withdrawals). Because returns are not guaranteed, the Policy is not suitable as a short-term investment or savings vehicle.

•

Your Policy offers supplemental riders, and depending on which riders are selected, certain charges may be deducted from the Policy’s cash value as part of the monthly deductions. These riders may not be available in all states or with the Exec Policy.

•

Your Policy (Base Policy and Focus Policy only) has a no lapse period guarantee which means that as long as requirements are met, your Policy will remain in force and no grace period will begin until the no lapse date shown on your Policy schedule page, or as explained in the section entitled “Extension of No Lapse Guarantee Period” in this prospectus. This is true even if your net surrender value is too low to pay the monthly deductions, as long as, on any Monthiversary, you have paid premiums (minus any cash withdrawals, minus any outstanding loan amount, and minus any accrued loan interest) that equal or exceed the sum of the minimum monthly guarantee premiums in effect for each month from the Policy date up to and including the current month. The no lapse guarantee is discussed in more detail in “Policy Lapse and Reinstatement.”

•

We offer three (3) bands of coverage under the Base Policy, two (2) bands under the Focus Policy, and four (4) bands under the Exec Policy depending on the initial specified amount of insurance you have selected and any adjustments to the specified amount after issue:


Base Policy	Focus Policy	Exec Policy
Band 1: $50,000 - $499,999	Band 1 not available	Band 1: $100,000 - $249,999
Band 2: $500,000 - $999,999	Band 2: 500,000 - $999,999	Band 2: $250,000 - $499,999
Band 3: $1,000,000 or more	Band 3: $1,000,000 or more	Band 3: $500,000 - $999,999
		Band 4: $1,000,000 or more

•

Certain Policy charges are based on the specified amount band; generally the higher the band, the lower the charges.

•

There may be adverse consequences should you take an early withdrawal from the fixed account and/or subaccounts such as a change in your tax status, a reduction in the Policy’s specified amount, its death benefit and the Policy’s cash value.

•

You will have a “free-look” period once we deliver your Policy. You may return the Policy with the owner’s original signature and a written request during this period and receive a refund. We may place your net premium in the reallocation account until the reallocation date as shown on your Policy schedule page. Please see the section of this prospectus entitled “Canceling a Policy” for a description of the free-look period.

•

You may apply for an increase in the specified amount once a Policy year on any Monthiversary prior to the primary insured’s 86^th birthday. After the third Policy year, you may change the death benefit option and decrease the specified amount once a year, but you may not increase and decrease the specified amount in the same Policy year. Until the later of the end of the surrender charge period or attained age 65, we may limit the amount of any decrease to no more than 20% of the specified amount. (For Exec Policies, we will also allow a one-time decrease of 50% at any point after the seventh Policy year). The new specified amount cannot be less than the minimum specified amount as shown in your Policy. You may change the death benefit option on any Monthiversary before the insured reaches attained age 95. Changes are not allowed after the insured reaches age 95. Please note: Changes in specified amount will trigger changes in your cost of insurance charges, monthly per unit charge, your guideline premium or cash value accumulation life insurance compliance test and your minimum monthly guarantee premium (Base and Focus Policies), may affect your ability to maintain the no lapse guarantee (Base and Focus Policies), and may have adverse tax consequences. Any charges associated with an increase or decrease in your specified amount will be based on the same C.S.O. Table that was in effect when your Policy was issued. The amount of your decrease may be limited. For further details, please see “Death Benefits – Increasing/Decreasing the Specified Amount.”

Flexibility

The Policy is designed to be flexible to meet your specific circumstances and life insurance needs. Within certain limits, you can:

•

Choose the timing, amount and frequency of premium payments.

•

Change the Death Benefit Option.

•

Increase or decrease the amount of the Policy’s life insurance coverage.

•

Change the beneficiary.

•

Transfer cash value among investment options available under your Policy.

•

Take a loan against the Policy.

•

Take a cash withdrawal or surrender the Policy.

Death Benefit

If the insured dies while your Policy is in force, we will pay a death benefit to the beneficiary(ies), subject to applicable law and in accordance with the terms of your Policy. The amount of the death benefit generally depends on the specified amount of insurance that you select, the death benefit option that you choose, your Policy’s cash value, and any additional life insurance provided by riders that you purchase. The death benefit proceeds are reduced by any outstanding loan amount, including accrued loan interest, and any charges that are due and unpaid if the insured dies during the grace period.

Choices Among Death Benefit Options. If you have a Base or Focus Policy, you may select Option A, B or C. If you have an Exec Policy, you must chose Option A or B; Option C is not available for Exec policies. Each Option is described below:

•

Option A is the greatest of:

•

The specified amount; or

•

The minimum death benefit under the guideline premium test or cash value accumulation test, whichever has been selected; or

•

The amount required for the Policy to qualify as a life insurance policy under Section 7702 of the Internal Revenue Code.

•

Option B is the greatest of:

•

The specified amount, plus the Policy’s cash value on the date of the insured’s death; or

•

The minimum death benefit under the guideline premium test or cash value accumulation test, whichever you have selected; or

•

The amount required for the Policy to qualify as a life insurance policy under Section 7702 of the Internal Revenue Code.

•

Option C is the greatest of:

•

The amount payable under Option A; or

•

The specified amount, multiplied by an age-based “factor” plus the Policy’s cash value on the date of the insured’s death; or

•

The amount required for the Policy to qualify as a life insurance policy under Section 7702 of the Internal Revenue Code.

You may choose between two federal income tax compliance tests for life insurance policies to calculate the minimum death benefit:

•

Cash Value Accumulation Test –generally does not limit the amount of premiums you can pay on your Policy.

•

Guideline Premium Test – limits the amount of premiums you can pay on your Policy, and the minimum death benefit will generally be smaller than under the Cash Value Accumulation Test.

The test you choose will generally depend on the amount of premiums you want to pay relative to your desired death benefit. Note: You may not change tests.

Further information regarding the death benefit options and the federal income tax compliance tests is included in the section below entitled “Death Benefit.” Note: You should consult your tax advisor when choosing the tax test.

Cash Value

Your cash value is the sum of your investment in the subaccounts plus the fixed account on any business day. It is not guaranteed – it depends on the performance of the investment options that you have chosen, the timing and the amount of premium payments you’ve made, Policy charges, and how much you have withdrawn from the Policy.

You can access your cash value in several ways:

•

Withdrawals – You can withdraw part of your Policy’s net surrender value once each year after the first Policy year for the Base and Focus Policies, and twelve times per year for Exec Policies. Withdrawals are described in more detail in “Surrenders and Cash Withdrawals – Cash Withdrawals.”

•

Loans – After the first Policy year, you can take a loan from the Policy using your Policy’s net surrender value as security. Loans and loan interest rates are described in more detail in the section of this prospectus entitled “Loans.” The terms for any loans taken from your cash balance will differ depending on the C.S.O. Table that was in effect at the time your Policy was issued.

•

Surrender – You can surrender or cash in your Policy for its net surrender value while the insured is alive. Surrenders are described in more detail in the section entitled “Surrenders and Cash Withdrawals – Surrenders.” You may pay a substantial surrender charge.

Investment Options

You can choose to allocate your net premiums and cash value among a selection of variable investment options, each of which invests in a corresponding portfolio of various underlying funds. Your Policy also offers a fixed account option, which provides a guaranteed minimum rate of interest.

You can transfer cash value among investment options during the life of your Policy. You can accumulate cash value among the variable and fixed account investment options available under the Policy without paying any current income tax. We may limit the number of transfers out of the fixed account, and, in some cases, we may limit your transfer activity in order to deter disruptive trading and market timing. We may charge a $25 transfer processing fee for each transfer after the first 12 transfers in a Policy year. For more details, please refer to the section entitled “Transfers” in this prospectus.

Tax Information

We intend the Policy to qualify as a life insurance contract under the Internal Revenue Code so that the death benefit generally should not be taxable income to the beneficiary. If your Policy is not a Modified Endowment Contract (“MEC”) you will generally not be taxed on the gain in the Policy unless you take a cash withdrawal in excess of your basis in the Policy or a loan that is not repaid prior to surrender of your Policy. If your Policy is a MEC, cash withdrawals, loans, assignments, and pledges are treated first as taxable income to you to the extent of gain then in the policy and then as non-taxable recovery of basis. In addition, such gains may be subject to a 10% penalty tax if received before age 59 ¹⁄₂. Please refer to the section of this prospectus entitled “Federal Income Tax Considerations” for more details.

RISKS OF YOUR POLICY

Long-term Financial Planning

Your Policy is designed to help meet long-term financial objectives by paying a death benefit to family members and other named beneficiaries. It is not suitable as a short-term savings vehicle. It may not be the right kind of policy if you plan to withdraw money or surrender your Policy for short-term needs. The withdrawals may be assessed a charge. You may pay substantial charges if you surrender your Policy. See the section of this prospectus entitled “ Fee Tables” and your Policy for charges assessed when withdrawing from or surrendering your Policy.

Please discuss your insurance needs and financial objectives with your registered representative.

Risk of an Increase in Current Fees and Expenses

Certain fees and expenses are currently assessed at less than their guaranteed maximum levels. In the future, these charges may be increased up to the guaranteed (maximum) levels. If fees and expenses are increased, you may need to increase the amount and/or frequency of premiums to keep your Policy in force.

Investment Risks

If you invest your Policy’s cash value in one or more subaccounts, then you will be subject to the risk that investment performance of the subaccounts will be unfavorable and that the cash value in your Policy will decrease. Also, we deduct Policy fees and charges from your cash value, which can significantly reduce your cash value. During times of poor investment performance, this deduction will have an even greater impact on your cash value. You could lose everything you invest and your Policy could lapse without value, unless you pay additional premiums. If you allocate premiums to the fixed account, then we credit your fixed account value with a declared rate of interest. You assume the risk that the interest rate on the fixed account may decrease, although it will never be lower than a guaranteed minimum annual effective rate of 2%.

Risks of Managing General Account Assets

General account assets of WRL are used to support the payment of the death benefit under the Policies. To the extent that Western Reserve is required to pay you amounts in addition to your Policy value under the death benefit, such amounts will come from general account assets. You should be aware that the general account assets are exposed to the risks normally associated with a portfolio of fixed-income securities, including interest rate, option, liquidity and credit risk and also are subject to the claims of the Company’s general creditors. The Company’s financial statements contained in the Statement of Additional Information include a further discussion of risks inherent with the general account investments.

Premium Payments

If you choose the Guideline Premium Test, then federal tax laws put limits on the premium payments you can make in relation to your Policy’s Death Benefit. We may refuse all or part of a premium payment that you make, or remove all or part of a premium from your Policy and return it to you with earnings under certain circumstances to maintain qualification of the Policy as a life insurance contract for federal income tax purposes. Please refer to the section of this prospectus entitled “Premiums” for more details.

Lapse

The Base Policy and the Focus Policy each contain a no lapse period guarantee. These Policies will not lapse before the no lapse date stated in your Policy, or as described in the section of this prospectus entitled “Extension of No Lapse Guarantee Period,” as long as you pay sufficient minimum monthly guarantee premiums, or you have sufficient net surrender value to cover your monthly deductions and Policy charges. You will lessen the risk of lapse of your Base Policy and/or your Focus Policy if you keep the no lapse guarantee in effect. Before you take a cash withdrawal, loan, increase or decrease the specified amount, change your death benefit option, or add, increase or decrease a rider, you should consider carefully the effect it will have on the no lapse guarantee.

After the no lapse period under the Base Policy and the Focus Policy, or at any time for an Exec Policy, your Policy may lapse (which means you no longer have insurance coverage) if loans, cash withdrawals, the monthly deductions, and insufficient investment returns reduce the net surrender value to zero. Your Policy will enter a grace period if on any Monthiversary the net surrender value (that is, the cash value minus the surrender charge, and minus any outstanding loan amount and accrued loan interest) is not enough to pay the monthly deductions due. A Policy lapse may have adverse tax consequences. There are costs associated with reinstating a lapsed Policy. For a detailed discussion of your Policy’s Lapse and Reinstatement provisions, please refer to the section of this prospectus entitled “Policy Lapse and Reinstatement.”

Withdrawals and Loans

Making a withdrawal or taking a loan may:

•

Reduce your Policy’s specified amount.

•

Reduce the death benefit proceeds paid to your beneficiary.

•

Make your Policy more susceptible to lapsing.

•

Trigger federal income taxes and possibly a penalty tax.

Cash withdrawals will reduce your cash value. Withdrawals taken during periods of poor investment performance could considerably reduce or eliminate some benefits or guarantees of the Policy.

Be sure to plan carefully before using these Policy benefits. For a detailed description of withdrawals and loans, and any associated risks, please see “Surrenders and Cash Withdrawals – Cash Withdrawals” and/or “Loans.”

Surrenders

If you surrender your Base or Focus Policy during the first 8 Policy years (or during the 8-year period following an increase in specified amount), you will pay a surrender charge. The surrender charge may be significant. Federal income tax and/or a penalty may also apply. Please see the section of this prospectus entitled “Federal Income Tax Considerations.”

Tax Consequences of Withdrawals, Surrenders and Loans

You may be subject to income tax if you take any withdrawals or surrender the Policy, or if your Policy lapses and you have not paid any outstanding Policy indebtedness.

If your Policy is a MEC, cash withdrawals, surrenders, assignments, pledges, and loans that you receive or make during the life of the Policy may be taxable and subject to a federal tax penalty equal to 10% of the taxable amount if taken prior to age 59¹⁄₂. Other tax issues to consider when you own a life insurance policy are described in more detail in the section of this prospectus entitled “Federal Income Tax Considerations.”

Note: You should consult with your own qualified tax advisor to apply the law to your particular circumstances.

Portfolio Risks

A comprehensive discussion of the risks of each portfolio may be found in each portfolio’s prospectus. Please refer to the prospectuses for the portfolios for more information.

There is no assurance that any portfolio will meet its investment objective.

FEE TABLES

The following tables describe the fees and expenses that you will pay when buying, owning and surrendering the Policy. Please Note: We have included two versions of each table. Section A includes the fee tables for Policies that were applied for on or after October 30, 2008 (or subsequent state approval), regardless of when such Policies are issued, and are based on the Commissioners 2001 Standard Ordinary Tobacco and Non-Tobacco Mortality Tables (“2001 C.S.O. Tables”). Section B includes the fee tables for Policies that were applied for before October 30, 2008 and issued before January 1, 2009, and are based on the Commissioners 1980 Standard Ordinary Tobacco and Non-Tobacco Mortality Tables (“1980 C.S.O. Tables”). If the amount of a charge depends on the personal characteristics of the insured or the owner, then the fee table lists the minimum and maximum charges we assess under the Policy, and the fees and charges of a representative insured with the characteristics set forth below. These charges may not be representative of the charges you will pay.

SECTION A

FEE TABLES FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008

(Based on the 2001 C.S.O. Tables)

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008

The first table describes the fees and expenses that you will pay when buying or owning the WRL Xcelerator^SM Policy, (the “Base Policy”) paying premiums, making cash withdrawals, surrendering your Policy, or transferring Policy cash value among the subaccounts and the fixed account.


Transaction Fees for the BASE POLICY
	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹

Premium Expense Charge	Upon payment of each premium	0% of premium payments in the first Policy year, 3% of premium payments thereafter	0% of premium payments in the first Policy year; 3% of premium payments thereafter

Cash Withdrawal Charge²	Upon withdrawal	2.0% of the amount withdrawn, not to exceed $25	2.0% of the amount withdrawn, not to exceed $25

Surrender Charge³	Upon full surrender of the Policy during the first 8 Policy years and during the first 8 years from the date of any increase in the specified amount (whether requested or an increase generated by the Inflation Fighter Rider)

Maximum Charge⁴		$59.90 per $1,000 of specified amount during the first Policy year	$59.90 per $1,000 of specified amount during the first Policy year

Minimum Charge⁵		$12.11 per $1,000 of specified amount during the first Policy year	$12.11 per $1,000 of specified amount during the first Policy year

Initial charge for a male insured, issue age 35, in the preferred-elite non-tobacco use class		$19.82 per $1,000 of specified amount during the first Policy year	$19.82 per $1,000 of specified amount during the first Policy year

Transfer Charge⁶	Upon transfer	$25 for each transfer in excess of 12 per Policy year	$25 for each transfer in excess of 12 per Policy year

Decrease Charge	Deducted when specified amount is decreased during the first 8 Policy years and during the 8 Policy years following any increase in specified amount	Equal to the surrender charge (as of the date of the decrease) applicable to that portion of the layer of the specified amount that is decreased	Equal to the surrender charge (as of the date of the decrease) applicable to that portion of the layer of the specified amount that is decreased

Living Benefit Rider (an Accelerated Death Benefit)⁷	When rider is exercised	Discount Factor	Discount Factor

¹	The Company reserves the right at any time to change the current charge, but never to a level that exceeds the guaranteed charge.

When we incur the expense of expedited delivery of your cash withdrawal or complete surrender payment, we currently assess the following additional charges: $25 for overnight delivery ($35 for Saturday delivery); and $50 for wire service. You can obtain further information about these charges by contacting our administrative office.

The surrender charge will vary based on the issue age, gender and underwriting class of the insured on the Policy date and at the time of any increase in the specified amount. Each increase in specified amount will have its own 8 year surrender charge period starting on the date of the increase. (Note: only the increase in specified amount is subject to the additional 8 year surrender charge period.) The surrender charge for each increase in specified amount (“layer”) is calculated as the surrender charge per $1,000 of specified amount multiplied by the number of thousands of dollars of specified amount in the layer, multiplied by the surrender charge factor. The surrender charge factor for the Policy and each layer will be 1.00 at issue and will decrease until it reaches zero at the end of the 8^th Policy year after the Policy date (or date of any specified amount increase). The surrender charge shown in the table is rounded up. The charges shown in the table may not be representative of the charges you will pay. Please see the example in the “Surrender Charge” section of this prospectus. More detailed information about the surrender charges applicable to you is available from your registered representative.

⁴	This maximum surrender charge is based on an insured with the following characteristics: male, issue age 80, in the standard tobacco use underwriting class. This maximum charge may also apply to insureds with other characteristics.

⁵	This minimum surrender charge is based on an insured with the following characteristics: female, issue age 0, in the juvenile underwriting class. This minimum charge may also apply to insureds with other characteristics.

⁶	The first 12 transfers per Policy year are free.

⁷

We do not assess an administrative charge for this rider, however, if the rider is exercised, we do reduce the single sum benefit by a discount factor to compensate us for income lost due to the early payment of the death benefit. The discount factor is based the current yield on 90-day U.S. Treasury bills or the Policy loan interest rate, whichever is greater. (Please see footnote 16 for a description of the loan rate.) For further information about the Living Benefit Rider, including a numerical example showing the calculation of a discounted single sum benefit and the impact of acceleration of a portion of the death benefit available under a Policy on any remaining death benefit and cash value, please see the “Supplemental Benefits (Riders)” section of this prospectus.

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008

The table below describes the fees and expenses that you will pay periodically during the time that you own the Policy, not including portfolio fees and expenses.


Periodic Charges Other Than Portfolio Operating Expenses BASE POLICY
Charge	When Charge is Deducted	Amount Deducted
		Guaranteed Charge	Current Charge¹
Monthly Policy Charge	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 100	$10.00 per month for the first Policy year; $12.00 per month thereafter through age 99; $0 starting with age 100	$10.00 per month through age 99; $0 starting with age 100

Cost of Insurance⁸ (without Extra Ratings)⁹	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 100	$30.40 per $1,000 of net amount at risk per month¹¹	$29.80 per $1,000 of net amount at risk per month¹¹
Maximum Charge¹⁰

Minimum Charge¹²		$0.02 per $1,000 of net amount at risk per month¹¹	$0.01 per $1,000 of net amount at risk per month¹¹

Initial Charge for male insured, issue age 35, in the preferred elite non-tobacco use class, band 1		$0.09 per $1,000 of net amount at risk per month¹¹	$0.01 per $1,000 of net amount at risk per month¹¹

⁸

Cost of insurance charges are based on a number of factors including, but not limited to: the insured’s issue age, gender and underwriting class, the specified amount, Policy duration, and the net amount at risk. Cost of insurance rates generally will increase each year with the age of the insured. Cost of insurance rates is generally lower for each higher band of specified amount. For example, band 2 (specified amounts of $500,000 - $999,999) generally has lower cost of insurance rates than those of band 1 (specified amounts less than $500,000). The cost of insurance rates shown in the table may not be representative of the charges you will pay. Your Policy’s schedule page will indicate the guaranteed cost of insurance charges applicable to your Policy. You can obtain more detailed information concerning your cost of insurance charges by contacting your registered representative.

⁹

We may place an insured in a substandard underwriting class with extra ratings that reflect higher mortality risks and that result in higher cost of insurance rates. If the insured possesses additional mortality risks, then we may add a surcharge to the cost of insurance rates up to a total charge of $83.33 monthly per $1,000 of net amount at risk.

¹⁰	This maximum charge is based on an insured with the following characteristics: male, age 85 at issue, standard tobacco class, with an initial specified amount of less than $500,000 (Band 1) and in the 15^th Policy year. This maximum charge may also apply to insureds with other characteristics.

¹¹	The net amount at risk equals the death benefit on a Monthiversary, minus the cash value on such Monthiversary.

¹²	This minimum charge is based on an insured with the following characteristics: female, age 5 at issue, juvenile class, with an initial face amount of $1,000,000 or higher (Band 3) and in the first Policy year. This minimum charge may also apply to insureds with other characteristics.

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008


Periodic Charges Other Than Portfolio Operating Expenses BASE POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Monthly Per Unit Charge¹³	Monthly, for up to 20 years on and after the Policy date, and on any increase in specified amount (whether requested or generated by the Inflation Fighter Rider)	$2.98 per $1,000 of specified amount per month	$2.98 per $1,000 of specified amount per month
Maximum Charge¹⁴		$2.98 per $1,000 of specified amount per month	$2.98 per $1,000 of specified amount per month
Minimum Charge¹⁵		$0.15 per $1,000 of specified amount per month	$0.15 per $1,000 of specified amount per month
Initial Charge for an insured, issue age 35, band¹		$0.27 per $1,000 of specified amount per month	$0.27 per $1,000 of specified amount per month

Mortality and Expense Risk Charge	Daily	Annual rate of 0.75 % for Policy years 1 – 15, and 0.30 % for Policy years 16+, of average daily net assets of each subaccount in which you are invested	Annual rate of 0.75 % for Policy years 1 – 15, and 0.00% for Policy years 16+, of average daily net assets of each subaccount in which you are invested

Loan Interest Spread¹⁶	On Policy anniversary or earlier, as applicable¹⁷	1.0% (effective annual rate)	0.75% (effective annual rate)

¹³

¹⁴	This maximum charge is based on an insured with the following characteristics: male, age 85 at issue, with an initial specified amount less than $500,000 (Band 1) and in the first Policy year. This maximum charge may also apply to insureds with other characteristics.

¹⁵	This minimum charge is based on an insured with the following characteristics: female, age 5 at issue, juvenile class, with an initial specified amount of $1,000,000 or higher (Band 3) and in the first Policy year. This minimum charge may also apply to insureds with other characteristics.

¹⁶

The Loan Interest Spread is the difference between the amount of interest we charge you for a loan (currently, an effective annual rate of 2.75%, guaranteed not to exceed 3.0%) and the amount of interest we credit to your loan reserve account (an effective annual rate of 2.0% guaranteed). After the 10^th Policy year, we currently apply preferred loan rates on an amount equal to the cash value minus total premiums paid (less any cash withdrawals) and minus any outstanding loan amount. After attained age 100, all loans will be considered preferred loans. The maximum loan interest spread on preferred loans is 0.25%, and the current spread is 0.0%.

¹⁷	While a Policy loan is outstanding, loan interest is payable in arrears on each Policy anniversary, or, if earlier, on the date of loan repayment, Policy lapse, surrender, Policy termination, or the insured’s death.

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008


Periodic Charges Other Than Portfolio Operating Expenses BASE POLICY
Charge	When Charge is Deducted	Amount Deducted
		Guaranteed Charge	Current Charge¹
Optional Rider Charges:¹⁸

Accidental Death Benefit Rider	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 70	$0.18 per $1,000 of rider face amount per month		$0.18 per $1,000 of rider face amount per month
Maximum Charge¹⁹
Minimum Charge²⁰		$0.10 per $1,000 of rider face amount per month		$0.10 per $1,000 of rider face amount per month
Initial Charge for a male insured, issue age 35		$0.10 per $1,000 of rider face amount per month		$0.10 per $1,000 of rider face amount per month

Disability Waiver of Monthly Deductions Rider²¹	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 60	$0.39 per $1,000 of the Policy’s net amount at risk per month¹¹		$0.39 per $1,000 of the Policy’s net amount at risk per month¹¹
Maximum Charge²²

Minimum Charge²³		$0.03 per $1,000 of the Policy’s net amount at risk per month¹¹		$0.03 per $1,000 of the Policy’s net amount at risk per month¹¹

Initial Charge for a male insured, issue age 35		$0.05 per $1,000 of base Policy net amount at risk per month¹¹		$0.05 per $1,000 of base Policy net amount at risk per month¹¹

¹⁸

Optional Rider Cost of insurance charges are based on a number of factors including but not limited to: each insured’s issue age, gender and underwriting class, and the Policy year and rider face amount. The cost of insurance rates shown in the table may not be representative of the charges you will pay. Your Policy’s schedule page will indicate the guaranteed cost of insurance charges applicable to your Policy. The rider will indicate the maximum guaranteed rider charges applicable to your Policy. You can obtain more detailed information concerning your cost of insurance charges by contacting your registered representative.

¹⁹	This maximum charge is based on an insured with the following characteristics: male, age 50 at issue and in the 20^th Policy year. This maximum charge may also apply to insureds with other characteristics.

²⁰	This minimum charge is based on an insured with the following characteristics: male, age 45 at issue and in the first Policy year. This minimum charge may also apply to insureds with other characteristics.

²¹

Disability Waiver of Monthly Deductions Rider charges are based on the insured’s issue age and gender, and the net amount at risk. The charges shown are for the Policy without riders and other benefits. The addition of riders and other benefits would increase these charges. This charge does not vary once it is added to the Policy. The cost of insurance rates shown in the table may not be representative of the charges you will pay. Your Policy’s schedule page will indicate the guaranteed cost of insurance charges applicable to your Policy. You can obtain more detailed information concerning your cost of insurance charges by contacting your registered representative.

²²	This maximum charge is based on an insured with the following characteristics: female, age 55 at issue. This maximum charge may also apply to insureds with other characteristics.

²³	This minimum charge is based on an insured with the following characteristics: male, age 25 at issue. This minimum charge may also apply to insureds with other characteristics.

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008


Periodic Charges Other Than Portfolio Operating Expenses BASE POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Disability Waiver of Premium Rider²⁴	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 60
Maximum Charge²⁵		$1.61 per $10 monthly rider benefit	$1.61 per $10 monthly rider benefit
Minimum Charge²⁶		$0.27 per $10 monthly rider benefit	$0.27 per $10 monthly rider benefit
Initial Charge for a male insured, issue age 35		$0.47 per $10 monthly rider benefit	$0.47 per $10 monthly rider benefit
Children’s Insurance Rider²⁷	Monthly, on the Policy date and on each Monthiversary until the youngest child reaches age 25	$0.60 per $1,000 of rider face amount per month	$0.60 per $1,000 of rider face amount per month
Other Insured Rider²⁸	Monthly, on the Policy date and on each Monthiversary until the other insured reaches age 100
(without Extra Ratings)⁹
Cost of Insurance
Maximum Charge²⁹		$30.40 per $1,000 of rider face amount per month	$29.80 per $1,000 of rider face amount per month
Minimum Charge³⁰		$0.02 per $1,000 of rider face amount per month	$0.01 per $1,000 of rider face amount per month
Initial Charge for a female insured, issue age 30, preferred elite non-tobacco use class		$0.06 per $1,000 of rider face amount per month	$0.01 per $1,000 of rider face amount per month

²⁴	The charge for this rider is based on the primary insured’s issue age and gender, and the amount of monthly rider benefits.

²⁵	This maximum charge is based on an insured with the following characteristics: female, age 55 at issue. This maximum charge may also apply to insureds with other characteristics.

²⁶	This minimum charge is based on an insured with the following characteristics: male, age 15 at issue. This minimum charge may also apply to insureds with other characteristics.

²⁷	The charge for this rider is based on the rider face amount and the cost per $1,000 does not vary.

²⁸

Rider cost of insurance charges and monthly per unit charges are based on some combination of the insured’s issue age, gender and underwriting class, the Policy year, and the rider face amount. Cost of insurance rates and monthly per unit charges generally will increase each year with the age of the insured. The cost of insurance rates and monthly per unit charges shown in the table may not be representative of the charges you will pay. The rider will indicate the maximum guaranteed rider charges applicable to your Policy. You can obtain more information about these riders by contacting your registered representative.

²⁹	This maximum charge is based on an insured with the following characteristics: male, age 73 at issue standard tobacco underwriting class and in the 27^th Policy year. This maximum charge may also apply to insureds with other characteristics.

³⁰	This minimum charge is based on an insured with the following characteristics: female, age 5 at issue, juvenile class and in the first Policy year. This minimum charge may also apply to insureds with other characteristics.

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008


Periodic Charges Other Than Portfolio Operating Expenses BASE POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Other Insured Rider (continued)
OIR Monthly Per Unit Charge
Maximum Charge³¹		$0.57 per $1,000 of rider face amount³²	$0.57 per $1,000 of rider face amount³³
Minimum Charge³⁴		$0.03 per $1,000 of rider face amount³²	$0.03 per $1,000 of rider face amount³³
Initial Charge for a female insured, issue age 30, non-tobacco use class		$0.04 per $1,000 of rider face amount³²	$0.04 per $1,000 of rider face amount³³
Primary Insured Rider Plus²⁸ (without Extra Ratings)⁹	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 100
Cost of Insurance
Maximum Charge²⁹		$30.40 per $1,000 of rider face amount per month	$29.80 per $1,000 of rider face amount per month
Minimum Charge³⁰		$0.02 per $1,000 of rider face amount per month	$0.01 per $1,000 of rider face amount per month
Initial charge for a male insured, issue age 35, in the preferred elite non-tobacco use class		$0.09 per $1,000 of rider face amount per month	$0.01 per $1,000 of rider face amount per month

³¹	This maximum charge is based on an insured with the following characteristic: issue age 85. This maximum charge may also apply to other issue ages.

³²	We deduct the monthly per unit charge on each Monthiversary and guarantee that the duration of the charge will be no more than 20 Policy years from the issue date of the rider and upon any increase of face amount for the rider.

³³	We currently deduct the monthly per unit charge on each Monthiversary during the first 8 Policy years from the issue date of the rider and upon any increase of face amount for the rider.

³⁴	This minimum charge is based on an insured with the following characteristics: issue age 0. This minimum charge may also apply to other issue ages.

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008


Periodic Charges Other Than Portfolio Operating Expenses
BASE POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Primary Insured Rider Plus (continued)
PIR+ Monthly Per Unit Charge
Maximum Charge³¹		$0.14 per $1,000 of rider face amount³²	$0.14 per $1,000 of rider face amount³³
Minimum Charge³⁴		$0.01 per $1,000 of rider face amount³²	$0.01 per $1,000 of rider face amount³³
Initial Charge for a male insured, issue age 35		$0.01 per $1,000 of rider face amount³²	$0.01 per $1,000 of rider face amount³³
Inflation Fighter Rider³⁵	After rider generates annual increases to Policy specified amount	See listings in tables above for:	See listings in tables above for:
		Cost of insurance	Cost of insurance
		Monthly per unit charge	Monthly per unit charge
		Surrender charge	Surrender charge

³⁵

Scheduled annual increases in specified amount generated by this rider will create a new layer of cost of insurance charges, monthly per unit charges and surrender charges under the Policy. Each new layer of surrender charges and monthly per unit charges resulting from the scheduled annual increase in specified amount will be based on the amount of increase, age at time of increase and the Policy duration from date of increase. Each new layer of cost of insurance charge is based on, among other factors, the age of the insured at Policy issue and the duration of the Policy at the time of the increase.

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008

The table below describes the fees and expenses that you will pay periodically during the time you own the Focus Policy, not including portfolio fees and expenses.


Transaction Fees for the FOCUS POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Premium Expense Charge	Upon payment of each premium	0% of premium payments in the first Policy year, 3% of premium payments thereafter	0% of premium payments in the first Policy year, 3% of premium payments thereafter
Cash Withdrawal Charge²	Upon withdrawal	2.0% of the amount withdrawn, not to exceed $25	2.0% of the amount withdrawn, not to exceed $25
Surrender Charge³	Upon full surrender of the Policy during the first 8 Policy years and during the first 8 years from the date of any increase in the specified amount (whether requested or an increase generated by the Inflation Fighter Rider)
Maximum Charge⁴		$40.93 per $1,000 of specified amount during the first Policy year	$40.93 per $1,000 of specified amount during the first Policy year
Minimum Charge⁵		$7.63 per $1,000 of specified amount during the first Policy year	$7.63 per $1,000 of specified amount during the first Policy year
Initial charge for a male insured, issue age 40, in the preferred-elite non-tobacco use class		$17.21 per $1,000 of specified amount during the first Policy year	$17.21 per $1,000 of specified amount during the first Policy year
Transfer Charge⁶	Upon transfer	$25 for each transfer in excess of 12 per Policy year	$25 for each transfer in excess of 12 per Policy year
Decrease Charge	Deducted when specified amount is decreased during the first 8 Policy years and during the 8 Policy years following any increase in specified amount	Equal to the surrender charge (as of the date of the decrease) applicable to that portion of the layer of the specified amount that is decreased	Equal to the surrender charge (as of the date of the decrease) applicable to that portion of the layer of the specified amount that is decreased
Living Benefit Rider (an Accelerated Death Benefit)⁷	When rider is exercised	Discount Factor	Discount Factor

¹	The Company reserves the right at any time to change the current charge, but never to a level that exceeds the guaranteed charge.

The surrender charge will vary based on the issue age, gender and underwriting class of the insured on the Policy date and at the time of any increase in the specified amount. Each increase in specified amount will have its own 8 year surrender charge period starting on the date of the increase. (Note: only the increase in specified amount is subject to the additional 8 year surrender charge period). The surrender charge for each increase in specified amount (“layer”) is calculated as the surrender charge per $1,000 of specified amount multiplied by the number of thousands of dollars of specified amount in the layer, multiplied by the surrender charge factor. The surrender charge factor for the Policy and each layer will be 1.00 at issue and will decrease until it reaches zero at the end of the 8^th Policy year after the Policy date (or date of any specified amount increase). The surrender charge shown in the table is rounded up. The charges shown in the table may not be representative of the charges you will pay. Please see the example in the “Surrender Charge” section of this prospectus. More detailed information about the surrender charges applicable to you is available from your registered representative.

⁴	This maximum surrender charge is based on an insured with the following characteristics: male, issue age 85, in the standard tobacco use underwriting class. This maximum charge may also apply to insureds with other characteristics.

⁵	This minimum surrender charge is based on an insured with the following characteristics: female, issue age 0, in the juvenile underwriting class. This minimum charge may also apply to insureds with other characteristics.

⁶	The first 12 transfers per Policy year are free.

⁷

We do not assess an administration charge for this rider, however, if the rider is exercised, we do reduce the single sum benefit by a discount factor to compensate us for income lost due to the early payment of the death benefit. The discount rate is equal to the current yield on 90-day U.S. Treasury bills or the Policy loan interest rate, whichever is greater. Please see footnote 17 for a description of the loan rate. For a complete description of the Living Benefit Rider, please refer to the section entitled “Living Benefit Rider (an Accelerated Death benefit)” in this prospectus.

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008

The table below describes the fees and expenses that you will pay periodically during the time that you own the Focus Policy, not including portfolio fees and expenses.


Periodic Charges Other Than Portfolio Operating Expenses for the
FOCUS POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Monthly Policy Charge	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 100	$10.00 per month during the first Policy year and, $12.00 thereafter through age 99, $0 starting with age 100	$10.00 per month through age 99; $0 per month starting at age 100
Cost of Insurance⁸ (without Extra Ratings)⁹	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 100
Maximum Charge¹⁰		$30.40 per $1,000 of net amount at risk per month¹¹	$28.88 per $1,000 of net amount at risk per month¹¹
Minimum Charge		$0.02 per $1,000 of net amount at risk per month^11,12	$0.01 per $1,000 of net amount at risk per month^11,13
Initial Charge for male insured, issue age 40, in the preferred elite non-tobacco use class, band 3		$0.13 per $1,000 of net amount at risk per month¹¹	$0.01 per $1,000 of net amount at risk per month¹¹

⁸

Cost of insurance charges are based on a number of factors including, but not limited to: the insured’s issue age, gender, underwriting class, specified amount, Policy duration, and the net amount at risk. Cost of insurance rates generally will increase each year with the age of the insured. Cost of insurance rates are generally lower for each higher band of specified amount. For example, band 3 (specified amounts $1,000,000.00 and higher) generally has lower cost of insurance rates than those of band 2 (specified amounts of $500,000- $999,999). The cost of insurance rates shown in the table may not be representative of the charges you will pay. Your Policy’s schedule page will indicate the guaranteed cost of insurance charges applicable to your Policy. You can obtain more detailed information concerning your cost of insurance charges by contacting your registered representative.

⁹

We may place an insured in a substandard underwriting class with extra ratings that reflect higher mortality risks and that result in higher cost of insurance rates. If the insured possesses additional mortality risks, we may add a surcharge to the cost of insurance rates up to a total charge of $83.33 per $1,000 of net amount at risk.

¹⁰

This maximum charge is based on an insured with the following characteristics: male, age 35 at issue, standard tobacco class, with an initial specified amount of between $500,000 and $999,999 (Band 2) and in the 65^th Policy year. This maximum charge may also apply to insureds with other characteristics.

¹¹	The net amount at risk equals the death benefit on a Monthiversary, minus the cash value on such Monthiversary.

¹²	The minimum charge is based on an insured with the following characteristics: female, age 5 at issue, juvenile class, and in the first Policy year. This minimum may also apply to insureds with other characteristics.

¹³	This minimum charge is based on an insured with the following characteristics: female, age 5 at issue, juvenile class, with an initial face amount of $1,000,000 or higher (Band 3) and in the first Policy year. This minimum charge may also apply to insureds with other characteristics.

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008


Periodic Charges Other Than Portfolio Operating Expenses for the
FOCUS POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Monthly Per Unit Charge¹⁴	Monthly, for up to 20 years on and after the Policy date, and on any increase in specified amount (whether requested or generated by the Inflation Fighter Rider)
Maximum Charge¹⁵		$ 2.96 per $1,000 of specified amount per month	$2.23 per $1,000 of specified amount per month
Minimum Charge¹⁶		$0.15 per $1,000 of specified amount per month	$0.09 per $1,000 of specified amount per month
Initial Charge for a male insured, issue age 40, band 3		$0.34 per $1,000 of specified amount per month	$0.22 per $1,000 of specified amount per month
Mortality and Expense Risk Charge	Daily	Annual rate of 0.75% for Policy years 1 – 15, and 0.30% for Policy years 16+, of average daily net assets of each subaccount in which you are invested	Annual rate of 0.75% for Policy years 1 – 15, and 0.00% for Policy years 16+, of average daily net assets of each subaccount in which you are invested
Loan Interest Spread¹⁷	On Policy anniversary or earlier, as applicable¹⁸	1.0% (effective annual rate)	0.75% (effective annual rate)

¹⁴

We deduct the monthly per unit charge on each Monthiversary as part of the monthly deductions for a maximum of up to 20 years from the Policy date based on the insured’s age and specified amount band on the Policy date. We also assess a new monthly per unit charge for 20 years following any increase in specified amount (including specified amount increases generated by the Inflation Fighter Rider) that are based on the insured’s attained age and specified amount band for the total specified amount on the date of the increase. Currently, we plan to deduct this charge for the first 8 Policy years and during the first 8 Policy years from the date of any increase in specified amount. We will notify you if we extend the period during which we will assess the monthly per unit charge. We also deduct this charge for any Primary Insured Rider Plus or Other Insured Rider attached to the Policy, at a lower rate than applies to the Policy. Note: If you make a transfer out of any of the limited number of designated subaccounts to which your premium must be allocated during the first Policy year, or modify the allocation percentages during the first Policy year, then we may increase your monthly per unit charge to the guaranteed charge and keep these higher charges in effect for the life of the Policy. The amount of such increase will depend upon each insured’s issue age, and the specified amount.

¹⁵	This maximum charge is based on an insured with the following characteristics: male, age 85 at issue, with an initial specified amount between $500,000 and $999,999 (Band 2) and in the first Policy year. This maximum charge may also apply to insureds with other characteristics.

¹⁶	This minimum charge is based on an insured with the following characteristics: female, age 5 at issue, juvenile class, with an initial specified amount of $1,000,000 or higher (Band 3) and in the first Policy year. This minimum charge may also apply to insureds with other characteristics.

¹⁷

The Loan Interest Spread is the difference between the amount of interest we charge you for a loan (currently, an effective annual rate of 2.75%, guaranteed not to exceed 3.0%) and the amount of interest we credit to your loan reserve account (an effective annual rate of 2.0% guaranteed). After the 10^th Policy year, we currently apply preferred loan rates on an amount equal to the cash value minus total premiums paid (less any cash withdrawals) and minus any outstanding loan amount. The maximum loan interest spread on preferred loans is 0.25%, and the current spread is 0.0%.

¹⁸	While a Policy loan is outstanding, loan interest is payable in arrears on each Policy anniversary, or, if earlier, on the date of loan repayment, Policy lapse, surrender, Policy termination, or the insured’s death.

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008


Periodic Charges Other Than Portfolio Operating Expenses for the
FOCUS POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Optional Rider Charges:¹⁹
Accidental Death Benefit Rider	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 70
Maximum Charge²⁰		$0.18 per $1,000 of rider face amount per month	$0.18 per $1,000 of rider face amount per month
Minimum Charge²¹		$0.10 per $1,000 of rider face amount per month	$0.10 per $1,000 of rider face amount per month
Initial Charge for a male insured, issue age40		$0.10 per $1,000 of rider face amount per month	$0.10 per $1,000 of rider face amount per month
Disability Waiver of Monthly Deductions Rider²²	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 60
Maximum Charge²³		$0.39 per $1,000 of the Policy’s net amount at risk per month¹¹	$0.39 per $1,000 of the Policy’s net amount at risk per month¹¹
Minimum Charge²⁴		$0.03 per $1,000 of the Policy’s net amount at risk per month¹¹	$0.03 per $1,000 of the Policy’s net amount at risk per month¹¹
Initial Charge for a male insured, issue age 40		$0.06 per $1,000 of base Policy net amount at risk per month¹¹	$0.06 per $1,000 of base Policy net amount at risk per month¹¹

¹⁹

Optional Rider Cost of insurance charges are based on a number of factors including, but not limited to: each insured’s issue age, gender, underwriting class, Policy year and rider face amount. The cost of insurance rates shown in the table may not be representative of the charges you will pay. Your Policy’s schedule page will indicate the guaranteed cost of insurance charges applicable to your Policy. You can obtain more detailed information concerning your cost of insurance charges by contacting your registered representative.

²⁰	This maximum charge is based on an insured with the following characteristics: male, age 50 at issue and in the 20^th Policy year. This maximum charge may also apply to insureds with other characteristics.

²¹	This minimum charge is based on an insured with the following characteristics: male, age 45 at issue and in the first Policy year. This minimum charge may also apply to insureds with other characteristics.

²²

Disability Waiver of Monthly Deductions Rider charges are based on the primary insured’s issue age, gender and net amount at risk. The charges shown are for the Focus Policy only (i.e., without riders and other benefits). The addition of riders and other benefits would increase these charges. This charge does not vary once it is added to the Policy. The cost of insurance rates shown in the table may not be representative of the charges you will pay. Your Policy’s schedule page will indicate the guaranteed cost of insurance charges applicable to your Policy. You can obtain more detailed information concerning your cost of insurance charges by contacting your registered representative.

²³	This maximum charge is based on an insured with the following characteristics: female, age 55 at issue. This maximum charge may also apply to insureds with other characteristics.

²⁴	This minimum charge is based on an insured with the following characteristics: male, age 25 at issue. This minimum charge may also apply to insureds with other characteristics.

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008


Periodic Charges Other Than Portfolio Operating Expenses for the
FOCUS POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Disability Waiver of Premium Rider²⁵	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 60
Maximum Charge²⁶		$ 1.61 per $10 monthly rider benefit	$1.61 per $10 monthly rider benefit
Minimum Charge²⁷		$0.27 per $10 monthly rider benefit	$0.27 per $10 monthly rider benefit
Initial Charge for a male insured, issue age 40		$0.61 per $10 monthly rider benefit	$0.61 per $10 monthly rider benefit
Children’s Insurance Rider²⁸	Monthly, on the Policy date and on each Monthiversary until the youngest child reaches age 25	$0.60 per $1,000 of rider face amount per month	$0.60 per $1,000 of rider face amount per month
Other Insured Rider²⁹	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 100
(without Extra Ratings)⁹
Cost of Insurance:
Maximum Charge³⁰		$30.40 per $1,000 of rider face amount per month	$29.80 per $1,000 of rider face amount per month
Minimum Charge		$0.02 per $1,000 of rider face amount per month³¹	$0.01 per $1,000 of rider face amount per month³²
Initial Charge for a female insured, issue age 40, preferred elite non-tobacco use class		$0.10 per $1,000 of rider face amount per month	$0.01 per $1,000 of rider face amount per month

²⁵	The charge for this rider is based on the primary insured’s issue age, gender and amount of monthly rider benefit.

²⁶	This maximum charge is based on an insured with the following characteristics: female, age 55 at issue. This maximum charge may also apply to insureds with other characteristics.

²⁷	This minimum charge is based on an insured with the following characteristics: male, age 15 at issue. This minimum charge may also apply to insureds with other characteristics.

²⁸	The charge for this rider is based on the rider face amount and the cost per $1,000 does not vary.

²⁹

Rider cost of insurance charges and monthly per unit charges are based on each insured’s issue age, gender, underwriting class, Policy year, and the rider face amount. Cost of insurance rates and monthly per unit charges generally will increase each year with the age of the insured. The cost of insurance rates and monthly per unit charges shown in the table may not be representative of the charges you will pay. The rider will indicate the maximum guaranteed rider charges applicable to your Policy. You can obtain more information about these riders by contacting your registered representative.

³⁰	This maximum charge is based on an insured with the following characteristics: male, age 75 at issue standard tobacco underwriting class and in the 25^th Policy year. This maximum charge may also apply to insureds with other characteristics.

³¹	This minimum charge is based on an insured with the following characteristics: female, age 5 at issue, juvenile class and in the first Policy year. This minimum charge may also apply to insureds with other characteristics.

³²	This minimum charge is based on an insured with the following characteristics: female, issue age 26, preferred elite non-tobacco class and in the first Policy year. This minimum charge may also apply to insureds with other characteristics.

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008


Periodic Charges Other Than Portfolio Operating Expenses for the
FOCUS POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Other Insured Rider (continued)
OIR Monthly Per Unit Charge

Maximum Charge³³		$0.57 per $1,000 of rider face amount³⁴	$0.57 per $1,000 of rider face amount³⁵

Minimum Charge³⁶		$0.03 per $1,000 of rider face amount³⁴	$0.03 per $1,000 of rider face amount³⁵
Initial Charge for a female insured, issue age 40		$0.07 per $1,000 of rider face amount³⁴	$0.07 per $1,000 of rider face amount³⁵

Primary Insured Rider Plus²⁹ (without Extra Ratings)⁹	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 100

Cost of Insurance

Maximum Charge³⁰		$30.40 per $1,000 of rider face amount per month	$29.80 per $1,000 of rider face amount per month
Minimum Charge		$0.02 per $1,000 of rider face amount per month³¹	$0.01 per $1,000 of rider face amount per month³²
Initial charge for a male insured, issue age 40, in the preferred elite non-tobacco use class		$0.13 per $1,000 of rider face amount per month	$0.01 per $1,000 of rider face amount per month

³³	This maximum charge is based on an insured with the following characteristic: issue age 85. This maximum charge may also apply to insureds with other issue ages.

³⁴	We deduct the monthly per unit charge on each Monthiversary and guarantee that the duration of the charge will be no more than 20 Policy years from the issue date of the rider and from the date of any increase of face amount for the rider.

³⁵	We currently deduct the monthly per unit charge on each Monthiversary during the first 8 Policy years from the issue date of the rider and from the date of any increase of face amount for the rider.

³⁶	This minimum charge is based on an insured with the following characteristics: issue age 0. This minimum charge may also apply to insureds with other issue ages.

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008


Periodic Charges Other Than Portfolio Operating Expenses for the
FOCUS POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Primary Insured Rider Plus (continued)
PIR+ Monthly Per Unit Charge
Maximum Charge³³		$0.14 per $1,000 of rider face amount³⁴	$0.14 per $1,000 of rider face amount³⁵
Minimum Charge³⁶		$0.01 per $1,000 of rider face amount³⁴	$0.01 per $1,000 of rider face amount³⁵
Initial Charge for a male insured, issue age 40		$0.02 per $1,000 of rider face amount³⁴	$0.02 per $1,000 of rider face amount³⁵
Inflation Fighter Rider³⁷	After rider generates annual increases to Policy specified amount	See listings in tables above for:	See listings in tables above for:
Inflation Fighter Rider³⁷		Cost of insurance	Cost of insurance
		Monthly per unit charge	Monthly per unit charge
		Surrender charge	Surrender charge

³⁷

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008

The table below describes the fees and expenses that you will pay when buying or owning the Exec Policy, paying premiums, or transferring Policy cash value among the subaccounts and the fixed account.


Transaction Fees for the EXEC POLICY
Charge	When Charge is Deducted	Amount Deducted
		Guaranteed Charge	Current Charge¹
Premium Expense Charge	Upon payment of each premium	0% of premium payments in the first Policy year, 3% of premium payments thereafter	0% of premium payments in the first Policy year; 3% of premium payments thereafter

Transfer Charge²	Upon transfer	$25 for each transfer in excess of 12 per Policy year	$25 for each transfer in excess of 12 per Policy year

¹	The Company reserves the right at any time to change the current charge, but never to a level that exceeds the guaranteed charge.

²	The first 12 transfers per Policy year are free.

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008


Transaction Fees for the EXEC POLICY
Charge (Cont.)	When Charge is Deducted	Amount Deducted
Charge (Cont.)	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Living Benefit Rider (an Accelerated Death Benefit)³	When rider is exercised	Discount Factor	Discount Factor

The table below describes the fees and expenses that you will pay periodically during the time you own the Exec Policy, not including portfolio fees and expenses.


Periodic Charges Other Than Portfolio Operating Expenses for the
EXEC POLICY
Charge	When Charge is Deducted	Amount Deducted
		Guaranteed Charge	Current Charge¹
Monthly Policy Charge	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 100	$10.00 per month during the first Policy year and $12.00 thereafter through age 99, $0 starting at age 100	$10.00 per month through age 99; $0 starting at age 100.

Cost of Insurance⁴	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 100
(without Extra Ratings)⁵
Maximum Charge⁶		$29.19 per $1,000 of net amount at risk per month⁷	$29.19 per $1,000 of net amount at risk per month⁷
Minimum Charge		$0.04 per $1,000 of net amount at risk per month^7,8	$0.01 per $1,000 of net amount at risk per month^7,9

We do not assess an administration charge for this rider, however if the rider is exercised, we do reduce the single sum benefit by a discount factor to compensate us for income lost due to the early payment of the death benefit. The discount rate is equal to the current yield on 90-day U.S. Treasury bills or the Policy loan interest rate, whichever is greater. Please see footnote 13 for a description of the loan rate. For a complete description of the Living Benefit Rider, please refer to the section entitled “Living Benefit Rider (an Accelerated Death Benefit)” in this prospectus.

⁴

Cost of insurance charges are based on a number of factors including, but not limited to: the insured’s issue age, gender, underwriting class, specified amount, Policy year, and the net amount at risk. Cost of insurance rates generally will increase each year with the age of the insured. Cost of insurance rates are generally lower for each higher band of specified amount. For example, band 3 (specified amounts of $500,000--$999,999) generally has lower cost of insurance rates than those of band 2 (specified amounts of $250,000--$499,999). For Exec Policies, the current cost of insurance rates for the first Policy year are fixed at issue and we guarantee not to change them. The cost of insurance rates shown in the table may not be representative of the charges you will pay. Your Policy’s schedule page will indicate the guaranteed cost of insurance charges applicable to your Policy. You can obtain more detailed information concerning your cost of insurance charges by contacting your registered representative.

⁵

We may place an insured in a substandard underwriting class with extra ratings that reflect higher mortality risks and that result in higher cost of insurance rates. If the insured possesses additional mortality risks, we may add a surcharge to the cost of insurance rates up to a total charge of $83.33 monthly per $1,000 of net amount at risk.

⁶	This maximum charge is based on an insured with the following characteristics: male, age 25 at issue, standard tobacco class, and in the 75^th Policy year. This maximum charge may also apply to insureds with other characteristics.

⁷	The net amount at risk equals the death benefit on a Monthiversary, minus the cash value on such Monthiversary.

⁸	This minimum charge is based on an insured with the following characteristics: female, age 18 at issue, and in the first Policy year. This minimum charge may also apply to insureds with other characteristics.

⁹	This minimum charge is based on an insured with the following characteristics: female, age 27 at issue, select non-tobacco class, and in the first Policy year. This minimum charge may also apply to insureds with other characteristics.

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008


Periodic Charges Other Than Portfolio Operating Expenses for the
EXEC POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Cost of Insurance (without Extra Ratings) continued

Initial Charge for a male insured, issue age 50, in the non-tobacco use class		$0.33 per $1,000 of net amount at risk per month⁷	$0.05 per $1,000 of net amount at risk per month⁷

Monthly Per Unit Charge¹⁰	Monthly, on and after the Policy date, and on any increase in specified amount until the insured reaches age 100

Maximum Charge¹¹		$6.34 per $1,000 of specified amount per month	$6.34 per $1,000 of specified amount per month

Minimum Charge¹²		$0.10 per $1,000 of specified amount per month	$0.10 per $1,000 of specified amount per month

Initial Charge for a male insured, at issue age 50, in the non-tobacco class, band 2		$0.27 per $1,000 of specified amount per month	$0.27 per $1,000 of specified amount per month

Mortality and Expense Risk Charge	Daily	Annual rate of 0.75% for Policy years 1 – 15, and 0.30% for Policy years 16+, of daily net assets of each subaccount in which you are invested	Annual rate of 0.75% for Policy years 1 – 15, and 0.00% for Policy years 16+, of daily net assets of each subaccount in which you are invested

Loan Interest Spread¹³	On Policy anniversary or earlier, as applicable¹⁴	1.0% (effective annual rate)	0.75% (effective annual rate)

¹⁰

Currently, we plan to deduct this charge for the first 8 Policy years and during the first 8 Policy years from the date of any increase in specified amount. We will notify you if we extend the period during which we will assess the monthly per unit charge. We guarantee this charge will not be assessed beyond the Policy anniversary when the insured attains age 100. We deduct the monthly per unit charge on each Monthiversary as part of the monthly deductions from the Policy date based on the insured’s age, gender and risk classification, and the Policy duration and specified amount band on the Policy date or on the date of any specified amount increase.

¹¹	This maximum charge is based on an insured with the following characteristics: male, age 80 at issue, with an initial specified amount less than $250,000 (Band 1) and in the second Policy year. This maximum charge may also apply to insureds with other characteristics.

¹²

This minimum charge is based on an insured with the following characteristics: male, age 18 at issue, standard non-tobacco class, with an initial specified amount of $1,000,000 or higher (Band 4) and in the first Policy year. This minimum charge may also apply to insureds with other characteristics.

¹³

¹⁴	While a Policy loan is outstanding, loan interest is payable in arrears on each Policy anniversary, or, if earlier, on the date of loan repayment, Policy lapse, surrender, Policy termination, or the insured’s death.

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008


Periodic Charges Other Than Portfolio Operating Expenses for the
EXEC POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Optional Rider Charges:¹⁵
Disability Waiver of Monthly Deductions Rider¹⁶	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 60

Maximum Charge¹⁷		$0.39 per $1,000 of the Policy’s net amount at risk per month⁷	$0.39 per $1,000 of the Policy’s net amount at risk per month⁷

Minimum Charge¹⁸		$0.03 per $1,000 of the Policy’s net amount at risk per month⁷	$0.03 per $1,000 of the Policy’s net amount at risk per month⁷

Initial Charge for a male insured, issue age 50		$0.13 per $1,000 of base Policy net amount at risk per month⁷	$0.13 per $1,000 of base Policy net amount at risk per month⁷

Disability Waiver of Premium Rider¹⁹	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 60

Maximum Charge²⁰		$1.61 per $10 monthly rider benefit	$1.61 per $10 monthly rider benefit

Minimum Charge²¹		$0.28 per $10 monthly rider benefit	$0.28 per $10 monthly rider benefit

Initial Charge for a male insured, issue age 50		$1.13 per $10 monthly rider benefit	$1.13 per $10 monthly rider benefit

¹⁵

¹⁶

Disability Waiver of Monthly Deductions Rider charges are based on the primary insured’s issue age, gender and net amount at risk. The charges shown are for the Exec Policy only (i.e., without riders and other benefits). The addition of riders and other benefits would increase these charges. This charge does not vary once it is added to the Exec Policy. The cost of insurance rates shown in the table may not be representative of the charges you will pay. Your Policy’s schedule page will indicate the guaranteed cost of insurance charges applicable to your Policy. You can obtain more detailed information concerning your cost of insurance charges by contacting your registered representative. This rider is only available on fully underwritten policies.

¹⁷	This maximum charge is based on an insured with the following characteristics: female, age 55 at issue. This maximum charge may also apply to insureds with other characteristics.

¹⁸	This minimum charge is based on an insured with the following characteristics: male, age 25 at issue. This minimum charge may also apply to insureds with other characteristics.

¹⁹	The charge for this rider is based on the primary insured’s issue age, gender and amount of monthly rider benefit. This rider is only available on fully underwritten policies

²⁰	This maximum charge is based on an insured with the following characteristics: female, age 55 at issue. This maximum charge may also apply to insureds with other characteristics.

²¹	This minimum charge is based on an insured with the following characteristics: male, age 18 at issue. The minimum charge may also apply to insureds with other characteristics.

SECTION B

FEE TABLES FOR POLICIES APPLIED FOR BEFORE OCTOBER 30, 2008 AND ISSUED

BEFORE JANUARY 1, 2009

(Based on the 1980 C.S.O. Tables)

FOR POLICIES APPLIED FOR BEFORE OCTOBER 30, 2008 AND ISSUED BEFORE JANUARY 1, 2009

The first table describes the fees and expenses that you will pay when buying or owning the WRL Xcelerator^SM Policy (the “Base Policy”) paying premiums, making cash withdrawals from the Policy, surrendering the Policy, or transferring Policy cash value among the subaccounts and the fixed account.


Transaction Fees - BASE POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹

Premium Expense Charge:	Upon payment of each premium	0% of premium payments in the first Policy year, 3% of premium payments thereafter	0% of premium payments in the first Policy year; 3% of premium payments thereafter

Cash Withdrawal Charge²	Upon withdrawal	2.0% of the amount withdrawn, not to exceed $25	2.0% of the amount withdrawn, not to exceed $25

Surrender Charge³	Upon full surrender of the Policy during the first 8 Policy years and during the first 8 years from the date of any increase in the specified amount (whether requested or an increase generated by the Inflation Fighter Rider)
Maximum Charge⁴		$74.10 per $1,000 of specified amount during the first Policy year	$74.10 per $1,000 of specified amount during the first Policy year

Minimum Charge⁵		$13.82 per $1,000 of specified amount during the first Policy year	$13.82 per $1,000 of specified amount during the first Policy year



Initial charge for a male insured, issue age 35, in the preferred-elite non-tobacco use class		$25.61 per $1,000 of specified amount during the first Policy year	$25.61 per $1,000 of specified amount during the first Policy year



Transfer Charge⁶	Upon transfer	$25 for each transfer in excess of 12 per Policy year	$25 for each transfer in excess of 12 per Policy year

Decrease Charge	Deducted when specified amount is decreased during the first 8 Policy years and during the 8 Policy years following any increase in specified amount	Equal to the surrender charge (as of the date of the decrease) applicable to that portion of the layer of the specified amount that is decreased	Equal to the surrender charge (as of the date of the decrease) applicable to that portion of the layer of the specified amount that is decreased

Living Benefit Rider (an Accelerated Death Benefit)⁷	When rider is exercised	Discount Factor	Discount Factor

¹	The Company reserves the right at any time to change the current charge but never to a level that exceeds the guaranteed charge.

The surrender charge will vary based on the issue age, gender and underwriting class of the insured on the Policy date and at the time of any increase in the specified amount. Each increase in specified amount will have its own 8 year surrender charge period starting on the date of the increase and surrender charges that are based upon the insured’s age, gender and underwriting class at the time of the increase. (Note: only the increase in specified amount is subject to the additional 8 year surrender charge period.) The surrender charge for each increase in specified amount (“layer”) is calculated as the surrender charge per $1,000 of specified amount multiplied by the number of thousands of dollars of specified amount in the layer, multiplied by the surrender charge factor. The surrender charge factor for the Policy and each layer will be 1.00 at issue and will decrease until it reaches zero at the end of the 8^th Policy year after the Policy date (or date of any specified amount increase). The surrender charge shown in the table is rounded up. The charges shown in the table may not be representative of the charges you will pay. Please see the example in the “Surrender Charge” section of this prospectus. More detailed information about the surrender charges applicable to you is available from your registered representative.

⁴	This maximum surrender charge is based on an insured with the following characteristics: male, issue age 85, in the standard tobacco use underwriting class. This maximum charge may also apply to insureds with other characteristics.

⁵	This minimum surrender charge is based on an insured with the following characteristics: female, issue age 4, in the juvenile underwriting class. This minimum charge may also apply to insureds with other characteristics.

⁶	The first 12 transfers per Policy year are free.

⁷

We do not assess an administration charge for this rider, however, if the rider is exercised, we do reduce the single sum benefit by a discount factor to compensate us for income lost due to the early payment of the death benefit. The discount factor is based on the current yield on 90-day U.S. Treasury bills or the Policy loan interest rate, whichever is greater. (Please see footnote 17 for a complete description of the loan rate.) For further information about the Living Benefit Rider, including a numerical example showing the calculation of a discounted single sum benefit and the impact of acceleration of a portion of the death benefit available under a Policy on any remaining death benefit and cash value, please see the “Supplemental Benefits (Riders)” section of this prospectus.

FOR POLICIES APPLIED FOR BEFORE OCTOBER 30, 2008 AND ISSUED BEFORE JANUARY 1, 2009

The table below describes the fees and expenses that you will pay periodically during the time that you own the Base Policy or the Focus Policy, not including portfolio fees and expenses.


Periodic Charges Other Than Portfolio Operating Expenses
BASE POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹

Monthly Policy Charge	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 100	$8.00 per month during the first Policy year; thereafter, $15.00 per month through age 99; and $0 per month starting at age 100.	$8.00 per month through age 99; and $0 starting at age 100.

Cost of Insurance⁸ (without Extra Ratings)⁹	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 100
Maximum Charge¹⁰		$83.33 per $1,000 of net amount at risk per month¹¹	$46.21 per $1,000 of net amount at risk per month¹¹
Minimum Charge		$0.06 per $1,000 of net amount at risk per month^11,12	$0.01 per $1,000 of net amount at risk per month^11,13
Initial Charge for male insured, issue age 35, in the preferred elite non-tobacco use class, band 1		$0.14 per $1,000 of net amount at risk per month¹¹	$0.02 per $1,000 of net amount at risk per month¹¹

⁸

Cost of insurance charges are based on a number of factors including, but not limited to: the insured’s issue age, gender and underwriting class, the specified amount, Policy duration, Policy year, and the net amount at risk. Cost of insurance rates generally will increase each year with the age of the insured. Cost of insurance rates are generally lower for each higher band of specified amount. For example, band 2 (specified amounts $500,000 - $999,999) generally has lower cost of insurance rates than those of band 1 (specified amounts less than $500,000). The cost of insurance rates shown in the table may not be representative of the charges you will pay. Your Policy’s schedule page will indicate the guaranteed cost of insurance charges applicable to your Policy. You can obtain more detailed information concerning your cost of insurance charges by contacting your registered representative.

⁹

¹⁰	This maximum charge is based on an insured with the following characteristics: male, age 25 at issue, standard tobacco class, with an initial specified amount of less than $500,000 (Band 1) and in the 75^th Policy year. This maximum charge may also apply to insureds with other characteristics.

¹¹	The net amount at risk equals the death benefit on a Monthiversary, minus the cash value on such Monthiversary.

¹²	The minimum charge is based on an insured with the following characteristics: female, age 10 at issue, juvenile class, and in the first Policy year. This minimum may also apply to insureds with other characteristics.

¹³

This minimum charge is based on an insured with the following characteristics: female, age 26 at issue, preferred elite non-tobacco class, with an initial specified amount of $1,000,000 or higher (Band 3) and in the first Policy year. This minimum charge may also apply to insureds with other characteristics.

FOR POLICIES APPLIED FOR BEFORE OCTOBER 30, 2008 AND ISSUED BEFORE JANUARY 1, 2009


Periodic Charges Other Than Portfolio Operating Expenses
BASE POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Monthly Per Unit Charge¹⁴	Monthly, for up to 20 years on and after the Policy date, and on any increase in specified amount (whether requested or generated by the Inflation Fighter Rider)
Maximum Charge¹⁵		$2.32 per $1,000 of specified amount per month	$2.32 per $1,000 of specified amount per month

Minimum Charge¹⁶		$0.12 per $1,000 of specified amount per month	$0.12 per $1,000 of specified amount per month

Initial Charge for an insured, issue age 35, band 1		$0.25 per $1,000 of specified amount per month	$0.25 per $1,000 of specified amount per month

Mortality and Expense Risk Charge	Daily	Annual rate of 0.75% for Policy years 1 – 15, and 0.30% for Policy years 16+, of average daily net assets of each subaccount in which you are invested	Annual rate of 0.75% for Policy years 1 – 15, and 0.00% for Policy years 16+, of average daily net assets of each subaccount in which you are invested

Loan Interest Spread¹⁷	On Policy anniversary or earlier, as applicable¹⁸	1.0% (effective annual rate)	0.75% (effective annual rate)

¹⁴

¹⁵	This maximum charge is based on an insured with the following characteristics: male, age 85 at issue, with an initial specified amount less than $500,000 (Band 1) and in the first Policy year. This maximum charge may also apply to insureds with other characteristics.

¹⁶	This minimum charge is based on an insured with the following characteristics: female, age 5 at issue, juvenile class, with an initial specified amount of $1,000,000 or higher (Band 3) and in the first Policy year. This minimum charge may also apply to insureds with other characteristics.

¹⁷

The Loan Interest Spread is the difference between the amount of interest we charge you for a loan (currently, an effective annual rate of 2.75%, guaranteed not to exceed 3.0%) and the amount of interest we credit to your loan reserve account (an effective annual rate of 2.0% guaranteed). After the 10^th Policy year, we currently apply preferred loan rates on an amount equal to the cash value minus total premiums paid (less any cash withdrawals) and minus any outstanding loan amount. After attained age 100, all loans will be considered preferred loans. The maximum loan interest spread on preferred loans is 0.25%, and the current spread is 0.0%.

¹⁸	While a Policy loan is outstanding, loan interest is payable in arrears on each Policy anniversary, or, if earlier, on the date of loan repayment, Policy lapse, surrender, Policy termination, or the insured’s death.

FOR POLICIES APPLIED FOR BEFORE OCTOBER 30, 2008 AND ISSUED BEFORE JANUARY 1, 2009


Periodic Charges Other Than Portfolio Operating Expenses
BASE POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Optional Rider Charges:¹⁹

Accidental Death Benefit Rider	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 70
Maximum Charge²⁰		$0.18 per $1,000 of rider face amount per month	$0.18 per $1,000 of rider face amount per month

Minimum Charge²¹		$0.10 per $1,000 of rider face amount per month	$0.10 per $1,000 of rider face amount per month

Initial Charge for a male insured, issue age 35		$0.10 per $1,000 of rider face amount per month	$0.10 per $1,000 of rider face amount per month

Disability Waiver of Monthly Deductions Rider²²	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 60


Maximum Charge²³		$0.39 per $1,000 of the Policy’s net amount at risk per month¹¹	$0.39 per $1,000 of the Policy’s net amount at risk per month¹¹

Minimum Charge²⁴		$0.03 per $1,000 of the Policy’s net amount at risk per month¹¹	$0.03 per $1,000 of the Policy’s net amount at risk per month¹¹

Initial Charge for a male insured, issue age 35		$0.05 per $1,000 of base Policy net amount at risk per month¹¹	$0.05 per $1,000 of base Policy net amount at risk per month¹¹

¹⁹

Optional Rider Cost of insurance charges are based on a number of factors including, but not limited to: each insured’s issue age, gender and underwriting class, and the Policy year and rider face amount. The cost of insurance rates shown in the table may not be representative of the charges you will pay. Your Policy’s schedule page will indicate the guaranteed cost of insurance charges applicable to your Policy. The rider will indicate the maximum guaranteed rider charge applicable to your Policy. You can obtain more detailed information concerning your cost of insurance charges by contacting your registered representative.

²⁰	This maximum charge is based on an insured with the following characteristics: male, age 50 at issue and in the 20^th Policy year. This maximum charge may also apply to insureds with other characteristics.

²¹	This minimum charge is based on an insured with the following characteristics: male, age 45 at issue and in the first Policy year. This minimum charge may also apply to insureds with other characteristics.

²²

²³	This maximum charge is based on an insured with the following characteristics: female, age 55 at issue. This maximum charge may also apply to insureds with other characteristics.

²⁴	This minimum charge is based on an insured with the following characteristics: male, age 25 at issue. This minimum charge may also apply to insureds with other characteristics.

FOR POLICIES APPLIED FOR BEFORE OCTOBER 30, 2008 AND ISSUED BEFORE JANUARY 1, 2009


Periodic Charges Other Than Portfolio Operating Expenses
BASE POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Disability Waiver of Premium Rider²⁵	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 60
Maximum Charge²⁶		$1.61 per $10 monthly rider benefit	$1.61 per $10 monthly rider benefit

Minimum Charge²⁷		$0.27 per $10 monthly rider benefit	$0.27 per $10 monthly rider benefit

Initial Charge for a male insured, issue age 35		$0.47 per $10 monthly rider benefit	$0.47 per $10 monthly rider benefit

Children’s Insurance Rider²⁸	Monthly, on the Policy date and on each Monthiversary until the youngest child reaches age 25	$0.60 per $1,000 of rider face amount per month	$0.60 per $1,000 of rider face amount per month

Other Insured Rider²⁹	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 100

(without Extra Ratings)⁹

Cost of Insurance
Maximum Charge³⁰		$83.33 per $1,000 of rider face amount per month	$42.68 per $1,000 of rider face amount per month

Minimum Charge		$0.06 per $1,000 of rider face amount per month³¹	$0.01 per $1,000 of rider face amount per month³²

Initial Charge for a female insured, issue age 30, in the preferred elite non-tobacco use class		$0.10 per $1,000 of rider face amount per month	$0.01 per $1,000 of rider face amount per month

²⁵	The charge for this rider is based on the primary insured’s issue age and gender, and the amount of monthly rider benefits.

²⁶	This maximum charge is based on an insured with the following characteristics: female, age 55 at issue. This maximum charge may also apply to insureds with other characteristics.

²⁷	This minimum charge is based on an insured with the following characteristics: male, age 15 at issue. This minimum charge may also apply to insureds with other characteristics.

²⁸	The charge for this rider is based on the rider face amount and the cost per $1,000 does not vary.

²⁹

³¹	This minimum charge is based on an insured with the following characteristics: female, age 10 at issue, juvenile class and in the first Policy year. This minimum charge may also apply to insureds with other characteristics.

³²	This minimum charge is based on an insured with the following characteristics: female, issue age 26, preferred elite non-tobacco class and in the first Policy year. This minimum charge may also apply to insureds with other characteristics.

FOR POLICIES APPLIED FOR BEFORE OCTOBER 30, 2008 AND ISSUED BEFORE JANUARY 1, 2009


Periodic Charges Other Than Portfolio Operating Expenses
BASE POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Other Insured Rider (continued)

OIR Monthly Per Unit Charge

Maximum Charge³³		$0.57 per $1,000 of rider face amount³⁴	$0.57 per $1,000 of rider face amount³⁵

Minimum Charge³⁶		$0.03 per $1,000 of rider face amount³⁴	$0.03 per $1,000 of rider face amount³⁵

Initial Charge for a female insured, issue age 30		$0.04 per $1,000 of rider face amount³⁴	$0.04 per $1,000 of rider face amount³⁵

Primary Insured Rider Plus²⁹ (without Extra Ratings)⁹	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 100

Cost of Insurance

Maximum Charge³⁰		$83.33 per $1,000 of rider face amount per month	$42.68 per $1,000 of rider face amount per month

Minimum Charge		$0.06 per $1,000 of rider face amount per month³¹	$0.01 per $1,000 of rider face amount per month³²

Initial charge for a male insured, issue age 35, in the preferred elite non-tobacco use class		$0.14 per $1,000 of rider face amount per month	$0.02 per $1,000 of rider face amount per month

³³	This maximum charge is based on an insured with the following characteristic: issue age 85. This maximum charge may also apply to insureds with other issue ages.

³⁴	We deduct the monthly per unit charge on each Monthiversary and guarantee that the duration of the charge will be no more than 20 Policy years from the issue date of the rider and upon any increase of face amount for the rider.

³⁵	We currently deduct the monthly per unit charge on each Monthiversary during the first 8 Policy years from the issue date of the rider and upon any increase of face amount for the rider.

³⁶	This minimum charge is based on an insured with the following characteristics: issue age 0. This minimum charge may also apply to insureds with other issue ages.

FOR POLICIES APPLIED FOR BEFORE OCTOBER 30, 2008 AND ISSUED BEFORE JANUARY 1, 2009


Periodic Charges Other Than Portfolio Operating Expenses
BASE POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Primary Insured Rider Plus (continued)

PIR+ Monthly Per Unit Charge

Maximum Charge³³		$0.14 per $1,000 of rider face amount³⁴	$0.14 per $1,000 of rider face amount³⁵

Minimum Charge³⁶		$0.01 per $1,000 of rider face amount³⁴	$0.01 per $1,000 of rider face amount³⁵

Initial Charge for a male insured, issue age 35		$0.01 per $1,000 of rider face amount³⁴	$0.01 per $1,000 of rider face amount³⁵

Inflation Fighter Rider³⁷	After rider generates annual increases to Policy specified amount	See listings in tables above for:	See listings in tables above for:

		Cost of insurance	Cost of insurance


		Monthly per unit charge	Monthly per unit charge

		Surrender charge	Surrender charge

³⁷

FOR POLICIES APPLIED FOR BEFORE OCTOBER 30, 2008 AND ISSUED BEFORE JANUARY 1, 2009

The table below describes the fees and expenses that you will pay when buying or owning the Focus Policy, paying premiums, or transferring Policy cash value among the subaccounts and the fixed account.


Transaction Fees for the FOCUS POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Premium Expense Charge:	Upon payment of each premium	0% of premium payments in the first Policy year, 3% of premium payments thereafter	0% of premium payments in the first Policy year; 3% of premium payments thereafter

Cash Withdrawal Charge²	Upon withdrawal	2.0% of the amount withdrawn, not to exceed $25	2.0% of the amount withdrawn, not to exceed $25

Surrender Charge³	Upon full surrender of the Policy during the first 8 Policy years or during the first 8 years from the date of any increase in the specified amount (whether requested or an increase generated by the Inflation Fighter Rider)

Maximum Charge⁴		$74.10 per $1,000 of specified amount during the first Policy year	$74.10 per $1,000 of specified amount during the first Policy year


Minimum Charge⁵		$13.82 per $1,000 of specified amount during the first Policy year	$13.82 per $1,000 of specified amount during the first Policy year

Initial charge for a male insured, issue age 40, in the preferred-elite non-tobacco use class		$26.36 per $1,000 of specified amount during the first Policy year	$26.36 per $1,000 of specified amount during the first Policy year

Transfer Charge⁶	Upon transfer	$25 for each transfer in excess of 12 per Policy year	$25 for each transfer in excess of 12 per Policy year

Decrease Charge	Deducted when specified amount is decreased during the first 8 Policy years and during the 8 Policy years following any increase in specified amount	Equal to the surrender charge (as of the date of the decrease) applicable to that portion of the layer of the specified amount that is decreased	Equal to the surrender charge (as of the date of the decrease) applicable to that portion of the layer of the specified amount that is decreased

Living Benefit Rider (an Accelerated Death Benefit)⁷	When rider is exercised	Discount Factor	Discount Factor

¹	The Company reserves the right at any time to change the current charge, but never to a level that exceeds the guaranteed charge.

When we incur the expense of expedited delivery of your partial withdrawal or complete surrender payment, we currently assess the following additional charges: $25 for overnight delivery ($35 for Saturday delivery); and $50 for wire service. You can obtain further information about these charges by contacting our administrative office.

The surrender charge will vary based on the issue age, gender and underwriting class of the insured on the Policy date and at the time of any increase in the specified amount. Each increase in specified amount will have its own 8 year surrender charge period starting on the date of the increase and surrender charges that are based upon the insured’s age, gender and underwriting class at the time of the increase (Note: only the increase in specified amount is subject to the additional 8 year surrender charge period). The surrender charge for each increase in specified amount (“layer”) is calculated as the surrender charge per $1,000 of specified amount multiplied by the number of thousands of dollars of specified amount in the layer, multiplied by the surrender charge factor. The surrender charge factor for the Policy and each layer will be 1.00 at issue and will decrease until it reaches zero at the end of the 8^th Policy year after the Policy date (or date of any specified amount increase). The surrender charge shown in the table is rounded up. The charges shown in the table may not be representative of the charges you will pay. Please see the example in the “Surrender Charge” section of this prospectus. More detailed information about the surrender charges applicable to you is available from your registered representative.

⁴	This maximum surrender charge is based on an insured with the following characteristics: male, issue age 85, in the standard tobacco use underwriting class. This maximum charge may also apply to insureds with other characteristics.

⁵	This minimum surrender charge is based on an insured with the following characteristics: female, issue age 4, in the juvenile underwriting class. This minimum charge may also apply to insureds with other characteristics.

⁶	The first 12 transfers per Policy year are free.

⁷

FOR POLICIES APPLIED FOR BEFORE OCTOBER 30, 2008 AND ISSUED BEFORE JANUARY 1, 2009


Periodic Charges Other Than Portfolio Operating Expenses for the
FOCUS POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Monthly Policy Charge	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 100	$8.00 per month during the first Policy year; thereafter, $15.00 per month through 99; and $0 per month starting at age 100.	$8.00 per month through 99; and $0 starting at age 100.

Cost of Insurance⁸ (without Extra Ratings)⁹	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 100

Maximum Charge¹⁰		$83.33 per $1,000 of net amount at risk per month¹¹	$45.35 per $1,000 of net amount at risk per month¹¹


Minimum Charge		$0.06 per $1,000 of net amount at risk per month^{11, 12}	$0.01 per $1,000 of net amount at risk per month^{11, 13}

Initial Charge for male insured, issue age 40, in the preferred elite non-tobacco use class, band 3		$0.20 per $1,000 of net amount at risk per month¹¹	$0.02 per $1,000 of net amount at risk per month¹¹

⁸

Cost of insurance charges are based on a number of factors including, but not limited to: the insured’s issue age, gender, underwriting class, specified amount, Policy duration, Policy year, and the net amount at risk. Cost of insurance rates generally will increase each year with the age of the insured. Cost of insurance rates are generally lower for each higher band of specified amount. For example, band 3 (specified amount of $1,000,000 or more) generally has lower cost of insurance rates than those of band 2 (specified amounts of $500,000 - $999,999). The cost of insurance rates shown in the table may not be representative of the charges that you will pay. Your Policy’s schedule page will indicate the guaranteed cost of insurance charges applicable to your Policy. You can obtain more detailed information concerning your cost of insurance charges by contacting your registered representative.

⁹

We may place an insured in a substandard underwriting class with extra ratings that reflect higher mortality risks and that result in higher cost of insurance rates. If the insured possesses additional mortality risks, we may add a surcharge to the cost of insurance rates up to a total charge of $83.33 monthly per $1,000 of net amount at risk.

¹⁰	This maximum charge is based on an insured with the following characteristics: male, age 25 at issue, standard tobacco class, with an initial specified amount of $500,000 - $999,999 (Band 2) and in the 75^th Policy year. This maximum charge may also apply to insureds with other characteristics.

¹¹	The net amount at risk equals the death benefit on a Monthiversary, minus the cash value on such Monthiversary.

¹²	The minimum charge is based on an insured with the following characteristics: female, age 10 at issue, juvenile class, and in the first Policy year. This minimum may also apply to insureds with other characteristics.

¹³

This minimum charge is based on an insured with the following characteristics: female, age 26 at issue, preferred elite non-tobacco class, with an initial face amount of $1,000,000 or higher (Band 3) and in the first Policy year. This minimum charge may also apply to insureds with other characteristics.

FOR POLICIES APPLIED FOR BEFORE OCTOBER 30, 2008 AND ISSUED BEFORE JANUARY 1, 2009


Periodic Charges Other Than Portfolio Operating Expenses for the
FOCUS POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Monthly Per Unit Charge¹⁴	Monthly, for up to 20 years on and after the Policy date, and on any increase in specified amount (whether requested or generated by the Inflation Fighter Rider)

Maximum Charge¹⁵		$2.29 per $1,000 of specified amount per month	$1.83 per $1,000 of specified amount per month


Minimum Charge¹⁶		$0.12 per $1,000 of specified amount per month	$0.08 per $1,000 of specified amount per month

Initial Charge for an insured, issue age 40, band 3		$0.28 per $1,000 of specified amount per month	$0.18 per $1,000 of specified amount per month

Mortality and Expense Risk Charge	Daily	Annual rate of 0.75% for Policy years 1 – 15, and 0.30% for Policy years 16+, of average daily net assets of each subaccount in which you are invested	Annual rate of 0.75% for Policy years 1 – 15, and 0.00% for Policy years 16+, of average daily net assets of each subaccount in which you are invested

Loan Interest Spread¹⁷	On Policy anniversary or earlier, as applicable¹⁸	1.0% (effective annual rate)	0.75% (effective annual rate)

¹⁴

We deduct the monthly per unit charge on each Monthiversary as part of the monthly deductions for a maximum of 20 years from the Policy date based on the insured’s age and specified amount band on the Policy date. We also assess a new monthly per unit charge for up to 20 years following any increase in specified amount (including specified amount increases generated by the Inflation Fighter Rider) that are based on the insured’s attained age and specified amount band for the total specified amount on the date of the increase. Currently, we plan to deduct this charge for the first 8 Policy years and during the first 8 Policy years from the date of any increase in specified amount. We will notify you if we extend the period during which we will assess the monthly per unit charge. We also deduct this charge for any Primary Insured Rider Plus or Other Insured Rider attached to the Policy, at a lower rate than applies to the Policy. Note: If you make a transfer out of any of the limited number of designated subaccounts to which your premium must be allocated during the first Policy year, or modify the allocation percentages during the first Policy year, then we may increase your monthly per unit charge to the guaranteed charge and keep these higher charges in effect for the life of the Policy. The amount of such increase will depend upon each insured’s issue age, and the specified amount.

¹⁵	This maximum charge is based on an insured with the following characteristics: male, age 85 at issue, with an initial specified amount of $500,000 - $999,999 (Band 2). This maximum charge may also apply to insureds with other characteristics.

¹⁶	This minimum charge is based on an insured with the following characteristics: female, age 5 at issue, juvenile class, with an initial specified amount of $1,000,000 or higher (Band 3). This minimum charge may also apply to insureds with other characteristics.

¹⁷

The Loan Interest Spread is the difference between the amount of interest we charge you for a loan (currently, an effective annual rate of 2.75%, guaranteed not to exceed 3.0%) and the amount of interest we credit to your loan reserve account (an effective annual rate of 2.0% guaranteed). After the 10^th Policy year, we currently provide preferred loan rates on an amount equal to the cash value minus total premiums paid (less any cash withdrawals) and minus any outstanding loan amount. After attained age 100, all loans will be considered preferred loans. The maximum loan interest spread on preferred loans is 0.25%, and the current spread is 0.0%.

¹⁸	While a Policy loan is outstanding, loan interest is payable in arrears on each Policy anniversary, or, if earlier, on the date of loan repayment, Policy lapse, surrender, Policy termination, or the insured’s death.

FOR POLICIES APPLIED FOR BEFORE OCTOBER 30, 2008 AND ISSUED BEFORE JANUARY 1, 2009


Periodic Charges Other Than Portfolio Operating Expenses for the
FOCUS POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Optional Rider Charges:¹⁹

Accidental Death Benefit Rider	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 70
Maximum Charge²⁰		$0.18 per $1,000 of rider face amount per month	$0.18 per $1,000 of rider face amount per month
Minimum Charge²¹		$0.10 per $1,000 of rider face amount per month	$0.10 per $1,000 of rider face amount per month
Initial Charge for a male insured, issue age 40		$0.10 per $1,000 of rider face amount per month	$0.10 per $1,000 of rider face amount per month

Disability Waiver of Monthly Deductions Rider²²	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 60
Maximum Charge²³		$0.39 per $1,000 of the Policy’s net amount at risk per month¹¹	$0.39 per $1,000 of the Policy’s net amount at risk per month¹¹

Minimum Charge²⁴		$0.03 per $1,000 of the Policy’s net amount at risk per month¹¹	$0.03 per $1,000 of the Policy’s net amount at risk per month¹¹

Initial Charge for a male insured, issue age 40		$0.06 per $1,000 of base Policy net amount at risk per month¹¹	$0.06 per $1,000 of base Policy net amount at risk per month¹¹

¹⁹

²⁰	This maximum charge is based on an insured with the following characteristics: male, age 50 at issue and in the 20^th Policy year. This maximum charge may also apply to insureds with other characteristics.

²¹	This minimum charge is based on an insured with the following characteristics: male, age 45 at issue and in the first Policy year. This minimum charge may also apply to insureds with other characteristics.

²²

Disability Waiver of Monthly Deductions Rider charges are based on the primary insured’s issue age, gender and net amount at risk. The charges shown are for the Focus Policy only (i.e., without riders and other benefits). The addition of other riders and benefits would increase these charges. This charge does not vary once it is added to the Policy. The cost of insurance rates shown in the table may not be representative of the charges you will pay. Your Policy’s schedule page will indicate the guaranteed cost of insurance charges applicable to your Policy. You can obtain more detailed information concerning your cost of insurance charges by contacting your registered representative.

²³	This maximum charge is based on an insured with the following characteristics: female, age 55 at issue. This maximum charge may also apply to insureds with other characteristics.

²⁴	This minimum charge is based on an insured with the following characteristics: male, age 25 at issue. This minimum charge may also apply to insureds with other characteristics.

FOR POLICIES APPLIED FOR BEFORE OCTOBER 30, 2008 AND ISSUED BEFORE JANUARY 1, 2009


Periodic Charges Other Than Portfolio Operating Expenses for the
FOCUS POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹

Disability Waiver of Premium Rider²⁵	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 60
Maximum Charge²⁶		$1.61 per $10 monthly rider benefit	$1.61 per $10 monthly rider benefit
Minimum Charge²⁷		$0.27 per $10 monthly rider benefit	$0.27 per $10 monthly rider benefit
Initial Charge for a male insured, issue age 40		$0.61 per $10 monthly rider benefit	$0.61 per $10 monthly rider benefit

Children’s Insurance Rider²⁸	Monthly, on the Policy date and on each Monthiversary until the youngest child reaches age 25	$0.60 per $1,000 of rider face amount per month	$0.60 per $1,000 of rider face amount per month

Other Insured Rider²⁹	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 100
(without Extra Ratings)⁹
Cost of Insurance
Maximum Charge³⁰		$83.33 per $1,000 of rider face amount per month	$42.68 per $1,000 of rider face amount per month
Minimum Charge		$0.06 per $1,000 of rider face amount per month³¹	$0.01 per $1,000 of rider face amount per month³²
Initial Charge for a female insured, issue age 40, in the preferred elite non-tobacco user class		$0.18 per $1,000 of rider face amount per month	$0.02 per $1,000 of rider face amount per month

²⁵	The charge for this rider is based on the primary insured’s issue age, gender and amount of monthly rider benefit.

²⁶	This maximum charge is based on an insured with the following characteristics: female, age 55 at issue. This maximum charge may also apply to insureds with other characteristics.

²⁷	This minimum charge is based on an insured with the following characteristics: male, age 15 at issue. This minimum charge may also apply to insureds with other characteristics.

²⁸	The charge for this rider is based on the rider face amount and the cost per $1,000 does not vary.

²⁹

³⁰	This maximum charge is based on an insured with the following characteristics: male, age 25 at issue standard tobacco underwriting class and in the 74^th Policy year. This maximum charge may also apply to insureds with other characteristics.

³¹	This minimum charge is based on an insured with the following characteristics: female, age 10 at issue, juvenile class and in the first Policy year. This minimum charge may also apply to insureds with other characteristics.

³²	This minimum charge is based on an insured with the following characteristics: female, issue age 26, preferred elite non-tobacco class and in the first Policy year. This minimum charge may also apply to insureds with other characteristics.

FOR POLICIES APPLIED FOR BEFORE OCTOBER 30, 2008 AND ISSUED BEFORE JANUARY 1, 2009


Periodic Charges Other Than Portfolio Operating Expenses for the
FOCUS POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Other Insured Rider (continued)
OIR Monthly Per Unit Charge
Maximum Charge³³		$0.57 per $1,000 of rider face amount³⁴	$0.57 per $1,000 of rider face amount³⁵
Minimum Charge³⁶		$0.03 per $1,000 of rider face amount³⁴	$0.03 per $1,000 of rider face amount³⁵
Initial Charge for a female insured, issue age 40		$0.07 per $1,000 of rider face amount³⁴	$0.07 per $1,000 of rider face amount³⁵

Primary Insured Rider Plus²⁹ (without Extra Ratings)⁹	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 100
Cost of Insurance
Maximum Charge³⁰		$83.33 per $1,000 of rider face amount per month	$42.68 per $1,000 of rider face amount per month
Minimum Charge		$0.06 per $1,000 of rider face amount per month³¹	$0.01 per $1,000 of rider face amount per month³²
Initial charge for a male insured, issue age 40, in the preferred elite non-tobacco use class		$0.20 per $1,000 of rider face amount per month	$0.02 per $1,000 of rider face amount per month

³³	This maximum charge is based on an insured with the following characteristic: issue age 85. This maximum charge may also apply to insureds with other issue ages.

³⁴	We deduct the monthly per unit charge on each Monthiversary and guarantee that the duration of the charge will be no more than 20 Policy years from the issue date of the rider and from the date of any increase of face amount for the rider.

³⁵	We currently deduct the monthly per unit charge on each Monthiversary during the first 8 Policy years from the issue date of the rider and from the date of any increase of face amount for the rider.

³⁶	This minimum charge is based on an insured with the following characteristics: issue age 0. This minimum charge may also apply to insureds with other issue ages.

FOR POLICIES APPLIED FOR BEFORE OCTOBER 30, 2008 AND ISSUED BEFORE JANUARY 1, 2009


Periodic Charges Other Than Portfolio Operating Expenses for the
FOCUS POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Primary Insured Rider Plus (continued)
PIR +Monthly Per Unit Charge
Maximum Charge³³		$0.14 per $1,000 of rider face amount³⁴	$0.14 per $1,000 of rider face amount³⁵
Minimum Charge³⁶		$0.01 per $1,000 of rider face amount³⁴	$0.01 per $1,000 of rider face amount³⁵
Initial Charge for a male insured, issue age 40		$0.02 per $1,000 of rider face amount³⁴	$0.02 per $1,000 of rider face amount³⁵

Inflation Fighter Rider³⁷	After rider generates annual increases to Policy specified amount	See listings in tables above for:	See listings in tables above for:
		Cost of insurance	Cost of insurance
		Monthly per unit charge	Monthly per unit charge
		Surrender charge	Surrender charge

³⁷

FOR POLICIES APPLIED FOR BEFORE OCTOBER 30, 2008 AND ISSUED BEFORE JANUARY 1, 2009

The table below describes the fees and expenses that you will pay when buying and owning a WRL Xcelerator Exec Policy (the “Exec Policy”), paying premiums or transferring Policy cash value among the subaccounts or the fixed account.


Transaction Fees for the
EXEC POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Premium Expense Charge	Upon payment of each premium	0% of premium payments in the first Policy year, 3% of premium payments thereafter	0% of premium payments in the first Policy year; 3% of premium payments thereafter

Transfer Charge²	Upon transfer	$25 for each transfer in excess of 12 per Policy year	$25 for each transfer in excess of 12 per Policy year

Living Benefit Rider (an Accelerated Death Benefit)³	When rider is exercised	Discount Factor	Discount Factor

¹	The Company reserves the right at any time to change the current charge but never to exceed the guaranteed charge.

²	The first 12 transfers per Policy year are free.

We do not assess an administrative charge for this rider, however, if the rider is exercised, we do reduce the single sum benefit by a discount factor to compensate us for income lost due to the early payment of the death benefit. The discount rate is equal to the current yield on 90-Day U.S. Treasury bills or the Policy loan interest rate, whichever is greater. Please see footnote 13 for a description of the loan rate. For a complete description of the Living Benefit Rider, please refer to the section entitled “Living Benefit Rider (an Accelerated Death Benefit)” in this prospectus.

FOR POLICIES APPLIED FOR BEFORE OCTOBER 30, 2008 AND ISSUED BEFORE JANUARY 1, 2009

The table below describes the fees and expenses that you will pay periodically during the time you own the Exec Policy, not including portfolio fees and expenses.


Periodic Charges Other Than Portfolio Operating Expenses for the
EXEC POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Monthly Policy Charge	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 100	$8.00 per month during the first Policy year; thereafter, $15.00 per month through age 99; and $0 per month starting at age 100.	$8.00 per month through age 99; and $0 starting at age 100.
Cost of Insurance⁴	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 100
(without Extra Ratings)⁵
Maximum Charge⁶		$83.33 per $1,000 of net amount at risk per month⁷	$42.05 per $1,000 of net amount at risk per month⁷
Minimum Charge		$0.08 per $1,000 of net amount at risk per month^7,8	$0.01 per $1,000 of net amount at risk per month^7,9

⁴

Cost of insurance charges are based on a number of factors including, but not limited to: the insured’s issue age, gender, underwriting class, specified amount, Policy year, and the net amount at risk. Cost of insurance rates generally will increase each year with the age of the insured. Cost of insurance rates are generally lower for each higher band of specified amount. For example, band 3 (specified amounts of $500,000--$999,999) generally has lower cost of insurance rates than those of band 2 (specified amounts of $250,000--$499,999). For Exec Policy: The current cost of insurance rates for the first Policy year are fixed at issue and we guarantee not to change them. The cost of insurance rates shown in the table may not be representative of the charges you will pay. Your Policy’s schedule page will indicate the guaranteed cost of insurance charges applicable to your Policy. You can obtain more detailed information concerning your cost of insurance charges by contacting your registered representative.

⁵

We may place an insured in a substandard underwriting class with extra ratings that reflect higher mortality risks and that result in higher cost of insurance rates. If the insured possesses additional mortality risks, we may add a surcharge to the cost of insurance rates up to a total charge of $83.33 monthly per $1,000 of net amount at risk.

⁶	This maximum charge is based on an insured with the following characteristics: male, age 25 at issue, expedited simplified issue tobacco class, and in the 75^th Policy year. This maximum charge may also apply to insureds with other characteristics.

⁷	The net amount at risk equals the death benefit on a Monthiversary, minus the cash value on such Monthiversary.

⁸	This minimum charge is based on an insured with the following characteristics: female, age 18 at issue, and in the first Policy year. This minimum charge may also apply to insureds with other characteristics.

⁹	This minimum charge is based on an insured with the following characteristics: female, age 27 at issue, select non-tobacco class, and in the first Policy year. This minimum charge may also apply to insureds with other characteristics.

FOR POLICIES APPLIED FOR BEFORE OCTOBER 30, 2008 AND ISSUED BEFORE JANUARY 1, 2009


Periodic Charges Other Than Portfolio Operating Expenses for the
EXEC POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹
Cost of Insurance (without Extra Ratings) continued

Initial Charge for a male insured, issue age 50, in the non-tobacco use class		$0.59 per $1,000 of net amount at risk per month⁷	$0.09 per $1,000 of net amount at risk per month⁷

Monthly Per Unit Charge¹⁰	Monthly, on and after the Policy date, and on any increase in specified amount until the insured reaches age 100
Maximum Charge¹¹		$6.34 per $1,000 of specified amount per month	$6.34 per $1,000 of specified amount per month
Minimum Charge¹²		$0.10 per $1,000 of specified amount per month	$0.10 per $1,000 of specified amount per month
Initial Charge for a male insured, issue age 50 in the non-tobacco class, band 2		$0.27 per $1,000 of specified amount per month	$0.27 per $1,000 of specified amount per month

Mortality and Expense Risk Charge	Daily	Annual rate of 0.75% for Policy years 1 – 15, and 0.30% for Policy years 16+, of daily net assets of each subaccount in which you are invested	Annual rate of 0.75% for Policy years 1 – 15, and 0.00% for Policy years 16+, of daily net assets of each subaccount in which you are invested

Loan Interest Spread¹³	On Policy anniversary or earlier, as applicable¹⁴	1.0% (effective annual rate)	0.75% (effective annual rate)

¹⁰

Currently, we plan to deduct this charge for the first 8 Policy years and during the first 8 Policy years from the date of any increase in specified amount. We will notify you if we extend the period during which we will assess the monthly per unit charge. We guarantee this charge will not be assessed beyond the Policy anniversary when the insured attains age 100. We deduct the monthly per unit charge on each Monthiversary as part of the monthly deductions based on the insured’s age, gender and risk classification, and the Policy duration and specified amount band on the Policy date or on the date of any increase.

¹¹	This maximum charge is based on an insured with the following characteristics: male, age 80 at issue, with an initial specified amount less than $250,000 (Band 1) and in the second Policy year. This maximum charge may also apply to insureds with other characteristics.

¹²

¹³

¹⁴	While a Policy loan is outstanding, loan interest is payable in arrears on each Policy anniversary, or, if earlier, on the date of loan repayment, Policy lapse, surrender, Policy termination, or the insured’s death.

FOR POLICIES APPLIED FOR BEFORE OCTOBER 30, 2008 AND ISSUED BEFORE JANUARY 1, 2009


Periodic Charges Other Than Portfolio Operating Expenses for the
EXEC POLICY
Charge	When Charge is Deducted	Amount Deducted
Charge	When Charge is Deducted	Guaranteed Charge	Current Charge¹

Optional Rider Charges:¹⁵

Disability Waiver of Monthly Deductions Rider¹⁶	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 60

Maximum Charge¹⁷		$0.39 per $1,000 of the Policy’s net amount at risk per month⁷	$0.39 per $1,000 of the Policy’s net amount at risk per month⁷

Minimum Charge¹⁸		$0.03 per $1,000 of the Policy’s net amount at risk per month⁷	$0.03 per $1,000 of the Policy’s net amount at risk per month⁷

Initial Charge for a male insured, issue age 50		$0.13 per $1,000 of base Policy net amount at risk per month⁷	$0.13 per $1,000 of base Policy net amount at risk per month⁷

Disability Waiver of Premium Rider¹⁹	Monthly, on the Policy date and on each Monthiversary until the insured reaches age 60

Maximum Charge²⁰		$1.61 per $10 monthly rider benefit	$1.61 per $10 monthly rider benefit

Minimum Charge²¹		$0.28 per $10 monthly rider benefit	$0.28 per $10 monthly rider benefit

Initial Charge for a male insured, issue age 50		$1.13 per $10 monthly rider benefit	$1.13 per $10 monthly rider benefit

¹⁵

¹⁶

Disability Waiver of Monthly Deductions Rider charges are based on the primary insured’s issue age, gender and net amount at risk. The charges shown are for the Exec Policy only (i.e., without riders and other benefits). The addition of other riders and benefits would increase these charges. This charge does not vary once it is added to the Exec Policy. The cost of insurance rates shown in the table may not be representative of the charges you will pay. Your Policy’s schedule page will indicate the guaranteed cost of insurance charges applicable to your Policy. You can obtain more detailed information concerning your cost of insurance charges by contacting your registered representative. This rider is only available on fully underwritten policies.

¹⁷	This maximum charge is based on an insured with the following characteristics: female, age 55 at issue. This maximum charge may also apply to insureds with other characteristics.

¹⁸	This minimum charge is based on an insured with the following characteristics: male, age 25 at issue. This minimum charge may also apply to insureds with other characteristics.

¹⁹	The charge for this rider is based on the primary insured’s issue age, gender and amount of monthly rider benefit. This rider is only available on fully underwritten policies

²⁰	This maximum charge is based on an insured with the following characteristics: female, age 55 at issue. This maximum charge may also apply to insureds with other characteristics.

²¹	This minimum charge is based on an insured with the following characteristics: male, age 18 at issue. The minimum charge may also apply to insureds with other characteristics.

For information concerning compensation paid for the sale of the Policy, please see “Sale of the Policies.”

Range of Expenses for the Portfolios^{1, 2}

The next table shows the lowest and highest total operating expenses charged by the portfolios during the fiscal year ended December 31, 2011. Expenses of the portfolios may be higher or lower in the future. More detail concerning each portfolio’s fees and expenses is contained in the prospectus for each portfolio.


	Lowest			Highest
Total Annual Portfolio Operating Expenses (total of all expenses that are deducted from portfolio assets, including management fees, 12b-1 fees, and other expenses)		0.35	%		2.09	%
Net Annual Portfolio Operating Expenses (total of all expenses that are deducted from portfolio assets, including management fees, 12b-1 fees, and other expenses, after contractual waiver of fees and expenses)³		0.35	%		1.70	%

The portfolio expenses used to prepare this table were provided to Western Reserve by the funds. Western Reserve has not independently verified such information. The expenses shown are those incurred for the year ended December 31, 2011. Current or future expenses may be greater or less than those shown.

The table showing the range of expenses for the portfolios takes into account the expenses of several Transamerica Series Trust asset allocation portfolios and the Franklin Templeton VIP Founding Funds Allocation Fund that are each a “fund of funds.” A “fund of funds” portfolio typically allocates its assets, within predetermined percentage ranges, among certain other Fund portfolios and affiliated Fund portfolios (each such portfolio an “Acquired Fund”). Each “fund of funds” has its own set of operating expenses, as does each of the portfolios in which it invests. In determining the range of portfolio expenses, Western Reserve took into account the information received from the Fund groups on the combined actual expenses for each of the “fund of funds” and for the portfolios in which it invests. The combined expense information includes the Acquired Fund (i.e., the underlying fund’s) fees and expenses for the Transamerica Series Trust asset allocation portfolios and the Franklin Templeton VIP Founding Funds Allocation Fund. See the prospectuses for the Transamerica Series Trust and the Franklin Templeton VIP Founding Funds Allocation Fund for a presentation of the applicable Acquired Fund fees and expenses.

³	The range of Net Annual Portfolio Operating Expenses takes into account contractual arrangements for 39 portfolios that require a portfolio’s investment adviser to reimburse or waive portfolio expenses until April 30, 2013.

WESTERN RESERVE, THE SEPARATE ACCOUNT, THE FIXED ACCOUNT AND THE PORTFOLIOS

WESTERN RESERVE

Western Reserve Life Assurance Co. of Ohio (“Western Reserve”), located at 570 Carillon Parkway, St. Petersburg, Florida 33716, is the insurance company issuing the Policy. We are obligated to pay all benefits under the Policy.

FINANCIAL CONDITION OF THE COMPANY

The benefits under your Policy are paid by Western Reserve from its General Account assets and/or your cash value held in the Company’s Separate Account. It is important that you understand that payment of the benefits is not guaranteed and depends upon certain factors discussed below.

Assets in the Separate Account. You assume all of the investment risk for your cash value that is allocated to the subaccounts of the separate account. Your cash value in those subaccounts constitutes a portion of the assets of the separate account. These assets are segregated and insulated from our general account, and may not be charged with liabilities arising from any other business that we may conduct. See “The Separate Account.”

Assets in the General Account. You also may be permitted to make allocations to the fixed account, which is supported by the assets in our general account. See “The Fixed Account.” Any guarantees under the Policy that exceed your cash value, such as those associated with the Policy’s death benefit, are paid from our general account (and not the separate account). Therefore, any amounts that we may be obligated to pay under the Policy in excess of cash value are subject to our financial strength and claims-paying ability and our long-term ability to make such payments. The assets of the separate account, however, are also available to cover the liabilities of our general account, but only to the extent that the separate account assets exceed the separate account liabilities arising under the Policies supported by it.

We issue other types of insurance policies and financial products as well, and we also pay our obligations under these products from our assets in the general account.

Our Financial Condition. As an insurance company, we are required by state insurance regulation to hold a specified amount of reserves in order to meet all the contractual obligations of our general account to our policyowners. We monitor our reserves so that we hold sufficient amounts to cover actual or expected policy and claims payments. In addition, we hedge our investments in our general account, and may require purchasers of certain of the variable insurance products that we offer to allocate premium payments and cash value in accordance with specified investment requirements. However, it is important to note that there is no guarantee that we will always be able to meet our claims-paying obligations, and that there are risks to purchasing any insurance product.

State insurance regulators also require insurance companies to maintain a minimum amount of capital, which acts as a cushion in the event that the insurer suffers a financial impairment, based on the inherent risks in the insurer’s operations. These risks include those associated with losses that we may incur as the result of defaults on the payment of interest or principal on our general account assets, which include bonds, mortgages, general real estate investments, and stocks, as well as the loss in market value of these investments. We may also experience liquidity risk if our general account assets cannot be readily converted into cash to meet obligations to our policyowners or to provide the collateral necessary to finance our business operations.

We are continuing to evaluate our investment portfolio to mitigate market risk and actively manage the investments in the portfolio.

How to Obtain More Information. We encourage both existing and prospective policyowners to read and understand our financial statements. We prepare our financial statements on a statutory basis. Our financial statements, which are presented in conformity with accounting practices prescribed or permitted by the Ohio Department of Insurance - as well as the financial statements of the separate account—are located in the Statement of Additional Information (SAI). The SAI is available at no charge by writing to our mailing address - Western Reserve Life Assurance Co. of Ohio, 4333 Edgewood Rd. NE, Cedar Rapids, IA 52499 - or by calling us at (800) 851-9777, or by visiting our website www.westernreserve.com. In addition, the SAI is available on the SEC’s website at http://www.sec.gov. Our financial strength ratings, which reflect the opinions of leading independent rating agencies of WRL’s ability to meet its obligations to its policy owners, are available on our website and the websites of these Nationally Recognized Statistical Ratings Organizations--A.M. Best Company (www.ambest.com), Moody’s Investors Service (www.moodys.com) Standard & Poor’s (www.standardandpoors.com) and Fitch Ratings (www.fitchratings.com).

THE SEPARATE ACCOUNT

The separate account is a separate account of Western Reserve, established under Ohio law. We own the assets in the separate account and we may use assets in the separate account to support other variable life insurance policies we issue. The separate account is registered with the Securities and Exchange Commission (“SEC”) as a unit investment trust under the Investment Company Act of 1940, as amended (the “1940 Act”).

The separate account is divided into subaccounts, each of which invests in shares of a specific portfolio of a fund. These subaccounts buy and sell portfolio shares at net asset value without any sales charge. Any dividends and distributions from a portfolio are reinvested at net asset value in shares of that portfolio.

Income, gains, and losses credited to, or charged against, a subaccount of the separate account reflect the subaccount’s own investment experience and not the investment experience of our other assets. The separate account’s assets may not be used to pay any of our liabilities other than those arising from the Policies and other variable life insurance policies we issue. If the separate account’s assets exceed the required reserves and other liabilities, we may transfer the excess to our general account.

Changes to the Separate Account. As permitted by applicable law, we reserve the right to make certain changes to the structure and operation of the separate account, including, among others, the right to:

•

Remove, combine, or add subaccounts and make the combined or new subaccounts available for allocation of net premiums.

•

Combine the separate account or any subaccount(s) with one or more different separate account(s) or subaccount(s).

•

Close certain subaccounts to allocations of new net premiums by current or new policyowners at any time at our discretion.

•

Transfer assets of the separate account or any subaccount, which we determine to be associated with the class of policies to which the Policy belongs, to another separate account or subaccount.

•

Operate the separate account as a management company under the 1940 Act, or as any other form of investment company permitted by law.

•

Establish additional separate accounts or subaccounts to invest in new portfolios of the funds.

•

Manage the separate account at the direction of a committee.

•

Endorse the Policy, as permitted by law, to reflect changes to the separate account and subaccounts as may be required by applicable law.

•

Change the investment objective of a subaccount.

•

Substitute, add, or delete fund portfolios in which subaccounts currently invest net premiums, to include portfolios of newly designated funds. (Fund portfolios will not be added, deleted or substituted without prior approval of the SEC to the extent required by the 1940 Act or other applicable laws.)

•

Fund additional classes of variable life insurance policies through the separate account.

•

Restrict or eliminate any voting privileges of owners or other persons who have voting privileges in connection with the operation of the separate account.

Some, but not all, of these future changes may be the result of changes in applicable laws or interpretation of the laws. We will not make any such changes without receiving any necessary approval of the SEC and applicable state insurance departments. We will notify you of any changes. We reserve the right to make other structural and operational changes affecting the separate account.

In addition, the portfolios that sell their shares to the subaccounts may discontinue offering their shares to the subaccounts.

THE FIXED ACCOUNT

The fixed account is part of Western Reserve’s general account. We use general account assets to support our insurance and annuity obligations other than those funded by separate accounts. Subject to applicable law, Western Reserve has sole discretion over the investment of the fixed account’s assets. Western Reserve bears the full investment risk for all amounts contributed to the fixed account. Please see the section above entitled “Risks of Managing General Account Assets.” Western Reserve guarantees that the amounts allocated to the fixed account will be credited interest daily at an annual net effective interest rate of at least 2.0%. We will determine any interest rate credited in excess of the guaranteed rate at our sole discretion. We have no formula for determining fixed account interest rates in excess of the guaranteed rate or any duration for such rates.

Money you place in the fixed account will begin earning interest credited daily and compounded annually at the current interest rate in effect at the time of your allocation. Unless otherwise required by state law, we may restrict your allocations and transfers to the fixed account if the fixed account value, excluding the loan reserve, following the allocation or transfer would exceed $250,000. (This restriction does not apply to any transfers to the fixed account necessary in the exercise of conversion rights). We may declare current interest rates from time to time. We may declare more than one interest rate for different money based upon the date of allocation or transfer to the fixed account. When we declare a current interest rate higher than the guaranteed rate on amounts allocated to the fixed account, we guarantee the higher rate on those amounts for at least one year (the “guarantee period”) unless those amounts are transferred to the loan reserve. At the end of the guarantee period we may declare a new current interest rate on those amounts and any accrued interest thereon. We will guarantee this new current interest rate for another guarantee period. We credit interest greater than 2.0% during any guarantee period at our sole discretion. You bear the risk that interest we credit will not exceed 2.0%.

We allocate amounts from the fixed account for cash withdrawals, transfers to the subaccounts or monthly deductions charges on a first in, first out basis (“FIFO”) for the purpose of crediting interest. Note: Adverse consequences such as a change in your tax status, a reduction in the Policy’s specified amount, its death benefit and the Policy’s cash value may result if you take early withdrawals from the fixed account.

New Jersey: If your Policy was issued in the State of New Jersey, the fixed account is not available to you as an investment option. You may not direct or transfer any premiums or cash value to the fixed account as an investment option. The fixed account is available to you only in connection with Policy loans.

The fixed account has not been registered with the Securities and Exchange Commission and the staff of the Securities and Exchange Commission has not reviewed the disclosure in this prospectus relating to the fixed account. Disclosures regarding the fixed account, however, may be subject to certain generally applicable provisions of the federal securities laws relating to the accuracy and completeness of statements made in this prospectus.

THE PORTFOLIOS

Each portfolio’s investment objective(s) and policies are summarized below. There is no assurance that any of the portfolios will achieve its stated objective(s). Certain portfolios may have investment objectives and policies similar to other portfolios that are managed by the same investment adviser or sub-adviser. The investment results of the portfolios, however, may be higher or lower than those of such other portfolios. We do not guarantee or make any representation that the investment results of the portfolios will be comparable to any other portfolio, even those with the same investment adviser or manager. If you elect the Focus Policy, you must invest in a limited number of specified portfolios during the first Policy year. See the description of the Focus Policy for more details.

You can find more detailed information about the portfolios, including a description of risks, in the fund prospectuses. You may obtain a free copy of the fund prospectuses by contacting us at our administrative office at 1-800-851-9777 or visiting our website at www.westernreserve.com. You should read the fund prospectuses carefully. Note: If you received a summary prospectus for a portfolio listed below, please follow the directions on the first page of the summary prospectus to obtain a copy of the full fund prospectus.


*Portfolio*	*Investment Adviser/Sub-* *Adviser*	*Investment Objective*
TRANSAMERICA SERIES TRUST:

Transamerica AEGON Active Asset Allocation – Conservative VP¹	Transamerica Asset Management, Inc. AEGON USA Investment Management, LLC	Seeks current income and preservation of capital.

Transamerica AEGON Active Asset Allocation – Moderate Growth VP¹	Transamerica Asset Management, Inc. AEGON USA Investment Management, LLC	Seeks capital appreciation with current income as a secondary objective.

Transamerica AEGON Active Asset Allocation – Moderate VP¹	Transamerica Asset Management, Inc. AEGON USA Investment Management, LLC	Seeks capital appreciation and current income.

Transamerica AEGON High Yield Bond VP²	Transamerica Asset Management, Inc. AEGON USA Investment Management, LLC	Seeks a high level of current income by investing in high yield debt securities.

Transamerica AEGON Money Market VP³	Transamerica Asset Management, Inc. AEGON USA Investment Management, LLC	Seeks maximum current income from money market securities consistent with liquidity and preservation of principal.

Transamerica AEGON U.S. Government Securities VP	Transamerica Asset Management, Inc. AEGON USA Investment Management, LLC	Seeks to provide as high a level of total return as is consistent with prudent investment strategies.

Transamerica AllianceBernstein Dynamic Allocation VP	Transamerica Asset Management, Inc. AllianceBernstein, LLP	Seeks capital appreciation and current income.

Transamerica Asset Allocation – Conservative VP⁴	Transamerica Asset Management, Inc.	Seeks current income and preservation of capital.

¹	Each of these asset allocation portfolios is a fund-of-funds and invests in a combination of underlying Exchange Traded Funds (“ETFs”). Please see the portfolio’s prospectus for a description of the investment strategy and the risks associated with investing in the portfolio.

²	Under normal market conditions, this portfolio invests at least 80% of its net assets in credit default swaps and other financial instruments that in combination have economic characteristics similar to the high yield debt (“junk bonds”) market and/or in high yield debt securities.

There can be no assurance that the Transamerica AEGON Money Market VP portfolio will be able to maintain a stable net asset value per share. During extended periods of low interest rates, and partly as a result of insurance charges, the yield on the Transamerica AEGON Money Market VP subaccount may become extremely low and possibly negative.

⁴

Each of these asset allocation portfolios is a fund of funds and invests in a combination of underlying Transamerica Series Trust and Transamerica Funds portfolios. Please see the portfolio’s prospectus for a description of the investment strategy and the risks associated with investing in the portfolio.


*Portfolio*	*Investment Adviser/Sub-* *Adviser*	*Investment Objective*

Transamerica Asset Allocation – Growth VP⁴	Transamerica Asset Management, Inc.	Seeks long-term capital appreciation.

Transamerica Asset Allocation – Moderate Growth VP⁴	Transamerica Asset Management, Inc.	Seeks capital appreciation with current income as a secondary objective.

Transamerica Asset Allocation – Moderate VP⁴	Transamerica Asset Management, Inc.	Seeks capital appreciation and current income.

Transamerica BlackRock Global Allocation VP⁵	Transamerica Asset Management, Inc. BlackRock Investment Management, LLC	Seeks high total investment return.

Transamerica BlackRock Large Cap Value VP	Transamerica Asset Management, Inc. BlackRock Investment Management, LLC	Seeks long-term capital growth.

Transamerica BlackRock Tactical Allocation VP⁶	Transamerica Asset Management, Inc. BlackRock Investment Management, LLC	Seeks capital appreciation with current income as a secondary objective.

Transamerica Clarion Global Real Estate Securities VP	Transamerica Asset Management, Inc. CBRE Clarion Real Estate Securities, L.P.	Seeks long-term total return from investments primarily in equity securities of real estate companies. Total return consists of realized and unrealized capital gains and losses plus income.

Transamerica Efficient Markets VP	Transamerica Asset Management, Inc. AEGON USA Investment Management, Inc.	Seeks capital appreciation while seeking income as a secondary objective.

Transamerica Hanlon Balanced VP⁷	Transamerica Asset Management, Inc. Hanlon Investment Management, Inc.	Seeks current income and capital appreciation.

Transamerica Hanlon Growth and Income VP⁷	Transamerica Asset Management, Inc. Hanlon Investment Management, Inc.	Seeks long-term capital appreciation and some current income.

⁵

This portfolio is a fund of funds and invests its assets in an underlying mutual fund, BlackRock Global Allocation V.I. Fund of the BlackRock Variable Series Fund, Inc. Please see the portfolio’s prospectus for a description of the investment strategy and the risks associated with investing in the portfolio.

⁶	This portfolio is a fund of funds and invests in a combination of underlying Transamerica Series Trust portfolios and certain funds of Transamerica Funds. Please see the portfolio’s prospectus for a description of the investment strategy and the risks associated with investing in the portfolio.

⁷

This portfolio utilizes both a tactical asset allocation strategy and a strategic asset allocation strategy to seek to achieve its objective by investing in underlying funds that consist of ETFs and money market mutual funds. Please see the portfolio’s prospectus for a complete description of the portfolio’s investment strategies and the risks of investing in the portfolio.


*Portfolio*	*Investment Adviser/Sub-* *Adviser*	*Investment Objective*

Transamerica Hanlon Growth VP⁷	Transamerica Asset Management, Inc. Hanlon Investment Management, Inc.	Seeks long-term capital appreciation.

Transamerica Hanlon Income VP^7,8	Transamerica Asset Management, Inc. Hanlon Investment Management, Inc.	Seeks conservative stability.

Transamerica Index 50 VP	Transamerica Asset Management, Inc. AEGON USA Investment Management, LLC	Seeks to balance capital appreciation and income.

Transamerica Index 75 VP	Transamerica Asset Management, Inc. AEGON USA Investment Management, LLC	Seeks capital appreciation as a primary objective and income as a secondary objective.

Transamerica International Moderate Growth VP⁴	Transamerica Asset Management, Inc.	Seeks capital appreciation with current income as a secondary objective.

Transamerica JPMorgan Core Bond VP	Transamerica Asset Management, Inc. JPMorgan Investment Advisors Inc.	Seeks total return, consisting of income and capital appreciation.

Transamerica JPMorgan Enhanced Index VP	Transamerica Asset Management, Inc. J. P. Morgan Investment Management Inc.	Seeks to earn a total return modestly in excess of the total return performance of the Standard & Poor’s 500 Composite Stock Index (“S&P 500”) (including the reinvestment of dividends) while maintaining a volatility of return similar to the S&P 500.

Transamerica JPMorgan Tactical Allocation VP	Transamerica Asset Management, Inc. J. P. Morgan Investment Management Inc.	Seeks current income and preservation of capital.

Transamerica Janus Balanced VP⁹	Transamerica Asset Management, Inc. Janus Capital Management LLC	Seeks long-term capital growth, consistent with preservation of capital and balanced by current income.

Transamerica Jennison Growth VP	Transamerica Asset Management, Inc. Jennison Associates, LLC.	Seeks long-term growth of capital.

⁸	Formerly, Transamerica Hanlon Managed Income VP.

⁹	Formerly, Transamerica Foxhall Global Commodities & Hard Asset VP.


*Portfolio*	*Investment Adviser/Sub-* *Adviser*	*Investment Objective*
Transamerica MFS International Equity VP	Transamerica Asset Management, Inc. MFS^® Investment Management	Seeks capital growth.

Transamerica Morgan Stanley Capital Growth VP	Transamerica Asset Management, Inc. Morgan Stanley Investment Management Inc.	Seeks to maximize long-term growth.

Transamerica Morgan Stanley Mid-Cap Growth VP	Transamerica Asset Management, Inc. Morgan Stanley Investment Management Inc.	Seeks capital appreciation.

Transamerica Multi-Managed Balanced VP	Transamerica Asset Management, Inc. J. P. Morgan Investment Management Inc. BlackRock Financial Management, Inc.	Seeks to provide a high total investment return through investments in a broadly diversified portfolio of stocks, bonds and money market instruments.

Transamerica Multi Managed Large Cap Core VP	Transamerica Asset Management, Inc. Morgan Stanley Investment Management, Inc.	Seeks to provide high total return.

Transamerica PIMCO Total Return VP	Transamerica Asset Management, Inc. Pacific Investment Management Company LLC	Seeks maximum total return consistent with preservation of capital and prudent investment management.

Transamerica Systematic Small/Mid Cap Value VP	Transamerica Asset Management, Inc. Systematic Financial Management L.P.	Seeks to maximize total return.

Transamerica T. Rowe Price Small Cap VP	Transamerica Asset Management, Inc. T. Rowe Price Associates, Inc.	Seeks long-term growth of capital by investing primarily in common stocks of small growth companies.

Transamerica Third Avenue Value VP	Transamerica Asset Management, Inc. Third Avenue Management LLC	Seeks long-term capital appreciation.

Transamerica WMC Diversified Growth VP	Transamerica Asset Management, Inc. Wellington Management Company, LLP	Seeks to maximize long-term growth.


*Portfolio*	*Investment Adviser/Sub-* *Adviser*	*Investment Objective*
FIDELITY FUNDS:

Fidelity VIP Index 500 Portfolio	Fidelity Management & Research Company	Seeks investment results that correspond to the total return of common stocks publicly traded in the United States, as represented by the Standard & Poor’s 500^SMIndex.

ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND, INC.:

AllianceBernstein Balanced Wealth Strategy Portfolio	AllianceBernstein L.P.	Seeks to maximize total return.

FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST:

Franklin Templeton VIP Founding Funds Allocation Fund¹⁰	See Footnote 11	Seeks capital appreciation with a secondary goal of income.

PROFUNDS:

ProFund VP Asia 30¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to the daily performance of the ProFunds Asia 30 Index. The fund does not seek to achieve its stated objective over a period of time greater than one day.

ProFund VP Basic Materials¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to the daily performance of the Dow Jones U.S. Basic Materials Index. The fund does not seek to achieve its stated objective over a period of time greater than one day.

ProFund VP Bull¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 Index^SM. The fund does not seek to achieve its stated objective over a period of time greater than one day.

¹⁰

This portfolio is a fund of funds and invests in a combination of Class 1 shares of the Franklin Income Securities Fund, Mutual Shares Securities Fund and Templeton Growth Securities Fund. Please see the portfolio’s prospectus for a description of the investment strategy and the risks associated with investing in the portfolio.

¹¹	Franklin Templeton Services, LLC is the portfolio’s administrator; the portfolio does not have an investment manager nor does it pay any investment management fees.

¹²

The ProFunds VP and Access Trust portfolios permit frequent transfers. Frequent transfers may increase portfolio turnover. A high level of portfolio turnover may negatively impact performance by increasing transaction costs. In addition, large movements of assets into and out of a ProFunds or Access Trust VP portfolio may negatively impact a fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. See “Disruptive Trading and Market Timing.” Some ProFunds or Access Trust VP portfolios may use investment techniques not associated with most mutual fund portfolios. Investors in the ProFunds and Access Trust VP portfolios will bear additional investment risks. See the ProFunds VP or Access Trust prospectus for a description of the investment objectives and risks associated with investing in the ProFunds or Access Trust VP portfolios.


*Portfolio*	*Investment Adviser/Sub-* *Adviser*	*Investment Objective*
ProFund VP Consumer Services¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to the daily performance of the Dow Jones U.S. Consumer Services Index^®. The fund does not seek to achieve its stated objective over a period of time greater than one day.

ProFund VP Emerging Markets¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to the daily performance of the Bank of New York Emerging Markets 50 ADR Index. The fund does not seek to achieve its stated objective over a period of time greater than one day.

ProFund VP Europe 30¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to the daily performance of the ProFunds Europe 30 Index. The fund does not seek to achieve its stated objective over a period of time greater than one day.

ProFund VP Falling U.S. Dollar¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the U.S. Dollar Index (USDX) ^®. The fund does not seek to achieve its stated objective over a period of time greater than one day.

ProFund VP Financials¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to the daily performance of the Dow Jones U.S. Financials Index. The fund does not seek to achieve its stated objective over a period of time greater than one day.

ProFund VP International¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to the daily performance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE) Index. The fund does not seek to achieve its stated objective over a period of time greater than one day.

¹²

The ProFunds VP and Access Trust portfolios permit frequent transfers. Frequent transfers may increase portfolio turnover. A high level of portfolio turnover may negatively impact performance by increasing transaction costs. In addition, large movements of assets into and out of a ProFunds or Access Trust VP portfolio may negatively impact a fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. See “Disruptive Trading and Market Timing.” Some ProFunds or Access Trust VP portfolios may use investment techniques not associated with most mutual fund portfolios. Investors in the ProFunds and Access Trust VP portfolios will bear additional investment risks. See the ProFunds VP or Access Trust prospectus for a description of the investment strategies and risks associated with investing in the ProFunds or Access Trust VP portfolios.


*Portfolio*	*Investment Adviser/Sub-* *Adviser*	*Investment Objective*
ProFund VP Japan¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to the daily performance of the Nikkei 225 Stock Average. The fund does not seek to achieve its stated objective over a period of time greater than one day.

ProFund VP Mid-Cap¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to the daily performance of the S&P MidCap 400 Index^®. The fund does not seek to achieve its stated objective over a period of time greater than one day.

ProFund VP Money Market^12,13	ProFund Advisors LLC	Seeks a high level of current income consistent with liquidity and preservation of capital. The fund does not seek to achieve its stated objective over a period of time greater than one day.

ProFund VP NASDAQ-100¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to the daily performance of the NASDAQ-100 Index. The fund does not seek to achieve its stated objective over a period of time greater than one day.

ProFund VP Oil & Gas¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to the daily performance of the Dow Jones U.S. Oil & Gas Index. The fund does not seek to achieve its stated objective over a period of time greater than one day.

ProFund VP Pharmaceuticals¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to the daily performance of the Dow Jones U.S. Pharmaceuticals Index. The fund does not seek to achieve its stated objective over a period of time greater than one day.

¹²

The ProFunds VP and Access Trust portfolios permit frequent transfers. Frequent transfers may increase portfolio turnover. A high level of portfolio turnover may negatively impact performance by increasing transaction costs. In addition, large movements of assets into and out of a ProFunds or Access Trust VP portfolio may negatively impact a fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. See “Disruptive Trading and Market Timing.” Some ProFunds or Access Trust VP portfolios may use investment techniques not associated with most mutual fund portfolios. Investors in the ProFunds and Access Trust VP portfolios will bear additional investment risks. See the ProFunds VP or Access Trust prospectus for a description of the investment strategies and risks associated with investing in the ProFunds or Access Trust VP portfolios.

¹³

There can be no assurance that the ProFund VP Money Market portfolio will be able to maintain a stable net asset value per share. During extended periods of low interest rates, and partly as a result of insurance charges, the yield on the ProFund VP Money Market subaccount may become extremely low and possibly negative.


*Portfolio*	*Investment Adviser/Sub-* *Adviser*	*Investment Objective*
ProFund VP Precious Metals¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to the daily performance of the Dow Jones Precious Metals Index. The fund does not seek to achieve its stated objective over a period of time greater than one day.

ProFund VP Short Emerging Markets¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the Bank of New York Emerging Markets 50 ADR Index. The fund does not seek to achieve its stated objective over a period of time greater than one day.

ProFund VP Short International¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE) Index. The fund does not seek to achieve its stated objective over a period of time greater than one day.

ProFund VP Short NASDAQ-100¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the NASDAQ-100 Index. The fund does not seek to achieve its stated objective over a period of time greater than one day.

ProFund VP Short Small-Cap¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the Russell 2000 Index.

ProFund VP Small-Cap¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to the daily performance of the Russell 2000 Index. The fund does not seek to achieve its stated objective over a period of time greater than one day.

¹²

The ProFunds VP and Access Trust portfolios permit frequent transfers. Frequent transfers may increase portfolio turnover. A high level of portfolio turnover may negatively impact performance by increasing transaction costs. In addition, large movements of assets into and out of a ProFunds or Access Trust VP portfolio may negatively impact a fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. See “Disruptive Trading and Market Timing.” Some ProFunds or Access Trust VP portfolios may use investment techniques not associated with most mutual fund portfolios. Investors in the ProFunds and Access Trust VP portfolios will bear additional investment risks. See the ProFunds VP or Access Trust prospectus for a description of the investment strategies and risks associated with investing in the ProFunds or Access Trust VP portfolios.


*Portfolio*	*Investment Adviser/Sub-* *Adviser*	*Investment Objective*
ProFund VP Small-Cap Value¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to the daily performance of the S&P SmallCap 600^®/Citigroup Value Index. The fund does not seek to achieve its stated objective over a period of time greater than one day.

ProFund VP Telecommunications¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to the daily performance of the Dow Jones U.S. Telecommunications Index. The fund does not seek to achieve its stated objective over a period of time greater than one day.

ProFund VP UltraNASDAQ-100¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the NASDAQ-100^® Index. The fund does not seek to achieve its stated objective over a period of time greater than one day.

ProFund VP UltraSmall-Cap¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Russell 2000 Index. The fund does not seek to achieve its stated objective over a period of time greater than one day.

ProFund VP U.S. Government Plus¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to one and one-quarter times (125%) the daily price movement of the most recently issued 30-year U.S. Treasury Bond. The fund does not seek to achieve its stated objective over a period of time greater than one day.

ProFund VP Utilities¹²	ProFund Advisors LLC	Seeks daily investment results, before fees and expenses, that correspond to the daily performance of the Dow Jones U.S. Utilities Index. The fund does not seek to achieve its stated objective over a period of time greater than one day.

ACCESS TRUST:

Access VP High Yield Fund^{12, 14}	ProFund Advisors LLC	Seeks to provide investment results that correspond generally to the total return of the high yield market consistent with maintaining reasonable liquidity.

¹²

The ProFunds VP and Access Trust portfolios permit frequent transfers. Frequent transfers may increase portfolio turnover. A high level of portfolio turnover may negatively impact performance by increasing transaction costs. In addition, large movements of assets into and out of a ProFunds or Access Trust VP portfolio may negatively impact a fund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. See “Disruptive Trading and Market Timing.” Some ProFunds or Access Trust VP portfolios may use investment techniques not associated with most mutual fund portfolios. Investors in the ProFunds and Access Trust VP portfolios will bear additional investment risks. See the ProFunds VP or Access Trust prospectus for a description of the investment strategies and risks associated with investing in the ProFunds or Access Trust VP portfolios.

¹⁴	Under normal market conditions, this portfolio invests at least 80% of its net assets in credit default swaps and other financial instruments that in combination have economic characteristics similar to the high yield debt (“junk bonds”) market and/or in high yield debt securities.

Transamerica Asset Management, Inc. (“Transamerica Asset”), located at 570 Carillon Parkway, St. Petersburg, Florida 33716, is directly owned by Western Reserve (77%) and AUSA Holding Company (23%), and serves as investment adviser to the Transamerica Series Trust (“Series Trust”) and manages the Series Trust in accordance with policies and guidelines established by the Series Trust’s Board of Trustees. For certain portfolios, Transamerica Asset has engaged investment sub-advisers to provide portfolio management services. Transamerica Asset and each investment sub-adviser are registered investment advisers under the Investment Advisers Act of 1940, as amended. See the Series Trust prospectuses for more information regarding Transamerica Asset and the investment sub-advisers.

Fidelity Management & Research Company (“FMR”), located at 82 Devonshire Street, Boston, Massachusetts 02109, serves as investment adviser to the Fidelity VIP Fund and manages the Fidelity VIP Fund in accordance with policies and guidelines established by the Fidelity VIP Fund’s Board of Trustees. For certain portfolios, FMR has engaged investment sub-advisers to provide portfolio management services with regard to foreign investments. FMR and each sub-adviser are registered investment advisers under the Investment Advisers Act of 1940, as amended. See the Fidelity VIP Funds prospectus for more information regarding FMR and the investment sub-adviser.

ProFund Advisors LLC (“ProFund Advisors”), located at 7501 Wisconsin Avenue, Suite 1000, Bethesda, Maryland 20814, serves as the investment adviser and provides management services to all of the ProFunds and Access Trust portfolios. ProFund Advisors oversees the investment and reinvestment of the assets in each ProFunds or Access Trust portfolio in accordance with policies and guidelines established by the ProFunds’ or the Access Trust’s Board of Trustees. ProFund Advisors is a registered investment adviser under the Investment Advisers Act of 1940, as amended. See the respective ProFunds and/or Access Trust prospectuses for more information regarding ProFund Advisors.

AllianceBernstein L.P., (“AllianceBernstein”), located at 1345 Avenue of the Americas, New York, New York 10105 serves as investment adviser to the Alliance Bernstein Variable Products Series Fund, Inc. and manages the AllianceBernstein Balanced Wealth Strategy Portfolio in accordance with the policies and guidelines established by the AllianceBernstein Board of Directors. Please see the prospectus for the portfolio for more information regarding AllianceBernstein L.P.

Franklin Advisers, L.P. (“Franklin”), located at One Franklin Parkway, San Mateo, California 94403 serves as investment adviser to the Franklin Templeton Variable Insurance Products Trust and manages the Franklin Templeton VIP Founding Funds Allocation Fund. Franklin Templeton Services, LLC (“FT Services”) serves as administrator for the portfolio and provides certain administrative services and facilities for the adviser, and oversees rebalancing of the portfolio’s assets. FT Services is paid a fee for its services from the portfolio. Franklin oversees the investment and reinvestment of the portfolio’s assets in accordance with policies and guidelines established by the Trust’s Board of Trustees. Please see the portfolio’s prospectus for more information regarding Franklin and FT Services.

SELECTION OF UNDERLYING PORTFOLIOS

The underlying portfolios offered through this product are selected by Western Reserve and Western Reserve may consider various factors, including, but not limited to, asset class coverage, the strength of the adviser’s or sub-adviser’s reputation and tenure, brand recognition, performance, and the capability and qualification of each investment firm. Another factor that we may consider is whether the underlying portfolio or its service providers (e.g., the investment adviser or sub-advisers) or its affiliates will make payments to us or our affiliates in connection with certain administrative, marketing, and support services, or whether affiliates of the portfolio can provide marketing and distribution support for sales of the Policies. (For additional information on these arrangements, please refer to the section of this prospectus entitled “Revenue We Receive.”) We review the portfolios periodically and may remove a portfolio, or limit its availability to new premiums and/or transfers of cash value if we determine that a portfolio no longer satisfies one or more of the selection criteria, and/or if the portfolio has not attracted significant allocations from policyowners. We have included the Series Trust portfolios at least in part because they are managed by Transamerica Asset, our directly owned subsidiary.

In making your investment selections, we encourage you to thoroughly investigate all of the information that is available to you regarding the portfolios, including each fund’s prospectus, statement of additional information and annual and semi-annual reports. Other sources such as newspapers and financial and other magazines provide more current information, including information about any regulatory actions or investigations relating to a fund or portfolio. After you select portfolios for your initial premium, you should monitor and periodically re-evaluate your allocations to determine if they are still appropriate.

You bear the risk of any decline in the cash value of your Policy resulting from the performance of the portfolios you have chosen.

We do not recommend or endorse any particular portfolio and we do not provide investment advice.

ADDITION, DELETION, OR SUBSTITUTION OF PORTFOLIOS

YOUR RIGHT TO VOTE PORTFOLIO SHARES

If we do not receive voting instructions on time from some policyowners, we will vote those shares in the same proportion as the timely voting instructions we receive. Therefore, because of proportional voting, a small number of policyowners may control the outcome of a vote. Should federal securities laws, regulations and interpretations change, we may elect to vote portfolio shares in our own right. If required by state insurance officials, or if permitted under federal regulation, we may disregard certain owner voting instructions. If we ever disregard voting instructions, we will send you a summary in the next annual report to policyowners advising you of the action and the reasons we took such action.

CHARGES AND DEDUCTIONS

This section describes the charges and deductions that we make under the Policy in consideration for: (1) the services and benefits we provide; (2) the costs and expenses we incur; and (3) the risks we assume. The fees and charges deducted under the Policy may result in a profit to us.


Services and benefits we provide under the Policy:		• The death benefit, cash and loan benefits.
Services and benefits we provide under the Policy:		• Investment options, including premium allocations.

		• Administration of elective options.

		• The distribution of reports to owners.

Costs and expenses we incur:		• Costs associated with processing and underwriting. applications;

		• Expenses of issuing and administering the Policy (including any Policy riders).

		• Overhead and other expenses for providing services and benefits and sales and marketing expenses, including compensation paid in connection with the sale of the Policies.

		• Other costs of doing business, such as collecting premiums, maintaining records, processing claims, effecting transactions, and paying federal, state and local premium and other taxes and fees.

Risks we assume:		• That the charges we may deduct may be insufficient to meet our actual claims because insureds die sooner than we estimate.

		• That the costs of providing the services and benefits under the Policies may exceed the charges we are allowed to deduct.

Some or all of the charges we deduct are used to pay aggregate Policy costs and expenses we incur in providing the services and benefits under the Policy and assuming the risks associated with the Policy.

PREMIUM EXPENSE CHARGE

Before we allocate the net premium payments you make, we will deduct the following premium expense charge.


The premium expense charge is equal to:		• 0% of all premium payments in the first year and 3.0% of all premiums you pay thereafter.

		• Some or all of the premium expense charges we deduct are used to pay the aggregate Policy costs and expenses we incur, including distribution costs and/or state premium taxes. Although state premium tax rates imposed on us vary from state to state, the premium expense charge we deduct will not vary with the state of residence of the policyowner.

MONTHLY DEDUCTIONS

We take monthly deductions from the cash value on the Policy date and on each Monthiversary prior to attained age 100. We deduct this charge on a pro rata basis from all such accounts (i.e., in the same proportion that the value in each subaccount and the fixed account bears to the total cash value on the Monthiversary). Because portions of the monthly deductions (such as cost of insurance) can vary monthly, the monthly deductions will also vary.


The monthly deductions are equal to:		• The monthly Policy charge for the Policy; plus
The monthly deductions are equal to:		• The monthly cost of insurance charge for the Policy (including any surcharge associated with flat or table substandard ratings); plus

		• The monthly per unit charge for the Policy; plus

		• The portion of the monthly deductions for any benefits provided by riders attached to the Policy; plus

		• Any decrease charge (if applicable) incurred as a result of a decrease in the specified amount.

		Monthly Policy Charge (for Policies applied for on or after October 30, 2008):

		• This charge currently equals $10.00 each Policy month through insured’s attained age 99, and $0 starting at age 100. After the first Policy year, we may increase this charge.

		• We guarantee this charge will never be more than $12.00 per month through age 99 and will be $0 starting at insured’s attained age 100.

		• This charge is used to cover aggregate Policy expenses.

		Monthly Policy Charge (for Policies applied for before October 30, 2008 and issued before January 1, 2009):

		• This charge currently equals $8.00 each Policy month through insured’s attained age 99, and $0 starting at age 100. After the first Policy year, we may increase this charge.

		• We guarantee this charge will never be more than $15.00 per month through age 99 and will be $0 starting at insured’s attained age 100.

		• This charge is used to cover aggregate Policy expenses.


Cost of Insurance Charge:

We deduct this charge each month. It varies each month and is determined for the Policy as follows:

		1. Reduce the death benefit on the Monthiversary by the cash value on the Monthiversary after it has been allocated among the layers of specified amount in force in the following order: first, initial specified amount, then, each increase in specified amount starting with the oldest increase, then the next oldest, successively, until all cash value has been allocated (the resulting amounts are the net amount at risk for each layer of specified amount).

		2. Multiply each layer of net amount at risk provided under 1. (above) by the appropriate monthly cost of insurance rate for that layer; and add the results together.

BASE POLICY:

Your monthly current cost of insurance rate depends, in part, on your specified amount band. The specified amount bands available are:

		• Band 1: $50,000 - $499,999

		• Band 2: $500,000 - $999,999

		• Band 3: $1,000,000 or more


		• The current Policy cost of insurance rates for the first three (3) Policy years are fixed at issue and we guarantee not to change them.

		• Cost of insurance rates are generally lower for each higher band of specified amount.

		• We determine your specified amount band by referring to the specified amount in force for the Policy (that is, the initial specified amount on the Policy date, plus any increases, and minus any decreases).

FOCUS POLICY:

Your monthly current cost of insurance rate depends, in part, on your specified amount band:

		• The specified amount bands available under the Focus Policy are:

		• Band 2: $500,000 -$999,999

		• Band 3: $1,000,000 or more

		• The current Policy cost of insurance rates for the first three (3) Policy years are fixed at issue and we guarantee not to change them.

		• Cost of insurance rates are generally lower for each higher band of specified amount.

		• We determine your specified amount band by referring to the specified amount in force for your Policy (that is, the initial specified amount on the Policy date, plus any increases, and minus any decreases).

EXEC POLICY:

		• The specified amount bands available under the Xcelerator Exec Policy are:

		• Band 1: $100,000- $249,999

		• Band 2: $250,000-$499,999

		• Band 3: $500,000-$999,999

		• Band 4: $1,000,000 or more

		• The cost of insurance charge is deducted monthly and is determined the same way as specified in 1 and 2 above; and

		• Cost of insurance rates are based on different guaranteed rates and are not based on specified amount band.

		• The current Exec Policy cost of insurance rates for the first Policy year are fixed at issue and we guarantee not to change them.


Monthly Per Unit Charge:

		This charge equals:

		• The monthly per unit charge for the specified amount on the Policy date; plus

		• The monthly per unit charge for any in-force riders on the Policy that have a monthly per unit charge; plus

		• The monthly per unit charge for each increase in specified amount caused by either a rider or a requested increase; minus

		• The monthly per unit charge for any specified amount that has been decreased.

		• Currently we deduct this charge each month during the first 8 years from the Policy date, and 8 years following the date of any increase in specified amount or the addition of any rider. We guarantee the duration of this charge to be no more than 20 years following the Policy date for the Base and Focus Policies, and no more than 20 years following the date of any increase in specified amount (including specified amount increases generated by the Inflation Fighter Rider) for the Base and Focus Policies. For an Exec Policy, the guaranteed duration of this charge is to age 100.

		• The monthly per unit charge that is set on the Policy date is based on the issue age of the insured and the applicable specified amount rate band then in effect. A separate monthly per unit charge is assessed for up to 20 years (Base and Focus policies) following each increase in specified amount and the rate of that charge is based on the insured’s age and rate band in effect at the time of any increase in specified amount.

		• For an Exec Policy, the guaranteed duration of this charge is to age 100.The rate of the monthly per unit charge applied under your Policy depends on the application date and/or issue date of your Policy.

		• Each month the applicable specified amount rate band then in effect is used to determine the rate at which the monthly per unit charge will be calculated for each layer of specified amount in force on the Policy. The Focus Policy offers lower monthly per unit charges provided that the year one allocation percent remains constant.

		• We also deduct this charge for any Primary Insured Rider Plus or Other Insured Rider attached to the Base Policy or Focus Policy, which may be at a lower level of charge than is applied to the Policy.

		Optional Insurance Riders:

		• The monthly deductions will include charges for any optional insurance benefits you add to your Policy by rider.

To determine the monthly cost of insurance rates, we refer to a schedule of current cost of insurance rates and consider a number of factors, including, but not limited to: the insured’s issue age on the Policy date; issue age at the time of any requested increase in specified amount; specified amount band; gender; underwriting class; and the length of time from the Policy date or from the date of any requested increase in specified amount. The factors that affect the net amount at risk for each layer of specified amount include the investment performance of the portfolios in which you invest; payment of premiums; the fees and charges deducted under the Policy; the death benefit option you chose; as well as any Policy transactions (such as loans, cash withdrawals, transfers, and changes in specified amount). The actual monthly cost of insurance rates are primarily based on our expectations as to future mortality experience and expenses. Monthly cost of insurance rates may be changed by us from time to time. The actual rates we charge will never be greater than the Table of Guaranteed Maximum Life Insurance Rates stated in your Policy. For Policies applied for on or after October 30, 2008, these guaranteed rates are based on the 2001 C.S.O. Tables and the insured’s attained age, gender, and underwriting class; for Policies applied for before October 30, 2008 and issued before January 1, 2009, these guaranteed rates are based on the 1980 C.S.O. Tables and the insured’s attained age, gender, and underwriting class. For non substandard rate classes, these guaranteed rates will never be greater than the rates in the 2001 or 1980 C.S.O. Tables that are relevant to your Policy.

If you increase the specified amount, different monthly cost of insurance rates may apply to that layer of specified amount, based on the insured’s age and underwriting class at the time of the increase, gender, and the length of time since the increase. Increases in specified amount may move the Policy into a higher specified amount band, resulting in a decrease in the rates for the cost of insurance charge and monthly per unit charges And possibly the premium expense charges because premium expense charges are based on the specified amount in force on the Base Policy at the time the premium is received.

Decreases in specified amount may cause the Policy to drop into a lower band of specified amount and may result in an increase in the rates for the cost of insurance and monthly per unit charges. Decreases in specified amount will be applied on a last-in, first-out basis to the specified amount in force, and will first reduce the specified amount provided by the most recent increase in specified amount in force, then reduce the next most recent increases, successively, and thereafter reduce the initial specified amount.

If you have selected the Inflation Fighter Rider (for Base and Focus policies) and you request a decrease in specified amount of your Policy, you will forfeit any future increases in specified amount generated by that rider.

The underwriting class of the insured will affect the cost of insurance rates. We use a standard method of underwriting in determining underwriting classes, which are based on the health of the insured. We currently place insureds into preferred and standard classes. We also place insureds into substandard classes with extra ratings, which reflect higher mortality risks and will result in higher cost of insurance rates. Examples of reasons an insured may be placed into an extra risk factor underwriting class include, but are not limited to, medical history, avocation, occupation, driving record, or planned future travel (where permitted by state law).

We may issue certain Policies on a simplified issue, guaranteed issue or expedited basis. Cost of insurance rates charged for any Policies issued on a simplified, guaranteed or expedited basis may cause healthy individuals to pay higher cost of insurance rates than they would pay under a substantially similar Policy that we offer using different underwriting criteria.

The guaranteed cost of insurance rates under the riders are based on the same C.S.O. tables as the guaranteed cost of insurance rates applied to the Policy without riders , except that current rates are not guaranteed for any amount of time under the riders.

MORTALITY AND EXPENSE RISK CHARGE

We deduct a daily charge from your Policy’s cash value in each subaccount that, together with other fees and charges, compensates us for services rendered, the expenses expected to be incurred and the risks assumed. This charge is equal to:

• Your Policy’s cash value in each subaccount; multiplied by

• The daily pro rata portion of the annual mortality and expense risk charge rate of up to 0.75%.

The annual rate for the mortality and expense risk charge is equal to 0.75% of the average daily net assets of each subaccount. We guarantee to reduce this charge to 0.30% after the first 15 Policy years. We may reduce this charge to 0.00% in the 16^th Policy year, but we do not guarantee that we will do so, and we reserve the right to maintain this charge at the 0.30% level after the 15^th Policy year.

If this charge, combined with other Policy fees and charges, does not cover our total actual costs for services rendered and expenses incurred, we absorb the loss. Conversely, if these fees and charges more than cover actual costs, the excess is added to our surplus. We expect to profit from these charges.

SURRENDER CHARGE (BASE AND FOCUS POLICIES)

If you surrender your Policy completely during the first 8 years (or during the 8-year period following an increase in specified amount), we deduct a surrender charge from your cash value and pay the remaining cash value (less any outstanding loan amount) to you.

The surrender charge is a charge for each $1,000 of the initial specified amount of your Policy and of each increase in specified amount. The surrender charge that will apply on a full surrender of the Policy is the total of the surrender charge calculated for the initial specified amount, and the surrender charges calculated for each increase in specified amount (including specified amount increases generated by the Inflation Fighter Rider), unless there has been a reduction in specified amount for which a decrease charge was applied.

The initial specified amount has an 8-year surrender charge period starting on the Policy date and surrender charges that are based upon the insured’s issue age, gender and underwriting class on the Policy date. Each increase in specified amount has its own 8-year surrender charge period and surrender charges that are based upon the insured’s issue age, gender and underwriting class at the time of the increase.

There is no surrender charge if you wait until the end of the 8^th Policy year to surrender your Policy and you have not selected the Inflation Fighter Rider and you have not increased your specified amount within the past 8 Policy years. The payment you receive is called the net surrender value. The formula we use reduces the surrender charge at older ages in compliance with state laws. The surrender charge helps us recover distribution expenses that we incur in connection with the Policy, including sales commissions paid to selling firms, and printing and advertising costs, as well as aggregate Policy expenses.

The surrender charge may be significant. You should evaluate this charge carefully before you consider a surrender. Under some circumstances the level of surrender charges might result in no net surrender value available if you surrender your Policy in the early Policy years. This will depend on a number of factors, but is more likely if:

• You pay premiums equal to or not much higher than the minimum monthly guarantee premium shown in your Policy; and/or

• Investment performance is low.

In addition, surrender charges that apply for 8 years after any increase in specified amount will likely significantly reduce your net surrender value.


The surrender charge for each layer of specified amount is calculated as:		• The surrender charge per $1,000 of specified amount in the layer (varies by issue age, gender and underwriting class on the Policy date or date of specified amount increase); multiplied by

		• The number of thousands of specified amount in the layer; multiplied by

		• The surrender charge factor.

The surrender charge per thousand is calculated separately for the initial specified amount and for each increase in specified amount, using the rates found in Appendix A-1 (for Policies applied for on or after October 30, 2008) and Appendix A-2 (for Policies applied for before October 30, 2008 and issued before January 1, 2009).

The surrender charge factor is also calculated separately for the initial specified amount and for each increase in specified amount in force (including specified amount increases generated by the Inflation Fighter Rider). The surrender charge factor varies by the insured’s issue age (on the Policy date or date of specified amount increase) and number of years since the Policy date or date of specified amount increase. In no event are the surrender charge factors any greater than those shown in the table below. We generally determine the surrender charge factor from the Policy date or date of specified amount increase to the surrender date, regardless of whether there were any prior lapses and reinstatements.

For Base Policies Applied For On Or After October 30, 2008

Surrender Charge Factors


	Factor for Issue Ages
End of Policy Year*		0-39	40-59	60-64	65-80	81-85
At Issue		1.00	1.00	1.00	1.00	1.00
1		1.00	1.00	.80	.80	.69
2		.87	.75	.75	.70	.65
3		.70	.70	.70	.65	.62
4		.60	.60	.60	.60	.58
5		.40	.40	.40	.40	.40
6		.30	.30	.30	.30	.30
7		.20	.20	.20	.20	.20
8		.00	.00	.00	.00	.00

*	The factor on any date other than a Policy anniversary, or anniversary of an increase in specified amount, will be determined proportionately using the factor at the end of the year prior to surrender and the factor at the end of the year of surrender.

Surrender Charge Example: Assume a male non-tobacco user purchases the Policy at issue age 30 with a specified amount of $100,000. The Policy is surrendered at the end of Policy year 5. The surrender charge per $1,000 of specified amount is $ 17.69. This is multiplied by the surrender charge factor of 0.40.

The surrender charge

The surrender charge per $1,000 ($ 17.69)

The number of thousands of initial specified amount (100)

The surrender charge factor (0.40)

$ 707.60

For Focus Policies Applied For On Or After October 30, 2008

Surrender Charge Factors

Issue Ages


End of Policy Year*	0-39	40-59	60-64	65-85
At Issue	1.000	1.000	1.000	1.000
1	1.000	1.000	0.800	0.800
2	0.870	0.750	0.750	0.700
3	0.700	0.700	0.700	0.650
4	0.600	0.600	0.600	0.600
5	0.400	0.400	0.400	0.400
6	0.300	0.300	0.300	0.300
7	0.200	0.200	0.200	0.200
8	0.000	0.000	0.000	0.000

*	The factor on any date other than a Policy anniversary, or anniversary of an increase in specified amount, will be determined proportionately using the factor at the end of the year prior to surrender and the factor at the end of the year of surrender.

Surrender Charge Example: Assume a male non-tobacco user purchases the Policy at issue age 30 with a specified amount of $500,000. The Policy is surrendered at the end of Policy year 5. The surrender charge per $1,000 of specified amount is $ 11.94. This is multiplied by the surrender charge factor of 0.40.

The surrender charge

The surrender charge per $1,000 ($ 11.94)

The number of thousands of initial specified amount (500)

The surrender charge factor (0.40)

$ 2,388.00

For Base and Focus Policies Applied For Before October 30, 2008 and Issued Before January 1, 2009

Surrender Charge Factors

Issue Ages


End of Policy Year*	0-39	40-59	60-80	81-85
At Issue	1.00	1.00	1.00	1.00
1	1.00	1.00	.80	.69
2	.87	.75	.70	.65
3	.70	.70	.65	.62
4	.60	.60	.60	.58
5	.40	.40	.40	.40
6	.30	.30	.30	.30
7	.20	.20	.20	.20
8+	.00	.00	.00	.00

*	The factor on any date other than a Policy anniversary, or anniversary of an increase in specified amount, will be determined proportionately using the factor at the end of the year prior to surrender and the factor at the end of the year of surrender.

Surrender Charge Example: Assume a male non-tobacco user purchases the Policy at issue age 30 with a specified amount of $500,000. The Policy is surrendered at the end of Policy year 5. The surrender charge per $1,000 of specified amount is $21.60. This is multiplied by the surrender charge factor of .40.

The surrender charge

The surrender charge per $1,000 ($21.60)

The number of thousands of initial specified amount (500)

The surrender charge factor (0.40)

$4,320.00

DECREASE CHARGE (BASE AND FOCUS POLICIES)

If you decrease the specified amount during the first 8 Policy years (or during the 8-year period following an increase in specified amount), we will deduct a decrease charge from your cash value. We will deduct the charge as part of your monthly deductions on the Monthiversary on which the decrease in specified amount is effective.


The decrease charge is equal to:		• The surrender charge as of the date of the decrease applicable to that portion of the layer of the specified amount that is decreased. See “Surrender Charge” above.

Decreases in specified amount will be applied on a last-in, first-out basis to the specified amount in force. The decrease charge will first be calculated based on the current surrender charge applicable to the most recent increase in specified amount still in force. If the amount of the decrease in specified amount is greater than the most recent increase in specified amount, then the charge will also be calculated based on the surrender charges applicable to the next most recent increases, successively, and then will also be calculated based on any remaining surrender charge on the initial specified amount, up to the amount of the requested decrease.


Example:
	January 1, 2001	Policy issued for $300,000
	January 1, 2004	Policy increased by $200,000
	January 1, 2005	Policy decreased by $100,000

If the surrender charge on January 1, 2005 (before the decrease) is:


Layer of Specified Amount		Surrender Charge
$300,000		$4,656
$200,000		$3,624

The $200,000 layer is reduced to $100,000 on January 1, 2005 and a surrender charge of $1,812 is applied.


100
200	x	$3,624 =	$1,812

We will not deduct the decrease charge from the cash value when a specified amount decrease results from:

•

A change in the death benefit option; or

•

A cash withdrawal (when you select death benefit Option A or when you choose death benefit Option C and the insured’s attained age is 71 or higher).

If a decrease charge is deducted because of a decrease in specified amount, any future decrease charges incurred during the surrender charge period will be based on the reduced specified amount.

We will determine the decrease charge using the above formula, regardless of whether your Policy has lapsed and been reinstated, or you have previously decreased your specified amount. We will not allow a decrease in specified amount if the decrease charge will cause the Policy to begin a grace period. A decrease in specified amount will generally decrease the insurance protection of the Policy.

TRANSFER CHARGE

We currently allow you to make 12 transfers each year free of charge. Except as listed below, we may charge $25 for each additional transfer:

•

For purposes of assessing the transfer charge, all transfers made in one day, regardless of the number of subaccounts affected by the transfer, will be considered a single transfer.

•

We deduct the transfer charge from the amount being transferred.

•

Transfers resulting from loans, the exercise of conversion rights, or the reallocation of cash value immediately after the reallocation date, currently are not treated as transfers for the purpose of assessing this charge.

•

Transfers via the Internet are not treated as transfers for the purpose of assessing this charge.

•

Transfers among the ProFunds and/or Access Trust subaccounts are not treated as transfers for the purpose of assessing this charge.

•

Transfers under dollar cost averaging and asset rebalancing are not treated as transfers for the purpose of assessing this charge.

•

We will not increase this charge.

LOAN INTEREST CHARGES

We currently charge you an effective annual interest rate on a Policy loan of 2.75% (3.0% maximum guaranteed) on each Policy anniversary. We will also credit the amount in the loan reserve account with an effective annual interest rate of 2.0%. After offsetting the 2.0% interest we credit, the net cost of loans currently is 0.75% annually (1.0% maximum guaranteed). After the 10^th Policy year, we will currently apply preferred loan rates on an amount equal to the cash value minus total premiums paid (less any cash withdrawals) and minus any outstanding loan amount including accrued loan interest. The current preferred loan effective annual interest rate charged is 2.00% and is guaranteed not to exceed 2.25%. After the insured’s attained age 100, all loans, new and existing, are considered preferred loans.

CASH WITHDRAWAL CHARGE

After the first Policy year, you may take one cash withdrawal per Policy year if your cash value is sufficient to cover the amount of the withdrawal and the associated cash withdrawal charge. Cash withdrawals from your Base or Focus Policy are subject to the following:

•

When you take a cash withdrawal, we charge a processing fee of $25 or 2% of the amount you withdraw, whichever is less.

•

We deduct this amount from the withdrawal, and we pay you the balance.

•

We will not increase this charge.

Exec Policies allow 12 withdrawals per year after the first year and there is no withdrawal charge.

TAXES

We currently do not make any deductions for taxes from the separate account. We may do so in the future to the extent that such taxes are imposed by federal or state agencies.

RIDER CHARGES

The following charges apply if you elect any of the riders available under the Base Policy, Focus Policy, and Exec Policy as noted below (see “Supplemental Benefits (Riders)”):

•

Living Benefit Rider. If the rider is exercised, we reduce the single sum benefit by a discount factor to compensate us for income lost due to the early payment of the death benefit. The discount factor is equal to the current yield on 90-day U.S. Treasury bills or the Policy loan interest rate, whichever is greater. For a complete description of the Living Benefit Rider, please refer to the section entitled “Living Benefit Rider (an Accelerated Death Benefit)” in this prospectus.

•

Disability Waiver of Monthly Deductions Rider. We assess a rider charge based on the primary insured’s issue age, gender and net amount at risk for the Policy, as well as a charge based on those riders that would be eligible to have monthly deductions waived.

•

Disability Waiver of Premium Rider. The charge for this rider is based on the primary insured’s issue age, gender and the amount of monthly waiver of premium benefit that would be paid in the event of total disability, as defined in the rider.

The following riders are available under the Base and Focus Policies only:

•

Primary Insured Rider Plus (“PIR Plus”). We assess a cost of insurance charge based on the insured’s issue age, gender, underwriting class, Policy year and the rider specified amount. We assess a monthly per unit charge based on the insured’s issue age, Policy year and the rider specified amount. Cost of insurance charges generally will increase each year with the age of the insured. These charges will vary based on whether the 1980 C.S.O. Mortality Tables or the 2001 C.S.O. Mortality Tables are applicable to your Policy, which depends on the application and/or issue date of your Policy.

•

Other Insured Rider. We assess a cost of insurance charge based on each other insured’s issue age, gender, underwriting class, Policy year and the rider specified amount. We assess a monthly per unit charge based on each other insured’s issue age, Policy year and the rider face amount. Cost of insurance charges and monthly per unit charges generally will increase each year with the age of the other insured. These charges will vary based on whether the 1980 C.S.O. Tables or the 2001 C.S.O. Tables are applicable to your Policy, which depends on the application and issue dates of your Policy.

•

Children’s Insurance Rider. We assess a cost of insurance charge based on the rider face amount regardless of the number of children insured.

•

Accidental Death Benefit Rider. We assess a cost of insurance charge based on the insured’s attained age and rider specified amount. Cost of insurance charges generally will increase each year with the age of the insured.

•

Inflation Fighter Rider. Annual increases in specified amount generated by this rider will increase the cost of insurance charges and increase the amount and duration of the monthly per unit charges and surrender charges under the Policy. Each new layer of surrender charges and monthly per unit charges resulting from the scheduled annual increase in specified amount will be based on the amount of the increase, the insured’s attained age at the time of the increase, and Policy duration from date of the increase. Each new layer of cost of insurance charge is based on, among other factors, the age of the insured at Policy issue and the duration of the Policy at the time of the increase.

PORTFOLIO EXPENSES

The portfolios deduct management fees and expenses from the amounts you have invested in the portfolios. These fees and expenses reduce the value of your portfolio shares. Some portfolios also deduct 12b-1 fees from portfolio assets.

REVENUE WE RECEIVE

We (and our affiliates) may directly or indirectly receive payments from the portfolios, their advisers, sub-advisers, distributors or affiliates thereof, in connection with certain administrative, marketing and other services we (and our affiliates) provide and expenses we incur. We (and/or our affiliates) generally receive three types of payments:

•

Rule 12b-1 Fees. We and/or our affiliate, Transamerica Capital, Inc. (“TCI”) who is the principal underwriter for the Policies indirectly receives 12b-1 fees from the funds available as investment choices under our variable insurance products. Any 12b-1 fees received by TCI that are attributable to our variable insurance products are then credited to us. These fees range from 0.00% to 0.35% of the average daily assets of the certain portfolios attributable to the Policies and to certain other variable insurance products that we and our affiliates issue.

•

Administrative, Marketing and Support Service Fees (“Service Fees”). The investment adviser, sub-adviser, administrators, and/or distributors (or affiliates thereof) of the portfolios may make payments to us and/or our affiliates, including TCI. These payments may be derived, in whole or in part, from the profits the investment adviser or sub-adviser realizes from the advisory fee deducted from portfolio assets. The amount of this compensation is generally based on a percentage of the assets of the particular fund portfolios attributable to the Policy and to certain other variable insurance products that our affiliates and we issue. These percentages differ and may be significant. Some advisers or sub-advisers (or other affiliates) pay us more than others.

The chart below provides the maximum combined percentages of 12b-1 fees and Service Fees that we anticipate will be paid to us on an annual basis:


Incoming Payments to Western Reserve and TCI
Fund	Maximum Fee % of assets*			Fund	Maximum Fee % of assets*
Transamerica Series Trust **		—		Fidelity Variable Insurance Products Funds		0.35	%***
ProFunds		0.50	%	Access One Trust		0.50	%
AllianceBernstein		0.25	%	Franklin Templeton		0.35	%

Payments are based on a percentage of the average assets of each fund portfolio owned by the subaccounts available under this Policy and under certain other variable insurance products offered by our affiliates and us. We and TCI may continue to receive 12b-1 fees and administrative fees on subaccounts that are closed to new investments, depending on the terms of the agreements supporting those payments and on the services provided.

Because the Transamerica Series Trust is managed by an affiliate, there are additional benefits to us and our affiliates for amounts you allocate to the Transamerica Series Trust portfolios, in terms of our and our affiliates’ overall profitability. During 2011 we received $10.8 million from Transamerica Asset.

***	We receive this percentage once $100 million in fund shares are held by the subaccounts of Western Reserve and its affiliates.

Other payments. We and our affiliates, including TCI and Transamerica Fund Advisors, Inc. (“TFA”) also directly or indirectly receive additional amounts or different percentages of assets under management from certain advisers and sub-advisers to the portfolios (or their affiliates) with regard to variable insurance products or mutual funds that are issued or managed by us and our affiliates. These payments may be derived in whole or in part, from the profits the investment adviser or sub-adviser receives from the advisory fee deducted from portfolio assets. Policyowners, through their indirect investment in the portfolios, bear the costs of those advisory fees (see the prospectuses for the funds for more information). Certain advisers and sub-advisers of the underlying portfolios (or their affiliates) (1) may pay TCI amounts up to $75,000 per year to participate in a “preferred sponsor” program that provides such advisers and sub-advisers with access to TCI’s wholesalers at TCI’s national and regional sales conferences that are attended by TCI’s wholesalers; (2) may pay TFA varying amounts to obtain access to TFA’s wholesaling and selling representatives; (3) may provide us and/or certain affiliates and/or selling firms with occasional gifts, meals, tickets or other compensation as an incentive to market the portfolios and to assist with their promotional efforts; and (4) may reimburse our affiliated selling firms for exhibit booths and other items at national conferences of selling representatives. The amounts may be significant and these arrangements provide the adviser or sub-adviser (or other affiliates) with increased access to us and to our affiliates involved in the distribution of the Policy.

For the calendar year ended December 31, 2011, TCI received total revenue sharing payments in the amount of $3,368,635.55 from the following fund managers and/or sub-advisers to participate in TCI’s events: AEGON USA Investment Management, Inc., AllianceBernstein Investments, Black Rock Investment Management, Fidelity Investments, Franklin Templeton Investments, GE Asset Management, Hanlon Investment Management Inc., ING Clarion Real Estate Securities, Invesco AIM, Janus Capital, Jennison Associates, JP Morgan Investment Management, Logan Circle Investment Partners, Loomis, Sayles & Company, MFS Investment Management, Madison Asset Management, LLC, Morgan Stanley Investment Management, Neuberger Berman Management, OppenheimerFunds, Pacific Investment Management Company, Schroder Investment Management North America, Systematic Financial Management LP, Thompson, Siegel and Walmsley LLC, Vanguard, and Wellington Management Company.

Please Note: Some of the aforementioned managers and/or sub-advisers may not be associated with underlying fund portfolios currently available in this product.

Proceeds from certain of these payments by the funds, the advisers, the sub-advisers and/or their affiliates may be profit to us, and may be used for any corporate purpose, including payment of expenses (i) that we and our affiliates incur in promoting, issuing, marketing and administering the Policies; and (ii) that we incur, in our role as intermediary, in promoting, marketing and administering the fund portfolios.

For further details about the compensation payments we make in connection with the sale of the Policies, see “Sale of the Policies” in this prospectus.

YOUR POLICY

Depending on the state of issue, your Policy may be an individual Policy or a certificate issued under a group Policy. Your Policy is subject to the insurance laws and regulations of each state or jurisdiction in which it is available for distribution. There may be differences between the Policy issued and the general Policy description contained in this prospectus because of requirements of the state where your Policy is issued. Some of the state specific differences are included in the prospectus, but this prospectus does not include references to all state specific differences. All state specific Policy features will be described in your Policy.

OWNERSHIP RIGHTS

The Policy belongs to the owner named in the application. The owner may exercise all of the rights and options described in the Policy. The owner is the insured unless the application specifies a different person as the insured. If the owner dies before the insured and no contingent owner is named, then ownership of the Policy will pass to the owner’s estate. The principal rights an owner may exercise are:

•

To designate or change beneficiaries before the death of the insured.

•

To receive amounts payable before the death of the insured.

•

To assign the Policy (if you assign the Policy, your rights and the rights of anyone who is to receive payment under the Policy are subject to the terms of that assignment).

•

To change the owner of the Policy.

•

To change the specified amount or death benefit option type of the Policy.

At issue, the owner must select either the guideline premium tax test or the cash value accumulation tax test on the Policy application. Once selected, this tax test cannot be changed.

No designation or change in designation of an owner will take effect unless we receive (i) a transfer of ownership form or (ii) an Internal Revenue Service Form W-9 along with a written request to designate or change the designation of an owner. The request will take effect as of the date we receive it, in good order, at our mailing address, subject to payment or other action taken by us before it was received.

MODIFYING YOUR POLICY

Any modifications or waiver of any rights or requirements under the Policy must be in writing, in good order, and signed by our president or secretary. No registered representative may bind us by making any promise not contained in the Policy.

Upon notice to you, we may amend the Policy:

•

To make the Policy or the separate account comply with any law or regulation issued by a governmental agency to which we are subject; or

•

To assure qualification of the Policy as a life insurance contract under the Internal Revenue Code or to meet applicable requirements of federal or state laws relating to variable life policies; or

•

To reflect a change in the operation of the separate account; or

•

To provide additional subaccounts and/or fixed account options.

We may also decide to purchase securities from other portfolios for the separate account. We reserve the right to transfer separate account assets to another separate account that we determine to be associated with the class of contracts to which the Policy belongs.

PURCHASING A POLICY

To purchase a Policy, you must submit a completed application, in good order, and an initial premium to us through any licensed life insurance agent who is also a registered representative of a broker-dealer having a selling agreement with TCI, the principal underwriter for the Policy, and us.

There may be delays in our receipt and processing of applications and premium payments that are outside of our control – for example, because of the failure of a selling broker-dealer or registered representative to promptly forward the application to us at our mailing address, or because of delays in determining whether the Policy is suitable for you. Any such delays will affect when your Policy can be issued.

You select the specified amount of insurance coverage for your Policy within the following limits. Our current minimum specified amount for a Base Policy is $50,000 ($500,000 for a Focus Policy and $100,000 for an Exec Policy). We currently charge lower cost of insurance rates for Policies with specified amounts in higher bands of coverage. We offer the following specified amount bands of coverage for the Base Policy:

•

Band 1: $50,000 - $499,999

•

Band 2: $500,000 - $999,999

•

Band 3: $1,000,000 and over

Only bands 2 and 3 above are available under the Focus Policy.

We offer the following four specified bands of coverage under the Exec Policy:

•

Band 1: $100,000 - $249,999

•

Band 2: $250,000 - $499,999

•

Band 3: $500,000 - $999,999

•

Band 4: $1,000,000 or more

We generally will only issue a Policy to you if you provide sufficient evidence that the insured meets our insurability standards. Your application is subject to our underwriting rules, and we may reject any application for any reason permitted by law. We will not issue a Base Policy or Focus Policy to you if the insured is over age 85 (or 80 for an Exec Policy). The insured must be insurable and acceptable to us under our underwriting rules on the later of:

•

The date of your application; or

•

The date the insured completes all of the medical tests and examinations that we require.

TAX FREE “SECTION 1035” EXCHANGES

You can generally exchange one life insurance policy for another policy covering the same insured in a “tax-free exchange” under Section 1035 of the Internal Revenue Code. Before making an exchange, you should compare both life insurance policies carefully. Remember that if you exchange another life insurance policy for the one described in this prospectus, you might have to pay a surrender charge on your old policy, other charges may be higher (or lower) and the benefits may be different. If the exchange does not qualify for Section 1035 treatment, or if your current policy is subject to a policy loan, you may also have to pay federal income tax on the exchange. You should not exchange another life insurance policy for this one unless you determine, after knowing all the facts, that the exchange is in your best interest and not just better for the person selling you the Policy (that person will generally earn a commission if you buy the Policy through an exchange or otherwise).

WHEN INSURANCE COVERAGE TAKES EFFECT

Insurance coverage under the Policy will take effect only if all of the following conditions have been met: (1) the first full premium must be received by the Company at our mailing address; (2) during the lifetime of every proposed insured, the proposed owner must have personally received and accepted the Policy which was applied for and all answers on the application must be true and correct on the date such Policy is received and accepted; and (3) on the date of the later of either (1) or (2) above, all of the statements and answers given in the application must be true and complete, and there must have been no change in the insurability of any proposed insured.

Conditional Insurance Coverage. If you pay the full initial premium and have met all of the requirements listed in the conditional receipt attached to the application, and we deliver the conditional receipt to you, the insured may have conditional insurance coverage under the terms of the conditional receipt. The conditional insurance coverage may vary by state and/or underwriting standards. Because we do not accept initial premiums in advance for Policies with a specified amount in excess of $1,000,000, we do not offer conditional insurance coverage for Policies issued with a specified amount in excess of $1,000,000. Conditional insurance coverage is void if the check or draft you gave us to pay the initial premium is not honored when we first present it for payment.


The aggregate amount of conditional insurance coverage, if any, is the lesser of:	•	The amounts applied for under all conditional receipts issued by us; or

	•	$500,000 of life insurance.

Subject to the conditions and limitations of the conditional receipt, conditional insurance under the terms of the Policy applied for may become effective as of the later of:	•	The date of application; or
	•	The date of the last medical examination, test, and other screenings required by us, if any (the “Effective Date”). Such conditional insurance will take effect as of the Effective Date, as long as all of the following requirements are met:

		1.	The person proposed to be insured is found to have been insurable as of the Effective Date, exactly as applied for in accordance with our underwriting rules and standards, without any modifications as to plan, amount, or premium rate.

		2.	As of the Effective Date, all statements and answers given in the application must be true.

		3.	The payment made with the application must not be less than the full initial premium for the mode of payment chosen in the application and must be received at our mailing address within the lifetime of the proposed insured.

		4.	All medical examinations, tests, and other screenings required of the proposed insured by us are completed and the results received at our mailing address within 60 days of the date the application was signed.

		5.	All parts of the application, any supplemental application, questionnaires, addendum and/or amendment to the application are signed and received, in good order, at our mailing address.

Any conditional life insurance coverage terminates on the earliest of:	a.	60 days from the date the application was signed.

	b.	The date we either mail notice to the applicant of the rejection of the application and/or mail a refund of any amounts paid with the application.

	c.	When the insurance applied for goes into effect under the terms of the Policy that you applied for.

	d.	The date we offer to provide insurance on terms that differ from the insurance for which you have applied.

Special limitations of the conditional receipt:	•	The conditional receipt is not valid unless:

			• All blanks in the conditional receipt are completed.

			• The receipt is signed by a registered representative or authorized Company representative.

Full Insurance Coverage and Allocation of Initial Premium. Once we determine that the insured meets our underwriting requirements and you have paid the initial premium, the Policy will be issued and full insurance coverage will begin and we will begin to take the monthly deductions from your net premium. This date is the Policy date (the record date, if Policy is backdated). Any premium payments we receive before the Policy date (record date, if applicable) will be held in a non-interest bearing suspense account. On the Policy date (or the record date if your Policy is backdated), the entire amount in the non-interest bearing suspense account will be allocated as follows: (i) to the subaccounts and/or the fixed account as you specified in your application, if your state does not require a full refund of the initial premium; or (ii) to the reallocation account, if your state requires us to return your initial premium in the event you exercise your free-look right. While held in the reallocation account, premium(s) will be credited with interest at the current fixed account rate, until the reallocation date when they will be allocated to the subaccounts and/or fixed account as you specified in your application. Please Note: Your premiums are credited on the record date, not the backdated Policy date.

On any day we credit net premiums or transfer cash value to a subaccount, we will convert the dollar amount of the net premium (or transfer) into subaccount units at the unit value for that subaccount, determined at the end of the day on which we receive the premium or transaction request as follows. We will credit amounts to the subaccounts only on a valuation date, that is, on a date the New York Stock Exchange (“NYSE”) is open for trading.


Transaction Type:		Priced when received at our:
payment by check		mailing address, unless other address appears on your billing coupon

transfer request		administrative office

payment by wire transfer		administrative office

electronic credit and debit transactions (e.g., payments through direct deposit, debit transfers, and forms of e-commerce payments)		administrative office

BACKDATING A POLICY

If you request, we may backdate a Policy by assigning a Policy date earlier than the date the Policy full insurance coverage begins. However, in no event will we backdate a Policy earlier than the earliest date allowed by state law or by our underwriting rules. Your request must be in writing and, if we approve the request, will amend your application. Your premiums, however, will be credited on the date the Policy is issued, not the backdated Policy date.

Cost of insurance charges are based in part on the age of the insured on the Policy date or on the date of a requested increase in specified amount. Generally, cost of insurance charges are lower at a younger age. We will deduct the monthly deductions, including cost of insurance charges, for the period that the Policy is backdated. This means that while the monthly deductions may be lower than what would have been charged had we not backdated the Policy, you will be paying for insurance during a period when the Policy was not in force.

POLICY CHANGES AFTER AGE 100

If the Policy is still in force on the Policy anniversary on or following the insured’s 100^th birthday, the Policy will continue, with the following changes, unless state law otherwise requires:

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We will no longer accept any further premium payments.

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We will no longer deduct the monthly deductions.

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We will continue to deduct the mortality and expense risk charge, if any.

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Interest will continue to accrue on any Policy loans, as before, and all loans, new and existing, are considered preferred loans.

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We will continue to accept Policy loan repayments and loan interest payments.

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We will continue to permit Policy loans and withdrawals to be made.

FOCUS POLICY

A Focus Policy differs from the Base Policy in the following ways:

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The Policy’s minimum specified amount must be at least $500,000 (Band 2).

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Mandatory first year premium allocation to a limited number of designated subaccounts (see details below).

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Current monthly per unit charges are lower for the entire duration of your Policy if the allocations to the designated subaccounts remain unchanged by you during the first Policy year.

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Any transfers or changes in premium allocation choices you make from the designated subaccounts in the first Policy year may result in Western Reserve’s raising the current monthly per unit charges to the same levels as the Base Policy.

The minimum specified amount for the Focus Policy is $500,000. During the first Policy year, we will designate the subaccounts to which you must allocate your premiums and the percentage allocations to each such designated subaccount. Your premium allocations will automatically be invested in the subaccounts we designate – currently Transamerica JPMorgan Core Bond VP, Transamerica AEGON Money Market VP, Transamerica JPMorgan Tactical Allocation VP and the Fidelity VIP Index 500 Portfolio – according to the premium allocation percentages in effect at that time. As of December 31, 2011, the premium allocation for the Focus Policy for the first year were: 10% - Transamerica JPMorgan Core Bond VP; 10% - Transamerica AEGON Money Market VP; 40% - Transamerica JP Morgan Tactical Allocation VP; and 40% - Fidelity VIP Index 500 Portfolio.

We reserve the right to change the designated subaccounts and the percentage allocations to each designated subaccount for future Policies. Before purchasing a Focus Policy, you should consult your registered representative for information about the current subaccount and allocation percentages applicable to these Policies.

To receive the lower monthly per unit charge for the period during which that charge applies, you may not make transfers from the designated subaccounts to other subaccounts or the fixed account or modify the allocation percentages during the first Policy year. After the first Policy year, you may make transfers from the designated subaccounts to any of the other subaccounts, including the fixed account, available under the Policy and modify the allocation percentages. If you make a transfer out of any of the designated subaccounts or modify the allocation percentages during the first Policy year, we reserve the right to increase your monthly per unit charge and keep these higher charges in effect for the life of the Policy.

Please note:

•

We will not allow dollar cost averaging or Internet transfers during the first Policy year.

To receive a lower monthly per unit charge for the period during which that charge applies, an owner who elects to enter the asset rebalancing program must maintain the mandated percentage allocations in the designated investment subaccounts during the first Policy year. To change the investment subaccounts or to modify the percentage allocations in subsequent Policy years, an owner must re-enter the asset balancing program by completing and submitting a new asset rebalancing request form. The minimum no lapse period is reduced as indicated below:

A Focus Policy will have a shorter no lapse period. For a Policy issued to an insured ages 0 – 56, the no lapse date is the same date as the Policy’s eighth anniversary. For a Policy issued to an insured ages 57 – 60, the no lapse date is the Policy anniversary at the insured’s attained age 64. For a Policy issued to an insured ages 61 – 85, the no lapse date is the fourth Policy anniversary. The no lapse date is specified in your Policy. Note: If your Focus Policy was applied for before October 30, 2008 and issued before January 1, 2009, the no lapse date for all Policies that were in force on May 1, 2009, with a no lapse date indicated on the policy schedule page in 2006, 2007, 2008, 2009, 2010 or 2011, has been automatically extended to the Policy anniversary in 2012. The minimum monthly guarantee premium will not be changed, but if a cash withdrawal or a loan has been taken, or if requested in the future, additional minimum premiums may need to be paid to maintain the No Lapse guarantee. If an affected Policy lapses and is reinstated before January 1, 2012, the extended No Lapse date will remain in effect.

The Focus Policy may not be available in all states.

EXEC POLICY

We may issue an Exec Policy where a business entity or a trust is usually the owner of an individual Policy or a collection of individual Policies styled in the manner of a group-sponsored arrangement. Such Policies generally are purchased as a part of strategic structures used to implement a business or estate plan. Such strategic structures may be subject to special tax rules and consequences, specific accounting procedures and requirements, and/or certain legal restrictions.

An Exec Policy differs from a Base Policy or a Focus Policy in the following ways:

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Minimum specified amount, banding, underwriting classes, and issue ages are different.

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There is no surrender charge, decrease charge or withdrawal charge.

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Minimum no lapse period is not available.

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A maximum of 12 withdrawals per Policy year are allowed.

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Only Death Benefit Options A and B are available under the Policy.

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Decreases in specified amount after Policy year 7 will allow a one-time decrease of up to 50% (instead of the 20% allowed for the Base and Focus Policies).

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Cost of Insurance rates are different.

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Monthly Per Unit Charges are different. The maximum period during which per unit charges are payable is to the anniversary when the insured attains age 100.

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For non-substandard rate class, the guaranteed cost of insurance rates will never exceed the rates in the 2001 or 1980 C.S.O. Tables with no Tobacco distinction that is applicable to your Policy.

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Only the Living Benefit Rider, the Disability Waiver of Monthly Deductions Rider, and the Disability Waiver of Premium Rider, are available on Exec Policies, and the disability riders are available only under fully underwritten Policies.

The Exec Policy may not be available in all states.

PREMIUMS

ALLOCATING PREMIUMS

You must instruct us on how to allocate your net premium among the subaccounts and the fixed account. Please note: The fixed account may not be available in all states to direct or transfer money into, and, under the Focus Policy, special allocation restrictions apply during the first Policy year. (See “Your Policy – Focus Policy” above).

The following guidelines apply under the Base and Exec Policies (in all Policy years) and after the first Policy year under the Focus policies:

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Allocation percentages must be in whole numbers.

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If you select dollar cost averaging, we may require you to have a minimum of $5,000 in each subaccount from which we will make transfers and you may be required to transfer at least a total of $100 monthly.

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If you select asset rebalancing, the cash value of your Policy, if an existing Policy, or your minimum initial premium, if a new Policy, must be at least $5,000.

•

Unless otherwise required by state law, we may restrict your allocations to the fixed account if the fixed account value, excluding amounts in the loan reserve, following the allocation would exceed $250,000. (This restriction does not apply to any transfer to the fixed account necessary in the exercise of conversion rights.)

Currently, you may change the allocation instructions for additional premium payments without charge at any time by writing us at our mailing address, or calling us at our administrative office at 1-800-851-9777, Monday - Friday, between the hours of 8:30 a.m. - 7:00 p.m. Eastern time. You may also change allocations through our website at www.westernreserve.com.

Please note: Certain subaccounts have similar names. When providing your allocation instructions, please state or write the full name of the subaccount that you select for your allocation to ensure that those allocation instructions are in good order. The change will be effective as of the valuation date on which we receive the change, in good order, at our mailing address or our administrative office. Upon instructions from you, the registered representative or agent of record for your Policy may also change your allocation instructions for you. The minimum amount you can allocate to a particular subaccount is 1.0% of a net premium payment.

Whenever you direct money into a subaccount, we will credit your Policy with the number of units for that subaccount that can be bought for the dollar payment. Premium payments received at our mailing address, or at the address on your billing coupon (for payments made by check) or at our administrative office (for payments made by wire transfer and through electronic credit and debit transactions) before the NYSE closes are priced using the unit value determined at

the closing of the regular business session of the NYSE (usually at 4:00 p.m. Eastern time). If we receive a premium payment after the NYSE closes, or on a day that the NYSE is closed for trading, we will process the order using the subaccount unit value determined at the close of the next regular session of the NYSE. We will credit amounts to the subaccounts only on a valuation date, that is, on a date the NYSE is open for trading. Your cash value will vary with the investment experience of the subaccounts in which you invest. You bear the investment risk for amounts you allocate to the subaccounts.

You should periodically review how your cash value is allocated among the subaccounts and the fixed account because market conditions and your overall financial objectives may change.

Reallocation Account. If your state requires us to return your initial premium in the event you exercise your free-look right, we will allocate the initial net premium on the Policy date (or the record date if your Policy is backdated) to the reallocation account (or as otherwise mandated by state law) as shown on your Policy schedule page. While held in the reallocation account, net premium(s) will be credited with interest at the current fixed account rate and reduced by any monthly deductions due. The net premiums will remain in the reallocation account until the reallocation date. The reallocation date is the date we reallocate all cash value held in the reallocation account to the fixed account and/or subaccounts you selected in your application. In those states that require us to return all premiums paid for the Policy in the event you exercise your free-look right, we set the reallocation date to coincide with the free-look period that is applicable to your Policy plus a margin of five days for Policy delivery. Please contact your registered representative/agent for details concerning the free-look period for your state.

Under the Focus Policy, on the first valuation date on or after the reallocation date, we will reallocate all cash value to a limited number of subaccounts that we designate, in the percentages that we designate. (See “Your Policy–Focus Policy.”) Under the Base and Exec Policies, if you do not request dollar cost averaging, then we will reallocate all cash value from the reallocation account to the fixed account and the subaccounts you selected on the application, on the first valuation date on or after the reallocation date.

If however, you requested dollar cost averaging, then on the reallocation date, we will reallocate the cash value either to the fixed account, the Transamerica AEGON Money Market VP subaccount or the Transamerica JPMorgan Core Bond VP subaccount (depending on which account or subaccount you selected on your application).

Please Note: For states that do not require a full refund of the initial premium, the reallocation date is the same as the Policy date. On the Policy date, we will allocate your initial net premium, minus monthly deductions, to the fixed account and the subaccounts in accordance with the instructions you gave us on your application.

PREMIUM FLEXIBILITY

You generally have flexibility to determine the frequency and the amount of the premiums you pay. Before we issue the Policy to you, we may require you to pay a premium at least equal to a minimum monthly guarantee premium set forth in your Policy. Thereafter (subject to the limitations described below), you may make premium payments at any time and in any amount over $50. Under some circumstances, you may be required to pay extra premiums to prevent a lapse. Your minimum monthly guarantee premium may change if you request a change in your Policy. If this happens, we will notify you of the new minimum monthly guarantee premium. See “Minimum Monthly Guarantee Premium” below.

PLANNED PERIODIC PAYMENTS

You will determine a planned periodic payment schedule, which allows you to pay level premiums at fixed intervals over a specified period of time. You are not required to pay premiums according to this schedule. You may change the amount, frequency, and the time period over which you make your planned periodic payments. Please be sure to notify us or your selling firm of any address changes so that we may be able to keep your current address on record.

Even if you make your planned periodic payments on schedule, your Policy still may lapse. The duration of your Policy depends on the Policy’s net surrender value. If the net surrender value is not high enough to pay the monthly deductions when due (and your no lapse period has expired) then your Policy will lapse (unless you make the payment we specify during the 61-day grace period).

MINIMUM MONTHLY GUARANTEE PREMIUM (BASE AND FOCUS POLICIES)

The full initial premium is the only premium you are required to pay under the Policy. However, you greatly increase your risk of lapse if you fail to regularly pay premiums at least as large as the current minimum monthly guarantee premium.

The initial minimum monthly guarantee premium is shown on your Policy’s schedule page, and depends on a number of factors, including the age, gender, rate class of the insured, specified amount requested, and your Policy’s applicable C.S.O. Table. We will adjust the minimum monthly guarantee premium if you change death benefit options, increase or decrease the specified amount (including specified amount increases generated by the Inflation Fighter Rider), or if any of the riders are added, or if in force riders are increased or decreased. We will notify you of the new minimum monthly guarantee premium. We also reserve the right to require, before we issue a Policy, that the initial premium plus the planned premium payable during the no lapse period is at least equal to the cumulative minimum monthly guarantee premiums during the no lapse period.

NO LAPSE GUARANTEE PERIOD

As noted above, until the no lapse date shown on your Policy schedule page, or as described in the section of this prospectus entitled “Extension of No Lapse Guarantee Period” your Policy will remain in force and no grace period will begin, even if your net surrender value is too low to pay the monthly deductions, as long as the total amount of the premiums you have paid (minus any cash withdrawals, minus any outstanding loan amount, minus any accrued interest and minus any decrease charge) equals or exceeds the sum of the minimum monthly guarantee premiums in effect for each month from the Policy date up to and including the current month. (Your initial minimum monthly guarantee premium is shown on your Policy schedule page. You may obtain information about your minimum monthly guarantee premium and assistance to determine the amount of premiums you must pay to keep your Policy in force by contacting our administrative office.)

After the no lapse guarantee period ends, paying the current minimum monthly guarantee premium each month will not necessarily keep your Policy in force. You may need to pay additional premiums to keep the Policy in force.

For a Base Policy issued to any insured 0-55, the no lapse date is the same date as the Policy’s 10^th anniversary. For a Base Policy issued to an insured ages 56-60, the no lapse date is the Policy anniversary at the insured’s attained age 65. For a Base Policy issued to an insured ages 61-85, the no lapse date is the fifth Policy anniversary. The no lapse date is specified in your Policy.

A Focus Policy will have a minimum no lapse period. For a Policy issued to an insured ages 0-56, the no lapse date is the same date as the Policy’s eighth anniversary. For a Policy issued to an insured ages 57-60, the no lapse date is the Policy anniversary at the insured’s attained age 64. For a Policy issued to an insured ages 61-85, the no lapse date is the fourth Policy anniversary. The lapse date is specified in your Policy. Note: If your Base or Focus Policy was applied for before October 30, 2008 and issued before January 1, 2009, the no lapse date for all Policies that were in force on May 1, 2009, with a no lapse date indicated on the policy schedule page in 2006, 2007, 2008, 2009, 2010 or 2011, has been automatically extended to the Policy anniversary in 2012. The minimum monthly guarantee premium will not be changed, but if a cash withdrawal or a loan has been taken, or if requested in the future, additional minimum premiums may need to be paid to maintain the No Lapse guarantee. If an affected Policy lapses and is reinstated before January 1, 2012, the extended No Lapse date will remain in effect.

For the Exec Policy, the minimum no lapse period is not available (see “Your Policy – Exec Policy”).

PREMIUM LIMITATIONS

We may require premium payments to be at least $50 ($1,000 if by wire). We may return premiums less than the minimum. We will not allow you to make any premium payments that would cause the total amount of the premiums you pay to exceed the current maximum premium limitation, if applicable, by which the Policy qualifies as life insurance under federal tax laws. (See “Death Benefit” for more information regarding the guideline premium test.)

This maximum is set forth in your Policy. If you make a payment that would cause your total premiums to be greater than the maximum premium limitations, we will return the excess portion of the premium payment within 60 days after the end of that Policy year. In addition, we reserve the right to refund a premium or require evidence of insurability if the premium would increase the death benefit by more than the amount of the premium. If you choose the guideline premium test there are additional premium limitations. We will not accept a payment that will cause the Policy to become a modified endowment contract without your consent.

MAKING PREMIUM PAYMENTS

We will deduct certain charges from your premium payments. We will accept premium payments by wire transfer. If you wish to make payments by wire transfer, you should contact our administrative office at 1-800-851-9777 for instructions on wiring federal funds to us.

Tax Free Exchanges (“1035 Exchanges”). We will accept a part of or all of your additional premiums from one or more contracts insuring the same insured that qualify for tax free exchanges under Section 1035 of the Internal Revenue Code. If you contemplate such an exchange, you should consult a competent tax advisor to learn the potential tax effects of such a transaction.

Subject to our underwriting requirements, we will permit you to make one additional cash payment within three business days of receipt at our office of the proceeds from the 1035 Exchange before we finalize your Policy’s specified amount.

Please Note: We may hold premium payments in a non-interest bearing account for up to 14 days if applying the premium payment would cause the Policy to violate Internal Revenue Code Section 7702 or other provisions of the Internal Revenue Code. Please refer to the section of this prospectus entitled “Federal Income Tax Considerations” for more information regarding tax considerations regarding your Policy or consult a qualified tax advisor.

TRANSFERS

GENERAL

You or your registered representative of record may make transfers among the subaccounts or from the subaccounts to the fixed account. You will be bound by any transfers made by your authorized registered representative. We determine the amount you have available for transfers at the end of the valuation period when we receive your transfer request. We may, at any time, discontinue transfer privileges, modify our procedures, or limit the number of transfers we permit. The following features apply to transfers under the Policy:

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Your Policy may be limited to a cumulative transfer out of the fixed account each Policy year of the greater of 25% of the amount in the fixed account, or the amount transferred out of the fixed account in the previous Policy year.

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Currently we do not, but reserve the right to, limit the amount of and the number of transfers out of the fixed account to one per Policy year. If we modify or stop our current practices, we will notify you at the time of your transfer.

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Unless otherwise required by state law, we may restrict transfers to the fixed account, if the fixed account value, excluding amounts in the loan reserve account, following the transfer would exceed $250,000. This restriction does not apply to any transfer to the fixed account necessary in the exercise of conversion rights.

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You may request transfers in writing to our mailing address (in a form we accept), or by fax or by telephone to our administrative office, or electronically through our website (www.westernreserve.com). Please Note: Certain subaccounts have similar names. It is important that you state or write the full name of the subaccount when making a transfer request to ensure that any transfer request that you submit is in good order.

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There is no minimum amount that must be transferred.

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There is no minimum amount that must remain in a subaccount after a transfer.

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Except as listed below, we may deduct a $25 charge from the amount transferred for each transfer in excess of 12 transfers in a Policy year.

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We consider all transfers made in any one day to be a single transfer.

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Transfers resulting from loans or the exercise of conversion rights, or due to reallocation of cash value immediately after the reallocation date, are currently not treated as transfers for the purpose of assessing the transfer charge.

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Transfers via the Internet are not treated as transfers for the purpose of assessing the transfer charge.

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Transfers among the ProFunds and/or Access Trust subaccounts are not treated as transfers for the purpose of assessing the transfer charge.

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Transfers under dollar cost averaging and asset rebalancing currently are not treated as transfers for the purpose of assessing the transfer charge.

We will process any transfer order that is received, in good order, in writing at our mailing address, or by fax or telephone at our administrative office before the NYSE closes (usually 4:00 p.m. Eastern time) using the subaccount unit value determined at the end of that session of the NYSE. If we receive the transfer order after the NYSE closes or on a day the NYSE is closed for trading, we will process the order using the subaccount unit value determined at the close of the next regular business session of the NYSE.

DISRUPTIVE TRADING AND MARKET TIMING

The market timing policy and the related procedures (discussed below) do not apply to the ProFunds or Access Trust subaccounts because the corresponding portfolios are specifically designed to accommodate frequent transfer activity. If you invest in the ProFunds or Access Trust subaccounts, you should be aware that you may bear the costs and increased risks of frequent transfers discussed below.

Statement of Policy. This variable insurance Policy was not designed for the use of market timers or frequent or disruptive traders. Such transfers may be harmful to the underlying fund portfolios and increase transaction costs.

Market timing and disruptive trading among the subaccounts or between the subaccounts and the fixed account can cause risks with adverse effects for other policyowners (and beneficiaries and underlying fund portfolios). These risks and harmful effects include:

Dilution of the interests of long-term investors in a subaccount if purchases or transfers into or out of an underlying fund portfolio are made at prices that do not reflect an accurate value for the underlying fund portfolio’s investments (some market timers attempt to do this through methods known as “time-zone arbitrage” and “liquidity arbitrage”).

An adverse effect on portfolio management, such as:

(a)

Impeding a portfolio manager’s ability to sustain an investment objective.

(b)

Causing the underlying fund portfolio to maintain a higher level of cash than would otherwise be the case.

(c)

Causing an underlying fund portfolio to liquidate investments prematurely (or otherwise at an inopportune time) in order to pay withdrawals or transfers out of the underlying fund portfolio;

Increased brokerage and administrative expenses.

These costs are borne by all policyowners invested in those subaccounts, not just those making the transfers.

We have developed policies and procedures with respect to market timing and disruptive trading (which vary for certain subaccounts at the request of the underlying fund portfolios) and we do not make special arrangements or grant exceptions to accommodate market timing or other potentially disruptive or harmful trading. As discussed herein, we cannot detect or deter all market timing or potentially disruptive trading. Do not invest with us if you intend to conduct market timing or potentially disruptive trading.

Detection. We employ various means in an attempt to detect and deter market timing and disruptive trading. However, despite our monitoring we may not be able to detect nor halt all harmful trading. In addition, because other insurance companies (and retirement plans) with different policies and procedures may invest in the underlying fund portfolios, we cannot guarantee that all harmful trading will be detected, or that an underlying fund portfolio will not suffer from market timing and disruptive trading among subaccounts of variable products issued by these other insurance companies or retirement plans.

Deterrence. If we determine you are engaged in market timing or disruptive trading, we may take one or more actions in an attempt to halt such trading. Your ability to make transfers is subject to modification or restriction if we determine, in our sole opinion, that your exercise of the transfer privilege may disadvantage or potentially harm the rights or interests of other policyowners (or others having an interest in the variable insurance products). As described below, restrictions may take various forms, but under our current policies and procedures will include loss of expedited transfer privileges. We consider transfers by telephone, fax, overnight mail, or the Internet to be “expedited” transfers. This means that we would accept only written transfer requests with an original signature transmitted to us only by standard United States Postal Service First Class mail. We may also restrict the transfer privileges of others acting on your behalf, including your registered representative or an asset allocation or investment advisory service.

We reserve the right to reject any premium payment or transfer request from any person without prior notice, if, in our judgment, (1) the payment or transfer, or series of transfers, would have a negative impact on an underlying fund portfolio’s operations; or (2) if an underlying fund portfolio would reject or has rejected our purchase order or has instructed us not to allow that purchase or transfer; or (3) because of a history of market timing or disruptive trading. We may impose other restrictions on transfers, or even prohibit transfers for any owner who, in our view, has abused, or appears likely to abuse, the transfer privilege on a case-by-case basis. We may, at any time and without prior notice, discontinue transfer privileges, modify our procedures, impose holding period requirements or limit the number, size, frequency, manner, or timing of transfers we permit. We also reserve the right to reverse a potentially harmful transfer if an underlying fund portfolio refuses or reverses our order; in such instances some policyowners may be treated differently than others in that some transfers may be reversed and others allowed. For all of these purposes, we may aggregate two or more variable insurance products that we believe are connected. Please note: If you engage a third party investment advisor for asset allocation services, then you may be subject to these transfer restrictions because of the actions of your investment advisor in providing those services.

In addition, transfers for multiple policies invested in the Transamerica Series Trust underlying fund portfolios which are submitted together may be disruptive at certain levels. At the present time, such aggregated transactions likely will not cause disruption if less than one million dollars total is being transferred with respect to any one underlying fund portfolio (a smaller amount may apply to smaller portfolios). Please note that transfers of less than one million dollars may be disruptive in some circumstances and this general amount may change quickly.

In addition to our internal policies and procedures, we will administer your variable insurance product to comply with any applicable state, federal, and other regulatory requirements concerning transfers. We reserve the right to implement, administer, and charge you for any fee or restriction, including redemption fees, imposed by any underlying fund portfolio. To the extent permitted by law, we also reserve the right to defer the transfer privilege at any time that we are unable to purchase or redeem shares of any of the underlying fund portfolios.

Under our current policies and procedures, we do not:

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Impose redemption fees on transfers.

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Expressly limit the number or size of transfers in a given period except for certain subaccounts where an underlying fund portfolio has advised us to prohibit certain transfers that exceed a certain size.

•

Provide a certain number of allowable transfers in a given period.

Redemption fees, transfer limits, and other procedures or restrictions may be more or less successful than ours in deterring market timing or other disruptive trading and in preventing or limiting harm from such trading.

In the absence of a defensive transfer restriction (e.g., expressly limiting the number of trades within a given period or their size), it is likely that some level of market timing and disruptive trading will occur before it is detected and steps taken to deter it (although some level of market timing and disruptive trading can occur with a defensive transfer restriction). As noted above, we do not impose a defensive transfer restriction and, therefore, it is likely that, some level of market timing and disruptive trading will occur before we are able to detect it and take steps in an attempt to deter it.

Please Note: The limits and restrictions described herein are subject to our ability to monitor transfer activity. Our ability to detect market timing or other disruptive trading may be limited by operational and technological systems, as well as by our ability to predict strategies employed by policyowners (or those acting on their behalf) to avoid detection. As a result, despite our efforts to prevent harmful trading activity among the variable investment options available under this variable insurance product, there is no assurance that we will be able to deter or detect market timing or disruptive trading by such policyowners or intermediaries acting on their behalf. Moreover, our ability to discourage and restrict market timing or disruptive trading may be limited by decisions of state regulatory bodies and court orders which we cannot predict.

Furthermore, we may revise our policies and procedures in our sole discretion at any time and without prior notice, as we deem necessary or appropriate: (1) to better detect and deter market timing or other harmful trading that may adversely affect other policyowners, other persons with material rights under the variable insurance products, or underlying fund shareholders generally; (2) to comply with state or federal regulatory requirements; or (3) to impose additional or alternative restrictions on owners engaging in market timing or disruptive trading among the investment options under the variable insurance product. In addition, we may not honor transfer requests if any variable investment option that would be affected by the transfer is unable to purchase or redeem shares of its corresponding underlying fund portfolio.

Underlying Fund Portfolio Frequent Trading Policies. The underlying fund portfolios may have adopted their own policies and procedures with respect to frequent purchases and redemptions of their respective shares. Underlying fund portfolios may, for example, assess a redemption fee (which we reserve the right to collect) on shares held for a relatively short period of time. The prospectuses for the underlying fund portfolios describe any such policies and procedures. The frequent trading policies and procedures of an underlying fund portfolio may be different, and more or less restrictive, than the frequent trading policies and procedures of other underlying fund portfolios and the policies and procedures we have adopted for our variable insurance products to discourage market timing and disruptive trading. Policyowners should be aware that we may not have the contractual ability or the operational capacity to monitor policyowners’ transfer requests and apply the frequent trading policies and procedures of the respective underlying funds that would be affected by the transfers. Accordingly, policyowners and other persons who have material rights under our variable insurance products should assume that any protection they may have against potential harm from market timing and disruptive trading is the protection, if any, provided by the policies and procedures we have adopted for our variable insurance products to discourage market timing and disruptive trading in certain subaccounts.

You should be aware that, as required by SEC regulation, we have entered into a written agreement with each underlying fund or principal underwriter that obligates us to provide the fund, upon written request, with information about you and your trading activities in the fund’s portfolios. In addition, we are obligated to execute instructions from the funds that may require us to restrict or prohibit your investment in a specific portfolio if the fund identifies you as violating the frequent trading policies that the fund has established for that portfolio.

If we receive a premium payment from you that you allocate into a fund that has directed us to restrict or prohibit your trades into the fund, then we will request new allocation instructions from you. If we receive from you a transfer request into a fund that has directed us to restrict or prohibit your trades, then we will not effect the transfer.

Omnibus Order. Policyowners and other persons with material rights under the variable insurance products also should be aware that the purchase and redemption orders received by the underlying fund portfolios generally are “omnibus” orders from intermediaries such as retirement plans and separate accounts funding variable insurance products. The omnibus orders reflect the aggregation and netting of multiple orders from individual retirement plan participants and individual owners of variable insurance products. The omnibus nature of these orders may limit the underlying fund portfolios’ ability to apply their respective frequent trading policies and procedures. We cannot guarantee that the underlying fund portfolios will not be harmed by transfer activity relating to the retirement plans or other insurance companies that may invest in the underlying fund portfolios. These other insurance companies are responsible for their own policies and procedures regarding frequent transfer activity. If their policies and procedures fail to successfully discourage harmful transfer activity, it will affect other owners of underlying fund portfolio shares, as well as the owners of all of the variable annuity or life insurance policies, including ours, whose variable investment options correspond to the affected underlying fund portfolios. In addition, if an underlying fund portfolio believes that an omnibus order we submit may reflect one or more transfer requests from owners engaged in market timing and disruptive trading, the underlying fund portfolio may reject the entire omnibus order and thereby delay or prevent us from implementing your request.

ProFunds and Access Trust Subaccounts. Because the above restrictions do not apply to the ProFunds or Access Trust subaccounts, they may have a greater risk than others of suffering from the harmful effects of market timing and disruptive trading, as discussed above (i.e., dilution, an adverse effect on portfolio management and increased expenses).

TELEPHONE, FAX AND ONLINE PRIVILEGES

Telephone transfer privileges will automatically apply to your Policy unless you provide other instructions. The telephone transfer privileges allow you to give authority to the registered representative of record for your Policy to make telephone transfers and to change the allocation of future payments among the subaccounts and the fixed account on your behalf according to your instructions. To make a telephone transfer, you may call us at our administrative office at 1-800-851-9777, Monday - Friday, between the hours of 8:30 a.m. - 7:00 p.m. Eastern time, or fax your instructions to our subaccount transfer fax number 1-727-299-1648 (for all other fax requests, please use 1-727-299-1620). You also may request transfers electronically through our website, www.westernreserve.com. Please Note: Certain subaccounts have similar names. When providing your allocation instructions, please state or write the full name of the subaccount that you select for your allocation to ensure that those allocation instructions are in good order.

Please note the following regarding telephone, Internet or fax transfers:

•

We will employ reasonable procedures to confirm that instructions are genuine.

•

If we follow these procedures, we are not liable for any loss, damage, cost or expense from complying with instructions we reasonably believe to be authentic. You bear the risk of any such loss.

•

If we do not employ reasonable confirmation procedures, we may be liable for losses due to unauthorized or fraudulent instructions.

•

Such procedures may include requiring forms of personal identification prior to acting upon telephone instructions, providing written confirmation of transactions to owners, and/or tape recording telephone instructions received from owners.

•

We may also require that you send us the telephone, Internet or fax transfer order in writing.

•

If you do not want the ability to make telephone or Internet transfers, you should notify us in writing at our mailing address or through our fax number (1-727-299-1620).

•

We will not be responsible for same-day processing of transfers if the transfer order is faxed to a number other than 1-727-299-1648 or 1-727-299-1620.

•

We will not be responsible for any transmittal problems when you fax us your order unless you report it to us within five business days and send us proof of your fax transmittal. We may discontinue this option at any time.

We cannot guarantee that telephone and faxed transactions will always be available. For example, our offices may be closed during severe weather emergencies or there may be interruptions in telephone or fax service beyond our control. If the volume of calls is unusually high, we might not have someone immediately available to receive your order at our administrative office. Although we have taken precautions to help our systems handle heavy use, we cannot promise complete reliability under all circumstances.

Similarly, online transactions processed via the Internet may not always be possible. Telephone and computer systems, whether yours, your Internet service provider’s, your registered representative’s or Western Reserve’s, can experience outages or slowdowns for a variety of reasons. These outages or slowdowns may prevent or delay our receipt of your request. If you are experiencing problems, you should make your request or inquiry in writing.

You should protect your personal identification number (“PIN”) and your user ID and password because self-service options will be available to your agent of record and to anyone who provides your identifying information. We will not be able to verify that the person using your PIN on the automated phone line or providing instructions online is you or one authorized by you.

FIXED ACCOUNT TRANSFERS

Currently, we do not, but reserve the right to, limit the number of transfers out of the fixed account to one per Policy year. If we change this, we will notify you at the time of your transfer.

We reserve the right to limit the maximum amount you may transfer from the fixed account to the greater of:

•

25% of the amount in the fixed account; or

•

The amount you transferred from the fixed account in the immediately preceding Policy year.

These restrictions do not apply if you have selected dollar cost averaging. However, the transfer may not be greater than the unloaned portion of the fixed account on that date.

We will make the transfer at the end of the valuation date on which we receive the request in good order, at our administrative office (for telephonic and facsimile transactions) at our mailing address (for written correspondence), or electronically through our website. We reserve the right to require that you make the transfer request in writing and that we receive the written transfer request no later than 30 days after a Policy anniversary. Unless otherwise required by state law, we may restrict transfers to the fixed account, if the fixed account value, excluding amounts in the loan reserve, following the transfer would exceed $250,000. (This restriction does not apply to any transfer to the fixed account necessary in the exercise of conversion rights.)

Except when used to pay premiums, we may also defer payment of any amounts from the fixed account for no longer than six months after we receive such written notice.

New Jersey: If your Policy was issued in the State of New Jersey, the fixed account is not available to you as an investment option. You may not direct or transfer any money to the fixed account.

CONVERSION RIGHTS

If, within 24 months of your Policy date, you transfer all of your subaccount values to the fixed account, then we will not charge you a transfer fee, even if applicable. You must make your request in writing, in good order, to our mailing address.

In the event of a material change in the investment policy of any portfolio, you may transfer the subaccount value of that portfolio to the fixed account without a transfer charge. We must receive your request to transfer all subaccount values to the fixed account in good order within 60 days after the effective date of the change of investment policy or the date you receive notification of such change, whichever is later.

DOLLAR COST AVERAGING

Dollar cost averaging is an investment strategy designed to reduce the average purchase price per unit. The strategy spreads the allocation of your premium into the subaccounts over a period of time. This potentially allows you to reduce the risk of investing most of your premium into the subaccounts at a time when prices are high. The success of this strategy is not assured and depends on market trends. You should consider carefully your financial ability to continue the program over a long enough period of time to purchase units when their value is low as well as when it is high. We make no guarantee that dollar cost averaging will result in a profit or protect you against loss.

Under dollar cost averaging, we automatically transfer a set dollar amount from either the Transamerica AEGON Money Market VP subaccount or the Transamerica JPMorgan Core Bond VP subaccount, or the fixed account, to a subaccount that you choose. We will make the transfers monthly as of the end of the valuation date after the first Monthiversary after the reallocation date. We will make the first transfer in the month after we receive your request at our mailing address, provided that we receive the form by the 25^th day of the month. Note: As stated on your dollar cost averaging form the date that you select cannot be the 29^th, 30^th or 31^st of the month. Please note: Because of allocation restrictions that apply during the first Policy year under the Focus Policy, owners of the Focus Policy cannot elect to participate in the dollar cost averaging program until after the first Policy year if they wish to receive a lower monthly per unit charge for the period during which that charge applies.


To start dollar cost averaging:		• You must submit to us in good order, in writing to our mailing address (or by facsimile to our administrative office) a completed form signed by the owner requesting dollar cost averaging.

		• You may be required to have at least $5,000 in each subaccount or the fixed account from which we will make transfers.

		• Your total transfers each month under dollar cost averaging may be limited to a minimum of $100.

You may request dollar cost averaging at any time. There is no charge for dollar cost averaging.


Dollar cost averaging will terminate if any of the following occur:		• We receive at our mailing address, or by telephone or facsimile, a request, in good order, to discontinue participation from you, your registered representative or your agent of record.

		• The value in the accounts from which we make the transfers is depleted.

		• You elect to participate in the asset rebalancing program.

		• You elect to participate in any asset allocation services provided by a third party.

If you terminate your participation in the dollar cost averaging program, we will stop making dollar cost averaging transfers without a new completed dollar cost averaging request form, signed by the owner. We may modify, suspend, or discontinue dollar cost averaging at any time.

ASSET REBALANCING PROGRAM

We also offer an asset rebalancing program under which you may transfer amounts periodically to maintain a particular percentage allocation among the subaccounts you have selected. Asset rebalancing is not available with the fixed account. Cash value allocated to each subaccount will grow or decline in value at different rates. The asset rebalancing program automatically reallocates the cash value in the subaccounts at the end of each period to match your Policy’s currently effective premium allocation schedule. Cash value in the fixed account and the dollar cost averaging program is not available for this program. This program does not guarantee gains. A subaccount may still have losses.

You may elect asset rebalancing to occur on a monthly, quarterly, semi-annual or annual basis. Once we receive the asset rebalancing request form, in good order, at our mailing address (or facsimile at our administrative office), we will change your premium allocation instructions to match your asset rebalancing instructions, and we will implement the asset rebalancing program on the date you indicated. If you do not indicate a specific date, we will use the date of that when we receive the form. We will credit the amounts transferred at the unit value next determined on the dates the transfers are made. If a day on which rebalancing would ordinarily occur falls on a day on which the NYSE is closed, rebalancing will occur on the next day that the NYSE is open.


To start asset rebalancing:		• You must submit to us, in good order, in writing to our mailing address (or by facsimile to our administrative office) a completed asset rebalancing request form signed by the owner.

		• You may be required to have a minimum cash value of $5,000 or make a $5,000 initial premium payment.

There is no charge for the asset rebalancing program.


Asset rebalancing will cease if:		• You elect to participate in the dollar cost averaging program.

		• We receive, in good order, at our mailing address or by facsimile a request to discontinue participation from you, your registered representative or your agent of record.

		• You make any transfer to or from any subaccount other than under a scheduled rebalancing.

		• You elect to participate in any asset allocation services provided by a third party.

You may start and stop participation in the asset rebalancing program at any time, but we restrict your right to re-enter the program to once each Policy year. If you wish to resume the asset rebalancing program, you must complete a new request form. We may modify, suspend, or discontinue the asset rebalancing program at any time.

Please Note: The asset rebalancing program operates the same way for all of the Policies. To receive a lower monthly per unit charge for the period during which that charge applies, a Focus Policy owner must submit an asset rebalancing request that follows the specific allocation restrictions applicable under the Focus Policy—i.e., a Focus Policy owner must request that the mandated percentage allocations in the designated investment subaccounts be maintained during the first Policy year. To change the investment subaccounts or to modify the percentage allocations in subsequent Policy years, a Focus Policy owner must re-enter the asset balancing program by completing and submitting a new asset rebalancing request form.

THIRD PARTY ASSET ALLOCATION SERVICES

We do not offer any asset allocation programs or any investment models for use with your life insurance policy. You may authorize and engage your own investment advisor to manage your account. These investment advisors may be firms or persons who also are appointed by us, or whose affiliated broker-dealers are appointed by us, as authorized sellers of the Policies. Even if this is the case, however, please note that the investment advisor you engage to provide advice and/or make transfers for you is not acting on our behalf, but rather is acting on your behalf. We do not offer advice about how to allocate your cash value under any circumstance. We are not responsible for any recommendations such investment advisors make, any investment models or asset allocation programs they choose to follow, or any specific transfers they make on your behalf.

Any fee that is charged by your investment advisor is in addition to the fees and expenses that apply under your Policy. We are not a party to the agreement you have with your investment advisor. You will, however, receive confirmations of transactions that affect your Policy. Note: If you make withdrawals of cash value to pay advisory fees, then taxes may apply to any such withdrawals and tax penalties may be assessed on withdrawals made before you attain age 59¹⁄₂.

If your investment advisor has also acted as your insurance agent with respect to the sale of your Policy, he or she may be receiving compensation for services provided both as an insurance agent and investment advisor. Alternatively, the investment advisor may compensate the registered representative from whom you purchased your Policy for the referral that led you to enter into your investment advisory relationship with the investment advisor. If you are interested in the details about the compensation that your investment advisor and/or your registered representative receive in connection with your Policy, you should ask them for more details.

We, or an affiliate of ours, will process the financial transactions placed by your registered representative or investment advisor. We reserve the right to discontinue doing so at any time and for any reason. We may require insurance agents or investment advisors, who are authorized by multiple policyowners to make financial transactions, to enter into an administrative agreement with Western Reserve as a condition of our accepting transactions on your behalf. The administrative agreement may impose limitations on the insurance agent’s or investment advisor’s ability to request financial transactions on your behalf. These limitations, which are discussed in the section above entitled “Transfers – Disruptive Trading and Market Timing,” are intended to (i) minimize the detrimental impact of an investment professional who is in a position to transfer large amounts of money for multiple clients in a particular portfolio or type of portfolio, or (ii) to comply with specific restrictions or limitations imposed by a portfolio(s) of Western Reserve.

Note: Limitations that we may impose on your registered representative or investment advisor under the terms of the administrative agreement do not apply to financial transactions requested by an owner on the owner’s own behalf, except as otherwise described in this prospectus.

Any third party asset allocation service may be terminated at any time by the owner or by the Third Party Service by sending written instruction to our mailing address.

POLICY VALUES

CASH VALUE

The cash value in your Policy:

• Is determined on the Policy date and on each valuation date.

• Equals the sum of all amounts invested in each subaccount and the fixed account, including any amounts held in the loan reserve account (part of the fixed account) to secure any outstanding Policy loan.

• Serves as the starting point for calculating values under a Policy.

• Varies from day to day, depending on the investment experience of the subaccounts you choose, the interest credited to the fixed account, the charges deducted and any other Policy transactions (such as additional premium payments, transfers, withdrawals and Policy loans).

• Has no guaranteed minimum amount and may be more or less than premiums paid.

NET SURRENDER VALUE

The net surrender value is the amount we pay when you surrender your Policy while it is in force. We determine the net surrender value at the end of the valuation period when we receive your written surrender request, in good order, at our mailing address. You may also fax your requests to 727-299-1620.


Net surrender value on any valuation date equals:		• The cash value as of such date; minus

		• Any surrender charge as of such date; minus

		• Any outstanding Policy loan amount; minus

		• Any accrued Policy loan interest; minus
		• Any withdrawals.

SUBACCOUNT VALUE

The cash value in a subaccount is referred to as “subaccount value.” At the end of any valuation period, the subaccount value is equal to the number of units that the Policy has in the subaccount, multiplied by the unit value of that subaccount.


The number of units in any subaccount on any valuation date equals:		• The initial units purchased at unit value on the Policy date, or reallocation date, if different; plus

		• Units purchased with additional net premium(s); plus

		• Units purchased through transfers from another subaccount or the fixed account; minus

		• Units redeemed to pay for monthly deductions; minus

		• Units redeemed to pay for cash withdrawals; minus

		• Units redeemed as part of a transfer to another subaccount, the loan reserve account or the fixed account; minus

		• Units redeemed to pay for a decrease charge because of any specified amount decreases; minus

		• Units redeemed to pay cash withdrawal charges and transfer charges.

Every time you allocate, transfer or withdraw money to or from a subaccount, we convert that dollar amount into units. We determine the number of units we credit to, or subtract from, your Policy by dividing the dollar amount of the allocation, transfer or cash withdrawal by the unit value for that subaccount next determined at the end of the valuation period on which the premium allocation, transfer request or cash withdrawal request is received; (i) at our mailing address (for written requests and payments by check); (ii) at our administrative office (for requests by fax or telephone or for payments made through electronic credit and debit transactions); or (iii) electronically through our website.

SUBACCOUNT UNIT VALUE

The value (or price) of each subaccount unit will reflect the investment performance of the portfolio in which the subaccount invests. Unit values will vary among subaccounts. The unit value at the inception of each class of units of each subaccount was originally established at $10 per unit. The unit value may increase or decrease from one valuation period to the next.


The unit value of any subaccount at the end of a valuation period is calculated as:		• The total value of the portfolio shares held in the subaccount, including the value of any dividends or capital gains distribution declared and reinvested by the portfolio during the valuation period. This value is determined by multiplying the number of portfolio shares owned by the subaccount by the portfolio’s net asset value per share determined at the end of the valuation period; minus

		• A charge equal to the daily net assets of the subaccount multiplied by the daily equivalent of the mortality and expense risk charge; minus

		• Any withdrawals; minus

		• The accrued amount of reserve for any taxes or other economic burden resulting from applying tax laws that we determine to be properly attributable to the subaccount; and the result divided by

		• The number of outstanding units in the subaccount before the purchase or redemption of any units on that date.

The portfolio in which any subaccount invests will determine its net asset value per share once daily, as of the close of the regular business session of the NYSE (usually 4:00 p.m. Eastern time) except on customary national holidays on which the NYSE is closed, which coincides with the end of each valuation period.

FIXED ACCOUNT VALUE

On the Policy date, or the reallocation date, if different, the fixed account value is equal to the cash value allocated to the fixed account, less the first monthly deduction out of the fixed account.


The fixed account value at the end of any valuation period is equal to:		• The sum of net premium(s) allocated to the fixed account; plus

		• Any amounts transferred from a subaccount to the fixed account (including amounts transferred to the loan reserve account); plus

		• Total interest credited to the fixed account; minus

		• Amounts charged to pay for monthly deductions; minus

		• Amounts withdrawn or surrendered from the fixed account to pay for cash withdrawals or transfer or decrease charges; minus

		• Amounts transferred from the fixed account (including amounts transferred from the loan reserve account) to a subaccount.

DEATH BENEFIT

DEATH BENEFIT PROCEEDS

Provided that the Policy is in force, we will determine the amount of and pay the death benefit proceeds on an individual Policy upon receipt in good order at our administrative office of satisfactory proof of the insured’s death, plus written direction (from each eligible recipient, in good order, of death benefit proceeds) regarding distribution of the death benefit payment, and any other documents, forms and information we need. We may require that the Policy be returned. We will pay the death benefit proceeds to the primary beneficiary(ies), if living, or to a contingent beneficiary. If each beneficiary dies before the insured and there is no contingent beneficiary, we will pay the death benefit proceeds to the owner or the owner’s estate. We will pay the death benefit proceeds in a lump sum or under a payment option.


Death benefit proceeds equal:		• The amount determined based on the death benefit option you select (described below); minus

		• Any monthly deductions due during the grace period (if applicable); minus


		• Any outstanding loan amount and accrued loan interest; plus

		• Any additional insurance in force provided by rider.

We may further adjust the amount of the death benefit proceeds if we contest the Policy or if you misstate the insured’s age or gender.

DEATH BENEFIT

Your Policy provides a death benefit. The death benefit is determined at the end of the valuation period in which the insured dies. You must select one of the three death benefit options we offer in your application. If you do not choose a death benefit option in your application, the Option A death benefit option will automatically be in effect. No matter which death benefit option you choose, we guarantee that, as long as the Policy does not lapse, the death benefit will never be less than the specified amount on the date of the insured’s death minus any outstanding loan amount, including accrued interest. The Exec Policy offers only death benefit Option A or Option B.

The Policy is intended to qualify under Internal Revenue Code Section 7702 as a life insurance policy for federal tax purposes. The death benefit is intended to qualify for the federal income tax exclusion. The provisions of the Policy and any attached endorsement or rider will be interpreted to ensure such qualification, regardless of any language to the contrary.

To the extent the death benefit is increased to maintain qualification as a life insurance policy, we will make appropriate adjustments to any monthly deductions or supplemental benefits that are consistent with such an increase. We may deduct retroactive adjustments from the cash value or from any death benefits payable. Prospective adjustments will be reflected in the monthly deductions.

Under Section 7702 of the Internal Revenue Code, a Policy will generally be treated as life insurance for federal tax purposes if at all times it meets either a “guideline premium test (GLPT)” or a “cash value accumulation test (CVAT).” You must choose either the GLPT or the CVAT before the Policy is issued. Once the Policy is issued, you may not change to a different test. The death benefit will vary depending on which test is used.

The GLPT has two components, a premium limit component and a corridor component. The premium limit restricts the amount of premium that can be paid into the Policy. The corridor requires that the death benefit be at least a certain percentage (varying each year by age of the insured) of the cash value. The CVAT does not have a premium limit, but does have a corridor that requires that the death benefit be at least a certain percentage (varying based on the age, gender and underwriting class of the insured) of the cash value, adjusted for certain riders.

The corridor under the CVAT is different from the corridor under the GLPT. Specifically, the CVAT corridor requires more death benefit in relation to cash value than is required by the GLPT corridor. Therefore, for a Policy in the corridor with no riders, as your cash value increases your death benefit will increase more rapidly under CVAT than it would under GLPT.

Your Policy will be issued using the GLPT unless you choose otherwise. In deciding whether or not to choose the CVAT, you should consider that the CVAT generally permits more premiums to be contributed to a Policy, but may require the Policy to have a higher death benefit, which may increase certain charges.

Option A

Under the Guideline Premium Test


Death Benefit equals the greatest of:		1. The specified amount; or.
Death Benefit equals the greatest of:		2. A specified percentage called the “limitation percentage,” as shown on your Policy’s schedule page, multiplied by the cash value on the primary insured’s date of death; or

		3. The amount required for the Policy to qualify as a life insurance policy under Section 7702 of the Internal Revenue Code.

Under Option A, your death benefit remains level unless the limitation percentage multiplied by the cash value is greater than the specified amount; then the death benefit will vary as the cash value varies.

The limitation percentage is the minimum percentage of cash value we must pay as the death benefit under federal tax requirements. It is based on the attained age of the insured at the beginning of each Policy year. The following table indicates the limitation percentages for the guideline premium test for different ages:


Attained Age		Limitation Percentage
40 and under		250%
41 to 45		250% minus 7% for each age over age 40
46 to 50		215% minus 6% for each age over age 45
51 to 55		185% minus 7% for each age over age 50
56 to 60		150% minus 4% for each age over age 55
61 to 65		130% minus 2% for each age over age 60
66 to 70		120% minus 1% for each age over age 65
71 to 75		115% minus 2% for each age over age 70
76 to 90		105%
91 to 95		105% minus 1% for each age over age 90
96 to 99		100%
100 and older		101%

If the federal tax code requires us to determine the death benefit by reference to these limitation percentages, the Policy is described as “in the corridor.” An increase in the cash value will increase our risk, and we will increase the cost of insurance we deduct from the cash value.

Option A Guideline Premium Test Illustration. Assume that the insured’s attained age is under 40 and that there are no outstanding loans. Under Option A, a Policy with a $100,000 specified amount will generally pay $100,000 in death benefits. However, because the death benefit must be equal to or be greater than 250% of cash value, any time the cash value of the Policy exceeds $40,000, the death benefit will exceed the $100,000 specified amount. (The figure $40,000 is derived by solving for cash value in the following calculation: $100,000= 250% multiplied by cash value.) Each additional dollar added to the cash value above $40,000 will increase the death benefit by $2.50.

Similarly, as long as the cash value exceeds $40,000, each dollar taken out of the cash value will reduce the death benefit by $2.50. If at any time the cash value multiplied by the limitation percentage is less than the specified amount, then the death benefit will equal the specified amount of the Policy, reduced by the dollar value of any cash withdrawals.

Under the Cash Value Accumulation Test


Death Benefit equals the greatest of:		1. The specified amount; or

		2. A specified percentage called the “limitation percentage,” as shown on your Policy’s schedule page, multiplied by the difference of the cash value on the date of the primary insured’s death and any applicable net single premium for riders that are qualified additional benefits as shown on your Policy’s schedule page; or

		3. The amount required for the Policy to qualify as a life insurance policy under Section 7702 of the Internal Revenue Code.

Under Option A, your death benefit remains level unless the limitation percentage calculation above is greater than the specified amount; then the death benefit will vary as the cash value varies.

The limitation percentage and the net single premium for riders under the cash value accumulation test are calculated as specified under Section 7702. They are based on the insured’s gender, underwriting class, specified amount band, and attained age at the beginning of each Policy year and will differ depending on whether your Policy was issued under the 2001 or 1980 C.S.O. Tables.

If the federal tax code requires us to determine the death benefit by reference to these limitation percentages and net single premiums, the Policy is described as “in the corridor.” An increase in the cash value will increase our risk, and we will increase the cost of insurance we deduct from the cash value.

Option A Cash Value Accumulation Test Illustration. Assume that a Policy has no outstanding loans. Also assume that the Policy has a specified amount of $100,000, an Other Insured Rider with a face amount of $50,000 has been added to the Policy, the limitation percentage is 297%, and the net single premium for the rider is $14,850. Under Option A, a Policy with a $100,000 specified amount will generally pay $100,000 in death benefits. However, because the death benefit for the Policy, not including the Other Insured Rider, must be equal to or be greater than 297% of the difference of the cash value and the net single premium for riders, any time the cash value of the Policy exceeds $48,520, the death benefit of the Policy, not including the rider, will exceed the $100,000 specified amount. The figure of $48,520 is derived by solving for cash value in the calculation $100,000 = 297% multiplied by (cash value minus $14,850): 297% multiplied by ($48,520 – $14,850) = $100,000. Each additional dollar added to the cash value above $48,520 will increase the death benefit of the Policy, not including the rider, by $2.97.

Similarly, as long as the cash value exceeds $48,520, each dollar taken out of the cash value will reduce the death benefit of the Policy, not including the Other Insured Rider, by $2.97. If at any time the difference of the cash value and the net single premium for riders multiplied by the limitation percentage is less than the specified amount, the death benefit of the Policy, not including the Other Insured Rider, will equal the specified amount of the Policy.

Option B

Under the Guideline Premium Test


Death Benefit equals the greatest of:	1.	The specified amount, plus the cash value on the insured’s date of death; or

	2.	The limitation percentage, as shown on your Policy’s schedule page, multiplied by the cash value on the primary insured’s date of death; or.

	3.	The amount required for the Policy to qualify as a life insurance policy under Section 7702 of the Internal Revenue Code.

Under Option B, the death benefit always varies as the cash value varies.

Option B Guideline Premium Test Illustration. Assume that the insured’s attained age is under 40 and that there are no outstanding loans. Under Option B, a Policy with a specified amount of $100,000 will generally pay a death benefit of $100,000 plus cash value. Thus, a Policy with a cash value of $10,000 will have a death benefit of $110,000 ($100,000 + $10,000). The death benefit, however, must be at least 250% of cash value. As a result, if the cash value of the Policy exceeds $66,667, then the death benefit will be greater than the specified amount plus cash value. The figure of $66,667 is derived by solving for cash value in the calculation 250% multiplied by cash value = $100,000 plus cash value: 250% multiplied by $66,667 = $100,000 plus $66,667. Each additional dollar of cash value above $66,667 will increase the death benefit by $2.50.

Similarly, any time cash value exceeds $66,667, each dollar taken out of cash value will reduce the death benefit by $2.50. If at any time, cash value multiplied by the limitation percentage is less than the specified amount plus the cash value, then the death benefit will be the specified amount plus the cash value of the Policy.

Under the Cash Value Accumulation Test


Death Benefit equals the greatest of:	1.	The specified amount, plus the cash value on the primary insured’s date of death; or

	2.	A specified percentage called the “limitation percentage,” as shown on your Policy’s schedule page, multiplied by the difference between the cash value on the date of the primary insured’s death and any applicable net single premium for riders that are qualified additional benefits as shown on your Policy’s schedule page; or

	3.	The amount required for the Policy to qualify as a life insurance policy under Section 7702 of the Internal Revenue Code.

Under Option B, the death benefit always varies as the cash value varies.

Option B Cash Value Accumulation Test Illustration. Assume that the insured’s attained age is 40 and that there are no outstanding loans. Also assume that the Policy has a specified amount of $100,000, an Other Insured Rider with a face amount of $50,000 has been added to the Policy, the limitation percentage is 297%, and the net single premium for the rider is $14,850. Under Option B, a Policy with a specified amount of $100,000 will generally pay a death benefit of $100,000 plus cash value. Thus, a Policy with a cash value of $10,000 will have a death benefit of $110,000 ($100,000 + $10,000). The death benefit for the Policy, not including the rider, however, must be at least 297% of the difference of the cash value and the net single premium for riders. As a result, if the cash value of the Policy exceeds $73,149, then death benefit for the Policy, not including the rider, will be greater than the specified amount plus cash value. The figure of $73,149 is derived by solving for cash value in the calculation 297% multiplied by (cash value minus $14850) = $100,000 plus cash value: 297% of ($73,149 – $14,850) = $100,000 + $73,149. Each additional dollar of cash value above $73,149 will increase the death benefit of the Policy, not including the rider, by $2.97.

Similarly, any time cash value exceeds $73,149, each dollar taken out of cash value will reduce the death benefit of the Policy, not including the rider, by $2.97. If at any time, the difference of the cash value and the net single premium for riders multiplied by the limitation percentage is less than the specified amount plus the cash value, then the death benefit for the Policy, not including the rider, will be the specified amount plus the cash value of the Policy.

Option C


Death Benefit equals the greatest of: (not available for the Exec Policy)	1.	Death benefit Option A; or
	2.	The specified amount, multiplied by an age based “factor” equal to the lesser of:

		• 1.0; or

		• 0.04 multiplied by (95 minus insured’s attained age at death) (the “factor” will never be less than zero);

		Plus the cash value on the insured’s date of death; or.

	3.	The amount required for the Policy to qualify as a life insurance policy under Section 7702 of the Internal Revenue Code.

Under Option C, the death benefit varies with the cash value and the insured’s attained age. Because the death benefit under Option C is at least as large as that under Option A, the Code Section 7702 life insurance qualification compliance test used in calculating the Option A death benefit will be taken into account in the Option C death benefit.

Option C — Three Illustrations.

1. Assume that the insured is attained age 75 and that there are no outstanding loans. Under Option C, a Policy with a specified amount of $100,000 and with a cash value of $22,000 will have a death benefit of $102,000 ($100,000 x the minimum of (1.0 and (0.04 x (95-75))) + $22,000).

2. Assume that the insured is attained age 75 and that there are no outstanding loans. Under Option C, a Policy with a specified amount of $100,000 and with a cash value of $9,000 will have a death benefit equal to the specified amount of $100,000, since the calculation of $100,000 times the minimum of (1.0 and (0.04 x (95-75))) plus $9,000 is less than the specified amount.

3. Assume that the insured is under age 71 and that there are no outstanding loans. Under Option C, a Policy with a specified amount of $100,000 and a cash value of $10,000 will have a death benefit of $110,000, because through age 70 the minimum of (1.0 and (0.04 x (95-age))) is always 1.0. Until the insured attains age 71, the Option C death benefit is the same as the Option B death benefit.

Changes to Death Benefit Option

After the third Policy year, you can change your death benefit option, but no more frequently than once each Policy year. You must send a written request to our mailing address or fax your request to us at 1-727-299-1620. The change will take effect on the first Monthiversary on or next following the day we receive your request, in good order.

If you change from death benefit option A to death benefit option B, then your specified amount after that change will equal (a) the specified amount immediately before the change minus (b) your cash value on the date of the change. If you change from death benefit option B to death benefit option A, then your specified amount after that change will equal (a) the specified amount immediately before the change minus your cash value on the date of the change.

You cannot make a change to the death benefit option that would reduce the specified amount below the minimum amount shown on your Policy schedule page. Nor can you change the death benefit option after the insured attains age 95. Changing your Policy’s death benefit option may have tax consequences; you should consult a tax advisor before doing so.

Death Benefit After Age 100

If the Policy is still in force on the Policy anniversary on or following the insured’s 100^th birthday, the Policy will continue and the death benefit payable will continue to be calculated in accordance with the death benefit option and the life insurance compliance test then in effect.

Effect of Cash Withdrawals on the Death Benefit

If you choose Option A, or if you choose Option C (Base and Focus Policies) and the insured’s attained age is 71 or greater, then a cash withdrawal will reduce the specified amount by an amount equal to the amount of the cash withdrawal. We will not impose a decrease charge when the specified amount is decreased as a result of taking a cash withdrawal. Regardless of the death benefit option you choose, a cash withdrawal will reduce the death benefit by at least the amount of the withdrawal. For a description of the effect of cash withdrawals on the death benefit option that you select, please refer to the section entitled “Surrenders and Cash Withdrawals – Cash Withdrawal Conditions” in this prospectus.

Effect of Inflation Fighter Rider on the Death Benefit

Under the Base and Focus Policies, if you choose Option A, then you may add the Inflation Fighter Rider. Your Policy’s specified amount will automatically increase each year on the Policy anniversary until the 20^th Policy anniversary. If you change from Option A to either Option B or Option C, then the Inflation Fighter Rider will terminate and future scheduled increases in specified amount will automatically cease. Please note: Past increases to the specified amount under the Inflation Fighter Rider are retained. The Inflation Fighter Rider is not available under the Exec Policy.

CHOOSING DEATH BENEFIT OPTIONS

You must choose one death benefit option on your application. This is an important decision. The death benefit option you choose will have an impact on the dollar value of the death benefit, on your cash value, and on the amount of cost of insurance charges you pay. If you do not select a death benefit option on your application, then Option A will become the death benefit option for your Policy by default.

You may find Option A more suitable for you if your goal is to increase your cash value through positive investment experience. You may find Option B more suitable if your goal is to increase your total death benefit. You may find Option C (Base and Focus Policies) more suitable if your goal is to increase your total death benefit before you reach attained age 70, and to increase your cash value through positive investment experience thereafter.

INCREASING/DECREASING THE SPECIFIED AMOUNT

The specified amount can be increased at any time after the first Policy year and prior to your attained age 75, or decreased at any time after the third Policy year. No more than one change in the specified amount can occur each Policy year. An increase or decrease in the specified amount will affect your cost of insurance charge, monthly per unit charge, your guideline premium or cash value accumulation test amounts, your Modified Endowment Contract, your minimum monthly guarantee premium, and may affect your ability to maintain the no lapse period guarantee, and may have adverse federal tax consequences. Any charges associated with an increase or decrease in your specified amount will be based on the same C.S.O. Table that was in effect when your Policy was issued.

In addition, an increase or decrease in specified amount may move the Policy into a different specified amount band, so that your overall cost of insurance rate and monthly per unit charge will change. An increase in specified amount will be treated as an additional layer of coverage with its own monthly per unit charge, surrender charges and surrender charge period. If you increase your specified amount, you will receive notification of your new minimum monthly guarantee premium and surrender charge schedule. This also applies to increases generated by the Inflation Fighter Rider.

Any decrease shall reduce your specified amount in the additional layer of coverage created:

(a)

First by the most recent increase;

(b)

Followed by the next most recent increases successively; and

(c)

Followed by the amount specified in the original application.

You should consult a tax advisor before increasing or decreasing your Policy’s specified amount.


Conditions for and impact of decreasing the specified amount:		• You must send your written request to our mailing address or fax it to us at 1-727-299-1620.
		• Decreases are only allowed after the third Policy year.

		• You may not decrease your specified amount lower than the minimum specified amount - under band 1 for Base and Exec Policies and band 2 for Focus Policies - shown on your Policy schedule page.

		• You may not decrease your specified amount if it would disqualify your Policy as life insurance under the Internal Revenue Code.

		• Until the later of the end of the surrender charge period or the Policy anniversary on or following the insured’s 65^th birthday, we may limit the amount of decrease to no more than 20% of the then specified amount (for Exec Policy owners, we will also allow a one-time decrease of 50% at any point after the seventh Policy year).

		• A decrease in specified amount will take effect on the first Monthiversary on or next following the day we receive your written request, in good order, at our mailing address.

		• We will assess a decrease charge against the cash value if you request a decrease in your specified amount within the first 8 Policy years (or during the 8-year period subsequent to an increase in specified amount).

		• If a decrease to your Policy’s specified amount causes your specified amount band to change, then we will apply the cost of insurance rates and monthly per unit charge to the amounts in the new band as of the effective date of the decrease in specified amount.

		• A decrease in specified amount will cause a new minimum monthly guarantee premium to be calculated. The new minimum monthly guarantee premium is effective on the date of decrease.

Conditions for and impact of increasing the specified amount:		• We will accept requests for increases in specified amount on any Monthiversary before the insured’s 86^th birthday.

		• Your request, in good order, must be applied for on a supplemental application and must include evidence of insurability satisfactory to us.

		• A requested increase in specified amount requires our approval and will take effect on the Monthiversary on or after the day we approve your request.

		• We may require your requested increase in specified amount to be at least $10,000.

		• You may not decrease and increase your specified amount in the same Policy year.

		• If an increase (including specified amount increases generated by the Inflation Fighter Rider) to your Policy’s specified amount causes your specified amount band to change, then we will apply the cost of insurance rates and monthly per unit charge to the amounts in the new band as of the effective date of the increase in specified amount.

		• An increase in specified amount (including specified amount increases generated by the Inflation Fighter Rider) will cause a new minimum monthly guarantee premium to be calculated for the Base and Focus Policies. The new minimum monthly guarantee premium is effective on the date of increase.


		• Each increase in specified amount (including specified amount increases generated by the Inflation Fighter Rider) for the Base and Focus Policies will have its own surrender charge that applies for 8 years after the date of each increase. This charge may significantly reduce your net surrender value.

		• Requested increases in specified amount will not be subject to future automatic increases under the Inflation Fighter Rider. Past increases to the specified amount under the Inflation Fighter Rider are retained.

Payment Options

There are several ways of receiving proceeds under the death benefit and surrender provisions of the Policy, other than in a lump sum. These are described under “Settlement Options” in your Policy and in this prospectus.

SURRENDERS AND CASH WITHDRAWALS

SURRENDERS

You must make a written request to surrender your Policy for its net surrender value as calculated at the end of the valuation date on which we receive your request at our mailing address. You may also fax your request to our administrative office at 1-727-299-1620. We may require an original signature with your written request. Written requests to surrender a Policy that are received at our mailing address (or faxed to our administrative office) before the NYSE closes, are priced using the subaccount unit value determined at the close of that regular business session of the NYSE (usually 4:00 p.m. Eastern time). If we receive the written request at our mailing address or a fax request at our administrative office after the NYSE closes or on a day the NYSE is closed for trading, we will process the surrender request using the subaccount unit value determined at the close of the next regular business session of the NYSE. Please Note: All surrender requests must be submitted in good order to avoid a delay in processing your request.

The insured must be alive, and the Policy must be in force when you make your written request. A surrender is effective as of the date when we receive your written request, in good order, at our mailing address. You will incur a surrender charge if you surrender your Base Policy or Focus Policy during the first 8 Policy years (or during the 8-year period subsequent to an increase in specified amount, including specified amount increases generated by the Inflation Fighter Rider).

Once you surrender your Policy, all coverage and other benefits under it cease and cannot be reinstated. We will normally pay you the net surrender value in a lump sum (by check) within seven days or under a settlement option. A surrender may have tax consequences. For more information regarding tax consequences, please refer to the section entitled “Federal Income Tax Considerations.”

CASH WITHDRAWALS

After the first Policy year, you may request a cash withdrawal of a portion of your surrender value subject to certain conditions. All cash withdrawal requests must be submitted in good order to avoid a delay in processing your request.


Cash withdrawal conditions:		• You must send your written cash withdrawal request with an original signature, in good order, to our mailing address. If your withdrawal request is less than $500,000, then you may fax it to us at 1-727-299-1620.

		• After the first Policy year, we will allow one cash withdrawal per Policy year on Base and Focus policies. We allow twelve (12) cash withdrawals per Policy year after the first year for Exec Policies.

		• During the first 5 Policy years, the amount of the withdrawal may be limited to no less than $500 and to no more than 10% of the net surrender value. After the 5^th Policy year, the amount of a withdrawal may be limited to no less than $500 and to no more than the net surrender value, less $500.



		• You may not take a cash withdrawal if it will reduce the specified amount below the minimum specified amount set forth in the Policy.

		• You may specify the subaccount(s) and the fixed account from which to make the withdrawal. If you do not specify an account, we will take the withdrawal from each account in accordance with your current premium allocation instructions. If this is not possible, the withdrawn amount will be withdrawn pro-rata from all accounts.

		• We generally will pay a cash withdrawal request within seven days following the valuation date we receive the request, in good order, at our mailing address.

		• For the Base and Focus policies: We will deduct a processing fee equal to $25 or 2% of the amount you withdraw, whichever is less. We deduct this amount from the withdrawal, and we pay you the balance. There is no withdrawal charge for Exec Policies.

		• You may not take a cash withdrawal that would disqualify your Policy as life insurance under the Internal Revenue Code.

		• You will forfeit any future increases in specified amount generated by the Inflation Fighter Rider if you take a cash withdrawal.

		• A cash withdrawal may have tax consequences.

A cash withdrawal will reduce the cash value by the amount of the cash withdrawal, and, in most cases, will reduce the death benefit by at least the amount of the cash withdrawal. When death benefit Option A is in effect or when death benefit Option C (Base and Focus Policies) is in effect and the insured’s attained age is 71 or greater, a cash withdrawal will reduce the specified amount by an amount equal to the amount of the cash withdrawal.

A decrease in specified amount may cause your Policy to be in a lower specified amount band, so that your cost of insurance rates and monthly per unit charges would be higher. You also may have to pay higher minimum monthly guarantee premiums. We will not impose a decrease charge when the specified amount is decreased as a result of taking a cash withdrawal.

When we incur extraordinary expenses, such as overnight mail expenses or wire service fees, for expediting delivery of your cash withdrawal or complete surrender payment, we will deduct that charge from the payment. We currently charge $25 for an overnight delivery ($35 for Saturday delivery) and $50 for wire service. You can obtain further information about these charges by contacting us at our administrative office or our mailing address.

CANCELING A POLICY

You may cancel a Policy for a refund during the “free-look period” by returning it, with a written request to cancel the Policy, to our mailing address. You may also fax your request to our administrative office at 1-727-299-1620 along with page 3 of the Policy. The “free-look period” generally expires 10 days after you receive the Policy but in some states you may have more than 10 days. If you decide to cancel the Policy during the “free-look period,” we will treat the Policy as if it had never been issued. We will pay the refund within seven days after we receive, in good order, the written request and the returned Policy at our mailing address (or a fax request and page 3 of the Policy are received in good order at our administrative office).

If your state requires us to allocate premiums according to a policyowner’s instructions during the “free-look period,” then the amount of the refund will be:

•

Your cash value in the subaccounts and the fixed account on the date the written request and Policy are received in good order at our mailing address (or a fax request and Page 3 of the Policy at our administrative office); plus

•

Any charges and taxes we deduct from your premiums; plus

•

Any monthly deductions or other charges we deducted from amounts you allocated to the subaccounts and the fixed account.

Some states may require us to refund all of the premiums you paid for the Policy. (See “Policy Features – Premiums – Allocation Premiums – Reallocation Account.”)

California Policyowners Age 60 and Over

For policies issued in the state of California, if the policyowner is age 60 or older as of the Policy effective date, the Policy’s free-look period is 30 days from the date of delivery. During the 30-day free-look period, we will hold the net premiums in the fixed account, unless you direct us to allocate the net premiums as per your most recent allocation instructions. On the day following the end of the 30-day free look period, we will automatically transfer the accumulated value to subaccounts that you selected. This automatic transfer is excluded from the transfer limitations described later in this prospectus.

You can specifically direct the allocation of your net premiums to the subaccounts during the 30-day free-look period:

•

On your application.

•

In writing any time prior to the end of the 30-day free-look period.

SIGNATURE GUARANTEES

Signature guarantees are relied upon as a means of preventing the perpetration of fraud in financial transactions, including the disbursement of funds or assets from a victim’s account with a financial institution or a provider of financial services. They provide protection to investors by, for example, making it more difficult for a person to take another person’s money by forging a signature on a written request for the disbursement of funds.

As a protection against fraud, we may require that the following transaction requests include a Medallion signature guarantee:

•

All requests for disbursements (i.e., cash withdrawals and surrenders) of $500,000 or more.

•

Any disbursement request made on or within 10 days of our receipt of a request to change the address of record for an owner’s Policy.

•

Any disbursement request when Western Reserve has been directed to send proceeds to a different address from the address of record for that owner’s account. Please note: This requirement will not apply to disbursement requests made in connection with exchanges of one annuity policy for another with the same owner in a “tax-free exchange” under Section 1035 of the Internal Revenue Code.

•

Any transaction where the owner’s signature on a request submitted does not match the signature in our files.

An investor can obtain a signature guarantee from more than 7,000 financial institutions across the United States and Canada that participate in a Medallion signature guarantee program. This includes many:

•

National and state banks.

•

Savings banks and savings and loan associations.

•

Securities brokers and dealers.

•

Credit unions.

The best source of a signature guarantee is a bank, savings and loan association, brokerage firm, or credit union with which you do business. Guarantor firms may, but frequently do not, charge a fee for their services.

A notary public cannot provide a signature guarantee. Notarization will not substitute for a signature guarantee.

LOANS

GENERAL

After the first Policy year (as long as the Policy is in force) you may borrow money from us using the Policy’s net surrender value as the only security for the loan. We may permit a loan prior to the first Policy anniversary for Policies issued pursuant to 1035 Exchanges. A loan that is taken from, or secured by, a Policy may have tax consequences. See “Federal Income Tax Considerations.”


Policy loans are subject to certain conditions:		• We may require you to borrow at least $500.

		• The maximum amount you may borrow is 90% of the net surrender value, minus loan interest that will accrue prior to the next Policy anniversary.

When you take a loan, we will withdraw an amount equal to the requested loan from each of the subaccounts and the fixed account based on your current premium allocation instructions (unless you specify otherwise). We will transfer that amount to the loan reserve account. The loan reserve account is the portion of the fixed account to which amounts are transferred as collateral for a Policy loan.

We normally pay the amount of the loan within seven days after we receive a loan request, in good order, at our mailing address or, in the limited circumstances described below, by telephone or fax at our administrative office. We may postpone payment of loans under certain conditions.

You may request a loan of up to $50,000 by telephone by calling us at our administrative office at 1-800-851-9777, Monday - Friday, between the hours of 8:30 a.m. - 7:00 p.m. Eastern time. If you do not want the ability to request a loan by telephone, you should notify us in writing at our mailing address. You will be required to provide certain information for identification purposes when you request a loan by telephone. We may ask you to provide us with written confirmation of your request. We will not be liable for processing a loan request if we believe the request is genuine. (Note: All loan requests must be submitted in good order to avoid a delay in processing your request.)

If your loan request is less than $500,000, then you may fax it to us at 1-727-299-1620. If the loan request is over $500,000 or if the address of record has been changed within the past 10 days, we may reject your request or require a signature guarantee. We will not be responsible for any transmittal problems when you fax your request unless you report it to us within five business days and send us proof of your fax transmittal.

You can repay a loan at any time while the Policy is in force. Loan repayments must be sent to our mailing address and will be credited as of the date received. You may also call 1-800-851-9777 to request a manual draft to be applied as a loan payment or to pay off the loan.

At each Policy anniversary, we will compare the outstanding loan amount, including accrued loan interest, to the amount in the loan reserve account. At each such time, if the outstanding loan amount, including accrued loan interest, exceeds the amount in the loan reserve account, we will withdraw the difference from the subaccounts and the fixed account and transfer it to the loan reserve account, in the same manner as when a loan is made. If the amount in the loan reserve account exceeds the amount of the outstanding loan, including accrued loan interest, we will withdraw the difference from the loan reserve account and transfer it to the subaccounts and the fixed account in the same manner as current premiums are allocated. No charge will be imposed for these transfers, and these transfers are not treated as transfers in calculating the transfer charge. We reserve the right to require a transfer to the fixed account if the loans were originally transferred from the fixed account.

LOAN INTEREST SPREAD

Loan Reserve Account Interest Rate Credited

We will credit the amount in the loan reserve account with interest at an effective annual rate of 2.0%.

EFFECT OF POLICY LOANS

A Policy loan reduces the death benefit proceeds and net surrender value by the amount of any outstanding loan amount, including accrued loan interest. Repaying the loan causes the death benefit proceeds and net surrender value to increase by the amount of the repayment. As long as a loan is outstanding, we hold a loan reserve equal to the loan as of the last Policy anniversary plus any accrued interest net of any loan payments. This amount is not affected by the separate account’s investment performance and may not be credited with the interest rates accruing on the unloaned portion of cash value in the fixed account. Amounts transferred from the separate account to the loan reserve will reduce the value in the separate account and we will credit such amounts with an interest rate of 2.0% rather than a rate of return reflecting the investment results of the separate account.

We also currently charge interest on Policy loans at an effective annual rate of 2.75%. Because interest is added to the amount of the Policy loan to be repaid, the size of the loan will constantly increase unless the Policy loan is repaid.

There are risks involved in taking a Policy loan, including the potential for a Policy to lapse if projected earnings, taking into account outstanding loans, are not achieved. A Policy loan may also have possible adverse tax consequences. You should consult a tax advisor before taking out a Policy loan.

We will notify you (and any assignee of record) if a loan causes your net surrender value to reach zero. If you do not submit a sufficient payment within 61 days from the date of the notice, your Policy may lapse.

POLICY LAPSE AND REINSTATEMENT

LAPSE

Your Policy may not necessarily lapse (terminate without value) if you fail to make a planned periodic payment. However, even if you make all your planned periodic payments, there is a possibility that your Policy will lose value and lapse. The Base Policy and the Focus Policy provide a no lapse period guarantee as described below. Once your no lapse period ends, or if the no lapse period guarantee is not in effect, your Policy may lapse if the net surrender value on any Monthiversary is less than the monthly deductions due on that day. Such lapse might occur if unfavorable investment experience, loans, accrued loan interest, and cash withdrawals cause a decrease in the net surrender value, or if you have not paid sufficient premiums as discussed below to offset the monthly deductions.

If the net surrender value is not enough to pay the monthly deductions, then we will mail a notice to your last known address and any assignee of record. The notice will specify the minimum payment you must pay and the final date by which we must receive the payment to prevent a lapse. We generally require that you make the payment within 61 days after the date of the notice. This 61-day period is called the grace period. We pay the death benefit proceeds if an insured dies during the grace period. If we do not receive the specified minimum payment by the end of the grace period, then all coverage under the Policy will terminate without value.

Your Policy is a flexible premium policy that is subject to certain monthly deductions that are dependent upon, among other factors, the characteristics of the insureds, riders associated with your Policy, and your Policy’s specified amount. If your Policy does lapse and you choose to reinstate it, you will be required to make additional payments. The payments needed to reinstate the Policy will depend on whether the no lapse date has passed. Please refer to the section below entitled “Reinstatement” for a description of the payments that may be required to reinstate your Policy.

NO LAPSE PERIOD GUARANTEE (BASE POLICY AND FOCUS POLICY)

Both the Base Policy and the Focus Policy provide a no lapse guarantee during the no lapse period. As long as you keep the no lapse period guarantee in effect, your Policy will not lapse and no grace period will begin. Even if your net surrender value is not enough to pay your monthly deductions, the Policy will not lapse as long as the no lapse period guarantee is in effect. The no lapse period guarantee will not extend beyond the no lapse date stated in your Policy, except as explained below in “Extension of No Lapse Guarantee Period.” Each month we determine whether the no lapse period guarantee is still in effect. If the no lapse period guarantee is not in effect and the Policy is still in force, it can be restored by paying sufficient minimum monthly guarantee premiums at any time prior to the no lapse date.


No lapse date: (Base Policy)		• For a Policy issued to any insured ages 0-55, the no lapse date is the same date as the 10^th anniversary.

		• For a Policy issued to an insured ages 56 – 60, the no lapse date is the Policy anniversary at the insured’s attained age 65.

		• For a Policy issued to an insured ages 61-85, the no lapse date is the fifth Policy anniversary.

		• The no lapse date is specified in your Policy or as explained below in “Extension of No Lapse Guarantee Period.”

No lapse date: (Focus Policy)		• For a Policy issued to any insured ages 0-56, the no lapse date as the same date as the 8^th anniversary.

		• For a Policy issued to an insured ages 57- 60, the no lapse date is the Policy anniversary at the insured’s attained age 64.

		• For a Policy issued to an insured ages 61-85, the no lapse date is the fourth Policy anniversary.

		• The no lapse date is specified in your Policy.


No lapse extension (Base & Focus Policies – For Policies applied for before October 30, 2008 and issued before January 1, 2009):		The no lapse date for all policies that were in force on May 1, 2009, with a no lapse date indicated on the Policy schedule page in 2006, 2007, 2008, 2009, 2010 or 2011, has been automatically extended to the Policy anniversary in 2012. The minimum monthly guarantee premium will not be changed, but if a cash withdrawal or a loan has been taken, or if requested in the future, additional minimum premiums may need to be paid to maintain the no lapse guarantee. If an affected Policy lapses and is reinstated before January 1, 2012, the extended No Lapse will remain in effect.
Keeping the no lapse period guarantee in effect:		• The no lapse period guarantee will not be effective if you do not pay sufficient minimum monthly guarantee premiums.

		• You must pay total premiums (minus withdrawals, outstanding loan amounts, including accrued loan interest, and any decrease charge) that equal at least:

		• the sum of the minimum monthly guarantee premiums in effect for each month from the Policy date up to and including the current month.

Effect of changes on minimum monthly guarantee premium:		• We will recalculate the amount of the minimum monthly guarantee premium if you change death benefit options, increase or decrease the specified amount, or if supplemental benefits (riders) are added, reduced or increased during the no lapse period.

		• Depending upon the change made to the Policy or rider and the resulting impact on the level of the minimum monthly guaranteed premium, you may need to pay additional premiums to keep the Policy in force. Except as described below, we normally will not extend the length of the no lapse period.

You will lessen the risk of Policy lapse if you keep the no lapse period guarantee in effect. Before you take a cash withdrawal or a loan, or decrease the specified amount, or add, increase or decrease a rider, you should consider carefully the effect it will have on the no lapse period guarantee.

See “Minimum Monthly Guarantee Premium” for a discussion of how the minimum monthly guarantee premium is calculated and can change.

Extension of No Lapse Guarantee Period

The no lapse date for all Policies applied for before October 30, 2008 and issued before January 1, 2009 that were in force on May 1, 2009, with a no lapse date indicated on the policy schedule page in 2006, 2007, 2008, 2009, 2010 or 2011, has been automatically extended to the Policy Anniversary in 2012. The minimum monthly guarantee premium will not be changed, but if a cash withdrawal or a loan has been taken, or if requested in the future, additional minimum premiums may need to be paid to maintain the No Lapse guarantee. If an affected Policy lapses and is reinstated before January 1, 2012, the extended no lapse date will remain in effect.

REINSTATEMENT

We may reinstate a lapsed Policy within five years after the lapse. To reinstate the Policy you must:

•

Submit a written application for reinstatement, in good order, to our mailing address or fax your request to our administrative office at 1-727-299-1620.

•

Provide evidence of insurability satisfactory to us.

•

If the no lapse period has expired, pay an amount sufficient to provide a net premium equal to any uncollected monthly deductions due up to the time of termination, plus two monthly deductions due in advance at the time of reinstatement, plus an amount sufficient to increase the cash value above the surrender charges in effect at the time of reinstatement.

•

If the no lapse period has not expired, pay the lesser of the premium described directly above, or the total minimum monthly guarantee premium from Policy issue through the month of lapse, plus two months of minimum monthly guarantee premiums, minus premiums previously paid net of any withdrawals, outstanding loans and accrued loan interest.

The cash value of the loan reserve on the reinstatement date will be zero. Your net surrender value on the reinstatement date will equal the cash value at the time your Policy lapsed, plus any net premiums you pay at reinstatement, minus one monthly deduction and any surrender charge (that we would assess if you were to surrender the Policy). The reinstatement date for your Policy will be the Monthiversary on or following the day we approve your application for reinstatement. We may decline a request for reinstatement. We will not reinstate indebtedness (i.e., outstanding loan plus any accrued interest at the time your Policy lapsed).

FEDERAL INCOME TAX CONSIDERATIONS

The following summarizes some of the basic federal income tax considerations associated with a Policy and does not purport to be complete or to cover all situations. This discussion is not intended as tax advice. Please consult counsel or other qualified tax advisors for more complete information. We base this discussion on our understanding of the present federal income tax laws as they are currently interpreted by the Internal Revenue Service (the “IRS”). Federal income tax laws and the current interpretations by the IRS may change.

Tax Status of the Policy

In certain circumstances, owners of variable life insurance policies have been considered for federal income tax purposes to be the owners of the assets of the separate account supporting their policies due to their ability to exercise investment control over those assets. Where this is the case, the policyowners have been currently taxed on income and gains attributable to the separate account assets. There is little guidance in this area, and some features of the Policies, such as your flexibility to allocate premiums and cash values, have not been explicitly addressed in published rulings. We believe that the Policy does not give you investment control over separate account assets.

The following discussion assumes that the Policy will qualify as a life insurance policy for federal income tax purposes.

Tax Treatment of Policy Benefits

In General. We believe that the Policy described in this prospectus is a life insurance policy under Code Section 7702. Section 7702 defines a life insurance policy for federal income tax purposes and places limits on the relationship of the cash value to the death benefit. As life insurance policies, the death benefits of the policies are generally excludable from the gross income of the beneficiaries. In the absence of any guidance from the IRS on the issue, we believe that providing an amount at risk after age 99 in the manner provided should be sufficient to maintain the excludability of the death benefit after age 99. Lack of specific IRS guidance, however, makes the tax treatment of the death benefit after age 99 uncertain. Also, any increase in cash value should generally not be taxable until received by you or your designee. However, if your Policy is a modified endowment contract as defined in Code Section 7702A you may be taxed to the extent of gain in the Policy when you take a Policy loan, pledge or assign the Policy. Federal, state and local transfer, estate and other tax consequences of ownership or receipt of Policy proceeds depend on your circumstances and the beneficiary’s circumstances. A tax advisor should be consulted on these consequences.

Modified Endowment Contracts. Under the Code, certain life insurance policies are classified as MECs and receive less favorable tax treatment than other life insurance policies. The rules are too complex to summarize here, but generally depend on the amount of premiums paid during the first seven Policy years or in the seven Policy years following certain changes in the Policy. Certain changes in the Policy after it is issued could also cause the Policy to be classified as a MEC. Among other things, a reduction in benefits could cause a Policy to become a MEC. Due to the Policy’s flexibility, each Policy’s circumstances will determine whether the Policy is classified as a MEC. If you do not want your Policy to be classified as a MEC, you should consult a tax advisor to determine the circumstances, if any, under which your Policy would or would not be classified as a MEC.

Upon issue of your Policy, we will notify you as to whether or not your Policy is classified as a MEC based on the initial premium we receive. If your Policy is not a MEC at issue, then you will also be notified of the maximum amount of additional premiums you can pay without causing your Policy to be classified as a MEC. If a payment would cause your Policy to become a MEC, you and your registered representative will be notified. At that time, you will need to notify us if you want to continue your Policy as a MEC. Unless you notify us that you do want to continue your Policy as a MEC, we will refund the dollar amount of the excess premium that would cause the Policy to become a MEC.

Distributions (other than Death Benefits) from MECs. Policies classified as MECs are subject to the following tax rules:

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All distributions other than death benefits from a MEC, including distributions upon surrender and cash withdrawals, will be treated first as distributions of gain taxable as ordinary income. They will be treated as tax free recovery of the owner’s investment in the Policy only after all gain has been distributed. Your investment in the Policy is generally your total premium payments. When a distribution is taken from the Policy, your investment in the Policy is reduced by the amount of the distribution that is tax free.

•

Loans taken from or secured by (e.g., by assignment) or pledges of such a Policy and increases in cash value secured by such loan pledge are treated as distributions and taxed accordingly. If the Policy is part of a collateral assignment split dollar arrangement, the initial assignment as well as increases in cash value during the assignment may be treated as distributions and considered taxable.

•

A 10% additional federal income tax is imposed on the amount included in income except where the distribution or loan is made when you have attained age 59 ¹⁄₂ or are disabled, or where the distribution is part of a series of substantially equal periodic payments for your life (or life expectancy) or the joint lives (or joint life expectancies) of you and the beneficiary.

•

If a Policy becomes a MEC, distributions that occur during the Policy year will be taxed as distributions from a MEC. In addition, the IRS has the authority, but has not yet done so, to issue regulations providing that distributions that are made within two years before the Policy becomes a MEC will also be taxed in this manner.

Deductibility of Policy Loan Interest. In general, interest you pay on a loan from a Policy will not be deductible. Before taking out a Policy loan, you should consult a tax advisor as to the tax consequences.

Investment in the Policy. Your investment in the Policy is generally the sum of the premium payments you made. When a distribution from the Policy occurs, your investment in the Policy is reduced by the amount of the distribution that is tax free.

Withholding. To the extent that Policy distributions are taxable, they are generally subject to withholding for the recipient’s federal income tax liability. The federal income tax withholding rate is generally 10% of the taxable amount of the distribution. Withholding applies only if the taxable amount of all distributions is at least $200 during a taxable year. Some states also require withholding for state income taxes. With the exception of amounts that represent eligible rollover distributions from Pension Plans and 403(b) arrangements, which are subject to mandatory withholding of 20% for federal tax, recipients can generally elect, however, not to have tax withheld from distributions. If the taxable distributions are delivered to foreign countries, U.S. persons may not elect out of withholding. Taxable distributions to non-resident aliens are generally subject to withholding at a 30% rate unless withholding is eliminated under an international treaty with the United States. The payment of death benefits is generally not subject to withholding.

Business Uses of the Policy. The Policy may be used in various arrangements, including nonqualified deferred compensation or salary continuance plans, split dollar insurance plans, executive bonus plans, retiree medical benefit plans and others. The tax consequences of such plans and business uses of the Policy may vary depending on the particular facts and circumstances of each individual arrangement and business uses of the Policy. Therefore, if you are contemplating using the Policy in any such arrangement, you should be sure to consult a tax advisor as to tax attributes of the arrangement and in its use of life insurance. In recent years, moreover, Congress and the IRS have adopted new rules relating to nonqualified deferred compensation and to life insurance owned by businesses and life insurance used in split-dollar arrangements. The IRS has recently issued new guidance regarding concerns in the use of life insurance in employee welfare benefit plans, including, but not limited to, the deduction of employer contributions and the status of such plans as listed transactions. Any business contemplating the purchase of a new Policy or a change in an existing Policy should consult a tax advisor. Recent legislation under Section 101(j) of the Internal Revenue Code has imposed notice, consent and other provisions on policies owned by employers and certain of their affiliates, owners and employees in order to receive death benefits tax-free and inserted additional tax reporting requirements.

Living Benefit Rider (an Accelerated Death Benefit). We believe that the single-sum payment we make under this rider should be fully excludable from the gross income of the beneficiary, except in certain business contexts. You should consult a tax advisor about the consequences of adding this rider to your Policy, or requesting a single-sum payment.

Continuation of Policy Beyond Age 100. The tax consequences of continuing the Policy beyond the insured’s attained age 100 are unclear and may include taxation of the gain in the Policy or the taxation of the death benefit in whole or in part. You should consult a tax advisor if you intend to keep the Policy in force beyond the insured’s attained age 100.

Other Tax Considerations. The transfer of the Policy or designation of a beneficiary may have federal, state, and/or local transfer and inheritance tax consequences, including the imposition of gift, estate, and generation-skipping transfer taxes. The individual situation of each owner or beneficiary will determine the extent, if any, to which federal, state, and local transfer and inheritance taxes may be imposed and how ownership or receipt of Policy proceeds will be treated for purposes of federal, state and local estate, inheritance, generation-skipping and other taxes. Special Rules for Pension Plans and Section 403(b) Arrangements. If the Policy is purchased in connection with a section 401(a) qualified pension or profit sharing plan, including a section 401(k) plan, or in connection with a section 403(b) plan or program, federal and state income and estate tax consequences could differ from those stated in this prospectus. The purchase may also affect the qualified status of the plan. You should consult a qualified tax advisor in connection with such purchase. Policies owned under these types of plans may be subject to the Employee Retirement Income Security Act of 1974, or ERISA, which may impose additional requirements on the purchase of policies by such plans. You should consult a qualified advisor regarding ERISA.

Please Note: In 2001, Congress enacted the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”), which modified estate gift and generation-skipping transfer taxes through 2009 and eliminated the estate tax (but not the gift tax) and replaced it with a carryover basis income tax regime for estates of decedents dying in 2010, and also eliminated the generation-skipping transfer tax for transfers made in 2010. Recent legislation has generally extended the EGGTRA provisions existing in 2009 and reunified the estate and gift transfer taxes for 2011 and 2012. The uncertainty as to future estate, gift and generation-skipping transfer taxes underscores the importance of seeking guidance from a qualified advisor to help ensure that your estate plan adequately addresses your needs and that of your beneficiaries under all possible scenarios.

OTHER POLICY INFORMATION

SETTLEMENT OPTIONS

If you surrender the Policy, you may elect to receive the net surrender value in either a lump sum or as a series of regular income payments under one of the three settlement options described below. In either event, life insurance coverage ends. Also, when the insured dies, the beneficiary may apply the lump sum death benefit proceeds to one of the same settlement options. If the regular payment under a settlement option would be less than $100, we will instead pay the proceeds in one lump sum. We may make other settlement options available in the future.

Once we begin making payments under a settlement option, you or the beneficiary will no longer have any value in the subaccounts or the fixed account. Instead, the only entitlement will be the amount of the regular payment for the period selected under the terms of the settlement option chosen. Depending upon the circumstances, the effective date of a settlement option is the surrender date or the insured’s date of death.

Under any settlement option, the dollar amount of each payment will depend on four things:

• The amount of the surrender on the surrender date or death benefit proceeds on the insured’s date of death.

• The interest rate we credit on those amounts (we guarantee a minimum annual interest rate of 2.0%).

• The mortality tables we use.

• The specific payment option(s) you choose.


Option 1--Equal Monthly Installments for a Fixed Period		• We will pay the proceeds, plus interest, in equal monthly installments for a fixed period of your choice, but not longer than 240 months.

		• We will stop making payments once we have made all the payments for the period selected.

Option 2--Equal Monthly Installments for Life (Life Income)		At your or the beneficiary’s direction, we will make equal monthly installments:

		• Only for the life of the payee, at the end of which payments will end; or

		• For the longer of the payee’s life, or for 10 years if the payee dies before the end of the first 10 years of payments; or

		• For the longer of the payee’s life, or until the total amount of all payments we have made equals the proceeds that were applied to the settlement option.

Option 3--Equal Monthly Installments for the Life of the Payee and then to a Designated Survivor (Joint and Survivor)		• We will make equal monthly payments during the joint lifetime of two persons, first to a chosen payee, and then to a co-payee, if living, upon the death of the payee.

		• Payments to the co-payee, if living, upon the payee’s death will equal either:

		• the full amount paid to the payee before the payee’s death; or

		• two-thirds of the amount paid to the payee before the payee’s death.

		• All payments will cease upon the death of the co-payee.

Payments We Make

We usually pay the amounts of any surrender, cash withdrawal, death benefit proceeds, or settlement options within seven calendar days after we receive all applicable written notices and/or due proofs of death, in good order, at our administrative office. However, we can postpone such payments if any of the following occurs:

•

The NYSE is closed, other than customary weekend and holiday closing, or trading on the NYSE is restricted as determined by the SEC.

•

The SEC permits, by an order, the postponement for the protection of policyowners.

•

The SEC determines that an emergency exists that would make the disposal of securities held in the separate account or the determination of their value not reasonably practicable.

In addition, if, pursuant to SEC rules, either the Transamerica AEGON Money Market VP portfolio or the ProFund VP Money Market portfolio suspends payment of redemption proceeds in connection with a liquidation of such portfolio, we will delay payment of any transfer, partial withdrawal, surrender, loan, or death benefit from the Transamerica AEGON Money Market sub-account or the ProFund VP Money Market subaccount until the portfolio is liquidated.

If you have submitted a recent check or draft, we have the right to defer payment of surrenders, cash withdrawals, death benefit proceeds, or payments under a settlement option until such check or draft has been honored. We also reserve the right to defer payment of transfers, cash withdrawals, death benefit proceeds, or surrenders from the fixed account for up to six months.

If mandated under applicable law, we may be required to reject a premium payment and/or block a policyowner’s account and thereby refuse to pay any request for transfers, withdrawals, surrenders, loans or death benefits until instructions are received from the appropriate regulators. We may also be required to provide additional information about you or your account to governmental regulators.

SPLIT DOLLAR ARRANGEMENTS

You may enter into a split dollar arrangement with another owner or another person(s) whereby the payment of premiums and the right to receive the benefits under the Policy (i.e., net surrender value of insurance proceeds) are split between the parties. There are different ways of allocating these rights.

For example, an employer and employee might agree that under a Policy on the life of the employee, the employer will pay the premiums and will have the right to receive the net surrender value. The employee may designate the beneficiary to receive any insurance proceeds in excess of the net surrender value. If the employee dies while such an arrangement is in effect, the employer would receive from the insurance proceeds the amount that he would have been entitled to receive upon surrender of the Policy and the employee’s beneficiary would receive the balance of the proceeds.

No transfer of Policy rights pursuant to a split dollar arrangement will be binding on us unless in writing and received by us at our mailing address. Split dollar arrangements may have tax consequences. You should consult a tax advisor before entering into a split dollar arrangement.

On July 30, 2002, President Bush signed into law significant accounting and corporate governance reform legislation, known as the Sarbanes-Oxley Act of 2002 (the “Act”). The Act prohibits, with limited exceptions, publicly-traded companies, including non-U.S. companies that have securities listed on exchanges in the United States, from extending, directly or through a subsidiary, many types of personal loans to their directors or executive officers. It is possible that this prohibition may be interpreted as applying to split-dollar life insurance policies for directors and executive officers of such companies, since such insurance arguably can be viewed as involving a loan from the employer for at least some purposes.

Although the prohibition on loans of publicly-traded companies is generally effective as of July 30, 2002, there is an exception for loans outstanding as of the date of enactment, as long as there is no material modification to the loan terms and the loan is not renewed after July 30, 2002. Any affected business contemplating the payment of a premium on an existing Policy or the purchase of a new Policy, in connection with a split-dollar life insurance arrangement should consult legal counsel.

In addition, the IRS issued guidance that affects the tax treatment of split-dollar arrangements and the Treasury Department issued final regulations that would significantly affect the tax treatment of such arrangements. The IRS guidance and the final regulations affect all split dollar arrangements, not just those involving publicly-traded companies. Consult your qualified tax advisor with respect to the effect of this current and proposed guidance on your split dollar policy.

POLICY TERMINATION

Your Policy will terminate on the earliest of:

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The date the insured dies.

•

The end of the grace period.

•

The date the Policy is surrendered or returned during the free-look period.

ASSIGNMENT OF THE POLICY

You may assign your Policy by giving us written notice. We reserve the right, except to the extent prohibited by applicable laws, regulations, or actions of the State insurance commissioner, to require that the assignment will be effective only upon acceptance by us, and to refuse assignments or transfers at any time on a non-discriminatory basis.

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SUPPLEMENTAL BENEFITS (RIDERS)

The following supplemental benefits (riders) are available and may be added to your Policy. Monthly charges for these riders are deducted from the cash value as part of the monthly deductions. The riders available with the Policies do not build cash value and provide benefits that do not vary with the investment experience of the separate account. For purposes of the riders, the primary insured is the person insured under the Policy. These riders may not be available in all states, certain benefits and features may vary by state, and they may be available under a different name in some states. Adding these supplemental benefits to an existing Policy, or canceling them, may have tax consequences; you should consult a tax advisor before doing so. Please note: Some riders are not available under the Exec Policy.

PRIMARY INSURED RIDER PLUS (“PIR PLUS”) (BASE POLICY AND FOCUS POLICY)

Under the PIR Plus, we provide term insurance coverage on the primary insured on a different basis from the coverage in your Policy.


Features of PIR Plus:		• The rider increases the Policy’s death benefit by the rider’s face amount.

		• The rider may be purchased from issue ages 0-85.

		• The minimum purchase amount for the rider is $25,000. There is no maximum purchase amount.

		• We do not assess any additional surrender charge for the rider.

		• Generally the rider coverage costs less than the insurance coverage under the Policy, but it has no cash value and terminates at age 100, and it does not provide a guarantee that current cost of insurance rates in the first three Policy years will remain fixed.

		• You may cancel or reduce your rider coverage without decreasing your Policy’s specified amount.

		• You may generally decrease your Policy’s specified amount without reducing your rider coverage.

Subject to the following conditions, on any Monthiversary while this rider is in force, you may convert this rider to a new Policy on the primary insured’s life without evidence of insurability.


Conditions to convert the rider:		• Your request must be in writing, in good order, and sent to our mailing address.

		• The primary insured has not reached his/her 86^th birthday.

		• The new policy is any permanent insurance policy that we currently offer for conversions.

		• We may allow an increase to the Policy’s specified amount if the Policy and all of the riders in force allow such an increase.

		• The amount of the insurance under the new policy or the amount of the increase will equal the face amount in force under the rider as long as it meets the minimum specified amount requirements of a Policy.

		• We will base your premium on the primary insured’s rate class under the rider.

Termination of the rider:		The rider will terminate on the earliest of:

		• The Policy anniversary on or following the primary insured’s 100^th birthday; or

		• The date the Policy terminates; or

		• The date you fully convert this rider; or

		• The Monthiversary when the rider terminates upon the owner’s written request.

It may cost you less to reduce your PIR Plus coverage than to decrease your Policy’s specified amount, because we do not deduct a surrender charge in connection with your PIR Plus. It may cost you more to keep a higher specified amount because the specified amount may have a cost of insurance that is higher than the cost of the same amount of coverage under your PIR Plus. Any changes to the coverage of this rider may affect your minimum monthly guarantee premium. Please refer to the applicable fee tables for your Policy to determine the respective charges for this rider.

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You should consult your registered representative to determine if you would benefit from PIR Plus. We may discontinue offering PIR Plus at any time. We may also modify the terms of this rider for new policies.

OTHER INSURED RIDER (BASE POLICY AND FOCUS POLICY)

This rider may insure the spouse and/or dependent children of the primary insured. Subject to the terms of the rider, we will pay the face amount of the rider to the primary insured. Available for other insured issue ages 0-85, our minimum face amount for this rider $10,000. The maximum face amount is the lesser of $1,000,000 or the amount of coverage on the primary insured. The maximum number of Other Insured Riders that is allowed on any one Policy is five (5). We will pay the rider’s face amount when we receive proof, in good order, at our mailing address of the Other Insured’s death. Please refer to the applicable fee tables for your Policy to determine the respective charges for this rider. Subject to the following conditions, on any Monthiversary while the rider is in force, you may convert it to a new policy on the other insured’s life (without evidence of insurability).


Conditions to convert the rider:		• Your request must be in writing, in good order, and sent to our mailing address.

		• The Other Insured has not reached his/her 86^th birthday.

		• The new policy is any permanent insurance policy that we currently offer for conversion.

		• Subject to the minimum specified amount required for the new policy, the amount of the insurance under the new policy will equal the face amount in force under the rider as long as it meets the minimum specified amount requirements of the original Policy.

		• We will base the premium for the new policy on the Other Insured’s underwriting class under the rider.

Termination of the rider:		The rider will terminate on the earliest of:

		• The Policy anniversary on or following the Other Insured’s 100^th birthday; or

		• The date the Policy terminates for any reason except for death of the primary insured; or

		• 31 days after the death of the primary insured; or

		• The date of conversion of this rider; or

		• The Monthiversary when the rider is terminates upon the owner’s written request.

CHILDREN’S INSURANCE RIDER (BASE POLICY AND FOCUS POLICY)

This rider provides coverage on the primary insured’s children ages 15 days through 18 years old on the effective date of the rider or when later added to the rider due to birth or legal adoption. The coverage for any insured child will terminate on the Monthiversary following that child’s 25^th birthday. Our minimum face amount for this rider is $5,000 and the maximum face amount is $20,000. We will pay a death benefit once we receive proof in good order at our mailing address that the insured child died while the rider was in force for that child. At each insured child’s age 25 this rider may be converted to a new policy for five times the face amount of the rider. If the primary insured dies while the rider is in force, we will terminate the rider 31 days after the death, and we will offer a separate life insurance policy to each insured child for an amount equal to the face amount of the rider.

ACCIDENTAL DEATH BENEFIT RIDER (BASE POLICY AND FOCUS POLICY)

Available for primary insured issue ages 15 to 59; our minimum face amount for this rider is $10,000. The maximum face amount available for the rider is the lesser of (i) $150,000 or (ii) 150% of the Policy’s specified amount.

Subject to certain limitations, we will pay the face amount if the death of the primary insured results solely from accidental bodily injury where:

•

The death is caused by external, violent, and accidental means.

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•

The death occurs within 90 days of the accident.

•

The death occurs while the rider is in force.

The rider will terminate on the earliest of:

•

The Policy anniversary on or following the primary insured’s 70^th birthday; or

•

The date the Policy terminates; or

•

The Monthiversary when the rider is terminated upon the owner’s written request.

DISABILITY WAIVER OF MONTHLY DEDUCTIONS RIDER (BASE POLICY, FOCUS POLICY AND EXEC POLICY)

Subject to certain conditions, we will waive the Policy’s monthly deductions while the primary insured is disabled. You may purchase this rider if the primary insured’s issue age is between 15 and 55 years of age at the time the rider is purchased. (For the Exec Policy, this rider is only available on fully underwritten policies.) This rider is not available together with the Disability Waiver of Premium Rider.

Before we waive any monthly deductions, we must receive proof, in good order, at our mailing address that:

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The primary insured is totally disabled;

•

The primary insured’s total disability began before the Policy anniversary on or following the primary insured’s 60^th birthday; and

•

The primary insured’s total disability has existed continuously for at least six months.

We will not waive any deduction that becomes due more than one year before we receive written notice of your claim at our mailing address, after the primary insured’s recovery from disability, or after termination of this rider. While the primary insured is totally disabled and receiving benefits under this rider, no grace period will begin for the Policy provided that the cash value minus loans and accrued loan interest remains positive. It is possible that additional premium payments will be required to keep the Policy in force while the waiver of monthly deductions benefit is being paid.


Termination of the rider:		The rider will terminate on the earliest of:

		• The Policy anniversary on or following the primary insured’s 60^th birthday, unless the primary insured is totally disabled.

		• The date of recovery from disability (with respect to benefits accruing during the continuance of an existing total disability after the Policy anniversary on or following the primary insured’s 60^th birthday).

		• The date the Policy terminates.

		• The Monthiversary when this rider is terminated upon the owner’s written request.

If we are paying benefits under the rider on the Policy anniversary after the insured’s 60^th birthday, then the rider will not terminate and benefits will not end until the date the primary insured is no longer totally disabled.

DISABILITY WAIVER OF PREMIUM RIDER (BASE POLICY, FOCUS POLICY AND EXEC POLICY)

Subject to certain conditions, we will apply the waiver of premium benefit, as shown on the Policy schedule page, as if it is a premium payment into the Policy while the primary insured is totally disabled, as defined in the rider. The waiver of premium benefit is generally equal to the annual planned premium for the Policy, but the maximum payment is the lesser of $12,000 or the maximum annual premium payable under the guideline premium test. We will allocate the resulting net premium into the Policy’s cash value. You may purchase this rider if the primary insured’s issue age is between 15 and 55 years of age. (Note: For the Exec Policy, this rider is only available on fully underwritten policies.) This rider is not available together with the Disability Waiver of Monthly Deductions Rider. In order to pay a benefit, we must receive proof, in good order, at our mailing address that:

•

The primary insured is totally disabled.

•

The primary insured became totally disabled before the Policy anniversary on or following the primary insured’s 60th birthday.

•

The primary insured’s total disability has existed continuously for at least six months.

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Upon meeting the requirements above, we will also make a retroactive payment equal to six months of benefits under the rider. We will apply the benefit each month on the Monthiversary. We may not pay any benefit that becomes due more than one year before we receive written notice of your claim, after the primary insured’s recovery from disability, or after termination of this rider. It is possible that additional premium payments will be required to keep the Policy in force while the waiver of premium benefit is being paid.


Termination of the rider:		The rider will terminate on the earliest of:

		• The Policy anniversary on or following the primary insured’s 60^th birthday, unless the primary insured is totally disabled; or

		• The later of the date of recovery from disability or the Policy anniversary on or following the insured’s 100^th birthday (with respect to benefits accruing during the continuance of an existing total disability after the Policy anniversary on or following the primary insured’s 60^th birthday); or

		• The date the Policy terminates; or

		• The Monthiversary when this rider terminates upon the owner’s written request.

LIVING BENEFIT RIDER (AN ACCELERATED DEATH BENEFIT) (BASE POLICY, FOCUS POLICY AND EXEC POLICY)

This rider allows us to pay all or a portion of the death benefit once we receive satisfactory proof, in good order, at our mailing address that the insured is ill and has a life expectancy of one year or less. A doctor must certify the insured’s life expectancy.

We will pay a “single-sum benefit” equal to:

•

The death benefit on the date we pay the single-sum benefit; multiplied by

•

The percentage of the death benefit you elected to receive (“election percentage”); divided by

•

1 + i (“i” equals the current yield on 90-day U.S. Treasury bills or the Policy loan interest rate, whichever is greater) (“discount factor”); minus

•

Any indebtedness at the time we pay the single-sum benefit, multiplied by the election percentage.

The maximum terminal illness death benefit used to determine the single-sum benefit as defined above is equal to:

•

The death benefit available under the Policy once we receive satisfactory proof that the insured is ill; plus

•

The benefit available under any PIR Plus in force.

A single-sum benefit may not be greater than $500,000.

The election percentage is a percentage that you select. It may not be greater than 100%.

We will not pay a benefit under the rider if the insured’s terminal condition results from self-inflicted injuries that occur during the period specified in your Policy’s suicide provision.

The rider terminates at the earliest of:

•

The date the Policy terminates.

•

The date a settlement option takes effect.

•

The date we pay a single-sum benefit.

•

The date you terminate the rider.

We do not assess an administrative charge for this rider; however, we do reduce the single sum benefit by a discount factor to compensate us for expected income lost due to the early payment of the death benefit. The terms of this rider may vary depending on a state’s insurance law requirements.

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For example, suppose before the owner elects the single sum benefit, a Policy has a $400,000 death benefit and a $10,000 loan balance. Suppose that the current yield on 90-day U.S. Treasury bills is 6.00% and the Policy loan interest rate is 2.75%. Because the greater of these is 6%, that is the interest rate that will be used to discount the single sum benefit. The owner elects to accelerate 50% of the death benefit, so the single sum benefit equals $183,679.25, which is ($400,000 x 0.50/ 1.06) - ($10,000 x 0.50). After the acceleration, the remaining death benefit is $200,000, which is 50% of $400,000, and all Policy values will be reduced by 50%.

Note: Before adding this rider to an existing Policy or requesting payment under the rider, you should consult a tax advisor to discuss the tax consequences of doing so.

INFLATION FIGHTER RIDER (BASE POLICY AND FOCUS POLICY)

This rider provides scheduled annual increases to the Policy’s specified amount, starting on the first Policy anniversary and continuing each Policy anniversary until the Policy’s 20^th anniversary, without an additional application or evidence of insurability. This rider is available only at issue of the Policy for issue ages 0-65, and is only available if Death Benefit Option A is chosen on the application. The rider is not available to insureds in a substandard rating class.


Features of the rider:		• The Policy’s initial specified amount must be less than $1,000,000.

		• Any change to the Policy’s death benefit option will cause the rider to terminate and annual specified amount increases to stop.

		• Any withdrawal, or requested decrease in specified amount of the Policy will cause the rider to terminate and annual scheduled specified amount increases to stop.

		• If you decline any scheduled specified amount increase under the rider, the rider will terminate and further scheduled specified amount increases will stop.

		• Future scheduled specified amount increases under the rider apply only to the Policy’s specified amount on the Policy date plus any previous scheduled specified amount increases under the rider. Further increases under the rider do not apply to increases in specified amount requested by you after the Policy date.

		• The Policy’s surrender charge period and surrender charges apply separately to each scheduled increase in specified amount. (See Appendix A-1 (for Policies applied for on or after October 30, 2008) or A-2 (for Policies applied for before October 30, 2008 and issued before January 1, 2009) for an example table showing these charges.) Upon a surrender of the Policy, total surrender charges will be the sum of any surrender charges applicable to the Policy and to each annual increase amount effected under the rider.

		• The no lapse period for the Policy will continue to be measured from the Policy date, and will not change each time a scheduled increase in specified amount is effected under the rider.

		• Each time a scheduled increase in specified amount is made under the rider, the minimum monthly guarantee premium, and the tests we apply to qualify the Policy as life insurance under Code Section 7702, and for MEC purposes, will be recalculated.

		• Scheduled annual increases in specified amount generated by this rider will create a new layer of cost of insurance charges, monthly per unit charges and surrender charges under the Policy. Each new layer of surrender charges and monthly per unit charges resulting from the scheduled annual increase in specified amount will be based on the amount of increase, age at time of increase and the Policy duration from date of increase. Each new layer of cost of insurance charge is based on, among other factors, the age of the insured at Policy issue and the duration of the Policy at the time of the increase.

		• Banding of specified amounts for purposes of applying cost of insurance rates and monthly per unit charges is determined by adding the Policy’s specified amount and the sum of the specified amounts created by operation of the rider. The resulting cost of insurance rates and monthly per unit charges, according to the appropriate specified amount band, will then apply to both the Policy’s specified amount and to each of the specified amount increases generated by the rider.

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		• Any requested decreases in specified amount may be subject to a decrease charge, and are applied on a “last-in-first-out” basis, such that the last increase in specified amount created by operation of the rider will be eliminated first, and so on. (Please refer to the section entitled “Decrease Charges” in this prospectus for a description of the decrease charge and the “last-in-first-out” basis.)

Termination of the rider:		The rider will terminate on the earliest of:

		• The processing date of a requested decrease in the specified amount of the Policy.

		• The date an automatic increase, under the terms of this rider, is declined by the owner.

		• The day following the 20^th anniversary of the Policy.

		• A cash withdrawal from the Policy.

		• Any change in death benefit option.

		• The date the primary insured dies.

		• The date the Policy terminates for any reason other than the death of the primary insured.

		• The date we receive your written request at our mailing address to terminate the Policy or this rider.

Under the rider the Policy’s specified amount will increase on a compounded basis by 3.53%. As a courtesy, you will receive a notice of the date and amount of each scheduled increase from us on or prior to each Policy anniversary. You may, at that time, decline in writing to us an increase within 45 days of the date of the notice. If you decline a scheduled increase in specified amount, the rider will terminate and further scheduled increases under the rider will be cancelled.

ADDITIONAL INFORMATION

SENDING FORMS AND TRANSACTION REQUESTS IN GOOD ORDER

We cannot process your instructions to process a transaction relating to the policy until we have received your instructions in good order at our mailing address (or at our administrative office or website, as appropriate). “Good order” means the actual receipt by us of the instructions relating to a transaction in writing or, when appropriate, by telephone or facsimile, or electronically, along with all forms, information and supporting legal documentation (including any required spousal or joint owner’s consents) we require in order to effect the transaction. To be in “good order,” instructions must be sufficiently clear so that we do not need to exercise any discretion to follow such instructions.

SALE OF THE POLICIES

Distribution and Principal Underwriting Agreement. TCI, our affiliate, serves as principal underwriter for the Policies pursuant to the terms of a principal underwriting and distribution agreement for the distribution and sale of the Policies. We pay commissions to TCI, which are passed onto selling firms (see below) and reimburse TCI for certain expenses it incurs in order to pay for the distribution of the Policies (e.g., commissions paid to firms selling the policies, as described below.)

Compensation to Broker-Dealers Selling the Policies. The Policies are offered to the public through broker-dealers (“selling firms”) that are licensed under the federal securities laws; the selling firm and/or its affiliates is/are also licensed under state insurance laws. The selling firms have entered into written selling agreements with us and with TCI as principal underwriter for the Policies. We pay commissions through TCI to the selling firms for their sales of the Policies.

A limited number of affiliated and unaffiliated broker-dealers may also be paid commissions and overrides to “wholesale” the Policies, that is, to provide sales support and training to sales representatives at selling firms. We may also provide compensation to a limited number of broker-dealers for providing ongoing service in relation to Policies that have already been purchased.

The selling firms are paid commissions for the promotion and sale of the Policies according to one or more schedules. The amount and timing of commissions may vary depending on the selling agreement. The sales commission paid to broker-dealers during 2011 on the Base Policy was, on average, 37% of all premiums made during the first

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Policy year, plus 3% of all premiums made during Policy years 2 – 10; for the Focus Policy, it was, on average, 45% of all premiums made during the first Policy year, plus 2% of all premiums made during Policy years 2-10; and on the Exec Policy, it was, on average, 28% of all premiums made during the first Policy year plus 17% of all premiums made during Policy years 2-5, plus 3% of all premiums made during Policy years 6-10. We will pay an additional trail commission of up to 0.25% of the Base Policy’s subaccount value, and up to 0.15% of the Focus Policy’s subaccount value (excluding the fixed account) on the Policy anniversary if the cash value (minus amounts attributable to loans) equals at least $5,000 after year 5. Additional sales commissions may also be payable on premiums paid as a result of an increase in specified amount. Some selling firms may be required to return first year commissions (less surrender charge) if the Policy is not continued through the first two Policy years.

To the extent permitted by FINRA rules, Western Reserve, TFA, and other affiliated parties may pay (or allow other broker-dealers to provide) promotional incentives or payments in the form of cash or non-cash compensation or reimbursement to some, but not all, selling firms and their sales representatives. These arrangements, which may be referred to as revenue sharing arrangement, are described further below.

The sales representative who sells you the Policy typically receives a portion of the compensation we (and our affiliates) pay to his or her selling firms, depending on the agreement between the selling firm and its sales representative and the firm’s internal compensation program. These programs may include other types of cash and non-cash compensation and other benefits. Ask your sales representative for further information about the compensation your sales representative, and the selling firm that employs your sales representative, may receive in connection with your purchase of a Policy. Also inquire about any revenue sharing arrangements that we and our affiliates may have with the selling firm, including the conflicts of interests that such arrangements may create.

Special Compensation for Affiliated Wholesaling and Selling Firms. Our parent company provides paid-in capital to TCI and pays the cost of TCI’s operating and other expenses, including costs for facilities, legal and accounting services, and other internal administrative functions.

Western Reserve’s main distribution channel is TFA, an affiliate, which sells Western Reserve products (Note: Effective January 6, 2012, our affiliate, World Group Securities, Inc. (“WGS”) merged with TFA). Western Reserve covers the cost of TFA’s various facilities, third-party services and internal administrative functions, including employee salaries, sales representative training and computer systems that are provided directly to TFA. These facilities and services are necessary for TFA’s administration and operation, and Western Reserve is compensated by TFA for these expenses based on TFA’s usage. In addition, Western Reserve and other affiliates pay for certain sales expenses of TFA, including the costs of preparing and producing prospectuses and sales promotional materials for the Policy.

Sales representatives and their managers at TFA may receive directly or indirectly additional cash benefits and non-cash compensation or reimbursements from us or our affiliates. Additional compensation or reimbursement arrangements may include payments in connection with TFA’s conferences or seminars, sales or training programs for invited selling representatives and other employees, seminars for the public, trips (such as travel, lodging and meals in connection therewith), entertainment, merchandise and other similar items, and payments, loans or loan guaranties to assist a firm or representative in connection with systems, operating, marketing and other business expenses. The amounts may be significant and may provide us with increased access to the sales representatives.

In addition, TFA’s managers and/or sales representatives who meet certain productivity standards may be eligible for additional compensation. Sales of the Policies by affiliated selling firms may help sales representatives and/or their managers qualify for certain cash or non-cash benefits, and may provide such persons with special incentive to sell our Policies. For example, TFA’s registered representatives, general agents, marketing directors and supervisors may be eligible to participate in a voluntary stock purchase plan that permits participants to purchase stock of AEGON N.V. (Western Reserve’s ultimate parent) by allocating a portion of the commissions they earn to purchase such shares. A portion of the contributions of commissions by TFA’s representatives may be matched by TFA. TFA’s registered representatives may also be eligible to participate in a stock option and award plan. Registered representatives who meet certain production goals will be issued options on the stock of AEGON N.V.

Additional Compensation that We Pay to Selected Selling Firms. We may pay certain selling firms additional cash amounts for “preferred product” treatment of the Policies in their marketing programs in order to receive enhanced marketing services and increased access to their sales representatives. In exchange for providing us with access to their distribution network, such selling firms may receive additional compensation or reimbursement for, among other things, the hiring and training of sales personnel, marketing, sponsoring of conferences and seminars, and/or other services they provide to us and our affiliates. To the extent permitted by applicable law, we and other parties may allow other non-cash incentives and compensation to be paid to these selling firms. These special compensation arrangements are not offered to all selling firms and the terms of such arrangements may differ among selling firms.

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Special compensation arrangements are calculated in different ways by different selling firms and may be based on past or anticipated sales of the Policies or other criteria. Overrides were offered as incentives to our affiliates, TFA and Life Investors Financial Group, in 2011.

No specific charge is assessed directly to policyowners or the separate account to cover commissions and other incentives or payments described above. We do intend to recoup commissions and other sales expenses and incentives we pay, however, through fees and charges deducted under the Policy and other corporate revenue.

You should be aware that a selling firm or its sales representatives may receive different compensation or incentives for selling one product over another. In some cases, these differences may create an incentive for the selling firm or its sales representatives to recommend or sell this Policy to you. You may wish to take such incentives into account when considering and evaluating any recommendation relating to the Policies.

LEGAL PROCEEDINGS

Western Reserve, like other life insurance companies, is involved in lawsuits, including class action lawsuits. In some lawsuits involving insurers, substantial damages have been sought and/or material settlement payments have been made. Although the outcome of any litigation cannot be predicted with certainty, at the present time there are no pending or threatened lawsuits that are likely to have a material adverse impact on the separate account, on TCI’s ability to perform under its principal underwriting agreement, or on Western Reserve’s ability to meet its obligations under the Policy.

FINANCIAL STATEMENTS

The financial statements of Western Reserve and the separate account are included in the SAI.

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GLOSSARY


accounts		The options to which you can allocate your money. The accounts include the fixed account and the subaccounts in the separate account.

administrative office		Our administrative office address is 570 Carillon Parkway, St. Petersburg, Florida, 33716. Our phone number is 1-800-851-9777; our facsimile numbers are 1-727-299-1648 (subaccount transfers only); and 1- 727-299-1620 (for all other requests). Our administrative office serves as the recipient of all website (www.westernreserve.com), telephonic and facsimile transactions, including, but not limited to transfer requests and premium payments made by wire transfer and through electronic credit and debit transactions (e.g., payments through direct deposit, debit transfers, and forms of e-commerce payments). Our hours are Monday – Friday from 8:30 a.m. – 7:00 p.m. Eastern time. Please do not send any checks, claims, correspondence or notices to this office; send them to the mailing address.

attained age		The issue age of the person insured, plus the number of completed years since the Policy date (for the initial specified amount) or the date of each increase in specified amount.

beneficiary(ies)		The person or persons you select to receive the death benefit proceeds from the Policy. You name the primary beneficiary and contingent beneficiary(ies).

cash value		At the end of any valuation period, the sum of your Policy’s value in the subaccounts and the fixed account. If there is a Policy loan outstanding, then the cash value includes any amounts held in our fixed account to secure the Policy loan.

death benefit proceeds		The amount we will pay to the beneficiary(ies) on the insured’s death. The death benefit proceeds are reduced by any outstanding loan amount, including accrued interest and, if the insured dies during the grace period, any charges that are due and unpaid.

decrease charge		Surrender charge that may be imposed upon a decrease in specified amount during the first 8 Policy years (or during the 8 years subsequent to an increase in specified amount). The Exec Policy does not have a decrease charge.

face amount		The dollar amount of coverage stated in any rider that you may add to your Policy.

fixed account		An allocation option other than the separate account to which you may allocate net premiums and cash value. We guarantee that any amounts you allocate to the fixed account will earn interest at a declared rate. The fixed account is part of our general account. The fixed account is *not* available to you if your Policy was issued in the State of New Jersey.

free-look period		The period during which you may return the Policy and receive a refund as described in the prospectus. The length of the free-look period varies by state. The free-look period is listed in the Policy.

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funds		Investment companies which are registered with the U.S. Securities and Exchange Commission. The Policy allows you to invest in the portfolios of the funds through our subaccounts.

good order		An instruction that is received by the Company that is sufficiently complete and clear along with all forms, information and supporting legal documentation (including required spousal or joint owner’s consents) so that the Company does not need to exercise any discretion to follow such instruction. All orders to process a withdrawal request, a loan request, a request to surrender your Policy, a fund transfer request, or a death benefit claim must be in good order.

in force		While coverage under the Policy is active and the insured’s life remains insured.

initial premium		The amount you must pay before insurance coverage begins under the Policy. The initial premium is shown on the schedule pages of your Policy.

indebtedness		Outstanding loans plus any accrued interest at the time your Policy lapsed.

insured		The person whose life is insured by the Policy.

issue age		The insured’s age on his or her birthday on or before the Policy date. When you increase the Policy’s specified amount of insurance coverage, the issue age for the new layer of specified amount coverage is the insured’s age on his or her birthday on or before the date that the increase in specified amount takes effect. This age may be different from the attained age on other layers of specified amount coverage.

lapse		When life insurance coverage ends and the Policy terminates because you do not have enough net surrender value in the Policy to pay the monthly deductions, the surrender charge and any outstanding loan amount, including accrued loan interest, and you have not made a sufficient payment by the end of a grace period.

loan reserve account		A part of the fixed account to which amounts are transferred as collateral for Policy loans.

mailing address		Our mailing address is 4333 Edgewood Road, N.E., Cedar Rapids, Iowa, 52499. All premium payments and loan repayments made by check, and all claims, correspondence and notices must be sent to this address.

maximum fixed account value		The maximum amount that may be allocated to the fixed account at any time without prior approval is the amount that would cause the fixed account to be $250,000, exclusive of loan reserve requirements. (This restriction does not apply to transfers to the fixed account necessary in the exercise of conversion rights).

minimum monthly guarantee premium (Base and Focus policies)		The amount shown on your Policy schedule pages that we use during the no lapse period to determine whether a grace period will begin. We will adjust the minimum monthly guarantee premium if you change death benefit options, increase or decrease the specified amount (including increases generated by the Inflation Fighter Rider), or add, increase or decrease a rider, and you may need to pay additional premiums in order to keep the no lapse guarantee in place. A grace period will begin whenever your net surrender value is not enough to meet monthly deductions and the no lapse guarantee is no longer in effect.

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Monthiversary		This is the day of each month when we determine Policy charges and deduct them from cash value. It is the same date each month as the Policy date. If there is no valuation date in the calendar month that coincides with the Policy date, the Monthiversary is the next valuation date.

monthly deductions		The monthly Policy charge, plus the monthly cost of insurance, plus the monthly per unit charge, plus the monthly charge for any riders added to your Policy, plus, if any, the decrease charge incurred as a result of a decrease in your specified amount, all of which are deducted from the Policy’s cash value on each Monthiversary.

mortality and expense risk charge		This charge is a daily deduction from each subaccount that is taken before determining the unit value of that subaccount.

net premium		The part of your premium that we allocate to the fixed account or the subaccounts. The net premium is equal to the premium you paid minus the premium expense charge.

net surrender value		The amount we will pay you if you surrender the Policy while it is in force. The net surrender value on the date you surrender is equal to: the cash value, minus any surrender charge, minus any outstanding loan amount, and minus any accrued loan interest as of such date.

no lapse date (Base Policies)		Except as described under “Extension of No Lapse Guarantee Period” shown in the “Policy Lapse and Reinstatement” section of this prospectus, the no lapse date is defined as follows. For a Policy issued to any insured ages 0-55, the no lapse date is the same date as the Policy’s 10^th anniversary. For a Policy issued to an insured ages 56-60, the no lapse date is the Policy anniversary at the insured’s attained age 65. For a Policy issued to an insured ages 61-85, the no lapse date is the fifth Policy anniversary. The no lapse date is specified in your Policy. (Note: For policies applied for before October 30, 2008 and issued before January 1, 2009, the no lapse date for all policies that were in force on May 1, 2009, with a no lapse date indicated on the Policy schedule page in 2006, 2007, 2008, 2009, 2010 or 2011, has been automatically extended to the Policy anniversary in 2012.)

no lapse date (Focus Policies)		Except as described under “Extension of No Lapse Guarantee Period” in the “Policy Lapse and Reinstatement” section of this prospectus, the no lapse date is defined as follows. For a Policy issued to any insured ages 0-56, the no lapse date is the same date as the Policy’s 8^th anniversary. For a Policy issued to an insured ages 57-60, the no lapse date is the Policy anniversary at the insured’s attained age 64. For a Policy issued to an insured ages 61-85, the no lapse date is the fourth Policy anniversary. The no lapse date is specified in your Policy (Note: For policies applied for before October 30, 2008 and issued before January 1, 2009, the no lapse date for all policies that were in force on May 1, 2009, with a no lapse date indicated on the Policy schedule page in 2006, 2007, 2008, 2009, 2010 or 2011, has been automatically extended to the Policy anniversary in 2012.)

no lapse period		The period of time between the Policy date and the no lapse date during which the Policy will not lapse if certain conditions are met. The Exec Policy does not feature a no lapse period.

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NYSE		The New York Stock Exchange.

planned periodic premium		A premium payment you make in a level amount at a fixed interval over a specified period of time.

Policy		The WRL Xcelerator^SM, the WRL Xcelerator Focus^SM or the WRL Xcelerator Exec^SM variable life insurance policy without any supplemental riders (benefits).

Policy date		The date generally when our underwriting process is complete, full life insurance coverage goes into effect, the initial premium payment has been received, and we begin to take the monthly deductions. The Policy date is shown on the schedule pages of your Policy. If you request, we may backdate a Policy by assigning a Policy date earlier than the date the Policy is issued. We measure Policy months, years, and anniversaries from the Policy date.

portfolio		One of the separate investment portfolios of a fund.

premium expense charge		The charge that is deducted from each premium payment before determining the net premium that will be credited to the cash value.

premiums		All payments you make under the Policy other than loan repayments.

reallocation account		That portion of the fixed account where we hold the net premium(s) from the record date until the reallocation date.

reallocation date		The date we reallocate all cash value held in the reallocation account to the fixed account and/or subaccounts you selected on your application. We place your net premium in the reallocation account (or as mandated by state law) only if your state requires us to return the full premium in the event you exercise your free-look right. In those states that require us to return all premiums paid for the Policy in the event you exercise your free-look right, we set the reallocation date to coincide with the free-look period that is applicable to your Policy plus a margin of five days for Policy delivery. In all other states, the reallocation date is the policy ate or the record date.

record date		The date we record your Policy on our books and your Policy is issued. The record date is generally the Policy date, unless the Policy is backdated.

separate account		The WRL Series Life Account. It is a separate investment account that is divided into subaccounts. We established the separate account to receive and invest net premiums under the Policy and other variable life insurance policies we issue.

specified amount		The initial specified amount of life insurance that you have selected shown on the Policy’s schedule pages that you receive when the Policy is issued. The specified amount in force is the initial specified amount, adjusted for any increases or decreases in the Policy’s specified amount (including any increase in specified amount generated by the Inflation Fighter Rider). Other events such as a request to increase or decrease the specified amount, change in death benefit option or a cash withdrawal (if you choose Option A or if you choose Option C death benefit and the insured is attained age 71 or greater) may also affect the specified amount in force.

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subaccount		A subdivision of the separate account that invests exclusively in shares of one investment portfolio of a fund.

surrender charge		If, during the first 8 Policy years (or during the 8-year period subsequent to an increase in specified amount), you fully surrender the Policy, then we will deduct a surrender charge from your cash value. The Exec Policy does not have a surrender charge.

termination		When the insured’s life is no longer insured under the Policy or any rider, and the Policy or any rider is no longer in force.

valuation date		Each day the New York Stock Exchange is open for normal trading. Western Reserve is open for business whenever the New York Stock Exchange is open. Please Note: Any day that Western Reserve is open for business, but the New York Stock Exchange is not open for normal trading, is not considered a valuation date.

valuation period		The period of time over which we determine the change in the value of the subaccounts. Each valuation period begins at the close of normal trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time on each valuation date) and ends at the close of normal trading of the New York Stock Exchange on the next valuation date.

we, us, our , the Company (Western Reserve)		Western Reserve Life Assurance Co. of Ohio.

written notice		The written notice you must sign and send us to request or exercise your rights as owner under the Policy. To be complete and in good order, it must: (1) be in a form we accept, (2) contain the information and documentation that we determine we need to take the action you request, and (3) be received at our mailing address.

you, your (owner or policyowner)		The person entitled to exercise all rights as owner under the Policy.

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APPENDICES A-1 B-1, C-1, & D-1

FOR POLICIES APPLIED FOR ON OR AFTER

OCTOBER 30, 2008

(BASED ON THE 2001 C.S.O. TABLES)

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FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008

Appendix A-1

SURRENDER CHARGE PER THOUSAND OF SPECIFIED AMOUNT LAYER – BASE POLICY

(Based on the gender and rate class of the insured)


Issue Age	Male Juvenile		Male Tobacco		Male Non- Tobacco		Female Juvenile		Female Tobacco		Female Non- Tobacco
0		12.62		n/a		n/a		12.11		n/a		n/a
1		12.72		n/a		n/a		12.20		n/a		n/a
2		12.83		n/a		n/a		12.31		n/a		n/a
3		12.96		n/a		n/a		12.42		n/a		n/a
4		13.11		n/a		n/a		12.53		n/a		n/a
5		13.27		n/a		n/a		12.65		n/a		n/a
6		13.43		n/a		n/a		12.79		n/a		n/a
7		13.60		n/a		n/a		12.94		n/a		n/a
8		13.82		n/a		n/a		13.07		n/a		n/a
9		13.82		n/a		n/a		13.23		n/a		n/a
10		13.82		n/a		n/a		13.40		n/a		n/a
11		13.82		n/a		n/a		13.57		n/a		n/a
12		13.82		n/a		n/a		13.82		n/a		n/a
13		14.26		n/a		n/a		13.94		n/a		n/a
14		14.69		n/a		n/a		14.14		n/a		n/a
15		15.12		n/a		n/a		14.35		n/a		n/a
16		15.34		n/a		n/a		14.56		n/a		n/a
17		15.98		n/a		n/a		14.79		n/a		n/a
18		n/a		16.15		14.55		n/a		15.02		13.68
19		n/a		16.42		14.74		n/a		15.27		13.87
20		n/a		16.71		14.94		n/a		15.53		14.04
21		n/a		17.00		15.15		n/a		15.79		14.24
22		n/a		17.31		15.37		n/a		16.08		14.45
23		n/a		17.63		15.62		n/a		16.38		14.65
24		n/a		17.96		15.87		n/a		16.70		14.89
25		n/a		18.32		16.14		n/a		17.03		15.12
26		n/a		18.69		16.42		n/a		17.37		15.37
27		n/a		19.08		16.71		n/a		17.74		15.64
28		n/a		19.48		17.02		n/a		18.12		15.91
29		n/a		19.92		17.35		n/a		18.53		16.20
30		n/a		20.37		17.69		n/a		18.95		16.51
31		n/a		20.87		18.07		n/a		19.41		16.84
32		n/a		21.40		18.46		n/a		19.89		17.19
33		n/a		21.96		18.89		n/a		20.39		17.54
34		n/a		22.54		19.35		n/a		20.91		17.92
35		n/a		23.18		19.82		n/a		21.46		18.33
36		n/a		23.85		20.32		n/a		22.05		18.75
37		n/a		24.55		20.85		n/a		22.66		19.19
38		n/a		25.31		21.42		n/a		23.31		19.66
39		n/a		26.10		22.02		n/a		24.00		20.15

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Issue Age	Male Tobacco		Male Non- Tobacco		Female Tobacco		Female Non- Tobacco
40		26.94		22.65		24.72		20.68
41		27.82		23.32		25.50		21.23
42		28.76		24.03		26.31		21.81
43		29.75		24.77		27.17		22.44
44		30.78		25.57		28.10		23.09
45		31.86		26.41		29.07		23.79
46		33.00		27.28		30.09		24.52
47		34.20		28.21		31.18		25.29
48		35.46		29.19		32.32		26.10
49		36.82		30.25		33.52		26.97
50		38.27		31.38		34.77		27.88
51		39.83		32.58		36.10		28.83
52		41.48		33.86		37.48		29.84
53		43.21		35.22		38.93		30.90
54		45.06		36.67		40.46		32.02
55		47.00		38.20		42.05		33.20
56		49.03		39.83		43.72		34.44
57		51.16		41.54		45.47		35.75
58		53.40		43.37		47.30		37.13
59		55.81		45.33		49.24		38.59
60		59.90		48.56		52.41		40.88
61		59.90		50.90		54.65		42.58
62		59.90		53.38		57.02		44.40
63		59.90		56.03		59.53		46.32
64		59.90		58.83		59.90		48.38
65		59.90		59.90		59.90		50.58
66		59.90		59.90		59.90		52.93
67		59.90		59.90		59.90		55.45
68		59.90		59.90		59.90		58.15
69		59.90		59.90		59.90		59.90
70		59.90		59.90		59.90		59.90
71		59.90		59.90		59.90		59.90
72		59.90		59.90		59.90		59.90
73		59.90		59.90		59.90		59.90
74		59.90		59.90		59.90		59.90
75		59.90		59.90		59.90		59.90
76		59.90		59.90		59.90		59.90
77		59.90		59.90		59.90		59.90
78		59.90		59.90		59.90		59.90
79		59.90		59.90		59.90		59.90
80		59.90		59.90		59.90		59.90
81		58.09		58.09		58.09		58.09
82		56.17		56.17		56.17		56.17
83		54.14		54.14		54.14		54.14
84		51.99		51.99		51.99		51.99
85		49.73		49.73		49.73		49.73

116

FOR ALL POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008

Appendix A-1

SURRENDER CHARGE PER THOUSAND OF SPECIFIED AMOUNT LAYER XCELERATOR FOCUS

(Based on the gender and rate class of the insured)


Issue Age	Male Juvenile		Male Tobacco		Male Non- Tobacco		Female Juvenile		Female Tobacco		Female Non- Tobacco
0		7.95						7.63
1		8.01						7.69
2		8.08						7.76
3		8.16						7.82
4		8.26						7.89
5		8.36						7.97
6		8.46						8.06
7		8.57						8.15
8		8.71						8.23
9		8.71						8.33
10		8.71						8.44
11		8.71						8.55
12		8.71						8.71
13		8.98						8.78
14		9.25						8.91
15		9.53						9.04
16		9.66						9.17
17		10.07						9.32
18				10.17		9.82				10.14		9.23
19				10.34		9.95				10.31		9.36
20				10.53		10.08				10.48		9.48
21				10.71		10.23				10.66		9.61
22				10.91		10.37				10.85		9.75
23				11.11		10.54				11.06		9.89
24				11.31		10.71				11.27		10.05
25				11.54		10.89				11.50		10.21
26				11.94		11.08				11.72		10.37
27				12.36		11.28				11.97		10.56
28				12.80		11.49				12.23		10.74
29				13.27		11.71				12.51		10.94
30				13.75		11.94				12.79		11.14
31				14.09		12.20				13.10		11.37
32				14.45		12.46				13.43		11.60
33				14.82		12.75				13.76		11.84
34				15.21		13.06				14.11		12.10
35				15.65		13.38				15.45		13.20
36				16.49		14.05				16.05		13.65
37				17.39		14.77				16.68		14.12
38				18.36		15.54				17.34		14.63
39				19.38		16.35				18.05		15.15
40				20.47		17.21				18.79		15.72
41				21.37		17.91				19.58		16.30
42				22.32		18.65				20.42		16.92
43				23.32		19.42				21.30		17.59
44				24.38		20.25				22.26		18.29
45				25.49		21.13				23.26		19.03
46				26.40		21.82				24.07		19.62
47				27.36		22.57				24.94		20.23
48				28.37		23.35				25.86		20.88

117


Issue Age	Male Juvenile	Male Tobacco		Male Non- Tobacco		Female Juvenile	Female Tobacco		Female Non- Tobacco
49			29.46		24.20			26.82		21.58
50			30.62		25.10			27.82		22.30
51			31.86		26.06			28.88		23.06
52			33.18		27.09			29.98		23.87
53			34.57		28.18			31.14		24.72
54			36.05		29.34			32.37		25.62
55			37.60		30.56			33.64		26.56
56			39.22		31.86			34.98		27.55
57			40.93		33.23			36.38		28.60
58			40.93		34.70			37.84		29.70
59			40.93		36.26			39.39		30.87
60			40.93		31.08			40.93		26.16
61			40.93		32.58			40.93		27.25
62			40.93		34.16			40.93		28.42
63			40.93		35.86			40.93		29.64
64			40.93		37.65			40.93		30.96
65			40.93		39.25			40.93		32.37
66			40.93		40.93			40.93		33.88
67			40.93		40.93			40.93		35.49
68			40.93		40.93			40.93		37.22
69			40.93		40.93			40.93		38.34
70			40.93		40.93			40.93		39.44
71 and over			40.93		40.93			40.93		40.93

118

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008

Appendix B-1

MONTHLY PER UNIT CHARGES (RATE PER THOUSAND) (BASE POLICY)


	Base
Issue Age	Band 1	Band 2	Band 3	Issue Age	PIR+	Issue Age	OIR
0	0.19	0.16	0.15	0	0.01	0	0.03
1	0.19	0.16	0.15	1	0.01	1	0.03
2	0.19	0.16	0.15	2	0.01	2	0.03
3	0.19	0.16	0.15	3	0.01	3	0.03
4	0.19	0.16	0.15	4	0.01	4	0.03
5	0.19	0.16	0.15	5	0.01	5	0.03
6	0.19	0.16	0.15	6	0.01	6	0.03
7	0.19	0.16	0.15	7	0.01	7	0.03
8	0.19	0.16	0.15	8	0.01	8	0.03
9	0.19	0.16	0.15	9	0.01	9	0.03
10	0.19	0.16	0.15	10	0.01	10	0.03
11	0.19	0.16	0.15	11	0.01	11	0.03
12	0.19	0.16	0.15	12	0.01	12	0.03
13	0.19	0.16	0.15	13	0.01	13	0.03
14	0.19	0.16	0.15	14	0.01	14	0.03
15	0.19	0.16	0.15	15	0.01	15	0.03
16	0.19	0.16	0.15	16	0.01	16	0.03
17	0.19	0.16	0.15	17	0.01	17	0.03
18	0.19	0.16	0.15	18	0.01	18	0.03
19	0.19	0.16	0.15	19	0.01	19	0.03
20	0.19	0.17	0.16	20	0.01	20	0.03
21	0.19	0.17	0.16	21	0.01	21	0.03
22	0.19	0.17	0.16	22	0.01	22	0.03
23	0.19	0.17	0.16	23	0.01	23	0.03
24	0.19	0.17	0.16	24	0.01	24	0.03
25	0.19	0.17	0.16	25	0.01	25	0.03
26	0.19	0.17	0.16	26	0.01	26	0.03
27	0.20	0.18	0.17	27	0.01	27	0.04
28	0.21	0.19	0.18	28	0.01	28	0.04
29	0.22	0.20	0.19	29	0.01	29	0.04
30	0.23	0.21	0.20	30	0.01	30	0.04
31	0.24	0.22	0.21	31	0.01	31	0.04
32	0.25	0.23	0.22	32	0.01	32	0.04
33	0.26	0.24	0.23	33	0.01	33	0.05
34	0.27	0.25	0.24	34	0.01	34	0.05
35	0.27	0.25	0.24	35	0.01	35	0.05
36	0.29	0.27	0.26	36	0.01	36	0.05
37	0.31	0.29	0.28	37	0.01	37	0.06
38	0.33	0.31	0.30	38	0.01	38	0.06
39	0.35	0.33	0.32	39	0.02	39	0.07
40	0.37	0.35	0.34	40	0.02	40	0.07
41	0.39	0.37	0.36	41	0.02	41	0.07

119


	Base
Issue Age	Band 1	Band 2	Band 3	Issue Age	PIR+	Issue Age	OIR
42	0.41	0.39	0.38	42	0.02	42	0.08
43	0.43	0.41	0.40	43	0.02	43	0.08
44	0.45	0.43	0.42	44	0.02	44	0.09
45	0.47	0.45	0.44	45	0.02	45	0.09
46	0.49	0.47	0.46	46	0.02	46	0.10
47	0.52	0.50	0.49	47	0.02	47	0.10
48	0.54	0.52	0.51	48	0.03	48	0.11
49	0.57	0.55	0.54	49	0.03	49	0.11
50	0.59	0.58	0.57	50	0.03	50	0.11
51	0.62	0.61	0.60	51	0.03	51	0.12
52	0.64	0.63	0.62	52	0.03	52	0.12
53	0.67	0.66	0.65	53	0.03	53	0.13
54	0.69	0.68	0.67	54	0.03	54	0.14
55	0.73	0.72	0.71	55	0.04	55	0.15
56	0.78	0.77	0.76	56	0.04	56	0.16
57	0.85	0.84	0.83	57	0.04	57	0.17
58	0.92	0.91	0.90	58	0.04	58	0.18
59	0.99	0.98	0.97	59	0.05	59	0.20
60	1.06	1.05	1.04	60	0.05	60	0.21
61	1.13	1.12	1.11	61	0.05	61	0.23
62	1.20	1.19	1.18	62	0.06	62	0.24
63	1.27	1.26	1.25	63	0.06	63	0.26
64	1.35	1.34	1.33	64	0.07	64	0.27
65	1.43	1.42	1.41	65	0.07	65	0.29
66	1.48	1.47	1.46	66	0.07	66	0.30
67	1.55	1.54	1.53	67	0.08	67	0.32
68	1.61	1.60	1.59	68	0.08	68	0.33
69	1.68	1.67	1.66	69	0.08	69	0.35
70	1.75	1.74	1.73	70	0.09	70	0.36
71	1.82	1.81	1.80	71	0.09	71	0.37
72	1.88	1.87	1.86	72	0.09	72	0.39
73	1.95	1.94	1.93	73	0.10	73	0.40
74	2.01	2.00	1.99	74	0.10	74	0.42
75	2.07	2.06	2.05	75	0.10	75	0.43
76	2.16	2.15	2.14	76	0.11	76	0.44
77	2.25	2.24	2.23	77	0.11	77	0.46
78	2.34	2.33	2.32	78	0.11	78	0.47
79	2.43	2.42	2.41	79	0.12	79	0.49
80	2.53	2.51	2.50	80	0.12	80	0.50
81	2.62	2.60	2.59	81	0.12	81	0.51
82	2.71	2.69	2.68	82	0.13	82	0.53
83	2.80	2.78	2.77	83	0.13	83	0.54
84	2.89	2.87	2.86	84	0.13	84	0.56
85	2.98	2.96	2.95	85	0.14	85	0.57

120

FOR ALL POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008

Appendix B-1

GUARANTEED MONTHLY PER UNIT CHARGES XCELERATOR FOCUS

(Rates per Thousand)


WRL Xcelerator Focus			Focus		Focus
Issue Age	Band 2	Band 3	Issue Age	PIR+	Issue Age	OIR
0	0.16	0.15	0	0.01	0	0.03
1	0.16	0.15	1	0.01	1	0.03
2	0.16	0.15	2	0.01	2	0.03
3	0.16	0.15	3	0.01	3	0.03
4	0.16	0.15	4	0.01	4	0.03
5	0.16	0.15	5	0.01	5	0.03
6	0.16	0.15	6	0.01	6	0.03
7	0.16	0.15	7	0.01	7	0.03
8	0.16	0.15	8	0.01	8	0.03
9	0.16	0.15	9	0.01	9	0.03
10	0.16	0.15	10	0.01	10	0.03
11	0.16	0.15	11	0.01	11	0.03
12	0.16	0.15	12	0.01	12	0.03
13	0.16	0.15	13	0.01	13	0.03
14	0.16	0.15	14	0.01	14	0.03
15	0.16	0.15	15	0.01	15	0.03
16	0.16	0.15	16	0.01	16	0.03
17	0.16	0.15	17	0.01	17	0.03
18	0.16	0.15	18	0.01	18	0.03
19	0.16	0.15	19	0.01	19	0.03
20	0.17	0.16	20	0.01	20	0.03
21	0.17	0.16	21	0.01	21	0.03
22	0.17	0.16	22	0.01	22	0.03
23	0.17	0.16	23	0.01	23	0.03
24	0.17	0.16	24	0.01	24	0.03
25	0.17	0.16	25	0.01	25	0.03
26	0.17	0.16	26	0.01	26	0.03
27	0.18	0.17	27	0.01	27	0.04
28	0.19	0.18	28	0.01	28	0.04
29	0.20	0.19	29	0.01	29	0.04
30	0.21	0.20	30	0.01	30	0.04
31	0.22	0.21	31	0.01	31	0.04
32	0.23	0.22	32	0.01	32	0.04
33	0.24	0.23	33	0.01	33	0.05
34	0.25	0.24	34	0.01	34	0.05
35	0.25	0.24	35	0.01	35	0.05
36	0.27	0.26	36	0.01	36	0.05
37	0.29	0.28	37	0.01	37	0.06
38	0.31	0.30	38	0.01	38	0.06
39	0.33	0.32	39	0.02	39	0.07
40	0.35	0.34	40	0.02	40	0.07
41	0.37	0.36	41	0.02	41	0.07

121


WRL Xcelerator Focus			Focus		Focus
Issue Age	Band 2	Band 3	Issue Age	PIR+	Issue Age	OIR
42	0.39	0.38	42	0.02	42	0.08
43	0.41	0.40	43	0.02	43	0.08
44	0.43	0.42	44	0.02	44	0.09
45	0.45	0.44	45	0.02	45	0.09
46	0.47	0.46	46	0.02	46	0.10
47	0.50	0.49	47	0.02	47	0.10
48	0.52	0.51	48	0.03	48	0.11
49	0.55	0.54	49	0.03	49	0.11
50	0.58	0.57	50	0.03	50	0.11
51	.061	0.60	51	0.03	51	0.12
52	0.63	0.62	52	0.03	52	0.12
53	0.66	0.65	53	0.03	53	0.13
54	0.68	0.67	54	0.03	54	0.14
55	0.72	0.71	55	0.04	55	0.15
56	0.77	0.76	56	0.04	56	0.16
57	0.84	0.83	57	0.04	57	0.17
58	0.91	0.90	58	0.04	58	0.18
59	0.98	0.97	59	0.05	59	0.20
60	1.05	1.04	60	0.05	60	0.21
61	1.12	1.11	61	0.05	61	0.23
62	1.19	1.18	62	0.06	62	0.24
63	1.26	1.25	63	0.06	63	0.26
64	1.34	1.33	64	0.07	64	0.27
65	1.42	1.41	65	0.07	65	0.29
66	1.47	1.46	66	0.07	66	0.30
67	1.54	1.53	67	0.08	67	0.32
68	1.60	1.59	68	0.08	68	0.33
69	1.67	1.66	69	0.08	69	0.35
70	1.74	1.73	70	0.09	70	0.36
71	1.81	1.80	71	0.09	71	0.37
72	1.87	1.86	72	0.09	72	0.39
73	1.94	1.93	73	0.10	73	0.40
74	2.00	1.99	74	0.10	74	0.42
75	2.06	2.05	75	0.10	75	0.43
76	2.15	2.14	76	0.11	76	0.44
77	2.24	2.23	77	0.11	77	0.46
78	2.33	2.32	78	0.11	78	0.47
79	2.42	2.41	79	0.12	79	0.49
80	2.51	2.50	80	0.12	80	0.50
81	2.60	2.59	81	0.12	81	0.51
82	2.69	2.68	82	0.13	82	0.53
83	2.78	2.77	83	0.13	83	0.54
84	2.87	2.86	84	0.13	84	0.56
85	2.96	2.95	85	0.14	85	0.57

122

FOR ALL POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008

Appendix B-1

CURRENT MONTHLY PER UNIT CHARGES XCELERATOR FOCUS

(Rate per Thousand)


Male			Female
Issue Age	Band 2	Band 3	Issue Age	Band 2	Band 3
0	0.10	0.09	0	0.10	0.09
1	0.10	0.09	1	0.10	0.09
2	0.10	0.09	2	0.10	0.09
3	0.10	0.09	3	0.10	0.09
4	0.10	0.09	4	0.10	0.09
5	0.10	0.09	5	0.10	0.09
6	0.10	0.09	6	0.10	0.09
7	0.10	0.09	7	0.10	0.09
8	0.10	0.09	8	0.10	0.09
9	0.10	0.09	9	0.10	0.09
10	0.10	0.09	10	0.10	0.09
11	0.10	0.09	11	0.10	0.09
12	0.10	0.09	12	0.10	0.09
13	0.10	0.09	13	0.10	0.09
14	0.10	0.09	14	0.10	0.09
15	0.10	0.09	15	0.10	0.09
16	0.10	0.09	16	0.10	0.09
17	0.10	0.09	17	0.10	0.09
18	0.11	0.10	18	0.10	0.09
19	0.11	0.10	19	0.10	0.09
20	0.11	0.10	20	0.11	0.10
21	0.11	0.10	21	0.11	0.10
22	0.11	0.10	22	0.11	0.10
23	0.12	0.11	23	0.11	0.10
24	0.12	0.11	24	0.11	0.10
25	0.12	0.11	25	0.11	0.10
26	0.13	0.12	26	0.12	0.11
27	0.13	0.12	27	0.12	0.11
28	0.14	0.13	28	0.13	0.12
29	0.14	0.13	29	0.13	0.12
30	0.15	0.14	30	0.14	0.13
31	0.15	0.14	31	0.14	0.13
32	0.16	0.15	32	0.15	0.14
33	0.16	0.15	33	0.15	0.14
34	0.17	0.16	34	0.16	0.15
35	0.17	0.16	35	0.16	0.15
36	0.18	0.17	36	0.17	0.16
37	0.19	0.18	37	0.19	0.18
38	0.21	0.20	38	0.20	0.19
39	0.22	0.21	39	0.21	0.20
40	0.23	0.22	40	0.23	0.22
41	0.24	0.23	41	0.24	0.23

123

Current Monthly Per Unit Charges Xcelerator Focus

(Rate per Thousand) Continued


Male			Female
Issue Age	Band 2	Band 3	Issue Age	Band 2	Band 3
42	0.25	0.24	42	0.25	0.24
43	0.27	0.26	43	0.26	0.25
44	0.28	0.27	44	0.28	0.27
45	0.29	0.28	45	0.29	0.28
46	0.31	0.30	46	0.31	0.30
47	0.33	0.32	47	0.33	0.32
48	0.35	0.34	48	0.34	0.33
49	0.37	0.36	49	0.36	0.35
50	0.39	0.38	50	0.38	0.37
51	0.40	0.39	51	0.40	0.39
52	0.42	0.41	52	0.42	0.41
53	0.44	0.43	53	0.43	0.42
54	0.46	0.45	54	0.45	0.44
55	0.48	0.47	55	0.47	0.46
56	0.53	0.52	56	0.51	0.50
57	0.57	0.56	57	0.55	0.54
58	0.62	0.61	58	0.59	0.58
59	0.67	0.66	59	0.63	0.62
60	0.72	0.71	60	0.67	0.66
61	0.76	0.75	61	0.70	0.69
62	0.81	0.80	62	0.74	0.73
63	0.86	0.85	63	0.78	0.77
64	0.90	0.89	64	0.82	0.81
65	0.95	0.94	65	0.86	0.85
66	0.99	0.98	66	0.91	0.90
67	1.04	1.03	67	0.96	0.95
68	1.08	1.07	68	1.01	1.00
69	1.12	1.11	69	1.06	1.05
70	1.17	1.16	70	1.11	1.10
71	1.21	1.20	71	1.16	1.15
72	1.25	1.24	72	1.21	1.20
73	1.29	1.28	73	1.26	1.25
74	1.34	1.33	74	1.31	1.30
75	1.38	1.37	75	1.36	1.35
76	1.47	1.46	76	1.45	1.44
77	1.55	1.54	77	1.53	1.52
78	1.64	1.63	78	1.62	1.61
79	1.72	1.71	79	1.70	1.69
80	1.81	1.80	80	1.79	1.78
81	1.89	1.88	81	1.87	1.86
82	1.98	1.97	82	1.96	1.95
83	2.06	2.05	83	2.04	2.03
84	2.15	2.14	84	2.13	2.12
85	2.23	2.22	85	2.21	2.20

124

WRL XCELERATOR EXEC

Monthly Per Unit Charges (Rate per Thousand)


	WRL Xcelerator Exec
	Duration 1
	Tobacco
	Male								Female								Unisex
Issue Age	Band 1		Band 2		Band 3		Band 4		Band 1		Band 2		Band 3		Band 4		Band 1		Band 2		Band 3		Band 4
18		0.18		0.16		0.15		0.15		0.16		0.14		0.14		0.13		0.18		0.16		0.15		0.15
19		0.19		0.17		0.16		0.16		0.16		0.15		0.14		0.14		0.19		0.17		0.16		0.16
20		0.19		0.17		0.17		0.16		0.17		0.15		0.15		015.		0.19		0.17		0.17		0.16
21		0.20		0.18		0.18		0.17		0.18		0.16		0.16		0.15		0.20		0.18		0.18		0.17
22		0.21		0.19		0.18		0.18		0.18		0.17		0.16		0.16		0.21		0.19		0.18		0.18
23		0.22		0.20		0.19		0.18		0.19		0.17		0.17		0.16		0.22		0.20		0.19		0.18
24		0.23		0.21		0.20		0.19		0.20		0.18		0.18		0.17		0.23		0.21		0.20		0.19
25		0.24		0.21		0.21		0.20		0.21		0.19		0.18		0.18		0.24		0.21		0.21		0.20
26		0.25		0.22		0.21		0.21		0.21		0.19		0.19		0.18		0.25		0.22		0.21		0.21
27		0.26		0.23		0.22		0.21		0.22		0.20		0.19		0.19		0.26		0.23		0.22		0.21
28		0.26		0.24		0.23		0.22		0.23		0.21		0.20		0.20		0.26		0.24		0.23		0.22
29		0.27		0.24		0.23		0.23		0.24		0.21		0.21		0.20		0.27		0.24		0.23		0.23
30		0.28		0.25		0.24		0.23		0.24		0.22		0.21		0.21		0.28		0.25		0.24		0.23
31		0.29		0.26		0.25		0.24		0.25		0.22		0.22		0.21		0.29		0.26		0.25		0.24
32		0.30		0.27		0.26		0.25		0.26		0.23		0.23		0.22		0.30		0.27		0.26		0.25
33		0.31		0.28		0.27		0.26		0.27		0.24		0.24		0.23		0.31		0.28		0.27		0.26
34		0.33		0.29		0.28		0.27		0.28		0.25		0.25		0.24		0.33		0.29		0.28		0.27
35		0.35		0.31		0.30		0.29		0.30		0.26		0.26		0.25		0.35		0.31		0.30		0.29
36		0.37		0.33		0.31		0.30		0.31		0.28		0.27		0.26		0.36		0.33		0.31		0.30
37		0.39		0.35		0.34		0.33		0.33		0.30		0.29		0.28		0.38		0.35		0.34		0.33
38		0.42		0.37		0.36		0.35		0.35		0.32		0.30		0.30		0.41		0.37		0.35		0.35
39		0.45		0.40		0.38		0.37		0.38		0.34		0.32		0.31		0.44		0.39		0.37		0.36
40		0.48		0.43		0.41		0.40		0.40		0.36		0.34		0.33		0.47		0.42		0.40		0.39
41		0.51		0.45		0.44		0.42		0.42		0.38		0.36		0.35		0.50		0.44		0.43		0.41
42		0.54		0.48		0.46		0.45		0.45		0.40		0.38		0.37		0.53		0.47		0.45		0.44
43		0.57		0.51		0.49		0.47		0.47		0.42		0.40		0.39		0.56		0.50		0.48		0.46
44		0.60		0.53		0.51		0.50		0.50		0.44		0.42		0.42		0.59		0.52		0.50		0.49
45		0.62		0.55		0.53		0.51		0.52		0.46		0.44		0.43		0.61		0.54		0.52		0.50
46		0.64		0.57		0.55		0.53		0.54		0.48		0.46		0.45		0.63		0.56		0.54		0.52
47		0.65		0.58		0.56		0.54		0.56		0.50		0.48		0.47		0.64		0.57		0.55		0.53
48		0.66		0.59		0.57		0.55		0.58		0.52		0.50		0.49		0.65		0.58		0.56		0.54
49		0.67		0.60		0.58		0.56		0.61		0.54		0.52		0.50		0.66		0.59		0.57		0.55
50		0.68		0.61		0.58		0.57		0.63		0.56		0.54		0.52		0.68		0.61		0.58		0.57
51		0.69		0.62		0.59		0.57		0.65		0.58		0.56		0.54		0.69		0.62		0.59		0.57
52		0.71		0.63		0.60		0.58		0.67		0.60		0.58		0.56		0.71		0.63		0.60		0.58
53		0.73		0.65		0.62		0.60		0.70		0.62		0.60		0.58		0.73		0.65		0.62		0.60
54		0.75		0.67		0.64		0.62		0.72		0.64		0.62		0.60		0.75		0.67		0.64		0.62
55		0.78		0.69		0.66		0.64		0.75		0.66		0.64		0.62		0.78		0.69		0.66		0.64
56		0.82		0.72		0.69		0.67		0.77		0.68		0.66		0.64		0.82		0.72		0.69		0.67
57		0.86		0.76		0.73		0.71		0.80		0.71		0.68		0.66		0.85		0.76		0.73		0.71
58		0.91		0.80		0.77		0.74		0.83		0.73		0.70		0.68		0.90		0.79		0.76		0.73
59		0.96		0.84		0.81		0.78		0.85		0.75		0.72		0.70		0.95		0.83		0.80		0.77

125


	WRL Xcelerator Exec
	Duration 1
	Tobacco
	Male								Female								Unisex
Issue Age	Band 1		Band 2		Band 3		Band 4		Band 1		Band 2		Band 3		Band 4		Band 1		Band 2		Band 3		Band 4
60		1.02		0.89		0.85		0.83		0.88		0.77		0.75		0.72		1.01		0.88		0.84		0.82
61		1.07		0.84		0.90		0.87		0.91		0.80		0.77		0.75		1.05		0.93		0.89		0.86
62		1.13		0.99		0.95		0.92		0.94		0.82		0.79		0.77		1.11		0.97		0.93		0.91
63		1.19		1.04		1.00		0.97		0.98		0.85		0.82		0.80		1.17		1.02		0.98		0.95
64		1.25		1.09		1.05		1.02		1.02		0.89		0.85		0.83		1.23		1.07		1.03		1.00
65		1.31		1.14		1.10		1.06		1.06		0.93		0.89		0.86		1.29		1.12		1.08		1.04
66		1.37		1.19		1.15		1.11		1.11		0.97		0.93		0.90		1.34		1.17		1.13		1.09
67		1.43		1.24		1.19		1.16		1.16		1.01		0.97		0.94		1.40		1.22		1.17		1.14
68		1.49		1.29		1.24		1.20		1.22		1.06		1.02		0.99		1.46		1.27		1.22		1.18
69		1.55		1.34		1.29		1.25		1.28		1.11		1.07		1.03		1.52		1.32		1.27		1.23
70		1.61		1.40		1.34		1.30		1.34		1.16		1.12		1.08		1.58		1.38		1.32		1.28
71		1.67		1.45		1.39		1.35		1.40		1.22		1.17		1.13		1.64		1.43		1.37		1.33
72		1.74		1.51		1.45		1.41		1.47		1.28		1.23		1.19		1.71		1.49		1.43		1.39
73		1.81		1.57		1.51		1.46		1.54		1.34		1.28		1.24		1.78		1.55		1.49		1.44
74		1.89		1.64		1.57		1.52		1.61		1.40		1.34		1.30		1.86		1.62		1.55		1.50
75		1.97		1.71		1.64		1.59		1.69		1.46		1.40		1.36		1.94		1.69		1.62		1.57
76		2.05		1.78		1.70		1.65		1.75		1.52		1.45		1.41		2.02		1.75		1.68		1.63
77		2.14		1.85		1.77		1.72		1.82		1.58		1.51		1.47		2.11		1.82		1.74		1.70
78		2.23		1.93		1.85		1.79		1.90		1.65		1.58		1.53		2.20		1.90		1.82		1.76
79		2.33		2.01		1.93		1.87		1.98		1.72		1.64		1.59		2.30		1.98		1.90		1.84
80		2.43		2.10		2.01		1.95		2.07		1.79		1.71		1.66		2.39		2.07		1.98		1.92

126


	WRL Xcelerator Exec
	Duration 1
	Non-Tobacco
	Male								Female								Unisex
Issue Age	Band 1		Band 2		Band 3		Band 4		Band 1		Band 2		Band 3		Band 4		Band 1		Band 2		Band 3		Band 4
18		0.12		0.11		0.11		0.10		0.11		0.10		0.10		0.10		0.12		0.11		0.11		0.10
19		0.13		0.12		0.11		0.11		0.12		0.11		0.10		0.10		0.13		0.12		0.11		0.11
20		0.13		0.12		0.11		0.11		0.12		0.11		0.10		0.10		0.13		0.12		0.11		0.11
21		0.14		0.12		0.12		0.11		0.12		0.11		0.11		0.10		0.14		0.12		0.12		0.11
22		0.14		0.13		0.12		0.12		0.13		0.11		0.11		0.11		0.14		0.13		0.12		0.12
23		0.14		0.13		0.12		0.12		0.13		0.12		0.11		0.11		0.14		0.13		0.12		0.12
24		0.15		0.13		0.13		0.12		0.13		0.12		0.11		0.11		0.15		0.13		0.13		0.12
25		0.15		0.14		0.13		0.13		0.14		0.12		0.12		0.11		0.15		0.14		0.13		0.13
26		0.16		0.14		0.14		0.13		0.14		0.13		0.12		0.12		0.16		0.14		0.14		0.13
27		0.16		0.15		0.14		0.14		0.15		0.13		0.13		0.12		0.16		0.15		0.14		0.14
28		0.17		0.15		0.14		0.14		0.15		0.14		0.13		0.13		0.17		0.15		0.14		0.14
29		0.17		0.16		0.15		0.15		0.16		0.14		0.13		0.13		0.17		0.16		0.15		0.15
30		0.18		0.16		0.15		0.15		0.16		0.14		0.14		0.13		0.18		0.16		0.15		0.15
31		0.19		0.17		0.16		0.15		0.17		0.15		0.14		0.14		0.19		0.17		0.16		0.15
32		0.19		0.17		0.16		0.16		0.17		0.15		0.15		0.14		0.19		0.17		0.16		0.16
33		0.20		0.18		0.17		0.16		0.18		0.16		0.15		0.15		0.20		0.18		0.17		0.16
34		0.20		0.18		0.17		0.17		0.18		0.16		0.16		0.15		0.20		0.18		0.17		0.17
35		0.21		0.19		0.18		0.17		0.19		0.17		0.16		0.16		0.21		0.19		0.18		0.17
36		0.21		0.19		0.18		0.18		0.19		0.17		0.16		0.16		0.21		0.19		0.18		0.18
37		0.22		0.19		0.19		0.18		0.20		0.18		0.17		0.16		0.22		0.19		0.19		0.18
38		0.22		0.20		0.19		0.18		0.20		0.18		0.17		0.17		0.22		0.20		0.19		0.18
39		0.23		0.20		0.19		0.19		0.21		0.19		0.18		0.17		0.23		0.20		0.19		0.19
40		0.23		0.21		0.20		0.19		0.21		0.19		0.18		0.18		0.23		0.21		0.20		0.19
41		0.24		0.21		0.20		0.20		0.22		0.19		0.19		0.18		0.24		0.21		0.20		0.20
42		0.24		0.22		0.21		0.20		0.22		0.20		0.19		0.18		0.24		0.22		0.21		0.20
43		0.25		0.22		0.21		0.20		0.23		0.20		0.19		0.19		0.25		0.22		0.21		0.20
44		0.25		0.23		0.22		0.21		0.23		0.20		0.20		0.19		0.25		0.23		0.22		0.21
45		0.26		0.23		0.22		0.22		0.23		0.21		0.20		0.19		0.26		0.23		0.22		0.22
46		0.27		0.24		0.23		0.22		0.23		0.21		0.20		0.19		0.27		0.24		0.23		0.22
47		0.28		0.25		0.24		0.23		0.23		0.21		0.20		0.19		0.28		0.25		0.24		0.23
48		0.29		0.26		0.25		0.24		0.23		0.20		0.19		0.19		0.28		0.25		0.24		0.24
49		0.30		0.26		0.25		0.25		0.22		0.20		0.19		0.18		0.29		0.25		0.24		0.24
50		0.31		0.27		0.26		0.26		0.22		0.19		0.19		0.18		0.30		0.26		0.25		0.25
51		0.32		0.28		0.27		0.26		0.22		0.19		0.18		0.18		0.31		0.27		0.26		0.25
52		0.33		0.29		0.28		0.27		0.21		0.19		0.18		0.18		0.32		0.28		0.27		0.26
53		0.34		0.30		0.29		0.28		0.21		0.19		0.18		0.18		0.33		0.29		0.28		0.27
54		0.35		0.31		0.30		0.29		0.22		0.19		0.19		0.18		0.34		0.30		0.29		0.28
55		0.36		0.32		0.31		0.30		0.23		0.20		0.19		0.19		0.35		0.31		0.30		0.29
56		0.38		0.33		0.32		0.31		0.24		0.21		0.20		0.20		0.37		0.32		0.31		0.30
57		0.39		0.34		0.33		0.32		0.26		0.23		0.22		0.21		0.38		0.33		0.32		0.31
58		0.40		0.35		0.34		0.33		0.28		0.25		0.24		0.23		0.39		0.34		0.33		0.32
59		0.41		0.36		0.35		0.34		0.30		0.27		0.26		0.25		0.40		0.35		0.34		0.33

127


	WRL Xcelerator Exec
	Duration 1
	Non-Tobacco
	Male								Female								Unisex
Issue Age	Band 1		Band 2		Band 3		Band 4		Band 1		Band 2		Band 3		Band 4		Band 1		Band 2		Band 3		Band 4
60		0.42		0.37		0.36		0.35		0.33		0.29		0.28		0.27		0.41		0.36		0.35		0.34
61		0.44		0.38		0.37		0.36		0.35		0.31		0.30		0.29		0.43		0.37		0.36		0.35
62		0.45		0.39		0.38		0.37		0.38		0.33		0.32		0.31		0.44		0.38		0.37		0.36
63		0.46		0.40		0.39		0.38		0.40		0.35		0.34		0.33		0.45		0.40		0.39		0.38
64		0.48		0.42		0.40		0.39		0.42		0.37		0.35		0.34		0.47		0.42		0.40		0.39
65		0.49		0.43		0.41		0.40		0.44		0.38		0.36		0.35		0.49		0.43		0.41		0.40
66		0.50		0.44		0.42		0.41		0.45		0.39		0.37		0.36		0.50		0.44		0.42		0.41
67		0.52		0.45		0.43		0.42		0.45		0.39		0.38		0.37		0.51		0.44		0.43		0.42
68		0.53		0.46		0.45		0.43		0.46		0.40		0.38		0.37		0.52		0.45		0.44		0.42
69		0.55		0.48		0.46		0.44		0.46		0.40		0.39		0.37		0.54		0.47		0.45		0.43
70		0.56		0.49		0.47		0.46		0.46		0.40		0.39		0.37		0.55		0.48		0.46		0.45
71		0.58		0.50		0.48		0.47		0.46		0.40		0.39		0.38		0.57		0.49		0.47		0.46
72		0.59		0.52		0.50		0.48		0.46		0.40		0.39		0.38		0.58		0.51		0.49		0.47
73		0.61		0.53		0.51		0.50		0.47		0.41		0.39		0.38		0.60		0.52		0.50		0.49
74		0.63		0.55		0.53		0.51		0.47		0.41		0.39		0.38		0.61		0.54		0.52		0.50
75		0.65		0.56		0.54		0.52		0.48		0.42		0.40		0.39		0.63		0.55		0.53		0.51
76		0.66		0.58		0.56		0.54		0.49		0.43		0.41		0.40		0.64		0.57		0.55		0.53
77		0.68		0.59		0.57		0.55		0.51		0.44		0.42		0.41		0.66		0.58		0.56		0.54
78		0.70		0.61		0.59		0.57		0.52		0.45		0.43		0.42		0.68		0.59		0.57		0.56
79		0.72		0.63		0.60		0.59		0.53		0.46		0.44		0.43		0.70		0.61		0.58		0.57
80		0.75		0.65		0.62		0.60		0.55		0.47		0.46		0.44		0.73		0.63		0.60		0.58

128


	WRL Xcelerator Exec
	Duration 2-8 (Current) / Duration 2+ (Guaranteed)
	Tobacco
	Male								Female								Unisex
Issue Age	Band 1		Band 2		Band 3		Band 4		Band 1		Band 2		Band 3		Band 4		Band 1		Band 2		Band 3		Band 4
18		0.31		0.28		0.27		0.26		0.27		0.25		0.24		0.23		0.31		0.28		0.27		0.26
19		0.32		0.29		0.28		0.28		0.28		0.26		0.25		0.24		0.32		0.29		0.28		0.28
20		0.34		0.31		0.30		0.29		0.30		0.27		0.26		0.26		0.34		0.31		0.30		0.29
21		0.36		0.32		0.31		0.30		0.31		0.28		0.28		0.27		0.36		0.32		0.31		0.30
22		0.37		0.34		0.33		0.32		0.33		0.30		0.29		0.28		0.37		0.34		0.33		0.32
23		0.39		0.36		0.34		0.33		0.34		0.31		0.30		0.30		0.39		0.36		0.34		0.33
24		0.41		0.37		0.36		0.35		0.36		0.33		0.32		0.31		0.41		0.37		0.36		0.35
25		0.43		0.39		0.38		0.37		0.38		0.34		0.33		0.32		0.43		0.39		0.38		0.37
26		0.45		0.41		0.40		0.38		0.40		0.36		0.35		0.34		0.45		0.41		0.40		0.38
27		0.47		0.43		0.41		0.40		0.41		0.37		0.36		0.35		0.46		0.42		0.41		0.40
28		0.49		0.45		0.43		0.42		0.43		0.39		0.38		0.37		0.48		0.44		0.43		0.42
29		0.52		0.47		0.45		0.44		0.45		0.40		0.39		0.38		0.51		0.46		0.44		0.43
30		0.54		0.49		0.47		0.45		0.47		0.42		0.41		0.40		0.53		0.48		0.46		0.45
31		0.56		0.51		0.49		0.47		0.49		0.44		0.43		0.42		0.55		0.50		0.48		0.47
32		0.59		0.53		0.51		0.50		0.51		0.46		0.45		0.44		0.58		0.52		0.50		0.49
33		0.62		0.56		0.54		0.52		0.53		0.48		0.47		0.46		0.61		0.55		0.53		0.51
34		0.65		0.59		0.57		0.55		0.56		0.51		0.49		0.48		0.64		0.58		0.56		0.54
35		0.69		0.62		0.60		0.58		0.59		0.54		0.52		0.51		0.68		0.61		0.59		0.57
36		0.74		0.67		0.64		0.62		0.63		0.57		0.55		0.54		0.73		0.66		0.63		0.61
37		0.79		0.71		0.68		0.66		0.67		0.60		0.59		0.57		0.78		0.70		0.67		0.65
38		0.84		0.76		0.73		0.71		0.71		0.64		0.62		0.60		0.83		0.75		0.72		0.70
39		0.90		0.82		0.79		0.76		0.76		0.68		0.66		0.64		0.89		0.81		0.78		0.75
40		0.97		0.87		0.84		0.82		0.80		0.73		0.70		0.68		0.95		0.86		0.83		0.81
41		1.03		0.93		0.89		0.87		0.85		0.77		0.74		0.72		1.01		0.91		0.88		0.86
42		1.09		0.99		0.95		0.92		0.90		0.82		0.78		0.76		1.07		0.97		0.93		0.90
43		1.15		1.04		1.00		0.97		0.95		0.86		0.83		0.80		1.13		1.02		0.98		0.95
44		1.21		1.09		1.05		1.02		1.00		0.91		0.87		0.84		1.19		1.07		1.03		1.00
45		1.26		1.14		1.09		1.06		1.05		0.95		0.91		0.89		1.24		1.12		1.07		1.04
46		1.30		1.17		1.13		1.10		1.10		1.00		0.96		0.93		1.28		1.15		1.11		1.08
47		1.33		1.20		1.15		1.12		1.15		1.04		1.00		0.97		1.31		1.18		1.14		1.11
48		1.35		1.22		1.17		1.14		1.19		1.08		1.04		1.01		1.33		1.21		1.16		1.13
49		1.38		1.24		1.19		1.16		1.24		1.12		1.08		1.04		1.37		1.23		1.18		1.15
50		1.40		1.26		1.21		1.17		1.29		1.16		1.12		1.09		1.39		1.25		1.20		1.16
51		1.42		1.28		1.23		1.19		1.34		1.21		1.16		1.13		1.41		1.27		1.22		1.18
52		1.46		1.31		1.26		1.22		1.39		1.25		1.21		1.17		1.45		1.30		1.26		1.22
53		1.51		1.36		1.30		1.26		1.45		1.31		1.26		1.22		1.50		1.36		1.30		1.26
54		1.57		1.41		1.35		1.31		1.52		1.37		1.32		1.28		1.57		1.41		1.35		1.31
55		1.66		1.49		1.42		1.38		1.59		1.43		1.38		1.34		1.65		1.48		1.42		1.38
56		1.77		1.59		1.52		1.47		1.67		1.50		1.45		1.41		1.76		1.58		1.51		1.46
57		1.89		1.70		1.62		1.58		1.75		1.57		1.52		1.47		1.88		1.69		1.61		1.57
58		2.04		1.82		1.75		1.69		1.84		1.65		1.59		1.55		2.02		1.80		1.73		1.68
59		2.19		1.96		1.88		1.82		1.93		1.73		1.67		1.62		2.16		1.94		1.86		1.80

129


	WRL Xcelerator Exec
	Duration 2-8 (Current) / Duration 2+ (Guaranteed)
	Tobacco
	Male								Female								Unisex
Issue Age	Band 1		Band 2		Band 3		Band 4		Band 1		Band 2		Band 3		Band 4		Band 1		Band 2		Band 3		Band 4
60		2.35		2.10		2.02		1.96		2.03		1.82		1.75		1.70		2.32		2.07		1.99		1.93
61		2.52		2.25		2.16		2.10		2.13		1.91		1.84		1.78		2.48		2.22		2.13		2.07
62		2.70		2.41		2.31		2.24		2.24		2.01		1.93		1.87		2.65		2.37		2.27		2.20
63		2.88		2.56		2.46		2.39		2.35		2.11		2.03		1.97		2.83		2.52		2.42		2.35
64		3.05		2.71		2.61		2.53		2.47		2.22		2.13		2.07		2.99		2.66		2.56		2.48
65		3.22		2.86		2.76		2.67		2.60		2.33		2.24		2.17		3.16		2.81		2.71		2.62
66		3.38		3.01		2.90		2.81		2.74		2.45		2.35		2.28		3.32		2.95		2.85		2.76
67		3.54		3.14		3.03		2.94		2.88		2.58		2.47		2.40		3.47		3.08		2.97		2.89
68		3.69		3.28		3.16		3.06		3.02		2.70		2.59		2.51		3.62		3.22		3.10		3.01
69		3.84		3.42		3.29		3.19		3.17		2.84		2.72		2.64		3.77		3.36		3.23		3.14
70		4.00		3.56		3.42		3.32		3.33		2.98		2.86		2.77		3.93		3.50		3.36		3.27
71		4.17		3.70		3.56		3.45		3.49		3.13		3.00		2.90		4.10		3.64		3.50		3.40
72		4.35		3.86		3.71		3.60		3.67		3.28		3.15		3.05		4.28		3.80		3.65		3.55
73		4.54		4.03		3.88		3.76		3.85		3.45		3.30		3.20		4.47		3.97		3.82		3.70
74		4.75		4.22		4.05		3.93		4.05		3.62		3.47		3.36		4.68		4.16		3.99		3.87
75		4.98		4.42		4.25		4.12		4.26		3.81		3.65		3.53		4.91		4.36		4.19		4.06
76		5.22		4.63		4.45		4.31		4.45		3.98		3.80		3.68		5.14		4.57		4.39		4.25
77		5.48		4.86		4.67		4.53		4.67		4.17		3.99		3.86		5.40		4.79		4.60		4.46
78		5.75		5.10		4.90		4.75		4.90		4.38		4.19		4.05		5.67		5.03		4.83		4.68
79		6.04		5.35		5.14		4.98		5.14		4.59		4.39		4.25		5.95		5.27		5.07		4.91
80		6.34		5.61		5.40		5.23		5.39		4.82		4.60		4.45		6.25		5.53		5.32		5.15

130


	WRL Xcelerator Exec
	Duration 2-8 (Current) / Duration 2+ (Guaranteed)
	Non-Tobacco
	Male								Female								Unisex
Issue Age	Band 1		Band 2		Band 3		Band 4		Band 1		Band 2		Band 3		Band 4		Band 1		Band 2		Band 3		Band 4
18		0.22		0.20		0.19		0.19		0.20		0.18		0.17		0.17		0.22		0.20		0.19		0.19
19		0.23		0.21		0.20		0.19		0.21		0.19		0.18		0.17		0.23		0.21		0.20		0.19
20		0.23		0.21		0.20		0.20		0.21		0.19		0.18		0.18		0.23		0.21		0.20		0.20
21		0.24		0.22		0.21		0.20		0.22		0.20		0.19		0.18		0.24		0.22		0.21		0.20
22		0.25		0.23		0.22		0.21		0.22		0.20		0.20		0.19		0.25		0.23		0.22		0.21
23		0.26		0.23		0.22		0.22		0.23		0.21		0.20		0.20		0.26		0.23		0.22		0.22
24		0.27		0.24		0.23		0.23		0.24		0.22		0.21		0.20		0.27		0.24		0.23		0.23
25		0.28		0.25		0.24		0.23		0.25		0.23		0.22		0.21		0.28		0.25		0.24		0.23
26		0.29		0.26		0.25		0.24		0.26		0.24		0.23		0.22		0.29		0.26		0.25		0.24
27		0.30		0.27		0.26		0.25		0.27		0.25		0.24		0.23		0.30		0.27		0.26		0.25
28		0.32		0.29		0.27		0.27		0.28		0.26		0.25		0.24		0.32		0.29		0.27		0.27
29		0.33		0.30		0.29		0.28		0.30		0.27		0.26		0.25		0.33		0.30		0.29		0.28
30		0.34		0.31		0.30		0.29		0.31		0.28		0.27		0.26		0.34		0.31		0.30		0.29
31		0.36		0.33		0.31		0.30		0.32		0.29		0.28		0.27		0.36		0.33		0.31		0.30
32		0.37		0.34		0.33		0.32		0.34		0.30		0.29		0.28		0.37		0.34		0.33		0.32
33		0.39		0.35		0.34		0.33		0.35		0.32		0.30		0.30		0.39		0.35		0.34		0.33
34		0.40		0.36		0.35		0.34		0.36		0.33		0.31		0.31		0.40		0.36		0.35		0.34
35		0.42		0.38		0.36		0.35		0.38		0.34		0.32		0.32		0.42		0.38		0.36		0.35
36		0.43		0.39		0.37		0.36		0.39		0.35		0.33		0.32		0.43		0.39		0.37		0.36
37		0.44		0.40		0.38		0.37		0.40		0.36		0.34		0.33		0.44		0.40		0.38		0.37
38		0.46		0.41		0.40		0.38		0.41		0.37		0.35		0.34		0.46		0.41		0.40		0.38
39		0.47		0.42		0.41		0.40		0.42		0.38		0.36		0.35		0.47		0.42		0.41		0.40
40		0.48		0.43		0.42		0.41		0.43		0.39		0.37		0.36		0.48		0.43		0.42		0.41
41		0.49		0.45		0.43		0.42		0.44		0.40		0.38		0.37		0.49		0.45		0.43		0.42
42		0.50		0.45		0.44		0.43		0.45		0.41		0.39		0.38		0.50		0.45		0.44		0.43
43		0.51		0.46		0.45		0.43		0.46		0.41		0.40		0.39		0.51		0.46		0.45		0.43
44		0.52		0.47		0.45		0.44		0.47		0.42		0.40		0.39		0.52		0.47		0.45		0.44
45		0.53		0.48		0.46		0.45		0.47		0.43		0.41		0.40		0.52		0.48		0.46		0.45
46		0.53		0.48		0.46		0.45		0.47		0.43		0.41		0.40		0.52		0.48		0.46		0.45
47		0.53		0.47		0.46		0.44		0.47		0.42		0.41		0.39		0.52		0.47		0.46		0.44
48		0.52		0.47		0.45		0.44		0.46		0.42		0.40		0.39		0.51		0.47		0.45		0.44
49		0.51		0.46		0.44		0.43		0.45		0.41		0.39		0.38		0.50		0.46		0.44		0.43
50		0.50		0.45		0.43		0.42		0.44		0.40		0.38		0.37		0.49		0.45		0.43		0.42
51		0.49		0.44		0.42		0.41		0.43		0.39		0.38		0.36		0.48		0.44		0.42		0.41
52		0.49		0.44		0.42		0.41		0.43		0.39		0.37		0.36		0.48		0.44		0.42		0.41
53		0.49		0.44		0.42		0.41		0.44		0.39		0.38		0.37		0.49		0.44		0.42		0.41
54		0.50		0.45		0.44		0.42		0.45		0.40		0.39		0.38		0.50		0.45		0.44		0.42
55		0.53		0.48		0.46		0.45		0.47		0.43		0.41		0.40		0.52		0.48		0.46		0.45
56		0.57		0.52		0.50		0.48		0.51		0.46		0.44		0.43		0.56		0.51		0.49		0.48
57		0.63		0.57		0.54		0.53		0.56		0.50		0.48		0.47		0.62		0.56		0.53		0.52
58		0.70		0.63		0.60		0.58		0.62		0.56		0.54		0.52		0.69		0.62		0.59		0.57
59		0.78		0.70		0.67		0.65		0.69		0.62		0.59		0.58		0.77		0.69		0.66		0.64

131


	WRL Xcelerator Exec
	Duration 2-8 (Current) / Duration 2+ (Guaranteed)
	Non-Tobacco
	Male								Female								Unisex
Issue Age	Band 1		Band 2		Band 3		Band 4		Band 1		Band 2		Band 3		Band 4		Band 1		Band 2		Band 3		Band 4
60		0.86		0.77		0.74		0.71		0.76		0.68		0.66		0.64		0.85		0.76		0.73		0.70
61		0.94		0.84		0.81		0.78		0.83		0.75		0.72		0.70		0.93		0.83		0.80		0.77
62		1.02		0.91		0.87		0.85		0.90		0.81		0.78		0.75		1.01		0.90		0.86		0.84
63		1.09		0.97		0.94		0.91		0.97		0.87		0.83		0.81		1.08		0.96		0.93		0.90
64		1.15		1.03		0.99		0.96		1.02		0.92		0.88		0.85		1.14		1.02		0.98		0.95
65		1.20		1.07		1.03		1.00		1.07		0.95		0.92		0.89		1.19		1.06		1.02		0.99
66		1.23		1.10		1.06		1.03		1.10		0.98		0.94		0.91		1.22		1.09		1.05		1.02
67		1.26		1.12		1.08		1.05		1.12		1.00		0.96		0.93		1.25		1.11		1.07		1.04
68		1.27		1.14		1.09		1.06		1.13		1.01		0.97		0.94		1.26		1.13		1.08		1.05
69		1.28		1.15		1.10		1.07		1.14		1.02		0.98		0.95		1.27		1.14		1.09		1.06
70		1.29		1.15		1.10		1.07		1.14		1.02		0.98		0.95		1.28		1.14		1.09		1.06
71		1.29		1.15		1.11		1.08		1.14		1.02		0.98		0.95		1.28		1.14		1.10		1.07
72		1.30		1.16		1.11		1.08		1.15		1.03		0.99		0.96		1.29		1.15		1.10		1.07
73		1.31		1.17		1.12		1.09		1.16		1.04		1.00		0.97		1.30		1.16		1.11		1.08
74		1.33		1.19		1.14		1.10		1.17		1.05		1.01		0.98		1.31		1.18		1.13		1.09
75		1.35		1.21		1.16		1.13		1.20		1.07		1.03		1.00		1.34		1.20		1.15		1.12
76		1.41		1.26		1.21		1.17		1.24		1.11		1.07		1.04		1.39		1.25		1.20		1.16
77		1.45		1.30		1.25		1.21		1.28		1.15		1.10		1.07		1.43		1.29		1.24		1.20
78		1.50		1.34		1.29		1.25		1.32		1.19		1.14		1.10		1.48		1.33		1.28		1.24
79		1.55		1.38		1.33		1.29		1.37		1.22		1.18		1.14		1.53		1.36		1.32		1.28
80		1.60		1.43		1.37		1.33		1.41		1.26		1.21		1.18		1.58		1.41		1.35		1.32

132

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008

INFLATION FIGHTER RIDER SURRENDER CHARGE AND MONTHLY PER UNIT CHARGE TABLES FOR THE WRL XCELERATOR (BASE POLICY)

The charts below show the surrender charge and monthly per unit charge associated with the Inflation Fighter Rider. These are based on a male, issue age 35, Preferred Elite rate class with an initial specified amount of $250,000.


Year	Age		Specified Amount		Total Surrender Charge (in Dollars)
1		35		250,000		4,955
2		36		258,825		4,490
3		37		267,962		3,815
4		38		277,421		3,467
5		39		287,214		2,615
6		40		297,353		2,232
7		41		307,850		1,811
8		42		318,717		909
9		43		329,968		969
10		44		341,616		1,034
11		45		353,675		1,104
12		46		366,160		1,179
13		47		379,085		1,260
14		48		392,467		1,349
15		49		406,321		1,444
16		50		420,664		1,548
17		51		435,513		1,661
18		52		450,887		1,784
19		53		466,803		1,917
20		54		483,281		2,063
21		55		500,341		2,222
22		56		500,341		1,691
23		57		500,341		1,296
24		58		500,341		905
25		59		500,341		554
26		60		500,341		316
27		61		500,341		130
28		62		500,341		0

133


Year	Age		Specified Amount		Total Per Unit Charge (in dollars)
1		35		250,000		810
2		36		258,825		841
3		37		267,962		875
4		38		277,421		912
5		39		287,214		953
6		40		297,353		998
7		41		307,850		1,047
8		42		318,717		1,101
9		43		329,968		349
10		44		341,616		381
11		45		353,675		415
12		46		366,160		451
13		47		379,085		491
14		48		392,467		532
15		49		406,321		578
16		50		420,664		626
17		51		435,513		678
18		52		450,887		734
19		53		466,803		794
20		54		483,281		857
21		55		500,341		908
22		56		500,341		824
23		57		500,341		733
24		58		500,341		633
25		59		500,341		524
26		60		500,341		408
27		61		500,341		282
28		62		500,341		147
29		63		500,341		0

134

LOGO

The above chart shows the Base Policy surrender charge and the surrender charge that applies to each scheduled annual increase. The Policy and each of the scheduled annual increases has a surrender charge that applies for 8 Policy years from the issue date or the date of the scheduled increase.

135

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008

Appendix C-1

INFLATION FIGHTER RIDER SURRENDER CHARGE AND MONTHLY PER UNIT CHARGE TABLES FOR THE WRL XCELERATOR FOCUS

The charts below show the surrender charge and monthly per unit charge associated with the Inflation Fighter Rider. These are based on a male, issue age 40, Preferred Elite rate class with an initial specified amount of $1,100,000.


Year	Age		Specified Amount		Total Surrender Charge (in Dollars)
1		40		1,100,000		18,931
2		41		1,138,830		14,894
3		42		1,179,031		14,523
4		43		1,220,651		13,216
5		44		1,263,740		9,993
6		45		1,308,350		8,570
7		46		1,354,535		7,105
8		47		1,402,350		3,706
9		48		1,451,853		3,978
10		49		1,503,103		4,268
11		50		1,556,163		4,579
12		51		1,611,096		4,915
13		52		1,667,968		5,278
14		53		1,726,847		5,675
15		54		1,787,805		6,106
16		55		1,850,915		6,576
17		56		1,916,252		7,088
18		57		1,983,896		7,644
19		58		2,053,928		8,252
20		59		2,126,432		8,914
21		60		2,201,495		8,657
22		61		2,201,495		6,957
23		62		2,201,495		5,273
24		63		2,201,495		3,630
25		64		2,201,495		2,208
26		65		2,201,495		1,226
27		66		2,201,495		467
28		67		2,201,495		0

The above chart shows (for Focus Policies only) the Policy surrender charge and the surrender charge that applies to each scheduled annual increase. A Focus Policy and each of the scheduled annual increases has a surrender charge that applies for 8 Policy years from the issue date or the date of the scheduled increase.

136


Year	Age		Specified Amount		Total Per Unit Charge (in dollars)
1		40		1,100,000		2,904
2		41		1,138,830		3,011
3		42		1,179,031		3,127
4		43		1,220,651		3,257
5		44		1,263,740		3,396
6		45		1,308,350		3,546
7		46		1,354,535		3,713
8		47		1,402,350		3,896
9		48		1,451,853		1,194
10		49		1,503,103		1,308
11		50		1,556,163		1,435
12		51		1,611,096		1,562
13		52		1,667,968		1,702
14		53		1,726,847		1,856
15		54		1,787,805		2,019
16		55		1,850,915		2,191
17		56		1,916,252		2,397
18		57		1,983,896		2,630
19		58		2,053,928		2,901
20		59		2,126,432		3,218
21		60		2,201,495		3,578
22		61		2,201,495		3,274
23		62		2,201,495		2,945
24		63		2,201,495		2,589
25		64		2,201,495		2,181
26		65		2,201,495		1,726
27		66		2,201,495		1,214
28		67		2,201,495		640
29		68		2,201,495		0

The above chart shows Focus Policy monthly per unit charge and the monthly per unit charge that applies to each scheduled annual increase. The Focus Policy and each of the scheduled annual increases has a monthly per unit charge that applies for 8 Policy years from the issue date or the date of the scheduled increase.

137

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008

APPENDIX D-1 - ILLUSTRATIONS

The following illustrations show how certain values under a sample Policy would change with different rates of fictional investment performance over an extended period of time. In particular, the illustrations show how the death benefit, cash value, and net surrender value under a Policy issued to an insured of a given age, would change over time if the premiums indicated were paid and the return on the assets in the subaccounts were a uniform gross annual rate (before any expenses) of 0%, 6% or 10%. The tables illustrate Policy value that would result based on assumptions that you pay the premiums indicated, you do not change your specified amount, and you do not take any cash withdrawals or Policy loans. The values under the Policy will be different from those shown even if the returns averaged 0%, 6% or 10%, but fluctuated over and under those averages throughout the years shown.

The first of the illustrations that follows is based on a Base Policy for an insured who is a 35 year old male in the Preferred Elite rate class (the “representative insured”), annual premium paid on the first day of each Policy year of $2,425, a $250,000 initial specified amount and death benefit Option A. That illustration also assumes cost of insurance charges based on our current cost of insurance rates for the representative insured.

The second illustration that follows for the representative insured is based on the same factors as those reflected in the first illustration except the cost of insurance charges are based on the guaranteed cost of insurance rates and expenses (based on the Commissioners 2001 Standard Ordinary Tobacco and Non-Tobacco Mortality Tables).

We based the third illustration that follows on a Focus Policy for an insured who is a 40 year old male in the Preferred Elite rate class (the “representative insured”), annual premium paid on the first day of each Policy year of $11,154 a $1,100,000 initial specified amount and death benefit Option A. The third illustration also assumes cost of insurance charges based on our current cost of insurance rates for the representative insured.

The fourth illustration that follows for the representative insured is based on the same factors as those reflected in the third illustration except the cost of insurance charges are based on the guaranteed cost of insurance rates and expenses (based on the Commissioners 2001 Standard Ordinary Tobacco and Non-Tobacco Mortality Tables).

We based the fifth illustration that follows on an Exec Policy for an insured who is a 50 year old male in the Preferred Non-Tobacco rate class (the “representative insured”) paying an annual premium of $16,000, paid on the first day of each Policy year for durations 1 through 7, a $450,000 initial specified amount and death benefit Option A. The fifth illustration also assumes cost of insurance charges based on our current cost of insurance rates for the representative insured.

The illustration for the representative insured in the sixth illustration is based on the same factors as those reflected in the fifth illustration except the cost of insurance charges are based on the guaranteed cost of insurance rates and expenses (based on the Commissioners 2001 Standard Ordinary Mortality Tables with no tobacco distinction).

The amounts shown in the illustrations for the death benefits, cash values and net surrender values take into account the amount and timing of all Policy, subaccount and portfolio fees assessed under the Policy. The current illustration uses the current charges, and the guaranteed illustration uses the guaranteed charges. These charges are:

(1)

The daily charge for assuming mortality and expense risks assessed against each subaccount. This charge is equivalent to an annual charge of 0.75% of the average net assets of the subaccounts during the first 15 Policy years (we guarantee to reduce this charge to 0.30% (annually) after the first 15 Policy years). We may reduce this charge to 0.00% in the 16^th Policy year, but we do not guarantee that we will do so, and we reserve the right to maintain this charge at the 0.30% level after the 15^th Policy year.

(2)

Estimated daily expenses equivalent to an effective arithmetic average annual expense level of 1.26% of the portfolios’ gross average daily net assets or an effective expense level of 0.60% of the portfolios’ gross average daily net assets for a Focus Policy. The 1.26% gross average portfolio expense level assumes an equal allocation of amounts among the 69 subaccounts available to new investors. The 0.60% gross average portfolio expense level for a Focus Policy assumes that premiums are allocated to the limited number of designated subaccounts to which your premium must be allocated during the first Policy year under a Focus Policy in order to qualify for lower monthly per unit charges. We used annualized actual audited expenses incurred during 2011 for the portfolios to calculate the gross average annual expense levels. and

138

(3)	The premium expense charge (0% of all premium payments in the first Policy year and 3% of all premiums paid thereafter) and monthly deductions for the cost of insurance, the monthly Policy charge, and the monthly per unit charge.

The net surrender value in a Policy year also reflects the amount you would pay in surrender charges if you surrendered the Policy during that Policy year. We do not deduct a surrender charge under the Exec Policy. Therefore, for the Exec Policies, the net surrender value and the cash value in a given Policy year are the same.

The hypothetical returns shown in the tables are provided only to illustrate the mechanics of a hypothetical policy and do not represent past or future investment rates of return. Tax charges that may be attributable to the separate account are not reflected because we are not currently making such charges. If tax charges are deducted in the future, the separate account would have to earn a sufficient amount in excess of 0%, 6% or 10% or cover any tax charges to produce after tax returns of 0%, 6% or 10%. Your actual rates of return for a particular Policy likely will be more or less than the hypothetical investment rates of return. The actual return on your cash value will depend on factors such as the amounts you allocate to particular portfolios, the amounts deducted for the Policy’s monthly charges and other charges, the portfolios’ expense ratios, and your loan and withdrawal history, in addition to the actual investment experience of the portfolios.

We will furnish the owner, upon request, a personalized illustration reflecting the proposed insured’s age, gender, risk classification and desired Policy features. Contact your registered representative or our administrative office. (See prospectus back cover – “Inquiries.”)

139

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008

WRL XCELERATOR

WESTERN RESERVE LIFE ASSURANCE CO. OF OHIO

FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE

HYPOTHETICAL ILLUSTRATIONS

MALE ISSUE AGE 35


Specified Amount $250,000		Preferred Elite Class
Annual Premium $2,425		Option Type A

Using Current Cost of Insurance Rates


	DEATH BENEFIT Assuming Hypothetical Gross and Net Annual Investment Return of						CASH VALUE Assuming Hypothetical Gross and Net Annual Investment Return of
End of Policy Year	0% (Gross) -1.26% (Net)		6% (Gross) 4.74% (Net)		10% (Gross) 8.74% (Net)		0% (Gross) -1.26% (Net)		6% (Gross) 4.74% (Net)		10% (Gross) 8.74% (Net)
1		250,000		250,000		250,000		1,422		1,536		1,613
2		250,000		250,000		250,000		2,737		3,051		3,268
3		250,000		250,000		250,000		4,013		4,613		5,043
4		250,000		250,000		250,000		5,256		6,229		6,952
5		250,000		250,000		250,000		6,465		7,902		9,004
6		250,000		250,000		250,000		7,644		9,635		11,215
7		250,000		250,000		250,000		8,790		11,429		13,593
8		250,000		250,000		250,000		9,904		13,284		16,152
9		250,000		250,000		250,000		11,785		16,030		19,749
10		250,000		250,000		250,000		13,617		18,874		23,623
15		250,000		250,000		250,000		22,005		34,652		47,928
20		250,000		250,000		250,000		29,517		54,564		85,392
25		250,000		250,000		250,000		35,878		79,154		142,246
30 (Age 65)		250,000		250,000		279,388		40,293		109,154		229,007
35 (Age 70)		250,000		250,000		418,262		41,961		146,014		360,571
40 (Age 75)		250,000		250,000		598,749		39,552		192,226		559,579
45 (Age 80)		250,000		265,101		904,764		30,689		252,477		861,680
50 (Age 85)		250,000		345,474		1,381,840		11,009		329,023		1,316,038
55 (Age 90)		*		444,646		2,095,416		*		423,473		1,995,635
60 (Age 95)		*		547,691		3,053,982		*		542,269		3,023,744
65 (Age 100)		*		696,428		4,611,663		*		696,428		4,611,663


	NET SURRENDER VALUE Assuming Hypothetical Gross and Net Annual Investment Return of
End of Policy Year	0% (Gross) -1.26% (Net)		6% (Gross) 4.74% (Net)		10% (Gross) 8.74% (Net)		End of Policy Year			0% (Gross) -1.26% (Net)		6% (Gross) 4.74% (Net)		10% (Gross) 8.74% (Net)
1		—		—		—		20			29,517		54,564		85,392
2		—		—		—		25			35,878		79,154		142,246
3		545		1,145		1,575		30	(Age 65)		40,293		109,154		229,007
4		2,283		3,256		3,979		35	(Age 70)		41,961		146,014		360,571
5		4,483		5,920		7,022		40	(Age 75)		39,552		192,226		559,579
6		6,157		8,149		9,728		45	(Age 80)		30,689		252,477		861,680
7		7,799		10,438		12,602		50	(Age 85)		11,009		329,023		1,316,038
8		9,904		13,284		16,152		55	(Age 90)		*		423,473		1,995,635
9		11,785		16,030		19,749		60	(Age 95)		*		542,269		3,023,744
10		13,617		18,874		23,623		65	(Age 100)		*		696,428		4,611,663
15		22,005		34,652		47,928

*	In the absence of an additional payment, the Policy would lapse.

140

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008

WRL XCELERATOR

WESTERN RESERVE LIFE ASSURANCE CO. OF OHIO

FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE

HYPOTHETICAL ILLUSTRATIONS

MALE ISSUE AGE 35


Specified Amount $250,000		Preferred Elite Class
Annual Premium $2,425		Option Type A

Using Guaranteed Cost of Insurance Rates


	DEATH BENEFIT Assuming Hypothetical Gross and Net Annual Investment Return of						CASH VALUE Assuming Hypothetical Gross and Net Annual Investment Return of
End of Policy Year	0% (Gross) -1.26% (Net)		6% (Gross) 4.74% (Net)		10% (Gross) 8.74% (Net)		0% (Gross) -1.26% (Net)		6% (Gross) 4.74% (Net)		10% (Gross) 8.74% (Net)
1		250,000		250,000		250,000		1,422		1,536		1,613
2		250,000		250,000		250,000		2,713		3,026		3,243
3		250,000		250,000		250,000		3,967		4,563		4,991
4		250,000		250,000		250,000		4,927		5,886		6,599
5		250,000		250,000		250,000		5,850		7,244		8,316
6		250,000		250,000		250,000		6,729		8,630		10,147
7		250,000		250,000		250,000		7,561		10,043		12,094
8		250,000		250,000		250,000		8,339		11,475		14,161
9		250,000		250,000		250,000		9,058		12,921		16,350
10		250,000		250,000		250,000		9,714		14,378		18,669
15		250,000		250,000		250,000		12,105		21,854		32,643
20		250,000		250,000		250,000		13,012		30,015		52,823
25		250,000		250,000		250,000		14,488		41,487		85,560
30 (Age 65)		250,000		250,000		250,000		10,342		50,801		132,270
35 (Age 70)		*		250,000		250,000		*		54,574		202,495
40 (Age 75)		*		250,000		334,334		*		46,128		312,462
45 (Age 80)		*		250,000		500,347		*		6,314		476,521
50 (Age 85)		*		*		748,416		*		*		712,777
55 (Age 90)		*		*		1,096,227		*		*		1,044,026
60 (Age 95)		*		*		1,545,635		*		*		1,530,332
65 (Age 100)		*		*		2,308,944		*		*		2,308,944


	NET SURRENDER VALUE Assuming Hypothetical Gross and Net Annual Investment Return of
End of Policy Year	0% (Gross) -1.26% (Net)		6% (Gross) 4.74% (Net)		10% (Gross) 8.74% (Net)		End of Policy Year			0% (Gross) -1.26% (Net)		6% (Gross) 4.74% (Net)		10% (Gross) 8.74% (Net)
1		—		—		—		20			13,012		30,015		52,823
2		—		—		—		25			14,488		41,487		85,560
3		498		1,095		1,523		30 (Age 65	)		10,342		50,801		132,270
4		1,954		2,913		3,626		35 (Age 70	)		*		54,574		202,495
5		3,868		5,262		6,334		40 (Age 75	)		*		46,128		312,462
6		5,243		7,144		8,660		45 (Age 80	)		*		6,314		476,521
7		6,570		9,052		11,103		50 (Age 85	)		*		*		712,777
8		8,339		11,475		14,161		55 (Age 90	)		*		*		1,044,026
9		9,058		12,921		16,350		60 (Age 95	)		*		*		1,530,332
10		9,714		14,378		18,669		65 (Age 100	)		*		*		2,308,944
15		12,105		21,854		32,643

*	In the absence of an additional payment, the Policy would lapse.

141

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008

WRL XCELERATOR FOCUS

WESTERN RESERVE LIFE ASSURANCE CO. OF OHIO

FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE

HYPOTHETICAL ILLUSTRATIONS

MALE ISSUE AGE 40


Specified Amount $1,100,000		Preferred Elite Class
Annual Premium $11,154		Option Type A

Using Current Cost of Insurance Rates


	DEATH BENEFIT Assuming Hypothetical Gross and Net Annual Investment Return of						CASH VALUE Assuming Hypothetical Gross and Net Annual Investment Return of
End of Policy Year	0% (Gross) -0.60% (Net)		6% (Gross) 5.40% (Net)		10% (Gross) 9.40% (Net)		0% (Gross) -0.60% (Net)		6% (Gross) 5.40% (Net)		10% (Gross) 9.40% (Net)
1		1,100,000		1,100,000		1,100,000		7,825		8,391		8,769
2		1,100,000		1,100,000		1,100,000		15,160		16,766		17,876
3		1,100,000		1,100,000		1,100,000		22,305		25,437		27,676
4		1,100,000		1,100,000		1,100,000		29,294		34,449		38,261
5		1,100,000		1,100,000		1,100,000		36,132		43,825		49,706
6		1,100,000		1,100,000		1,100,000		42,829		53,588		62,092
7		1,100,000		1,100,000		1,100,000		49,380		63,749		75,494
8		1,100,000		1,100,000		1,100,000		55,788		74,329		90,005
9		1,100,000		1,100,000		1,100,000		64,928		88,317		108,750
10		1,100,000		1,100,000		1,100,000		73,871		102,883		129,049
15		1,100,000		1,100,000		1,100,000		115,217		184,944		258,628
20		1,100,000		1,100,000		1,100,000		151,293		290,033		463,289
25		1,100,000		1,100,000		1,100,000		180,071		422,433		783,969
30 (Age 70)		1,100,000		1,100,000		1,496,748		196,512		589,212		1,290,300
35 (Age 75)		1,100,000		1,100,000		2,226,180		194,424		804,143		2,080,542
40 (Age 80)		1,100,000		1,148,161		3,482,408		162,576		1,093,487		3,316,579
45 (Age 85)		1,100,000		1,549,055		5,493,997		80,223		1,475,291		5,232,378
50 (Age 90)		*		2,059,738		8,594,386		*		1,961,655		8,185,130
55 (Age 95)		*		2,618,253		12,914,723		*		2,592,330		12,786,854
60 (Age 100)		*		3,434,874		20,108,457		*		3,434,874		20,108,457


	NET SURRENDER VALUE Assuming Hypothetical Gross and Net Annual Investment Return of
End of Policy Year	0% (Gross) -0.60% (Net)		6% (Gross) 5.40% (Net)		10% (Gross) 9.40% (Net)		End of Policy Year			0% (Gross) -0.60% (Net)		6% (Gross) 5.40% (Net)		10% (Gross) 9.40% (Net)
1		—		—		—		15			115,217		184,944		258,628
2		962		2,567		3,678		20			151,293		290,033		463,289
3		9,053		12,185		14,424		25			180,071		422,433		783,969
4		17,935		23,091		26,902		30 (Age 70	)		196,512		589,212		1,290,300
5		28,560		36,253		42,133		35 (Age 75	)		194,424		804,143		2,080,542
6		37,150		47,908		56,412		40 (Age 80	)		162,576		1,093,487		3,316,579
7		45,594		59,962		71,708		45 (Age 85	)		80,223		1,475,291		5,232,378
8		55,788		74,329		90,005		50 (Age 90	)		*		1,961,655		8,185,130
9		64,928		88,317		108,750		55 (Age 95	)		*		2,592,330		12,786,854
10		73,871		102,883		129,049		60 (Age 100	)		*		3,434,874		20,108,457

*	In the absence of an additional payment, the Policy would lapse.

WRL XCELERATOR FOCUS

142

WESTERN RESERVE LIFE ASSURANCE CO. OF OHIO

FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE

HYPOTHETICAL ILLUSTRATIONS

MALE ISSUE AGE 40


Specified Amount $1,100,000		Preferred Elite Class
Annual Premium $11,154		Option Type A

Using Guaranteed Cost of Insurance Rates


	DEATH BENEFIT Assuming Hypothetical Gross and Net Annual Investment Return of						CASH VALUE Assuming Hypothetical Gross and Net Annual Investment Return of
End of Policy Year	0% (Gross) - 0.60% (Net)		6% (Gross) 5.40% (Net)		10% (Gross) 9.40% (Net)		0% (Gross) - 0.60% (Net)		6% (Gross) 5.40% (Net)		10% (Gross) 9.40% (Net)
1		1,100,000		1,100,000		1,100,000		6,252		6,767		7,111
2		1,100,000		1,100,000		1,100,000		12,012		13,418		14,392
3		1,100,000		1,100,000		1,100,000		17,602		20,283		22,207
4		1,100,000		1,100,000		1,100,000		21,306		25,605		28,800
5		1,100,000		1,100,000		1,100,000		24,744		30,955		35,745
6		1,100,000		1,100,000		1,100,000		27,898		36,317		43,052
7		1,100,000		1,100,000		1,100,000		30,774		41,692		50,759
8		1,100,000		1,100,000		1,100,000		33,418		47,127		58,948
9		1,100,000		1,100,000		1,100,000		35,877		52,671		67,709
10		1,100,000		1,100,000		1,100,000		38,109		58,288		77,053
15		1,100,000		1,100,000		1,100,000		43,591		85,130		132,079
20		1,100,000		1,100,000		1,100,000		34,861		105,645		204,846
25		1,100,000		1,100,000		1,100,000		23,135		132,274		325,266
30 (Age 70)		*		1,100,000		1,100,000		*		125,974		488,850
35 (Age 75)		*		1,100,000		1,100,000		*		46,912		729,600
40 (Age 80)		*		*		1,192,741		*		*		1,135,944
45 (Age 85)		*		*		1,875,227		*		*		1,785,930
50 (Age 90)		*		*		2,865,313		*		*		2,728,870
55 (Age 95)		*		*		4,195,810		*		*		4,154,267
60 (Age 100)		*		*		6,491,108		*		*		6,491,108


	NET SURRENDER VALUE Assuming Hypothetical Gross and Net Annual Investment Return of
End of Policy Year	0% (Gross) -0.60% (Net)		6% (Gross) 5.40% (Net)		10% (Gross) 9.40% (Net)		End of Policy Year			0% (Gross) -0.60% (Net)		6% (Gross) 5.40% (Net)		10% (Gross) 9.40% (Net)
1		—		—		—		15			43,591		85,130		132,079
2		—		—		194		20			34,861		105,645		204,846
3		4,351		7,032		8,955		25			23,135		132,274		325,266
4		9,947		14,246		17,442		30 (Age 70	)		*		125,974		488,850
5		17,171		23,383		28,172		35 (Age 75	)		*		46,912		729,600
6		22,219		30,637		37,373		40 (Age 80	)		*		*		1,135,944
7		26,988		37,906		46,973		45 (Age 85	)		*		*		1,785,930
8		33,418		47,127		58,948		50 (Age 90	)		*		*		2,728,870
9		35,877		52,671		67,709		55 (Age 95	)		*		*		4,154,267
10		38,109		58,288		77,053		60 (Age 100	)		*		*		6,491,108

*	In the absence of an additional payment, the Policy would lapse.

143

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008

WRL XCELERATOR EXEC

WESTERN RESERVE LIFE ASSURANCE CO. OF OHIO

FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE

HYPOTHETICAL ILLUSTRATIONS

MALE ISSUE AGE 50


Specified Amount $450,000		Non-Tobacco Class
Annual Premium $16,000		for 7 yrs Option Type A

Using Current Cost of Insurance Rates


	DEATH BENEFIT Assuming Hypothetical Gross and Net Annual Investment Return of						CASH VALUE Assuming Hypothetical Gross and Net Annual Investment Return of
End of Policy Year	0% (Gross) -1.26% (Net)		6% (Gross) 4.74% (Net)		10% (Gross) 8.74% (Net)		0% (Gross) -1.26% (Net)		6% (Gross) 4.74% (Net)		10% (Gross) 8.74% (Net)
1		450,000		450,000		450,000		13,836		14,736		15,337
2		450,000		450,000		450,000		25,652		28,249		30,043
3		450,000		450,000		450,000		37,104		42,177		45,799
4		450,000		450,000		450,000		48,221		56,557		62,716
5		450,000		450,000		450,000		58,982		71,387		80,867
6		450,000		450,000		450,000		69,394		86,690		100,361
7		450,000		450,000		450,000		79,474		102,500		121,328
8		450,000		450,000		450,000		73,964		102,648		127,082
9		450,000		450,000		450,000		70,726		105,075		135,656
10		450,000		450,000		450,000		67,297		107,383		144,747
15		450,000		450,000		450,000		47,358		117,181		200,255
20		450,000		450,000		450,000		22,257		127,463		290,051
25		*		450,000		459,998		*		128,479		429,905
30 (Age 80)		*		450,000		679,892		*		100,060		647,516
35 (Age 85)		*		450,000		1,019,675		*		14,132		971,119
40 (Age 90)		*		*		1,519,958		*		*		1,447,579
45 (Age 95)		*		*		2,187,782		*		*		2,166,120
50 (Age 100)		*		*		3,292,537		*		*		3,292,537


	NET SURRENDER VALUE Assuming Hypothetical Gross and Net Annual Investment Return of
End of Policy Year	0% (Gross) -1.26% (Net)		6% (Gross) 4.74% (Net)		10% (Gross) 8.74% (Net)		End of Policy Year			0% (Gross) -1.26% (Net)		6% (Gross) 4.74% (Net)		10% (Gross) 8.74% (Net)
1		13,836		14,736		15,337		10			67,297		107,383		144,747
2		25,652		28,249		30,043		15			47,358		117,181		200,255
3		37,104		42,177		45,799		20			22,257		127,463		290,051
4		48,221		56,557		62,716		25			*		128,479		429,905
5		58,982		71,387		80,867		30 (Age 80	)		*		100,060		647,516
6		69,394		86,690		100,361		35 (Age 85	)		*		14,132		971,119
7		79,474		102,500		121,328		40 (Age 90	)		*		*		1,447,579
8		73,964		102,648		127,082		45 (Age 95	)		*		*		2,166,120
9		70,726		105,075		135,656		50 (Age 100	)		*		*		3,292,537

*	In the absence of an additional payment, the Policy would lapse.

144

FOR POLICIES APPLIED FOR ON OR AFTER OCTOBER 30, 2008

WRL XCELERATOR EXEC

WESTERN RESERVE LIFE ASSURANCE CO. OF OHIO

FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE

HYPOTHETICAL ILLUSTRATIONS

MALE ISSUE AGE 50


Specified Amount $450,000		Non-Tobacco Class
Annual Premium $16,000		for 7 yrs Option Type A

Using Guaranteed Cost of Insurance Rates


	DEATH BENEFIT Assuming Hypothetical Gross and Net Annual Investment Return of						CASH VALUE Assuming Hypothetical Gross and Net Annual Investment Return of
End of Policy Year	0% (Gross) -1.26% (Net)		6% (Gross) 4.74% (Net)		10% (Gross) 8.74% (Net)		0% (Gross) -1.26% (Net)		6% (Gross) 4.74% (Net)		10% (Gross) 8.74% (Net)
1		450,000		450,000		450,000		13,836		14,736		15,337
2		450,000		450,000		450,000		24,438		27,001		28,772
3		450,000		450,000		450,000		34,692		39,626		43,156
4		450,000		450,000		450,000		44,583		52,609		58,554
5		450,000		450,000		450,000		54,085		65,939		75,025
6		450,000		450,000		450,000		63,188		79,619		92,659
7		450,000		450,000		450,000		71,891		93,670		111,562
8		450,000		450,000		450,000		64,902		91,877		114,998
9		450,000		450,000		450,000		57,736		89,749		118,502
10		450,000		450,000		450,000		50,343		87,223		122,045
15		450,000		450,000		450,000		6,873		65,058		138,333
20		*		450,000		450,000		*		18,988		152,400
25		*		*		450,000		*		*		152,943
30 (Age 80)		*		*		450,000		*		*		109,867
35 (Age 85)		*		*		*		*		*		*
40 (Age 90)		*		*		*		*		*		*
45 (Age 95)		*		*		*		*		*		*
50 (Age 100)		*		*		*		*		*		*


	NET SURRENDER VALUE Assuming Hypothetical Gross and Net Annual Investment Return of
End of Policy Year	0% (Gross) -1.26% (Net)		6% (Gross) 4.74% (Net)		10% (Gross) 8.74% (Net)		End of Policy Year			0% (Gross) -1.26% (Net)		6% (Gross) 4.74% (Net)		10% (Gross) 8.74% (Net)
1		13,836		14,736		15,337		10			50,343		87,223		122,045
2		24,438		27,001		28,772		15			6,873		65,058		138,333
3		34,692		39,626		43,156		20			*		18,988		152,400
4		44,583		52,609		58,554		25			*		*		152,943
5		54,085		65,939		75,025		30 (Age 80	)		*		*		109,867
6		63,188		79,619		92,659		35 (Age 85	)		*		*		*
7		71,891		93,670		111,562		40 (Age 90	)		*		*		*
8		64,902		91,877		114,998		45 (Age 95	)		*		*		*
9		57,736		89,749		118,502		50 (Age 100	)		*		*		*

*	In the absence of an additional payment, the Policy would lapse.

145

APPENDICES A-2 & B-2

FOR POLICIES APPLIED FOR BEFORE

OCTOBER 30, 2008 and ISSUED

BEFORE JANUARY 1, 2009

(BASED ON THE 1980 C.S.O. TABLES)

146

FOR POLICIES APPLIED FOR BEFORE OCTOBER 30, 2008 and ISSUED BEFORE JANUARY 1, 2009

Appendix A-2

SURRENDER CHARGE PER THOUSAND OF SPECIFIED AMOUNT LAYER BASE & FOCUS

(Based on the gender and rate class of the insured)


Issue Age	Male Tobacco		Male Non-Tobacco		Male/ Female Juvenile		Female Tobacco		Female Non-Tobacco
0		N/A		N/A		15.29		N/A		N/A
1		N/A		N/A		14.69		N/A		N/A
2		N/A		N/A		14.69		N/A		N/A
3		N/A		N/A		14.26		N/A		N/A
4		N/A		N/A		13.82		N/A		N/A
5		N/A		N/A		13.82		N/A		N/A
6		N/A		N/A		13.82		N/A		N/A
7		N/A		N/A		13.82		N/A		N/A
8		N/A		N/A		13.82		N/A		N/A
9		N/A		N/A		13.82		N/A		N/A
10		N/A		N/A		13.82		N/A		N/A
11		N/A		N/A		13.82		N/A		N/A
12		N/A		N/A		13.82		N/A		N/A
13		N/A		N/A		14.26		N/A		N/A
14		N/A		N/A		14.69		N/A		N/A
15		N/A		N/A		15.12		N/A		N/A
16		N/A		N/A		15.34		N/A		N/A
17		N/A		N/A		15.98		N/A		N/A
18		16.56		15.70				16.56		15.70
19		16.78		15.91				16.78		15.91
20		16.99		16.13				16.99		16.13
21		17.78		16.49				17.35		16.49
22		18.07		16.78				17.64		16.78
23		18.43		17.14				18.00		17.14
24		18.72		17.42				18.72		17.42
25		19.51		17.78				19.08		17.78
26		20.14		18.85				19.71		18.42
27		20.74		19.47				20.32		19.05
28		21.27		20.01				21.27		19.59
29		22.27		21.02				21.85		20.60
30		22.84		21.60				22.43		21.18
31		23.94		22.30				23.12		21.89
32		24.54		23.32				24.14		22.92
33		25.60		23.99				24.80		23.59
34		26.57		24.58				25.77		24.18
35		27.19		25.61				26.40		25.21
36		27.49		25.60				26.73		25.22
37		27.78		25.97				27.06		25.25
38		28.17		26.09				26.78		25.40
39		28.44		26.14				26.80		25.15

147


Issue Age	Male Tobacco		Male Non-Tobacco		Female Tobacco		Female Non-Tobacco
40		28.55		26.36		26.68		25.12
41		30.63		28.13		28.76		26.88
42		32.81		30.00		30.94		28.76
43		35.20		31.77		33.02		30.10
44		37.91		33.85		35.05		31.02
45		40.35		35.67		36.18		31.97
46		42.64		37.34		37.39		32.99
47		44.93		38.79		38.65		34.09
48		47.22		40.30		39.98		35.24
49		49.82		41.91		41.39		36.45
50		52.73		43.63		42.89		37.77
51		55.33		45.47		44.46		39.14
52		58.81		47.44		46.12		40.61
53		61.98		49.53		47.89		42.19
54		66.09		51.78		49.76		43.84
55		69.26		54.18		51.73		45.62
56		72.53		56.72		53.81		47.50
57		74.10		59.46		55.98		49.50
58		74.10		62.37		58.34		51.66
59		74.10		65.49		60.91		54.00
60		74.10		68.86		63.66		56.51
61		74.10		72.46		66.64		59.24
62		74.10		74.10		69.85		62.17
63		74.10		74.10		73.33		65.34
64		74.10		74.10		74.10		68.74
65		74.10		74.10		74.10		72.38
66 and over		74.10		74.10		74.10		74.10

148

FOR POLICIES APPLIED FOR BEFORE OCTOBER 30, 2008 and ISSUED BEFORE JANUARY 1, 2009

Appendix B-2

MONTHLY PER UNIT CHARGES (RATE PER THOUSAND) BASE POLICY


WRL Base
Issue Age	Band 1	Band 2	Band 3	Issue Age	PIR+	Issue Age	OIR
0	0.16	0.13	0.12	0	0.01	0	0.03
1	0.16	0.13	0.12	1	0.01	1	0.03
2	0.16	0.13	0.12	2	0.01	2	0.03
3	0.17	0.13	0.12	3	0.01	3	0.03
4	0.17	0.14	0.12	4	0.01	4	0.03
5	0.17	0.14	0.12	5	0.01	5	0.03
6	0.17	0.14	0.12	6	0.01	6	0.03
7	0.17	0.14	0.13	7	0.01	7	0.03
8	0.17	0.14	0.13	8	0.01	8	0.03
9	0.17	0.14	0.13	9	0.01	9	0.03
10	0.17	0.14	0.13	10	0.01	10	0.03
11	0.17	0.14	0.13	11	0.01	11	0.03
12	0.17	0.14	0.13	12	0.01	12	0.03
13	0.17	0.14	0.13	13	0.01	13	0.03
14	0.17	0.14	0.13	14	0.01	14	0.03
15	0.17	0.14	0.13	15	0.01	15	0.03
16	0.17	0.14	0.13	16	0.01	16	0.03
17	0.17	0.14	0.13	17	0.01	17	0.03
18	0.17	0.14	0.13	18	0.01	18	0.03
19	0.17	0.14	0.13	19	0.01	19	0.03
20	0.17	0.14	0.13	20	0.01	20	0.03
21	0.17	0.14	0.13	21	0.01	21	0.03
22	0.17	0.14	0.13	22	0.01	22	0.03
23	0.17	0.14	0.13	23	0.01	23	0.03
24	0.18	0.15	0.13	24	0.01	24	0.03
25	0.18	0.15	0.14	25	0.01	25	0.03
26	0.18	0.15	0.14	26	0.01	26	0.03
27	0.19	0.16	0.14	27	0.01	27	0.04
28	0.19	0.16	0.15	28	0.01	28	0.04
29	0.20	0.17	0.16	29	0.01	29	0.04
30	0.20	0.17	0.16	30	0.01	30	0.04
31	0.21	0.18	0.17	31	0.01	31	0.04
32	0.22	0.19	0.18	32	0.01	32	0.04
33	0.23	0.20	0.19	33	0.01	33	0.05
34	0.24	0.21	0.20	34	0.01	34	0.05
35	0.25	0.22	0.21	35	0.01	35	0.05
36	0.26	0.23	0.22	36	0.01	36	0.05
37	0.28	0.25	0.23	37	0.01	37	0.06
38	0.29	0.26	0.25	38	0.01	38	0.06
39	0.31	0.28	0.26	39	0.02	39	0.07
40	0.32	0.29	0.28	40	0.02	40	0.07
41	0.34	0.31	0.30	41	0.02	41	0.07

149


Base
Issue Age	Band 1	Band 2	Band 3	Issue Age	PIR+	Issue Age	OIR
42	0.36	0.33	0.32	42	0.02	42	0.08
43	0.38	0.35	0.33	43	0.02	43	0.08
44	0.40	0.37	0.35	44	0.02	44	0.09
45	0.41	0.38	0.37	45	0.02	45	0.09
46	0.43	0.40	0.39	46	0.02	46	0.10
47	0.45	0.42	0.41	47	0.02	47	0.10
48	0.47	0.44	0.42	48	0.03	48	0.11
49	0.48	0.45	0.44	49	0.03	49	0.11
50	0.50	0.47	0.46	50	0.03	50	0.11
51	0.52	0.49	0.48	51	0.03	51	0.12
52	0.54	0.51	0.50	52	0.03	52	0.12
53	0.57	0.54	0.52	53	0.03	53	0.13
54	0.60	0.57	0.56	54	0.03	54	0.14
55	0.63	0.60	0.59	55	0.04	55	0.15
56	0.68	0.65	0.63	56	0.04	56	0.16
57	0.72	0.69	0.68	57	0.04	57	0.17
58	0.78	0.75	0.74	58	0.04	58	0.18
59	0.83	0.80	0.79	59	0.05	59	0.20
60	0.89	0.86	0.85	60	0.05	60	0.21
61	0.96	0.93	0.91	61	0.05	61	0.23
62	1.02	0.99	0.98	62	0.06	62	0.24
63	1.08	1.05	1.04	63	0.06	63	0.26
64	1.14	1.11	1.10	64	0.07	64	0.27
65	1.20	1.17	1.16	65	0.07	65	0.29
66	1.25	1.22	1.21	66	0.07	66	0.30
67	1.31	1.28	1.27	67	0.08	67	0.32
68	1.37	1.34	1.32	68	0.08	68	0.33
69	1.42	1.39	1.38	69	0.08	69	0.35
70	1.48	1.45	1.44	70	0.09	70	0.36
71	1.54	1.51	1.49	71	0.09	71	0.37
72	1.59	1.56	1.55	72	0.09	72	0.39
73	1.65	1.62	1.61	73	0.10	73	0.40
74	1.70	1.67	1.66	74	0.10	74	0.42
75	1.76	1.73	1.72	75	0.10	75	0.43
76	1.82	1.79	1.77	76	0.11	76	0.44
77	1.88	1.84	1.83	77	0.11	77	0.46
78	1.95	1.90	1.89	78	0.11	78	0.47
79	2.01	1.96	1.94	79	0.12	79	0.49
80	2.08	2.01	2.00	80	0.12	80	0.50
81	2.14	2.07	2.06	81	0.12	81	0.51
82	2.20	2.13	2.11	82	0.13	82	0.53
83	2.25	2.18	2.17	83	0.13	83	0.54
84	2.29	2.24	2.23	84	0.13	84	0.56
85	2.32	2.29	2.28	85	0.14	85	0.57

150

FOR POLICIES APPLIED FOR BEFORE OCTOBER 30, 2008 and ISSUED BEFORE JANUARY 1, 2009

Appendix B-2

FOCUS CURRENT MONTHLY PER UNIT CHARGES (RATE PER THOUSAND) XCELERATOR FOCUS


WRL Xcelerator Focus			Focus		Focus
Issue Age	Band 2	Band 3	Issue Age	PIR+	Issue Age	OIR
0	0.09	0.08	0	0.01	0	0.03
1	0.09	0.08	1	0.01	1	0.03
2	0.09	0.08	2	0.01	2	0.03
3	0.09	0.08	3	0.01	3	0.03
4	0.09	0.08	4	0.01	4	0.03
5	0.09	0.08	5	0.01	5	0.03
6	0.09	0.08	6	0.01	6	0.03
7	0.09	0.08	7	0.01	7	0.03
8	0.09	0.08	8	0.01	8	0.03
9	0.09	0.08	9	0.01	9	0.03
10	0.09	0.08	10	0.01	10	0.03
11	0.09	0.08	11	0.01	11	0.03
12	0.09	0.08	12	0.01	12	0.03
13	0.09	0.08	13	0.01	13	0.03
14	0.09	0.08	14	0.01	14	0.03
15	0.09	0.08	15	0.01	15	0.03
16	0.09	0.08	16	0.01	16	0.03
17	0.09	0.08	17	0.01	17	0.03
18	0.09	0.08	18	0.01	18	0.03
19	0.09	0.08	19	0.01	19	0.03
20	0.09	0.08	20	0.01	20	0.03
21	0.09	0.08	21	0.01	21	0.03
22	0.09	0.08	22	0.01	22	0.03
23	0.09	0.08	23	0.01	23	0.03
24	0.09	0.08	24	0.01	24	0.03
25	0.09	0.08	25	0.01	25	0.03
26	0.09	0.08	26	0.01	26	0.03
27	0.10	0.09	27	0.01	27	0.04
28	0.10	0.09	28	0.01	28	0.04
29	0.11	0.10	29	0.01	29	0.04
30	0.11	0.10	30	0.01	30	0.04
31	0.11	0.10	31	0.01	31	0.04
32	0.12	0.11	32	0.01	32	0.04
33	0.12	0.11	33	0.01	33	0.05
34	0.13	0.12	34	0.01	34	0.05
35	0.13	0.12	35	0.01	35	0.05
36	0.14	0.13	36	0.01	36	0.05
37	0.15	0.14	37	0.01	37	0.06
38	0.16	0.15	38	0.01	38	0.06
39	0.17	0.16	39	0.02	39	0.07
40	0.19	0.18	40	0.02	40	0.07
41	0.20	0.19	41	0.02	41	0.07

151


WRL Xcelerator Focus			Focus		Focus
Issue Age	Band 2	Band 3	Issue Age	PIR+	Issue Age	OIR
42	0.21	0.20	42	0.02	42	0.08
43	0.22	0.21	43	0.02	43	0.08
44	0.23	0.22	44	0.02	44	0.09
45	0.24	0.23	45	0.02	45	0.09
46	0.25	0.24	46	0.02	46	0.10
47	0.27	0.26	47	0.02	47	0.10
48	0.28	0.27	48	0.03	48	0.11
49	0.29	0.28	49	0.03	49	0.11
50	0.31	0.30	50	0.03	50	0.11
51	0.32	0.31	51	0.03	51	0.12
52	0.33	0.32	52	0.03	52	0.12
53	0.34	0.33	53	0.03	53	0.13
54	0.36	0.35	54	0.03	54	0.14
55	0.37	0.36	55	0.04	55	0.15
56	0.40	0.39	56	0.04	56	0.16
57	0.44	0.43	57	0.04	57	0.17
58	0.47	0.46	58	0.04	58	0.18
59	0.51	0.50	59	0.05	59	0.20
60	0.54	0.53	60	0.05	60	0.21
61	0.57	0.56	61	0.05	61	0.23
62	0.61	0.60	62	0.06	62	0.24
63	0.64	0.63	63	0.06	63	0.26
64	0.68	0.67	64	0.07	64	0.27
65	0.71	0.70	65	0.07	65	0.29
66	0.75	0.74	66	0.07	66	0.30
67	0.79	0.78	67	0.08	67	0.32
68	0.83	0.82	68	0.08	68	0.33
69	0.87	0.86	69	0.08	69	0.35
70	0.92	0.91	70	0.09	70	0.36
71	0.96	0.95	71	0.09	71	0.37
72	1.00	0.99	72	0.09	72	0.39
73	1.04	1.03	73	0.10	73	0.40
74	1.08	1.07	74	0.10	74	0.42
75	1.12	1.11	75	0.10	75	0.43
76	1.19	1.18	76	0.11	76	0.44
77	1.26	1.25	77	0.11	77	0.46
78	1.33	1.32	78	0.11	78	0.47
79	1.40	1.39	79	0.12	79	0.49
80	1.48	1.47	80	0.12	80	0.50
81	1.55	1.54	81	0.12	81	0.51
82	1.62	1.61	82	0.13	82	0.53
83	1.69	1.68	83	0.13	83	0.54
84	1.76	1.75	84	0.13	84	0.56
85	1.83	1.82	85	0.14	85	0.57

152

FOR POLICIES APPLIED FOR BEFORE OCTOBER 30, 2008 and ISSUED BEFORE JANUARY 1, 2009

GUARANTEED MONTHLY PER UNIT CHARGES (RATE PER THOUSAND) XCELERATOR FOCUS


WRL Xcelerator Focus			Focus		Focus
Issue Age	Band 2	Band 3	Issue Age	PIR+	Issue Age	OIR
0	0.13	0.12	0	0.01	0	0.03
1	0.13	0.12	1	0.01	1	0.03
2	0.13	0.12	2	0.01	2	0.03
3	0.13	0.12	3	0.01	3	0.03
4	0.14	0.12	4	0.01	4	0.03
5	0.14	0.12	5	0.01	5	0.03
6	0.14	0.12	6	0.01	6	0.03
7	0.14	0.13	7	0.01	7	0.03
8	0.14	0.13	8	0.01	8	0.03
9	0.14	0.13	9	0.01	9	0.03
10	0.14	0.13	10	0.01	10	0.03
11	0.14	0.13	11	0.01	11	0.03
12	0.14	0.13	12	0.01	12	0.03
13	0.14	0.13	13	0.01	13	0.03
14	0.14	0.13	14	0.01	14	0.03
15	0.14	0.13	15	0.01	15	0.03
16	0.14	0.13	16	0.01	16	0.03
17	0.14	0.13	17	0.01	17	0.03
18	0.14	0.13	18	0.01	18	0.03
19	0.14	0.13	19	0.01	19	0.03
20	0.14	0.13	20	0.01	20	0.03
21	0.14	0.13	21	0.01	21	0.03
22	0.14	0.13	22	0.01	22	0.03
23	0.14	0.13	23	0.01	23	0.03
24	0.15	0.13	24	0.01	24	0.03
25	0.15	0.14	25	0.01	25	0.03
26	0.15	0.14	26	0.01	26	0.03
27	0.16	0.14	27	0.01	27	0.04
28	0.16	0.15	28	0.01	28	0.04
29	0.17	0.16	29	0.01	29	0.04
30	0.17	0.16	30	0.01	30	0.04
31	0.18	0.17	31	0.01	31	0.04
32	0.19	0.18	32	0.01	32	0.04
33	0.20	0.19	33	0.01	33	0.05
34	0.21	0.20	34	0.01	34	0.05
35	0.22	0.21	35	0.01	35	0.05
36	0.23	0.22	36	0.01	36	0.05
37	0.25	0.23	37	0.01	37	0.06
38	0.26	0.25	38	0.01	38	0.06
39	0.28	0.26	39	0.02	39	0.07
40	0.29	0.28	40	0.02	40	0.07
41	0.31	0.30	41	0.02	41	0.07

153


WRL Xcelerator Focus			Focus		Focus
Issue Age	Band 2	Band 3	Issue Age	PIR+	Issue Age	OIR
42	0.33	0.32	42	0.02	42	0.08
43	0.35	0.33	43	0.02	43	0.08
44	0.37	0.35	44	0.02	44	0.09
45	0.38	0.37	45	0.02	45	0.09
46	0.40	0.39	46	0.02	46	0.10
47	0.42	0.41	47	0.02	47	0.10
48	0.44	0.42	48	0.03	48	0.11
49	0.45	0.44	49	0.03	49	0.11
50	0.47	0.46	50	0.03	50	0.11
51	0.49	0.48	51	0.03	51	0.12
52	0.51	0.50	52	0.03	52	0.12
53	0.54	0.52	53	0.03	53	0.13
54	0.57	0.56	54	0.03	54	0.14
55	0.60	0.59	55	0.04	55	0.15
56	0.65	0.63	56	0.04	56	0.16
57	0.69	0.68	57	0.04	57	0.17
58	0.75	0.74	58	0.04	58	0.18
59	0.80	0.79	59	0.05	59	0.20
60	0.86	0.85	60	0.05	60	0.21
61	0.93	0.91	61	0.05	61	0.23
62	0.99	0.98	62	0.06	62	0.24
63	1.05	1.04	63	0.06	63	0.26
64	1.11	1.10	64	0.07	64	0.27
65	1.17	1.16	65	0.07	65	0.29
66	1.22	1.21	66	0.07	66	0.30
67	1.28	1.27	67	0.08	67	0.32
68	1.34	1.32	68	0.08	68	0.33
69	1.39	1.38	69	0.08	69	0.35
70	1.45	1.44	70	0.09	70	0.36
71	1.51	1.49	71	0.09	71	0.37
72	1.56	1.55	72	0.09	72	0.39
73	1.62	1.61	73	0.10	73	0.40
74	1.67	1.66	74	0.10	74	0.42
75	1.73	1.72	75	0.10	75	0.43
76	1.79	1.77	76	0.11	76	0.44
77	1.84	1.83	77	0.11	77	0.46
78	1.90	1.89	78	0.11	78	0.47
79	1.96	1.94	79	0.12	79	0.49
80	2.01	2.00	80	0.12	80	0.50
81	2.07	2.06	81	0.12	81	0.51
82	2.13	2.11	82	0.13	82	0.53
83	2.18	2.17	83	0.13	83	0.54
84	2.24	2.23	84	0.13	84	0.56
85	2.29	2.28	85	0.14	85	0.57

154

FOR POLICIES APPLIED FOR BEFORE OCTOBER 30, 2008 and ISSUED BEFORE JANUARY 1, 2009

MONTHLY PER UNIT CHARGES (RATE PER THOUSAND)


	WRL Xcelerator Exec
Issue Age	Duration 1
	Tobacco
	Male				Female				Unisex
	Band 1	Band 2	Band 3	Band 4	Band 1	Band 2	Band 3	Band 4	Band 1	Band 2	Band 3	Band 4
18	0.18	0.16	0.15	0.15	0.16	0.14	0.14	0.13	0.18	0.16	0.15	0.15
19	0.19	0.17	0.16	0.16	0.16	0.15	0.14	0.14	0.19	0.17	0.16	0.16
20	0.19	0.17	0.17	0.16	0.17	0.15	0.15	0.15	0.19	0.17	0.17	0.16
21	0.20	0.18	0.18	0.17	0.18	0.16	0.16	0.15	0.20	0.18	0.18	0.17
22	0.21	0.19	0.18	0.18	0.18	0.17	0.16	0.16	0.21	0.19	0.18	0.18
23	0.22	0.20	0.19	0.18	0.19	0.17	0.17	0.16	0.22	0.20	0.19	0.18
24	0.23	0.21	0.20	0.19	0.20	0.18	0.18	0.17	0.23	0.21	0.20	0.19
25	0.24	0.21	0.21	0.20	0.21	0.19	0.18	0.18	0.24	0.21	0.21	0.20
26	0.25	0.22	0.21	0.21	0.21	0.19	0.19	0.18	0.25	0.22	0.21	0.21
27	0.26	0.23	0.22	0.21	0.22	0.20	0.19	0.19	0.26	0.23	0.22	0.21
28	0.26	0.24	0.23	0.22	0.23	0.21	0.20	0.20	0.26	0.24	0.23	0.22
29	0.27	0.24	0.23	0.23	0.24	0.21	0.21	0.20	0.27	0.24	0.23	0.23
30	0.28	0.25	0.24	0.23	0.24	0.22	0.21	0.21	0.28	0.25	0.24	0.23
31	0.29	0.26	0.25	0.24	0.25	0.22	0.22	0.21	0.29	0.26	0.25	0.24
32	0.30	0.27	0.26	0.25	0.26	0.23	0.23	0.22	0.30	0.27	0.26	0.25
33	0.31	0.28	0.27	0.26	0.27	0.24	0.24	0.23	0.31	0.28	0.27	0.26
34	0.33	0.29	0.28	0.27	0.28	0.25	0.25	0.24	0.33	0.29	0.28	0.27
35	0.35	0.31	0.30	0.29	0.30	0.26	0.26	0.25	0.35	0.31	0.30	0.29
36	0.37	0.33	0.31	0.30	0.31	0.28	0.27	0.26	0.36	0.33	0.31	0.30
37	0.39	0.35	0.34	0.33	0.33	0.30	0.29	0.28	0.38	0.35	0.34	0.33
38	0.42	0.37	0.36	0.35	0.35	0.32	0.30	0.30	0.41	0.37	0.35	0.35
39	0.45	0.40	0.38	0.37	0.38	0.34	0.32	0.31	0.44	0.39	0.37	0.36
40	0.48	0.43	0.41	0.40	0.40	0.36	0.34	0.33	0.47	0.42	0.40	0.39
41	0.51	0.45	0.44	0.42	0.42	0.38	0.36	0.35	0.50	0.44	0.43	0.41
42	0.54	0.48	0.46	0.45	0.45	0.40	0.38	0.37	0.53	0.47	0.45	0.44
43	0.57	0.51	0.49	0.47	0.47	0.42	0.40	0.39	0.56	0.50	0.48	0.46
44	0.60	0.53	0.51	0.50	0.50	0.44	0.42	0.41	0.59	0.52	0.50	0.49
45	0.62	0.55	0.53	0.51	0.52	0.46	0.44	0.43	0.61	0.54	0.52	0.50
46	0.64	0.57	0.55	0.53	0.54	0.48	0.46	0.45	0.63	0.56	0.54	0.52
47	0.65	0.58	0.56	0.54	0.56	0.50	0.48	0.47	0.64	0.57	0.55	0.53
48	0.66	0.59	0.57	0.55	0.58	0.52	0.50	0.49	0.65	0.58	0.56	0.54
49	0.67	0.60	0.58	0.56	0.61	0.54	0.52	0.50	0.66	0.59	0.57	0.55
50	0.68	0.61	0.58	0.57	0.63	0.56	0.54	0.52	0.68	0.61	0.58	0.57
51	0.69	0.62	0.59	0.57	0.65	0.58	0.56	0.54	0.69	0.62	0.59	0.57
52	0.71	0.63	0.60	0.58	0.67	0.60	0.58	0.56	0.71	0.63	0.60	0.58
53	0.73	0.65	0.62	0.60	0.70	0.62	0.60	0.58	0.73	0.65	0.62	0.60
54	0.75	0.67	0.64	0.62	0.72	0.64	0.62	0.60	0.75	0.67	0.64	0.62
55	0.78	0.69	0.66	0.64	0.75	0.66	0.64	0.62	0.78	0.69	0.66	0.64
56	0.82	0.72	0.69	0.67	0.77	0.68	0.66	0.64	0.82	0.72	0.69	0.67
57	0.86	0.76	0.73	0.71	0.80	0.71	0.68	0.66	0.85	0.76	0.73	0.71
58	0.91	0.80	0.77	0.74	0.83	0.73	0.70	0.68	0.90	0.79	0.76	0.73
59	0.96	0.84	0.81	0.78	0.85	0.75	0.72	0.70	0.95	0.83	0.80	0.77

155


	WRL Xcelerator Exec
Issue Age	Duration 1
	Tobacco
	Male				Female				Unisex
	Band 1	Band 2	Band 3	Band 4	Band 1	Band 2	Band 3	Band 4	Band 1	Band 2	Band 3	Band 4
60	1.02	0.89	0.85	0.83	0.88	0.77	0.75	0.72	1.01	0.88	0.84	0.82
61	1.07	0.94	0.90	0.87	0.91	0.80	0.77	0.75	1.05	0.93	0.89	0.86
62	1.13	0.99	0.95	0.92	0.94	0.82	0.79	0.77	1.11	0.97	0.93	0.91
63	1.19	1.04	1.00	0.97	0.98	0.85	0.82	0.80	1.17	1.02	0.98	0.95
64	1.25	1.09	1.05	1.02	1.02	0.89	0.85	0.83	1.23	1.07	1.03	1.00
65	1.31	1.14	1.10	1.06	1.06	0.93	0.89	0.86	1.29	1.12	1.08	1.04
66	1.37	1.19	1.15	1.11	1.11	0.97	0.93	0.90	1.34	1.17	1.13	1.09
67	1.43	1.24	1.19	1.16	1.16	1.01	0.97	0.94	1.40	1.22	1.17	1.14
68	1.49	1.29	1.24	1.20	1.22	1.06	1.02	0.99	1.46	1.27	1.22	1.18
69	1.55	1.34	1.29	1.25	1.28	1.11	1.07	1.03	1.52	1.32	1.27	1.23
70	1.61	1.40	1.34	1.30	1.34	1.16	1.12	1.08	1.58	1.38	1.32	1.28
71	1.67	1.45	1.39	1.35	1.40	1.22	1.17	1.13	1.64	1.43	1.37	1.33
72	1.74	1.51	1.45	1.41	1.47	1.28	1.23	1.19	1.71	1.49	1.43	1.39
73	1.81	1.57	1.51	1.46	1.54	1.34	1.28	1.24	1.78	1.55	1.49	1.44
74	1.89	1.64	1.57	1.52	1.61	1.40	1.34	1.30	1.86	1.62	1.55	1.50
75	1.97	1.71	1.64	1.59	1.69	1.46	1.40	1.36	1.94	1.69	1.62	1.57
76	2.05	1.78	1.70	1.65	1.75	1.52	1.45	1.41	2.02	1.75	1.68	1.63
77	2.14	1.85	1.77	1.72	1.82	1.58	1.51	1.47	2.11	1.82	1.74	1.70
78	2.23	1.93	1.85	1.79	1.90	1.65	1.58	1.53	2.20	1.90	1.82	1.76
79	2.33	2.01	1.93	1.87	1.98	1.72	1.64	1.59	2.30	1.98	1.90	1.84
80	2.43	2.10	2.01	1.95	2.07	1.79	1.71	1.66	2.39	2.07	1.98	1.92

156


	WRL Xcelerator Exec
	Duration 1
	Non-Tobacco
	Male				Female				Unisex
Issue Age	Band 1	Band 2	Band 3	Band 4	Band 1	Band 2	Band 3	Band 4	Band 1	Band 2	Band 3	Band 4
18	0.12	0.11	0.11	0.10	0.11	0.10	0.10	0.10	0.12	0.11	0.11	0.10
19	0.13	0.12	0.11	0.11	0.12	0.11	0.10	0.10	0.13	0.12	0.11	0.11
20	0.13	0.12	0.11	0.11	0.12	0.11	0.10	0.10	0.13	0.12	0.11	0.11
21	0.14	0.12	0.12	0.11	0.12	0.11	0.11	0.10	0.14	0.12	0.12	0.11
22	0.14	0.13	0.12	0.12	0.13	0.11	0.11	0.11	0.14	0.13	0.12	0.12
23	0.14	0.13	0.12	0.12	0.13	0.12	0.11	0.11	0.14	0.13	0.12	0.12
24	0.15	0.13	0.13	0.12	0.13	0.12	0.11	0.11	0.15	0.13	0.13	0.12
25	0.15	0.14	0.13	0.13	0.14	0.12	0.12	0.11	0.15	0.14	0.13	0.13
26	0.16	0.14	0.14	0.13	0.14	0.13	0.12	0.12	0.16	0.14	0.14	0.13
27	0.16	0.15	0.14	0.14	0.15	0.13	0.13	0.12	0.16	0.15	0.14	0.14
28	0.17	0.15	0.14	0.14	0.15	0.14	0.13	0.13	0.17	0.15	0.14	0.14
29	0.17	0.16	0.15	0.15	0.16	0.14	0.13	0.13	0.17	0.16	0.15	0.15
30	0.18	0.16	0.15	0.15	0.16	0.14	0.14	0.13	0.18	0.16	0.15	0.15
31	0.19	0.17	0.16	0.15	0.17	0.15	0.14	0.14	0.19	0.17	0.16	0.15
32	0.19	0.17	0.16	0.16	0.17	0.15	0.15	0.14	0.19	0.17	0.16	0.16
33	0.20	0.18	0.17	0.16	0.18	0.16	0.15	0.15	0.20	0.18	0.17	0.16
34	0.20	0.18	0.17	0.17	0.18	0.16	0.16	0.15	0.20	0.18	0.17	0.17
35	0.21	0.19	0.18	0.17	0.19	0.17	0.16	0.16	0.21	0.19	0.18	0.17
36	0.21	0.19	0.18	0.18	0.19	0.17	0.16	0.16	0.21	0.19	0.18	0.18
37	0.22	0.19	0.19	0.18	0.20	0.18	0.17	0.16	0.22	0.19	0.19	0.18
38	0.22	0.20	0.19	0.18	0.20	0.18	0.17	0.17	0.22	0.20	0.19	0.18
39	0.23	0.20	0.19	0.19	0.21	0.19	0.18	0.17	0.23	0.20	0.19	0.19
40	0.23	0.21	0.20	0.19	0.21	0.19	0.18	0.18	0.23	0.21	0.20	0.19
41	0.24	0.21	0.20	0.20	0.22	0.19	0.19	0.18	0.24	0.21	0.20	0.20
42	0.24	0.22	0.21	0.20	0.22	0.20	0.19	0.18	0.24	0.22	0.21	0.20
43	0.25	0.22	0.21	0.20	0.23	0.20	0.19	0.19	0.25	0.22	0.21	0.20
44	0.25	0.23	0.22	0.21	0.23	0.20	0.20	0.19	0.25	0.23	0.22	0.21
45	0.26	0.23	0.22	0.22	0.23	0.21	0.20	0.19	0.26	0.23	0.22	0.22
46	0.27	0.24	0.23	0.22	0.23	0.21	0.20	0.19	0.27	0.24	0.23	0.22
47	0.28	0.25	0.24	0.23	0.23	0.21	0.20	0.19	0.28	0.25	0.24	0.23
48	0.29	0.26	0.25	0.24	0.23	0.20	0.19	0.19	0.28	0.25	0.24	0.24
49	0.30	0.26	0.25	0.25	0.22	0.20	0.19	0.18	0.29	0.25	0.24	0.24
50	0.31	0.27	0.26	0.26	0.22	0.19	0.19	0.18	0.30	0.26	0.25	0.25
51	0.32	0.28	0.27	0.26	0.22	0.19	0.18	0.18	0.31	0.27	0.26	0.25
52	0.33	0.29	0.28	0.27	0.21	0.19	0.18	0.18	0.32	0.28	0.27	0.26
53	0.34	0.30	0.29	0.28	0.21	0.19	0.18	0.18	0.33	0.29	0.28	0.27
54	0.35	0.31	0.30	0.29	0.22	0.19	0.19	0.18	0.34	0.30	0.29	0.28
55	0.36	0.32	0.31	0.30	0.23	0.20	0.19	0.19	0.35	0.31	0.30	0.29
56	0.38	0.33	0.32	0.31	0.24	0.21	0.20	0.20	0.37	0.32	0.31	0.30
57	0.39	0.34	0.33	0.32	0.26	0.23	0.22	0.21	0.38	0.33	0.32	0.31
58	0.40	0.35	0.34	0.33	0.28	0.25	0.24	0.23	0.39	0.34	0.33	0.32
59	0.41	0.36	0.35	0.34	0.30	0.27	0.26	0.25	0.40	0.35	0.34	0.33

157


	WRL Xcelerator Exec
	Duration 1
	Non-Tobacco
	Male				Female				Unisex
Issue Age	Band 1	Band 2	Band 3	Band 4	Band 1	Band 2	Band 3	Band 4	Band 1	Band 2	Band 3	Band 4
60	0.42	0.37	0.36	0.35	0.33	0.29	0.28	0.27	0.41	0.36	0.35	0.34
61	0.44	0.38	0.37	0.36	0.35	0.31	0.30	0.29	0.43	0.37	0.36	0.35
62	0.45	0.39	0.38	0.37	0.38	0.33	0.32	0.31	0.44	0.38	0.37	0.36
63	0.46	0.40	0.39	0.38	0.40	0.35	0.34	0.33	0.45	0.40	0.39	0.38
64	0.48	0.42	0.40	0.39	0.42	0.37	0.35	0.34	0.47	0.42	0.40	0.39
65	0.49	0.43	0.41	0.40	0.44	0.38	0.36	0.35	0.49	0.43	0.41	0.40
66	0.50	0.44	0.42	0.41	0.45	0.39	0.37	0.36	0.50	0.44	0.42	0.41
67	0.52	0.45	0.43	0.42	0.45	0.39	0.38	0.37	0.51	0.44	0.43	0.42
68	0.53	0.46	0.45	0.43	0.46	0.40	0.38	0.37	0.52	0.45	0.44	0.42
69	0.55	0.48	0.46	0.44	0.46	0.40	0.39	0.37	0.54	0.47	0.45	0.43
70	0.56	0.49	0.47	0.46	0.46	0.40	0.39	0.37	0.55	0.48	0.46	0.45
71	0.58	0.50	0.48	0.47	0.46	0.40	0.39	0.38	0.57	0.49	0.47	0.46
72	0.59	0.52	0.50	0.48	0.46	0.40	0.39	0.38	0.58	0.51	0.49	0.47
73	0.61	0.53	0.51	0.50	0.47	0.41	0.39	0.38	0.60	0.52	0.50	0.49
74	0.63	0.55	0.53	0.51	0.47	0.41	0.39	0.38	0.61	0.54	0.52	0.50
75	0.65	0.56	0.54	0.52	0.48	0.42	0.40	0.39	0.63	0.55	0.53	0.51
76	0.66	0.58	0.56	0.54	0.49	0.43	0.41	0.40	0.64	0.57	0.55	0.53
77	0.68	0.59	0.57	0.55	0.51	0.44	0.42	0.41	0.66	0.58	0.56	0.54
78	0.70	0.61	0.59	0.57	0.52	0.45	0.43	0.42	0.68	0.59	0.57	0.56
79	0.72	0.63	0.60	0.59	0.53	0.46	0.44	0.43	0.70	0.61	0.58	0.57
80	0.75	0.65	0.62	0.60	0.55	0.47	0.46	0.44	0.73	0.63	0.60	0.58

158


	WRL Xcelerator Exec
Issue Age	Duration 2-8 (Current) / Duration 2+ (Guaranteed)
	Tobacco
	Male				Female				Unisex
	Band 1	Band 2	Band 3	Band 4	Band 1	Band 2	Band 3	Band 4	Band 1	Band 2	Band 3	Band 4
18	0.31	0.28	0.27	0.26	0.27	0.25	0.24	0.23	0.31	0.28	0.27	0.26
19	0.32	0.29	0.28	0.28	0.28	0.26	0.25	0.24	0.32	0.29	0.28	0.28
20	0.34	0.31	0.30	0.29	0.30	0.27	0.26	0.26	0.34	0.31	0.30	0.29
21	0.36	0.32	0.31	0.30	0.31	0.28	0.28	0.27	0.36	0.32	0.31	0.30
22	0.37	0.34	0.33	0.32	0.33	0.30	0.29	0.28	0.37	0.34	0.33	0.32
23	0.39	0.36	0.34	0.33	0.34	0.31	0.30	0.30	0.39	0.36	0.34	0.33
24	0.41	0.37	0.36	0.35	0.36	0.33	0.32	0.31	0.41	0.37	0.36	0.35
25	0.43	0.39	0.38	0.37	0.38	0.34	0.33	0.32	0.43	0.39	0.38	0.37
26	0.45	0.41	0.40	0.38	0.40	0.36	0.35	0.34	0.45	0.41	0.40	0.38
27	0.47	0.43	0.41	0.40	0.41	0.37	0.36	0.35	0.46	0.42	0.41	0.40
28	0.49	0.45	0.43	0.42	0.43	0.39	0.38	0.37	0.48	0.44	0.43	0.42
29	0.52	0.47	0.45	0.44	0.45	0.40	0.39	0.38	0.51	0.46	0.44	0.43
30	0.54	0.49	0.47	0.45	0.47	0.42	0.41	0.40	0.53	0.48	0.46	0.45
31	0.56	0.51	0.49	0.47	0.49	0.44	0.43	0.42	0.55	0.50	0.48	0.47
32	0.59	0.53	0.51	0.50	0.51	0.46	0.45	0.44	0.58	0.52	0.50	0.49
33	0.62	0.56	0.54	0.52	0.53	0.48	0.47	0.46	0.61	0.55	0.53	0.51
34	0.65	0.59	0.57	0.55	0.56	0.51	0.49	0.48	0.64	0.58	0.56	0.54
35	0.69	0.62	0.60	0.58	0.59	0.54	0.52	0.51	0.68	0.61	0.59	0.57
36	0.74	0.67	0.64	0.62	0.63	0.57	0.55	0.54	0.73	0.66	0.63	0.61
37	0.79	0.71	0.68	0.66	0.67	0.60	0.59	0.57	0.78	0.70	0.67	0.65
38	0.84	0.76	0.73	0.71	0.71	0.64	0.62	0.60	0.83	0.75	0.72	0.70
39	0.90	0.82	0.79	0.76	0.76	0.68	0.66	0.64	0.89	0.81	0.78	0.75
40	0.97	0.87	0.84	0.82	0.80	0.73	0.70	0.68	0.95	0.86	0.83	0.81
41	1.03	0.93	0.89	0.87	0.85	0.77	0.74	0.72	1.01	0.91	0.88	0.86
42	1.09	0.99	0.95	0.92	0.90	0.82	0.78	0.76	1.07	0.97	0.93	0.90
43	1.15	1.04	1.00	0.97	0.95	0.86	0.83	0.80	1.13	1.02	0.98	0.95
44	1.21	1.09	1.05	1.02	1.00	0.91	0.87	0.84	1.19	1.07	1.03	1.00
45	1.26	1.14	1.09	1.06	1.05	0.95	0.91	0.89	1.24	1.12	1.07	1.04
46	1.30	1.17	1.13	1.10	1.10	1.00	0.96	0.93	1.28	1.15	1.11	1.08
47	1.33	1.20	1.15	1.12	1.15	1.04	1.00	0.97	1.31	1.18	1.14	1.11
48	1.35	1.22	1.17	1.14	1.19	1.08	1.04	1.01	1.33	1.21	1.16	1.13
49	1.38	1.24	1.19	1.16	1.24	1.12	1.08	1.04	1.37	1.23	1.18	1.15
50	1.40	1.26	1.21	1.17	1.29	1.16	1.12	1.09	1.39	1.25	1.20	1.16
51	1.42	1.28	1.23	1.19	1.34	1.21	1.16	1.13	1.41	1.27	1.22	1.18
52	1.46	1.31	1.26	1.22	1.39	1.25	1.21	1.17	1.45	1.30	1.26	1.22
53	1.51	1.36	1.30	1.26	1.45	1.31	1.26	1.22	1.50	1.36	1.30	1.26
54	1.57	1.41	1.35	1.31	1.52	1.37	1.32	1.28	1.57	1.41	1.35	1.31
55	1.66	1.49	1.42	1.38	1.59	1.43	1.38	1.34	1.65	1.48	1.42	1.38
56	1.77	1.59	1.52	1.47	1.67	1.50	1.45	1.41	1.76	1.58	1.51	1.46
57	1.89	1.70	1.62	1.58	1.75	1.57	1.52	1.47	1.88	1.69	1.61	1.57
58	2.04	1.82	1.75	1.69	1.84	1.65	1.59	1.55	2.02	1.80	1.73	1.68
59	2.19	1.96	1.88	1.82	1.93	1.73	1.67	1.62	2.16	1.94	1.86	1.80

159


	WRL Xcelerator Exec
Issue Age	Duration 2-8 (Current) / Duration 2+ (Guaranteed)
	Tobacco
	Male				Female				Unisex
	Band 1	Band 2	Band 3	Band 4	Band 1	Band 2	Band 3	Band 4	Band 1	Band 2	Band 3	Band 4
60	2.35	2.10	2.02	1.96	2.03	1.82	1.75	1.70	2.32	2.07	1.99	1.93
61	2.52	2.25	2.16	2.10	2.13	1.91	1.84	1.78	2.48	2.22	2.13	2.07
62	2.70	2.41	2.31	2.24	2.24	2.01	1.93	1.87	2.65	2.37	2.27	2.20
63	2.88	2.56	2.46	2.39	2.35	2.11	2.03	1.97	2.83	2.52	2.42	2.35
64	3.05	2.71	2.61	2.53	2.47	2.22	2.13	2.07	2.99	2.66	2.56	2.48
65	3.22	2.86	2.76	2.67	2.60	2.33	2.24	2.17	3.16	2.81	2.71	2.62
66	3.38	3.01	2.90	2.81	2.74	2.45	2.35	2.28	3.32	2.95	2.85	2.76
67	3.54	3.14	3.03	2.94	2.88	2.58	2.47	2.40	3.47	3.08	2.97	2.89
68	3.69	3.28	3.16	3.06	3.02	2.70	2.59	2.51	3.62	3.22	3.10	3.01
69	3.84	3.42	3.29	3.19	3.17	2.84	2.72	2.64	3.77	3.36	3.23	3.14
70	4.00	3.56	3.42	3.32	3.33	2.98	2.86	2.77	3.93	3.50	3.36	3.27
71	4.17	3.70	3.56	3.45	3.49	3.13	3.00	2.90	4.10	3.64	3.50	3.40
72	4.35	3.86	3.71	3.60	3.67	3.28	3.15	3.05	4.28	3.80	3.65	3.55
73	4.54	4.03	3.88	3.76	3.85	3.45	3.30	3.20	4.47	3.97	3.82	3.70
74	4.75	4.22	4.05	3.93	4.05	3.62	3.47	3.36	4.68	4.16	3.99	3.87
75	4.98	4.42	4.25	4.12	4.26	3.81	3.65	3.53	4.91	4.36	4.19	4.06
76	5.22	4.63	4.45	4.31	4.45	3.98	3.80	3.68	5.14	4.57	4.39	4.25
77	5.48	4.86	4.67	4.53	4.67	4.17	3.99	3.86	5.40	4.79	4.60	4.46
78	5.75	5.10	4.90	4.75	4.90	4.38	4.19	4.05	5.67	5.03	4.83	4.68
79	6.04	5.35	5.14	4.98	5.14	4.59	4.39	4.25	5.95	5.27	5.07	4.91
80	6.34	5.61	5.40	5.23	5.39	4.82	4.60	4.45	6.25	5.53	5.32	5.15

160


	WRL Xcelerator Exec
Issue Age	Duration 2-8 (Current) / Duration 2+ (Guaranteed)
	Non-Tobacco
	Male				Female				Unisex
	Band 1	Band 2	Band 3	Band 4	Band 1	Band 2	Band 3	Band 4	Band 1	Band 2	Band 3	Band 4
18	0.22	0.20	0.19	0.19	0.20	0.18	0.17	0.17	0.22	0.20	0.19	0.19
19	0.23	0.21	0.20	0.19	0.21	0.19	0.18	0.17	0.23	0.21	0.20	0.19
20	0.23	0.21	0.20	0.20	0.21	0.19	0.18	0.18	0.23	0.21	0.20	0.20
21	0.24	0.22	0.21	0.20	0.22	0.20	0.19	0.18	0.24	0.22	0.21	0.20
22	0.25	0.23	0.22	0.21	0.22	0.20	0.20	0.19	0.25	0.23	0.22	0.21
23	0.26	0.23	0.22	0.22	0.23	0.21	0.20	0.20	0.26	0.23	0.22	0.22
24	0.27	0.24	0.23	0.23	0.24	0.22	0.21	0.20	0.27	0.24	0.23	0.23
25	0.28	0.25	0.24	0.23	0.25	0.23	0.22	0.21	0.28	0.25	0.24	0.23
26	0.29	0.26	0.25	0.24	0.26	0.24	0.23	0.22	0.29	0.26	0.25	0.24
27	0.30	0.27	0.26	0.25	0.27	0.25	0.24	0.23	0.30	0.27	0.26	0.25
28	0.32	0.29	0.27	0.27	0.28	0.26	0.25	0.24	0.32	0.29	0.27	0.27
29	0.33	0.30	0.29	0.28	0.30	0.27	0.26	0.25	0.33	0.30	0.29	0.28
30	0.34	0.31	0.30	0.29	0.31	0.28	0.27	0.26	0.34	0.31	0.30	0.29
31	0.36	0.33	0.31	0.30	0.32	0.29	0.28	0.27	0.36	0.33	0.31	0.30
32	0.37	0.34	0.33	0.32	0.34	0.30	0.29	0.28	0.37	0.34	0.33	0.32
33	0.39	0.35	0.34	0.33	0.35	0.32	0.30	0.30	0.39	0.35	0.34	0.33
34	0.40	0.36	0.35	0.34	0.36	0.33	0.31	0.31	0.40	0.36	0.35	0.34
35	0.42	0.38	0.36	0.35	0.38	0.34	0.32	0.32	0.42	0.38	0.36	0.35
36	0.43	0.39	0.37	0.36	0.39	0.35	0.33	0.32	0.43	0.39	0.37	0.36
37	0.44	0.40	0.38	0.37	0.40	0.36	0.34	0.33	0.44	0.40	0.38	0.37
38	0.46	0.41	0.40	0.38	0.41	0.37	0.35	0.34	0.46	0.41	0.40	0.38
39	0.47	0.42	0.41	0.40	0.42	0.38	0.36	0.35	0.47	0.42	0.41	0.40
40	0.48	0.43	0.42	0.41	0.43	0.39	0.37	0.36	0.48	0.43	0.42	0.41
41	0.49	0.45	0.43	0.42	0.44	0.40	0.38	0.37	0.49	0.45	0.43	0.42
42	0.50	0.45	0.44	0.43	0.45	0.41	0.39	0.38	0.50	0.45	0.44	0.43
43	0.51	0.46	0.45	0.43	0.46	0.41	0.40	0.39	0.51	0.46	0.45	0.43
44	0.52	0.47	0.45	0.44	0.47	0.42	0.40	0.39	0.52	0.47	0.45	0.44
45	0.53	0.48	0.46	0.45	0.47	0.43	0.41	0.40	0.52	0.48	0.46	0.45
46	0.53	0.48	0.46	0.45	0.47	0.43	0.41	0.40	0.52	0.48	0.46	0.45
47	0.53	0.47	0.46	0.44	0.47	0.42	0.41	0.39	0.52	0.47	0.46	0.44
48	0.52	0.47	0.45	0.44	0.46	0.42	0.40	0.39	0.51	0.47	0.45	0.44
49	0.51	0.46	0.44	0.43	0.45	0.41	0.39	0.38	0.50	0.46	0.44	0.43
50	0.50	0.45	0.43	0.42	0.44	0.40	0.38	0.37	0.49	0.45	0.43	0.42
51	0.49	0.44	0.42	0.41	0.43	0.39	0.38	0.36	0.48	0.44	0.42	0.41
52	0.49	0.44	0.42	0.41	0.43	0.39	0.37	0.36	0.48	0.44	0.42	0.41
53	0.49	0.44	0.42	0.41	0.44	0.39	0.38	0.37	0.49	0.44	0.42	0.41
54	0.50	0.45	0.44	0.42	0.45	0.40	0.39	0.38	0.50	0.45	0.44	0.42
55	0.53	0.48	0.46	0.45	0.47	0.43	0.41	0.40	0.52	0.48	0.46	0.45
56	0.57	0.52	0.50	0.48	0.51	0.46	0.44	0.43	0.56	0.51	0.49	0.48
57	0.63	0.57	0.54	0.53	0.56	0.50	0.48	0.47	0.62	0.56	0.53	0.52
58	0.70	0.63	0.60	0.58	0.62	0.56	0.54	0.52	0.69	0.62	0.59	0.57
59	0.78	0.70	0.67	0.65	0.69	0.62	0.59	0.58	0.77	0.69	0.66	0.64

161


	WRL Xcelerator Exec
Issue Age	Duration 2-8 (Current) / Duration 2+ (Guaranteed)
	Non-Tobacco
	Male				Female				Unisex
	Band 1	Band 2	Band 3	Band 4	Band 1	Band 2	Band 3	Band 4	Band 1	Band 2	Band 3	Band 4
60	0.86	0.77	0.74	0.71	0.76	0.68	0.66	0.64	0.85	0.76	0.73	0.70
61	0.94	0.84	0.81	0.78	0.83	0.75	0.72	0.70	0.93	0.83	0.80	0.77
62	1.02	0.91	0.87	0.85	0.90	0.81	0.78	0.75	1.01	0.90	0.86	0.84
63	1.09	0.97	0.94	0.91	0.97	0.87	0.83	0.81	1.08	0.96	0.93	0.90
64	1.15	1.03	0.99	0.96	1.02	0.92	0.88	0.85	1.14	1.02	0.98	0.95
65	1.20	1.07	1.03	1.00	1.07	0.95	0.92	0.89	1.19	1.06	1.02	0.99
66	1.23	1.10	1.06	1.03	1.10	0.98	0.94	0.91	1.22	1.09	1.05	1.02
67	1.26	1.12	1.08	1.05	1.12	1.00	0.96	0.93	1.25	1.11	1.07	1.04
68	1.27	1.14	1.09	1.06	1.13	1.01	0.97	0.94	1.26	1.13	1.08	1.05
69	1.28	1.15	1.10	1.07	1.14	1.02	0.98	0.95	1.27	1.14	1.09	1.06
70	1.29	1.15	1.10	1.07	1.14	1.02	0.98	0.95	1.28	1.14	1.09	1.06
71	1.29	1.15	1.11	1.08	1.14	1.02	0.98	0.95	1.28	1.14	1.10	1.07
72	1.30	1.16	1.11	1.08	1.15	1.03	0.99	0.96	1.29	1.15	1.10	1.07
73	1.31	1.17	1.12	1.09	1.16	1.04	1.00	0.97	1.30	1.16	1.11	1.08
74	1.33	1.19	1.14	1.10	1.17	1.05	1.01	0.98	1.31	1.18	1.13	1.09
75	1.35	1.21	1.16	1.13	1.20	1.07	1.03	1.00	1.34	1.20	1.15	1.12
76	1.41	1.26	1.21	1.17	1.24	1.11	1.07	1.04	1.39	1.25	1.20	1.16
77	1.45	1.30	1.25	1.21	1.28	1.15	1.10	1.07	1.43	1.29	1.24	1.20
78	1.50	1.34	1.29	1.25	1.32	1.19	1.14	1.10	1.48	1.33	1.28	1.24
79	1.55	1.38	1.33	1.29	1.37	1.22	1.18	1.14	1.53	1.36	1.32	1.28
80	1.60	1.43	1.37	1.33	1.41	1.26	1.21	1.18	1.58	1.41	1.35	1.32

162

PROSPECTUS BACK COVER

Personalized Illustrations of Policy Benefits

In order to help you understand how your Policy values could vary over time under different sets of assumptions, we will provide you, without charge and upon request, with certain personalized hypothetical illustrations showing the death benefit, net surrender value and cash value. These hypothetical illustrations will be based on the age and insurance risk characteristics of the insured persons under your Policy and such factors as the specified amount band, death benefit option, premium payment amounts, and hypothetical rates of return (within limits) that you request. The illustrations are not a representation or guarantee of investment returns or cash value.

Inquiries

To learn more about the Policy, you should read the SAI dated the same date as this prospectus. The SAI has been filed with the SEC and is incorporated herein by reference.

For a free copy of the SAI, for other information about the Policy, and to obtain personalized illustrations, please contact your registered representative, or send your request to our mailing address at:

Western Reserve Life

4333 Edgewood Rd. NE

Cedar Rapids, IA 52499

1-800-851-9777

Facsimile: 1-727-299-1620

(Monday - Friday from 8:30 a.m. - 7:00 p.m. Eastern time)

www.westernreserve.com

More information about the Registrant (including the SAI) may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. For information on the operation of the Public Reference Room, please contact the SEC at 202-551-8090. You may also obtain copies of reports and other information about the Registrant on the SEC’s website at http://www.sec.gov and copies of this information may be obtained, upon payment of a duplicating fee, by writing the Public Reference Section of the SEC at 100 F Street, NE, Washington, D.C. 20549. The Registrant’s file numbers are listed below.

TCI serves as the principal underwriter for the Policies. More information about TCI is available at http://www.finra. org or by calling 1-800-289-9999. You also can obtain an investor brochure from The Financial Regulatory Authority (“FINRA”) describing its Public Disclosure Program.

SEC File No. 333-107705/811-4420

05/2012

163

WRL XCELERATOR^SM

WRL XCELERATOR FOCUS^SM

Issued by

TRANSAMERICA LIFE INSURANCE COMPANY

(Former Depositor, Transamerica Premier Life Insurance Company)

WRL Series Life Account

Supplement dated October 1, 2020

to the

Statement of Additional Information dated

May 1, 2012

Home Office: 4333 Edgewood Road NE

Cedar Rapids, Iowa 52249

Service Center: 4333 Edgewood Road NE

Cedar Rapids, Iowa 52499-0001

Phone: (800) 333-6524

This Supplement updates certain information contained in the Statement of Additional Information dated May 1, 2012 for WRL Xcelerator^SM and WRL Xcelerator Focus^SM policies (the “Policy”/“Policies”). Please read this Supplement carefully and retain it for future reference.

Effective on October 1, 2020 Transamerica Premier Life Insurance Company (“TPLIC”); formerly known as Western Reserve Life Assurance Co. of Ohio) merged with and into its affiliate Transamerica Life Insurance Company (“TLIC”). Before the merger, TPLIC was the issuer of the policies. Upon consummation of the Merger, TPLIC’s corporate existence ceased by operation of law, and TLIC assumed legal ownership of all of the assets of TPLIC, including the WRL Series Life Account (the “Separate Account”) that funds the Policies, and the assets of the Separate Account. As a result of the merger, TLIC became responsible for all liabilities and obligations of TPLIC, including those created under the Policies. The Policies have thereby become flexible premium variable life insurance policies funded by a separate account of TLIC. The information below describes changes to the Statement of Additional Information as a result of the Merger and otherwise updates information in the Statement of Additional Information. Accordingly, all references in the Statement of Additional Information to the issuer of the Policy are amended to refer to Transamerica Life Insurance Company.

TPLIC no longer sells the Policy. Following the Merger, TLIC will not issue new Policies. Although Policies will no longer be sold, additional premium payments will continue to be permitted.

I.	*The following hereby replaces the “Independent Registered Public Accounting Firm” section (p. 5) of the Statement of Additional Information:*

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The financial statements of the WRL Series Life Account as of December 31, 2019 and for the years ended December 31, 2019 and 2018, and the statutory-basis financial statements and schedules of Transamerica Life Insurance Company and Transamerica Premier Life Insurance Company as of December 31, 2019 and 2018 and for each of the three years in the period ended December 31, 2019 included in this Statement of Additional Information have been so included in reliance on the reports of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

II.

The following hereby replaces the “FINANCIAL STATEMENTS section (p. 7) of the Statement of Additional Information:

FINANCIAL STATEMENTS

Our financial statements, which are presented in conformity with accounting practices prescribed or permitted by the Iowa Department of Insurance as well as the audited financial statements of the Separate Account are located in the Statement of Additional Information (SAI).

Separate Account

The values of Your interest in the Separate Account will be affected solely by the investment results of the selected Subaccount(s). The statutory-basis financial statements and schedules of Transamerica Life Insurance Company should be considered only as bearing on the ability of us to meet our obligations under the policies. They should not be considered as bearing on the investment performance of the assets held in the Separate Account.

The following financial statements replace the financial statements contained in the Statement of Additional Information

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

Amounts presented in thousands

Effective October 1, 2020, Transamerica Life Insurance Company (“TLIC”, or “the Company”) will merge with Transamerica Premier Life Insurance Company (“TPLIC”), an Iowa domiciled affiliate, and MLIC Re I, Inc. (“MLRe”), a Vermont domiciled affiliate, with TLIC emerging as the surviving entity pursuant to the Plan of Merger, which was approved by the Iowa Insurance Division (IID) and the Department of Financial Regulation of Vermont.

In conjunction with the merger the historical financial statements were combined under NAIC Statutory Accounting Practices and Procedures Manual Statements of Statutory Accounting Principles (SSAP) No. 68 Business Combinations and Goodwill (SSAP 68) Paragraph 10 Statutory Merger, whereby the former statutory bases of accounting are retained.

The unaudited pro forma condensed combined financial information below should be read in conjunction with the notes thereto and audited consolidated financial statements for the year ended December 31, 2019 included herein.

The following unaudited pro forma condensed combined financial information is presented for illustrative purposes only and is not necessarily indicative of what our actual financial position or results of operations would have been had the merger been completed on the dates indicated above. In addition, the unaudited pro forma condensed combined financial information does not purport to project the future financial position or operating results of the resulting company. This information does not give effect to (1) our results of operations or other transactions or developments since December 31, 2019, (2) the impact of releasing the letter of credit reflected as an admitted asset by MLRe, (3) the effects of transactions or developments that may occur subsequent to December 31, 2019 after the pro forma financial statements, and (4) the impact of intercompany transactions between entities, including reinsurance, that have not been reflected in historical balances, but will be adjusted on a go forward basis. The foregoing matters could cause both TLIC’s historical pro forma financial position and results of operations, and TLIC’s actual future financial position and results of operations, to differ materially from those presented in the following unaudited pro forma condensed combined financial information.

The following unaudited pro forma condensed combined financial information of TLIC gives effect to the merger as if it had been completed as of December 31, 2019. The statutory financial statements for the Company, TPLIC, and MLRe are combined below retaining the historical statutory bases to arrive at merged pro forma financial statements at December 31, 2019 as follows:

Transamerica Life Insurance Co – Merged Company

Statutory Condensed Combined Balance Sheet

12/31/2019 Pro forma - Unaudited

($ thousands)


	TLIC Dec 31 2019 as Reported		TPLIC Dec 31 2019 as Reported		MLRe Dec 31 2019 as Reported		Eliminations²Dec 31 2019			Merged Dec 31 2019 Pro Forma³
ASSETS:
Investments		41,771,924		24,479,103		314,148		—			66,565,175
Letter of Credit¹		—		—		770,000		—			770,000
Other Assets		2,730,813		1,529,256		35,731		—			4,295,800
Separate Account Assets		85,720,689		26,508,334		—		—			112,229,023

TOTAL ADMITTED ASSETS		130,223,426		52,516,693		1,119,879		—			183,859,998


LIABILITIES, CAPITAL & SURPLUS:
Policy Liabilities		27,308,732.0		18,714,626.0		770,000.0		—			46,793,358.0
Other Liabilities		10,665,836.0		4,992,797.0		9,103.0		—			15,667,736.0
Separate Account Liabilities		85,720,688.0		26,508,334.0		—		—			112,229,022.0

Total Liabilities		123,695,256.0		50,215,757.0		779,103.0		—			174,690,116.0


Capital		6,762.0		10,137.0		250.0		(10,387.0	)		6,762.0
Surplus Notes		—		60,000.0		—		—			60,000.0
Gross Paid in and Contributed Surplus		2,610,713.0		1,057,861.0		123,000.0		—			3,791,574.0
Aggregate write-in for Special Surplus		195,434.0		1,334.0		—		—			196,768.0
Unassigned Surplus		3,715,261.0		1,171,604.0		217,526.0		10,387.0			5,114,778.0

Total Capital & Surplus		6,528,170.0		2,300,936.0		340,776.0		—			9,169,882.0



TOTAL LIABILITIES , CAPITAL & SURPLUS		130,223,426.0		52,516,693.0		1,119,879.0		—			183,859,998.0

Transamerica Life Insurance Co – Merged Company

Statutory Condensed Combined Earnings

12/31/2019 Pro Forma - Unaudited

($ thousands)


	TLIC Dec 31 2019 as Reported			TPLIC Dec 31 2019 as Reported			MLRe Dec 31 2019 as Reported			Eliminations² Dec 31 2019		Merged Dec 31 2019 Pro Forma³
REVENUES:
Premiums and Deposits		12,146,106.0			3,347,881.0			198,853.0			—		15,692,840.0
Net Investment Income		1,644,325.0			1,094,859.0			11,735.0			—		2,750,919.0
Comm and Exp Allowance & Reserve Adj Ceded		444,368.0			(170,748.0	)		—			—		273,620.0
Other		1,907,252.0			362,101.0			—			—		2,269,353.0

Total Revenue		16,142,051.0			4,634,093.0			210,588.0			—		20,986,732.0


Benefits and Expenses:
Benefits Paid		17,561,497.0			3,534,284.0			391,512.0			—		21,487,293.0
Policy liability change		(2,277,561.0	)		961,715.0			(60,000.0	)		—		(1,375,846.0	)
Commissions		908,521.0			512,527.0			48,511.0			—		1,469,559.0
Expenses and other		833,410.0			503,282.0			(230,348.0	)		—		1,106,344.0
Transfers to (from) Separate Accounts		(3,868,617.0	)		(1,261,078.0	)		—			—		(5,129,695.0	)

Total Benefits and Expenses		13,157,250.0			4,250,730.0			149,675.0			—		17,557,655.0


Gain from Operations Before Policyholder Dividends and Taxes		2,984,801.0			383,363.0			60,913.0			—		3,429,077.0
Policyholder Dividends		9,236.0			1,030.0			—			—		10,266.0
Taxes		(77,933.0	)		39,259.0			(202.0	)		—		(38,876.0	)

Gain from Operations Before Net Realized Capital Gains (Losses)		3,053,498.0			343,074.0			61,115.0			—		3,457,687.0

Realized Capital Gains (Losses)		240,524.0			229,130.0			(47.0	)		—		469,607.0

Net Statutory Income		3,294,022.0			572,204.0			61,068.0			—		3,927,294.0

Footnote references from financial statements:

As of December 31, 2019, MLRe had a permitted practice with explicit permission of the Deputy Commissioner of Captive Insurance of the State of Vermont that allows the admission on the U.S. statutory statement of a letter of credit. The letter of credit was $770,000 at December 31, 2019 and is included in the Total Admitted Assets balance of MLRe presented above. Upon MLRe being merged into TLIC, the permitted practice will no longer exist and the letter of credit will not transfer into the merged entity. Pursuant to the plan of merger approved by the IID, the LOC will be presented in the historical combined financial statements as of year-end 2019.

Merger proforma includes the elimination of $10,387 of Unassigned Surplus with an offsetting charge to Capital on the balance sheet is related to the cancellation of the common stock ownership of TPLIC by the Company, and was eliminated based on the requirements set forth in SSAP 68 requiring adjustment of the capital accounts of entities to reflect appropriate par values of the new entity.

3:	On May 15, 2020, TPLIC paid a dividend to its parent company, Commonwealth General Corporation (“CGC”), in the amount of $700,000. The dividend and contribution included $76,604 in cash and $623,396 in securities. The December 31, 2019 amounts presented above do not reflect that transaction.

Subsequent Events:

Additional subsequent events have been evaluated for disclosure through September 29, 2020.

On June 30, 2020, the Company received $96,035 from Transamerica Financial Life Insurance Company (“TFLIC”) as consideration for TFLIC’s repurchase of its remaining 1,254 common stock shares held by the Company. The shares were redeemed at par of $125 with total par value of $157 and paid-in surplus of $95,878.

On June 30, 2020, the Company, Transamerica Pacific Re, Inc. (“TPRe”), a newly formed AXXX captive and affiliate, and Transamerica Pacific Insurance Company, Ltd (“TPIC”) entered into a novation agreement whereby the Company consented to the assignment, transfer and novation of TPIC’s obligations under the TLIC/TPIC universal life coinsurance agreements to TPRe. The novation resulted in no gain or loss. The Company then entered into a recapture agreement with TPRe to recapture certain universal life insurance risks for consideration of $2,124,341 equal to the statutory reserves recaptured resulting in no gain or loss. With approval from the IID, subsequent to the novation and the recapture on June 30, 2020, the Company and TPRe amended the agreements to cover the secondary guarantee only.

Effective July 1, 2020, the Company entered into a reinsurance agreement with Wilton Reassurance Company to novate corporate owned life insurance policies previously issued by the Company to TPLIC. The Company novated $173,052 of reserves and claim reserves and paid a ceding commission of $7,400. The transaction resulted in a pre-tax loss of $7,400 which has been included in the Statements of Operations.

Basis of Presentation

The accompanying pro forma financial statements have been prepared in conformity with accounting practices prescribed or permitted by the IID, which practices differ from accounting principles generally accepted in the United States of America (GAAP).

The IID recognizes only statutory accounting practices prescribed or permitted by the State of Iowa for determining and reporting the financial condition and results of operations of an insurance company, and for determining its solvency under the Iowa Insurance Law. The NAIC Accounting Practices and Procedures Manual (NAIC SAP) has been adopted as a component of prescribed practices by the State of Iowa. Prescribed statutory accounting practices include state laws and regulations. Permitted statutory accounting practices encompass accounting practices that are not prescribed. See the audited financials for a summary of the accounting practices permitted and prescribed by the IID and reflected in the Company’s financial statements.

The pro forma financial statements and any financial reporting restatements with respect to the newly merged entity will be prepared in accordance with NAIC SAP. More specifically, the pro forma reflects the statutory merger with the assets, liabilities and surplus of the reported statutory entities carried forward from the historical statutory accounting basis.

Use of Estimates

The preparation of financial statements of insurance companies requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein.

The accompanying pro forma financial statements should be read in conjunction with the related historical information for the Company and are not necessarily indicative of the results that would have been attained had the merger taken place as of the presentation date.

Impacts of Merger

As demonstrated in the pro formas above, the historical balances for the companies involved in the merger have been retained, as outlined in the Plan of Merger approved by the IID. There are intercompany transactions between entities, including reinsurance, that have not been eliminated in historical balances, but will be adjusted on a go forward basis. While the adjustments may be material to individual line items, the eliminations have no impact on the merged company capital and surplus.

Before the merger, TPLIC was the issuer of the variable policies. Upon consummation of the merger, TPLIC’s corporate existence ceased by operation of law, and TLIC assumed legal ownership of all of the assets of TPLIC, including all of TPLIC’s separate accounts (the “Separate Accounts”) that fund TPLIC’s variable policies, and the assets of the Separate Accounts. As a result of the merger, TLIC became responsible for all liabilities and obligations of TPLIC, including those created under TPLIC’s variable policies. Accordingly, all references in the variable policy prospectuses to Transamerica Premier Life Insurance Company are amended to refer to Transamerica Life Insurance Company.

The merger did not affect the terms of, or the rights and obligations under, the variable policies, other than to change the insurance company that provides policy benefits from TPLIC to TLIC. The merger also did not result in any adverse tax consequences for any policy owners, and policy owners will not be charged additional fees or expenses as a result of the merger. The account value or unit values of the policies will not change as a result of the merger.

FINANCIAL STATEMENTS – STATUTORY BASIS

AND SUPPLEMENTARY INFORMATION

Transamerica Life Insurance Company

Years Ended December 31, 2019, 2018 and 2017

Transamerica Life Insurance Company

Financial Statements – Statutory Basis

and Supplementary Information

Years Ended December 31, 2019, 2018 and 2017

Contents


Report of Independent Auditors			1

Audited Financial Statements
Balance Sheets – Statutory Basis			3
Statements of Operations – Statutory Basis			4
Statements of Changes in Capital and Surplus – Statutory Basis			5
Statements of Cash Flow – Statutory Basis			7

Notes to Financial Statements – Statutory Basis

1. Organization and Nature of Business			9
2. Basis of Presentation and Summary of Significant Accounting Policies			11
3. Accounting Changes and Corrections of Errors			26
4. Fair Values of Financial Instruments			30
5. Investments			39
6. Premium and Annuity Considerations Deferred and Uncollected			60
7. Policy and Contract Attributes			60
8. Reinsurance			72
9. Income Taxes			77
10. Capital and Surplus			84
11. Securities Lending			87
12. Retirement and Compensation Plans			88
13. Related Party Transactions			90
14. Commitments and Contingencies			95
15. Sales, Transfer, and Servicing of Financial Assets and Extinguishments of Liabilities			101
16. Reconciliation to Statutory Statement			104
17. Subsequent Events			105

Appendix A –Listing of Affiliated Companies			106

Statutory-Basis Financial Statement Schedules

Summary of Investments – Other Than Investments in Related Parties			110
Supplementary Insurance Information			111
Reinsurance			112

LOGO

Report of Independent Auditors

To the Board of Directors of

Transamerica Life Insurance Company

We have audited the accompanying statutory-basis financial statements of Transamerica Life Insurance Company (the “Company”), which comprise the balance sheets – statutory basis as of December 31, 2019 and 2018, and the related statements of operations – statutory basis, of changes in capital and surplus – statutory basis, and of cash flow – statutory basis for each of the three years in the period ended December 31, 2019, including the related notes and schedules of supplementary insurance information and reinsurance as of December 31, 2019, 2018 and for each of the three years in the period ended December 31, 2019 and summary of investments—other than investments in related parties as of December 31, 2019 listed in the accompanying index (collectively referred to as the “financial statements”).

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices prescribed or permitted by the Iowa Insurance Division. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on the financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Company’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

As described in Note 2 to the financial statements, the financial statements are prepared by the Company on the basis of the accounting practices prescribed or permitted by the Iowa Insurance Division, which is a basis of accounting other than accounting principles generally accepted in the United States of America.

The effects on the financial statements of the variances between the statutory basis of accounting described in Note 2 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.

PricewaterhouseCoopers LLP, 1 N Upper Wacker Drive, Chicago, IL 60606

T: 312-298-2000, F: , www.pwc.com

LOGO

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the “Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles” paragraph, the financial statements referred to above do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2019 and 2018 or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2019.

Opinion on Statutory Basis of Accounting

In our opinion, the financial statements referred to above present fairly, in all material respects, the admitted assets, liabilities and surplus of the Company as of December 31, 2019 and 2018 and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2019, in accordance with the accounting practices prescribed or permitted by the Iowa Insurance Division described in Note 2.

Emphasis of Matters

As discussed in Note 1 to the financial statements, the financial statements give retroactive effect to the merger of Transamerica Advisors Life Insurance Company into the Company on July 1, 2019 in a transaction accounted for as a statutory merger. Our opinion is not modified with respect to this matter.

As discussed in Note 3 to the financial statements, in 2019 the Company changed its valuation basis for variable annuities. Our opinion is not modified with respect to this matter.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

April 27, 2020

PricewaterhouseCoopers LLP, 1 N Upper Wacker Drive, Chicago, IL 60606

T: 312-298-2000, F: , www.pwc.com

Transamerica Life Insurance Company

Balance Sheets – Statutory Basis

(Dollars in Thousands)


	December 31
	2019			2018
Admitted assets
Cash, cash equivalents and short-term investments	$	1,693,803		$	2,331,468
Bonds		25,412,467			27,627,135
Preferred stocks		111,630			104,793
Common stocks		3,217,206			2,998,481
Mortgage loans on real estate		5,096,613			4,600,493
Real estate		51,546			114,446
Policy loans		1,099,596			1,139,853
Securities lending reinvested collateral assets		1,246,827			1,835,122
Derivatives		1,718,025			2,097,951
Other invested assets		2,124,211			1,666,946

Total cash and invested assets		41,771,924			44,516,688

Accrued investment income		404,846			428,558
Premiums deferred and uncollected		286,843			115,235
Net deferred income tax asset		475,358			627,639
Variable annuity reserve hedge offset deferral		195,067			231,853
Other assets		1,368,699			1,472,587
Separate account assets		85,720,689			76,783,392

Total admitted assets	$	130,223,426		$	124,175,952

Liabilities and capital and surplus
Aggregate reserves for policies and contracts	$	26,237,936			27,294,949
Policy and contract claim reserves		479,226			527,901
Liability for deposit-type contracts		591,570			967,757
Other policyholders’ funds		21,831			17,617
Transfers from separate accounts due or accrued		(898,597	)		(1,034,929	)
Funds held under reinsurance treaties		4,094,413			3,785,867
Asset valuation reserve		879,143			694,388
Interest maintenance reserve		308,453			299,928
Derivatives		1,851,801			975,974
Payable for collateral under securities loaned and other transactions		1,731,464			3,080,656
Borrowed money		1,274,504			3,052,991
Other liabilities		1,402,824			1,452,027
Separate account liabilities		85,720,688			76,783,391

Total liabilities		123,695,256			117,898,517

Total capital and surplus		6,528,170			6,277,435

Total liabilities and capital and surplus	$	130,223,426		$	124,175,952

See accompanying notes.

Transamerica Life Insurance Company

Statements of Operations – Statutory Basis

(Dollars in Thousands)


	Year Ended December 31
	2019			2018			2017
Revenues
Premiums and other considerations	$	12,146,106		$	10,813,518		$	(3,514,168	)
Net investment income		1,644,325			1,667,172			2,516,282
Commissions and expense allowances on reinsurance ceded		527,860			835,062			608,958
Reserve adjustment on reinsurance ceded		(83,492	)		(67,838	)		(1,210,892	)
Consideration received on reinsurance recapture and novations		15,485			217,258			462,313
Separate accounts net gain from operations		—			—			139,852
Fee revenue and other income		1,891,767			1,971,474			1,996,610

Total revenue		16,142,051			15,436,646			998,955

Benefits and expenses
Death benefits		1,706,779			1,760,272			1,588,061
Annuity benefits		1,173,639			1,183,691			1,207,143
Accident and health benefits		281,435			295,343			141,823
Surrender benefits		14,231,385			14,536,177			13,109,739
Other benefits		168,259			156,157			156,951
Net increase (decrease) in reserves		(2,277,561	)		228,055			(12,826,051	)
Commissions		908,521			912,831			927,565
Net transfers to (from) separate accounts		(3,868,617	)		(4,075,245	)		(2,619,683	)
IMR adjustment due to reinsurance		—			(13,229	)		(2,065,984	)
General insurance expenses and other		833,410			1,219,389			1,033,737

Total benefits and expenses		13,157,250			16,203,441			653,301

Gain (loss) from operations before dividends and federal income taxes		2,984,801			(766,795	)		345,654

Dividends to policyholders		9,236			5,953			8,057

Gain (loss) from operations before federal income taxes		2,975,565			(772,748	)		337,597
Federal income tax (benefit) expense		(77,933	)		(63,062	)		(1,035,106	)

Net gain (loss) from operations		3,053,498			(709,686	)		1,372,703
Net realized capital gains (losses), after tax and amounts transferred to interest maintenance reserve		240,524			(714,132	)		(575,050	)

Net income (loss)	$	3,294,022		$	(1,423,818	)	$	797,653

See accompanying notes.

Transamerica Life Insurance Company

Statements of Changes in Capital and Surplus – Statutory Basis

(Dollars in Thousands)


Balance at January 1, 2017	Common Stock		Preferred Stock			Treasury Stock			Surplus Notes		Paid-in Surplus			Special Surplus Funds			Unassigned Surplus			Total Capital and Surplus
As originally presented	$	6,762	$	1,282		$	(58,000	)	$	150,000	$	3,653,830		$	577,936		$	2,135,591			6,467,401
Merger of Transamerica Advisors Life Insurance Company (TALIC)		—		—			—			—		242,198			—			453,845			696,043

Balance at January 1, 2017 (TALIC Merger)		6,762		1,282			(58,000	)		150,000		3,896,028			577,936			2,589,436			7,163,444
Net income (loss)		—		—			—			—		—			—			797,653			797,653
Change in net unrealized capital gains/losses, net of taxes		—		—			—			—		—			(489,076	)		1,172,461			683,385
Change in net deferred income tax asset		—		—			—			—		—			—			(956,486	)		(956,486	)
Change in nonadmitted assets		—		—			—			—		—			—			474,981			474,981
Change in asset valuation reserve		—		—			—			—		—			—			124,240			124,240
Change in surplus in separate accounts		—		—			—			—		—			—			(117,876	)		(117,876	)
Change in surplus as a result of reinsurance		—		—			—			—		—			—			230,908			230,908
Dividends to stockholders		—		—			—			—		—			—			(620,523	)		(620,523	)
Return of capital		—		—			—			—		(422,572	)		—			—			(422,572	)
Other changes—net		—		(298	)		—			—		(626	)		981			(5,738	)		(5,681	)

Balance at December 31, 2017	$	6,762	$	984		$	(58,000	)	$	150,000	$	3,472,830		$	89,841		$	3,689,056		$	7,351,473
Net income (loss)		—		—			—			—		—			—			(1,423,818	)		(1,423,818	)
Change in net unrealized capital gains/losses, net of taxes		—		—			—			—		—			145,059			1,145,316			1,290,375
Change in net deferred income tax asset		—		—			—			—		—			—			164,466			164,466
Change in nonadmitted assets		—		—			—			—		—			—			45,646			45,646
Change in asset valuation reserve		—		—			—			—		—			—			16,359			16,359
Change in surplus as a result of reinsurance		—		—			—			—		—			—			17,616			17,616
Dividends to stockholders		—		—			—			—		—			—			(624,567	)		(624,567	)
Return of capital		—		—			—			—		(558,740	)		—			—			(558,740	)
Other changes—net		—		(559	)		—			—		2,576			(3,047	)		(345	)		(1,375	)

Balance at December 31, 2018	$	6,762	$	425		$	(58,000	)	$	150,000	$	2,916,666		$	231,853		$	3,029,729		$	6,277,435

Continued on next page.

Transamerica Life Insurance Company

Statements of Changes in Capital and Surplus – Statutory Basis

(Dollars in Thousands)


	Common Stock		Preferred Stock			Treasury Stock			Surplus Notes			Paid-in Surplus			Special Surplus Funds			Unassigned Surplus			Total Capital and Surplus
Balance at December 31, 2018	$	6,762	$	425		$	(58,000	)	$	150,000		$	2,916,666		$	231,853		$	3,029,729		$	6,277,435
Net income (loss)		—		—			—			—			—			—			3,294,022			3,294,022
Change in net unrealized capital gains/losses, net of tax		—		—			—			—			—			(36,786	)		(290,676	)		(327,462	)
Change in net deferred income tax asset		—		—			—			—			—			—			(164,812	)		(164,812	)
Change in nonadmitted assets		—		—			—			—			—			—			105,654			105,654
Change in reserve on account of change in valuation basis		—		—			—			—			—			—			(1,248,411	)		(1,248,411	)
Change in asset valuation reserve		—		—			—			—			—			—			(184,755	)		(184,755	)
Change in surplus as a result of reinsurance		—		—			—			—			—			—			(146,952	)		(146,952	)
Change in surplus notes		—		—			—			(150,000	)		—			—			—			(150,000	)
Change in treasury stock		—		—			58,000			—			—									58,000
Return of capital		—		—			—			—			(307,578	)		—			—			(307,578	)
Dividends to stockholders		—		—			—			—			—			—			(725,000	)		(725,000	)
Other changes—net		—		(425	)		—			—			1,625			367			46,462			48,029

Balance at December 31, 2019	$	6,762	$	—		$	—		$	—		$	2,610,713		$	195,434		$	3,715,261		$	6,528,170

See accompanying notes.

Transamerica Life Insurance Company

Statements of Cash Flow – Statutory Basis

(Dollars in Thousands)


	Year Ended December 31
	2019			2018			2017
Operating activities
Premiums and annuity considerations	$	11,959,055		$	10,836,714		$	5,030,303
Net investment income		1,853,706			1,826,005			2,524,319
Other income		2,295,448			2,891,089			6,905,408
Benefit and loss related payments		(17,435,718	)		(17,958,301	)		(16,076,467	)
Net transfers from separate accounts		4,005,482			4,343,398			2,904,380
Commissions and operating expenses		(1,898,769	)		(1,892,868	)		(2,050,512	)
Dividends paid to policyholders		(5,889	)		(6,350	)		(7,348	)
Federal income taxes (paid) received		(139,992	)		939,301			438,896

Net cash provided by (used in) operating activities		633,323			978,988			(331,021	)

Investing activities
Proceeds from investments sold, matured or repaid	$	15,951,729		$	9,086,610		$	10,468,686
Costs of investments acquired		(13,028,169	)		(7,574,764	)		(8,455,291	)
Net change in policy loans		40,258			48,668			52,058

Net cost of investments acquired		(12,987,911	)		(7,526,096	)		(8,403,233	)

Net cash provided by (used in) investing activities	$	2,963,818		$	1,560,514		$	2,065,453

Financing and miscellaneous activities
Repayment of surplus notes	$	(150,000	)	$	—		$	—
Capital and paid in surplus received (returned)		(248,376	)		(556,833	)		(434,179	)
Dividends to stockholders		(725,000	)		(564,220	)		(620,523	)
Net deposits (withdrawals) on deposit-type contracts		(429,725	)		(201,168	)		(2,167,303	)
Net change in borrowed money		(1,765,528	)		(1,151,474	)		1,874,369
Net change in funds held under reinsurance treaties		(60,731	)		(271,793	)		(75,583	)
Net change in payable for collateral under securities lending and other transactions		(1,347,778	)		(15,819	)		(125,030	)
Other cash (applied) provided		492,332			587,583			98,001

Net cash provided by (used in) financing and miscellaneous activities		(4,234,806	)		(2,173,724	)		(1,450,248	)

Net increase (decrease) in cash, cash equivalents and short-term investments		(637,665	)		365,778			284,184
Cash, cash equivalents and short-term investments:
Beginning of year		2,331,468			1,965,690			1,681,506

End of year	$	1,693,803		$	2,331,468		$	1,965,690

See accompanying notes.

Transamerica Life Insurance Company

Statements of Cash Flow (supplemental) – Statutory Basis

(Dollars in Thousands)


	Year Ended December 31
Supplemental disclosures of cash flow information	2019		2018		2017
Non-cash activities during the year not included in the Statutory Statement of Cash Flows:
Stock cancellations	$	57,575	$	—	$	—
Non-cash dividend to parent company		—		60,347		—
Investments received for insured securities losses		—		16,489		—
Write off of prepaid real estate related assets		—		2,727		—
Non-cash capital contribution to investment subsidiary		—		1,971		—
Transfer of bonds and mortgage loans related to reinsurance agreement with third party		—		—		7,196,754
Transfer of bonds, mortgage loans, and derivatives related to affiliated reinsurance amendment		—		—		5,650,741
Transfer of bonds to settle reinsurance obligations		—		—		22,479
Asset transfer of ownership between hedge funds		—		—		125,036

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

December 31, 2019

1. Organization and Nature of Business

Transamerica Life Insurance Company (the Company) is a stock life insurance company owned by Commonwealth General Corporation (CGC). CGC is an indirect, wholly-owned subsidiary of Aegon N.V., a holding company organized under the laws of The Netherlands.

On July 1, 2019, the Company completed a merger with Transamerica Advisors Life Insurance Company (TALIC), an Arkansas-domiciled affiliate. On October 1, 2018, the Company completed a merger with Firebird Re Corp (FReC), an Arizona-domiciled affiliate. The mergers were accounted for in accordance with the Statement of Statutory Accounting Principles (SSAP) No. 68, Business Combinations and Goodwill, as a statutory merger. As such, financial statements for periods prior to the mergers were combined and the recorded assets, liabilities and surplus of TALIC and FReC on a US statutory basis were carried forward to the merged company. As a result of the mergers, TALIC and FReC’s common stock was deemed cancelled by operation of law. Each share of the Company’s capital stock issued and outstanding immediately before the merger shall continue to represent one share of the capital stock. As a result of the merger, the business previously ceded from the Company to FReC is no longer reflected as ceded risk in the restated merged financials. As a result of the merger, the business previously ceded from TALIC to the Company is no longer reflected as assumed risk in the restated merged financials.

Summarized financial information for the Company and TALIC presented separately for periods prior to the merger is as follows. The amounts presented for the Company’s revenues are reflective of the revision as described in Note 3:


	Year Ended December 31
	2018			2017
Revenues:
Company	$	15,206,362		$	730,065
TALIC		230,284			268,890

	$	15,436,646		$	998,955

Net income (loss):
Company	$	(1,353,504	)	$	603,700
TALIC		(70,314	)		193,953

	$	(1,423,818	)	$	797,653

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


	December 31 2018
Assets:
Company	$	117,015,550
TALIC		7,204,454
Reclassification to conform to current year presentation: Current federal income tax recoverable		(44,052	)

	$	124,175,952

Liabilities:
Company	$	111,237,254
TALIC		6,705,315
Reclassification to conform to current year presentation: Other liabilities		(44,052	)

	$	117,898,517

Capital and Surplus:
Company	$	5,778,296
TALIC		499,139

	$	6,277,435

Nature of Business

The Company sells individual non-participating whole life, endowment and term contracts, and pension products, as well as a broad line of single fixed and flexible premium annuity products and guaranteed investment contracts. In addition, the Company offers group life, universal life, credit life, and individual and specialty health coverages. The Company is licensed in 49 states and the District of Columbia, Guam, Puerto Rico and US Virgin Islands. Sales of the Company’s products are primarily through a network of agents, brokers, and financial institutions.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

2. Basis of Presentation and Summary of Significant Accounting Policies

The accompanying financial statements have been prepared in conformity with accounting practices prescribed or permitted by the Iowa Insurance Division (IID), which practices differ from accounting principles generally accepted in the United States of America (GAAP).

The IID recognizes only statutory accounting practices prescribed or permitted by the State of Iowa for determining and reporting the financial condition and results of operations of an insurance company, and for determining its solvency under the Iowa Insurance Law. The National Association of Insurance Commissioners’ (NAIC) Accounting Practices and Procedures Manual (NAIC SAP) has been adopted as a component of prescribed practices by the State of Iowa. Prescribed statutory accounting practices include state laws and regulations. Permitted statutory accounting practices encompass accounting practices that are not prescribed.

The following is a summary of the accounting practices permitted and prescribed by the IID and reflected in the Company’s financial statements which differs from NAIC SAP:

The State of Iowa has adopted a prescribed accounting practice that differs from that found in the NAIC SAP related to the reported value of the assets supporting the Company’s guaranteed separate accounts. As prescribed by Iowa Administrative Code 508A.1.4, the Commissioner found that the Company is entitled to value the assets of the guaranteed separate account at amortized cost, whereas the assets would be required to be reported at fair value under SSAP No. 56, Separate Accounts, of the NAIC SAP. There is no impact to the Company’s income or surplus as a result of utilizing this prescribed practice.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

A reconciliation of the Company’s net income (loss) and capital and surplus between NAIC SAP and practices prescribed and permitted by the State of Iowa is shown below:


	SSAP#		F/S Page		F/S Line		2019		2018			2017
Net income (loss), State of Iowa basis		XXX		XXX		XXX	$	3,294,022	$	(1,423,818	)	$	797,653
State prescribed practices that are an increase(decrease) from NAIC SAP:
Separate account asset valuation		56		NA		NA		—		—			—
State permitted practices that are an increase(decrease) from NAIC SAP:
None								—		—			—

Net income (loss), NAIC SAP		XXX		XXX		XXX	$	3,294,022	$	(1,423,818	)	$	797,653

Statutory surplus, state of Iowa basis		XXX		XXX		XXX	$	6,528,170	$	6,277,435		$	7,351,473
State prescribed practices that are an increase(decrease) from NAIC SAP:
Separate account asset valuation		56		NA		NA		—		—			—
State permitted practices that are an increase(decrease) from NAIC SAP:
Hedge reserve offset deferral		86		Balance Sheet; Statement of Changes in Capital and Surplus		Variable annuity reserve hedge offset deferral Special surplus funds—Change in net unrealized capital gains/ losses		—		(231,853	)		(86,794	)

Statutory surplus, NAIC SAP		XXX		XXX		XXX	$	6,528,170	$	6,045,582		$	7,264,679

The Company elected early adoption of SSAP No. 108, Derivatives Hedging Variable Annuities Guarantees (SSAP 108) effective July 1, 2019. The early adoption allowed for transition from and release of a similar permitted practice in place with the IID since October 1, 2016 (the Permitted Practice). The Company received approval from the IID on September 4, 2019. Please refer to Note 3 for additional information.

Use of Estimates

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The effects of the following variances from GAAP on the accompanying statutory-basis financial statements have not been determined by the Company, but are presumed to be material. Significant accounting policies and variances from GAAP are as follows:

Investments

Investments in bonds, except those to which the Securities Valuation Office (SVO) of the NAIC has ascribed a NAIC designation of 6, are reported at amortized cost using the interest method. Bonds containing call provisions, except make-whole call provisions, are amortized to the call or maturity value/date which produces the lowest asset value, often referred to as yield-to-worst method. Bonds ascribed a NAIC designation of 6 are reported at the lower of amortized cost or fair value with unrealized gains and losses reported in changes in capital and surplus. Prepayment penalty or acceleration fees received in the event a bond is liquidated prior to its scheduled termination date are reported as investment income.

Hybrid securities, as defined by the NAIC, are securities designed with characteristics of both debt and equity and provide protection to the issuer’s senior note holders. These securities meet the definition of a bond, in accordance with SSAP No. 26R, Bonds, and therefore, are reported at amortized cost or fair value based upon their NAIC rating.

For GAAP, such fixed maturity investments would be designated at purchase as held-to-maturity, trading or available-for-sale. Held-to-maturity fixed investments would be reported at amortized cost, and the remaining fixed maturity investments would be reported at fair value with unrealized holding gains and losses reported in earnings for those designated as trading and as a separate component of other comprehensive income (OCI) for those designated as available-for-sale.

Single class and multi-class mortgage-backed/asset-backed securities are valued at amortized cost using the interest method, including anticipated prepayments, except for those with an initial NAIC designation of 6, which are valued at the lower of amortized cost or fair value. These securities are adjusted for the effects of changes in prepayment assumptions on the related accretion of discount or amortization of premium using either the retrospective or prospective methods. Prepayment assumptions are obtained from dealer surveys or internal estimates and are based on the current interest rate and economic environment. For statutory reporting, the retrospective adjustment method is used to value all such securities, except principal-only and interest-only securities, which are valued using the prospective method.

For GAAP, all securities purchased or retained that represent beneficial interests in securitized assets, other than high credit quality securities, are adjusted using the prospective method when there is a change in estimated future cash flows. If high credit quality securities are adjusted, the retrospective method is used.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

contractual terms of the security in effect at the date of acquisition; (2) the Company’s decision to sell a security prior to its maturity at an amount below its carrying amount; and (3) the Company’s ability to hold a structured security for a period of time to allow for recovery of the value to its carrying amount. Additionally, financial condition, near term prospects of the issuer and nationally recognized credit rating changes are monitored. Non-structured securities in unrealized loss positions that are considered other-than-temporary are written down to fair value. The Company will record a charge to the statements of operations for the amount of the impairment.

For structured securities, cash flow trends and underlying levels of collateral are monitored. An OTTI is considered to have occurred if the fair value of the structured security is less than its amortized cost basis and the entity intends to sell the security or the entity does not have the intent and ability to hold the security for a period of time sufficient to recover the amortized cost basis. An OTTI is also considered to have occurred if the discounted estimated future cash flows are less than the amortized cost basis of the security and the security is in an unrealized loss position. Structured securities considered other-than-temporarily impaired are written down to discounted estimated cash flows if the impairment is the result of cash flow analysis. If the Company has an intent to sell or lack of ability to hold a structured security, it is written down to fair value. The Company will record a charge to the statements of operations for the amount of the impairments.

For GAAP, if it is determined that a decline in fair value is other-than-temporary and the entity intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis less any current period credit loss, the OTTI is recognized in earnings equal to the entire difference between the amortized cost basis and its fair value at the impairment date. If the entity does not intend to sell the security or the entity will likely not be required to sell the security before recovery, the OTTI should be separated into a) the amount representing the credit loss, which is recognized in earnings, and b) the amount related to all other factors, which is recognized in OCI, net of applicable taxes.

Investments in both affiliated and unaffiliated preferred stocks in good standing (those with NAIC designations RP1 to RP3 and P1 to P3), are reported at cost or amortized cost, depending on the characteristics of the securities. Investments in both affiliated and unaffiliated preferred stocks not in good standing (those with NAIC designations RP4 to RP6 and P4 to P6), are reported at the lower of cost, amortized cost, or fair value, depending on the characteristics of the securities. The related net unrealized capital gains and losses for all NAIC designations are reported in changes in capital and surplus.

Common stocks of affiliated noninsurance subsidiaries are reported based on underlying audited GAAP equity. The net change in the subsidiaries’ equity is included in net unrealized capital gains or losses and are reported in changes in capital and surplus.

Common stocks of unaffiliated companies, which include shares of mutual funds, are reported at fair value and the related net unrealized capital gains or losses are reported in changes in capital and surplus.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company owns stock issued by the Federal Home Loan Bank (FHLB), which is only redeemable at par, and its fair value is presumed to be par, unless other-than-temporarily impaired.

If the Company determines that a decline in the fair value of a common stock or a preferred stock is other-than-temporary, the Company writes it down to fair value as the new cost basis and the amount of the write down is accounted for as a realized loss in the statements of operations. The Company considers the following factors in determining whether a decline in value is other-than-temporary: (a) the financial condition and prospects of the issuer; (b) whether or not the Company has made a decision to sell the investment; and (c) the length of time and extent to which the value has been below cost.

Mortgage loans are reported at unpaid principal balances, less an allowance for impairment. A mortgage loan is considered to be impaired when it is probable that the Company will be unable to collect all principal and interest amounts due according to the contractual terms of the mortgage agreement. When management determines the impairment is other-than-temporary, the mortgage loan is written down to realizable value and a realized loss is recognized. Prepayment penalty or acceleration fees received in the event a loan is liquidated prior to its scheduled termination date are reported as investment income.

Valuation allowances are established for mortgage loans, if necessary, based on the difference between the net value of the collateral, determined as the fair value of the collateral less estimated costs to obtain and sell, and the recorded investment in the mortgage loan. Under GAAP, such allowances are based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, if foreclosure is probable, on the estimated fair value of the collateral.

The initial valuation allowance and subsequent changes in the allowance for mortgage loans are charged or credited directly to unassigned surplus as part of the change in asset valuation reserve (AVR), rather than being included as a component of earnings as would be required under GAAP.

Land is reported at cost. Real estate occupied by the Company is reported at depreciated cost net of encumbrances. Real estate held for the production of income is reported at depreciated cost net of related obligations. Real estate the Company classifies as held for sale is measured at lower of carrying amount or fair value less cost to sell. Depreciation is calculated on a straight-line basis over the estimated useful lives of the properties. The Company recognizes an impairment loss if the Company determines that the carrying amount of the real estate is not recoverable and exceeds its fair value. The Company deems that the carrying amount of the asset is not recoverable if the carrying amount exceeds the sum of undiscounted cash flows expected to result from the use and disposition. The impairment loss is measured as the amount by which the asset’s carrying value exceeds its fair value.

Investments in real estate are reported net of related obligations rather than on a gross basis as for GAAP. Real estate owned and occupied by the Company is included in investments rather than reported as an operating asset as under GAAP, and investment income and operating expenses for statutory reporting include rent for the Company’s occupancy of those properties. Changes between depreciated cost and admitted amounts are credited or charged directly to unassigned surplus rather than to income as would be required under GAAP.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company has interests in joint ventures and limited partnerships. The Company carries these investments based on its interest in the underlying audited GAAP equity of the investee.

For a decline in the fair value of an investment in a joint venture or limited partnership which is determined to be other-than-temporary, the Company writes it down to fair value as the new cost basis and the amount of the write down is accounted for as a realized loss in the statements of operations. The Company considers an impairment to have occurred if it is probable that the Company will be unable to recover the carrying amount of the investment or if there is evidence indicating inability of the investee to sustain earnings which would justify the carrying amount of the investment.

Investments in Low Income Housing Tax Credit (LIHTC) properties are valued at amortized cost. Tax credits are recognized in operations in the tax reporting year in which the tax credit is utilized by the Company. The carrying value is amortized over the life of the investment. Amortization is calculated as a ratio of the current year tax credits and tax benefits compared to the total expected tax credits and tax benefits over the life of the investment.

Cash equivalents are short-term highly liquid investments with original maturities of three months or less (principally stated at amortized cost) or money market mutual funds which are reported at fair value.

Short-term investments include investments with remaining maturities of one year or less at the time of acquisition and are principally stated at amortized cost.

Policy loans are reported at unpaid principal balances.

Realized capital gains and losses are determined using the specific identification method and are recorded net of related federal income taxes. Changes in admitted asset carrying amounts of bonds, mortgage loans, common and preferred stocks are credited or charged directly to unassigned surplus.

Interest income is recognized on an accrual basis. The Company does not accrue income on bonds in default, mortgage loans on real estate in default and/or foreclosure or which are delinquent more than twelve months, or real estate where rent is in arrears for more than three months. Income is also not accrued when collection is uncertain. Due and accrued amounts determined to be uncollectible are written off through the statements of operations.

Valuation Reserves

Under a formula prescribed by the NAIC, the Company defers the portion of realized capital gains and losses on sales of fixed income investments, primarily bonds and mortgage loans, attributable to changes in the general level of interest rates and amortizes those deferrals into net investment income over the remaining period to maturity of the bond or mortgage loan based on groupings of individual securities sold in five year bands. The net deferral is reported as the

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

interest maintenance reserve (IMR) in the accompanying balance sheets. Realized capital gains and losses are reported in income net of federal income tax and transfers to the IMR. Under GAAP, realized capital gains and losses are reported in the statements of operations on a pre-tax basis in the period that the assets giving rise to the gains or losses are sold.

The AVR provides a valuation allowance for invested assets. The AVR is determined by an NAIC prescribed formula with changes reflected directly in unassigned surplus; AVR is not recognized for GAAP.

In 2019, the NAIC revised the AVR Factors (basic contribution, reserve objective and maximum reserve) to be consistent with the risk-based capital (RBC) after-tax factors, which were amended in 2018 as a result of federal tax reform. The AVR factor changes are effective for year-end 2019. As of December 31, 2019, the factor changes decreased Capital and Surplus by $127,960. The changes were recorded to the Change in Asset Valuation Reserve line of the Statements of Changes in Capital and Surplus.

Derivative Instruments

Overview: The Company may use various derivative instruments (options, caps, floors, swaps, forwards, and futures) to manage risks related to its ongoing business operations. On the transaction date of the derivative instrument, the Company designates the derivative as either (A) hedging (fair value, foreign currency fair value, cash flow, foreign currency cash flow, forecasted transactions, or net investment in a foreign operation), (B) replication, (C) income generation, or (D) held for other investment/risk management activities, which do not qualify for hedge accounting under SSAP No. 86—Derivatives.

(A)

Derivative instruments used in hedging transactions that meet the criteria of an effective hedge are valued and reported in a manner that is consistent with the hedged asset or liability (amortized cost or fair value). Embedded derivatives are not accounted for separately from the host contract. Derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge are accounted for at fair value, and the changes in the fair value are recorded in unassigned surplus as unrealized gains and losses. Under GAAP, the effective and ineffective portions of a single hedge are accounted for separately, and the change in fair value for cash flow hedges is credited or charged directly to a separate component of OCI rather than to income as required for fair value hedges, and an embedded derivative within a contract that is not clearly and closely related to the economic characteristics and the risk of the host contract is accounted for separately from the host contract and valued and reported at fair value.

(B)

Derivative instruments are also used in replication (synthetic asset) transactions. A replication transaction is a derivative transaction entered into in conjunction with a cash instrument to reproduce the investment characteristics of an otherwise permissible investment. In these transactions, the derivative is accounted for in a manner consistent with the cash instrument and replicated asset. For GAAP, the derivative is reported at fair value, with the changes in fair value reported in income.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

(C)

Derivative instruments used in income generation relationships are accounted for on a basis that is consistent with the associated covered asset or underlying interest to which the derivative relates (amortized cost or fair value).

(D)

Derivative instruments held for other investment/risk management activities are measured at fair value with value adjustments recorded in unassigned surplus.

Derivative instruments are subject to market risk, which is the possibility that future changes in market prices may make the instruments less valuable. The Company uses derivatives as hedges, consequently, when the value of the hedged asset or liability changes, the value of the hedging derivative is expected to move in the opposite direction. Market risk is a consideration when changes in the value of the derivative and the hedged item do not completely offset (correlation or basis risk) which is mitigated by active measuring and monitoring.

The Company is exposed to credit-related losses in the event of non-performance by counterparties to derivative instruments, but it does not expect any counterparties to fail to meet their obligations given their high credit rating of ‘BBB’ or better. The credit exposure of interest rate swaps and currency swaps is represented by the fair value of contracts, aggregated at a counterparty level, with a positive fair value at the reporting date. The Company has entered into collateral agreements with certain counterparties wherein the counterparty is required to post assets on the Company’s behalf. The posted amount is equal to the difference between the net positive fair value of the contracts and an agreed upon threshold that is based on the credit rating of the counterparty. Inversely, if the net fair value of all contracts with this counterparty is negative, then the Company is required to post assets instead.

Instruments:

Interest rate swaps are used in the overall asset/liability management process to modify the interest rate characteristics of the underlying asset or liability. These interest rate swaps generally provide for the exchange of the difference between fixed and floating rate amounts based on an underlying notional amount. Typically, no cash is exchanged at the outset of the swap contract and a single net payment is exchanged each due date. Swaps that meet hedge accounting rules are carried in a manner consistent with the hedged item, generally at amortized cost, in the financial statements. If the swap is terminated prior to maturity, proceeds are exchanged equal to the fair value of the contract. These gains and losses may be included in IMR or AVR if the underlying instrument receives that treatment. Swaps not meeting hedge accounting rules are carried at fair value with fair value adjustments recorded in unassigned surplus.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

adjustment is recorded as unrealized gain/loss in capital and surplus. Swaps not meeting hedge accounting rules are carried at fair value with fair value adjustments recorded in capital and surplus. If a swap is terminated prior to maturity, proceeds are exchanged equal to the fair value of the contract. These gains and losses may be included in IMR or AVR if the hedged instrument receives that treatment.

Total return swaps are used in the asset/liability management process to mitigate the market risk on minimum guarantee insurance contracts linked to an index. These total return swaps generally provide for the exchange of the difference between fixed leg (tied to the Standard & Poor’s (S&P) or other global market financial index) and floating leg (tied to the London Interbank Offered Rate (LIBOR)) amounts based on an underlying notional amount (also tied to the underlying index). Typically, no cash is exchanged at the outset of the swap contract and a single net payment is exchanged each due date. Swaps that meet hedge accounting rules are carried in a manner consistent with the hedged item, generally at amortized cost, in the financial statements. If the swap is terminated prior to maturity, proceeds are exchanged equal to the fair value of the contract. These gains and losses may be included in IMR or AVR if the underlying instrument receives that treatment. Swaps not meeting hedge accounting rules are carried at fair value with fair value adjustments recorded in capital and surplus.

Variance swaps are used in the asset/liability management process to mitigate the gamma risk created when the Company has issued minimum guarantee insurance contracts linked to an index. These variance swaps are similar to volatility options where the underlying index provides for the market value movements. Variance swaps do not accrue interest. Typically, no cash is exchanged at the outset of initiating the variance swap, and a single receipt or payment occurs at the maturity or termination of the contract. Variance swaps that meet hedge accounting rules are carried in a manner consistent with the hedged item, generally at amortized cost, on the financial statements. If terminated prior to maturity, proceeds are exchanged equal to the fair value of the contract. These gains and losses may be included in IMR or AVR if the underlying instrument receives that treatment. Swaps not meeting hedge accounting rules are carried at fair value with fair value adjustments recorded in capital and surplus.

Bond forwards are used to hedge the interest rate risk that future liability claims increase as rates decrease, leading to higher guarantee values.

Futures contracts are used to hedge the liability risk when the Company issues products providing the customer a return based on various global market indices. Futures are marked to market on a daily basis whereby a cash payment is made or received by the Company. These payments are recognized as realized gains or losses in the financial statements.

The Company issues products providing the customer a return based on the various global equity market indices. The Company uses options to hedge the liability option risk associated with these products. Options are marked to fair value in the balance sheets and fair value adjustments are recorded as capital and surplus in the financial statements. These gains and losses may be included in IMR or AVR if the underlying instrument receives that treatment.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Caps are used in the asset/liability management process to mitigate the interest rate risk created due to a rapidly rising interest rate environment. The caps are similar to options where the underlying interest rate index provides for the market value movements. The caps do not accrue interest until the interest rate environment exceeds the caps strike rate. Cash is exchanged at the onset, and a single receipt or payment occurs at the maturity or termination of the contract. Caps that meet hedge accounting rules are carried in a manner consistent with the hedged item, generally at amortized cost, on the financial statements. If terminated prior to maturity, proceeds are exchanged equal to the fair value of the contract. These gains and losses may be included in IMR or AVR if the underlying instrument receives that treatment. Caps that do not meet hedge accounting rules are carried at fair value with fair value adjustments recorded in unassigned surplus.

The Company uses zero cost collars to hedge the interest rate risk associated with rising short term interest rates, whereby the exposure would otherwise adversely impact the Company’s capital generation. The collar position(s) help range bound the floating rate by combining a cap and floor position.

The Company may sell products with expected benefit payments extending beyond investment assets currently available in the market. Because assets will have to be purchased in the future to fund future liability cash flows, the Company is exposed to the risk of future investments made at lower yields than what is assumed at the time of pricing. Forward-starting interest rate swaps are utilized to lock-in the current forward rate. The accrual of income begins at the forward date, rather than at the inception date. These forward-starting swaps meet hedge accounting rules and are carried at cost in the financial statements. Gains and losses realized upon termination of the forward-starting swap are deferred and used to adjust the basis of the asset purchased in the hedged forecasted period. The basis adjustment is then amortized into income as a yield adjustment to the asset over its life.

The Company issues fixed liabilities that have a guaranteed minimum crediting rate. The Company uses receiver swaptions, whereby the swaption is designed to generate cash flows to offset lower yields on assets during a low interest rate environment. The Company pays a single premium at the beginning of the contract and is amortized throughout the life of the swaption. These swaptions are marked to fair value in the balance sheets and the fair value adjustment is recorded in unassigned surplus. These gains and losses may be included in IMR or AVR if the underlying instrument receives that treatment.

The Company replicates investment grade corporate bonds or sovereign debt by combining a highly rated security as a cash component with a written credit default swap which, in effect, converts the high quality asset into an investment grade corporate asset or a sovereign debt. The benefits of using the swap market to replicate credit include possible enhanced relative values as well as ease of executing larger transactions in a shortened time frame. Generally, a premium is received by the Company on a periodic basis and recognized in investment income. In the event the representative issuer defaults on its debt obligation referenced in the contract, a payment equal to the notional amount of the contract will be made by the Company and recognized as a capital loss.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Securities Lending Assets and Liabilities

The Company loans securities to third parties under agent-managed securities lending programs accounted for as secured borrowings. Cash collateral received which may be sold or repledged by the Company is reflected as a one-line entry on the balance sheets (securities lending reinvested collateral assets) and a corresponding liability is established to record the obligation to return the cash collateral. Non-cash collateral received which may not be sold or repledged is not recorded on the Company’s balance sheets. Under GAAP, the reinvested collateral is included within invested assets (i.e. it is not one-line reported).

Repurchase Agreements

For dollar repurchase agreements accounted for as secured borrowings, the Company receives cash collateral in an amount at least equal to the fair value of the securities transferred by the Company in the transaction as of the transaction date. The securities transferred are not removed from the balance sheets, and the cash received as collateral is invested as needed or used for general corporate purposes of the Company. A liability is established to record the obligation to return the cash collateral and included in Borrowed Money on the Balance Sheets.

Offsetting of Assets and Liabilities

Financial assets and liabilities are offset in the Balance Sheets when the Company has a legally enforceable right to offset and has the intention to settle the asset and liability on a net basis.

Other Assets and Other Liabilities

Other assets consist primarily of reinsurance receivable, accounts receivable and company owned life insurance. Company owned life insurance is carried at cash surrender value.

Other liabilities consist primarily of remittances, amounts withheld by the Company, accrued expenses, payable for securities and municipal repurchase agreements. Municipal repurchase agreements are investment contracts issued to municipalities that pay either a fixed or floating rate of interest on the guaranteed deposit balance. The floating interest rate is based on a market index. The related liabilities are equal to the policyholder deposit and accumulated interest. These municipal repurchase agreements require a minimum of 95% of the fair value of the securities transferred to be maintained as collateral.

Separate Accounts

The majority of separate accounts held by the Company, primarily for individual policyholders as well as for group pension plans, do not have any minimum guarantees, and the investment risks associated with fair value changes are borne by the policyholder. The assets in the accounts, carried at estimated fair value, consist of underlying mutual fund shares, common stocks, long-term bonds and short-term investments.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Certain other separate accounts held by the Company provide a minimum guaranteed return of 3% of the average investment balance to policyholders. The assets consist of long-term bonds and short-term investments which are carried at amortized cost.

Certain other non-indexed guaranteed separate accounts represent funds invested by the Company for the benefit of the contract holders who are guaranteed certain returns as specified in the contracts. Separate account asset performance different than the guaranteed requirements is either transferred to or received from the general account and reported in the statements of operations. Non-indexed guaranteed separate account assets and liabilities are carried at fair value. These guarantees are included in the general account due to the nature of the guaranteed return.

Assets held in trust for purchases of variable life, variable universal life, variable annuity, and modified guaranteed annuity contracts and the Company’s corresponding obligation to the contract owners are shown separately in the balance sheets. The assets in the separate accounts are valued at fair value.

Income and gains and losses with respect to the assets in the separate accounts accrue to the benefit of the contract owners and, accordingly, the operations of the separate accounts are not included in the accompanying financial statements. The investment risks associated with fair value changes of the separate accounts are borne entirely by the policyholders except in cases where minimum guarantees exist.

Income and gains and losses with respect to the assets in the separate accounts supporting modified guaranteed annuity contracts are included in the statements of operations as a component of net transfers from separate accounts.

Surplus funds transferred from the general account to the separate accounts, commonly referred to as seed money, and earnings accumulated on seed money are reported as surplus in the separate accounts until transferred or repatriated to the general account. The transfer of such funds between the separate account and the general account is reported as surplus contributed or withdrawn during the year.

Aggregate Reserves for Policies and Contracts

For GAAP, policy reserves are calculated based on estimated expected experience or actual account balances.

Surrender values are not promised in excess of the legally computed reserves. For annual premium variable life insurance there is an extra premium charged to the policyholder before the premium is transferred to the Separate Accounts. An additional reserve for this policy is held in the General Account that is a multiple of the reserve that would otherwise be held. For interest sensitive whole life, the reserves held in the General Account are equal to the cash surrender value.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

In accordance with SSAP No. 51R, Life Contracts, and No. 54R, Individual and Group Accident and Health Contracts, the Company reports the amount of insurance, if any, for which the gross premiums are less than the net premiums according to the valuation standards and any related premium deficiency reserve established. Anticipated investment income is included as a factor in the health contract premium deficiency calculation, respectively.

Policy and Contract Claim Reserves

Claim reserves represent the estimated accrued liability for claims reported to the Company and claims incurred but not yet reported through the balance sheets date. These reserves are estimated using either individual case-basis valuations or statistical analysis techniques. These estimates are subject to the effects of trends in claim severity and frequency. The estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes available.

Deposit-Type Contracts

Deposit-type contracts do not incorporate risk from the death or disability of policyholders. These types of contracts may include guaranteed investment contracts (GICs), funding agreements and other annuity contracts. Deposits and withdrawals on these contracts are recorded as a direct increase or decrease, respectively, to the liability balance and are not reported as premiums, benefits or changes in reserves in the statements of operations. Interest on these policies is reflected in other benefits.

Premiums and Annuity Considerations

Revenues for life and annuity policies with mortality or morbidity risk (including annuities with purchase rate guarantees) consist of the entire premium received. Benefits incurred represent surrenders and death benefits paid and the change in policy reserves. Under GAAP, for universal life policies, premiums received in excess of policy charges would not be recognized as premium revenue and benefits would represent interest credited to the account values and the excess of benefits paid over the policy account value. Under GAAP, for all annuity policies without significant mortality risk, premiums received and benefits paid would be recorded directly to the reserve liability using deposit accounting.

Policyholder Dividends

Policyholder dividends are recognized when declared rather than over the term of the related policies as would be required under GAAP.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Reinsurance

Coinsurance premiums, commissions, expense reimbursements and reserves related to reinsured business are accounted for on bases consistent with those used in accounting for the original policies and the terms of the reinsurance contracts. Gains associated with reinsurance of in force blocks of business are included in unassigned surplus and amortized into income as earnings emerge on the reinsured block of business. Premiums ceded and recoverable losses have been reported as a reduction of premium income and benefits, respectively. Policy liabilities and accruals are reported in the accompanying financial statements net of reinsurance ceded.

Any reinsurance amounts deemed to be uncollectible have been written off through a charge to operations. In addition, a liability for reinsurance balances would be established for unsecured policy reserves ceded to reinsurers not authorized to assume such business. Changes to the liability are credited or charged directly to unassigned surplus. Under GAAP, an allowance for amounts deemed uncollectible would be established through a charge to earnings.

Losses associated with an indemnity reinsurance transaction are reported within income when incurred rather than being deferred and amortized over the remaining life of the underlying reinsured contracts as would be required under GAAP.

Policy and contract liabilities ceded to reinsurers have been reported as reductions of the related reserves rather than as assets as would be required under GAAP.

Commissions allowed by reinsurers on business ceded are reported as income when incurred rather than being deferred and amortized with deferred policy acquisition costs as required under GAAP.

Under GAAP, for certain reinsurance agreements whereby assets are retained by the ceding insurer (such as funds withheld or modified coinsurance) and a return is paid based on the performance of underlying investments, the assets and liabilities for these reinsurance arrangements must be adjusted to reflect the fair value of the invested assets. The NAIC SAP does not contain a similar requirement.

Deferred Income Taxes

The Company computes deferred income taxes in accordance with SSAP No. 101, Income Taxes. Unlike GAAP, SSAP No. 101 does not consider state income taxes in the measurement of deferred taxes. SSAP No. 101 also requires additional testing to measure gross deferred tax assets. The additional testing limits gross deferred tax asset admission to 1) the amount of federal income taxes paid in prior years recoverable through hypothetical loss carrybacks of existing temporary differences expected to reverse during a timeframe corresponding with the Internal Revenue Service tax loss carryback provisions, not to exceed three years, plus 2) the amount of remaining gross deferred tax assets expected to be realized within three years limited to an amount that is no greater than 15% of current period’s adjusted statutory capital and surplus, plus 3) the amount of remaining gross deferred tax assets that can be offset against existing gross deferred tax liabilities after considering character (i.e. ordinary versus capital) and reversal patterns. The Company’s reported net deferred tax asset or liability is the sum of gross deferred tax assets admitted through this three part test plus the sum of all deferred tax liabilities.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Policy Acquisition Costs

The costs of acquiring and renewing business are expensed when incurred. Under GAAP, incremental costs directly related to the successful acquisition of insurance and investment contracts are deferred. For traditional life insurance and certain long-duration accident and health insurance, to the extent recoverable from future policy revenues, acquisition costs are deferred and amortized over the premium-paying period of the related policies using assumptions consistent with those used in computing policy benefit reserves. For universal life insurance and investment products, to the extent recoverable from future gross profits, deferred policy acquisition costs are amortized generally in proportion to the present value of expected gross profits from surrender charges and investment, mortality and expense margins.

Value of Business Acquired

Under GAAP, value of business acquired (VOBA) is an intangible asset resulting from a business combination that represents the excess of book value over the estimated fair value of acquired insurance, annuity, and investment-type contracts in-force at the acquisition date. The estimated fair value of the acquired liabilities is based on projections, by each block of business, of future contracts and contract changes, premiums, mortality and morbidity, separate account performance, surrenders, operation expenses, investment returns, nonperformance risk adjustment and other factors. VOBA is not recognized under the NAIC SAP.

Subsidiaries and Affiliated Companies

Investments in subsidiaries, controlled and affiliated companies (SCA) are stated in accordance with the Purposes and Procedures Manual of the NAIC SVO, as well as SSAP No. 97 – Investments in Subsidiary, Controlled and Affiliated Entities.

The accounts and operations of the Company’s subsidiaries are not consolidated with the accounts and operations of the Company as would be required under GAAP. Dividends or distributions received from an investee are recognized in investment income when declared to the extent that they are not in excess of the undistributed accumulated earnings attributable to an investee. Changes in investments in SCA’s are recorded as a change to the carrying value of the investment with a corresponding amount recorded directly to unrealized gain/loss (capital and surplus).

Surplus Notes

Surplus notes are reported as surplus rather than as liabilities as would be required under GAAP.

Nonadmitted Assets

Certain assets designated as “nonadmitted”, primarily net deferred tax assets and other assets not specifically identified as an admitted asset within the NAIC SAP, are excluded from the accompanying balance sheets and are charged directly to unassigned surplus. Under GAAP, such assets are included in the balance sheets to the extent that they are not impaired.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Statements of Cash Flow

Cash, cash equivalents and short-term investments in the statements of cash flow represent cash balances and investments with initial maturities of one year or less and money market mutual funds. Under GAAP, the corresponding caption of cash and cash equivalents includes cash balances and investments with initial maturities of three months or less.

3. Accounting Changes and Corrections of Errors

The Company’s policy is to disclose as recent accounting pronouncements the adopted accounting guidance with a current year effective date that has been classified by the NAIC as a substantive change, as well as items classified as nonsubstantive changes that have had a material impact on the financial position or results of operations of the Company.

Recent Accounting Pronouncements

As of July 1, 2019, the Company has received IID approval on an approach for transitioning from a prior permitted practice into full implementation of SSAP No. 108. The approved transition approach will not result in adjustment to the Company’s historical statutory reporting or existing unamortized deferral balances established under the permitted practice at the time of transition. The Company will continue amortizing deferral balances established under the permitted practice according to the amortization schedule previously approved. This amortization will be reported as net realized capital gains (losses) in the Statements of Operations. The net deferral is re-classed from unassigned to special surplus and is presented in the Variable annuity reserve hedge offset deferral financial statement line item on the balance sheets. As of the date of transition, current period fair value fluctuations in the designated derivative instruments offset by the current period Valuation Manual section 21 (VM-21) liability change attributed to the hedged risk (“natural offset”) will be included in net realized capital gains (losses) in the Statements of Operations. As of the date of transition, the Company is fully compliant with the provisions of SSAP 108. The adoption of SSAP 108 and the contemporaneous release of the Permitted Practice will not impact historical statutory reporting or remaining residual balances established under the Permitted Practice and will not have a significantly different impact, in comparison to the Permitted Practice, on the Company’s statutory capital position or RBC ratio. Differences include reporting the natural offset as net realized capital gains/losses in the statements of operations compared to previously being included within the change in unrealized gains/losses with no impact to capital and surplus. Additionally, the deferral amortization under SSAP 108 begins in the subsequent reporting period as opposed to starting in the period it was established, as with the Permitted Practice. The delay in deferral amortization impacts the timing and flow through statutory capital and surplus, but does not create material differences from the Permitted Practice.

Effective January 1, 2019, the NAIC adopted revisions to SSAP No. 30, Unaffiliated Common Stock, which updated the definition of common stock to include SEC registered closed-end funds and unit investment trusts. The adoption of this guidance did not impact the financial position or results of operations of the Company.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Change in Valuation Basis

As of December 31, 2019, the Company has received IID approval on an approach for adoption of the NAIC 2020 VM-21 and related Risk Based Capital C3P2 changes documented in the VM-21 2020 NAIC Valuation Manual: Requirements for Principle-Based Reserves for Variable Annuities. The Company has elected to early adopt the VM-21 requirements for variable annuities effective December 31, 2019. The approved transition approach did not result in an adjustment to the Company’s historical statutory reporting or existing balances at the time of transition. The Company reported the increase to the VM-21 reserve of $1,248,411. As a result, the Company released the voluntary reserve that was recorded to account for the adoption in the amount of $850,000 which was developed considering Q4 2018 balances and factors. The change year-over-year is due to significant market factor changes such as bond yields and treasury rates. As of the date of transition, the Company is fully compliant with the provisions of VM-21.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Revision to Prior Years

During 2019, the Company identified errors in prior year financial statements for which the Company has determined it appropriate to revise. The Company assessed the materiality of these revisions and concluded these revisions are not material to the December 31, 2018 and 2017 financial statements as a whole. The following tables show the impact of the revision after the effect of the TALIC merger as described in Note 1:


	Year Ended December 31, 2018
	As Revised for the Merger			Adjustment			As Revised
Statements of Operations
Revenues
Premiums and other considerations	$	11,448,988			$(635,470	)	$	10,813,518
Fee revenue and other income		1,977,174			(5,700	)		1,971,474

Total revenue	$	16,077,816		$	(641,170	)	$	15,436,646

Benefits and expenses
Surrender benefits	$	15,154,347		$	(618,170	)	$	14,536,177

Total benefits and expenses		16,821,611			(618,170	)		16,203,441
Gain (loss) from operations before dividends and federal income taxes		(743,795	)		(23,000	)		(766,795	)

Federal income tax (benefit) expense		(55,012	)		(8,050	)		(63,062	)
Net gain (loss) from operations		(694,736	)		(14,950	)		(709,686	)

Net income (loss)	$	(1,408,868	)	$	(14,950	)	$	(1,423,818	)

Statements of Changes in Capital and Surplus
Balance at December 31, 2017
Net income (loss)	$	(1,408,868	)	$	(14,950	)	$	(1,423,818	)
Other changes—net		(16,325	)		14,950			(1,375	)

Balance at December 31, 2018	$	6,277,435		$	—		$	6,277,435

Statements of Cash Flows
Operating activities
Premiums and annuity considerations	$	11,449,184		$	(612,470	)	$	10,836,714
Other income		2,896,789			(5,700	)		2,891,089
Benefit and loss related payments		(18,576,471	)		618,170			(17,958,301	)

Net cash provided by (used in) operating activities		978,988			—			978,988
Financing and miscellaneous activities
Net deposits (withdrawals) on deposit-type contracts	$	(146,883	)	$	(54,285	)	$	(201,168	)
Other cash (applied) provided		533,298			54,285			587,583

Net cash provided by (used in) financing and miscellaneous activities		(2,173,724	)		—			(2,173,724	)

Net increase (decrease) in cash, cash equivalents and short-term investments		365,778			—			365,778
Cash, cash equivalents and short-term investments:
Beginning of year		1,965,690			—			1,965,690

End of year	$	2,331,468		$	—		$	2,331,468

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


	Year Ended December 31, 2017
	As Revised for the Merger			Adjustment			As Revised
Statements of Operations
Revenues
Premiums and other considerations	$	(3,098,001	)	$	(416,167	)	$	(3,514,168	)
Fee revenue and other income		1,997,110			(500	)		1,996,610

Total revenue	$	1,415,622		$	(416,667	)	$	998,955

Benefits and expenses
Surrender benefits	$	13,526,406		$	(416,667	)	$	13,109,739

Total benefits and expenses		1,069,968			(416,667	)		653,301
Gain (loss) from operations before dividends and federal income taxes		345,654			—			345,654

Net gain (loss) from operations		1,372,703			—			1,372,703

Net income (loss)	$	797,653		$	—		$	797,653

Statements of Cash Flows
Operating activities
Premiums and annuity considerations	$	5,446,470		$	(416,167	)	$	5,030,303
Other income		6,905,908			(500	)		6,905,408
Benefit and loss related payments		(16,493,134	)		416,667			(16,076,467	)

Net cash provided by (used in) operating activities		(331,021	)		—			(331,021	)
Financing and miscellaneous activities
Net deposits (withdrawals) on deposit-type contracts	$	(2,130,022	)	$	(37,281	)	$	(2,167,303	)
Other cash (applied) provided		60,720			37,281			98,001

Net cash provided by (used in) financing and miscellaneous activities		(1,450,248	)		—			(1,450,248	)
Net increase (decrease) in cash, cash equivalents and short-term investments		284,184			—			284,184
Cash, cash equivalents and short-term investments:
Beginning of year		1,681,506			—			1,681,506

End of year	$	1,965,690		$	—		$	1,965,690

Management has determined that the amounts primarily relate to misclassifications of balances within the Statements of Operations and Cash Flows for the years ended December 31, 2018 and 2017 related to accounting for retirement plan cash flows and other cash flow presentation reclassifications. This error resulted in offsetting misstatements to premiums and other considerations, fee revenue and other income, and surrender benefits and corresponding offsetting misstatements within the cash provided by (used in) operating activities and cash provided by (used in) financing and miscellaneous activities. The misclassifications had no impact to the Company’s net income or capital and surplus in the prior years.

In addition, Management reclassified certain prior year out of period adjustments from income to capital and surplus per SSAP No. 3, Accounting Changes and Corrections of Errors.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Reclassifications

Certain amounts in prior year financial statement balances and footnote disclosures have been reclassified to conform to the current year presentation.

4. Fair Values of Financial Instruments

The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Determination of fair value

The fair values of financial instruments are determined by management after taking into consideration several sources of data. When available, the Company uses quoted market prices in active markets to determine the fair value of its investments. The Company’s valuation policy utilizes a pricing hierarchy which dictates that publicly available prices are initially sought from indices and third-party pricing services. In the event that pricing is not available from these sources, those securities are submitted to brokers to obtain quotes. Lastly, securities are priced using internal cash flow modeling techniques. These valuation methodologies commonly use reported trades, bids, offers, issuer spreads, benchmark yields, estimated prepayment speeds, and/or estimated cash flows.

To understand the valuation methodologies used by third-party pricing services, the Company reviews and monitors their applicable methodology documents. Any changes to their methodologies are noted and reviewed for reasonableness. In addition, the Company performs in-depth reviews of prices received from third-party pricing services on a sample basis. The objective for such reviews is to demonstrate the Company can corroborate detailed information such as assumptions, inputs and methodologies used in pricing individual securities against documented pricing methodologies. Only third-party pricing services and brokers with a substantial presence in the market and with appropriate experience and expertise are used.

Each month, the Company performs an analysis of the information obtained from indices, third-party services, and brokers to ensure the information is reasonable and produces a reasonable estimate of fair value. The Company considers both qualitative and quantitative factors as part of this analysis, including but not limited to, recent transactional activity for similar securities, review of pricing statistics and trends, and consideration of recent relevant market events. Other controls and procedures over pricing received from indices, third-party pricing services, or brokers include validation checks such as exception reports which highlight significant price changes, stale prices or un-priced securities.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Fair value hierarchy

The Company’s financial assets and liabilities carried at fair value are classified, for disclosure purposes, based on a hierarchy defined by SSAP No. 100R, Fair Value. The hierarchy gives the highest ranking to fair values determined using unadjusted quoted prices in active markets for identical assets and liabilities (Level 1), and the lowest ranking to fair values determined using methodologies and models with unobservable inputs (Level 3). An asset’s or a liability’s classification is based on the lowest level input that is significant to its measurement. For example, a Level 3 fair value measurement may include inputs that are both observable (Levels 1 and 2) and unobservable (Level 3). The levels of the fair value hierarchy are as follows:


Level 1 -		Unadjusted quoted prices for identical assets or liabilities in active markets accessible at the measurement date.

Level 2 -		Quoted prices in markets that are not active or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:

		a) Quoted prices for similar assets or liabilities in active markets
		b) Quoted prices for identical or similar assets or liabilities in non-active markets
		c) Inputs other than quoted market prices that are observable
		d) Inputs that are derived principally from or corroborated by observable market data through correlation or other means

Level 3 -		Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. They reflect the Company’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.

The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments:

Cash Equivalents and Short-Term Investments: The carrying amounts reported in the accompanying balance sheets for these financial instruments is either reported at fair value or amortized cost (which approximates fair value). Cash is not included in the below tables.

Short-Term Notes Receivable from Affiliates: The carrying amounts reported in the accompanying balance sheets for these financial instruments approximate their fair value.

Bonds and Stocks: The NAIC allows insurance companies to report the fair value determined by the SVO or to determine the fair value by using a permitted valuation method. The fair values of bonds and stocks are reported or determined using the following pricing sources: indices, third-party pricing services, brokers, external fund managers and internal models.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

securities (including redeemable preferred stock) not actively traded, fair values are estimated using values obtained from third-party pricing services, or are based on non-binding broker quotes or internal models. In the case of private placements, fair values are estimated by discounting the expected future cash flows using current market rates applicable to the coupon rate, credit and maturity of the investments.

Mortgage Loans on Real Estate: The fair values for mortgage loans on real estate are estimated utilizing discounted cash flow analyses, using interest rates reflective of current market conditions and the risk characteristics of the loans.

Real Estate: Real estate held for sale is typically valued utilizing independent external appraisers in conjunction with reviews by qualified internal appraisers. Valuations are primarily based on active market prices, adjusted for any difference in the nature, location or condition of the specific property. If such information is not available, other valuation methods are applied, considering the value that the property’s net earning power will support, the value indicated by recent sales of comparable properties and the current cost of reproducing or replacing the property.

Other Invested Assets: The fair values for other invested assets, which include investments in surplus notes issued by other insurance companies and fixed or variable rate investments with underlying characteristics of bonds were determined primarily by using indices, third-party pricing services and internal models.

Derivative Financial Instruments: The fair value of futures and forwards are based upon the latest quoted market price and spot rates at the balance sheets date. The estimated fair values of equity and interest rate options (calls, puts, caps) are based upon the latest quoted market price at the balance sheets date. The estimated fair values of swaps, including equity, interest rate and currency swaps, are based on pricing models or formulas using current assumptions. The estimated fair values of credit default swaps are based upon active market data, including interest rate quotes, credit spreads, and recovery rates, which are then used to calculate probabilities of default for the fair value calculation. The Company accounts for derivatives that receive and pass hedge accounting in the same manner as the underlying hedged instrument. If that instrument is held at amortized cost, then the derivative is also held at amortized cost.

Policy Loans: The book value of policy loans is considered to approximate the fair value of the loan, which is stated at unpaid principal balance.

Securities Lending Reinvested Collateral: The cash collateral from securities lending is reinvested in various short-term and long-term debt instruments. The fair values of these investments are determined using the methods described above under Cash Equivalents and Short-Term Investments and Bonds and Stocks.

Separate Account Assets and Annuity Liabilities: The fair value of separate account assets are based on quoted market prices when available. When not available, they are primarily valued either using third-party pricing services or are valued in the same manner as the general account assets as further described in this note. However, some separate account assets are valued using non-binding broker quotes, which cannot be corroborated by other market observable data, or

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

internal modeling which utilizes input that are not market observable. The fair value of separate account annuity liabilities is based on the account value for separate accounts business without guarantees. For separate accounts with guarantees, fair value is based on discounted cash flows.

Investment Contract Liabilities: Fair value for the Company’s liabilities under investment contracts, which include deferred annuities and GICs, are estimated using discounted cash flow calculations. For those liabilities that are short in duration, carrying amount approximates fair value. For investment contracts with no defined maturity, fair value is estimated to be the present surrender value.

Deposit-Type Contracts: The carrying amounts of deposit-type contracts reported in the accompanying balance sheets approximate their fair values. These are included in the Investment Contract Liabilities.

Fair values for the Company’s insurance contracts other than investment-type contracts (including separate account universal life liabilities) are not required to be disclosed. However, the fair values of liabilities under all insurance contracts are taken into consideration in the Company’s overall management of interest rate risk, such that the Company’s exposure to changing interest rates is minimized through the matching of investment maturities with amounts due under insurance contracts.

The Company accounts for its investments in affiliated common stock in accordance with SSAP No. 97, as such, they are not included in the following disclosures.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The following tables set forth a comparison of the estimated fair values and carrying amounts of the Company’s financial instruments, including those not measured at fair value in the balance sheets, as of December 31, 2019 and 2018, respectively:


	December 31, 2019
	Aggregate Fair Value			Admitted Value		(Level 1)		(Level 2)			(Level 3)		Net Asset Value (NAV)		Not Practicable (Carrying Value)
Admitted assets
Cash equivalents and short-term investments, other than affiliates	$	1,298,116		$	1,298,076	$	1,042,719	$	255,397		$	—	$	—	$	—
Short-term notes receivable from affiliates		240,300			240,300		—		240,300			—		—		—
Bonds		28,644,195			25,412,467		5,355,305		22,844,657			444,233		—		—
Preferred stocks, other than affiliates		109,845			111,630		—		108,849			996		—		—
Common stocks, other than affiliates		80,789			80,789		10,227		19			70,543		—		—
Mortgage loans on real estate		5,383,132			5,096,613		—		—			5,383,132		—		—
Other invested assets		262,406			218,682		—		243,524			18,882		—		—
Derivative assets:
Options		311,739			311,739		—		311,739			—		—		—
Interest rate swaps		1,363,717			1,363,526		—		1,363,717			—		—		—
Currency swaps		8,929			7,304		—		8,929			—		—		—
Credit default swaps		59,599			34,248		—		59,599			—		—		—
Equity swaps		55			55		—		55			—		—		—
Interest rate futures		467			467		467		—			—		—		—
Equity futures		686			686		686		—			—		—		—
Derivative assets total		1,745,192			1,718,025		1,153		1,744,039			—		—		—
Policy loans		1,099,596			1,099,596		—		1,099,596			—		—		—
Securities lending reinvested collateral		987,763			987,763		96		987,667			—		—		—
Separate account assets		85,275,020			85,209,155		81,391,463		3,878,274			5,283		—		—
Liabilities
Investment contract liabilities		16,687,551			11,934,145		—		218,239			16,469,312		—		—
Derivative liabilities:
Options		151,696			151,696		—		151,696			—		—		—
Interest rate swaps		1,279,477			1,442,132		—		1,279,477			—		—		—
Currency swaps		2,279			4,328		—		2,279			—		—		—
Credit default swaps		(3,740	)		13,450		—		(3,740	)		—		—		—
Equity swaps		211,606			211,606		—		211,606			—		—		—
Interest rate futures		22,916			22,916		22,916		—			—		—		—
Equity futures		5,673			5,673		5,673		—			—		—		—
Derivative liabilities total		1,669,907			1,851,801		28,589		1,641,318			—		—		—
Dollar repurchase agreements		448,829			448,829		—		448,829			—		—		—
Payable for securities lending		1,246,827			1,246,827		—		1,246,827			—		—		—
Payable for derivative cash collateral		484,637			484,637		—		484,637			—		—		—
Separate account annuity liabilities		78,615,086			78,617,102		2,783		78,565,537			46,766		—		—

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


	December 31, 2018
	Aggregate Fair Value			Admitted Value		(Level 1)		(Level 2)			(Level 3)		Net Asset Value (NAV)		Not Practicable (Carrying Value)
Admitted assets
Cash equivalents and short-term investments, other than affiliates	$	1,966,071		$	1,966,071	$	1,385,771	$	580,300		$	—	$	—	$	—
Short-term notes receivable from affiliates		261,000			261,000		—		261,000			—		—		—
Bonds		28,352,356			27,627,135		7,005,814		20,905,525			441,017		—		—
Preferred stocks, other than affiliates		97,812			104,793		—		94,815			2,997		—		—
Common stocks, other than affiliates		171,979			171,979		15,401		6			156,572		—		—
Mortgage loans on real estate		4,647,770			4,600,493		—		—			4,647,770		—		—
Other invested assets		241,689			214,934		—		229,963			11,726		—		—
Derivative assets:
Options		996,427			996,427		—		996,427			—		—		—
Interest rate swaps		710,817			711,165		—		710,817			—		—		—
Currency swaps		15,288			15,495		—		15,288			—		—		—
Credit default swaps		52,360			52,579		—		52,360			—		—		—
Equity swaps		281,457			281,457		—		281,457			—		—		—
Interest rate futures		20,639			20,639		20,639		—			—		—		—
Equity futures		20,189			20,189		20,189		—			—		—		—
Derivative assets total		2,097,177			2,097,951		40,828		2,056,349			—		—		—
Policy loans		1,139,853			1,139,853		—		1,139,853			—		—		—
Securities lending reinvested collateral		1,660,683			1,660,683		71,045		1,589,638			—		—		—
Separate account assets		76,150,197			76,130,173		72,461,882		3,684,492			3,823		—		—
Liabilities
Investment contract liabilities		13,297,887			12,379,779		—		243,143			13,054,743		—		—
Derivative liabilities:
Options		344,808			344,808		—		344,808			—		—		—
Interest rate swaps		376,095			591,999		—		376,095			—		—		—
Currency swaps		1,706			645		—		1,706			—		—		—
Credit default swaps		(1,309	)		13,394		—		(1,309	)		—		—		—
Equity swaps		16,890			16,890		—		16,890			—		—		—
Interest rate futures		6,999			6,999		6,999		—			—		—		—
Equity futures		1,239			1,239		1,239		—			—		—		—
Derivative liabilities total		746,428			975,974		8,238		738,190			—		—		—
Dollar repurchase agreements		214,357			214,357		—		214,357			—		—		—
Payable for securities lending		1,835,122			1,835,122		—		1,835,122			—		—		—
Payable for derivative cash collateral		1,245,534			1,245,534		—		1,245,534			—		—		—
Separate account annuity liabilities		69,914,071			69,915,907		3,069		69,874,047			36,955		—		—

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The following tables provide information about the Company’s financial assets and liabilities measured at fair value as of December 31, 2019 and 2018:


	2019
	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
Assets:
Bonds
Industrial and miscellaneous	$	—	$	15,615	$	4,075	$	—	$	19,690

Total bonds		—		15,615		4,075		—		19,690

Preferred stock
Industrial and miscellaneous		—		41		996		—		1,037

Total preferred stock		—		41		996		—		1,037

Common stock
Mutual funds		5,049		—		—		—		5,049
Industrial and miscellaneous		5,178		19		70,543		—		75,740

Total common stock		10,227		19		70,543		—		80,789

Cash equivalents and short-term
Money market mutual funds		1,042,719		—		—		—		1,042,719

Total cash equivalents and short-term		1,042,719		—		—		—		1,042,719

Securities lending reinvested collateral		96		—		—		—		96
Derivative assets		1,153		1,671,609		—		—		1,672,762
Separate account assets		81,255,681		3,293,963		4,271		—		84,553,915

Total assets	$	82,309,876	$	4,981,247	$	79,885	$	—	$	87,371,008

Liabilities:
Derivative liabilities	$	28,589	$	1,633,210	$	—	$	—		1,661,799
Separate account liabilities		2,783		—		—		—		2,783

Total liabilities	$	31,372	$	1,633,210	$	—	$	—	$	1,664,582


	2018
	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
Assets:
Bonds
Government	$	—	$	900	$	—	$	—	$	900
Industrial and miscellaneous		—		26,472		8,205		—		34,677
Hybrid securities		—		2,282		—		—		2,282

Total bonds		—		29,654		8,205		—		37,859

Preferred stock
Industrial and miscellaneous		—		1,601		2,997		—		4,598

Total preferred stock		—		1,601		2,997		—		4,598

Common stock
Mutual funds		12,648		—		—		—		12,648
Industrial and miscellaneous		2,753		6		156,572		—		159,331

Total common stock		15,401		6		156,572		—		171,979

Cash equivalents and short-term
Money market mutual funds		1,385,771		—		—		—		1,385,771

Total cash equivalents and short-term		1,385,771		—		—		—		1,385,771

Securities lending reinvested collateral		71,045		—		—		—		71,045
Derivative assets		40,828		1,995,419		—		—		2,036,247
Separate account assets		72,321,900		3,124,101		3,823		—		75,449,824

Total assets	$	73,834,945	$	5,150,781	$	171,597	$	—	$	79,157,323

Liabilities:
Derivative liabilities	$	8,238	$	811,965	$	—	$	—	$	820,203
Separate account liabilities		3,069		—		—		—		3,069

Total liabilities	$	11,307	$	811,965	$	—	$	—	$	823,272

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Bonds classified as Level 3 are primarily those valued using non-binding broker quotes, which cannot be corroborated by other market observable data, or internal modeling which utilize significant inputs that are not market observable.

Preferred stock classified as Level 3 are internally valued using significant unobservable inputs.

Common stock classified as Level 3 are comprised primarily of shares in the FHLB of Des Moines, which are valued at par as a proxy for fair value as a result of restrictions that allow redemptions only by FHLB.

The following tables summarize the changes in assets classified as Level 3 for 2019 and 2018:


	Beginning Balance at January 1, 2019		Transfers in (Level 3)		Transfers out (Level 3)			Total Gains (Losses) Included in Net income (a)			Total Gains (Losses) Included in Surplus (b)
Bonds
RMBS	$	—	$	5	$	—		$	—		$	(5	)
Other		8,206		—		1,829			72			398
Preferred stock		2,997		—		—			—			(2,654	)
Common stock		156,572		—		4,197			(5,874	)		3,296
Separate account assets		3,824		1,264		807			(3	)		(789	)

Total	$	171,598	$	1,269	$	6,833		$	(5,805	)	$	246


	Purchases		Issuances		Sales			Settlements			Ending Balance at December 31, 2019
Bonds
RMBS	$	—	$	—	$	—		$	—		$	—
Other		—		—		—			2,772			4,075
Preferred stock		653		—		—			—			996
Common stock		4,645		6,702		90,600			1			70,543
Separate account assets		848		—		(27	)		93			4,271

Total	$	6,146	$	6,702	$	90,573		$	2,866		$	79,885

(a)	Recorded as a component of Net Realized Capital Gains (Losses) on Investments in the Statements of Operations

(b)	Recorded as a component of Change in Net Unrealized Capital Gains (Losses) in the Statements of Changes in Capital and Surplus

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


	Beginning Balance at January 1, 2018		Transfers in (Level 3)		Transfers out (Level 3)		Total Gains (Losses) Included in Net income (a)			Total Gains (Losses) Included in Surplus (b)
Bonds
Government	$	—	$	—	$	—	$	(3	)	$	3
RMBS		—		—		—		(26	)		26
Other		14,619		—		5,465		108			423
Preferred stock		3,180		—		—		—			(754	)
Common stock		197,751		—		270		(2,000	)		3,398
Other long term		—		920		1,040		—			(310	)
Derivatives		29,230		—		—		(84,445	)		(29,230	)
Separate account assets		51,040		1,394		249		(43,234	)		(77	)

Total	$	295,820	$	2,314	$	7,024	$	(129,600	)	$	(26,521	)


	Purchases		Issuances		Sales			Settlements			Ending Balance at December 31, 2018
Bonds
Government	$	—	$	—	$	—		$	—		$	—
RMBS		—		—		—			—			—
Other		—		—		—			1,479			8,206
Preferred stock		828		—		259			—			2,997
Common stock		—		216		42,400			123			156,572
Other long term		430		—		—			—			—
Derivatives		—		—		(3,869	)		(80,576	)		—
Separate account assets		100		—		3,490			1,660			3,824

Total	$	1,358	$	216	$	42,280		$	(77,314	)	$	171,598

(a)	Recorded as a component of Net Realized Capital Gains (Losses) on Investments in the Statements of Operations

(b)	Recorded as a component of Change in Net Unrealized Capital Gains (Losses) in the Statements of Changes in Capital and Surplus

Transfers between fair value hierarchy levels are recognized at the beginning of the reporting period.

Nonrecurring fair value measurements

As indicated in Note 2, real estate held for sale is measured at the lower of carrying amount or fair value less cost to sell. As of December 31, 2019, the Company held no properties as held-for-sale, where fair value was less than its carrying value. As of December 31, 2019, the Company held one property as held-for sale, where carrying amount of $576 was equal to fair value.

Fair value was determined by utilizing an external appraisal following the sales comparison approach. The fair value measurements are classified as Level 3 as the comparable sales and adjustments for the specific attributes of these properties are not market observable inputs.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

5. Investments

Bonds and Stocks

The carrying amounts and estimated fair value of investments in bonds and stocks are as follows:

Book Adjusted
Carrying Value

Gross
Unrealized
Gains

Gross
Unrealized
Losses

Estimated Fair
Value

December 31, 2019

Bonds:

United States Government and agencies

4,280,658

775,293

372

5,055,579

State, municipal and other government

1,174,675

125,422

16,509

1,283,588

Hybrid securities

271,982

42,062

1,464

312,580

Industrial and miscellaneous

15,555,330

2,013,749

42,420

17,526,659

Mortgage and other asset-backed securities

4,129,822

351,694

15,727

4,465,789

Total unaffiliated bonds

25,412,467

3,308,220

76,492

28,644,195

Unaffiliated preferred stocks

111,630

6,330

8,115

109,845

25,524,097

3,314,550

84,607

28,754,040

Cost

Gross
Unrealized
Gains

Gross
Unrealized
Losses

Estimated Fair
Value

Unaffiliated common stocks

58,311

22,545

80,789


	Book Adjusted Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
December 31, 2018
Bonds:
United States Government and agencies	$	6,578,120	$	277,575	$	121,838	$	6,733,857
State, municipal and other government		761,458		35,634		19,456		777,636
Hybrid securities		260,707		13,182		8,417		265,472
Industrial and miscellaneous		15,824,266		731,481		383,320		16,172,427
Mortgage and other asset-backed securities		4,202,584		265,837		65,457		4,402,964

Total unaffiliated bonds		27,627,135		1,323,709		598,488		28,352,356
Unaffiliated preferred stocks		104,793		3,022		10,003		97,812

	$	27,731,928	$	1,326,731	$	608,491	$	28,450,168


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Unaffiliated common stocks	$	154,552	$	18,557	$	1,130	$	171,979

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The carrying amount and estimated fair value of bonds at December 31, 2019, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties.


	2019
December 31:	Carrying Value		Fair Value
Due in one year or less	$	715,115	$	721,686
Due after one year through five years		4,446,683		4,713,256
Due after five years through ten years		5,108,090		5,808,153
Due after ten years		11,012,757		12,935,311

	21,282,645		24,178,406
Mortgage and other asset-backed securities		4,129,822		4,465,789

	$	25,412,467	$	28,644,195

The estimated fair value of bonds, preferred stocks and common stocks with gross unrealized losses at December 31, 2019 and 2018 is as follows:

2019

Equal to or Greater than
12 Months

Less than 12 Months

Estimated
Fair Value

Gross
Unrealized
Losses

Estimated
Fair Value

Gross
Unrealized
Losses

United States Government and agencies

896

10,513

368

State, municipal and other government

37,638

10,695

96,166

5,814

Hybrid securities

18,613

1,464

—

Industrial and miscellaneous

349,475

31,808

398,580

10,612

Mortgage and other asset-backed securities

217,019

12,486

503,736

3,241

Total bonds

623,641

56,457

1,008,995

20,035

Preferred stocks-unaffiliated

47,696

8,025

4,511

Common stocks-unaffiliated

—

739

671,337

64,482

1,014,245

20,192

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


	2018
	Equal to or Greater than 12 Months				Less than 12 Months
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
United States Government and agencies	$	415,707	$	25,873	$	3,771,379	$	95,965
State, municipal and other government		84,973		6,723		192,550		12,733
Hybrid securities		13,815		2,063		114,678		6,354
Industrial and miscellaneous		1,584,834		141,445		4,936,668		241,875
Mortgage and other asset-backed securities		796,932		39,004		828,836		26,453

Total bonds		2,896,261		215,108		9,844,111		383,380

Preferred stocks-unaffiliated		23,579		6,575		38,576		3,428
Common stocks-unaffiliated		—		—		11,083		1,130

	$2,919,840		$221,683		$9,893,770		$387,938

During 2019, there were $4,294 of loan-backed or structured securities with a recognized OTTI due to intent to sell or lack of intent and ability to hold for a period of time to recover the amortized cost basis. During 2018 and 2017, there were no loan-backed or structured securities with a recognized OTTI due to intent to sell or lack of intent and ability to hold for a period of time to recover the amortized cost basis.

For loan-backed and structured securities with a recognized OTTI due to the Company’s cash flow analysis, in which the security is written down to estimated future cash flows discounted at the security’s effective yield, in 2019, 2018 and 2017 the Company recognized OTTI of $5,546, $4,339 and $7,960, respectively.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The following loan-backed and structured securities were held at December 31, 2019, for which an OTTI was recognized during the current reporting period:

CUSIP

Amortized
Cost Before
Current
Period OTTI

Present Value
of Projected
Cash Flows

Recognized
OTTI

Amortized
Cost After
OTTI

Fair Value
at Time of
OTTI

Date of
Financial
Statement
Where
Reported

87266TAJ1

1,299

1,056

243

1,056

869

3/31/2019

79548KXQ6

295

271

228

3/31/2019

14984WAA8

1,399

1,295

104

1,295

6/30/2019

87266TAJ1

587

484

103

484

387

6/30/2019

79548KXQ6

250

—

250

209

6/30/2019

41161PPQ0

19,646

18,718

928

18,718

17,362

9/30/2019

36828QQK5

2,493

2,237

256

2,237

1,754

9/30/2019

79548KXQ6

221

203

9/30/2019

126671ZS8

—

9/30/2019

585525ES3

491

480

424

9/30/2019

15032GAC8

2,245

—

2,245

9/30/2019

41161PPQ0

18,422

18,368

16,944

12/31/2019

36828QQK5

2,237

1,134

1,103

1,134

1,751

12/31/2019

52108MDN0

3,049

366

2,683

366

1,870

12/31/2019

22541SGE2

432

417

426

12/31/2019

585525ES3

428

424

381

12/31/2019

5,546

The unrealized losses of loan-backed and structured securities where fair value is less than cost or amortized cost for which an OTTI has not been recognized in earnings as of December 31, 2019 and 2018 is as follows:

2019

2018

Losses 12
Months or
More

Losses
Less Than
12 Months

Losses 12
Months or
More

Losses
Less
Than 12
Months

Year ended December 31:

The aggregate amount of unrealized losses

12,486

15,728

39,004

$40,117

The aggregate related fair value of securities with unrealized losses

217,019

517,385

796,932

850,568

At December 31, 2019 and 2018, respectively, for bonds and preferred stocks that have been in a continuous loss position for greater than or equal to twelve months, the Company held 199 and 663 securities with a carrying amount of $735,818 and $3,141,523, and an unrealized loss of $64,482 and $221,683. Of this portfolio, 65.2% and 90.7% were investment grade with associated unrealized losses of $19,696 and $165,913, respectively.

At December 31, 2019 and 2018, respectively, for bonds and preferred stocks that have been in a continuous loss position for less than twelve months, the Company held 245 and 1,411 securities with a carrying amount of $1,033,633 and $10,269,495 and an unrealized loss of $20,125 and $386,809. Of this portfolio, 91.1% and 89.7% were investment grade with associated unrealized losses of $11,888 and $302,186, respectively.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

At December 31, 2019 and 2018, there were no common stocks that have been in a continuous loss position for greater than or equal to twelve months.

At December 31, 2019 and 2018, respectively, for common stocks that have been in a continuous loss position for less than twelve months, the Company held 7 and 13 securities with a cost of $807 and $12,212 and an unrealized loss of $67 and $1,130.

The following table provides the number of 5GI securities, aggregate book adjusted carrying value and aggregate fair value by investment type:


	Number of 5GI Securities		Book / Adjusted Carrying Value		Fair Value
December 31, 2019
Bond, amortized cost		2	$	18,813	$	18,169
Loan-backed and structured securities, amortized cost		3		6,719		6,719
Preferred stock, amortized cost		1		996		996

Total		6	$	26,528	$	25,884

December 31, 2018
Bond, amortized cost		3	$	29,647	$	29,725
Loan-backed and structured securities, amortized cost		1		8		8
Preferred stock, amortized cost		1		2,996		2,996

Total		5	$	32,651	$	32,729

The tables below present the Company’s gross and net receivable for securities and borrowed money financial statement line items that were subject to offsetting:

December 31, 2019

Gross Amount
Recognized

Amount Offset

Net Amount
Presented on
Financial
Statements

Assets:

Receivables for securities

120,009

101,474

18,535

Liabilities:

Borrowed money

550,303

101,474

448,829

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


December 31, 2018	Gross Amount Recognized		Amount Offset		Net Amount Presented on Financial Statements
Assets:
Receivables for securities	$	273,566	$	149,607	$	123,959
Liabilities:
Borrowed money	$	353,860	$	149,607	$	204,253

During 2019 and 2018, the Company sold, redeemed or otherwise disposed of 175 and 159 securities as a result of a callable feature which generated investment income of $13,296 and $18,683 as a result of a prepayment penalty and/or acceleration fee.

Proceeds from sales and other disposals of bonds and preferred stock and related gross realized capital gains and losses are reflected in the following table. The amounts exclude maturities and include transfers associated with reinsurance agreements.


	Year Ended December 31
	2019			2018			2017
Proceeds	$	13,048,390		$	5,928,234		$	18,171,710

Gross realized gains	$	133,153		$	86,626		$	2,375,500
Gross realized losses		(37,677	)		(209,899	)		(151,723	)

Net realized capital gains (losses)	$	95,476		$	(123,273	)	$	2,223,777

The Company had gross realized losses, which relate to losses recognized on other-than-temporary declines in the fair value of bonds and preferred stocks, for the years ended December 31, 2019, 2018 and 2017 of $30,802, $10,795 and $19,101, respectively.

At December 31, 2019 and 2018, the Company had no investments in restructured securities.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Mortgage Loans

The credit quality of mortgage loans by type of property for the years ended December 31, 2019 and 2018 were as follows:

December 31, 2019

Farm

Commercial

Total

AAA - AA

10,519

3,000,254

3,010,773

31,600

1,812,978

1,844,578

BBB

6,458

217,779

224,237

8,536

4,089

12,625

—

4,400

57,113

5,039,500

5,096,613


December 31, 2018
	Farm		Commercial		Total
AAA - AA	$	219	$	2,635,041	$	2,635,260
A		42,814		1,745,127		1,787,941
BBB		6,690		157,753		164,443
BB		8,730		4,119		12,849
B		—		—		—

	$	58,453	$	4,542,040	$	4,600,493

The credit quality for commercial and farm mortgage loans was determined based on an internal credit rating model which assigns a letter rating to each mortgage loan in the portfolio as an indicator of the credit quality of the mortgage loan. The internal credit rating model was designed based on rating agency methodology, then modified for credit risk associated with the Company’s mortgage lending process, taking into account such factors as projected future cash flows, net operating income, and collateral value. The model produces a credit rating score and an associated letter rating which is intended to align with S&P ratings as closely as possible. Information supporting the credit risk rating process is updated at least annually.

During 2019, the Company issued mortgage loans with a maximum interest rate of 5.52% and a minimum interest rate of 3.50% for commercial loans. The maximum percentage of any one mortgage loan to the value of the underlying real estate originated or acquired during the year ending December 31, 2019 at the time of origination was 82%. During 2018, the Company issued mortgage loans with a maximum interest rate of 5.57% and a minimum interest rate of 3.95% for commercial loans. The maximum percentage of any one mortgage loan to the value of the underlying real estate originated or acquired during the year ending December 31, 2018 at the time of origination was 69%.

During 2019 and 2018, the Company did not reduce the interest rate on any outstanding mortgage loans.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The age analysis of mortgage loans and identification in which the Company is a participant or co-lender in a mortgage loan agreement is as follows for December 31, 2019 and 2018.

Commercial

Farm

All Other

Total

December 31, 2019

Recorded Investment (All)

(a) Current

57,113

4,958,605

5,015,718

(b) 30-59 Days Past Due

—

(d) 90-179 Days Past Due

—

(e) 180+ Days Past Due

—

80,895

Accruing interest 90-179 days past due

(a) Recorded investment

—

(b) Interest accrued

—

Participant or Co-lender in Mortgage Loan Agreement

(a) Recorded Investment

33,658

1,483,157

1,516,815


			Commercial
	Farm		All Other		Total
December 31, 2018
Recorded Investment (All)
(a) Current	$	50,576	$	4,461,023	$	4,511,599
(b) 30-59 Days Past Due		—		—		—
(c) 60-89 Days Past Due		—		57,005		57,005
(d) 90-179 Days Past Due		7,875		—		7,875
(e) 180+ Days Past Due		—		24,014		24,014
Accruing interest 90-179 days past due
(a) Recorded investment		7,876		—		7,876
(b) Interest accrued		96		—		96
Participant or Co-lender in Mortgage Loan Agreement
(a) Recorded Investment	$	31,524	$	1,286,604	$	1,318,128

At December 31, 2019 and 2018, respectively, multiple mortgage loans with a carrying value of $80,895 and $24,014 were non-income producing for the previous 180 days. There was no accrued interest related to these mortgage loans at December 31, 2019 and 2018. The Company has a mortgage or deed of trust on the property thereby creating a lien which gives it the right to take possession of the property (among other things) if the borrower fails to perform according to the terms of the loan documents. The Company requires all mortgaged properties to carry fire insurance equal to the value of the underlying property. At December 31, 2019 and 2018, there were no taxes, assessments and other amounts advanced and not included in the mortgage loan total.

At December 31, 2019 and 2018, the Company held no impaired loans with related allowance for credit losses. There were no impaired mortgage loans held without an allowance for credit losses as of December 31, 2019 and 2018, respectively. There were no impaired mortgage loans held without an allowance for credit losses as of December 31, 2019 and 2018, respectively, that were subject to participant or co-lender mortgage loan agreement for which the Company is restricted from unilaterally foreclosing on the mortgage loans. The average recorded investment in impaired loans during 2019 and 2018 was $0 and $49,118, respectively.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The following table provides a reconciliation of the beginning and ending balances for the allowance for credit losses on mortgage loans:


	Year Ended December 31
	2019		2018			2017
Balance at beginning of period	$	—	$	26,618		$	1,421
Additions, net charged to operations		—		—			26,618
Recoveries in amounts previously charged off		—		(26,618	)		(1,421	)

Balance at end of period	$	—	$	—		$	26,618

As of December 31, 2019 and 2018, the Company had no mortgage loans derecognized as a result of foreclosure.

The Company accrues interest income on impaired loans to the extent deemed collectible (delinquent less than 91 days) and the loan continues to perform under its original or restructured contractual terms. Interest income on nonperforming loans generally is recognized on a cash basis. For the years ended December 31, 2019, 2018 and 2017, respectively, the Company recognized $0, $852 and $5,359 of interest income on impaired loans. Interest income of $0, $860 and $2,806, respectively, was recognized on a cash basis for the years ended December 31, 2019, 2018 and 2017.

At December 31, 2019 and 2018, the Company held a mortgage loan loss reserve in the AVR of $69,202 and $46,436, respectively.

The Company’s mortgage loan portfolio is diversified by geographic region and specific collateral property type as follows:


Geographic Distribution							Property Type Distribution
	December 31							December 31
	2019			2018				2019			2018
Pacific		25	%		28	%	Apartment		47	%		47	%
South Atlantic		23			22		Retail		19			21
Middle Atlantic		16			16		Office		15			16
E. North Central		9			8		Industrial		15			12
W. North Central		8			8		Other		2			2
W. South Central		8			7		Agricultural		1			1
Mountain		7			6		Medical		1			1
E. South Central		3			4
New England		1			1

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

At December 31, 2019, 2018 and 2017, the Company had mortgage loans with a total net admitted asset value of $20,550, $23,144 and $83,445, respectively, which had been restructured in accordance with SSAP No. 36, Troubled Debt Restructuring. There were no realized losses during the years ended December 31, 2019, 2018 and 2017 related to such restructurings. At December 31, 2019 and 2018, there were no commitments to lend additional funds to debtors owing receivables.

Real Estate

The fair value of property is determined based on an appraisal from a third-party appraiser, along with information obtained from discussions with internal asset managers and a listing broker regarding recent comparable sales data and other relevant property information. Impairment losses of $5,078, $26,231 and $4,033 were taken on real estate in 2019, 2018 and 2017, respectively, to write the book value down to the current fair value, and included in net realized capital gains (losses), within the Statements of Operations, for the year ended December 31, 2019.

As of December 31, 2019, there were four properties classified as held for sale. As of December 31, 2018, there were nine properties classified as held for sale. The Company is working with an external commercial real estate advisor firm to actively market the properties and negotiate with potential buyers. During 2019, one property classified as held for sale was disposed of resulting in a net realized gain of $1,788. During 2018, six properties classified as held for sale were disposed of resulting in a net realized gain of $4,579. These gains and losses were included in net realized capital gains (losses) within the Statements of Operations.

The Company also disposed of other properties during 2019 and 2018 resulting in net realized gains of $9,047 and $26,756, respectively.

The carrying value of the Company’s real estate assets at December 31, 2019 and 2018 was as follows:


	2019		2018
Home office properties	$	45,831	$	52,466
Investment properties		—		18,953
Properties held for sale		5,715		43,027

	$	51,546	$	114,446

Accumulated depreciation on real estate at December 31, 2019 and 2018, was $47,188 and $72,083, respectively.

Other Invested Assets

During 2019, the Company recorded impairments of $5,488, $3,363, and $13,867 throughout 2019, 2018 and 2017. These impairments were primarily related to private equity funds, except for 2017, which also included an impairment for a tax credit fund. The impairments were taken because the decline in fair value of the funds were deemed to be other than temporary and a recovery in value from the remaining underlying investments in the funds were not anticipated.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

These write-downs are included in net realized capital gains (losses) within the Statements of Operations.

During 2017, the Company reassigned its ownership interest in the Prisma Spectrum Fund for an additional interest in the Zero Beta Fund in the amount of $125,036, which resulted in a realized gain of $19,443.

Tax Credits

At December 31, 2019, the Company had ownership interests in forty-six LIHTC investments with a carrying value of $58,163. The remaining years of unexpired tax credits ranged from one to twelve, and the properties were not subject to regulatory review. The length of time remaining for holding periods ranged from one to sixteen years. The amount of contingent equity commitments expected to be paid during the years 2020 to 2029 is $26,728. Tax credits recognized in 2019 were $81,690, and other tax benefits recognized in 2019 were $2,795. There were no impairment losses, write-downs or reclassifications during the year related to any of these credits.

At December 31, 2018, the Company had ownership interests in forty-seven LIHTC investments with a carrying value of $33,212. The remaining years of unexpired tax credits ranged from one to eleven, and the properties were not subject to regulatory review. The length of time remaining for holding periods ranged from one to sixteen years. The amount of contingent equity commitments expected to be paid during the years 2019 to 2029 is $55,107. Tax credits recognized during 2018 was $76,141. There were no impairment losses, write-downs or reclassifications during the year related to any of these credits.

The following tables provide the carrying value of transferable state tax credits gross of any related tax liabilities and total unused transferable tax credits by state and in total as of December 31, 2019 and 2018:


		December 31, 2019
Description of State Transferable and Non- transferable Tax Credits	State	Carrying Value		Unused Amount*
Low-Income Housing Tax Credits	MA	$	2,683	$	5,024
Economic Redevelopment and Growth Tax Credits	NJ		5,281		20,948

Total		$	7,964	$	25,972


		December 31, 2018
Description of State Transferable and Non- transferable Tax Credits	State	Carrying Value		Unused Amount
Low-Income Housing Tax Credits	MA	$	3,880	$	6,220
Economic Redevelopment and Growth Tax Credits	NJ		3,994		20,948

Total		$	7,874	$	27,168

*	The unused amount reflects credits that the Company deems will be realizable in the period 2019-2030.

The Company did not have any non-transferable state tax credits.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company estimated the utilization of the remaining state transferable tax credits by projecting a future tax liability based on projected premium, tax rates and tax credits, and comparing the projected future tax liability to the availability of remaining state transferable tax credits. The Company had no impairment losses related to state transferable tax credits.

Derivatives

Amounts disclosed in this Derivatives section do not include derivatives utilized in the hedging of variable annuity guarantees in accordance with SSAP 108. Please see the subsequent section “Derivatives Hedging Variable Annuity Guarantees” for results associated with those derivatives.

The Company has entered into collateral agreements with certain counterparties wherein the counterparty is required to post assets (cash or securities) on the Company’s behalf in an amount equal to the difference between the net positive fair value of the contracts and an agreed upon threshold based on the credit rating of the counterparty. If the net fair value of all contracts with this counterparty is negative, then the Company is required to post similar assets (cash or securities). Fair value of derivative contracts, aggregated at a counterparty level at December 31, 2019 and 2018 was as follows:


	2019			2018
Fair value - positive	$	647,378		$	2,285,546
Fair value - negative		(646,157	)		(934,798	)

At December 31, 2019, 2018 and 2017, the Company has recorded unrealized gains (losses) of ($257,972), $858,229 and ($131,678), respectively, for the component of derivative instruments utilized for hedging purposes that did not qualify for hedge accounting. The Company did not recognize any unrealized gains or losses during 2019, 2018 and 2017 that represented the component of derivative instruments gain or loss that was excluded from the assessment of hedge effectiveness.

The maximum term over which the Company is hedging its exposure to the variability of future cash flows is approximately 24 years for forecasted hedge transactions. At December 31, 2019 and 2018, none of the Company’s cash flow hedges have been discontinued as it was probable that the original forecasted transactions would occur by the end of the originally specified time period documented at inception of the hedging relationship. As of December 31, 2019 and 2018, the Company has accumulated deferred gains in the amount of $2,334 and $0, respectively, related to the termination of swaps that were hedging forecasted transactions. It is expected that these gains will be used as basis adjustments on future asset purchases expected to transpire throughout 2020.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Summary of realized gains (losses) by derivative type for the years ended December 31, 2019, 2018 and 2017:


	2019			2018			2017
Options:
Calls	$	(15,424	)	$	59,693		$	2,473
Caps		—			—			(1,203	)
Puts		—			(26,491	)		(7,634	)

Total options	$	(15,424	)	$	33,202		$	(6,364	)

Swaps:
Interest rate	$	95,162		$	(299,024	)	$	307,519
Credit		(3,099	)		(14,288	)		8,209
Total return		(611,814	)		(205,341	)		(1,443,432	)

Total swaps	$	(519,751	)	$	(518,653	)	$	(1,127,704	)

Futures—net positions		535,875			(310,914	)		60,205
Lehman settlements		106			537			1,195

Total realized gains (losses)	$	806		$	(795,828	)	$	(1,072,668	)

The average estimated fair value of derivatives held for other than hedging purposes is presented in the following table for the years ended December 31, 2019 and 2018:


	Asset⁽¹⁾				Liability⁽¹⁾
	2019		2018		2019			2018
Derivative component of RSATs
Credit default swaps	$	56,455	$	55,387	$	(9,504	) $		(6,341	)
Interest rate swaps		3,225		1,650		—			8,598

⁽¹⁾	Asset and liability classification is based on the positive (asset) or negative (liability) book/adjusted carrying value of each derivative.

The estimated fair value of derivatives held for other than hedging purposes is presented in the following table for the years ended December 31, 2019 and 2018:


	Asset⁽¹⁾				Liability⁽¹⁾
	2019		2018		2019			2018
Derivative component of RSATs
Credit default swaps	$	59,599	$	43,455	$	(11,589	)	$	(1,309	)
Interest rate swaps		3,972		2,188		—			—

Total	$	63,571	$	45,643	$	(11,589	)	$	(1,309	)

⁽¹⁾	Asset and liability classification is based on the positive (asset) or negative (liability) book/adjusted carrying value of each derivative.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The net realized gains (losses) on the derivatives held for other than hedging purposes is presented in the following table for the years ended December 31, 2019, 2018 and 2017:


	2019			2018			2017
Derivative component of RSATs
Credit default swaps	$	(3,099	)	$	(4,476	)	$	8,209
Interest rate swaps		—			(8,207	)		(59,357	)

Total	$	(3,099	)	$	(12,683	)	$	(51,148	)

As stated in Note 2, the Company replicates investment grade corporate bonds, sovereign debt, or commercial mortgage backed securities by writing credit default swaps. As a writer of credit swaps, the Company actively monitors the underlying asset, being careful to note any events (default or similar credit event) that would require the Company to perform on the credit swap. If such events would take place, a payment equal to the notional amount of the contract, less any potential recoveries as determined by the underlying agreement, will be made by the Company to the counterparty to the swap.

The following tables present the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at December 31, 2019 and 2018:

2019

Rating Agency Designation of Referenced Credit Obligations ⁽¹⁾

NAIC
Designation

Estimated
Fair Value
of Credit
Default
Swaps

Maximum Amount
of Future
Payments under
Credit Default
Swaps

Weighted
Average
Years to
Maturity ⁽²⁾

AAA/AA/A

Single name credit default swaps ⁽³⁾

6,522

441,000

1.9

Credit default swaps referencing indices

108

10,000

39.9

Subtotal

6,630

451,000

2.7

BBB

Single name credit default swaps ⁽³⁾

41,004

1,781,035

1.8

Credit default swaps referencing indices

23,093

1,192,624

2.9

Subtotal

64,097

2,973,659

2.3

Single name credit default swaps ⁽³⁾

462

50,000

1.2

Subtotal

462

50,000

1.2

Total

71,189

3,474,659

2.3

⁽¹⁾	The rating agency designations are based on availability and the blending of the applicable ratings among Moody’s Investors Service (“Moody’s”), Standard and Poor’s Rating Services (“S&P”), and Fitch Ratings. If no rating is available from a rating agency, then an internally derived rating is used.

⁽²⁾	The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.

⁽³⁾	Includes corporate, foreign government and state entities.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


			2018
Rating Agency Designation of Referenced Credit Obligations ⁽¹⁾	NAIC Designation		Estimated Fair Value of Credit Default Swaps			Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity ⁽²⁾
AAA/AA/A		1
Single name credit default swaps ⁽³⁾			$	5,534		$	468,085		2.6
Credit default swaps referencing indices				(109	)		10,000		40.9

Subtotal				5,425			478,085		3.4

BBB		2
Single name credit default swaps ⁽³⁾				32,228			1,905,450		2.7
Credit default swaps referencing indices				7,806			907,000		3.3

Subtotal				40,034			2,812,450		2.9

BB		3
Single name credit default swaps ⁽³⁾				2,427			145,500		2.7

Subtotal				2,427			145,500		2.7

B		4
Single name credit default swaps ⁽³⁾				(2,809	)		27,000		2.7

Subtotal				(2,809	)		27,000		2.7

CCC and lower		5
Single name credit default swaps ⁽³⁾				(312	)		5,000		1.0

Subtotal				(312	)		5,000		1.0

Total			$	44,765		$	3,468,035		2.9

⁽¹⁾	The rating agency designations are based on availability and the blending of the applicable ratings among Moody’s Investors Service (“Moody’s”), Standard and Poor’s Rating Services (“S&P”), and Fitch Ratings. If no rating is available from a rating agency, then an internally derived rating is used.

⁽²⁾	The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.

⁽³⁾	Includes corporate, foreign government and state entities.

The Company may enter into credit default swaps to purchase credit protection on certain of the referenced credit obligations in the table above. At December 31, 2019, the maximum amounts of potential future recoveries available to offset the $3,474,659 from the table above were $0. At December 31, 2018, the maximum amounts of potential future recoveries available to offset the $3,468,035 from the table above were $0.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

At December 31, 2019 and 2018, the Company’s outstanding derivative instruments, shown in notional or contract amounts and fair value, are summarized as follows:


	Contract or Notional Amount*						Fair Value
	2019			2018			2019			2018
Derivative assets:
Credit default swaps	$	2,402,624		$	2,509,467		$	59,599		$	52,360
Currency swaps		88,501			129,622			8,929			15,288
Equity futures		—			22			686			20,189
Equity swaps		209,341			3,706,430			55			281,457
Interest rate futures		—			38			—			20,639
Interest rate swaps		33,735			24,881,535			5,147			710,817
Options		21,196,796			23,094,442			311,739			996,427
Derivative liabilities:
Credit default swaps		1,446,000			1,318,568			(3,740	)		(1,309	)
Currency swaps		142,704			18,459			2,279			1,706
Equity futures		(12	)		(1	)		5,673			1,239
Equity swaps		4,823,034			145,269			211,606			16,890
Interest rate futures		—			(19	)		—			6,999
Interest rate swaps		3,366,493			15,261,493			17,420			376,095
Options		(3,676,923	)		(3,815,570	)		151,696			344,808

*	Futures are presented in contract format. Swaps and options are presented in notional format.

Derivatives Hedging Variable Annuity Guarantees

The hedged obligation consists of guaranteed benefits on variable annuity contracts and resembles a long dated put option where claim payment is made whenever account value is less than a guaranteed amount, adjusted for applicable fees. Changes in interest rates impact the present value of future product cash flows (discount rate) as well as the value of investments comprising the account value to be assessed against the guarantee. Under this VM-21 compliant clearly defined hedging strategy (CDHS), interest rate risk may be hedged by a duration matched portfolio of interest sensitive derivatives such as treasury bond forwards, treasury futures, interest rate swaps, interest rate swaptions or treasury future options. The hedging strategy is unchanged from the prior reporting period, and the total return on the designated portfolio of derivatives has been highly effective in covering the interest rate risk (rho) of the hedged obligation. Hedge effectiveness is measured in accordance with the requirements outlined under SSAP 108 and entails assessment of the total return on the designated portfolio of derivatives against changes in the fair value of the hedged obligation due to interest rate movements on a cumulative basis.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Scheduled amortization for SSAP 108 derivatives as of December 31, 2019 is as follows:


Amortization Year	Deferred Assets		Deferred Liabilities
2020	$	68,503	$	18,702
2021		60,234		18,702
2022		39,808		18,702
2023		39,808		18,702
2024		39,808		18,702
2025		39,808		18,702
2026		29,176		18,702
2027		22,720		18,702
2028		17,393		18,702
2029		20,155		14,028

Total	$	377,413	$	182,346

As discussed in Note 2 and 3, the Company elected to adopt SSAP 108 effective July 1, 2019.

The following table is a reconciliation of the total deferred balance of SSAP 108 derivatives from the date of adoption through December 31, 2019. The beginning deferred balance was the deferral under a previous permitted practice described in Note 2.


1.	Total Deferred Balance, July 1, 2019	$	189,601
2.	Current Year Amortization		19,002
3.	Current Year Deferred Recognition		(24,468	)

4.	Ending Deferred Balance [1-(2+3)]	$	195,067

The following tables provide information regarding SSAP 108 hedging instruments:


	12/31/2019			7/1/2019
Amortized cost	$	(51	)	$	(53	)
Fair value	$	74,063		$	447,385

Net Investment
Income

Realized Gain
(Loss)

Unrealized Gain
(Loss)

Total

Derivative performance

23,639

495,410

(373,324

)

145,725

SSAP 108 Adjustments

Portion of the derivative performance attributed to natural offset

—

(184,385

)

14,192

(170,193

)

Deferred

(23,639

)

(311,025

)

359,132

24,468

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


Prior year fair value of hedged item	$	(2,294,125	)
Current year fair value of hedged item		(2,573,520	)

Change in fair value attributable to interest rates	$	(279,395	)

Portion of the fair value change attributed to the hedged risk	$	(232,394	)

Restricted Assets

The following tables show the pledged or restricted assets as of December 31, 2019 and 2018, respectively:

Gross Restricted (Admitted & Nonadmitted)
2019

Restricted Asset Category

Total General
Account (G/A)

G/A
Supporting
Separate
Account (S/A)

Total S/A
Restricted
Assets

S/A Assets
Supporting
G/A Activity

Total

Collateral held under security lending agreements

1,246,827

—

1,246,827

Subject to repurchase agreements

113,025

—

113,025

Subject to dollar repurchase agreements

550,333

—

550,333

FHLB capital stock

42,800

—

42,800

On deposit with states

43,813

—

43,813

Pledged as collateral to FHLB (including assets backing funding agreements)

1,259,059

—

1,259,059

Pledged as collateral not captured in other categories

736,696

—

736,696

Other restricted assets

1,170,136

—

1,170,136

Total restricted assets

5,162,689

—

5,162,689

Gross (Admitted & Nonadmitted) Restricted

Percentage

Restricted Asset Category

Total From
Prior Year
(2018)

Increase/
(Decrease)

Total
Nonadmitted
Restricted

Total
Admitted
Restricted

Gross
(Admitted &
Nonadmitted)
Restricted
to Total
Assets

Admitted
Restricted to
Total
Admitted
Assets

Collateral held under security lending agreements

1,842,557

(595,730

)

—

1,246,827

0.96

Subject to repurchase agreements

205,405

(92,380

)

—

113,025

0.09

Subject to dollar repurchase agreements

371,260

179,073

—

550,333

0.42

FHLB capital stock

133,400

(90,600

)

—

42,800

0.03

On deposit with states

43,908

(95

)

—

43,813

0.03

Pledged as collateral to FHLB (including assets backing funding agreements)

4,405,503

(3,146,444

)

—

1,259,059

0.97

Pledged as collateral not captured in other categories

687,891

48,805

—

736,696

0.56

Other restricted assets

1,172,934

(2,798

)

—

1,170,136

0.90

Total restricted assets

8,862,858

(3,700,169

)

—

5,162,689

3.96

The amounts reported as other restricted assets in the table above represent assets held in trust related to reinsurance.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The following tables show the pledged or restricted assets in other categories as of December 31, 2019 and 2018, respectively:

Gross (Admitted & Nonadmitted) Restricted
2019

Description of Assets

Total General
Account (G/A)

G/A Supporting
S/A Activity

Total Separate
Account (S/A)
Restricted
Assets

S/A Assets
Supporting
G/A Activity

Total

Derivatives

728,018

—

728,018

Secured funding agreements

6,357

—

6,357

AMBAC

2,321

—

2,321

Total

736,696

—

736,696

Gross (Admitted &
Nonadmitted) Restricted

Percentage

Description of Assets

Total From
Prior Year
(2018)

Increase/
(Decrease)

Total Current
Year Admitted
Restricted

Gross
(Admitted &
Nonadmitted)
Restricted to
Total Assets

Admitted
Restricted to
Total Admitted
Assets

Derivatives

638,025

89,993

728,018

0.56

Secured funding agreements

46,723

(40,366

)

6,357

0.00

AMBAC

3,143

(822

)

2,321

0.00

Total

687,891

48,805

736,696

0.56

The following tables show the collateral received and reflected as assets within the financial statements as of December 31, 2019 and 2018:

2019

Collateral Assets

Carrying
Value

Fair Value

Total Assets
(Admitted
and
Nonadmitted)

% of CV to
Total
Admitted Assets

Cash

898,267

2.02

Securities lending collateral assets

1,246,827

2.80

Other

35,199

0.08

Total collateral assets

2,180,293

4.90


	Amount		% of Liability to Total Liabilities
Recognized obligation to return collateral asset	$	2,181,672		5.75	%

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


2018
Collateral Assets	Carrying Value		Fair Value		Total Assets (Admitted and Nonadmitted)			% of CV to Total Admitted Assets
Cash	$	1,453,892	$	1,453,892		3.05	%		3.06	%
Securities lending collateral assets		1,835,122		1,835,122		3.85			3.87
Other		5,999		5,999		0.01			0.01

Total collateral assets	$	3,295,013	$	3,295,013		6.91	%		6.94	%


	Amount		% of Liability to Total Liabilities
Recognized obligation to return collateral asset	$	3,296,139		8.01	%

Net Investment Income

Detail of net investment income is presented below:


	Year Ended December 31
	2019		2018		2017
Income:
Bonds	$	1,185,232	$	1,276,258	$	1,660,465
Preferred stocks		6,230		8,251		6,160
Common stocks		143,184		100,616		214,463
Mortgage loans on real estate		226,766		204,434		245,562
Real estate		21,899		20,190		20,862
Policy loans		67,366		69,773		72,733
Cash, cash equivalents and short-term investments		59,292		39,557		24,772
Derivatives		16,562		32,673		82,507
Other invested assets		49,846		73,164		295,840

Gross investment income		1,776,377		1,824,916		2,623,364
Less: investment expenses		171,238		205,794		172,388

Net investment income before amortization of IMR		1,605,139		1,619,122		2,450,976
Amortization of IMR		39,186		48,050		65,306

Net investment income	$	1,644,325	$	1,667,172	$	2,516,282

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Realized Capital Gains (Losses)

Net realized capital gains (losses) on investments, including OTTI, are summarized below:


				Realized
	Year Ended December 31
	2019			2018			2017
Bonds	$	62,739		$	(135,605	)	$	2,204,142
Preferred stocks		1,933			1,539			535
Common stocks		25,384			(3,690	)		(1,978	)
Mortgage loans on real estate		388			(25,696	)		93,149
Real estate		5,756			5,104			(4,101	)
Cash, cash equivalents and short-term investments		239			(51	)		(202	)
Derivatives		311,724			(796,365	)		(1,073,863	)
Variable annuity reserve hedge offset		(159,833	)		—			—
Other invested assets		82,951			113,854			118,984

Change in realized capital gains (losses), before taxes		331,281			(840,910	)		1,336,666
Federal income tax effect		(43,047	)		4,006			(197,937	)
Transfer from (to) interest maintenance reserve		(47,710	)		122,772			(1,713,779	)

Net realized capital gains (losses) on investments	$	240,524		$	(714,132	)	$	(575,050	)

Unrealized Capital Gains (Losses)

The changes in net unrealized capital gains and losses on investments, including the changes in net unrealized foreign capital gains and losses were as follows:


	Change in Unrealized
	Year Ended December 31
	2019			2018			2017
Bonds	$	48,719		$	34,184		$	65,937
Preferred stocks		(2,504	)		(859	)		(564	)
Common stocks		5,052			1,874			1,468
Affiliated entities		447,273			157,530			398,521
Mortgage loans on real estate		—			26,618			(25,197	)
Cash equivalents and short-term investments		(31	)		145			6
Derivatives		(761,219	)		1,093,543			(66,675	)
Other invested assets		18,228			32,164			182,596

Change in unrealized capital gains (losses), before taxes		(244,482	)		1,345,199			556,092
Taxes on unrealized capital gains (losses)		(82,980	)		(54,824	)		123,327

Change in unrealized capital gains (losses), net of tax	$	(327,462	)	$	1,290,375		$	679,419

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

6. Premium and Annuity Considerations Deferred and Uncollected

Deferred and uncollected life premium and annuity considerations, net of reinsurance, at December 31, 2019 and 2018 were as follows:


	2019				2018
	Gross		Net of Loading		Gross		Net of Loading
Life and annuity:
Ordinary first-year business	$	1,003	$	168	$	1,077	$	173
Ordinary renewal business		278,922		256,376		94,286		84,273
Group life direct business		17,843		9,477		16,474		7,911
Credit direct business		9		9		13		13

	$	297,777	$	266,030	$	111,850	$	92,370

7. Policy and Contract Attributes

Insurance Liabilities

Policy reserves, deposit-type contracts and policy claims at December 31, 2019 and 2018 were as follows:


	Year Ended December 31
	2019		2018
Life insurance reserves	$	11,472,311	$	12,368,680
Annuity reserves and supplementary contracts with life contingencies		14,094,715		14,244,431
Accident and health reserves (including long term care)		670,910		681,838

Total policy reserves	$	26,237,936	$	27,294,949
Deposit-type contracts		591,570		967,757
Policy claims		479,226		527,901

Total policy reserves, deposit-type contracts and claim liabilities	$	27,308,732	$	28,790,607

Life Insurance Reserves

The aggregate policy reserves for life insurance policies are based upon the 1941, 1958, 1980, 2001 and 2017 Commissioner’s Standard Ordinary Mortality and American Experience Mortality Tables. The reserves are calculated using interest rates ranging from 2.00 to 6.00 percent and are computed principally on the Net Level Premium Valuation and the Commissioner’s Reserve Valuation Method. Reserves for universal life policies are based on account balances adjusted for the Commissioner’s Reserve Valuation Method or Actuarial Guideline XXXVIII. Effective July 1, 2017, term insurance issued follows Valuation Manual section 20 (VM-20) reserve requirements.

Tabular interest, tabular less actual reserves released and tabular cost have been determined by formula.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company waives deduction of deferred fractional premiums upon death of the insured and returns any portion of the final premium for periods beyond the date of death. Additional premiums are charged or additional mortality charges are assessed for policies issued on substandard lives according to underwriting classification. Effective July 1, 2017, for substandard term insurance policies, per VM-20 requirements, the substandard rating is applied to the reserve mortality. For certain flexible premium and fixed premium universal life insurance products, reserves are calculated utilizing the Commissioner’s Reserve Valuation Method for universal life policies and recognizing any substandard ratings.

As of December 31, 2019 and 2018, the Company had insurance in force aggregating $59,712,049 and $78,179,488, respectively, in which the gross premiums are less than the net premiums required by the valuation standards established by the IID. The Company established policy reserves of $1,608,260 and $1,667,131 to cover these deficiencies as of December 31, 2019 and 2018, respectively.

Participating life insurance policies were issued by the Company in prior years which entitle policyholders to a share in the earnings of the participating policies, provided that a dividend distribution, which is determined annually based on mortality and persistency experience of the participating policies, is authorized by the Company. Participating insurance constituted less than 0.05% of ordinary life insurance in force at December 31, 2019 and 2018.

Annuity Reserves and Supplementary Contracts Involving Life Contingencies

Reserves for immediate annuities and supplementary contracts with and without life contingencies are equal to the present value of future payments assuming interest rates ranging from 2.25 to 11.25 percent and mortality rates, where appropriate, from a variety of tables.

Annuity reserves also include GICs and funding agreements classified as life-type contracts as defined in SSAP No. 50, Classifications of Insurance or Managed Care Contracts. These liabilities have annuitization options at guaranteed rates and consist of floating interest rate and fixed interest rate contracts. The contract reserves are carried at the greater of the account balance or the value as determined for an annuity with cash settlement option, on a change in fund basis, according to the Commissioner’s Annuity Reserve Valuation Method.

For variable annuities with guaranteed living benefits and variable annuities with minimum guaranteed death benefits the Company complies with VM-21. VM-21 specifies statutory reserve requirements for variable annuity contracts with benefit guarantees (VACARVM) and without benefit guarantees and related products. The VM-21 reserve calculation covers all variable annuity products. Examples of covered guaranteed benefits include guaranteed minimum accumulation benefits, return of premium death benefits, guaranteed minimum income benefits, guaranteed minimum withdrawal benefits and guaranteed payout annuity floors. The aggregate reserve for contracts falling within the scope of VM-21 is equal to the stochastic reserves plus the additional standard projection amount.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Both the stochastic reserves and the standard projection are determined as the conditional tail expectation (CTE)-70 of the scenario reserves. To determine the CTE-70 values, the Company used 1,000 of the pre-packaged scenarios developed by the American Academy of Actuaries (AAA) and Society of Actuaries. The stochastic reserves uses prudent estimate assumptions based on Company experience, while the standard projection uses the assumptions prescribed in VM-21 for determining the additional standard projection amount.

Accident and Health Liabilities

Accident and health policy reserves are equal to the greater of the gross unearned premiums or any required mid-terminal reserves plus net unearned premiums and the present value of amounts not yet due on both reported and unreported claims.

At December 31, 2019 and 2018, the Company had no premium deficiency reserve related to accident and health policies.

For indeterminate premium products, a full schedule of current and anticipated premium rates is developed at the point of issue. Premium rate adjustments are considered when anticipated future experience foretells deviations from the original profit standards. The source of deviation (mortality, persistency, expense, etc.) is an important consideration in the re-rating decision as well as the potential effect of a rate change on the future experience of the existing block of business.

Liabilities for losses and loss/claim adjustment expenses for accident and health contracts are estimated using statistical claim development models to develop best estimates of liabilities for medical expense business and using tabular reserves employing mortality/morbidity tables and discount rates meeting minimum regulatory requirements for other business. Unpaid claims include amounts for losses and related adjustment expenses and are estimates of the ultimate net costs of all losses, reported and unreported. These estimates are subject to the impact of future changes in claim severity, frequency and other factors.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Activity in the liability for unpaid claims and related processing costs net of reinsurance is summarized as follows:

Unpaid Claims
Liability
Beginning of
Year

Claims
Incurred

Claims
Paid

Unpaid Claims
Liability End
of Year

Year ended December 31, 2019

2019

—

276,850

201,741

75,109

2018 and prior

135,241

2,690

86,381

51,550

135,241

279,540

288,122

126,659

Active life reserve

632,180

623,147

Total accident and health reserves

767,421

749,806


	Unpaid Claims Liability Beginning of Year		Claims Incurred			Claims Paid		Unpaid Claims Liability End of Year
Year ended December 31, 2018
2018	$	—	$	308,983		$	225,500	$	83,483
2017 and prior		157,201		(21,859	)		83,584		51,758

		157,201	$	287,124		$	309,084		135,241

Active life reserve	$	657,543						$	632,180

Total accident and health reserves	$	814,744						$	767,421

The change in the Company’s unpaid claims reserve was $2,690 and ($21,859) for the years ended December 31, 2019 and 2018, respectively, for health claims that were incurred prior to those balance sheets dates. The change in 2019 was in normal range. The change in 2018 resulted primarily from variances in the estimated frequency of claims and claim severity.

Activity in the liability for unpaid claims adjustment expense is summarized as follows:


	Liability Beginning of Year		Incurred			Paid		Liability End of Year
Year ended December 31, 2019
2019	$	—	$	17,934		$	17,219	$	715
2018 and prior		3,091		(1,017	)		1,584		490

	$	3,091	$	16,917		$	18,803	$	1,205


Year ended December 31, 2018
2018	$	—	$	16,859		$	14,951	$	1,908
2017 and prior		3,279		(325	)		1,771		1,183

	$ 3,279		$16,534			$ 16,722		$ 3,091

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company did not increase or decrease the claim adjustment expense provision for insured events of prior years during 2019.

Deposit-type Contracts

Tabular interest on funds not involving life contingencies has been determined primarily by formula.

The Company issues certain funding agreements with well-defined class-based annuity purchase rates defining either specific or maximum purchase rate guarantees. However, these funding agreements are not issued to or for the benefit of an identifiable individual or group of individuals. These contracts are classified as deposit-type contracts in accordance with SSAP No. 50.

Withdrawal Characteristics of Annuity Reserves and Deposit Funds

A portion of the Company’s policy reserves and other policyholders’ funds (including separate account liabilities) relates to liabilities established on a variety of the Company’s annuity, deposit fund and life products. There may be certain restrictions placed upon the amount of funds that can be withdrawn without penalty. The amount of reserves on annuity and deposit fund products, by withdrawal characteristics, is summarized as follows:

December 31 2019

Individual Annuities:

General
Account

Separate
Account with
Guarantees

Separate
Account Non-
Guaranteed

Total

Percent

Subject to discretionary withdrawal with adjustment:

With fair value adjustment

541,753

561

—

542,314

At book value less surrender charge of 5% or more

907,255

—

907,255

At fair value

3,842

—

49,151,231

49,155,073

Total with adjustment or at fair value

1,452,850

561

49,151,231

50,604,642

At book value without adjustment (minimal or no charge or adjustment)

7,800,086

—

7,800,086

Not subject to discretionary withdrawal provision

2,498,084

—

264,646

2,762,730

Total individual annuity reserves

11,751,020

561

49,415,877

61,167,458

100

Less reinsurance ceded

2,833,026

—

2,833,026

Net individual annuities reserves

8,917,994

561

49,415,877

58,334,432

Amount included in book value less surrender charge above that will move to book value without adjustment in the year after the statement date

—

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

December 31 2019

Group Annuities:

General
Account

Separate
Account with
Guarantees

Separate
Account Non-
Guaranteed

Total

Percent

Subject to discretionary withdrawal with adjustment:

With fair value adjustment

1,107,433

18,568

—

1,126,001

At book value less surrender charge of 5% or more

235

—

235

—

At fair value

—

29,101,801

Total with adjustment or at fair value

1,107,668

18,568

29,101,801

30,228,037

At book value without adjustment (minimal or no charge or adjustment)

2,475,633

—

2,475,633

Not subject to discretionary withdrawal provision

2,189,501

—

38,174

2,227,675

Total group annuities reserves

5,772,802

18,568

29,139,975

34,931,345

100

Less reinsurance ceded

377,165

—

377,165

Net group annuities reserves

5,395,637

18,568

$29,139,975

34,554,180

Amount included in book value less surrender charge above that will move to book value without adjustment in the year after the statement date

—


	December 31 2019
Deposit-type contracts (no life contingencies):	General Account		Separate Account with Guarantees		Separate Account Non- Guaranteed		Total		Percent
Subject to discretionary withdrawal with adjustment:
With fair value adjustment	$	4,789	$	—	$	—	$	4,789		1	%
At book value less surrender charge of 5% or more		—		—		—		—		—
At fair value		—		—		—		—		—

Total with adjustment or at fair value		4,789		—		—		4,789		1
At book value without adjustment (minimal or no charge or adjustment)		775		—		—		775		—
Not subject to discretionary withdrawal provision		375,756		48,782		9,686		434,224		99

Total deposit-type contracts		381,320		48,782		9,686		439,788		100	%

Less reinsurance ceded		8,666		—		—		8,666

Net deposit-type contracts	$	372,654	$	48,782	$	9,686	$	431,122

Amount included in book value less surrender charge above that will move to book value without adjustment in the year after the statement date		—		—		—		—

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


Reconcililation to the Annual Statement:	Amount
Life & Accident & Health Annual Statement:
Exhibit 5, Annuities section, total (net)	$	13,457,795
Exhibit 5, Supp contracts with life contingencies section, total (net)		636,920
Exhibit 7, Deposit-type contracts, net balance at the end of the current year after reinsurance		591,570

Subtotal		14,686,285
Separate Accounts Annual Statement:
Exhibit 3, Annuities section, total		78,311,341
Exhibit 3, Supp contracts with life contingencies section, total		263,640
Other contract deposit funds		58,468

Subtotal		78,633,449

Combined total	$	93,319,734


	December 31 2018
Individual Annuities:	General Account		Separate Account with Guarantees		Separate Account Non- Guaranteed		Total		Percent
Subject to discretionary withdrawal with adjustment:
With fair value adjustment	$	528,969	$	1,279	$	—	$	530,248		1	%
At book value less surrender charge of 5% or more		501,977		—		—		501,977		1
At fair value		97,877		—		44,202,566		44,300,443		77

Total with adjustment or at fair value		1,128,823		1,279		44,202,566		45,332,668		79
At book value without adjustment (minimal or no charge or adjustment)		8,701,240		—		—		8,701,240		15
Not subject to discretionary withdrawal provision		3,209,969		—		214,506		3,424,475		6

Total individual annuity reserves		13,040,032		1,279		44,417,072		57,458,383		100	%

Less reinsurance ceded		2,819,439		—		—		2,819,439

Net individual annuity reserves	$	10,220,593	$	1,279	$	44,417,072	$	54,638,944

Amount included in book value less surrender charge above that will move to book value without adjustment in the year after the statement date		—		—		—		—

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


	December 31 2018
Group Annuities:	General Account		Separate Account with Guarantees		Separate Account Non- Guaranteed		Total		Percent
Subject to discretionary withdrawal with adjustment:
With fair value adjustment	$	653,206	$	25,742	$	—	$	678,948		2	%
At book value less surrender charge of 5% or more		127		—		—		127		—
At fair value		—		—		25,390,084		25,390,084		82

Total with adjustment or at fair value		653,333		25,742		25,390,084		26,069,159		84
At book value without adjustment (minimal or no charge or adjustment)		2,543,431		—		—		2,543,431		8
Not subject to discretionary withdrawal provision		2,273,676		—		31,585		2,305,261		8

Total group annuity reserves		5,470,440		25,742		25,421,669		30,917,851		100	%

Less reinsurance ceded		398,265		—		—		398,265

Net group annuity reserves	$	5,072,175	$	25,742	$	25,421,669	$	30,519,586

Amount included in book value less surrender charge above that will move to book value without adjustment in the year after the statement date		—		—		—		—


	December 31 2018
Deposit-type contracts (no life contingencies):	General Account		Separate Account with Guarantees		Separate Account Non- Guaranteed		Total		Percent
Subject to discretionary withdrawal with adjustment:
With fair value adjustment	$	4,718	$	—	$	—	$	4,718		1	%
At book value less surrender charge of 5% or more		—		—		—		—		—
At fair value		—		—		—		—		—

Total with adjustment or at fair value		4,718		—		—		4,718		1
At book value without adjustment (minimal or no charge or adjustment)		761		—		—		761		—
Not subject to discretionary withdrawal provision		731,816		38,792		8,286		778,894		99

Total deposit-type contracts		737,295		38,792		8,286		784,373		100	%

Less reinsurance ceded		8,174		—		—		8,174

Net deposit-type contracts	$	729,121	$	38,792	$	8,286	$	776,199

Amount included in book value less surrender charge above that will move to book value without adjustment in the year after the statement date		—		—		—		—

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


	Amount
Reconcililation to the Annual Statement:
Life & Accident & Health Annual Statement:
Exhibit 5, Annuities section, total (net)	$	14,401,938
Exhibit 5, Supp contracts with life contingencies section, total (net)		652,194
Exhibit 7, Deposit-type contracts, net balance at the end of the current year after reinsurance		967,757

Subtotal		16,021,889
Separate Accounts Annual Statement:
Exhibit 3, Annuities section, total		69,652,375
Exhibit 3, Supp contracts with life contingencies section, total		213,387
Other contract deposit funds		47,078

Subtotal		69,912,840

Combined total	$	85,934,729

The amount of reserves on life products, by withdrawal characteristics, is summarized as follows:

December 31 2019

General Account

Separate Account—Guaranteed and
Nonguaranteed

Account Value

Cash Value

Reserve

Account Value

Cash Value

Reserve

Subject to discretionary withdrawal,
surrender values, or policy loans:

Term policies with cash value

127,240

174,114

294,514

—

Universal life

8,928,502

8,652,284

12,290,308

—

Universal life with secondary guarantees

3,583,462

3,496,533

8,994,292

—

Indexed universal life with secondary guarantees

138,016

98,875

127,312

—

Other permanent cash value life insurance

272,553

1,009,143

1,542,059

—

Variable universal life

42,258

41,415

924,560

4,151,215

4,149,688

5,473,280

Not subject to discretionary withdrawal or no cash values

Term policies without cash value

—

7,946,544

—

Accidental death benefits

—

36,530

—

Disability- active lives

—

31,521

—

Disability- disabled lives

—

55,431

—

Miscellaneous reserves

—

2,244,758

—

Total (gross)

13,092,031

13,472,364

34,487,829

4,151,215

4,149,688

5,473,280

Reinsurance ceded

4,155,647

4,155,691

23,015,518

—

Total (net)

8,936,384

9,316,673

11,472,311

4,151,215

4,149,688

5,473,280


Reconcililation to the Annual Statement:	Amount
Life & Accident & Health Annual Statement:
Exhibit 5, Life insurance section, total (net)	$	10,549,729
Exhibit 5, Accidental death benefits section total (net)		8,050
Exhibit 5, Disability—active lives section, total (net)		7,441
Exhibit 5, Disability—disabled lives section, total (net)		38,391
Exhibit 5, Miscellaneous reserves section, total (net)		868,700

Subtotal		11,472,311
Separate Accounts Annual Statement:
Exhibit 3, Life insurance section, total		5,473,280

Subtotal		5,473,280

Combined total	$	16,945,591

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


	December 31 2018
	General Account						Separate Account—Guaranteed and Nonguaranteed
	Account Value		Cash Value		Reserve		Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Term policies with cash value	$	119,933	$	164,337	$	278,907	$	—	$	—	$	—
Universal life		8,754,568		8,450,724		12,226,647		—		—		—
Universal life with secondary guarantees		3,675,642		3,595,227		8,938,774		—		—		—
Indexed universal life with secondary guarantees		128,144		83,151		117,301		—		—		—
Other permanent cash value life insurance		262,629		1,033,222		1,574,909		—		—		—
Variable universal life		46,724		45,526		983,103		3,882,674		3,880,143		5,068,091
Not subject to discretionary withdrawal or no cash values
Term policies without cash value		—		—		7,708,101		—		—		—
Accidental death benefits		—		—		37,849		—		—		—
Disability- active lives		—		—		32,726		—		—		—
Disability- disabled lives		—		—		57,672		—		—		—
Miscellaneous reserves		—		—		2,139,264		—		—		—

Total (gross)		12,987,640		13,372,187		34,095,253		3,882,674		3,880,143		5,068,091
Reinsurance ceded		4,106,880		4,106,881		22,536,273		—		—		—

Total (net)	$	8,880,760	$	9,265,306	$	11,558,980	$	3,882,674	$	3,880,143	$	5,068,091


Reconcililation to the Annual Statement:	Amount
Life & Accident & Health Annual Statement:
Exhibit 5, Life insurance section, total (net)	$	10,812,154
Exhibit 5, Accidental death benefits section total (net)		7,954
Exhibit 5, Disability—active lives section, total (net)		8,226
Exhibit 5, Disability—disabled lives section, total (net)		40,261
Exhibit 5, Miscellaneous reserves section, total (net)		1,500,085

Subtotal		12,368,680
Separate Accounts Annual Statement:
Exhibit 3, Life insurance section, total		5,068,091

Subtotal		5,068,091

Combined total	$	17,436,771

Separate Accounts

Certain separate and variable accounts held by the Company relate to individual variable life insurance policies. The benefits provided on the policies are determined by the performance and/or fair value of the investments held in the separate account. The net investment experience of the separate account is credited directly to the policyholder and can be positive or negative. The assets of these separate accounts are carried at fair value. The life insurance policies typically provide a guaranteed minimum death benefit.

Certain separate accounts held by the Company represent funds which are administered for pension plans. The assets consist primarily of fixed maturities and equity securities and are carried at fair value. The Company provides a minimum guaranteed return to policyholders of certain separate accounts. Certain other separate accounts do not have any minimum guarantees and the investment risks associated with fair value changes are borne entirely by the policyholder.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Information regarding the separate accounts of the Company as of and for the years ended December 31, 2019, 2018 and 2017 is as follows:

Guaranteed
Indexed

Nonindexed
Guarantee
Less Than or
Equal to 4%

Nonindexed
Guarantee
Greater
Than 4%

Nonguaranteed
Separate
Accounts

Total

Premiums, deposits and other considerations for the year ended December 31, 2019

—

11,868

8,778,459

8,790,327

Reserves for separate accounts as of December 31, 2019 with assets at:

Fair value

—

49,425

18,485

83,386,230

83,454,140

Amortized cost

—

652,587

—

652,587

Total as of December 31, 2019

—

702,012

18,485

83,386,230

84,106,727

Reserves for separate accounts by withdrawal characteristics as of

December 31, 2019:

With fair value adjustment

—

19,128

—

19,128

At fair value

—

83,073,724

At book value without fair value adjustment and with current surrender charge of less than 5%

—

652,587

—

652,587

Subtotal

—

671,715

—

83,073,724

83,745,439

Not subject to discretionary withdrawal

—

30,297

18,485

312,506

361,288

Total separate account reserve liabilities at December 31, 2019

—

702,012

18,485

83,386,230

84,106,727


	Guaranteed Indexed		Nonindexed Guarantee Less Than or Equal to 4%		Nonindexed Guarantee Greater Than 4%		Nonguaranteed Separate Accounts		Total
Premiums, deposits and other considerations for the year ended December 31, 2018	$	—	$	—	$	11,732	$	8,859,114	$	8,870,846

Reserves for separate accounts as of December 31, 2018 with assets at:
Fair value	$	—	$	51,005	$	14,808	$	74,268,245	$	74,334,058
Amortized cost		—		646,872		—		—		646,872

Total as of December 31, 2018	$	—	$	697,877	$	14,808	$	74,268,245	$	74,980,930

By withdrawal characteristics:
Reserves for separate accounts by withdrawal characteristics as of
December 31, 2018:
With fair value adjustment	$	—	$	27,021	$	—	$	—	$	27,021
At fair value		—		—		—		74,013,868		74,013,868
At book value without fair value adjustment and with current surrender charge of less than 5%		—		646,872		—		—		646,872

Subtotal		—		673,893		—		74,013,868		74,687,761
Not subject to discretionary withdrawal		—		23,984		14,808		254,377		293,169

Total separate account reserve liabilities at December 31, 2018	$	—	$	697,877	$	14,808	$	74,268,245	$	74,980,930

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


	Guaranteed Indexed		Nonindexed Guarantee Less Than or Equal to 4%		Nonindexed Guarantee Greater Than 4%		Nonguaranteed Separate Accounts		Total
Premiums, deposits and other considerations for the year ended December 31, 2017	$	—	$	80	$	10,782	$	8,536,011	$	8,546,873

Reserves for separate accounts as of December 31, 2017 with assets at:
Fair value	$	—	$	57,965	$	19,569	$	83,794,485	$	83,872,019
Amortized cost		—		633,003		—		—		633,003

Total as of December 31, 2017	$	—	$	690,968	$	19,569	$	83,794,485	$	84,505,022

Reserves for separate accounts by withdrawal characteristics as of December 31, 2017:
With fair value adjustment	$	—	$	32,619$		—	$	—	$	32,619
At fair value		—		—		—		83,719,277		83,719,277
At book value without fair value adjustment and with current surrender charge of less than 5%		—		633,003		—		—		633,003

Subtotal		—		665,622		—		83,719,277		84,384,899
Not subject to discretionary withdrawal		—		25,346		19,569		75,208		120,123

Total separate account reserve liabilities at December 31, 2017	$	—	$	690,968	$	19,569	$	83,794,485	$	84,505,022

A reconciliation of the amounts transferred to and from the Company’s separate accounts is presented below:


	Year Ended December 31
	2019			2018			2017
Transfer as reported in the summary of operations of the separate accounts statement:
Transfers to separate accounts	$	9,249,559		$	9,208,119		$	8,751,721
Transfers from separate accounts		(12,987,554	)		(13,130,804	)		(11,815,503	)

Net transfers from separate accounts		(3,737,995	)		(3,922,685	)		(3,063,782	)
Miscellaneous reconciling adjustments		(130,622	)		(152,560	)		444,099

Net transfers as reported in the summary of operations of the life, accident and health annual statement	$	(3,868,617	)	$	(4,075,245	)	$	(2,619,683	)

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The legal insulation of separate account assets prevents such assets from being generally available to satisfy claims resulting from the general account. At December 31, 2019 and 2018, the Company’s separate account statement included legally insulated assets of $85,698,798 and $76,754,148, respectively. The assets legally insulated from general account claims at December 31, 2019 and 2018 are attributed to the following products:


	2019		2018
Group annuities	$	27,466,046	$	23,941,313
Variable annuities		52,062,801		46,955,172
Fixed universal life		684,149		695,569
Variable universal life		4,124,798		3,737,005
Variable life		1,338,413		1,409,360
Modified separate accounts		9,646		4,813
Registered market value annuity product—SPL		12,945		10,916

Total separate account assets	$	85,698,798	$	76,754,148

At December 31, 2019 and 2018, the Company held separate account assets not legally insulated from the general account in the amount of $21,891 and $29,244, respectively, related to variable annuity products.

Some separate account liabilities are guaranteed by the general account. In accordance with the guarantees provided, if the investment proceeds are insufficient to cover the rate of return guaranteed for the product, the policyholder proceeds will be remitted by the general account. To compensate the general account for the risk taken, the separate account paid risk charges of $542,322, $538,628, $525,773, $504,689, and $456,558, to the general account in 2019, 2018, 2017, 2016, and 2015, respectively. During the years ended December 31, 2019, 2018, 2017, 2016, and 2015 the general account of the Company had paid $73,992, $68,367, $69,207, $103,800, and $250,471 respectively, toward separate account guarantees.

At December 31, 2019 and 2018, the Company reported guaranteed separate account assets at amortized cost in the amount of $653,181 and $643,109, respectively, based upon the prescribed practice granted by the State of Iowa as described in Note 2. These assets had a fair value of $719,048 and $679,964 at December 31, 2019 and 2018, respectively, which would have resulted in an unrealized gain of $65,867 and $36,855, respectively, had these assets been reported at fair value.

The Company does not participate in securities lending transactions within the separate account.

8. Reinsurance

Certain premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. The Company reinsures portions of the risk on certain insurance policies which exceed its established limits, thereby providing a greater diversification of risk and minimizing exposure on larger risks. The Company remains contingently liable with respect to any insurance ceded, and this would become an actual liability in the event that the assuming insurance company became unable to meet its obligation under the reinsurance treaty.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Premiums earned reflect the following reinsurance amounts:


	Year Ended December 31
	2019			2018			2017
Direct premiums	$	14,573,402		$	13,848,720		$	13,209,093
Reinsurance assumed—non affiliates		1,225,065			1,268,615			1,351,628
Reinsurance assumed—affiliates		106,627			125,367			325,332
Reinsurance ceded—non affiliates		(2,436,179	)		(3,044,184	)		(15,104,247	)
Reinsurance ceded—affiliates		(1,322,809	)		(1,385,000	)		(3,295,974	)

Net premiums earned	$	12,146,106		$	10,813,518		$	(3,514,168	)

The Company received reinsurance recoveries in the amount of $3,943,015, $3,729,097 and $3,736,461, during 2019, 2018 and 2017, respectively. At December 31, 2019 and 2018, estimated amounts recoverable from reinsurers that have been deducted from policy and contract claim reserves totaled $1,146,686 and $1,061,987. The aggregate reserves for policies and contracts were reduced for reserve credits for reinsurance ceded at December 31, 2019 and 2018 of $42,515,411 and $42,224,573, respectively, of which $21,356,465 and $20,685,636 were ceded to affiliates.

During 2019, 2018 and 2017, amortization of deferred gains associated with previously transacted reinsurance agreements was released into income in the amount of $219,496 ($142,972 after tax), $514,911 ($335,855 after tax) and $90,556 ($62,716 after tax), respectively.

During 2019, 2018 and 2017, the Company obtained letters of credit of $26,675, $56,994 and $55,017, respectively, for the benefit of affiliated and nonaffiliated companies that have reinsured business to the Company where the ceding company’s state of domicile does not recognize the Company as an authorized reinsurer.

Effective January 1, 2019, the Company recaptured term insurance business of a reinsurance treaty with an affiliate, LIICA Re II, Inc. The universal life with secondary guarantees remained reinsured under the treaty. The Company received cash of $15,079, recaptured $67,590 in policyholder reserves, $371 of claim reserves, and net due, deferred and advance premiums of $2,279. The transaction resulted in a pre-tax loss of $50,603, which has been included in the Statements of Operations. In addition, the Company released into income a previously deferred unamortized gain resulting from the original cession of this business to LIICA Re II in the amount of $13,826 with a corresponding charge to unassigned surplus.

In January 2018, Scottish Re Group (SRUS) announced a sale and restructuring plan and commenced Chapter 11 (reorganization) procedures for some of its subsidiaries. In December 2018, the Delaware Department of Insurance began oversight procedures of Scottish Re (U.S.), Inc. (SRUS), with whom the Company is a counterparty for some of its reinsurance activities. SRUS was ordered into receivership for the purposes of rehabilitation on March 6, 2019. The IID suspended the certificate of authority for SRUS on May 16, 2019. The IID has continued to allow reinsurance credit for contracts in force as of May 16, 2019. At December 31, 2019, the Company’s reserves ceded to Scottish Re Group were $102,181. The receiver currently has committed to the court it will provide a rehabilitation plan or a recommendation to move to liquidation in 2020.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Effective October 1, 2018, the Company recaptured credit insurance business from an affiliate, Ironwood Re Corp. The Company released $1,812 in funds withheld liability, recaptured $2,430 of policyholder reserves and $426 of claim reserves. The transaction resulted in a pre-tax loss of $1,044 which has been included in the Statements of Operations. In addition, the Company released into income a previously deferred unamortized gain resulting from the original cession of this business to Ironwood in the amount of $1,262 ($821 after-tax) with a corresponding charge to unassigned surplus.

Effective October 1, 2018, an affiliate, Transamerica Premier Life Insurance Company (TPLIC) recaptured group health insurance business from the Company. The Company paid consideration of $33,799 and released $13,767 of policyholder reserves, $980 of unearned premium reserve and $7,366 of claim reserves. The transaction resulted in a pre-tax loss of $11,686 which has been included in the Statements of Operations.

Effective July 1, 2018, the Company recaptured term insurance business from an affiliate, Stonebridge Reinsurance Company. The Company received cash of $137,447, recaptured $680,477 in policyholder reserves, $28,815 in claim reserves, net due premiums and commissions of $11,764 and $10,560 in interest maintenance reserve liability. The transaction resulted in a pre-tax loss of $570,641 which was included in the Statements of Operations. In addition, as a result of this transaction, amounts previously deferred to surplus under SSAP No. 61R, were released resulting in an increase to earnings, net of tax, of $184,144.

Effective July 1, 2018, the Company entered into a reinsurance agreement to cede an in force block of term insurance business to SCOR Global Life Americas. The Company paid consideration of $260,000, ceded $674,799 in policyholder reserves, $27,884 in claim reserves, $8,289 in due premium (net of commissions), and $13,229 in interest maintenance reserves liability. The transaction resulted in a pre-tax gain of $447,623 which will be identified separately on the insurer’s statutory financial statement as a surplus item. Recognition of the surplus increase as income shall be reflected on a net of tax basis as earnings emerge from the business reinsured.

Effective June 29, 2018, the Company and Wilton Re U. S. Holdings, Inc. (Wilton Re) entered into an agreement as to the “Final Net Settlement Statements and Other Matters” (NSS) associated with the reinsurance agreement between the two companies that was effective April 1, 2017. This agreement related to the reinsurance of the payout annuity and BOLI/COLI business to Wilton Re. As a result of the mutual concessions between the parties, Wilton Re will pay the Company $47,221. In addition, the Company released a reinsurance receivable in the amount of $3,234 related to the initial proposed final NSS that was used for closing. The net pretax impact to Capital and Surplus of these adjustments was $43,986.

Effective June 29, 2018, the Company and Wilton Re agreed to Amendment No. 1 to the Reinsurance Agreement dated June 28, 2017. This amendment converted risks that were ceded on a modified coinsurance basis to a coinsurance basis by reducing the amount of reinsurance ceded in the NSS and reducing the modco reserves ceded. At the close of the original transaction,

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

the Company offset the reserve ceded related to a modified separate account contract. Within the amendment to the Master Transaction Agreement, the Company agrees to pay Wilton Re an amount in cash equal to $95,386, which will be offset in full against an equivalent balance of other amounts due and payable to the Company, such that no cash or other assets shall be required to be transferred by the Parties.

Effective December 1, 2017, the Company entered into an agreement with TPLIC, an affiliate, to convert the modified coinsurance agreement to coinsurance and funds withheld. As a result, TLIC transferred cash and invested assets to TPLIC. Assets that were not able to be transferred were retained in a FWH portfolio by TLIC until they mature, are sold or can be transferred. The Company transferred cash and invested assets with a market value of $6,487,360 to TPLIC. The reserves of $4,543,045 and claim reserves of $199,940 net of due and advance premium of $5,815 previously held on a modco basis were transferred to TPLIC. As a result of the transaction $18,642 existing IMR and $1,125,506 newly created IMR ($1,731,547 pre-tax gains) was released and transferred to TPLIC. The transaction results in a pre-tax loss of $606,042 which has been included in the Statements of Operations. Realized gains on the sale of assets supporting the business resulted in gains that offset the impact of the pre-tax loss related to the transaction. The Company ceded modified coinsurance reserves of $4,536,010 as of December 31, 2016 for certain stand-alone long-term care policies under the indemnity reinsurance agreement with TPLIC.

Effective October 1, 2017, the Company recaptured credit life business from an affiliate, Southwest Equity Life Insurance Company. Subsequently, the mortgage life and disability insurance business was recaptured from the Company by TPLIC.

Effective October 1, 2017, the Company recaptured term insurance business from an affiliate, Transamerica International Reinsurance (Bermuda) Ltd. The Company received cash of $346,458, recaptured $1,260,767 in policyholder reserves, $35,798 claim reserves, $3,502 commissions payable and $26,595 due premium. The transaction results in a pre-tax loss of $927,014 which has been included in the Statements of Operations. The Company subsequently entered into an agreement with SCOR Global Life Americas to assume business related to this recapture at the same consideration. The gain related to this reinsurance agreement was deferred to surplus. The combination of the transaction results in no impact to the surplus of the Company.

Effective October 1, 2017, the Company recaptured term insurance business from an affiliate, LIICA Re I. The Company received cash of $113,953, recaptured $724,596 in policyholder reserves, $19,768 claim reserves and $11,124 in interest maintenance reserve liability. The transaction results in a pre-tax loss of $641,535 which has been included in the Statements of Operations. The Company subsequently entered into an agreement with SCOR Global Life Americas to assume business related to this recapture.

Effective October 1, 2017, the Company recaptured certain term insurance business from an affiliate, Transamerica Pacific Insurance Company (TPIC). The Company received cash of $1,902 and recaptured $17,310 in policyholder reserves, $2,897 claim reserves and $325 due premium (net of commission). The transaction results in a pre-tax loss of $17,980 which has been included in the Statements of Operations. The Company subsequently entered into an agreement with SCOR Global Life Americas to assume business related to this recapture.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Effective October 1, 2017, the Company novated the reinsurance agreement between TPIC and Transamerica International Re (Bermuda) Ltd. No cash or invested asset or net reserves were transferred as a result of this novation. The transaction results in no pre-tax gain or loss.

Subsequently effective October 1, 2017, the Company entered into a reinsurance agreement to cede an in force block of term insurance business to SCOR Global Life Americas. The Company accrued to a funds withheld payable of $314,000 ceding $737,678 in policyholder reserves, $21,886 claim reserves, $10,958 due premium (net of commissions), offset by a reinsurance recoverable of $6,000 receivable and $11,124 in interest maintenance reserves liability. The transaction results in a pre-tax gain of $451,730 which has been identified separately on the insurer’s statutory financial statement as a surplus item and recognition of the surplus increase as income shall be reflected on a net of tax basis as earnings emerge from the business reinsured. The funds withheld balance was paid to SCOR Global Life Americas on December 29, 2017.

On June 28, 2017, Transamerica completed a transaction to reinsure its payout annuity business and Bank Owned Life Insurance/Corporate Owned Life Insurance business (BOLI/COLI). Under the terms of the Master Agreement, the Company entered into a 100% coinsurance (general account liabilities)/100% modified coinsurance (separate account liabilities) reinsurance agreement with Wilton Reassurance Company, with an effective date of April 1, 2017. The Company transferred assets in the amount of $8,312,263, which included a negative ceding commission of $112,183, and released policy and deposit-type reserves of $7,186,330 and reinsurance deposit, policy loans and other balances related to the business of $191,144. Modified coinsurance separate account reserves of $3,695,331 were retained by the Company. As a part of the transaction, the Company realized $972,360 in net gains on the assets that were transferred of which $627,872 were deferred to IMR. The IMR liability simultaneously was released along with historical deferrals associated with the blocks of business in the amount of $921,322, resulting in a pretax loss of $51,266, which has been included in the Statements of Operations.

Effective January 1, 2017, three affiliated reinsurance treaties with TLB were amended to include the cession of all business with secondary guarantee universal life (SGUL) issued or novated by the Company. The Company increased cessions from 80 to 100% coinsurance and increased the expense allowance by fifteen basis points of account value on all business ceded based on the end of the period account value. As consideration for the cessions, the Company received cash and invested assets of $206,742, equal to the additional U.S. statutory reserves, resulting in no gain or loss on the transaction.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

9. Income Taxes

The net deferred income tax asset at December 31, 2019 and 2018 and the change from the prior year are comprised of the following components:

December 31, 2019

Ordinary

Capital

Total

Gross Deferred Tax Assets

1,422,652

101,290

1,523,942

Statutory Valuation Allowance Adjustment

13,747

—

13,747

Adjusted Gross Deferred Tax Assets

1,408,905

101,290

1,510,195

Deferred Tax Assets Nonadmitted

—

Subtotal (Net Deferred Tax Assets)

1,408,905

101,290

1,510,195

Deferred Tax Liabilities

843,226

191,611

1,034,837

Net Admitted Deferred Tax Assets

565,679

(90,321

)

475,358


	December 31, 2018
	Ordinary		Capital			Total
Gross Deferred Tax Assets	$	1,618,151	$	132,884		$	1,751,035
Statutory Valuation Allowance Adjustment		—		—			—

Adjusted Gross Deferred Tax Assets		1,618,151		132,884			1,751,035
Deferred Tax Assets Nonadmitted		96,652		—			96,652

Subtotal (Net Deferred Tax Assets)		1,521,499		132,884			1,654,383
Deferred Tax Liabilities		816,662		210,082			1,026,744

Net Admitted Deferred Tax Assets	$	704,837	$	(77,198	)	$	627,639


	Change
	Ordinary			Capital			Total
Gross Deferred Tax Assets	$	(195,499	)	$	(31,594	)	$	(227,093	)
Statutory Valuation Allowance Adjustment		13,747			—			13,747

Adjusted Gross Deferred Tax Assets		(209,246	)		(31,594	)		(240,840	)
Deferred Tax Assets Nonadmitted		(96,652	)		—			(96,652	)

Subtotal (Net Deferred Tax Assets)		(112,594	)		(31,594	)		(144,188	)
Deferred Tax Liabilities		26,564			(18,471	)		8,093

Net Admitted Deferred Tax Assets	$	(139,158	)	$	(13,123	)	$	(152,281	)

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The main components of deferred income tax amounts are as follows:


	Year Ended December 31
	2019		2018		Change
Deferred Tax Assets:
Ordinary
Policyholder reserves	$	486,010	$	601,605	$	(115,595	)
Investments		328,516		295,047		33,469
Deferred acquisition costs		255,732		225,485		30,247
Policyholder dividends accrual		1,914		1,232		682
Fixed assets		4,933		17,844		(12,911	)
Compensation and benefits accrual		19,346		21,148		(1,802	)
Receivables—nonadmitted		11,594		13,038		(1,444	)
Tax credit carry-forward		259,638		349,547		(89,909	)
Other (including items <5% of total ordinary tax assets)		54,969		93,205		(38,236	)

Subtotal		1,422,652		1,618,151		(195,499	)
Statutory valuation allowance adjustment		13,747		—		13,747
Nonadmitted		—		96,652		(96,652	)

Admitted ordinary deferred tax assets		1,408,905		1,521,499		(112,594	)
Capital:
Investments		101,290		132,884		(31,594	)

Subtotal		101,290		132,884		(31,594	)
Statutory valuation allowance adjustment		—		—		—
Nonadmitted		—		—		—

Admitted capital deferred tax assets		101,290		132,884		(31,594	)

Admitted deferred tax assets	$	1,510,195	$	1,654,383	$	(144,188	)


	Year Ended December 31
	2019		2018		Change
Deferred Tax Liabilities:
Ordinary
Investments	$	657,801	$	602,167	$	55,634
Policyholder reserves		185,248		177,087		8,161
Other (including items <5% of total ordinary tax liabilities)		177		37,408		(37,231	)
Subtotal		843,226		816,662		26,564

Capital
Investments		191,611		210,082		(18,471	)

Subtotal		191,611		210,082		(18,471	)

Deferred tax liabilities		1,034,837		1,026,744		8,093

Net deferred tax assets/liabilities	$	475,358	$	627,639	$	(152,281	)

As a result of the 2017 Tax Cuts and Jobs Act (TCJA), the Company’s tax reserve deductible temporary difference increased by $49,757. This change results in an offsetting ($49,757) taxable temporary difference that will be amortized into taxable income evenly over the eight years subsequent to 2017. The remaining amortizable balance is included within the Policyholder Reserves line items above.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

At December 31, 2019, the Company recorded a tax valuation allowance of $13,747 for deferred tax assets related to its foreign tax credit carryover. Due to the TCJA reduction in the U.S. Federal tax rate, Management no longer believes it is more likely than not that the Company will realize the benefit of its foreign tax credit carryover. The ultimate realization of this deferred tax asset depends on generation of sufficient future foreign source taxable income before the foreign tax credit carryover expires in 2027. Management considers the projected foreign source taxable income, credit expirations and tax planning strategies in making the assessment.

As discussed in Note 2, for the years ended December 31, 2019 and 2018 the Company admits deferred income tax assets pursuant to SSAP No. 101. The amount of admitted adjusted gross deferred income tax assets under each component of SSAP No. 101 is as follows:

December 31, 2019

Ordinary

Capital

Total

Admission Calculation Components SSAP No. 101

2(a)

Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carrybacks

—

2(b)

Adjusted Gross Deferred Tax Assets Expected to be Realized (Excluding The Amount of Deferred Tax Assets From 2(a) above) After Application of the Threshold Limitation (the Lesser of 2(b)1 and 2(b)2 below)

557,252

31,779

589,031

1. Adjusted Gross Deferred Tax Assets Expected to be Realized Following the Balance Sheet Date

557,252

31,779

589,031

2. Adjusted Gross Deferred Tax Assets Allowed per Limitation Threshold

XXX

907,922

2(c)

Adjusted Gross Deferred Tax Assets (Excluding The Amount Of Deferred Tax Assets From 2(a) and 2(b) above) Offset by Gross Deferred Tax Liabilities

851,653

69,511

921,164

2(d)

Deferred Tax Assets Admitted as the result of application of SSAP No. 101, Total (2(a) + 2(b) + 2(c))

1,408,905

101,290

1,510,195

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


		December 31, 2018
		Ordinary		Capital		Total
Admission Calculation Components SSAP No. 101
2(a)	Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carrybacks	$	—	$	—	$	—
2(b)	Adjusted Gross Deferred Tax Assets Expected to be Realized (Excluding The Amount of Deferred Tax Assets From 2(a) above) After Application of the Threshold Limitation (the Lesser of 2(b)1 and 2(b)2 below)		596,212		34,054		630,266
	1. Adjusted Gross Deferred Tax Assets Expected to be Realized Following the Balance Sheet Date		596,212		34,054		630,266
	2. Adjusted Gross Deferred Tax Assets Allowed per Limitation Threshold		XXX		XXX		847,469
2(c)	Adjusted Gross Deferred Tax Assets (Excluding The Amount Of Deferred Tax Assets From 2(a) and 2(b) above) Offset by Gross Deferred Tax Liabilities		925,287		98,830		1,024,117

2(d)	Deferred Tax Assets Admitted as the result of application of SSAP No. 101, Total (2(a) + 2(b) + 2(c))	$	1,521,499	$	132,884	$	1,654,383


		Change
		Ordinary			Capital			Total
Admission Calculation Components SSAP No. 101
2(a)	Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carrybacks	$	—		$	—		$	—
2(b)	Adjusted Gross Deferred Tax Assets Expected to be Realized (Excluding The Amount of Deferred Tax Assets From 2(a) above) After Application of the Threshold Limitation (the Lesser of 2(b)1 and 2(b)2 below)		(38,960	)		(2,275	)		(41,235	)
	1. Adjusted Gross Deferred Tax Assets Expected to be Realized Following the Balance Sheet Date		(38,960	)		(2,275	)		(41,235	)
	2. Adjusted Gross Deferred Tax Assets Allowed per Limitation Threshold		XXX			XXX			60,453
2(c)	Adjusted Gross Deferred Tax Assets (Excluding The Amount Of Deferred Tax Assets From 2(a) and 2(b) above) Offset by Gross Deferred Tax Liabilities		(73,634	)		(29,319	)		(102,953	)

2(d)	Deferred Tax Assets Admitted as the result of application of SSAP No. 101, Total (2(a) + 2(b) + 2(c))	$	(112,594	)	$	(31,594	)	$	(144,188	)


	December 31
	2019			2018			Change
Ratio Percentage Used To Determine Recovery Period and Threshold Limitation Amount		848	%		818	%		30	%

Amount of Adjusted Capital and Surplus Used To Determine Recovery Period and Threshold Limitation in 2(b)2 Above	$	6,052,812		$	5,649,795		$	403,017

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The impact of tax planning strategies at December 31, 2019 and 2018 was as follows:


	December 31, 2019
	Ordinary Percent			Capital Percent			Total Percent
Impact of Tax Planning Strategies:
(% of Total Adjusted Gross DTAs)		0	%		0	%		0	%

(% of Total Net Admitted Adjusted Gross DTAs)		1	%		0	%		1	%


	December 31, 2018
	Ordinary Percent			Capital Percent			Total Percent
Impact of Tax Planning Strategies:
(% of Total Adjusted Gross DTAs)		0	%		0	%		0	%

(% of Total Net Admitted Adjusted Gross DTAs)		2	%		24	%		4	%

The Company’s tax planning strategies do not include the use of reinsurance-related tax planning strategies.

Current income taxes incurred consist of the following major components:


	Year Ended December 31
	2019			2018			Change
Current Income Tax
Federal	$	(77,933	)	$	(63,062	)	$	(14,871	)
Foreign		—			—			—

Subtotal		(77,933	)		(63,062	)		(14,871	)
Federal income tax on net capital gains		43,047			(4,006	)		47,053

Federal and foreign income taxes incurred	$	(34,886	)	$	(67,068	)	$	32,182


	Year Ended December 31
	2018			2017			Change
Current Income Tax
Federal	$	(63,062	)	$	(1,035,137	)	$	972,075
Foreign		—			31			(31	)

Subtotal		(63,062	)		(1,035,106	)		972,044
Federal income tax on net capital gains		(4,006	)		197,937			(201,943	)

Federal and foreign income taxes incurred	$	(67,068	)	$	(837,169	)	$	770,101

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company’s current income tax incurred and change in deferred income tax differs from the amount obtained by applying the federal statutory rate to income before tax as follows:


	Year Ended December 31
	2019			2018			2017
Current income taxes incurred	$	(34,886	)	$	(67,068	)	$	(837,169	)
Change in deferred income taxes (without tax on unrealized gains and losses)		164,812			(164,466	)		956,486

Total income tax reported	$	129,926		$	(231,534	)	$	119,317

Income before taxes	$	3,306,846		$	(1,613,658	)	$	1,674,439
		21.00	%		21.00	%		35.00	%

Expected income tax expense (benefit) at statutory rate	$	694,438		$	(338,868	)	$	586,054
Increase (decrease) in actual tax reported resulting from:
Pre-tax income of disregarded subsidiaries	$	22,600		$	13,405		$	343,013
Dividends received deduction		(58,418	)		(51,477	)		(233,578	)
Tax-exempt income		(9,681	)		(2,455	)		(3,063	)
Nondeductible expenses		5,058			5,176			64,514
Pre-tax items reported net of tax		(39,457	)		(9,892	)		(712,769	)
Tax credits		(29,037	)		(52,239	)		(54,076	)
Prior period tax return adjustment		10,746			10,586			(5,969	)
Change in statutory valuation allowance		13,747			(2,432	)		(11,576	)
Change in tax rates		—			—			18,760
Change in uncertain tax positions		(241	)		3,104			3,668
Deferred tax change on other items in surplus		(480,743	)		207,024			140,162
Other		914			(13,466	)		(15,823	)

Total income tax reported	$	129,926		$	(231,534	)	$	119,317

On December 22, 2017, the TCJA reduced the federal tax rate to 21%. As a result, the Company reduced its net deferred tax asset balance by $18,760, excluding $42,500 of net deferred tax asset reduction on unrealized gains (losses) in the 2017 financial statements.

The effects of the U.S. tax reform were reflected in the 2017 financial statements as determined or as reasonably estimated provisional amounts based on available information subject to interpretation in accordance with the SEC’s Staff Accounting Bulletin No. 118 (SAB 118), as adopted by NAIC SAPWG INT 18-01. SAB 118 provides guidance on accounting for the effects of U.S. tax reform where the Company’s determinations are incomplete but the Company can determine a reasonable estimate. The TCJA related disclosures and figures in the 2018 financials represent final impacts with no estimated figures remaining.

The Company’s federal income tax return is consolidated with other included affiliated companies. Please see the listing of companies in Appendix A. The method of allocation between the companies is subject to a written tax allocation agreement. Under the terms of the tax allocation agreement, allocations are based on separate income tax return calculations. The Company is entitled to recoup federal income taxes paid in the event the future losses and credits reduce the greater of the Company’s separately computed income tax liability or the consolidated

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

group’s income tax liability in the year generated. The Company is also entitled to recoup federal income taxes paid in the event the losses and credits reduce the greater of the Company’s separately computed income tax liability or the consolidated group’s income tax liability in any carryback or carryforward year when so applied. Intercompany income tax balances are settled within thirty days of payment to or filing with the Internal Revenue Service. A tax return has not been filed for 2019.

The amounts, origination dates and expiration dates of operating loss and tax credit carryforwards available for tax purposes:

Description

Amounts

Origination Dates

Expiration Dates

Foreign Tax Credit

13,747

12/31/2017

12/31/2027

Foreign Tax Credit Total

13,747

General Business Credit

29,094

12/31/2009

12/31/2029

General Business Credit

51,443

12/31/2010

12/31/2030

General Business Credit

46,730

12/31/2011

12/31/2031

General Business Credit

30,962

12/31/2012

12/31/2032

General Business Credit

24,765

12/31/2013

12/31/2033

General Business Credit

20,930

12/31/2014

12/31/2034

General Business Credit

18,131

12/31/2015

12/31/2035

General Business Credit

2,935

12/31/2016

12/31/2036

General Business Credit

5,189

12/31/2017

12/31/2037

General Business Credit

5,280

12/31/2018

12/31/2038

General Business Credit

10,431

12/31/2019

12/31/2039

General Business Credit Total

245,890

Gross AMT Credit Recognized as:


(1) Gross AMT credit recognized as:
a. Current year recoverable	$	14,515
b. Deferred tax asset (DTA)		—
(2) Beginning balance of AMT credit carryforward		14,515
(3) Amounts recovered		14,515
(4) Adjustments		—

(5) Ending balance of AMT credit carryforward (5=2-3-4)		—
(6) Reduction for sequestration		—
(7) Nonadmitted by reporting entity		—

(8) Reporting entity ending balance (8=5-6-7)	$	—

The Company elected to account for its alternative minimum tax credit carryforward as a deferred tax asset.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The total amount of the unrecognized tax benefits that if recognized, would affect the effective income tax rate:


	Unrecognized Tax Benefits
Balance at January 1, 2018	$	15,486
Tax positions taken during prior period		3,105

Balance at December 31, 2018	$	18,591
Tax positions taken during prior period		(241	)

Balance at December 31, 2019	$	18,350

The Company classifies interest and penalties related to income taxes as income tax expense. The amount of interest and penalties accrued on the balance sheets as income taxes includes the following:


						Total payable
	Interest			Penalties		(receivable)
Balance at January 1, 2017	$	11,926		$	—	$	11,926
Interest expense (benefit)		(5,815	)		—		(5,815	)
Cash received (paid)		(9,212	)		—		(9,212	)

Balance at December 31, 2017	$	(3,101	)	$	—	$	(3,101	)
Interest expense (benefit)		2,727			—		2,727
Cash received (paid)		1,810			—		1,810

Balance at December 31, 2018	$	1,436		$	—	$	1,436
Interest expense (benefit)		5,709			—		5,709

Balance at December 31, 2019	$	7,145		$	—	$	7,145

The Company has no federal income tax returns currently under examination. The Internal Revenue Service completed its examination for years 2009 through 2013 resulting in tax return adjustments for which an appeals conference was requested. Federal income tax returns filed in 2014 through 2018 remain open, subject to potential future examination. The Company believes that there are adequate defenses against or sufficient provisions established related to any open or contested tax positions.

10. Capital and Surplus

The Company had authorized 1,000,000 common stock shares at $10 per share par value of which 676,190 shares were issued and outstanding at December 31, 2019 and 2018.

The Company has 42,500 Series A preferred shares authorized, 0 shares issued and outstanding. On December 26, 2006, the Company repurchased its Series A preferred shares for $58,000. The Company previously reported 42,500 shares of Series A preferred stock outstanding at $10 par, carried as treasury stock. It has been determined that these shares were cancelled by operation of law as they were not stipulated by the Board of Directors to be treasury shares at the time they were repurchased. The cancellation and removal of the preferred stock had no impact to Capital and Surplus of the Company. The Company also has 250,000 Series B preferred non-voting shares authorized at $10 per share par value, of which 0 shares were issued and outstanding at December 31, 2019. The Company paid its parent company to redeem the Series B non-voting preferred stock at par value on the following dates: December 13, 2018: 55,930 shares for $559; December 27, 2017: 29,787 shares for $297 and December 22, 2016: 31,437 shares for $314.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company is subject to limitations, imposed by the State of Iowa, on the payment of dividends to its stockholders. Generally, dividends during any twelve-month period may not be paid, without prior regulatory approval, in excess of the greater of (a) 10 percent of the Company’s statutory surplus as of the preceding December 31, or (b) the Company’s statutory gain from operations before net realized capital gains (losses) on investments for the preceding year. Subject to the availability of unassigned surplus at the time of such dividend, the maximum payment which may be made in 2020, without the prior approval of insurance regulatory authorities, is $3,053,498.

On December 20, 2019, the Company paid extraordinary common stock dividends of $725,000 to its parent company.

On June 21, 2019, the Company paid an extraordinary dividend of $400,000 split between a return of capital of $250,000 to its parent company and paid off the remaining balance of a surplus note of $150,000 to Transamerica Corporation (TA Corp).

On December 31, 2018, the Company provided a non-cash distribution of the Pension Plan for U.S. Agents of TLIC asset valued at $60,347 to its parent company in order to facilitate the approved plan merger of the Pension Plan for U.S. Agents of TLIC maintained by the Company into the Transamerica Employee Pension Plan maintained by TA Corp.

The Company paid an extraordinary preferred stock dividend and an extraordinary common stock dividend of $16,732 and $47,488, respectively, to its parent company on December 13, 2018.

The Company provided cash returns of capital to its parent company in the amount of $558,740 on December 13, 2018.

The Company paid an ordinary preferred stock dividend and an ordinary common stock dividend of $16,920 and $283,080, respectively, to its parent company on June 29, 2018.

Prior to the merger, TALIC paid an ordinary dividend of $200,000 to its parent company, TA Corp, on April 20, 2018.

On December 31, 2019, the Company received ordinary common stock dividends of $100,000 from TLIC Oakbrook Reinsurance, Inc. (TORI).

On December 20, 2019, the Company received $99,982 from Transamerica Financial Life Insurance Company (TFLIC) as consideration for repurchase of 821 of the Company’s common stock shares in TFLIC at $125 par value. These shares were subsequently cancelled by operation of law.

On December 17, 2019, the Company received a $28,220 common stock dividend from Transamerica Life (Bermuda) Ltd. (TLB).

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

On June 21, 2019, the Company received an ordinary common stock dividend of $9,075 from its affiliate, TFLIC.

On March 29, 2019, the Company received ordinary common stock dividend of $60,000 from LIICA Re II, Inc.

The Company received ordinary common stock dividends from TFLIC in the amount of $12,105 on June 29, 2018. On December 13, 2018, the Company received preferred stock dividends of $430 from TFLIC.

On December 18, 2018, the Company received common stock dividends of $23,520 from its subsidiary TLB.

On December 13, 2018, the Company received $7,162 from TFLIC as a redemption of preferred stock.

On August 6, 2018, the Company received a common stock dividend in the amount of $140,000 from Stonebridge Reinsurance Company (SRC) prior to its merger with LIICA Re II, Inc.

On December 31, 2018, the Company made a non-cash capital contribution in the amount of $1,971 to REAP 3A.

Life and health insurance companies are subject to certain RBC requirements as specified by the NAIC. Under those requirements, the amount of capital and surplus maintained by a life or health insurance company is to be determined based on various risk factors. At December 31, 2019, the Company meets the minimum RBC requirements.

The Company’s surplus notes are held by TA Corp. These notes are due 20 years from the date of issuance at an interest rate of 6%, and are subordinate and junior in right of payment to all obligations and liabilities of the Company. In the event of liquidation of the Company, the holders of the issued and outstanding preferred stock shall be entitled to priority only with respect to accumulated but unpaid dividends before the holder of the surplus notes and full payment of the surplus notes shall be made before the holders of common stock become entitled to any distribution of the remaining assets of the Company. The Company received approval from the IID prior to paying quarterly interest payments.

On June 21, 2019, the Company repaid in full its $150,000 surplus note with TA Corp. The Company received approval from the IID prior to its repayment of the surplus note as well as prior to making quarterly interest payments.

Additional information related to the outstanding surplus notes at December 31, 2019 and 2018 is as follows:


For Year Ending	Balance Outstanding		Interest Paid Current Year		Cumulative Interest Paid		Accrued Interest
2019	$	—	$	4,275	$	148,275	$	—
2018	$	150,000	$	9,000	$	144,000	$	2,250

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

11. Securities Lending

The Company participates in an agent-managed securities lending program in which the Company primarily loans out US Treasuries and other bonds. The Company receives collateral equal to 102% of the fair value of the loaned government or other domestic securities as of the transaction date. If the fair value of the collateral is at any time less than 102% of the fair value of the loaned securities, the counterparty is mandated to deliver additional collateral, the fair value of which, together with the collateral already held in connection with the lending transaction, is at least equal to 102% of the fair value of the loaned government or other domestic securities. In the event the Company loans a foreign security and the denomination of the currency of the collateral is other than the denomination of the currency of the loaned foreign security, the Company receives and maintains collateral equal to 105% of the fair value of the loaned security.

At December 31, 2019 and 2018, respectively, securities with a fair value of $1,121,274 and $1,791,674 were on loan under securities lending agreements. At December 31, 2019 and 2018, the collateral the Company received from securities lending activities was in the form of cash and on open terms. This cash collateral is reinvested and is not available for general corporate purposes. The reinvested cash collateral has a fair value of $1,246,827 and $1,835,122 at December 31, 2019 and 2018, respectively.

The contractual maturities of the securities lending collateral positions are as follows:


	Fair Value
	2019		2018
Open	$	1,246,827	$	1,842,557

Total		1,246,827		1,842,557
Securities received		—		—

Total collateral received	$	1,246,827	$	1,842,557

The Company receives primarily cash collateral in an amount in excess of the fair value of the securities lent. The Company reinvests the cash collateral into higher yielding securities than the securities which the Company has lent to other entities under the arrangement.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The maturity dates of the reinvested securities lending collateral are as follows:


	2019				2018
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Open	$	43,483	$	43,483	$	245,460	$	245,460
30 days or less		342,947		342,947		478,305		478,305
31 to 60 days		509,716		509,716		335,517		335,517
61 to 90 days		124,351		124,351		190,847		190,847
91 to 120 days		121,552		121,552		329,816		329,816
121 to 180 days		104,778		104,778		251,440		251,440
1 to 2 years		—		—		417		417
2 to 3 years		—		—		935		935
Greater than 3 years		—		—		2,385		2,385

Total		1,246,827		1,246,827		1,835,122		1,835,122
Securities received		—		—		—		—

Total collateral reinvested	$	1,246,827	$	1,246,827	$	1,835,122	$	1,835,122

Collateral for securities lending transactions that extend beyond one year from the report date is as follows:


Description of collateral	2019		2018
ABS Autos	$	—	$	1,352
ABS Credit Cards		—		2,385

Total collateral extending beyond one year of the reporting date	$	—	$	3,737

For securities lending, the Company’s source of cash used to return the cash collateral is dependent upon the liquidity of the current market conditions. Under current conditions, the Company has securities with a par value of $1,248,011 (fair value of $1,246,827) that are currently tradable securities that could be sold and used to pay for the $1,246,827 in collateral calls that could come due under a worst-case scenario.

12. Retirement and Compensation Plans

Defined Contribution Plans

The Company’s employees participate in a contributory defined contribution plan sponsored by TA Corp which is qualified under Section 401(k) of the Internal Revenue Code (IRC). Generally, employees of the Company who customarily work at least 20 hours per week and meet the other eligibility requirements are participants of the plan. Participants may elect to contribute up to 100% of eligible earnings, subject to government or other plan restrictions for certain key employees. The Company will match an amount up to three percent of the participant’s eligible earnings. Participants may direct all of their contributions and plan balances to be invested in a variety of investment options. The plan is subject to the reporting and disclosure requirements of the Employee Retirement Income Security Act of 1974, as amended (ERISA). Benefits expense of $11,926, $12,769 and $13,133 was allocated to the Company for the years ended December 31, 2019, 2018 and 2017 respectively.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Defined Benefit Plans

The Company’s employees participate in a qualified defined benefit pension plan sponsored by TA Corp. Generally, employees of the Company who customarily work at least 20 hours per week and complete six months of continuous service and meet the other eligibility requirements are participants of the plan. The Company has no legal obligation for the plan. The benefits are based on years of service and the employee’s eligible compensation. The plan provides benefits based on a traditional final average formula or a cash balance formula. The plan is subject to the reporting and disclosure requirements of ERISA.

TA Corp sponsors supplemental retirement plans to provide the Company’s senior management with benefits in excess of normal pension benefits. The Company has no legal obligation for the plan. The plans are noncontributory and benefits are based on years of service and the employee’s eligible compensation. The plan provides benefits based on a traditional final average formula or cash balance formula. The plans are unfunded and nonqualified under the IRC.

The Company recognizes pension expense equal to its allocation from TA Corp. The pension expense related to both the qualified defined pension plan and the supplemental retirement plans is allocated among the participating companies based on International Accounting Standards 19 (IAS 19), Accounting for Employee Benefits, and based upon actuarial participant benefit calculations, which is within the guidelines of SSAP No. 102, Pensions. Pension expenses were $23,904, $23,481 and $30,676 for the years ended December 31, 2019, 2018 and 2017, respectively.

In addition to pension benefits, TA Corp sponsors unfunded plans that provide health care and life insurance benefits to retired Company employees meeting certain eligibility requirements. The Company has no legal obligation for the plan. Portions of the medical and dental plans are contributory. The expenses of the postretirement plans are allocated among the participating companies based on IAS 19 and based upon actuarial participant benefit calculations which is within the guidelines of SSAP No. 92, Postretirement Benefits Other Than Pensions. The Company’s allocation of postretirement expenses was $5,037, $5,027 and $7,332 for the years ended December 31, 2019, 2018 and 2017, respectively.

Other Plans

TA Corp has established deferred compensation plans for certain key employees of the Company. The Company’s allocation of expense for these plans for each of the years ended December 31, 2019, 2018 and 2017 was insignificant.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

13. Related Party Transactions

The Company shares certain officers, employees and general expenses with affiliated companies.

The Company is party to a shared services and cost sharing agreement among and between the Transamerica companies, under which various affiliated companies may perform specified administrative functions in connection with the operation of the Company, in consideration of reimbursement of actual costs of services rendered. The Company is also party to a service agreement with TFLIC, in which the Company provides services, including accounting, data processing and other professional services, in consideration of reimbursement of the actual costs of services rendered. The Company is also a party to a Management and Administrative and Advisory agreement with AEGON USA Realty Advisors, LLC whereby the advisor serves as the administrator and advisor for the Company’s mortgage loan operations. AEGON USA Investment Management, LLC acts as a discretionary investment manager under an Investment Management Agreement with the Company. The amount received by the Company as a result of being a party to these agreements was $920,368, $894,440 and $1,117,864 during 2019, 2018 and 2017, respectively. The amount paid as a result of being a party to these agreements was $559,946, $596,861 and $826,172 during 2019, 2018 and 2017, respectively. Fees charged between affiliates approximate their cost. The Company has an administration service agreement with Transamerica Asset Management, Inc. to provide administrative services to the Transamerica Series Trust. The Company received $130,182, $138,490 and $150,063 for these services during 2019, 2018 and 2017, respectively.

Transamerica Capital, Inc. provides wholesaling distribution services for the Company under a distribution agreement. The Company incurred expenses under this agreement of $50,537, $40,865 and $37,060 for the years ended December 31, 2019, 2018 and 2017, respectively.

Receivables from and payables to affiliates bear interest at the thirty-day commercial paper rate. During 2019, 2018 and 2017, the Company received (paid) net interest of ($1,760), ($476) and ($869) from (to) affiliates, respectively. At December 31, 2019 and 2018, respectively, the Company reported net payables from affiliates of $29,972 and $44,462. Terms of settlement require that these amounts are settled within 60 days.

At December 31, 2019, the Company had short-term intercompany notes receivable of $240,300 as follows. In accordance with SSAP No. 25, Affiliates and Other Related Parties, these notes are reported as short-term investments.

Receivable from

Amount

Due By

Interest
Rate

TA Corp

77,700

September 4, 2020

2.04

TA Corp

1,400

September 5, 2020

2.04

TA Corp

43,700

September 19, 2020

2.04

TA Corp

49,000

October 21, 2020

1.92

TA Corp

43,500

December 26, 2020

1.61

TA Corp

25,000

December 29, 2020

1.61

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

At December 31, 2018, the Company had short-term intercompany notes receivable of $261,000.


Receivable from	Amount		Due By		Interest Rate
TA Corp	$	220,500		December 13, 2019		2.31	%
TA Corp		40,500		December 21, 2019		2.31	%

In prior years, the Company purchased life insurance policies covering the lives of certain employees of the Company from an affiliate, TPLIC. At December 31, 2019 and 2018, the cash surrender value of these policies was $182,753 and $179,004, respectively, and is included in Other assets on the balance sheets. In addition, the Company also issued life insurance policies to an affiliate, TPLIC, covering the lives of certain employees of that affiliate. Aggregate reserves for policies and contracts related to these policies are $170,124 and $167,126 at December 31, 2019 and 2018, respectively, and is included in Aggregate reserves for policies and contracts on the Balance Sheets.

The Company utilizes the look-through approach in valuing its investment in the following entities.


Real Estate Alternatives Portfolio 2, LLC	$	22,345
Real Estate Alternatives Portfolio 3, LLC	$	18,419
Real Estate Alternatives Portfolio 4 HR, LLC	$	95,091
Real Estate Alternatives Portfolio 4 MR, LLC	$	6,085
Aegon Multi-Family Equity Fund, LLC	$	55,911
Aegon Workforce Housing Fund 2, L.P.	$	154,601
Aegon Workforce Housing Fund 3, L.P.	$	12,477
Natural Resources Alternatives Portfolio I, LLC	$	170,193
Natural Resources Alternatives Portfolio II, LLC	$	1
Natural Resources Alternatives Portfolio 3, LLC	$	125,161
Zero Beta Fund, LLC	$	257,897

These entity’s financial statements are not audited and the Company has limited the value of its investment in these entities to the value contained in the audited financial statements of the underlying LP/LLC investments, including adjustments required by SSAP No. 97 entities and/or non-SCA SSAP No. 48, Joint Ventures, Partnerships and Limited Liability Companies, entities owned by these entities. All liabilities, commitments, contingencies, guarantees or obligations of these entities which are required to be recorded as liabilities, commitments, contingencies, guarantees or obligations under applicable accounting guidance, are reflected in the Company’s determination of the carrying value of the investment in these entities.

Effective December 31, 2017, the Company received a liquidating distribution from Investors Warranty of America, LLC (IWA), a wholly owned limited liability company reported using the equity method outlined in SSAP No. 48, fully redeeming the Company’s membership interest therein. The Company received $176,999 cash, $57,050 directly held real estate, $17,602 real estate LLC membership, $4,328 intercompany receivable, and $2,684 tax refund receivable in redemption of the Company’s equity method basis in IWA. The transaction resulted in a pre-tax realized loss of $39,953 reported on the Statements of Operations which is offset by a pre-tax $40,097 unrealized loss reduction that is reported on the Statement of Changes in Capital and Surplus.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The following tables shows the disclosures for all SCA investments, except 8bi entities, and balance sheet value (admitted and nonadmitted) as of December 31, 2019 and 2018:


December 31, 2019
SCA Entity	Percentage of SCA Ownership			Gross Amount		Admitted Amount		Nonadmitted Amount
SSAP No. 97 8a Entities
None		—	%	$	—	$	—	$	—

Total SSAP No. 97 8a Entities		XXX		$	—	$	—	$	—

SSAP No. 97 8b(ii) Entities
None		—	%	$	—	$	—	$	—

Total SSAP No. 97 8b(ii) Entities		XXX		$	—	$	—	$	—

SSAP No. 97 8b(iii) Entities
REAL ESTATE ALTERN PORT 3A INC		54	%	$	12,963	$	12,963	$	—
GARNET ASSURANCE CORP		100			—		—		—
LIFE INVESTORS ALLIANCE LLC		100			—		—		—
ASIA INVESTMENT HOLDING LTD		100			—		—		—
AEGON FINANCIAL SERVICES GROUP		100			—		—		—
GARNET ASSURANCE CORP III		100			—		—		—

Total SSAP No. 97 8b(iii) Entities		XXX		$	12,963	$	12,963	$	—

SSAP No. 97 8b(iv) Entities
TRANSAMERICA LIFE (BERMUDA) LTD		94	%	$	1,261,461	$	1,261,461	$	—

Total SSAP No. 97 8b(iv) Entities		XXX		$	1,261,461	$	1,261,461	$	—

Total SSAP No. 97 8b Entities (except 8bi entities)		XXX		$	1,274,424	$	1,274,424	$	—

Aggregate Total		XXX		$	1,274,424	$	1,274,424	$	—


December 31, 2018
SCA Entity	Percentage of SCA Ownership			Gross Amount		Admitted Amount		Nonadmitted Amount
SSAP No. 97 8a Entities
None		—	%	$	—	$	—	$	—

Total SSAP No. 97 8a Entities		XXX		$	—	$	—	$	—

SSAP No. 97 8b(ii) Entities
None		—	%	$	—	$	—	$	—

Total SSAP No. 97 8b(ii) Entities		XXX		$	—	$	—	$	—

SSAP No. 97 8b(iii) Entities
REAL ESTATE ALTERN PORT 3A INC		54	%	$	22,419	$	22,419	$	—
GARNET ASSURANCE CORP		100			—		—		—
LIFE INVESTORS ALLIANCE LLC		100			—		—		—
AEGON FINANCIAL SERVICES GROUP		100			—		—		—
GARNET ASSURANCE CORP III		100			—		—		—

Total SSAP No. 97 8b(iii) Entities		XXX		$	22,419	$	22,419	$	—

SSAP No. 97 8b(iv) Entities
TRANSAMERICA LIFE (BERMUDA) LTD		94	%	$	1,000,646	$	1,000,646	$	—

Total SSAP No. 97 8b(iv) Entities		XXX		$	1,000,646	$	1,000,646	$	—

Total SSAP No. 97 8b Entities (except 8bi entities)		XXX		$	1,023,065	$	1,023,065	$	—

Aggregate Total		XXX		$	1,023,065	$	1,023,065	$	—

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The following table shows the NAIC responses for the SCA filings (except 8bi entities):


December 31, 2019
SCA Entity	Type of NAIC Filing*		Date of Filing to the NAIC		NAIC Valuation Amount		NAIC Response Received Y/N		NAIC Disallowed Entities Valuation Method, Submission Required Y/N		Code**
SSAP No. 97 8a Entities
None					$	—

Total SSAP No. 97 8a Entities		—		—	$	—		—		—		—

SSAP No. 97 8b(ii) Entities
None					$	—

Total SSAP No. 97 8b(ii) Entities		—		—	$	—		—		—		—

SSAP No. 97 8b(iii) Entities
REAL ESTATE ALTERN PORT 3A INC		S2		10/31/2019	$	20,940		Y		N		I
GARNET ASSURANCE CORP		NA		—		—		—		—		I
LIFE INVESTORS ALLIANCE LLC		NA		—		—		—		—		I
ASIA INVESTMENT HOLDING LTD		NA		—		—		—		—		I
AEGON FINANCIAL SERVICES GROUP		NA		—		—		—		—		I
GARNET ASSURANCE CORP III		NA		—		—		—		—		I

Total SSAP No. 97 8b(iii) Entities		—		—	$	20,940		—		—		—

SSAP No. 97 8b(iv) Entities
TRANSAMERICA LIFE (BERMUDA) LTD		S2		1/21/2020	$	608,633		Y		N		I

Total SSAP No. 97 8b(iv) Entities		—		—	$	608,633		—		—		—

Total SSAP No. 97 8b Entities (except 8bi entities)		—		—	$	629,573		—		—		—

Aggregate Total		—		—	$	629,573		—		—		—

*	S1 – Sub1, S2 – Sub2 or RDF – Resubmission of Disallowed Filing

**	I – Immaterial or M – Material

⁽¹⁾	NAIC Valuation Amount is as of the Filing Date to the NAIC

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


December 31, 2018
SCA Entity	Type of NAIC Filing*		Date of Filing to the NAIC		NAIC Valuation Amount		NAIC Response Received Y/N		NAIC Disallowed Entities Valuation Method, Submission Required Y/N		Code**
SSAP No. 97 8a Entities
None					$	—

Total SSAP No. 97 8a Entities		—		—	$	—		—		—		—

SSAP No. 97 8b(ii) Entities
None					$	—

Total SSAP No. 97 8b(ii) Entities		—		—	$	—		—		—		—

SSAP No. 97 8b(iii) Entities
REAL ESTATE ALTERN PORT 3A INC		S2		12/21/2018	$	16,471		Y		N		I
GARNET ASSURANCE CORP		NA		—		—		Y		N		I
LIFE INVESTORS ALLIANCE LLC		NA		—		—		Y		N		I
AEGON FINANCIAL SERVICES GROUP		NA		—		—		Y		N		I
GARNET ASSURANCE CORP III		NA		—		—		N		N		I

Total SSAP No. 97 8b(iii) Entities		—		—	$	16,471		—		—		—

SSAP No. 97 8b(iv) Entities
TRANSAMERICA LIFE (BERMUDA) LTD		S2		10/8/2018	$	815,587		N		N		I

Total SSAP No. 97 8b(iv) Entities		—		—	$	815,587		—		—		—

Total SSAP No. 97 8b Entities (except 8bi entities)		—		—	$	832,058		—		—		—

Aggregate Total		—		—	$	832,058		—		—		—

*	S1 – Sub1, S2 – Sub2 or RDF – Resubmission of Disallowed Filing

**	I – Immaterial or M – Material

⁽¹⁾	NAIC Valuation Amount is as of the Filing Date to the NAIC

The Company reports an investment in the following insurance SCAs for which the reported statutory equity reflects a departure from NAIC SAP. Each of the insurance SCAs listed in the table below reflects an admitted asset, equal to the value of the letter of credit provided by an unaffiliated company, whereas this would not be an admitted asset recognized by SSAP No. 4, Assets and Non Admitted Assets.


		LIICA Re II, Inc.		Excess of loss reinsurance asset
		Pine Falls Re (PFRe)		Letter of credit
		MLIC Re I, Inc. (MLIC Re)		Letter of credit

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company has two Limited Purpose Subsidiaries (LPS) with prescribed practices whereby under Iowa Administrative Code 191-99.11(3), the LPS are entitled to admit the following assets that would not be admissible under the NAIC SAP:


		TLIC Oakbrook Reinsurance, Inc. (TORI)		Credit linked note
		TLIC Watertree Reinsurance, Inc. (TWRI)		Excess of loss reinsurance asset

The monetary effect on net income and surplus as a result of using an accounting practice that differed from NAIC SAP, the amount of the investment in the insurance SCA per reported statutory equity, and amount of the investment if the insurance SCA has completed statutory financial statements in accordance with the NAIC SAP. The SCAs are valued in the Company’s financial statements at zero in accordance with SSAP No. 97.

Monetary Effect on NAIC SAP

Amount of Investment

SCA Entity
(Investments in Insurance SCA Entities)

Net
Income
Increase
(Decrease)

Surplus
Increase
(Decrease)

Per
Reported
Statutory
Equity

If the Insurance
SCA Had
Completed
Statutory
Financial
Statements*

LIICA Re II**

—

(2,298,765

)

—

Pine Falls Re**

—

(1,100,000

)

—

MLIC Re**

—

(770,000

)

—

TLIC Oakbrook Reinsurance, Inc.

—

(3,383,614

)

1,238,107

—

TLIC Watertree Reinsurance, Inc.

—

(858,258

)

544,597

—

*	Per AP&P Manual (without permitted or prescribed practices)

**	The SCA is valued at zero in the Company’s financial statements

Had the above SCA entities not been permitted to recognize the letters of credit, excess of loss reinsurance assets, or the credit linked note as admitted assets in the financial statements, the risk-based capital would have been below the mandatory control level which would have triggered a regulatory event.

Information regarding the Company’s affiliated reinsurance transactions is available in Note 8. Reinsurance.

Information regarding the Company’s affiliated guarantees is available in Note 14. Commitments and Contingencies.

14. Commitments and Contingencies

At December 31, 2019 and 2018, the Company has mortgage loan commitments of $177,098 and $238,370, respectively.

The Company has contingent commitments of $732,478 and $718,870 as of December 31, 2019 and 2018, respectively, to provide additional funding for various joint ventures, partnerships, and limited liability companies, which includes LIHTC commitments of $26,728 and $55,107, respectively.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company leases office buildings and equipment under various non-cancelable operating lease agreements. Rental expense for the years 2019 and 2018 was $12,478 and $11,086, respectively.

Private placement commitments outstanding as of December 31, 2019 and 2018 were $81,493 and $78,516, respectively.

The Company sold $101,473 and $1,658 of “to-be-announced” (TBA) securities as of December 31, 2019 and 2018, respectively. Due to different counterparties, the receivable related to these TBAs was not reclassed.

The Company may pledge cash as collateral for derivative transactions. When cash is pledged as collateral, it is derecognized and a receivable is recorded to reflect the eventual return of that cash by the counterparty. The amount of cash collateral pledged by the Company as of December 31, 2019 and 2018, respectively, was $80,993 and $6,782.

At December 31, 2019 and 2018, securities in the amount of $46,975 and $254,930, respectively, were posted to the Company as collateral from derivative counterparties. The securities were not included on the Company’s balance sheets as the Company does not have the ability to sell or repledge the collateral.

The Company has provided back-stop guarantees for the performance of non-insurance affiliates or subsidiaries that are involved in the guaranteed sale of investments in low-income housing tax credit partnerships. The nature of the obligation is to provide third party investors with a minimum guaranteed annual and cumulative return on their contributed capital which is based on tax credits and tax losses generated from the low income housing tax credit partnerships. Guarantee payments arise if low income housing tax credit partnerships experience unexpected significant decreases in tax credits and tax losses or there are compliance issues with the partnerships. A significant portion of the remaining term of the guarantees is between 13-18 years. In the event the Company is required to make a payment under this guarantee, the payment would be reflected in the Company’s financial statements as a decrease in net investment income. No payments are required as of December 31, 2019. The current assessment of risk of making payments under these guarantees is remote.

The Company has guaranteed to the Monetary Authority of Singapore (MAS) that it will provide adequate funds to make up for any liquidity shortfall in its wholly-owned foreign life insurance subsidiary, Transamerica Life Bermuda LTD (TLB) (Singapore Branch), and continue to meet, pay and settle all present and future obligations of TLB. As of December 31, 2019, there is no payment or performance risk because TLB has adequate liquidity as of this date.

The Company has guaranteed to the Hong Kong Insurance Authority that it will provide the financial support to TLB for maintaining TLB’s solvency at all times so as to enable TLB to promptly meet its obligations and liabilities. If at any time the value of TLB’s assets do not exceed its liabilities by the prevailing acceptable level of solvency, the Company will increase the

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

paid up share capital of TLB or provide financial assistance to TLB to maintain the acceptable level of solvency. An acceptable level of solvency is net assets at one hundred and fifty percent of the required margin of solvency as stipulated under the Insurance Companies (Margin of Solvency) Regulation. As of December 31, 2019, there is no payment or performance risk because TLB is able to meet its obligations and has assets in excess of its liabilities by the prevailing level of solvency as of this date.

The Company has guaranteed that TLB will (1) maintain tangible net worth of at least equal to the greater of 165% of Standard & Poor’s Risk-Based Capital and the minimum required by regulatory authorities in all jurisdictions in which TLB operates, (2) have, at all times, sufficient cash to pay all contractual obligations in a timely manner and (3) have a maximum operating leverage ratio of 20 times. TLIC can terminate this agreement upon thirty days written notice, but not until TLB attains a rating from Standard & Poor’s the same as without the support from this agreement, or the entire book of TLB business is transferred provided that it is transferred to an entity with a rating from S&P that is the same as or better than TLIC’s then current rating or AA, whichever is lower. As of December 31, 2019, there is no payment or performance risk because TLB has adequate tangible net worth, sufficient cash to meet its obligations and an operating leverage ratio not in excess of 20 times as of this date.

The Company is not able to estimate the financial statement impact or the maximum potential amount of future payments it could be required to make under these three guarantees as they are considered to be unlimited under the provisions of SSAP No. 5R.

The Company has provided a guarantee to TLB’s (Singapore Branch) policyholders. If TLB fails to pay a valid claim solely by reason of it becoming insolvent as defined by Bermuda law, then the Company shall pay directly to the policy owner or named beneficiary the amount of the valid claim. At December 31, 2019 and 2018, TLB holds related statutory-basis policy and claim reserves of $2,334,649 and $2,212,527, respectively, which would be the maximum potential amount of future payments the Company could be required to make under this guarantee. In the event the Company is required to make a payment under this guarantee, the payment would be reflected in the Company’s financial statements as an increase to incurred claims. As of December 31, 2019, there is no payment or performance risk because TLB is not insolvent as of this date.

The Company has provided a guarantee to TLB’s (Hong Kong Branch) policyholders. If TLB fails to pay a valid claim solely by reason of it becoming insolvent as defined by Bermuda law, then the Company shall pay directly to the policy owner or named beneficiary the amount of the valid claim. At December 31, 2019 and 2018, TLB policies covered by this guarantee would have resulted in US statutory policy and claim reserves of $3,585,273 and $3,458,012, respectively, which would represent a fair measure of the maximum potential amount of future payments the Company under this guarantee based on the US statutory reserve requirements. TLB is a subsidiary of the Company and TLB has invested assets supporting these policies which mitigates this risk. In the event the Company is required to make a payment under this guarantee, the payment would be reflected in the Company’s financial statements as an increase to incurred claims. As of December 31, 2019, there is no payment or performance risk because TLB is not insolvent as of this date.

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company did not recognize a liability for any of the TLB guarantees due to the adoption of SSAP No. 5R, as a liability is not required for guarantees to or on behalf of a wholly-owned subsidiary. Management monitors TLB’s financial condition, and there are no indications that TLB will become insolvent. As such, management feels the risk of payment under these guarantees on behalf of TLB is remote.

The Company is a party to a fee agreement with TLB whereby the Company continues to provide the guarantees with respect to TLB described in the paragraphs above. The Company received $577 and $587 under this agreement in 2019 and 2018, respectively.

The Company has provided guarantees for the obligations of noninsurance affiliates who have accepted assignments of structured settlement payment obligations from other insurers and purchase structured settlement insurance policies from subsidiaries of the Company that match those obligations. The guarantees made by the Company are specific to each structured settlement contract and vary in date and duration of the obligation. These are numerous and are backed by the reserves established by the Company to represent the present value of the future payments for those contracts. The direct statutory reserve established at December 31, 2019 and 2018 for the total payout block is $3,154,349 and $3,235,571, respectively. As this reserve is already recorded on the balance sheets of the Company, there was no additional liability recorded due to the adoption of SSAP No. 5R.

During 2019, the Company entered into an agreement with Aegon USA Realty Advisors, LLC to commit to purchase certain tax credit investments up to a maximum of $100,000. Under the terms of the agreement, the Company provides certain commitments to purchase tax credit investments that are part of tax credit funds in the event certain conditions are met. The Company did not acquire any tax credit investments during 2019 under this agreement. As of December 31, 2019, the commit to purchase amount is $47,890.

The following table provides an aggregate compilation of guarantee obligations as of December 31, 2019 and 2018:


	December 31
	2019		2018
Aggregate maximum potential of future payments of all guarantees (undiscounted)	$	5,919,933	$	5,670,570

Current liability recognized in financial statements:
Noncontingent liabilities		—		—

Contingent liabilities		—		—

Ultimate financial statement impact if action required:
Incurred claims		5,919,922		5,670,539
Other		11		31

Total impact if action required	$	5,919,933	$	5,670,570

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company is a member of the FHLB of Des Moines. Through its membership, the Company has conducted business activity (borrowings) with the FHLB. It is part of the Company’s strategy to utilize these funds for asset and liability management and spread lending purposes. The Company has determined the actual/estimated long-term maximum borrowing capacity as $3,472,120. The Company calculated this amount in accordance with the terms and conditions of agreement with FHLB of Des Moines.

At December 31, 2019 and 2018, the Company purchased/owned the following FHLB stock as part of the agreement:


	Year Ended December 31
	2019		2018
Membership Stock:
Class A	$	—	$	—
Class B		10,000		10,000
Activity Stock		32,800		123,400
Excess Stock		—		—

Total	$	42,800	$	133,400

At December 31, 2019 and 2018, Membership Stock (Class A and B) Eligible for Redemption and the anticipated timeframe for redemption was as follows:

Less Than
6 Months

6 Months to
Less Than 1
Year

1 to Less
Than 3
Years

3 to 5
Years

December 31, 2019

Membership Stock

Class A

—

Class B

—

10,000

Total

—

10,000


	Less Than 6 Months		6 Months to Less Than 1 Year		1 to Less Than 3 Years		3 to 5 Years
December 31, 2018
Membership Stock
Class A	$	—	$	—	$	—	$	—
Class B		—		—		—		10,000

Total	$	—	$	—	$	—	$	10,000

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

At December 31, 2019 and 2018, the amount of collateral pledged and the maximum amount pledged to the FHLB was as follows:


	Fair Value		Carry Value
December 31, 2019
Total Collateral Pledged	$	1,334,507	$	1,259,059
Maximum Collateral Pledged		4,031,902		4,029,873


	Fair Value		Carry Value
December 31, 2018
Total Collateral Pledged	$	4,379,240	$	4,405,503
Maximum Collateral Pledged		5,176,835		5,131,250

At December 31, 2019 and 2018, the borrowings from the FHLB were as follows:


	December 31, 2019				December 31, 2018
	General Account		Funding Agreements Reserves Established		General Account		Funding Agreements Reserves Established
Debt¹	$	820,000	$	—	$	2,820,000	$	—
Funding agreements²		—		—		265,000		266,742

Total	$	820,000	$	—	$	3,085,000	$	266,742

¹The maximum amount of borrowing during 2019 was $2,695,000

²The maximum amount of borrowing during 2019 was $0

As of December 31, 2019, the weighted average interest rate on FHLB advances was 2.183% with a weighted average term of 2.3 years. As of December 31, 2018, the weighted average interest rate on FHLB advances was 2.602% with a weighted average term of 4.3 years.

At December 31, 2019, the borrowings from the FHLB were not subject to prepayment penalties.

The Company has issued synthetic GIC contracts to benefit plan sponsors totaling $1,953,828 and $1,905,244 as of December 31, 2019 and 2018, respectively. A synthetic GIC is an off-balance sheet fee-based product sold primarily to tax qualified plans, where the plan sponsor retains ownership and control of the related plan assets and the Company provides book value benefit responsiveness to qualified participant withdrawals, in the event withdrawals requested exceeds plan cash flows. In certain contracts, the Company agrees to make advances to meet benefit withdrawal needs and earns a market interest rate on these advances. A periodically adjusted contract-crediting rate is a means by which investment and benefit responsiveness experience is passed through to participants. In return for the book value benefit responsiveness guarantee, the Company receives a premium that varies based on such elements as benefit responsiveness exposure and contract size. The Company underwrites the plans for the possibility of having to make benefit payments and also must agree to the investment guidelines ensuring the appropriate credit quality and cash flow. Funding requirements to date have been minimal and management does not anticipate any future material funding requirements to have a material impact on the reported financial results. In compliance with statutory guidelines, no reserves were recorded at December 31, 2019.

100

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company is party to legal proceedings involving a variety of issues incidental to its business, including class action lawsuits. Lawsuits may be brought in any federal or state court in the United States or in an arbitral forum. In addition, there continues to be significant federal and state regulatory activity relating to financial services companies. The Company’s legal proceedings are subject to many variables, and given their complexity and scope, outcomes cannot be predicted with certainty. Although legal proceedings sometimes includes substantial demands for compensatory and punitive damages, and injunctive relief, damages arising from such demands are typically not to be material to the Company’s financial position.

The Company has been named in class actions and individual lawsuits relating to increases in monthly deduction rates (MDR) on universal life products. The Company continues to defend against various lawsuits initiated by opt outs of one federal class action filed in the Central District of California that was settled in 2018 and approved in 2019. While the settlement has been administered for participating class members, the Company continues to hold a provision for opt out policyholder litigation. The Company also continues to defend other class actions and individual actions relating to MDR increases on different blocks of universal life insurance policies.

The Company is subject to insurance guaranty laws in the states in which it writes business. These laws provide for assessments against insurance companies for the benefit of policyholders and claimants in the event of insolvency of other insurance companies. Assessments are charged to operations when received by the Company, except where right of offset against other taxes paid is allowed by law. Amounts available for future offsets are recorded as an asset on the Company’s balance sheets. The future obligation for known insolvencies has been accrued based on the most recent information available from the National Organization of Life and Health Insurance Guaranty Associations. Potential future obligations for unknown insolvencies are not determinable by the Company and are not required to be accrued for financial reporting purposes. The Company has established a reserve of $7,066 and $7,893 and an offsetting premium tax benefit $5,402 and $6,198 at December 31, 2019 and 2018, respectively, for its estimated share of future guaranty fund assessments related to several major insurer insolvencies. The guaranty fund (benefit) expense was $2,296, $400 and $216, for the years ended December 31, 2019, 2018 and 2017, respectively.

15. Sales, Transfer, and Servicing of Financial Assets and Extinguishments of Liabilities

The Company is party to municipal repurchase agreements which were established via bilateral trades and accounted for as secured borrowings. For municipal repurchase agreements, the Company rigorously manages asset/liability risks via an integrated risk management framework. The Company’s liquidity position is monitored constantly, and factors heavily in the management of the asset portfolio. Projections comparing liquidity needs to available resources in both adverse and routine scenarios are refreshed monthly. The results of these projections on time horizons ranging from 16 months to 24 months are the basis for the near-term liquidity planning. This liquidity model excludes new business (non applicable for the spread business), renewals and other sources of cash and assumes all liabilities are paid off on the earliest dates required. Interest rate risk is carefully managed, in part through rigorously defined and monitored derivatives programs.

101

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The following tables provide information on the securities sold under the municipal repurchase agreements for four quarters of 2019 and 2018:

December 31, 2019

First
Quarter

Second
Quarter

Third
Quarter

Fourth
Quarter

Maximum Amount

BACV

XXX

113,025

Fair Value

218,538

207,007

231,989

125,603

Ending Balance

BACV

XXX

113,025

Fair Value

170,891

207,007

231,989

125,603


December 31, 2018
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Maximum Amount
BACV		XXX		XXX		XXX	$	215,269
Fair Value	$	171,138	$	190,768	$	225,811	$	225,409
Ending Balance
BACV		XXX		XXX		XXX	$	205,405
Fair Value	$	171,138	$	188,120	$	225,811	$	217,575


	2019						2018
	NAIC 1		NAIC 2		Total		NAIC 1		NAIC 2		Total
Bonds—BACV	$	111,825	$	1,200	$	113,025	$	193,398	$	12,007	$	205,405
Bonds—FV		124,403		1,200		125,603		205,526		12,049		217,575

These securities have maturity dates that range from 2020 to 2097.

102

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The following table provides information on the cash collateral received and liability to return collateral under the municipal repurchase agreements for four quarters of 2019 and 2018:

December 31, 2019

First
Quarter

Second
Quarter

Third
Quarter

Fourth
Quarter

Maximum Amount

Cash

125,952

157,496

174,120

99,794

Ending Balance ⁽¹⁾

Cash

125,952

154,345

78,286

97,858

⁽¹⁾	The remaining collateral held was greater than 90 days from contractual maturity.


December 31, 2018
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Maximum Amount
Cash	$	122,018	$	152,634	$	167,228	$	98,835
Ending Balance
Cash	$	121,892	$	148,082	$	78,013	$	95,515

The Company enters into dollar repurchase agreements in which securities are delivered to the counterparty once adequate collateral has been received. At December 31, 2019 and 2018, the Company had dollar repurchase agreements outstanding in the amount of $450,208 and $215,483, respectively, which is included in borrowed money on the balance sheets. Those amounts include accrued interest of $1,379 and $1,125, at December 31, 2019 and 2018, respectively. At December 31, 2019, securities with a book value of $550,333 and a fair value of $551,504 were subject to dollar repurchase agreements. These securities have maturity dates that range from October 1, 2034 to October 1, 2049. At December 31, 2018, securities with a book value of $371,260 and a fair value of $368,256 were subject to dollar repurchase agreements. The Company does not have the legal right to recall or substitute the underlying assets prior to the transaction’s scheduled termination. Upon scheduled termination, the counterparty is obligated to return substantially similar assets.

The contractual maturities of the dollar repurchase agreement positions are as follows:


	Fair Value
	2019		2018
Open	$	448,829	$	214,357

Total		448,829		214,357
Securities received		—		—

Total collateral received	$	448,829	$	214,357

103

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

In the course of the Company’s asset management, securities are sold and reacquired within 30 days of the sale date to enhance the Company’s yield on its investment portfolio. The details by NAIC designation 3 or below of securities sold during 2019 and reacquired within 30 days of the sale date are:


	Number of Transactions		Book Value of Securities Sold		Cost of Securities Repurchased		Gains (Losses)
Common stocks		6	$	26	$	12	$	17

16. Reconciliation to Statutory Statement

The following is a reconciliation of amounts previously reported to the Iowa Department of Financial Regulation in the 2019 Annual Statement, to those reported in the accompanying statutory-basis financial statements:


	December 31
	2019			2018
Balance Sheets
Total assets as reported in the Company’s Annual Statement	$	130,191,350		$	124,175,952
Increase in other assets		23,416			—
Increase in net deferred income tax asset		8,660			—

Total assets as reported in the accompanying audited statutory basis balance sheet	$	130,223,426		$	124,175,952

Total liabilities as reported in the Company’s Annual Statement	$	123,630,600		$	117,898,517
Increase in other liabilities		23,416			—
Increase in aggregate reserves for policies and contracts		41,240			—

Total liabilities as reported in the accompanying audited statutory basis balance sheet	$	123,695,256		$	117,898,517

Total capital and surplus as reported in the Company’s Annual Statement	$	6,560,750		$	6,277,435
Decrease in premiums		—			(14,950	)
Increase in change in aggregate reserves		(41,240	)		—
Increase in change in net deferred income tax asset		8,660			—
Increase in other changes—net		—			14,950

Total capital and surplus as reported in the accompanying audited statutory basis balance sheet	$	6,528,170		$	6,277,435

Statements of Operations
Statutory net income as reported in the Company’s Annual Statement	$	3,335,262		$	(1,408,868	)
Decrease in premiums and other considerations		(653,203	)		(635,470	)
Decrease in fee revenue and other income		—			(5,700	)
Decrease in surrender benefits		653,203			618,170
Increase in change in aggregate reserves		(41,240	)		—
Increase in federal income tax (benefit) expense		—			(8,050	)

Total net income as reported in the accompanying audited statutory basis statement of operations	$	3,294,022		$	(1,423,818	)

The reconciling differences to the Annual Statement is driven by Management’s decision to revise prior year amounts. Please refer to Revision to Prior Years in Note 3 for further details.

104

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Other adjustments relate to actuarial modeling errors and reclassification errors. The Company considered the impacts of each of these errors to be not material both individually and in the aggregate and concluded that none were significant for individual categorization herein.

17. Subsequent Events

The financial statements are adjusted to reflect events that occurred between the balance sheets date and the date when the financial statements are available to be issued, provided they give evidence of conditions that existed at the balance sheets date (Type I). The Company has not identified any Type I subsequent events for the year ended December 31, 2019 through April 27, 2020.

Events that are indicative of conditions that arose after the balance sheets date are disclosed, but do not result in an adjustment of the financial statements themselves (Type II). The Company has identified Type II subsequent events for the year ended December 31, 2019.

Since January 2020, the Coronavirus disease (COVID-19) outbreak is causing disruption to business, markets, and industry. The Company is continuously monitoring the market, and the economic factors that impact the Company, to proactively manage the associated risks. At this point, management believes that the most significant risks the Company faces are related to financial markets (particularly credit, equity, and interest rates risks), and underwriting risks (particularly related to mortality, morbidity and policyholder behavior). As of the audit report release date, the Company continues to monitor and evaluate the impacts of the COVID-19 crisis on the Company’s 2020 results through the use of sensitivities and stress testing. While it is too early to provide long-term impacts, if any, management has determined the Company remains strongly capitalized with RBC remaining within target limits set by the capital management policy.

The Company is defending a class action lawsuit and individual lawsuits relating to increases in MDR on universal life products. A settlement announced in the class action lawsuit in early April 2020 will result in the establishment of an estimated $94,000 reserve, which will be reflected in the Company’s first quarter of 2020 results. If the settlement is ultimately approved by the court, the Company expects to fund the settlement in third or fourth quarter of 2020.

105

Transamerica Life Insurance Company

Appendix A – Listing of Affiliated Companies

Transamerica Corporation

EIN: 42-1484983

AFFILIATIONS SCHEDULE

YEAR ENDED DECEMBER 31, 2019

Attachment to Note 9


Entity Name	FEIN
Transamerica Corporation		42-1484983
Aegon Asset Management Services Inc		39-1884868
Aegon Direct Marketing Services Inc		42-1470697
Aegon Financial Services Group Inc		41-1479568
Aegon Institutional Markets Inc		61-1085329
Aegon Management Company		35-1113520
Aegon USA Real Estate Services Inc		61-1098396
Aegon USA Realty Advisors of CA		20-5023693
AFSG Securities Corporation		23-2421076
AUSA Properties Inc		27-1275705
Commonwealth General Corporation		51-0108922
Creditor Resources Inc		42-1079584
CRI Solutions Inc		52-1363611
Financial Planning Services Inc		23-2130174
Garnet Assurance Corporation		11-3674132
Garnet Assurance Corporation II		14-1893533
Garnet Assurance Corporation III		01-0947856
Intersecurities Ins Agency		42-1517005
LIICA RE II		20-5927773
Massachusetts Fidelity Trust		42-0947998
MLIC RE I Inc		01-0930908
Money Services Inc		42-1079580
Monumental General Administrators Inc		52-1243288
Pearl Holdings Inc I		20-1063558
Pearl Holdings Inc II		20-1063571
Pine Falls Re Inc		26-1552330
Real Estate Alternatives Portfolio 3A Inc		20-1627078
River Ridge Insurance Company		20-0877184
Short Hills Management		42-1338496
Stonebridge Benefit Services Inc		75-2548428
Stonebridge Reinsurance Company		61-1497252
TCF Asset Management Corp		84-0642550

106

Transamerica Life Insurance Company

Appendix A – Listing of Affiliated Companies (continued)

Transamerica Corporation

EIN: 42-1484983

AFFILIATIONS SCHEDULE

YEAR ENDED DECEMBER 31, 2019

Attachment to Note 9


Entity Name	FEIN
TCFC Air Holdings Inc		32-0092333
TCFC Asset Holdings Inc		32-0092334
TLIC Oakbrook Reinsurance Inc.		47-1026613
TLIC Riverwood Reinsurance Inc		45-3193055
TLIC Watertree Reinsurance, Inc.		81-3715574
Tranasmerica Advisors Life Insurance Company		91-1325756
Transamerica Accounts Holding Corp		36-4162154
Transamerica Affinity Services Inc		42-1523438
Transamerica Affordable Housing Inc		94-3252196
Transamerica Agency Network Inc		61-1513662
Transamerica Asset Management		59-3403585
Transamerica Capital Inc		95-3141953
Transamerica Casualty Insurance Company		31-4423946
Transamerica Commercial Finance Corp I		94-3054228
Transamerica Consumer Finance Holding Company		95-4631538
Transamerica Corporation (OREGON)		98-6021219
Transamerica Distribution Finance Overseas Inc		36-4254366
Transamerica Finance Corporation		95-1077235
Transamerica Financial Advisors		59-2476008
Transamerica Financial Life Insurance Company		36-6071399
Transamerica Fund Services Inc		59-3403587
Transamerica Home Loan		95-4390993
Transamerica International Re (Bermuda) Ltd		98-0199561
Transamerica Investors Securities Corp		13-3696753
Transamerica Leasing Holdings Inc		13-3452993
Transamerica Life Insurance Company		39-0989781
Transamerica Pacific Insurance Co Ltd		94-3304740
Transamerica Premier Life Insurance Company		52-0419790
Transamerica Resources Inc		52-1525601
Transamerica Small Business Capital Inc		36-4251204
Transamerica Stable Value Solutions Inc		27-0648897
Transamerica Vendor Financial Services Corporation		36-4134790

107

Transamerica Life Insurance Company

Appendix A – Listing of Affiliated Companies (continued)

Transamerica Corporation

EIN: 42-1484983

AFFILIATIONS SCHEDULE

YEAR ENDED DECEMBER 31, 2019

Attachment to Note 9


Entity Name	FEIN
United Financial Services Inc		52-1263786
WFG China Holdings Inc		20-2541057
World Fin Group Ins Agency of Massachusetts Inc		04-3182849
World Financial Group Inc		42-1518386
World Financial Group Ins Agency of Hawaii Inc		99-0277127
World Financial Group Insurance Agency of WY Inc		42-1519076
World Financial Group Insurance Agency		95-3809372
Zahorik Company Inc		95-2775959
Zero Beta Fund LLC		26-1298094

108

Statutory-Basis Financial

Statement Schedules

109

Transamerica Life Insurance Company

Summary of Investments – Other Than

Investments in Related Parties

(Dollars in Thousands)

December 31, 2019

SCHEDULE I

Type of Investment

Cost (1)

Fair Value

Amount at
Which Shown in
the
Balance Sheet (2)

Fixed maturities

Bonds:

United States government and government agencies and authorities

4,124,054

5,081,559

4,306,199

States, municipalities and political subdivisions

1,315,704

1,407,331

1,315,705

Foreign governments

349,796

369,821

349,796

Hybrid securities

396,942

440,640

396,942

All other corporate bonds

19,066,967

21,344,844

19,043,825

Preferred stocks

115,659

109,845

111,630

Total fixed maturities

25,369,122

28,754,040

25,524,097

Equity securities

Common stocks:

Industrial, miscellaneous and all other

58,311

80,789

Total equity securities

58,311

80,789

Mortgage loans on real estate

5,096,613

Real estate

51,546

Policy loans

1,099,596

Other long-term investments

1,072,720

Receivable for securities

18,535

Securities lending

1,246,827

Cash, cash equivalents and short-term investments

1,453,503

Total investments

35,466,773

35,644,226

(1)	Equity securities are reported at original cost. Fixed maturities are reported at original cost reduced by repayments and adjusted for amortization of premiums and accrual of discounts.

(2)	United States government and corporate bonds of $19,690 are held at fair value rather than amortized cost due to having an NAIC 6 rating. Two preferred stock securities are held at fair value of $1,037 due to having an NAIC 4 and 5 ratings.

110

Transamerica Life Insurance Company

Supplementary Insurance Information

(Dollars in Thousands)

SCHEDULE III


	Future Policy Benefits and Expenses		Unearned Premiums		Policy and Contract Liabilities		Premium Revenue			Net Investment Income*			Benefits, Claims Losses and Settlement Expenses			Other Operating Expenses*
Year ended December 31, 2019
Individual life	$	10,421,944	$	—	$	341,604	$	1,006,977		$	642,673		$	1,171,877		$	422,774
Individual health		80,537		92,813		27,401		100,145			10,837			55,956			229,548
Group life and health		1,527,571		20,356		76,891		595,324			94,785			202,901			212,660
Annuity		14,094,715		—		33,330		10,443,660			896,030			13,853,202			(2,991,668	)

	$	26,124,767	$	113,169	$	479,226	$	12,146,106		$	1,644,325		$	15,283,936		$	(2,126,686	)

Year ended December 31, 2018
Individual life	$	11,337,912	$	—	$	378,855	$	87,370		$	746,129		$	1,605,665		$	803,671
Individual health		86,822		92,364		30,578		106,230			25,370			65,813			193,680
Group life and health		1,512,345		21,075		81,403		638,938			95,911			306,199			276,705
Annuity		14,244,431		—		37,065		9,980,980			658,084			16,182,017			(3,230,310	)
Other		—		—		—		—			141,678			—			—

	$	27,181,510	$	113,439	$	527,901	$	10,813,518		$	1,667,172		$	18,159,694		$	(1,956,254	)

Year ended December 31, 2017
Individual life	$	10,967,747	$	—	$	279,234	$	(7,804,573	)	$	(1,001,846	)	$	(1,700,459	)	$	519,906
Individual health		100,420		91,784		27,176		(1,489,124	)		1,344,780			(4,084,846	)		(885,516	)
Group life and health		1,528,445		23,229		100,510		508,023			238,217			(36,386	)		186,023
Annuity		14,355,269		—		27,887		5,271,506			1,497,683			9,199,357			(2,544,778	)
Other		—		—		—		—			437,448			—			—

	$	26,951,881	$	115,013	$	434,807	$	(3,514,168	)	$	2,516,282		$	3,377,666		$	(2,724,365	)

*	Allocations of net investment income and other operating expenses are based on a number of assumptions and estimates, and the results would change if different methods were applied.

111

Transamerica Life Insurance Company

Reinsurance

(Dollars in Thousands)

SCHEDULE IV


	Gross Amount		Ceded to Other Companies		Assumed From Other Companies		Net Amount			Percentage of Amount Assumed to Net
Year ended December 31, 2019
Life insurance in force	$	503,852,244	$	774,726,771	$	421,298,647	$	150,424,120			280	%

Premiums:
Individual life	$	2,582,854	$	2,821,951	$	1,246,074	$	1,006,977			124	%
Individual health		529,850		432,873		3,168		100,145			3	%
Group life and health		704,156		109,598		766		595,324			0	%
Annuity		10,756,542		394,566		81,684		10,443,660			1	%

	$	14,573,402	$	3,758,988	$	1,331,692	$	12,146,106			11	%

Year ended December 31, 2018
Life insurance in force	$	976,929,481	$	831,268,672	$	1,204	$	145,662,013			0	%

Premiums:
Individual life	$	2,460,547	$	3,668,683	$	1,295,506	$	87,370			1483	%
Individual health		532,131		429,165		3,264		106,230			3	%
Group life and health		753,426		131,816		17,328		638,938			3	%
Annuity		10,102,616		199,520		77,884		9,980,980			1	%

	$	13,848,720	$	4,429,184	$	1,393,982	$	10,813,518			13	%

Year ended December 31, 2017
Life insurance in force	$	537,551,597	$	887,853,357	$	484,570,357	$	134,268,597			361	%

Premiums:
Individual life	$	2,452,523	$	11,837,526	$	1,580,429	$	(7,804,574	)		-20	%
Individual health		530,052		2,022,968		3,792		(1,489,124	)		0	%
Group life and health		802,090		321,533		27,466		508,023			5	%
Annuity		9,424,428		4,218,194		65,273		5,271,507			1	%

	$	13,209,093	$	18,400,221	$	1,676,960	$	(3,514,168	)		-48	%

112

18. Subsequent Events (Unaudited)

Additional subsequent events have been evaluated for disclosure through September 28, 2020.

On May 15, 2020, TPLIC paid a dividend to its parent company, CGC, in the amount of $700,000. CGC then contributed this amount to TLIC. The dividend and contribution included $76,604 in cash and $623,396 in securities.

On June 30, 2020, the Company received $96,035 from TFLIC as consideration for TFLIC’s repurchase of its remaining 1,254 common stock shares held by the Company. The shares were redeemed at par of $125 per share with total par value of $157 and paid-in surplus of $95,878.

On June 30, 2020, the Company, Transamerica Pacific Re, Inc. (TPRe), a newly formed AXXX captive and affiliate, and TPIC entered into a novation agreement whereby the Company consented to the assignment, transfer and novation of TPIC’s obligations under the TLIC/TPIC universal life coinsurance agreements to TPRe. The novation resulted in no gain or loss. The Company then entered into a recapture agreement with TPRe to recapture universal life insurance risks for consideration of $2,124,341 equal to the statutory reserves recaptured resulting in no gain or loss. With approval from the IID, subsequent to the novation and the recapture on June 30, 2020, the Company and TPRe amended the agreements whereby the secondary guarantee is retained by TPRe.

Effective July 1, 2020, the Company entered into a reinsurance agreement with Wilton Reassurance Company to novate corporate owned life insurance policies previously issued by the company to TPLIC. The company novated $173,052 of reserves and claim reserves and paid a ceding commission of $7,400. The transaction resulted in a pre-tax loss of $7,400 which has been included in the Statements of Operations.

Effective October 1, 2020, the Company will merger with TPLIC, an Iowa domiciled affiliate, and MLIC Re, a Vermont domiciled affiliate, with the Company emerging as the surviving entity per the Plan of Merger which was approved by the Iowa Insurance Department and the Department of Financial Regulation of Vermont.

113

FINANCIAL STATEMENTS – STATUTORY BASIS

AND SUPPLEMENTARY INFORMATION

Transamerica Premier Life Insurance Company

Years Ended December 31, 2019, 2018 and 2017

Transamerica Premier Life Insurance Company

Financial Statements – Statutory Basis

and Supplementary Information

Years Ended December 31, 2019, 2018 and 2017

Contents


Report of Independent Auditors			1

Audited Financial Statements

Balance Sheets – Statutory Basis			3
Statements of Operations – Statutory Basis			4
Statements of Changes in Capital and Surplus – Statutory Basis			5
Statements of Cash Flow – Statutory Basis			7

Notes to Financial Statements – Statutory Basis

1. Organization and Nature of Business			9
2. Basis of Presentation and Summary of Significant Accounting Policies			9
3. Accounting Changes			22
4. Fair Values of Financial Instruments			22
5. Investments			31
6. Premium and Annuity Considerations Deferred and Uncollected			49
7. Policy and Contract Attributes			50
8. Reinsurance			63
9. Income Taxes			66
10. Capital and Surplus			73
11. Securities Lending			75
12. Retirement and Compensation Plans			76
13. Related Party Transactions			77
14. Managing General Agents			84
15. Commitments and Contingencies			84
16. Sales, Transfer, and Servicing of Financial Assets and Extinguishments of Liabilities			88
17. Reconciliation to Statutory Statement			89
18. Subsequent Events			89

Appendix A –Listing of Affiliated Companies			91

Statutory-Basis Financial Statement Schedules

Summary of Investments – Other Than Investments in Related Parties			95
Supplementary Insurance Information			96
Reinsurance			97

LOGO

Report of Independent Auditors

To the Board of Directors of

Transamerica Premier Life Insurance Company

We have audited the accompanying statutory-basis financial statements of Transamerica Premier Life Insurance Company (the “Company”), which comprise the balance sheets – statutory basis as of December 31, 2019 and 2018, and the related statements of operations – statutory basis, of changes in capital and surplus – statutory basis, and of cash flow – statutory basis for each of the three years in the period ended December 31, 2019.

Management’s Responsibility for the Financial Statements

Auditors’ Responsibility

Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

LOGO

Adverse Opinion on U.S. Generally Accepted Accounting Principles

Opinion on Statutory Basis of Accounting

Other Matter

Our audit was conducted for the purpose of forming an opinion on the statutory basis financial statements taken as a whole. The Supplemental Schedule of Selected Statutory - Basis Financial Data, Supplemental Schedule of Investment Risks Interrogatories – Statutory Basis, and Summary Investment Schedule – Statutory Basis (collectively, the “supplemental schedules”) of the Company as of December 31, 2019 and for the year then ended are presented to comply with the National Association of Insurance Commissioners’ Annual Statement Instructions and Accounting Practices and Procedures Manual and for purposes of additional analysis and are not a required part of the statutory-basis financial statements. The supplemental schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the statutory-basis financial statements. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the statutory-basis financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the statutory-basis financial statements or to the statutory-basis financial statements themselves and other additional procedures, in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplemental schedules are fairly stated, in all material respects, in relation to the statutory-basis financial statements taken as a whole.

/s/PricewaterhouseCoopers LLP

Chicago, Illinois

April 20, 2020

Transamerica Premier Life Insurance Company

Balance Sheets – Statutory Basis

(Dollars in Thousands)


	December 31
	2019			2018
Admitted assets
Cash, cash equivalents and short-term investments	$	728,220		$	902,074
Bonds		17,877,965			16,814,750
Preferred stocks		4,955			9,958
Common stocks		158,426			150,617
Mortgage loans on real estate		2,737,109			2,436,202
Real estate		187,639			217,646
Policy loans		962,408			936,884
Securities lending reinvested collateral assets		757,186			575,155
Derivatives		25,531			34,933
Other invested assets		1,039,664			808,423

Total cash and invested assets		24,479,103			22,886,642

Accrued investment income		226,564			219,256
Premiums deferred and uncollected		151,139			176,727
Funds held by reinsurer		524,067			453,319
Net deferred income tax asset		231,249			238,949
Other assets		396,237			365,474
Separate account assets		26,508,334			23,296,139

Total admitted assets	$	52,516,693		$	47,636,506


Liabilities and capital and surplus
Aggregate reserves for policies and contracts	$	17,894,601		$	16,965,724
Policy and contract claim reserves		463,716			434,245
Liability for deposit-type contracts		356,309			584,693
Other policyholders’ funds		9,790			11,304
Transfers from separate accounts due or accrued		(26,478	)		(41,964	)
Funds held under reinsurance treaties		641,858			689,145
Asset valuation reserve		384,650			317,840
Interest maintenance reserve		1,039,810			1,110,342
Derivatives		81,072			61,290
Payable for collateral under securitites loaned and other transactions		959,484			695,892
Borrowed money		1,434,416			1,290,299
Other liabilities		468,195			256,398
Separate account liabilities		26,508,334			23,296,139

Total liabilities		50,215,757			45,671,347

Capital and surplus
Common stock		10,137			10,137
Preferred stock		—			—
Treasury stock		—			—
Surplus notes		60,000			160,000
Paid-in surplus		1,057,861			1,057,857
Special surplus funds		1,334			—
Unassigned surplus		1,171,604			737,165

Total capital and surplus		2,300,936			1,965,159

Total liabilities and capital and surplus	$	52,516,693		$	47,636,506

See accompanying notes.

Transamerica Premier Life Insurance Company

Statements of Operations – Statutory Basis

(Dollars in Thousands)


	Year Ended December 31
	2019			2018			2017
Revenues
Premiums and annuity considerations	$	3,347,881		$	3,550,022		$	2,296,304
Net investment income		1,094,859			1,050,408			879,492
Commissions, expense allowances, and reserve adjustments on reinsurance ceded		(170,748	)		(144,423	)		239,322
Fee revenue and other income		362,101			417,003			335,473

Total revenue		4,634,093			4,873,010			3,750,591

Benefits and expenses
Death benefits		384,956			376,460			339,863
Accident and health benefits		831,058			828,511			1,049,960
Annuity benefits		318,391			258,654			289,541
Surrender benefits		1,939,577			1,176,594			1,071,731
Other benefits		60,302			67,143			68,312
Net increase (decrease) in reserves		961,715			790,001			3,400,067
Commissions		512,527			628,139			1,210,260
Net transfers to (from) separate accounts		(1,261,078	)		(332,080	)		(161,346	)
Modified coinsurance reserve adjustment assumed		(7,160	)		(13,365	)		(4,855,921	)
IMR adjustment due to reinsurance		—			—			714,351
General insurance expenses and other		510,442			453,327			453,186

Total benefits and expenses		4,250,730			4,233,384			3,580,004

Gain (loss) from operations before dividends and federal income taxes		383,363			639,626			170,587

Dividends to policyholders		1,030			1,025			1,081

Gain (loss) from operations before federal income taxes		382,333			638,601			169,506
Federal income tax (benefit) expense		39,259			30,372			903,151

Net gain (loss) from operations		343,074			608,229			(733,645	)
Net realized capital gains (losses), after tax and amounts transferred to interest maintenance reserve		229,130			(71,838	)		411,452

Net income (loss)	$	572,204		$	536,391		$	(322,193	)

See accompanying notes.

Transamerica Premier Life Insurance Company

Statements of Changes in Capital and Surplus – Statutory Basis

(Dollars in Thousands)


	Class A Common Stock		Class B Common Stock		Surplus Notes		Paid-in Surplus			Special Surplus Funds			Unassigned Surplus			Total Capital and Surplus
Balance at January 1, 2017	$	7,364	$	2,773	$	160,000	$	710,131		$	2,105		$	795,304		$	1,677,677
Net income (loss)		—		—		—		—			—			(322,193	)		(322,193	)
Change in net unrealized capital gains/losses, net of taxes		—		—		—		—			—			(23,101	)		(23,101	)
Change in net deferred income tax asset		—		—		—		—			—			(39,231	)		(39,231	)
Change in nonadmitted assets		—		—		—		—			—			(16,230	)		(16,230	)
Change in reserve on account of change in valuation basis		—		—		—		—			—			42,157			42,157
Change in asset valuation reserve		—		—		—		—			—			(64,645	)		(64,645	)
Change in surplus as a result of reinsurance		—		—		—		—			—			322,858			322,858
Dividends to stockholders		—		—		—		—			—			(350,000	)		(350,000	)
Capital Contribution		—		—		—		350,000			—			—			350,000
Other changes - net		—				—		(2,221	)		1,580			2,416			1,775

Balance at December 31, 2017		7,364		2,773		160,000		1,057,910			3,685			347,335			1,579,067
Net income (loss)		—		—		—		—			—			536,391			536,391
Change in net unrealized capital gains/losses, net of taxes		—		—		—		—			—			36,958			36,958
Change in net deferred income tax asset		—		—		—		—			—			7,833			7,833
Change in nonadmitted assets		—		—		—		—			—			20,283			20,283
Change in reserve on account of change in valuation basis		—		—		—		—			—			(7,030	)		(7,030	)
Change in asset valuation reserve		—		—		—		—			—			(27,727	)		(27,727	)
Change in surplus as a result of reinsurance		—		—		—		—			—			(179,574	)		(179,574	)
Other changes - net		—		—		—		(53	)		(3,685	)		2,696			(1,042	)

Balance at December 31, 2018	$	7,364	$	2,773	$	160,000	$	1,057,857		$	—		$	737,165		$	1,965,159

Transamerica Premier Life Insurance Company

Statements of Changes in Capital and Surplus – Statutory Basis (continued)

(Dollars in Thousands)


	Class A Common Stock		Class B Common Stock		Surplus Notes			Paid-in Surplus		Special Surplus Funds		Unassigned Surplus			Total Capital and Surplus
Balance at December 31, 2018	$	7,364	$	2,773	$	160,000		$	1,057,857	$	—	$	737,165		$	1,965,159
Net income (loss)		—		—		—			—		—		572,204			572,204
Change in net unrealized capital gains/losses, net of tax		—		—		—			—		—		51,698			51,698
Change in net deferred income tax asset		—		—		—			—		—		10,084			10,084
Change in nonadmitted assets		—		—		—			—		—		14,015			14,015
Change in reserve on account of change in valuation basis		—		—		—			—		—		30,452			30,452
Change in asset valuation reserve		—		—		—			—		—		(66,810	)		(66,810	)
Change in surplus as a result of reinsurance		—		—		—			—		—		(181,854	)		(181,854	)
Change in surplus notes		—				(100,000	)		—							(100,000	)
Dividends to stockholders		—				—			—		—		(8,444	)		(8,444	)
Other changes - net		—		—		—			4		1,334		13,094			14,432

Balance at December 31, 2019	$	7,364	$	2,773	$	60,000		$	1,057,861	$	1,334	$	1,171,604		$	2,300,936

See accompanying notes.

Transamerica Premier Life Insurance Company

Statements of Cash Flow – Statutory Basis

(Dollars in Thousands)


	Year Ended December 31
	2019			2018			2017
Operating activities
Premiums and annuity considerations	$	3,374,817		$	3,573,062		$	3,605,127
Net investment income		1,049,463			988,075			719,246
Other income		119,112			184,835			208,482
Benefit and loss related payments		(3,470,951	)		(2,617,277	)		(2,662,734	)
Net transfers from separate accounts		1,276,609			344,666			180,649
Commissions and operating expenses		(1,151,522	)		(1,242,500	)		(1,119,469	)
Dividends paid to policyholders		(1,091	)		—			—
Federal income taxes (paid) received		(25,440	)		(1,009,824	)		(14,189	)

Net cash provided by operating activities		1,170,997			221,037			917,112

Investing activities
Proceeds from investments sold, matured or repaid		3,850,764			4,220,254			3,939,238
Costs of investments acquired		(5,233,742	)		(4,906,476	)		(4,461,555	)
Net increase (decrease) in policy loans		(25,524	)		(11,481	)		997

Net cost of investments acquired		(5,259,266	)		(9,346,512	)		(4,460,558	)

Net cash provided by (used in) investing activities		(1,408,502	)		(697,703	)		(521,320	)

Financing and miscellaneous activities
Capital and paid in surplus, less treasury stock	$	(100,000	)	$	—		$	—
Capital contribution received (returned)		4			149,947			200,000
Dividends to stockholders		—			—			(350,000	)
Net deposits (withdrawals) on deposit-type contracts		(237,635	)		(155,020	)		(138,376	)
Net change in borrowed money		144,774			(188,058	)		127,948
Net change in payable for collateral under securities lending and other transactions		182,031			146,987			(130,411	)
Other cash (applied) provided		74,478			(56,482	)		168,040

Net cash provided by (used in) financing and miscellaneous activities		63,651			(102,626	)		(122,799	)

Net increase (decrease) in cash, cash equivalents and short-term investments		(173,854	)		(579,292	)		272,993
Cash, cash equivalents and short-term investments:
Beginning of year		902,074			1,481,366			1,208,373

End of year	$	728,220		$	902,074		$	1,481,366

See accompanying notes.

Transamerica Premier Life Insurance Company

Statements of Cash Flow (supplemental) – Statutory Basis

(Dollars in Thousands)


	Year Ended December 31
	2019			2018		2017
Supplemental disclosures of cash flow information
Significant non-cash activities during the year not included in the Statutory Statements of Cash Flow
Transfer of bonds and mortgage loans related to reinsurance agreement with third party	$	—		$	—	$	2,593,112
Receipt of bonds, mortgage loans, and derivatives related to affiliated reinsurance amendment		—			—		5,650,741
Tranfer of bonds to settle reinsurance obligations		—			—		22,479
Dividend received from subsidiary		11,270			30,000		100,000
Contribution receivable from parent		—			—		150,000
Asset transfer of ownership between hedge funds		—			—		88,481
Release of funds withheld related to affiliated reinsurance recapture		—			—		—
Investments received for insured securities losses		—			30,032		—
Noncash contribution (distribution) to affiliate		(8,444	)		1,360		—
Noncash return of capital from affiliate		—			5,912		—
Noncash transaction on sale of real estate		(540	)		—		—

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

December 31, 2019

1. Organization and Nature of Business

Transamerica Premier Life Insurance Company (the Company, formerly known as Monumental Life Insurance Company) is a stock life insurance company owned by Commonwealth General Corporation (CGC). CGC is an indirect, wholly-owned subsidiary of AEGON N.V., a holding company organized under the laws of The Netherlands.

The Company sells a full line of insurance products, including individual, credit, group, indexed universal life, variable universal life and variable annuities, annuity, long term care insurance, and accident and health policies as well as investment products, including guaranteed investment contracts. The Company is licensed in 49 states, the District of Columbia, Guam, and Puerto Rico. Sales of the Company’s products are through agents, brokers, financial planners, independent representatives, financial institutions, stockbrokers and direct response methods. The majority of the Company’s new life insurance, and a portion of new annuities, are written through an affiliated marketing organization.

2. Basis of Presentation and Summary of Significant Accounting Policies

Use of Estimates

Investments

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company closely monitors below investment grade holdings and investment grade issuers where the Company has concerns to determine if an other-than-temporary impairment (OTTI) has occurred. The Company also regularly monitors industry sectors. The Company considers relevant facts and circumstances in evaluating whether the impairment is other-than-temporary including: (1) the probability of the Company collecting all amounts due according to the contractual terms of the security in effect at the date of acquisition; (2) the Company’s decision to sell a security prior to its maturity at an amount below its carrying amount; and (3) the Company’s ability to hold a structured security for a period of time to allow for recovery of the value to its carrying amount. Additionally, financial condition, near term prospects of the issuer and nationally recognized credit rating changes are monitored. Non-structured securities in unrealized loss positions that are considered other-than-temporary are written down to fair value. The Company will record a charge to the statements of operations for the amount of the impairment.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

temporarily impaired are written down to discounted estimated cash flows if the impairment is the result of cash flow analysis. If the Company has an intent to sell or lack of ability to hold a structured security, it is written down to fair value. The Company will record a charge to the statements of operations for the amount of the impairments.

Investments in both affiliated and unaffiliated preferred stocks in good standing (those with NAIC designations RP1 to RP3 and P1 to P3), are reported at cost or amortized cost, depending on the characteristics of the securities. Investments in preferred stocks not in good standing (those with NAIC designations RP4 to RP6 and P4 to P6), are reported at the lower of cost, amortized cost, or fair value, depending on the characteristics of the securities. The related net unrealized capital gains and losses for all NAIC designations are reported in changes in capital and surplus.

The Company owns stock issued by the Federal Home Loan Bank (FHLB), which is only redeemable at par, and its fair value is presumed to be par, unless other-than-temporarily impaired.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company has interests in joint ventures and limited partnerships. The Company carries these investments based on its interest in the underlying audited GAAP equity of the investee.

The Company’s investment in reverse mortgages is recorded net of an appropriate actuarial reserve. The actuarial reserve is calculated using the projected cash flows from the reverse mortgage product. Assumptions used in the actuarial model include an estimate of current home values, projected cash flows from the realization of the appreciated value of the property from its eventual sale (subject to certain limitations in the contract), mortality and termination rates based on group annuity mortality tables adjusted for the Company’s experience and a constant interest rate environment.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Short-term investments include investments with remaining maturities of one year or less at the time of acquisition and are principally stated at amortized cost.

Policy loans are reported at unpaid principal balances.

Valuation Reserve

Under a formula prescribed by the NAIC, the Company defers the portion of realized capital gains and losses on sales of fixed income investments, principally bonds and mortgage loans, attributable to changes in the general level of interest rates and amortizes those deferrals into net investment income over the remaining period to maturity of the bond or mortgage loan based on groupings of individual securities sold in five year bands. The net deferral is reported as the interest maintenance reserve (IMR) in the accompanying balance sheets. Realized capital gains and losses are reported in income net of federal income tax and transfers to the IMR. Under GAAP, realized capital gains and losses are reported in the statements of operations on a pre-tax basis in the period that the assets giving rise to the gains or losses are sold.

The AVR provides a valuation allowance for invested assets. The AVR is determined by an NAIC prescribed formula with changes reflected directly in unassigned surplus; AVR is not recognized for GAAP.

In 2019, the NAIC revised the AVR Factors (basic contribution, reserve objective and maximum reserve) to be consistent with the Risk Based Capital (RBC) after-tax factors, which were amended in 2018 as a result of federal tax reform. The AVR factor changes are effective for year-end 2019. As of December 31, 2019, the factor changes decreased Capital and Surplus by $54,607. The changes were recorded to the Change in Asset Valuation Reserve line of the Statements of Changes in Capital and Surplus.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Derivative Instruments

Overview: The Company may use various derivative instruments (swaps and futures) to manage risks related to its ongoing business operations. On the transaction date of the derivative instrument, the Company designates the derivative as either (A) hedging (fair value, foreign currency fair value, cash flow, foreign currency cash flow, forecasted transactions, or net investment in a foreign operation), (B) replication, (C) income generation, or (D) held for other investment/risk management activities, which do not qualify for hedge accounting under SSAP No. 86 - Derivatives.

(A)

Derivative instruments used in hedging transactions that meet the criteria of an effective hedge are valued and reported in a manner that is consistent with the hedged asset or liability (amortized cost or fair value). Embedded derivatives are not accounted for separately from the host contract. Derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge are accounted for at fair value, and the changes in the fair value are recorded in unassigned surplus as unrealized gains or losses. Under GAAP, the effective and ineffective portions of a single hedge are accounted for separately, and the change in fair value for cash flow hedges is credited or charged directly to a separate component of OCI rather than to income as required for fair value hedges, and an embedded derivative within a contract that is not clearly and closely related to the economic characteristics and the risk of the host contract is accounted for separately from the host contract and valued and reported at fair value.

(B)

Derivative instruments are also used in replication (synthetic asset) transactions. A replication transaction is a derivative transaction entered into conjunction with a cash instrument to reproduce the investment characteristics of an otherwise permissible investment. In these transactions, the derivative is accounted for in a manner consistent with the cash instrument and replicated asset. For GAAP, the derivative is reported at fair value, with the changes in fair value reported in income.

(C)

(D)

Derivative instruments held for other investment/risk management activities are measured at fair value with value adjustments recorded in unassigned surplus.

Derivative instruments are subject to market risk, which is the possibility that future changes in market prices may make the instruments less valuable. The Company uses derivatives as hedges; consequently, when the value of the hedged asset or liability changes, the value of the hedging derivative is expected to move in the opposite direction. Market risk is a consideration when changes in the value of the derivative and the hedged item do not completely offset (correlation or basis risk) which is mitigated by active measuring and monitoring.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

their high credit rating of ‘BBB’ or better. The credit exposure of interest rate swaps and currency swaps is represented by the fair value of contracts, aggregated at a counterparty level, with a positive fair value at the reporting date. The Company has entered into collateral agreements with certain counterparties wherein the counterparty is required to post assets on the Company’s behalf. The posted amount is equal to the difference between the net positive fair value of the contracts and an agreed upon threshold that is based on the credit rating of the counterparty. Inversely, if the net fair value of all contracts with this counterparty is negative, then the Company is required to post assets instead.

Instruments:

Interest rate swaps are the primary derivative financial instruments used in the overall asset/liability management process to modify the interest rate characteristics of the underlying asset or liability. These interest rate swaps generally provide for the exchange of the difference between fixed and floating rate amounts based on an underlying notional amount. Typically, no cash is exchanged at the outset of the swap contract and a single net payment is exchanged each due date. Swaps that meet hedge accounting rules are carried in a manner consistent with the hedged item, generally at amortized cost, on the financial statements. If the swap is terminated prior to maturity, proceeds are exchanged equal to the fair value of the contract. These gains and losses may be included in IMR or AVR if the underlying instrument receives that treatment. Swaps not meeting hedge accounting rules are carried at fair value with fair value adjustments recorded in unassigned surplus.

Interest rate basis swaps are used in the overall asset/liability management process to modify the interest rate characteristics of the underlying liability to mitigate the basis risk of assets and liabilities resetting on different indices. These interest rate swaps generally provide for the exchange of the difference between a floating rate on one index to a floating rate of another index, based upon an underlying notional amount. Typically, no cash is exchanged at the outset of the swap contract and a single net payment is exchanged at each due date. Swaps meeting hedge accounting rules are carried in a manner consistent with the hedged item, generally at amortized cost, in the financial statements. If the swap is terminated prior to maturity, proceeds are exchanged equal to the fair value of the contract. These gains and losses may be included in IMR or AVR if the underlying instrument receives that treatment. Swaps not meeting hedge accounting rules are carried at fair value with fair value adjustments recorded in unassigned surplus.

Cross currency swaps are utilized to mitigate risks when the Company holds foreign denominated assets or liabilities; therefore, converting the asset or liability to a U.S. dollar denominated security. These cross currency swap agreements involve the exchange of two principal amounts in two different currencies at the prevailing currency rate at contract inception. During the life of the swap, the counterparties exchange fixed or floating rate interest payments in the swapped currencies. At maturity, the principal amounts are again swapped at a pre-determined rate of exchange. Each asset or liability is hedged individually where the terms of the swap must meet the terms of the hedged instrument. For swaps qualifying for hedge accounting, the premium or discount is amortized into income over the life of the contract, and the foreign currency translation adjustment is recorded as unrealized gain/loss in capital and surplus. Swaps not meeting hedge accounting rules are carried at fair value with fair value adjustments recorded in capital and surplus. If a swap is terminated prior to maturity, proceeds are exchanged equal to the fair value of the contract. These gains and losses may be included in IMR or AVR if the hedged instrument receives that treatment.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Securities Lending Assets and Liabilities

The Company loans securities to third parties under agent-managed securities lending programs accounted for as secured borrowings. Cash collateral received which may be sold or repledged by the Company is reflected as a one-line entry on the balance sheet (securities lending reinvested collateral assets) and a corresponding liability is established to record the obligation to return the cash collateral. Non-cash collateral received which may not be sold or repledged is not recorded on the Company’s balance sheet. Under GAAP, the reinvested collateral is included within invested assets (i.e. it is not one-line reported).

Repurchase Agreements

For dollar repurchase agreements accounted for as secured borrowings, the Company receives cash collateral in an amount at least equal to the fair value of the securities transferred by the Company in the transaction as of the transaction date. The securities transferred are not removed from the balance sheet, and the cash received as collateral is invested as needed or used for general corporate purposes of the Company. A liability is established to record the obligation to return the cash collateral and included in Borrowed Money on the Balance Sheets.

Other Assets and Other Liabilities

Other assets consist primarily of general insurance accounts receivable, reinsurance receivable, and company owned life insurance. Other “admitted assets” are valued principally at cost, as required or permitted by Iowa Insurance Laws.

Other liabilities consist primarily of amounts withheld by the Company, payables for securities, and reinsurance payable.

Separate Accounts

The majority of the separate accounts held by the Company, primarily for individual policyholders, do not have minimum guarantees and the investment risks associated with the fair value changes are borne by the policyholder. Assets held in trust for purchases of variable universal life and variable annuity contracts and the Company’s corresponding obligation to the contract owners are shown separately in the balance sheet. The assets in the accounts, carried at estimated fair value, consist of underlying mutual fund shares, common stocks, long-term bonds and short-term investments. All variable account contracts are subject to discretionary withdrawal by the policyholder at the fair value of the underlying assets less the current surrender charge. Separate account contract holders have no claim against the assets of the general account.

Some of the Company’s separate accounts provide policyholders with a guaranteed return. In accordance with the guarantees provided, if the investment proceeds are insufficient to cover the rate of return guaranteed for the product, the policyholder proceeds will be remitted by the general account. These separate accounts are included in the general account due to the nature of the guaranteed return.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Aggregate Reserves for Policies and Contracts

Life, annuity and accident and health benefit reserves are calculated by actuarial methods and are determined based on published tables using statutorily specified interest rates and valuation methods that will provide, in the aggregate, reserves that are greater than or equal to the minimum or guaranteed cash value, or the amount required by law. For direct business issued after October 1964, the Company waives deduction of deferred fractional premiums upon death of the insured and returns any portion of the final premium for periods beyond the month of death. For policies assumed during 1992 from former affiliates, Monumental General Insurance Company and Monumental Life Insurance Group, Inc., and for all business from company mergers occurring in 1998, the Company waives deduction of deferred fractional premium upon death of the insured and returns any portion of the final premium paid beyond the month of death. For fixed premium life insurance business resulting from company mergers occurring in 2004 and 2007, the Company waives deduction of deferred fractional premiums upon death of the insured and refunds portions of premiums unearned after the date of death. Where appropriate, the Company holds a non-deduction and/or refund reserve. The reserve for these benefits is computed using aggregate methods. The reserves are equal to the greater of the cash surrender value and the legally computed reserve.

For GAAP, policy reserves are calculated based on estimated expected experience or actual account balances.

Policy and Contract Claim Reserves

Claim reserves represent the estimated accrued liability for claims reported to the Company and claims incurred but not yet reported through the balance sheet date. These reserves are estimated using either individual case-basis valuations or statistical analysis techniques. These estimates are subject to the effects of trends in claim severity and frequency. The estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes available.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Deposit-Type Contracts

Deposit-type contracts do not incorporate risk from the death or disability of policyholders. These types of contracts may include guaranteed investment contracts (GICs), funding agreements, supplemental contracts and certain annuity contracts. Deposits and withdrawals on these contracts are recorded as a direct increase or decrease, respectively, to the liability balance and are not reported as premiums, benefits or changes in reserves in the statements of operations. Interest on these policies is reflected in other benefits.

Premiums and Annuity Considerations

Policyholder Dividends

Policyholder dividends are recognized when declared rather than over the term of the related policies as would be required under GAAP.

Reinsurance

Reinsurance premiums, commissions, expense reimbursements and reserves related to reinsured business are accounted for on bases consistent with those used in accounting for the original policies and the terms of the reinsurance contracts. Gains associated with reinsurance of in force blocks of business are included in unassigned surplus and amortized into income as earnings emerge on the reinsured block of business. Premiums ceded and recoverable losses have been reported as a reduction of premium income and benefits, respectively. Policy liabilities and accruals are reported in the accompanying financial statements net of reinsurance ceded.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Policy and contract liabilities ceded to reinsurers have been reported as reductions of the related reserves rather than as assets as would be required under GAAP.

Commissions allowed by reinsurers on business ceded are reported as income when incurred rather than being deferred and amortized with deferred policy acquisition costs as required under GAAP.

Deferred Income Taxes

The Company computes deferred income taxes in accordance with SSAP No. 101, Income Taxes. Unlike GAAP, SSAP 101 does not consider state income taxes in the measurement of deferred taxes. SSAP 101 also requires additional testing to measure gross deferred tax assets. The additional testing limits gross deferred tax asset admission to 1) the amount of federal income taxes paid in prior years recoverable through hypothetical loss carrybacks of existing temporary differences expected to reverse during a timeframe corresponding with the Internal Revenue Service tax loss carryback provisions, not to exceed three years, plus 2) the amount of remaining gross deferred tax assets expected to be realized within three years limited to an amount that is no greater than 15% of current period’s adjusted statutory capital and surplus, plus 3) the amount of remaining gross deferred tax assets that can be offset against existing gross deferred tax liabilities after considering character (i.e. ordinary versus capital) and reversal patterns. The Company’s reported deferred tax asset or liability is the sum of gross deferred tax assets admitted through this three part test plus the sum of all deferred tax liabilities.

Policy Acquisition Costs

Value of Business Acquired

Under GAAP, value of business acquired (VOBA) is an intangible asset resulting from a business combination that represents that excess of book value over the estimated fair value of acquired insurance, annuity, and investment-type contracts in-force at the acquisition date. The estimated fair value of the acquired liabilities is based on projections, by each block of business, of future contracts and contract changes, premiums, mortality and morbidity, separate account performance, surrenders, operation expenses, investment returns, nonperformance risk adjustment and other factors. VOBA is not recognized under the NAIC Accounting Practices and Procedures Manual (NAIC SAP).

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Goodwill

Goodwill is measured as the difference between the cost of acquiring the entity and the reporting entity’s share of the book value of the acquired entity. Goodwill is admitted subject to an aggregate limitation of ten percent of the capital and surplus in the most recently filed annual statement excluding electronic data processing equipment, operating system software, net deferred income tax assets and net positive goodwill. Excess goodwill is nonadmitted. Goodwill is amortized over ten years. Under GAAP, goodwill is measured as the excess of the consideration transferred plus the fair value of any noncontrolling interest in the acquiree at the acquisition date as compared to the fair values of the identifiable net assets acquired. Goodwill is not amortized but is assessed for impairment on an annual basis, or more frequently if circumstances indicate that a possible impairment has occurred.

Subsidiaries and Affiliated Companies

Investments in subsidiaries, controlled and affiliated companies (SCA) are stated in accordance with the Purposes and Procedures Manual of the NAIC SVO, as well as SSAP No. 97, Investments in Subsidiary, Controlled and Affiliated Entities.

Surplus Notes

Surplus notes are reported as surplus rather than as liabilities as would be required under GAAP.

Nonadmitted Assets

Statements of Cash Flow

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

3. Accounting Changes

Recent Accounting Pronouncements

Change in Valuation Basis

As of December 31, 2019, the Company has received IID approval on an approach for adoption of the NAIC 2020 Valuation Manual section 21 (VM-21) and related Risk Based Capital C3P2 changes documented in the VM-21 2020 NAIC Valuation Manual: Requirements for Principle-Based Reserves for Variable Annuities. The Company has elected to early adopt the VM-21 requirements for variable annuities effective December 31, 2019. The approved transition approach did not result in an adjustment to the Company’s historical statutory reporting or existing balances at the time of transition. The Company reported the decrease to the VM-21 reserve of $30,452. As of the date of transition, the Company is fully compliant with the provisions of VM-21.

Reclassifications

Certain amounts in prior year financial statement balances and footnote disclosures have been reclassified to conform to the current year presentation.

4. Fair Values of Financial Instruments

Determination of fair value

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Fair value hierarchy

Quoted prices for similar assets or liabilities in active markets

Quoted prices for identical or similar assets or liabilities in non-active markets

Inputs other than quoted market prices that are observable

Inputs that are derived principally from or corroborated by observable market data through correlation or other means


		Level 3		-		Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. They reflect the Company’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments:

Short-Term Notes Receivable from Affiliates: The carrying amounts reported in the accompanying balance sheets for these financial instruments approximate their fair value.

Fair values for fixed maturity securities (including redeemable preferred stock) actively traded are determined from third-party pricing services, which are determined as discussed above in the description of Level 1 and Level 2 values within the fair value hierarchy. For fixed maturity securities (including redeemable preferred stock) not actively traded, fair values are estimated using values obtained from third-party pricing services, or are based on non-binding broker quotes or internal models. In the case of private placements, fair values are estimated by discounting the expected future cash flows using current market rates applicable to the coupon rate, credit and maturity of the investments.

Other Invested Assets: The fair values for other invested assets, which include investments in surplus notes issued by other insurance companies and fixed or variable rate investments with underlying characteristics of bonds were determined primarily by using indices, third-party pricing services and internal models.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Derivative Financial Instruments: The fair value of futures and forwards are based upon the latest quoted market price and spot rates at the balance sheet date. The estimated fair values of equity and interest rate options (calls, puts, caps) are based upon the latest quoted market price at the balance sheet date. The estimated fair values of swaps, including equity, interest rate and currency swaps, are based on pricing models or formulas using current assumptions. The estimated fair values of credit default swaps are based upon active market data, including interest rate quotes, credit spreads, and recovery rates, which are then used to calculate probabilities of default for the fair value calculation. The Company accounts for derivatives that receive and pass hedge accounting in the same manner as the underlying hedged instrument. If that instrument is held at amortized cost, then the derivative is also held at amortized cost.

Policy Loans: The book value of policy loans is considered to approximate the fair value of the loan, which is stated at unpaid principal balance.

Securities Lending Reinvested Collateral: The cash collateral from securities lending is reinvested in various short-term and long-term debt instruments. The fair values of these investments are determined using the methods described above under Cash, Cash Equivalents and Short-Term Investments and Bonds and Stocks.

Separate Account Assets and Annuity Liabilities: The fair value of separate account assets are based on quoted market prices when available. When not available, they are primarily valued either using third-party pricing services or are valued in the same manner as the general account assets as further described in this note. However, some separate account assets are valued using non-binding broker quotes, which cannot be corroborated by other market observable data, or internal modeling which utilizes input that are not market observable. The fair value of separate account annuity liabilities is based on the account value for separate accounts business without guarantees. For separate accounts with guarantees, fair value is based on discounted cash flows.

Investment Contract Liabilities: Fair value for the Company’s liabilities under investment contracts, which include deferred annuities, GICs and funding agreements, are estimated using discounted cash flow calculations. For those liabilities that are short in duration, carrying amount approximates fair value. For investment contracts with no defined maturity, fair value is estimated to be the present surrender value.

Deposit-Type Contracts: The carrying amounts of deposit-type contracts reported in the accompanying balance sheets approximate their fair values. These are included in the Investment Contract Liabilities.

The Company accounts for its investments in affiliated common stock in accordance with SSAP No. 97, as such, they are not included in the following disclosures.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


	December 31, 2019
	Aggregate Fair Value			Admitted Value		(Level 1)		(Level 2)			(Level 3)		Net Asset Value (NAV)		Not Practicable (Carrying Value)
Admitted assets
Cash equivalents and short-term investments, other than affiliates	$	631,215		$	631,185	$	441,346	$	189,869		$	—	$	—	$	—
Short-term notes receivable from affiliates		102,900			102,900		—		102,900			—		—		—
Bonds		19,995,877			17,877,965		2,000,037		17,791,417			204,423		—		—
Preferred stocks, other than affiliates		4,361			4,955		—		2,089			2,272		—		—
Common stocks, other than affiliates		59,057			59,057		1,872		—			57,185		—		—
Mortgage loans on real estate		2,876,259			2,737,109		—		—			2,876,259		—		—
Other invested assets		190,192			172,968		—		189,214			978		—		—
Derivative assets:
Interest rate swaps		11,171			8,635		—		11,171			—		—		—
Currency swaps		13,458			4,365		—		13,458			—		—		—
Credit default swaps		19,459			10,576		—		19,459			—		—		—
Interest rate futures		7			7		7		—			—		—		—
Equity futures		1,948			1,948		1,948		—			—		—		—
Derivative assets total		46,043			25,531		1,955		44,088			—		—		—
Policy loans		962,408			962,408		—		962,408			—		—		—
Securities lending reinvested collateral		599,859			599,859		58		599,801			—		—		—
Separate account assets		25,337,229			25,337,230		23,358,660		1,978,570			—		—		—

Liabilities
Investment contract liabilities		2,272,404			1,461,721		—		45,313			2,227,090		—		—
Derivative liabilities:
Interest rate swaps		(75,597	)		58,916		—		(75,597	)		—		—		—
Currency swaps		17,050			14,733		—		17,050			—		—		—
Credit default swaps		(2,855	)		1,169		—		(2,855	)		—		—		—
Equity swaps		4,361			4,361		—		4,361			—		—		—
Interest rate futures		544			544		544		—			—		—		—
Equity futures		1,349			1,349		1,349		—			—		—		—
Derivative liabilities total		(55,148	)		81,072		1,893		(57,041	)		—		—		—
Dollar repurchase agreements		254,814			254,814		—		254,814			—		—		—
Payable for securities lending		757,186			757,186		—		757,186			—		—		—
Payable for derivative cash collateral		202,298			202,298		—		202,298			—		—		—
Separate account annuity liabilities		22,578,162			22,578,162		13		22,578,149			—		—		—

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


	December 31, 2018
	Aggregate Fair Value			Admitted Value		(Level 1)		(Level 2)			(Level 3)		Net Asset Value (NAV)		Not Practicable (Carrying Value)
Admitted assets
Cash equivalents and short-term investments, other than affiliates	$	718,998		$	718,998	$	656,505	$	62,493		$	—	$	—	$	—
Short-term notes receivable from affiliates		194,600			194,600		—		194,600			—		—		—
Bonds		16,943,037			16,814,750		1,833,213		14,958,270			151,554		—		—
Preferred stocks, other than affiliates		9,214			9,958		—		2,380			6,834		—		—
Common stocks, other than affiliates		67,063			67,063		134		—			66,929		—		—
Mortgage loans on real estate		2,433,036			2,436,202		—		—			2,433,036		—		—
Other invested assets		178,709			174,272		—		177,480			1,229		—		—
Derivative assets:
Interest rate swaps		9,174			4,634		—		9,174			—		—		—
Currency swaps		14,877			7,633		—		14,877			—		—		—
Credit default swaps		13,304			15,582		—		13,304			—		—		—
Equity swaps		4,589			4,589		—		4,589			—		—		—
Interest rate futures		213			213		213		—			—		—		—
Equity futures		2,282			2,282		2,282		—			—		—		—
Derivative assets total		44,439			34,933		2,495		41,944			—		—		—
Policy loans		936,884			936,884		—		936,884			—		—		—
Securities lending reinvested collateral		518,646			518,646		24,677		493,969			—		—		—
Separate account assets		22,017,523			22,017,523		19,752,326		2,265,141			56		—		—

Liabilities
Investment contract liabilities		1,919,385			1,799,337		—		45,337			1,874,048		—		—
Derivative liabilities:
Interest rate swaps		(44,671	)		49,173		—		(44,671	)		—		—		—
Currency swaps		15,155			9,391		—		15,155			—		—		—
Credit default swaps		(1,148	)		2,352		—		(1,148	)		—		—		—
Equity swaps		208			208		—		208			—		—		—
Interest rate futures		39			39		39		—			—		—		—
Equity futures		127			127		127		—			—		—		—
Derivative liabilities total		(30,290	)		61,290		166		(30,456	)		—		—		—
Dollar repurchase agreements		110,040			110,040		—		110,040			—		—		—
Payable for securities lending		575,155			575,155		—		575,155			—		—		—
Payable for derivative cash collateral		120,737			120,737		—		120,737			—		—		—
Separate account annuity liabilities		20,027,327			20,027,327		3,278		20,024,049			—		—		—

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The following tables provide information about the Company’s financial assets and liabilities measured at fair value as of December 31, 2019 and 2018:


	2019
	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
Assets:
Bonds
Government	$	—	$	129	$	—	$	—	$	129
Industrial and miscellaneous		—		336		2,791		—		3,127

Total bonds		—		465		2,791		—		3,256

Preferred stock
Industrial and miscellaneous		—		—		2,272		—		2,272

Total preferred stock		—		—		2,272		—		2,272

Common stock
Industrial and miscellaneous		1,872		—		57,185		—		59,057

Total common stock		1,872		—		57,185		—		59,057

Cash equivalents and short-term
Money market mutual funds		441,346		—		—		—		441,346

Total cash equivalents and short-term		441,346		—		—		—		441,346

Securities lending reinvested collateral		58		—		—		—		58
Derivative assets		1,955		8,556		—		—		10,511
Separate account assets		23,358,660		1,978,570		—		—		25,337,230

Total assets	$	23,803,891	$	1,987,591	$	62,248	$	—	$	25,853,730


Liabilities:
Derivative liabilities	$	1,893	$	16,699	$	—	$	—	$	18,592
Separate account liabilities		13		—		—		—		13

Total liabilities	$	1,906	$	16,699	$	—	$	—	$	18,605


	2018
	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
Assets:
Bonds
Industrial and miscellaneous	$	—	$	30,077	$	4,858	$	—	$	34,935
Hybrid securities		—		16,037		—		—		16,037

Total bonds		—		46,114		4,858		—		50,972

Preferred stock
Industrial and miscellaneous		—		—		6,834		—		6,834

Total preferred stock		—		—		6,834		—		6,834

Common stock
Industrial and miscellaneous		134		—		66,929		—		67,063

Total common stock		134		—		66,929		—		67,063

Cash equivalents and short-term
Money market mutual funds		656,505		—		—		—		656,505

Total cash equivalents and short-term		656,505		—		—		—		656,505

Securities lending reinvested collateral		24,677		—		—		—		24,677
Derivative assets		2,495		9,144		—		—		11,639
Separate account assets		19,752,326		2,265,141		56		—		22,017,523

Total assets	$	20,436,137	$	2,320,399	$	78,677	$	—	$	22,835,213


Liabilities:
Derivative liabilities	$	166	$	10,091	$	—	$	—	$	10,257
Separate account liabilities		3,278		—		—		—		3,278

Total liabilities	$	3,444	$	10,091	$	—	$	—	$	13,535

Preferred stock classified as Level 3 is internally valued using significant unobservable inputs.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Common stocks classified as Level 3 are comprised primarily of shares in the FHLB of Des Moines, which are valued at par as a proxy for fair value as a result of restrictions that allow redemptions only by FHLB.

The following tables summarize the changes in assets classified as Level 3 for 2019 and 2018.


	Beginning Balance at January 1, 2019		Transfers in (Level 3)		Transfers out (Level 3)		Total Gains (Losses) Included in Net income (a)			Total Gains (Losses) Included in Surplus (b)
Bonds
Other	$	4,858	$	—	$	622	$	44		$	247
Preferred stock		6,834		—		—		—			(6,052	)
Common stock		66,929		—		1,700		(553	)		(28	)
Separate account assets		56		—		53		—			—

Total	$	78,677	$	—	$	2,375	$	(509	)	$	(5,833	)


	Purchases		Issuances		Sales		Settlements			Ending Balance at December 31, 2019
Bonds
Other	$	—	$	—	$	—	$	1,736		$	2,791
Preferred stock		1,490		—		—		—			2,272
Common stock		811		1,526		9,800		—			57,185
Separate account assets		—		—		—		3			—

Total	$	2,301	$	1,526	$	9,800	$	1,739		$	62,248

(a)	Recorded as a component of Net Realized Capital Gains (Losses) on Investments in the Statements of Operations

(b)	Recorded as a component of Change in Net Unrealized Capital Gains (Losses) in the Statements of Changes in Capital and Surplus

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


	Beginning Balance at January 1, 2018		Transfers in (Level 3)		Transfers out (Level 3)		Total Gains (Losses) Included in Net income (a)			Total Gains (Losses) Included in Surplus (b)
Bonds
Other	$	4,974	$	287	$	—	$	78		$	(26	)
Preferred stock		7,390		—		—		—			(1,856	)
Common stock		70,335		—		34		(27	)		(1,173	)
Separate account assets		67		—		—		1			(1	)

Total	$	82,766	$	287	$	34	$	52		$	(3,056	)


	Purchases		Issuances		Sales		Settlements			Ending Balance at December 31, 2018
Bonds
Other	$	—	$	—	$	—	$	455		$	4,858
Preferred stock		1,888		—		588		—			6,834
Common stock		—		28		2,200		—			66,929
Separate account assets		—		—		—		11			56

Total	$	1,888	$	28	$	2,788	$	466		$	78,677

(a)	Recorded as a component of Net Realized Capital Gains (Losses) on Investments in the Statements of Operations

(b)	Recorded as a component of Change in Net Unrealized Capital Gains (Losses) in the Statements of Changes in Capital and Surplus

Nonrecurring fair value measurements

As indicated in Note 2, real estate held for sale is measured at the lower of carrying amount or fair value less cost to sell. As of December 31, 2019 the Company has 1 property that is held for sale. This property is carried at fair value less cost to sell, which amounts to $745.

The Company also had three properties that were held for sale as of December 31, 2018. The carrying amount for each of these properties was less than their fair value and, therefore, they are not measured at fair value.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

5. Investments

Bonds and Stocks

The carrying amounts and estimated fair values of investments in bonds and stocks are as follows:


	Book Adjusted Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
December 31, 2019
Unaffiliated bonds:
United States Government and agencies	$	1,601,214	$	247,311	$	357	$	1,848,168
State, municipal and other government		699,845		36,231		8,841		727,235
Hybrid securities		139,964		18,294		2,490		155,768
Industrial and miscellaneous		13,440,685		1,677,600		43,652		15,074,633
Mortgage and other asset-backed securities		1,996,257		199,752		5,936		2,190,073

Total unaffiliated bonds		17,877,965		2,179,188		61,276		19,995,877
Unaffiliated preferred stocks		4,955		66		660		4,361

	$	17,882,920	$	2,179,254	$	61,936	$	20,000,238


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Unaffiliated common stocks		58,999		111		53		59,057


	Book Adjusted Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
December 31, 2018
Unaffiliated bonds:
United States Government and agencies	$	1,645,120	$	69,542	$	33,955	$	1,680,707
State, municipal and other government		416,752		12,733		13,939		415,546
Hybrid securities		145,271		9,152		7,013		147,410
Industrial and miscellaneous		12,911,155		528,970		550,783		12,889,342
Mortgage and other asset-backed securities		1,696,452		134,037		20,457		1,810,032

Total unaffiliated bonds		16,814,750		754,434		626,147		16,943,037
Unaffiliated preferred stocks		9,958		56		800		9,214

	$	16,824,708	$	754,490	$	626,947	$	16,952,251


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Unaffiliated common stocks		67,017		67		21		67,063

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


	2019
December 31:	Carrying Value		Fair Value
Due in one year or less	$	330,436	$	332,890
Due after one year through five years		2,673,811		2,820,295
Due after five years through ten years		3,000,633		3,362,510
Due after ten years		9,876,828		11,290,108

		15,881,708		17,805,803
Mortgage and other asset-backed securities		1,996,257		2,190,074

Total	$	17,877,965	$	19,995,877

The estimated fair value of bonds, preferred stocks and common stocks with gross unrealized losses at December 31, 2019 and 2018 is as follows:

2019

Equal to or Greater than 12
Months

Less than 12 Months

Estimated
Fair Value

Gross
Unrealized
Losses

Estimated
Fair Value

Gross
Unrealized
Losses

United States Government and agencies

—

11,224

357

State, municipal and other government

17,582

2,010

232,694

6,831

Hybrid securities

26,780

2,475

3,302

Industrial and miscellaneous

262,510

29,928

387,345

13,724

Mortgage and other asset-backed securities

60,442

2,868

369,603

3,067

Total bonds

367,314

37,281

1,004,168

23,994

Preferred stocks-unaffiliated

1,340

660

—

Common stocks-unaffiliated

—

609

Total

368,654

37,941

1,004,777

24,047

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


	2018
	Equal to or Greater than 12 Months				Less than 12 Months
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
United States Government and agencies	$	63,881	$	4,817	$	707,210	$	29,138
State, municipal and other government		33,780		2,461		158,447		11,478
Hybrid securities		12,595		1,893		44,591		5,120
Industrial and miscellaneous		1,180,161		67,218		6,509,117		483,565
Mortgage and other asset-backed securities		213,966		10,505		418,923		9,952

Total bonds		1,504,383		86,894		7,838,288		539,253

Preferred stocks-unaffiliated		1,200		800		—		—
Common stocks-unaffiliated		—		—		165		21

Total	$	1,505,583	$	87,694	$	7,838,453	$	539,274

During 2019, 2018, and 2017, respectively, there were $2,799, $99,187 and $0 of loan-backed and structured securities with a recognized OTTI due to intent to sell or lack of intent and ability to hold.

The following loan-backed and structured securities were held at December 31, 2019, for which an OTTI was recognized during the current reporting period:

CUSIP

Amortized
Cost Before
Current
Period OTTI

Present Value
of Projected
Cash Flows

Recognized
OTTI

Amortized
Cost After
OTTI

Fair Value
at Time of
OTTI

Date of
Financial
Statement
Where
Reported

87266TAJ1

170

163

114

03/31/2019

79548KXQ6

189

173

154

03/31/2019

14984WAA8

2,799

2,591

208

2,591

6/30/2019

87266TAJ1

154

127

102

6/30/2019

79548KXQ6

159

142

6/30/2019

36828QQK5

277

249

195

9/30/2019

026935AC0

2,080

2,066

1,968

12/31/2019

36828QQK5

249

126

123

126

195

12/31/2019

503

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

2019

2018

Losses 12
Months or More

Losses Less
Than 12
Months

Losses 12
Months or More

Losses Less
Than 12
Months

Year ended December 31:

The aggregate amount of unrealized losses

2,868

3,417

10,505

17,168

The aggregate related fair value of securities with unrealized losses

60,442

372,394

213,966

465,773

At December 31, 2019 and 2018, respectively, for bonds and preferred stocks that have been in a continuous loss position for greater than or equal to twelve months, the Company held 104 and 374 securities with a carrying amount of $406,595 and $1,593,276 and an unrealized loss of $37,941 and $87,694. Of this portfolio, 66.8% and 88.0% were investment grade with associated unrealized losses of $10,107 and $62,824, respectively.

At December 31, 2019 and 2018, respectively, for bonds and preferred stocks that have been in a continuous loss position for less than twelve months, the Company held 214 and 1209 securities with a carrying amount of $1,028,162 and $8,377,542 and an unrealized loss of $23,994 and $539,253. Of this portfolio, 95.6% and 92.8% were investment grade with associated unrealized losses of $21,691 and $476,336, respectively.

At December 31, 2019 and 2018, respectively, there were no common stocks that have been in a continuous loss position for greater than or equal to twelve months.

At December 31, 2019 and 2018, respectively, for common stocks that have been in a continuous loss position for less than twelve months, the Company held 5 and 6 securities with a cost of $661 and $186 and an unrealized loss of $53 and $21.

The following table provides the number of 5GI securities, aggregate book adjusted carrying value and aggregate fair value by investment type:


	Number of 5GI Securities		Book / Adjusted Carrying Value		Fair Value
December 31, 2019
Bond, amortized cost		3	$	5,561	$	5,401
Loan-backed and structured securities, amortized cost		1		3,138		3,138
Preferred stock, amortized cost		1		2,272		2,272

Total		5	$	10,971	$	10,811

December 31, 2018
Bond, amortized cost		3	$	6,034	$	6,010
Preferred stock, amortized cost		1		6,835		6,834

Total		4	$	12,869	$	12,844

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

During 2019 and 2018, the Company sold, redeemed or otherwise disposed of 75 and 57 securities as a result of a callable feature which generated investment income of $5,927 and $16,484, as a result of prepayment penalty and/or acceleration fee.


	Year Ended December 31
	2019			2018			2017
Proceeds	$	2,953,444		$	3,505,561		$	5,152,507

Gross realized gains	$	24,798		$	23,436		$	574,671
Gross realized losses		(18,768	)		(168,483	)		(12,699	)

Net realized capital gains (losses)	$	6,030		$	(145,047	)	$	561,972

The Company had gross realized losses which relate to losses recognized on other-than-temporary declines in the fair value of bonds and preferred stocks for the years ended December 31, 2019, 2018 and 2017 of $8,476, $25,453 and $2,992, respectively.

At December 31, 2019, and 2018, the Company had no investments in restructured securities.

Mortgage Loans

The credit quality of mortgage loans by type of property for the years ended December 31, 2019 and 2018 were as follows:


December 31, 2019	Farm		Commercial		Total
AAA - AA	$	—	$	1,372,173	$	1,372,173
A		9,890		1,254,899		1,264,789
BBB		—		98,796		98,796

	$	9,890	$	2,725,868	$	2,735,758


December 31, 2018	Farm		Commercial		Total
AAA - AA	$	—	$	1,048,151	$	1,048,151
A		10,000		1,304,089		1,314,089
BBB		—		72,347		72,347

	$	10,000	$	2,424,587	$	2,434,587

The above tables exclude residential mortgage loans

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

During 2019, the Company issued mortgage loans with a maximum interest rate of 5.57% and a minimum interest rate of 3.50% for commercial loans. The maximum percentage of any one mortgage loan to the value of the underlying real estate originated or acquired during the year ending December 31, 2019 at the time of origination was 70%. During 2018, the Company issued mortgage loans with a maximum interest rate of 5.23% and a minimum interest rate of 3.78% for commercial loans. The maximum percentage of any one mortgage loan to the value of the underlying real estate originated or acquired during the year ending December 31, 2018 at the time of origination was 74%.

The age analysis of mortgage loans and identification in which the Company is a participant or co-lender in a mortgage loan agreement is as follows for December 31, 2019 and 2018.


			Residential		Commercial
	Farm		All Other		All Other		Total
December 31, 2019
Recorded Investment (All)
(a) Current	$	9,890	$	303	$	2,700,403	$	2,710,596
(b) 30-59 Days Past Due		—		886		—		886
(c) 60-89 Days Past Due		—		131		—		131
(d) 90-179 Days Past Due		—		25		3,500		3,525
(e) 180+ Days Past Due		—		6		21,965		21,971

Accruing interest 90-179 days past due
(a) Recorded investment		—		25		—		25
(b) Interest accrued		—		—		—		—

Participant or Co-lender in
Mortgage Loan Agreement
(a) Recorded Investment	$	9,890	$	—	$	1,046,933	$	1,056,823

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


			Residential		Commercial
	Farm		All Other		All Other		Total
December 31, 2018
Recorded Investment (All)
(a) Current	$	10,000	$	431	$	2,399,122	$	2,409,553
(b) 30-59 Days Past Due		—		1,045		—		1,045
(c) 60-89 Days Past Due		—		40		25,465		25,505
(d) 90-179 Days Past Due		—		93		—		93
(e) 180+ Days Past Due		—		7		—		7

Accruing interest 90-179 days past due
(a) Recorded investment		—		93		—		93
(b) Interest accrued		—		—		—		—

Participant or Co-lender in
Mortgage Loan Agreement
(a) Recorded Investment	$	10,000	$	—	$	832,611	$	842,611

At December 31, 2019 and 2018, there were no recorded investments in impaired loans with a related allowance for credit losses. The Company held no allowances for credit losses on mortgage loans at December 31, 2019 or December 31, 2018. There was no average recorded investment in impaired loans during 2019 or 2018. There were no impaired mortgage loans held without an allowance for credit losses as of December 31, 2019 and 2018, respectively, that were subject to participant or co-lender mortgage loan agreement for which the Company is restricted from unilaterally foreclosing on the mortgage loans.

As of December 31, 2019 and 2018, the Company had no mortgage loans derecognized as a result of foreclosure.

The Company accrues interest income on impaired loans to the extent deemed collectible (delinquent less than 91 days) and the loan continues to perform under its original or restructured contractual terms. Interest income on non-performing loans generally is recognized on a cash basis. The Company recognized no interest income on impaired loans for the years ended December 31, 2019, 2018 and 2017, respectively. The Company recognized no interest income on a cash basis for the years ended December 31, 2019, 2018 and 2017, respectively.

At December 31, 2019 and 2018, the Company held a mortgage loan loss reserve in the AVR of $36,207 and $25,537, respectively.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company’s mortgage loan portfolio is diversified by geographic region and specific collateral property type as follows:


Geographic Distribution							Property Type Distribution
	December 31							December 31
	2019			2018				2019			2018
South Atlantic		27	%		28	%	Apartment		53	%		55	%
Pacific		25			22		Retail		14			14
Middle Atlantic		10			10		Industrial		14			12
E. North Central		8			9		Office		11			9
Mountain		8			9		Other		6			7
W. South Central		8			8		Medical		2			2
W. North Central		7			7		Agricultural		—			1
E. South Central		4			4
New England		3			3

At December 31, 2019, 2018 and 2017, the Company held mortgage loans with a total net admitted asset value of $208, $239, and $268, respectively, which had been restructured in accordance with SSAP No. 36, Troubled Debt Restructuring. There were no realized losses during the years ended December 31, 2019, 2018 and 2017 related to such restructurings. There were no unfunded commitments to existing borrowers whose debt had been restructured at December 31, 2019, 2018 and 2017.

Real Estate

The carrying value of the Company’s real estate assets at December 31, 2019 and 2018 was as follows:


	2019		2018
Investment properties	$	186,894	$	187,420
Properties held for sale		745		30,226

	$	187,639	$	217,646

As of December 31, 2019, there was one property classified as held-for-sale. As of December 31, 2018, there were three properties held-for-sale. The Company is working with an external commercial real estate advisor firm to actively market the property and negotiate with potential buyers. During 2019, the Company disposed of three properties throughout 2019, resulting in a net realized gains of $24,201. During 2018, one property classified as held-for-sale was disposed of resulting in a net realized loss of $8.

The Company disposed of one other property throughout 2019, resulting in a net realized loss of $57.

The Company does not engage in retail land sales operations.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company does not hold any real estate investments with participating mortgage loans.

Accumulated depreciation on real estate at December 31, 2019 and 2018, was $58,540 and $63,664, respectively.

There were no impairment losses taken on real estate in 2019 and 2018. Impairment losses of $696 were taken on real estate in 2017 to write the book value down to the current fair value, and were reflected as net realized losses in the statements of operations.

Reverse Mortgages

The company has reverse mortgages, which are reported as Other Invested Assets on the balance sheet. The carrying amount of the investment in reverse mortgages of $6,920 and $11,118 at December 31, 2019 and 2018, respectively, is net of the reserve of $2,891 and $4,197, respectively. Interest income of $523 and $814 was recognized for the years ended December 31, 2019 and 2018 respectively. The Company’s commitment includes making advances to the borrower until termination of the contract. The contract is terminated at the time the borrower moves, sells the property, dies, repays the loan balance or violates the provisions of the loan contract.

During 2019 and 2018, respectively, reverse mortgages of $1,584 and $0 were foreclosed or acquired by deed and transferred to real estate.

Other Invested Assets

During 2019, 2018 and 2017, the Company did not recognize any impairment write down for its investments in joint ventures, partnerships or limited liability companies.

During 2017, the Company reassigned its ownership interest in the Prisma Spectrum Fund for an additional interest in the Zero Beta Fund in the amount of $88,481, which resulted in a realized gain of $43,498.

Tax Credits

For the year ending December 31, 2019, the Company had ownership interests in twenty-nine LIHTC properties with a carrying value of . The remaining years of unexpired tax credits ranged from one to twelve and the properties were not subject to regulatory review. The length of time remaining for holding periods ranged from one to seventeen years. The amount of contingent equity commitments expected to be paid during the years 2020 to 2029 is $66,571. Tax credits recognized in 2019 were $12,733, and other tax benefits recognized in 2019 were $1,546. There were no impairment losses, write-downs or reclassifications during the year related to any of these credits.

For the year ending December 31, 2018, the Company had ownership interests in twenty-seven LIHTC properties with a carrying value of $35,907. The remaining years of unexpired tax credits ranged from two to twelve and the properties were not subject to regulatory review. The length of time remaining for holding periods ranged from one to seventeen years. The amount of contingent equity commitments

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

expected to be paid during the years 2019 to 2029 is $77,186. Tax credits recognized in 2018 were $7,866, and other tax benefits recognized in 2018 were $2,964. There were no impairment losses, write-downs or reclassifications during the year related to any of these credits.

The following tables provide the carrying value of state transferable tax credits gross of any related tax liabilities and total unused transferable tax credits by state and in total as of December 31, 2019 and 2018:

December 31, 2019

Description of State Transferable and Non-
transferable Tax Credits

State

Carrying Value

Unused Amount*

Low-Income Housing Tax Credits

568

1,478

Economic Redevelopment and Growth Tax Credits

—

18,700

Total

568

20,178

December 31, 2018

Description of State Transferable and Non-
transferable Tax Credits

State

Carrying Value

Unused Amount

Low-Income Housing Tax Credits

1,268

2,178

Economic Redevelopment and Growth Tax Credits

—

18,700

Total

1,268

20,878

*	The unused amount reflects credits that the Company deems will be realizable in the period 2019-2029.

The Company did not have any non-transferable state tax credits.

Derivatives


	2019			2018
Fair value - positive	$	218,361		$	168,821
Fair value - negative		(117,169	)		(94,091	)

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

For the years ended December 31, 2019, 2018 and 2017, the Company has recorded ($7,547), $2,406 and ($3,602), respectively, for the component of derivative instruments utilized for hedging purposes that did not qualify for hedge accounting. This has been recorded directly to unassigned surplus as an unrealized gain (loss). The Company did not recognize any unrealized gains or losses during 2019, 2018, or 2017 that represented the component of derivative instruments gain or loss that was excluded from the assessment of hedge effectiveness.

The maximum term over which the Company is hedging its exposure to the variability of future cash flows is approximately 13 years for forecasted hedge transactions. For the years ended December 31, 2019, 2018 and 2017 none of the Company’s cash flow hedges have been discontinued as it was probable that the original forecasted transactions would occur by the end of the originally specified time period documented at inception of the hedging relationship. As of December 31, 2019 and 2018, the Company has accumulated deferred gains in the amount of $1,186 and $1,186, respectively, related to the termination of swaps that were hedging forecasted transactions. It is expected that these gains will be used as basis adjustments on futures asset purchases expected to transpire throughout 2026.

Summary of realized gains (losses) by derivative type for the years ended December 31, 2019, 2018 and 2017:


	2019			2018			2017
Options:
Calls	$	—		$	—		$	67
Caps		—			—			(45,848	)
Puts		—			—			—

Total options	$	—		$	—		$	(45,781	)

Swaps:
Interest rate	$	293		$	(1,105	)	$	102,724
Credit		(279	)		(2,444	)		—
Total return		(9,112	)		(4,853	)		(26,122	)

Total swaps	$	(9,098	)	$	(8,402	)	$	76,602

Futures - net positions		216,114			(81,504	)		167,302
Lehman settlements		14			55			122

Total realized gains (losses)	$	207,030		$	(89,851	)	$	198,245

The average estimated fair value of derivatives held for other than hedging purposes is presented in the following table for the years ended December 31, 2019 and 2018:


	Asset⁽¹⁾				Liability⁽¹⁾
	2019		2018		2019			2018
Derivative component of RSATs
Credit default swaps	$	18,303	$	16,608	$	(2,535	)	$	(1,212	)
Interest rate swaps		—		—		—			751

⁽¹⁾	Asset and liability classification is based on the positive (asset) or negative (liability) book/adjusted carrying value of each derivative.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The estimated fair value of derivatives held for other than hedging purposes is presented in the following table for the years ended December 31, 2019 and 2018:


	Asset⁽¹⁾				Liability⁽¹⁾
	2019		2018		2019			2018
Derivative component of RSATs
Credit default swaps	$	19,459	$	13,304	$	(2,855	)	$	(1,148	)
Interest rate swaps		—		—		—			—

Total	$	19,459	$	13,304	$	(2,855	)	$	(1,148	)

(1)	Asset and liability classification is based on the positive (asset) or negative (liability) book/adjusted carrying value of each derivative.

The net realized gains (losses) on the derivatives held for other than hedging purposes is presented in the following table for the years ended December 31, 2019, 2018, and 2017:


	2019			2018			2017
Derivative component of RSATs
Credit default swaps	$	(279	)	$	(2,444	)	$	—
Interest rate swaps		—			(616	)		—

Total	$	(279	)	$	(3,060	)	$	—

As stated in Note 2, the Company replicates investment grade corporate bonds or sovereign debt by writing credit default swaps. As a writer of credit swaps, the Company actively monitors the underlying asset, being careful to note any events (default or similar credit event) that would require the Company to perform on the credit swap. If such events would take place, a payment equal to the notional amount of the contract, less any potential recoveries as determined by the underlying agreement, will be made by the Company to the counterparty to the swap.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The following tables present the estimated fair value, maximum amount of future payments and weighted average years to maturity of written credit default swaps at December 31, 2019 and 2018:

2019

Rating Agency Designation of Referenced Credit Obligations ⁽¹⁾

NAIC
Designation

Estimated
Fair Value
of Credit
Default
Swaps

Maximum Amount
of Future
Payments under
Credit Default
Swaps

Weighted
Average
Years to
Maturity ⁽²⁾

AAA/AA/A

Single name credit default swaps ⁽³⁾

3,915

273,200

1.7

Credit default swaps referencing indices

10,000

41.7

Subtotal

3,922

283,200

3.1

BBB

Single name credit default swaps ⁽³⁾

9,747

560,760

2.0

Credit default swaps referencing indices

5,721

315,700

2.6

Subtotal

15,468

876,460

2.2

Single name credit default swaps ⁽³⁾

2,924

28,350

2.3

Credit default swaps referencing indices

—

Subtotal

2,924

28,350

2.3

Total

22,314

1,188,010

2.4

⁽¹⁾	The rating agency designations are based on availability and the blending of the applicable ratings among Moody’s Investors Service (“Moody’s”), Standard and Poor’s Rating Services (“S&P”), and Fitch Ratings. If no rating is available from a rating agency, then an internally derived rating is used.

⁽²⁾	The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.

⁽³⁾	Includes corporate, foreign government and state entities.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


	2018
Rating Agency Designation of Referenced Credit Obligations ⁽¹⁾	NAIC Designation		Estimated Fair Value of Credit Default Swaps		Maximum Amount of Future Payments under Credit Default Swaps		Weighted Average Years to Maturity ⁽²⁾
AAA/AA/A		1
Single name credit default swaps (3)			$	3,556	$	259,450		2.6
Credit default swaps referencing indices				—		—		—

Subtotal				3,556		259,450		2.6

BBB		2
Single name credit default swaps (3)				5,635		590,510		3.0
Credit default swaps referencing indices				2,588		291,500		3.4

Subtotal				8,223		882,010		3.1

BB		3
Single name credit default swaps (3)				2,674		28,350		3.3
Credit default swaps referencing indices				—		—		—

Subtotal				2,674		28,350		3.3

Total			$	14,453	$	1,169,810		3.0

⁽¹⁾	The rating agency designations are based on availability and the blending of the applicable ratings among Moody’s Investors Service (“Moody’s”), Standard and Poor’s Rating Services (“S&P”), and Fitch Ratings. If no rating is available from a rating agency, then an internally derived rating is used.

⁽²⁾	The weighted average years to maturity of the credit default swaps is calculated based on weighted average notional amounts.

⁽³⁾	Includes corporate, foreign government and state entities.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

At December 31, 2019 and 2018, the Company’s outstanding derivative instruments, shown in notional or contract amounts and fair value, are summarized as follows:


	Contract or Notional Amount*				Fair Value
	2019		2018		2019			2018
Derivative assets:
Credit default swaps	$	900,200	$	886,000	$	19,459		$	13,304
Currency swaps		51,684		73,235		13,458			14,877
Equity futures		5		2		1,948			2,282
Equity swaps		—		61,739		—			4,589
Interest rate futures		—		—		7			213
Interest rate swaps		365,450		247,450		11,171			9,174
Derivative liabilities:
Credit default swaps		287,810		283,810		(2,855	)		(1,148	)
Currency swaps		257,493		180,599		17,050			15,155
Equity futures		12		3		1,349			127
Equity swaps		78,802		100		4,361			208
Interest rate futures		1		—		544			39
Interest rate swaps		2,131,433		2,579,033		(75,597	)		(44,671	)

*	Futures are presented in contract format. Swaps and options are presented in notional format.

Restricted Assets

The following tables show the pledged or restricted assets as of December 31, 2019 and 2018, respectively:

Gross Restricted (Admitted & Nonadmitted) 2019

Restricted Asset Category

Total General
Account (G/A)

G/A Supporting
Separate
Account (S/A)
Activity

Total S/A
Restricted
Assets

S/A Assets
Supporting
G/A
Activity

Total

Collateral held under security lending agreements

757,186

—

757,186

Subject to dollar repurchase agreements

254,966

—

254,966

FHLB capital stock

57,000

—

57,000

On deposit with states

4,180

—

4,180

Pledged as collateral to FHLB (including assets backing funding agreements)

1,829,750

—

1,829,750

Pledged as collateral not captured in other categories

249,326

—

249,326

Other restricted assets

182,479

—

182,479

Total Restricted Assets

3,334,887

—

3,334,887

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Gross (Admitted & Nonadmitted) Restricted

Percentage

Restricted Asset Category

Total From
Prior Year
(2018)

Increase/
(Decrease)

Total
Nonadmitted
Restricted

Total Admitted
Restricted
(5 minus 8)

Gross (Admitted
& Nonadmitted)
Restricted
to Total
Assets

Admitted
Restricted to
Total
Admitted
Assets

Collateral held under security lending agreements

574,886

182,300

—

757,186

1.43

1.44

Subject to dollar repurchase agreements

109,657

145,309

—

254,966

0.48

0.49

FHLB capital stock

66,800

(9,800

)

—

57,000

0.11

On deposit with states

4,730

(550

)

—

4,180

0.01

Pledged as collateral to FHLB (including assets backing funding agreements)

2,086,543

(256,793

)

—

1,829,750

3.46

3.48

Pledged as collateral not captured in other categories

266,068

(16,742

)

—

249,326

0.47

Other restricted assets

195,728

(13,249

)

—

182,479

0.34

0.35

Total Restricted Assets

3,304,412

30,475

—

3,334,887

6.30

6.35

The following tables show the pledged or restricted assets in other categories as of December 31, 2019 and 2018, respectively:

Gross (Admitted & Nonadmitted) Restricted 2019

Description of Assets

Total General
Account (G/A)

G/A Supporting
S/A Activity

Total Separate
Account (S/A)
Restricted
Assets

S/A Assets
Supporting
G/A Activity

Total

Derivatives

249,326

—

249,326

Total

249,326

—

249,326

Gross (Admitted &
Nonadmitted) Restricted

Percentage

Description of Assets

Total From
Prior Year
(2018)

Increase/
(Decrease)

Total Current
Year Admitted
Restricted

Gross
(Admitted &
Nonadmitted)
Restricted to
Total Assets

Admitted
Restricted to
Total Admitted
Assets

Derivatives

266,068

(16,742

)

249,326

0.47

Total

266,068

(16,742

)

249,326

0.47

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The following table shows the collateral received and reflected as assets within the financial statements as of December 31, 2019 and 2018.

2019

Collateral Assets

Carrying Value

Fair Value

% of CV to
Total Assets
(Admitted and
Nonadmitted)

% of CV to
Total Admitted
Assets

Cash

456,116

1.72

1.75

Securities lending collateral assets

757,186

2.86

2.91

Other

997

—

Total collateral assets

1,214,299

4.58

4.66


	Amount		% of Liability to Total Liabilities
Recognized obligation to return collateral asset	$	1,214,975		5.13	%


2018
Collateral Assets	Carrying Value		Fair Value		% of CV to Total Assets (Admitted and Nonadmitted)			% of CV to Total Admitted Assets
Cash	$	229,777	$	229,777		0.93	%		0.94	%
Securities lending collateral assets		575,155		575,155		2.32			2.36
Other		1,000		1,000		—			—

Total collateral assets	$	805,932	$	805,932		3.25	%		3.30	%


	Amount		% of Liability to Total Liabilities
Recognized obligation to return collateral asset	$	806,292		3.60	%

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Net Investment Income

Detail of net investment income is presented below:


	Year Ended December 31
	2019		2018		2017
Income:
Bonds	$	780,857	$	763,422	$	579,022
Preferred stocks		1,617		1,441		1,364
Common stocks		91,649		63,241		102,361
Mortgage loans on real estate		119,009		104,675		72,505
Real estate		33,040		35,371		35,366
Policy loans		49,354		49,379		49,680
Cash, cash equivalents and short-term investments		20,104		13,218		10,218
Derivatives		25,690		26,047		23,631
Other invested assets		14,736		11,521		33,533

Gross investment income		1,136,056		1,068,315		907,680
Less: investment expenses		110,855		97,376		81,193

Net investment income before amortization of IMR	$	1,025,201	$	970,939	$	826,487
Amortization of IMR		69,658		79,469		53,005

Net investment income, including IMR	$	1,094,859	$	1,050,408	$	879,492

Realized Capital Gains (Losses)

Net realized capital gains (losses) on investments, including OTTI, are summarized below:


	Realized Year Ended December 31
	2019			2018			2017
Bonds	$	(5,516	)	$	(170,936	)	$	559,366
Preferred stocks		78			—			—
Common stocks		(590	)		1,051			39,352
Mortgage loans on real estate		(582	)		(1,394	)		10,955
Real estate		24,177			(8	)		(663	)
Cash, cash equivalents and short-term investments		45			(17	)		19
Derivatives		207,015			(89,906	)		198,123
Other invested assets		12,226			23,531			67,295

Change in realized capital gains (losses), before taxes		236,853			(237,679	)		874,447
Federal income tax effect		(8,597	)		47,135			(94,516	)
Transfer from (to) interest maintenance reserve		874			118,706			(368,479	)

Net realized capital gains (losses) on investments	$	229,130		$	(71,838	)	$	411,452

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Unrealized Capital Gains (Losses)

The changes in net unrealized capital gains and losses on investments, including the changes in net unrealized foreign capital gains and losses were as follows:


	Change in Unrealized
	Year Ended December 31
	2019			2018			2017
Bonds	$	25,237		$	8,468		$	32,575
Preferred stocks		(6,052	)		(1,856	)		(1,182	)
Common stocks		12			(1,197	)		(37,604	)
Affiliated entities		19,774			29,355			10,774
Cash equivalents and short-term investments		(13	)		29			35
Derivatives		(25,855	)		(4,952	)		36,372
Other invested assets		48,659			10,159			(49,430	)

Change in unrealized capital gains (losses), before taxes		61,762			40,006			(8,460	)
Taxes on unrealized capital gains (losses)		(10,064	)		(3,048	)		(13,166	)

Change in unrealized capital gains (losses), net of tax	$	51,698		$	36,958		$	(21,626	)

6. Premium and Annuity Considerations Deferred and Uncollected

Deferred and uncollected life premium and annuity considerations, net of reinsurance, at December 31, 2019 and 2018 were as follows:


	2019				2018
	Gross		Net of Loading		Gross		Net of Loading
Life and annuity:
Ordinary first-year business	$	8,311	$	1,553	$	9,413	$	1,652
Ordinary renewal business		143,173		113,543		149,737		117,652
Group life direct business		5,805		4,051		6,768		4,753
Credit direct business		22		22		86		86

	$	157,311	$	119,169	$	166,004	$	124,143

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

7. Policy and Contract Attributes

Insurance Liabilities

Policy reserves, deposit-type contracts and policy claims at December 31, 2019 and 2018 were as follows:


	Year Ended December 31
	2019		2018
Life insurance reserves	$	10,444,776	$	9,567,419
Annuity reserves and supplementary contracts with life contingencies		1,383,733		1,466,569
Accident and health reserves (including long term care)		6,066,092		5,931,736

Total policy reserves	$	17,894,601		16,965,724

Deposit-type contracts		356,309		584,693
Policy claims		463,716		434,245

Total policy reserves, deposit-type contracts and claim liabilities	$	18,714,626	$	17,984,662

Life Insurance Reserves

The aggregate policy reserves for life insurance policies are based upon the 1941, 1958, 1980, 2001 and 2017 Commissioner’s Standard Ordinary Mortality Tables, the 1912, 1941 and 1961 Standard Industrial Mortality Tables, the 1960 Commissioner’s Standard Group Mortality Table, and the American Men, Actuaries and American Experience Mortality Tables. The reserves are calculated using interest rates ranging from 2.00 to 6.50 percent and are computed principally on the Net Level Premium Valuation and the Commissioner’s Reserve Valuation Method. Reserves for universal life policies are based on account balances adjusted for the Commissioner’s Reserve Valuation Method.

Tabular interest, tabular less actual reserves released and tabular cost have been determined by formula.

The Company waives deduction of deferred fractional premiums upon death of the insured and returns any portion of the final premium for periods beyond the date of death. Additional premiums are charged or additional mortality charges are assessed for policies issued on substandard lives according to underwriting classification. Generally, mean reserves are determined by computing the regular mean reserve for the plan at the true age and holding, in addition, one-half (1/2) of the extra premium charge for the year. For certain flexible premium and fixed premium universal life insurance products, reserves are calculated utilizing the Commissioner’s Reserve Valuation Method for universal life policies and recognizing any substandard ratings.

At December 31, 2019 and 2018, the Company had insurance in force aggregating $3,797,278 and $4,392,920 respectively, in which the gross premiums are less than the net premiums required by the valuation standards established by the Iowa Insurance Division. The Company established policy reserves of $44,585 and $49,923 to cover these deficiencies at December 31, 2019 and 2018, respectively.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Participating life insurance policies were issued by the Company which entitle policyholders to a share in the earnings of the participating policies, provided that a dividend distribution, which is determined annually based on mortality and persistency experience of the participating policies, is authorized by the Company. Participating insurance constituted less than 1% of ordinary life insurance in force at December 31, 2019 and 2018.

For the years ended December 31, 2019, 2018 and 2017, premiums for participating life insurance policies were $920, $963 and $1,003, respectively. The Company accounts for its policyholder dividends based on dividend scales and experience of the policies. The Company paid dividends in the amount of $1,030, $1,025 and $1,081 to policyholders during 2019, 2018 and 2017, respectively, and did not allocate any additional income to such policyholders.

Annuity Reserves and Supplementary Contracts Involving Life Contingencies

Deferred annuity reserves are calculated according to the Commissioner’s Annuity Reserve Valuation Method including excess interest reserves to cover situations where the future interest guarantees plus the decrease in surrender charges are in excess of the maximum valuation rates of interest. Reserves for immediate annuities and supplementary contracts with and without life contingencies are equal to the present value of future payments assuming interest rates ranging from 1.25 to 11.25 percent and mortality rates, where appropriate, from a variety of tables.

The liabilities related to guaranteed investment contracts and policyholder funds left on deposit with the Company generally are equal to fund balances less applicable surrender charges.

For variable annuities with guaranteed living benefits and variable annuities with minimum guaranteed death benefits the Company complies with VM-21. VM-21 specifies statutory reserve requirements for variable annuity contracts with benefit guarantees (VACARVM) and without benefit guarantees and related products. The VM-21 reserve calculation covers all variable annuity products. Examples of covered guaranteed benefits include guaranteed minimum accumulation benefits, guaranteed minimum death benefits, guaranteed minimum withdrawal benefits, guaranteed minimum income benefits, and variable payout annuity with guaranteed floors. The aggregate reserve for contracts falling within the scope of VM-21 is equal to the stochastic reserves plus the additional standard projection amount.

Both the stochastic reserves and the standard projection are determined as the CTE70 of the scenario reserves. To determine the CTE70 values, the Company used 1,000 of the pre-packaged scenarios developed by the American Academy of Actuaries (AAA) and the Society of Actuaries. The stochastic reserves use and prudent estimate assumptions based on company experience, while the standard projection uses the assumptions prescribed in VM-21 for determining the additional standard projection amount.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Accident and Health Liabilities

At December 31, 2019 and 2018, the Company had no premium deficiency reserve related to accident and health policies.

The Company’s primary method utilized to estimate premium adjustments for contracts subject to redetermination is to review experience periodically and to adjust premiums for differences between the experience anticipated at the time of redetermination and that underlying the original premiums. The Company has not limited its degree of discretion contractually; however, in some states it has agreed not to raise premiums in order to recoup past losses. The Company forgoes premium changes on existing policies at its option if the administrative cost and other business issues associated with the change outweigh the direct financial impact of the change. Also, the Company has extra-contractually guaranteed the current premium scale for certain policies.

The Company does not write any accident and health business that is subject to the Affordable Care Act risk sharing provisions.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Activity in the liability for unpaid claims and related processing costs net of reinsurance is summarized as follows:


	Unpaid Claims Liability Beginning of Year		Claims Incurred			Claims Paid		Unpaid Claims Liability End of Year
Year ended December 31, 2019
2019	$	—	$	864,693		$	266,218	$	598,474
2018 and prior		1,860,793		(18,289	)		558,704		1,283,801

		1,860,793	$	846,404		$	824,922		1,882,276

Active life reserve	$	4,390,665						$	4,512,675

Total accident and health reserves	$	6,251,458						$	6,394,951


	Unpaid Claims Liability Beginning of Year		Claims Incurred			Claims Paid		Unpaid Claims Liability End of Year
Year ended December 31, 2018
2018	$	—	$	954,895		$	294,034	$	660,861
2017 and prior		1,751,452		(12,178	)		539,342		1,199,932

		1,751,452	$	942,717		$	833,376		1,860,793

Active life reserve	$	4,238,123						$	4,390,665

Total accident and health reserves	$	5,989,575						$	6,251,458

The Company’s unpaid claims reserve was increased (decreased) by $(18,289) and $(12,178) for the years ended December 31, 2019 and 2018, respectively, for health claims that were incurred prior to those balance sheet dates. The change in 2019 and 2018 resulted primarily from variances in the estimated frequency of claims and claim severity.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Activity in the liability for unpaid claims adjustment expense is summarized as follows:


	Liability Beginning of Year		Incurred			Paid		Liability End of Year
Year ended December 31, 2019
2019	$	—	$	15,113		$	1,428	$	13,685
2018 and prior		46,226		(14,407	)		2,464		29,355

	$	46,226	$	706		$	3,892	$	43,040

Year ended December 31, 2018
2018	$	—	$	19,236		$	2,819	$	16,417
2017 and prior		43,512		(11,813	)		1,890		29,809

	$	43,512	$	7,423		$	4,709	$	46,226

The Company did not increase or decrease the claim adjustment expense provision for insured events of prior years during 2019 or 2018.

Deposit-type Contracts

Tabular interest on funds not involving life contingencies has been determined primarily by formula.

Included in the liability for deposit-type contracts at December 31, 2019 and 2018 are approximately $11,288 and $11,543, respectively, of funding agreements issued to special purpose entities in conjunction with non-recourse medium-term note programs. Under these programs, the proceeds from each note series issuance are used to purchase a funding agreement from the Company which secures that particular series of notes. In general, the payment terms of the note series match the payment terms of the funding agreement that secures that series. Claims for the principal and interest for these funding agreements are afforded equal priority as other policyholders.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Withdrawal Characteristics of Annuity Reserves and Deposit Funds

December 31
2019

General
Account

Separate
Account with
Guarantees

Separate
Account Non-
Guaranteed

Total

Percent

Individual Annuities:

Subject to discretionary withdrawal with adjustment:

With fair value adjustment

7,602

6,629

—

14,230

At book value less surrender charge of 5% or more

2,535

—

2,535

At fair value

—

20,282,900

20,282,984

Total with adjustment or at fair value

10,221

6,629

20,282,900

20,299,749

At book value without adjustment (minimal or no charge or adjustment)

963,508

—

963,508

Not subject to discretionary withdrawal provision

321,922

—

134,490

456,411

Total individual annuity reserves

1,295,651

6,629

20,417,389

21,719,669

100

Less reinsurance ceded

210,156

—

210,156

Net individual annuity reserves

1,085,496

6,629

20,417,389

21,509,514

December 31
2019

General
Account

Separate
Account with
Guarantees

Separate
Account Non-
Guaranteed

Total

Percent

Group Annuities

Subject to discretionary withdrawal with adjustment:

With fair value adjustment

711

8,844

—

9,555

At fair value

—

2,142,869

Total with adjustment or at fair value

711

8,844

2,142,869

2,152,424

At book value without adjustment (minimal or no charge or adjustment)

318,578

—

318,578

Not subject to discretionary withdrawal provision

29,631

—

29,631

Total group annuity reserves

348,920

8,844

2,142,869

2,500,633

100

Less reinsurance ceded

—

Net group annuity reserves

348,920

8,844

2,142,869

2,500,633

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

December 31
2019

General
Account

Separate
Account with
Guarantees

Separate
Account Non-
Guaranteed

Total

Percent

Deposit-type contracts (no life contingencies):

Not subject to discretionary withdrawal provision

320,770

—

2,417

323,187

100

Total deposit-type contracts

320,770

—

2,417

323,187

100

Less reinsurance ceded

15,143

—

15,143

Net deposit- type contracts

305,627

—

2,417

308,044


	Amount
Reconcililation to the Annual Statement:
Life & Accident & Health Annual Statement:
Exhibit 5, Annuities section, total (net)	$	1,145,835
Exhibit 5, Supp contracts with life contingencies section, total (net)		237,898
Exhibit 7, Deposit-type contracts, net balance at the end of the current year after reinsurance		356,309

Subtotal		1,740,042
Separate Accounts Annual Statement:
Exhibit 3, Annuities section, total		22,441,205
Exhibit 3, Supp contracts with life contingencies section, total		134,526
Other contract deposit funds		2,417

Subtotal		22,578,149

Combined total	$	24,318,191


	December 31 2018
	General Account		Separate Account with Guarantees		Separate Account Non- Guaranteed		Total		Percent
Individal Annuities:
Subject to discretionary withdrawal with adjustment:
With fair value adjustment	$	7,885	$	6,677	$	—	$	14,562		0	%
At book value less surrender charge of 5% or more		3,458		—		—		3,458		0
At fair value		3,038		—		17,464,766		17,467,804		92

Total with adjustment or at fair value		14,380		6,677		17,464,766		17,485,824		92
At book value without adjustment (minimal or no charge or adjustment)		1,011,556		—		—		1,011,556		5
Not subject to discretionary withdrawal provision		405,171		—		103,186		508,357		3

Total individual annuity reserves		1,431,107		6,677		17,567,953		19,005,737		100	%

Less reinsurance ceded		287,593		—		—		287,593

Net individual annuities reserves	$	1,143,514	$	6,677	$	17,567,953	$	18,718,144

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


	December 31 2018
	General Account		Separate Account with Guarantees		Separate Account Non- Guaranteed		Total		Percent
Group Annuities:
Subject to discretionary withdrawal with adjustment:
With fair value adjustment	$	648	$	9,780	$	—	$	10,427		0	%
At fair value		—		—		2,437,946		2,437,946		86

Total with adjustment or at fair value		648		9,780		2,437,946		2,448,373		87
At book value without adjustment (minimal or no charge or adjustment)		343,252		—		—		343,252		12
Not subject to discretionary withdrawal provision		30,091		—		—		30,091		1

Total group annuities reserves		373,991		9,780		2,437,946		2,821,716		100	%

Less reinsurance ceded		—		—		—		—

Net group annuities reserves	$	373,991	$	9,780	$	2,437,946	$	2,821,716


	December 31 2018
	General Account		Separate Account with Guarantees		Separate Account Non- Guaranteed		Total		Percent
Deposit-type contracts (no life contingencies):
provision	$	549,673	$	—	$	1,693	$	551,366		100	%

Total deposit-type contracts		549,673		—		1,693		551,366		100	%

Less reinsurance ceded		15,916		—		—		15,916

Net deposit-type contracts	$	533,756	$	—	$	1,693	$	535,450


	Amount
Reconcililation to the Annual Statement:
Life & Accident & Health Annual Statement:
Exhibit 5, Annuities section, total (net)	$	1,252,507
Exhibit 5, Supp contracts with life contingencies section, total (net)		214,062
Exhibit 7, Deposit-type contracts, net balance at the end of the current year after reinsurance		584,693

Subtotal		2,051,261
Separate Accounts Annual Statement:
Exhibit 3, Annuities section, total		19,919,133
Exhibit 3, Supp contracts with life contingencies section, total		103,223
Other contract deposit funds		1,693

Subtotal		20,024,049

Combined total	$	22,075,310

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Amount of reserves on life products, by withdrawal characteristics, is summarized as follow:

December 31
2019

General Account

Separate Account - Guaranteed and
Nonguaranteed

Account Value

Cash Value

Reserve

Account Value

Cash Value

Reserve

Subject to discretionary withdrawal, surrender values, or policy loans:

Term policies with cash value

46,855

49,165

82,395

—

Universal life

1,465,607

1,286,331

1,547,962

—

Universal life with secondary guarantees

2,375

2,338

2,391

—

Indexed universal life with secondary guarantees

3,825,616

2,436,729

3,500,501

—

Other permanent cash value life Insurance

3,299,189

3,513,583

5,450,095

—

Variable universal life

604,929

592,688

635,586

3,909,192

3,878,306

3,884,304

Not subject to discretionary withdrawal or no cash values

Term policies without cash value

—

498,864

—

Accidental death benefits

—

15,453

—

Disability- active lives

—

35,660

—

Disability- disabled lives

—

116,543

—

Miscellaneous reserves

—

360,709

—

Total (gross)

9,244,572

7,880,834

12,246,159

3,909,192

3,878,306

3,884,304

Reinsurance ceded

179

1,801,384

—

Total (net)

9,244,394

7,880,656

10,444,776

3,909,192

3,878,306

3,884,304


	Amount
Reconciliation to the Annual Statement:
Life & Accident & Health Annual Statement:
Exhibit 5, Life insurance section, total (net)	$	9,935,044
Exhibit 5, Accidental death benefits section total (net)		15,453
Exhibit 5, Disability - active lives section, total (net)		32,467
Exhibit 5, Disability - disabled lives section, total (net)		115,629
Exhibit 5, Miscellaneous reserves section, total (net)		346,182

Subtotal		10,444,776
Separate Accounts Annual Statement:
Exhibit 3, Life insurance section, total		3,884,304

Subtotal		3,884,304

Combined total	$	14,329,079

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


	December 31 2018
	General Account						Separate Account - Guaranteed and Nonguaranteed
	Account Value		Cash Value		Reserve		Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Term policies with cash value	$	43,796	$	46,558	$	81,109	$	—	$	—	$	—
Universal life		1,225,940		1,112,843		1,614,862		—		—		—
Universal life with secondary guarantees		2,429		2,366		2,432		—		—		—
Indexed universal life with secondary guarantees		3,204,343		1,978,577		2,888,016		—		—		—
Other permanent cash value life Insurance		3,914,841		4,136,607		5,386,907		—		—		—
Variable universal life		596,517		576,230		631,725		3,244,160		3,208,949		3,208,268
Not subject to discretionary withdrawal or no cash values
Term policies without cash value		—		—		503,026		—		—		—
Accidental death benefits		—		—		16,248		—		—		—
Disability- active lives		—		—		34,741		—		—		—
Disability- disabled lives		—		—		119,414		—		—		—
Miscellaneous reserves		—		—		117,498		—		—		—

Total (gross)		8,987,866		7,853,181		11,395,979		3,244,160		3,208,949		3,208,268
Reinsurance ceded		5,974		5,974		1,828,560		—		—		—

Total (net)	$	8,981,892	$	7,847,206	$	9,567,419	$	3,244,160	$	3,208,949	$	3,208,268


	Amount
Reconciliation to the Annual Statement:
Life & Accident & Health Annual Statement:
Exhibit 5, Life insurance section, total (net)	$	9,299,306
Exhibit 5, Accidental death benefits section total (net)		16,248
Exhibit 5, Disability - active lives section, total (net)		31,530
Exhibit 5, Disability - disabled lives section, total (net)		118,484
Exhibit 5, Miscellaneous reserves section, total (net)		101,851

Subtotal		9,567,419
Separate Accounts Annual Statement:		—
Exhibit 3, Life insurance section, total		3,208,268

Subtotal		3,208,268

Combined total	$	12,775,687

Separate Accounts

Certain separate and variable accounts held by the Company represent funds for which the benefit is determined by the performance and/or fair value of the investments held in the separate account. The assets of these are carried at fair value. These variable annuities generally provide an additional minimum guaranteed death benefit. Some variable annuities also provide a minimum guaranteed income benefit. The Company’s Guaranteed Indexed separate accounts provide customers a return based on the total performance of a specified financial index plus an enhancement. Hedging instruments that return the chosen index are purchased by the Company and held within the separate account. The assets in the accounts, carried at fair value, consist primarily of long-term bonds.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Information regarding the separate accounts of the Company as of and for the year ended December 31, 2019, 2018 and 2017 is as follows:


	Nonindexed Guarantee Less Than or Equal to 4%		Nonguaranteed Separate Accounts		Total
Premiums, deposits and other considerations for the year ended December 31, 2019	$	47	$	844,837	$	844,884

Reserves for separate accounts as of December 31, 2019 with assets at:
Fair value	$	15,473	$	26,446,979	$	26,462,452

Total as of December 31, 2019	$	15,473	$	26,446,979	$	26,462,452

Reserves for separate accounts by withdrawal characteristics as of December 31, 2019:
With fair value adjustment	$	15,473	$	—	$	15,473
At fair value		—		26,310,072		26,310,072

Subtotal	$	15,473	$	26,310,072	$	26,325,545
Not subject to discretionary withdrawal		—		136,907		136,907

Total separate account reserve liabilities at December 31, 2019	$	15,473	$	26,446,979	$	26,462,452

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


	Nonindexed Guarantee Less Than or Equal to 4%		Nonguaranteed Separate Accounts		Total
Premiums, deposits and other considerations for the year ended December 31, 2018	$	166	$	995,559	$	995,725

Reserves for separate accounts as of December 31, 2018 with assets at:
Fair value	$	16,457	$	23,215,860	$	23,232,317

Total as of December 31, 2018	$	16,457	$	23,215,860	$	23,232,317

Reserves for separate accounts by withdrawal characteristics as of December 31, 2018:
With fair value adjustment	$	16,457	$	—	$	16,457
At fair value		—		23,110,980		23,110,980

Subtotal	$	16,457	$	23,110,980	$	23,127,437
Not subject to discretionary withdrawal		—		104,880		104,880

Total separate account reserve liabilities at December 31, 2018	$	16,457	$	23,215,860	$	23,232,317

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


	Nonindexed Guarantee Less Than or Equal to 4%		Nonguaranteed Separate Accounts		Total
Premiums, deposits and other considerations for the year ended December 31, 2017	$	128	$	1,005,564	$	1,005,692

Reserves for separate accounts as of December 31, 2017 with assets at:
Fair value	$	17,955	$	24,836,712	$	24,854,667

Total as of December 31, 2017	$	17,955	$	24,836,712	$	24,854,667

Reserves for separate accounts by withdrawal characteristics as of December 31, 2017:
With fair value adjustment	$	17,955	$	—	$	17,955
At fair value		—		24,725,399		24,725,399

Subtotal	$	17,955	$	24,725,399	$	24,743,354
Not subject to discretionary withdrawal		—		111,313		111,313

Total separate account reserve liabilities at December 31, 2017	$	17,955	$	24,836,712	$	24,854,667

A reconciliation of the amounts transferred to and from the Company’s separate accounts is presented below:


	2019			2018			2017
Transfer as reported in the summary of operations of the separate accounts statement:
Transfers to separate accounts	$	866,291		$	1,010,534		$	1,024,418
Transfers from separate accounts		(2,228,421	)		(1,460,192	)		(1,290,485	)

Net transfers from separate accounts		(1,362,130	)		(449,658	)		(266,067	)
Miscellaneous reconciling adjustments		101,052			117,578			104,721

Net transfers as reported in the summary of operations of the life, accident and health annual statement	$	(1,261,078	)	$	(332,080	)	$	(161,346	)

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The legal insulation of separate account assets prevents such assets from being generally available to satisfy claims resulting from the general account. The assets legally insulated from general account claims at December 31, 2019 and 2018 are attributed to the following products:


	2019		2018
Group annuities	$	2,146,648	$	2,446,903
Variable annuities		20,425,457		17,578,936
Variable universal life		3,909,194		3,244,160
Modified separate account		17,709		17,970
WRL asset accumulator		9,326		8,170

Total separate account assets	$	26,508,334	$	23,296,139

To compensate the general account for the risk taken, the separate account paid risk charges of $9,441, $11,344, $12,133, $11,993, and $12,368 to the general account in 2019, 2018, 2017, 2016 and 2015, respectively. During the years ended December 31, 2019, 2018, 2017, 2016 and 2015, the general account of the Company had paid $540, $480, $750, $15,371, and $43,256, respectively, toward separate account guarantees.

The Company does not participate in securities lending transactions within the separate account.

8. Reinsurance

Premiums and annuity considerations earned reflect the following reinsurance amounts:


	Year Ended December 31
	2019			2018			2017
Direct premiums	$	3,348,455		$	3,578,753		$	3,656,349
Reinsurance assumed - non affiliates		54,209			68,724			76,854
Reinsurance assumed - affiliates		414,063			405,528			2,153,409
Reinsurance ceded - non affiliates		(103,725	)		(75,864	)		(3,181,521	)
Reinsurance ceded - affiliates		(365,122	)		(427,119	)		(408,787	)

Net premiums earned	$	3,347,881		$	3,550,022		$	2,296,304

The Company received reinsurance recoveries in the amount of $587,197, $591,703 and $558,976 during 2019, 2018 and 2017, respectively. At December 31, 2019 and 2018, estimated amounts recoverable from

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

reinsurers that have been deducted from policy and contract claim reserves totaled $31,033 and $29,604. The aggregate reserves for policies and contracts were reduced for reserve credits for reinsurance ceded at December 31, 2019 and 2018 of $4,161,453 and $4,320,660, respectively, of which $1,920,004 and $2,016,383 were ceded to affiliates.

During 2019, 2018 and 2017, amortization of deferred gains associated with previously transacted reinsurance agreements was released into income in the amount of $279,776 ($181,854 after tax), $276,268 ($179,574 after tax) and $109,601 ($71,241 after tax), respectively, into earnings on a net of tax basis with a corresponding charge to unassigned surplus.

Letters of credit held for all unauthorized reinsurers as of December 31, 2019, 2018 and 2017 were $1,235,644, $1,285,244 and $1,330,944 respectively.

Effective July 1, 2019, the Company recaptured indexed universal life and variable universal life insurance business from an affiliate, WFG Reinsurance Limited. The Company paid cash of $39,039, recaptured $1,725 in policyholder reserves, $488 in claim reserves and policy loans of $1,176. The transaction resulted in a pre-tax loss of $40,076 which was partially offset by a commission expense allowance of $6,472 as unamortized amounts previously deferred to unassigned surplus related to the original inforce reinsurance transactions were released.

Effective October 1, 2018, the Company recaptured credit insurance business from an affiliate, Ironwood Re Corp. The Company released $248 of funds withheld liability, recaptured $335 of policyholder reserves and $68 of claim reserves. The transaction resulted in a pre-tax loss of $155 which has been included in the Statements of Operations. In addition, the Company released into income a previously deferred unamortized gain resulting from the original cession of this business to Ironwood in the amount of $309 ($201 after-tax) with a corresponding charge to unassigned surplus.

Effective October 1, 2018, the Company recaptured insurance business from an affiliate, Harbor View Re Corp. The Company paid cash of $1,400, released a funds withheld liability of $9,750 and assumed $10,387 of policyholder reserves, $144 of claim reserves and net due premiums and commissions of $781. The transaction resulted in a pre-tax loss of $1,400 which has been included in the Statements of Operations.

Effective October 1, 2018, the Company recaptured group health insurance business from Transamerica Life Insurance Company (TLIC), an affiliate. The Company received cash of $33,799, recaptured $13,767 of policyholder reserves, $980 of unearned premium reserve and $7,366 of claim reserves. The transaction resulted in a pre-tax gain of $11,686 which has been included in the Statements of Operations. In addition, the Company released into income a previously deferred unamortized gain resulting from the original transaction in the amount of $2,191 ($1,424 after-tax) with a corresponding charge to unassigned surplus.

Effective June 29th, 2018, the Company and Wilton Re U. S. Holdings, Inc. (Wilton Re) entered into an agreement as to the “Final Net Settlement Statements and Other Matters” (NSS) associated with the reinsurance agreement between the two companies that was effective April 1, 2017. This agreement related to the reinsurance of the payout annuity and BOLI/COLI business to Wilton Re. As a result of the

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

mutual concessions between the parties, Wilton Re paid the Company $19,084. In addition, the Company released a reinsurance receivable in the amount of $8,428 related to the initial proposed NSS used for closing. The net pretax impact to capital and surplus of these adjustments was $10,656.

Effective December 1, 2017, the Company entered into an agreement with TLIC to convert the modified coinsurance agreement to coinsurance and funds withheld. As a result, TLIC transferred cash and invested assets to the Company. Assets that were not able to be transferred were retained in a FWH portfolio by TLIC until they mature, are sold or can be transferred. The company received cash and invested assets with a market value of $6,487,360 along with policy reserves of $4,543,045 and claim reserves of $199,940 net of due an advance premium of $5,815 from TLIC (which the Company previously assumed on a modco basis). As a result of the transaction $1,144,148 of IMR were released from TLIC and transferred to the Company. The transaction results in a pre-tax gain of $606,041 ($393,926 net of tax) which has been reported in surplus. Recognition of the surplus increase as income shall be reflected on a net of tax basis as earnings emerge from the business reinsured.

On June 28, 2017, Transamerica completed a transaction to reinsure its payout annuity business and Bank Owned Life Insurance/ Corporate Owned Life Insurance business (BOLI/COLI). Under the terms of the Master Agreement, the Company entered into a 100% coinsurance (general account liabilities)/modified coinsurance (separate account liabilities) reinsurance agreement with Wilton Reassurance Company, with an effective date of April 1, 2017. The Company transferred assets in the amount of $3,063,865, which included a ceding commission of $135,819, and released policy and deposit-type reserves of $2,264,229 and policy loans of $7,545 related to the business. Modified coinsurance separate account reserves of $401,609 were retained by the company. As a part of the transaction, the company realized $568,029 in net gains on the assets that were transferred of which $363,243 were deferred to IMR. The IMR liability simultaneously was released along with historical deferrals associated with the blocks of business in the amount of $429,415, resulting in a pretax loss of $172,980, which has been included in the Statements of Operations.

Effective January 1, 2017, the Company entered into a coinsurance retrocession agreement with TLIC Watertree Reinsurance, Inc. (TWRI), an affiliate, under which TWRI coinsures to the Company accelerated death benefits on a product ceded from Transamerica Life Insurance Company to TWRI.

Effective April 14, 2015, the reinsurance agreement dated December 31, 2008 reinsuring variable annuity reinsurance between the Company and Transamerica International Re (Bermuda) Ltd (TIRe), an affiliate, was novated to Firebird Re Corp. (FReC), also an affiliate. Subsequent to the novation, the Companies entered into an amended and restated reinsurance agreement related to the block of business. The modified coinsurance reinsurance reserves were converted to coinsurance reserves and a general account funds withheld was established. During 2017, the Company received invested assets in the amount of $22,479 from FReC as settlement of reinsurance receivables. FReC merged into TLIC, an affiliate, effective October 1, 2018, so the reinsurance agreement is now with TLIC. In 2018, all reinsurance between the Company and TLIC (FReC) was settled in cash.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

9. Income Taxes

The net deferred income tax asset at December 31, 2019 and 2018 and the change from the prior year are comprised of the following components:


	Ordinary			December 31, 2019 Capital			Total
Gross Deferred Tax Assets	$	708,175		$	31,638		$	739,813
Statutory Valuation Allowance Adjustment		—			—			—

Adjusted Gross Deferred Tax Assets		708,175			31,638			739,813
Deferred Tax Assets Nonadmitted		334,893			—			334,893

Subtotal (Net Deferred Tax Assets)		373,282			31,638			404,920
Deferred Tax Liabilities		129,055			44,616			173,671

Net Admitted Deferred Tax Assets	$	244,227		$	(12,978	)	$	231,249


				December 31, 2018
	Ordinary			Capital			Total
Gross Deferred Tax Assets	$	693,441		$	51,157		$	744,598
Statutory Valuation Allowance Adjustment		—			—			—

Adjusted Gross Deferred Tax Assets		693,441			51,157			744,598
Deferred Tax Assets Nonadmitted		335,913			—			335,913

Subtotal (Net Deferred Tax Assets)		357,528			51,157			408,685
Deferred Tax Liabilities		123,272			46,464			169,736

Net Admitted Deferred Tax Assets	$	234,256		$	4,693		$	238,949


	Ordinary			Change Capital			Total
Gross Deferred Tax Assets	$	14,734		$	(19,519	)	$	(4,785	)
Statutory Valuation Allowance Adjustment		—			—			—

Adjusted Gross Deferred Tax Assets		14,734			(19,519	)		(4,785	)
Deferred Tax Assets Nonadmitted		(1,020	)		—			(1,020	)

Subtotal (Net Deferred Tax Assets)		15,754			(19,519	)		(3,765	)
Deferred Tax Liabilities		5,783			(1,848	)		3,935

Net Admitted Deferred Tax Assets	$	9,971		$	(17,671	)	$	(7,700	)

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The main components of deferred income tax amounts are as follows:


	Year Ended December 31
	2019		2018		Change
Deferred Tax Assets:
Ordinary
Policyholder reserves	$	364,402	$	361,776	$	2,626
Investments		74,613		68,973		5,640
Deferred acquisition costs		237,251		227,453		9,798
Policyholder dividends accrual		196		210		(14	)
Fixed assets		1,590		420		1,170
Compensation and benefits accrual		383		358		25
Receivables - nonadmitted		19,999		23,535		(3,536	)
Other (including items <5% of total ordinary tax assets)		9,741		10,716		(975	)

Subtotal		708,175		693,441		14,734

Nonadmitted		334,893		335,913		(1,020	)

Admitted ordinary deferred tax assets		373,282		357,528		15,754

Capital:
Investments		31,638		51,157		(19,519	)
Subtotal		31,638		51,157		(19,519	)
Admitted capital deferred tax assets		31,638		51,157		(19,519	)

Admitted deferred tax assets	$	404,920	$	408,685	$	(3,765	)


	Year Ended December 31
	2019		2018		Change
Deferred Tax Liabilities:
Ordinary
Investments	$	72,740	$	66,130	$	6,610
Policyholder reserves		53,123		53,653		(530	)
Other (including items <5% of total ordinary tax liabilities)		3,191		3,489		(298	)

Subtotal		129,054		123,272		5,782
Capital
Investments		44,617		46,464		(1,847	)
Subtotal		44,617		46,464		(1,847	)

Deferred tax liabilities		173,671		169,736		3,935

Net deferred tax assets/liabilities	$	231,249	$	238,949	$	(7,700	)

As a result of the 2017 Tax Cuts and Jobs Act (TCJA), the Company’s tax reserve deductible temporary difference decreased by ($400,000). This change results in an offsetting $400,000 deductible temporary difference that will be amortized into taxable income evenly over the eight years subsequent to 2017. The remaining amortizable balance is included within the Policyholder Reserves line items above.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


					December 31, 2019
			Ordinary		Capital		Total
Admission Calculation Components SSAP No. 101
2(a)	Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carrybacks		$	—	$	11,238	$	11,238
2(b)	Adjusted Gross Deferred Tax Assets Expected to be Realized (Excluding The Amount of Deferred Tax Assets From 2(a) above) After Application of the Threshold Limitation (the Lesser of 2(b)1 and 2(b)2 below)			220,011		—		220,011
	1.	Adjusted Gross Deferred Tax Assets Expected to be Realized Following the Balance Sheet Date		220,011		—		220,011
	2.	Adjusted Gross Deferred Tax Assets Allowed per Limitation Threshold		XXX		XXX		310,453
2(c)	Adjusted Gross Deferred Tax Assets (Excluding The Amount Of Deferred Tax Assets From 2(a)and 2(b) above) Offset by Gross Deferred Tax Liabilities			153,271		20,400		173,671

2(d)	Deferred Tax Assets Admitted as the result of application of SSAP No. 101, Total (2(a) + 2(b) + 2(c))		$	373,282	$	31,638	$	404,920


			Ordinary		December 31, 2018 Capital		Total
Admission Calculation Components SSAP No. 101
2(a)	Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carrybacks		$	—	$	17,086	$	17,086
2(b)	Adjusted Gross Deferred Tax Assets Expected to be Realized (Excluding The Amount of Deferred Tax Assets From 2(a) above) After Application of the Threshold Limitation (the Lesser of 2(b)1 and 2(b)2 below)			221,863		—		221,863
	1.	Adjusted Gross Deferred Tax Assets Expected to be Realized Following the Balance Sheet Date		221,863		—		221,863
	2.	Adjusted Gross Deferred Tax Assets Allowed per Limitation Threshold		XXX		XXX		258,932
2(c)	Adjusted Gross Deferred Tax Assets (Excluding The Amount Of Deferred Tax Assets From 2(a)and 2(b) above) Offset by Gross Deferred Tax Liabilities			135,665		34,071		169,736

2(d)	Deferred Tax Assets Admitted as the result of application of SSAP No. 101, Total (2(a) + 2(b) + 2(c))		$	357,528	$	51,157	$	408,685

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)


			Ordinary			Change Capital			Total
Admission Calculation Components SSAP No. 101
2(a)	Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carrybacks		$	—		$	(5,848	)	$	(5,848	)
2(b)	Adjusted Gross Deferred Tax Assets Expected to be Realized (Excluding The Amount of Deferred Tax Assets From 2(a) above) After Application of the Threshold Limitation (the Lesser of 2(b)1 and 2(b)2 below)			(1,852	)		—			(1,852	)
	1.	Adjusted Gross Deferred Tax Assets Expected to be Realized Following the Balance Sheet Date		(1,852	)		—			(1,852	)
	2.	Adjusted Gross Deferred Tax Assets Allowed per Limitation Threshold		XXX			XXX			51,521
2(c)	Adjusted Gross Deferred Tax Assets (Excluding The Amount Of Deferred Tax Assets From 2(a) and 2(b) above) Offset by Gross Deferred Tax Liabilities			17,606			(13,671	)		3,935

2(d)	Deferred Tax Assets Admitted as the result of application of SSAP No. 101, Total (2(a) + 2(b) + 2(c))		$	15,754		$	(19,519	)	$	(3,765	)


			December 31
			2019			2018			Change
Ratio Percentage Used To Determine Recovery Period and Threshold Limitation Amount				877	%		758	%		119	%

Amount of Adjusted Capital and Surplus Used To Determine Recovery Period and Threshold Limitation in 2(b)2 Above			$	2,069,687		$	1,726,211		$	343,476

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The impact of tax planning strategies at December 31, 2019 and 2018 was as follows:


				December 31, 2019
	Ordinary Percent			Capital Percent			Total Percent
Impact of Tax Planning Strategies:
(% of Total Adjusted Gross DTAs)		0	%		0	%		0	%

(% of Total Net Admitted Adjusted Gross DTAs)		2	%		0	%		2	%


				December 31, 2018
	Ordinary Percent			Capital Percent			Total Percent
Impact of Tax Planning Strategies:
(% of Total Adjusted Gross DTAs)		0	%		0	%		0	%

(% of Total Net Admitted Adjusted Gross DTAs)		0	%		30	%		4	%

The Company’s tax planning strategies do not include the use of reinsurance-related tax planning strategies.

Current income taxes incurred consist of the following major components:


	Year Ended December 31
	2019			2018			Change
Current Income Tax
Federal	$	39,259		$	30,372		$	8,887

Subtotal		39,259			30,372			8,887
Federal income tax on net capital gains		8,597			(47,135	)		55,732

Federal and foreign income taxes incurred	$	47,856		$	(16,763	)	$	64,619


	Year Ended December 31
	2018			2017			Change
Current Income Tax
Federal	$	30,372		$	903,151		$	(872,779	)

Subtotal		30,372			903,151			(872,779	)
Federal income tax on net capital gains		(47,135	)		94,516			(141,651	)

Federal and foreign income taxes incurred	$	(16,763	)	$	997,667		$	(1,014,430	)

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company’s current income tax incurred and change in deferred income tax differs from the amount obtained by applying the federal statutory rate to income before tax as follows:


	Year Ended December 31
	2019			2018			2017
Current income taxes incurred	$	47,856		$	(16,763	)	$	997,667
Change in deferred income taxes (without tax on unrealized gains and losses)		(10,084	)		(7,833	)		39,231

Total income tax reported	$	37,772		$	(24,596	)	$	1,036,898

Income before taxes	$	619,186		$	400,924		$	1,058,153
		21.00	%		21.00	%		35.00	%

Expected income tax expense (benefit) at statutory rate	$	130,029		$	84,194		$	370,354

Increase (decrease) in actual tax reported resulting from:

Pre-tax income of disregarded subsidiaries	$	(2,007	)	$	(2,411	)	$	(1,074	)
Dividends received deduction		(31,895	)		(25,962	)		(46,859	)
Tax-exempt income		(861	)		(1,102	)		(1,663	)
Nondeductible expenses		252			604			304
Pre-tax items reported net of tax		(52,817	)		(54,399	)		344,472
Tax credits		(13,951	)		(9,199	)		(6,892	)
Prior period tax return adjustment		4,028			(21,398	)		4,029
Change in tax rates		—			—			357,034
Change in uncertain tax positions		—			948			(3,844	)
Deferred tax expense on other items in surplus		4,916			3,900			20,986
Other		78			229			51

Total income tax reported	$	37,772		$	(24,596	)	$	1,036,898

On December 22, 2017, the TCJA reduced the federal tax rate to 21%. As a result, the Company reduced its net deferred tax asset balance by $357,034, excluding $23,017 of net deferred tax asset reduction on unrealized gains/(losses) in the 2017 financial statements.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

on separate income tax return calculations. The Company is entitled to recoup federal income taxes paid in the event the future losses and credits reduce the greater of the Company’s separately computed income tax liability or the consolidated group’s income tax liability in the year generated. The Company is also entitled to recoup federal income taxes paid in the event the losses and credits reduce the greater of the Company’s separately computed income tax liability or the consolidated group’s income tax liability in any carryback or carryforward year when so applied. Intercompany income tax balances are settled within thirty days of payment to or filing with the Internal Revenue Service. A tax return has not been filed for 2019.

The following is income tax expense for current year and preceding years that is available for recoupment in the event of future losses:


	Total
2019	$	7,361
2018	$	—
2017	$	72,284

The total amount of the unrecognized tax benefits that, if recognized, would affect the effective income tax rate:


	Unrecognized Tax Benefits
Balance at January 1, 2018	$	1,804
Tax positions taken during prior period		948

Balance at December 31, 2018	$	2,752

Balance at December 31, 2019	$	2,752

The Company classifies interest and penalties related to income taxes as income tax expense. The amount of interest and penalties accrued on the balance sheet as income taxes includes the following:


	Interest			Penalties		Total payable (receivable)
Balance at January 1, 2017	$	236		$	—	$	236
Interest expense (benefit)		(20	)		—		(20	)
Penalties expense (benefit)		—			—		—
Cash (paid) received		—			—		—

Balance at December 31, 2017	$	216		$	—	$	216
Interest expense (benefit)		419			—		419
Penalties expense (benefit)		—			—		—
Cash (paid) received		—			—		—

Balance at December 31, 2018	$	635		$	—	$	635
Interest expense (benefit)		264			—		264
Penalties expense (benefit)		—			—		—
Cash (paid) received		—			—		—

Balance at December 31, 2019	$	899		$	—	$	899

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

10. Capital and Surplus

The Company has two classes of common stock, Class A and Class B. Each outstanding share of Class A is entitled to four votes for any matter submitted to a vote at a meeting of stockholders, whereas each outstanding share of Class B is entitled to one such vote. The Company has 10,000 shares of Class A and 10,000 shares of Class B common shares authorized at $750 per share par value of which, 9,819 of Class A and 3,697 of Class B were issued and outstanding at December 31, 2019 and 2018.

The Company has no preferred stock authorized.

The Company is subject to limitations, imposed by the State of Iowa, on the payment of dividends to its stockholders. Generally, dividends during any twelve-month period may not be paid, without prior regulatory approval, in excess of the greater of (a) 10 percent of the Company’s statutory surplus as of the preceding December 31, or (b) the Company’s statutory gain from operations before net realized capital gains (losses) on investments for the preceding year. Subject to the availability of unassigned surplus at the time of such dividend, the maximum payment which may be made in 2019, without the prior approval of insurance regulatory authorities, is $349,625.

On February 1, 2019, the Company paid ordinary common stock dividends of $8,444 to Commonwealth General Corporation.

The Company received ordinary common stock dividends of $30,000, $20,000, $15,000, and $15,000 from World Financial Group Insurance Agency, Inc. on March 29, 2019, June 21, 2019, September 30, 2019, and December 20, 2019, respectively.

On December 20, 2019, Transamerica Realty paid ordinary common stock dividends of $2,826 to the Company.

The Company reported a contribution receivable from parent of $150,000 at December 31, 2017. The contribution was received on February 1, 2018.

On December 31, 2018 the Company received a $6 contribution from its subsidiary Transamerica Asset Management, Inc. On December 31, 2018, the Company paid a $1,360 non-cash contribution to its subsidiary, Real Estate Alternatives Portfolio 3A, Inc. (REAP 3A). On December 19, 2018, the Company received a common stock dividend from its subsidiary, World Financial Group Insurance Agency, Inc. in the amount of $30,000. On September 27, 2018, the Company received a non-cash common stock dividend from its subsidiary, World Financial Group Insurance Agency, Inc. in the amount of $30,000.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Life and health insurance companies are subject to certain RBC requirements as specified by the NAIC. Under those requirements, the amount of capital and surplus maintained by a life or health insurance company is to be determined based on the various risk factors related to it. At December 31, 2019, the Company meets the minimum RBC requirements.

The Company’s surplus notes are held by CGC and Transamerica Corporation (TA Corp). These notes are due 20 years from the date of issuance at an interest rate of 6% and are subordinate and junior in right of payment to all obligations and liabilities of the Company. In the event of liquidation of the Company, full payment of the surplus notes shall be made before the holders of common stock become entitled to any distribution of the remaining assets of the Company. The Company received approval from the Iowa Insurance Division prior to paying quarterly interest payments.

On December 20, 2019, the Company repaid in full its $57,266 surplus note with Transamerica Corporation and made a partial repayment of $42,734 on its surplus note with Commonwealth General Corporation. The Company received IID approval for this transaction. Additional information related to the outstanding surplus notes at December 31, 2019 and 2018 is as follows:


For Year Ending	Balance Outstanding		Interest Paid Current Year		Cumulative Interest Paid		Accrued Interest
2019
CGC	$	60,000	$	6,306	$	98,822	$	300
TA Corp		—		3,627		45,724		—

Total	$	60,000	$	9,933	$	144,546	$	300

2018
CGC	$	102,734	$	6,164	$	92,515	$	514
TA Corp		57,266		3,436		42,097		286

Total	$	160,000	$	9,600	$	134,612	$	800

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

11. Securities Lending

At December 31, 2019 and 2018, respectively, securities with a fair value of $716,001 and $555,825 were on loan under securities lending agreements as part of this program. At December 31, 2019 and 2018, the collateral the Company received from securities lending activities was in the form of cash and on open terms. This cash collateral is reinvested and is not available for general corporate purposes. The reinvested cash collateral has a fair value of $757,186 and $575,155 at December 31, 2019 and 2018, respectively.

The contractual maturities of the securities lending collateral positions are as follows:


	Fair Value
	2019		2018
Open	$	757,186	$	574,886

Total		757,186		574,886

Securities received		—		—

Total collateral received	$	757,186	$	574,886

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The maturity dates of the reinvested securities lending collateral are as follows:


	2019				2018
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Open	$	26,407	$	26,407	$	85,260	$	85,260
30 days or less		208,268		208,268		140,236		140,236
31 to 60 days		309,546		309,546		104,248		104,249
61 to 90 days		75,517		75,517		60,156		60,155
91 to 120 days		73,818		73,818		104,653		104,653
121 to 180 days		63,630		63,630		80,602		80,602

Total		757,186		757,186		575,155		575,155

Securities received		—		—		—		—

Total collateral reinvested	$	757,186	$	757,186	$	575,155	$	575,155

For securities lending, the Company’s source of cash used to return the cash collateral is dependent upon the liquidity of the current market conditions. Under current conditions, the Company has securities with a par value of $757,905 (fair value of $757,186) that are currently tradable securities that could be sold and used to pay for the $757,186 in collateral calls that could come due under a worst-case scenario.

12. Retirement and Compensation Plans

Defined Contribution Plans

The Company’s employees participate in a contributory defined contribution plan sponsored by TA Corp which is qualified under Section 401(k) of the Internal Revenue Code. Generally, employees of the Company who customarily work at least 20 hours per week and meet the other eligibility requirements are participants of the plan. Participants may elect to contribute up to 100% of eligible earnings, subject to government or other plan restrictions for certain key employees. The Company will match an amount up to three percent of the participant’s eligible earnings. Participants may direct all of their contributions and plan balances to be invested in a variety of investment options. The plan is subject to the reporting and disclosure requirements of the Employee Retirement Income Security Act of 1974, as amended (ERISA). Benefits expense was $1,746, $1,767 and $1,805 was allocated to the Company for the years ended December 31, 2019, 2018 and 2017, respectively.

Defined Benefit Plans

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company recognizes pension expense equal to its allocation from TA Corp. The pension expense related to both the defined pension plan and the supplemental retirement plans is allocated among the participating companies based on International Accounting Standards 19 (IAS 19), Accounting for Employee Benefits, and based upon actuarial participant benefit calculations, which is within the guidelines of SSAP No. 102, Pensions. Pension expenses were $3,889, $3,832 and $4,166, for the years ended December 31, 2019, 2018 and 2017, respectively.

In addition to pension benefits, TA Corp sponsors unfunded plans that provide health care and life insurance benefits to retired Company employees meeting certain eligibility requirements. The Company has no legal obligation for the plan. Portions of the medical and dental plans are contributory. The expenses of the postretirement plans are allocated among the participating companies based on IAS 19 and based upon actuarial participant benefit calculations which is within the guidelines of SSAP No. 92, Postretirement Benefits Other Than Pensions. The Company expensed $585, $710 and $769 related to these plans for the years ended December 31, 2019, 2018 and 2017, respectively.

Other Plans

13. Related Party Transactions

The Company shares certain officers, employees and general expenses with affiliated companies.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Transamerica Capital, Inc. provides wholesaling distribution services for the Company under a distribution agreement. The Company incurred expenses under this agreement of $19, $24 and $41 for the years ended December 31, 2019, 2018 and 2017, respectively.

At December 31, 2019 and 2018, the Company reported a net amount of $28,746 and ($12,506) (payable to)/receivable from parent, subsidiary and affiliated companies, respectively. Terms of settlement require that these amounts be settled within 90 days. Receivables from and payables to affiliates bear interest at the thirty-day commercial paper rate.

During 2019, 2018 and 2017, the Company (paid)/received net interest of ($37), ($582) and ($75), respectively, to affiliates.

The Company has an administration service agreement with Transamerica Asset Management, Inc. to provide administrative services to the Transamerica Series Trust. The Company received $20,792, $21,516 and $22,070 for these services during 2019, 2018 and 2017, respectively.

At December 31, 2019, the Company had short-term intercompany notes receivable of $102,900 as follows. In accordance with SSAP No. 25, Affiliates and Other Related Parties, these notes are reported as short-term investments.


Receivable from	Amount		Due By	Interest Rate
Transamerica Corporation	$	8,600	December 18, 2020		1.61	%

Transamerica Corporation		94,300	December 30, 2020		1.61	%

At December 31, 2018, the Company had short-term intercompany notes receivable of $194,600 as follows.


Receivable from	Amount		Due By	Interest Rate
Transamerica Corporation	$	24,100	September 21, 2019		1.99	%

Transamerica Corporation		22,500	October 3, 2019		2.15	%

Transamerica Corporation		12,800	October 5, 2019		2.15	%

Transamerica Corporation		29,200	October 26, 2019		2.15	%

Transamerica Corporation		106,000	December 14, 2019		2.31	%

In prior years, the Company purchased life insurance policies covering the lives of certain employees of the Company from an affiliate, TLIC. At December 31, 2019 and 2018, the cash surrender value of these policies was $170,124 and $167,126, respectively.

During 1998, TLIC issued life insurance policies to LIICA, covering the lives of certain LIICA employees. The Company entered into an assumption reinsurance transaction with TLIC effective September 30, 2008, resulting in the Company assuming all liabilities of TLIC arising under these policies. Accordingly, the Company held aggregate reserves for policies and contracts related to these policies of $181,648 and $179,004 at December 31, 2019 and 2018, respectively.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

Information regarding the Company’s affiliated reinsurance transactions is available in Note 8. Reinsurance.

Information regarding the Company’s affiliated guarantees is available in Note 15. Commitments and Contingencies.

The Company utilizes the look-through approach in valuing its investment in the following ten entities.


Real Estate Alternatives Portfolio 3, LLC	$	6,338
Real Estate Alternatives Portfolio 4 HR, LLC	$	47,545
Real Estate Alternatives Portfolio 4 MR, LLC	$	3,043
Aegon Multi-Family Equity Fund, LLC	$	14,713
Aegon Workforce Housing Fund 2, L.P.	$	40,684
Aegon Workforce Housing Fund 3, L.P.	$	6,238
Natural Resources Alternatives Portfolio I, LLC	$	85,097
Natural Resources Alternatives Portfolio II, LLC	$	2
Natural Resources Alternatives Portfolio 3, LLC	$	79,648
Zero Beta Fund, LLC	$	283,925

These entity’s financial statements are not audited and the Company has limited the value of its investment in these entities to the value contained in the audited financial statements of the underlying LP/LLC investments, including adjustments required by SSAP No. 97 entities and/or non-SCA SSAP No. 48, Joint Ventures, Partnerships and Limited Liability Companies, entities owned by these entities. All liabilities, commitments, contingencies, guarantees or obligations of these entities which are required to be recorded as liabilities, commitments, contingencies, guarantees or obligations under applicable accounting guidance, are reflected in the Company’s determination of the carrying value of the investment in these entities.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The following tables shows the disclosures for all SCA investments, except 8bi entities, and balance sheet value (admitted and nonadmitted) as of December 31, 2019 and 2018:

December 31, 2019


SCA Entity	Percentage of SCA Ownership			Gross Amount		Admitted Amount		Nonadmitted Amount
SSAP No. 97 8a Entities
		—	%	$	—	$	—	$	—

Total SSAP No. 97 8a Entities		XXX		$	—	$	—	$	—

SSAP No. 97 8b(ii) Entities
		—	%	$	—	$	—	$	—

Total SSAP No. 97 8b(ii) Entities		XXX		$	—	$	—	$	—

SSAP No. 97 8b(iii) Entities
REAL ESTATE ALTERN PORT 3A INC		37	%	$	8,949	$	8,949	$	—
INTERSECURITIES INS AGENCY INC		100			—		—		—
TRANSAMERICA ASSET MANAGEMENT INC		77			90,420		90,420		—
TRANSAMERICA FUND SERVICES INC		44			—		—		—
WORLD FIN GRP INSURANCE AGENCY INC		100			—		—		—
AEGON DIRECT MARKETING SVC INC		73			—		—		—

Total SSAP No. 97 8b(iii) Entities		XXX		$	99,369	$	99,369	$	—

SSAP No. 97 8b(iv) Entities
0		—	%	$	—	$	—	$	—

Total SSAP No. 97 8b(iv) Entities		XXX		$	—	$	—	$	—

Total SSAP No. 97 8b Entities (except 8bi entities)		XXX		$	99,369	$	99,369	$	—

Aggregate Total		XXX		$	99,369	$	99,369	$	—

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

December 31, 2018


SCA Entity	Percentage of SCA Ownership			Gross Amount		Admitted Amount		Nonadmitted Amount
SSAP No. 97 8a Entities
None		—	%	$	—	$	—	$	—

Total SSAP No. 97 8a Entities		XXX		$	—	$	—	$	—

SSAP No. 97 8b(ii) Entities
None		—	%	$	—	$	—	$	—

Total SSAP No. 97 8b(ii) Entities		XXX		$	—	$	—	$	—

SSAP No. 97 8b(iii) Entities
REAL ESTATE ALTERN PORT 3A INC		37	%	$	15,475	$	15,475	$	—
INTERSECURITIES INS AGENCY INC		100			—		—		—
TRANSAMERICA ASSET MANAGEMENT INC		77			68,079		68,079		—
TRANSAMERICA FUND SERVICES INC		44			—		—		—
WORLD FIN GRP INSURANCE AGENCY INC		100			—		—		—
AEGON DIRECT MARKETING SVC INC		74			—		—		—

Total SSAP No. 97 8b(iii) Entities		XXX		$	83,554	$	83,554	$	—

SSAP No. 97 8b(iv) Entities
None		—	%	$	—	$	—	$	—

Total SSAP No. 97 8b(iv) Entities		XXX		$	—	$	—	$	—

Total SSAP No. 97 8b Entities (except 8bi entities)		XXX		$	83,554	$	83,554	$	—

Aggregate Total		XXX		$	83,554	$	83,554	$	—

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The following table shows the NAIC responses for the SCA filings (except 8bi entities) as of December 31, 2019 and 2018:

December 31, 2019

SCA Entity

Type of
NAIC
Filing*

Date of
Filing to
the NAIC

NAIC
Valuation
Amount

NAIC
Response
Received
Y/N

NAIC
Disallowed
Entities
Valuation
Method,
Submission
Required
Y/N

Code**

SSAP No. 97 8a Entities

—

Total SSAP No. 97 8a Entities

—

SSAP No. 97 8b(ii) Entities

—

Total SSAP No. 97 8b(ii) Entities

—

SSAP No. 97 8b(iii) Entities

REAL ESTATE ALTERN PORT 3A INC

1/6/2020

14,455

INTERSECURITIES INS AGENCY INC

—

TRANSAMERICA ASSET MANAGEMENT INC

8/30/2019

66,705

TRANSAMERICA FUND SERVICES INC

—

WORLD FIN GRP INSURANCE AGENCY INC

—

AEGON DIRECT MARKETING SVC INC

—

Total SSAP No. 97 8b(iii) Entities

—

81,160

—

SSAP No. 97 8b(iv) Entities

—

Total SSAP No. 97 8b(iv) Entities

—

Total SSAP No. 97 8b Entities (except 8bi entities)

—

81,160

—

Aggregate Total

—

81,160

—

*	S1 – Sub1, S2 – Sub2 or RDF – Resubmission of Disallowed Filing

**	I – Immaterial or M – Material

⁽¹⁾	NAIC Valuation Amount is as of the Filing Date to the NAIC

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

December 31, 2018


SCA Entity	Type of NAIC Filing*		Date of Filing to the NAIC		NAIC Valuation Amount		NAIC Response Received Y/N		NAIC Disallowed Entities Valuation Method, Submission Required Y/N		Code**
SSAP No. 97 8a Entities
None		—			$	—		—		—		—

Total SSAP No. 97 8a Entities		—		—	$	—		—		—		—

SSAP No. 97 8b(ii) Entities
None		—			$	—		—		—		—

Total SSAP No. 97 8b(ii) Entities		—		—	$	—		—		—		—

SSAP No. 97 8b(iii) Entities
REAL ESTATE ALTERN PORT 3A INC		S2		12/21/2018	$	11,370		Y		N		I
INTERSECURITIES INS AGENCY INC		NA				—		—		—		I
TRANSAMERICA ASSET MANAGEMENT INC		S2		2/19/2019		39,532		Y		N		I
TRANSAMERICA FUND SERVICES INC		NA				—		—		—		I
WORLD FIN GRP INSURANCE AGENCY INC		NA				—		—		—		I
AEGON DIRECT MARKETING SVC INC		NA				—		—		—		I

Total SSAP No. 97 8b(iii) Entities		—		—	$	50,902		—		—		—

SSAP No. 97 8b(iv) Entities
None		—			$	—		—		—		—

Total SSAP No. 97 8b(iv) Entities		—		—	$	—		—		—		—

Total SSAP No. 97 8b Entities (except 8bi entities)		—		—	$	50,902		—		—		—

Aggregate Total		—		—	$	50,902		—		—		—

*	S1 – Sub1, S2 – Sub2 or RDF – Resubmission of Disallowed Filing

**	I – Immaterial or M – Material

⁽¹⁾	NAIC Valuation Amount is as of the Filing Date to the NAIC

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

14. Managing General Agents

The Company utilizes managing general agents (MGA) and third-party administrators (TPA) in its operation. Information regarding these entities for the year ended December 31, 2019 is as follows:

Name and Address of Managing
General Agent or Third-Party
Administrator

FEIN

Exclusive
Contract

Types of
Business
Written

Types of
Authority
Granted

Total Direct
Premiums
Written/
Produced By

The Vanguard Group, Inc., 100 Vanguard Blvd., Malvern, PA 19355

23-1945930

Deferred and Income
Annuities

C,B,P,U

631,289

Total

631,289

C-

Claims Payment

B-

Binding Authority1%

P-

Premium Collection

U-

Underwriting

For the years ended December 31, 2019, 2018 and 2017, respectively, direct premiums of $631,289, $783,938 and $928,060 were written by MGA’s and TPA’s.

15. Commitments and Contingencies

The Company has issued synthetic GIC contracts to benefit plan sponsors on assets totaling $50,276,331 and $52,252,582 as of December 31, 2019 and 2018, respectively. A synthetic GIC is an off-balance sheet fee-based product sold primarily to tax qualified plans. The plan sponsor retains ownership and control of the related plan assets. The Company provides book value benefit responsiveness in the event that qualified plan benefit requests exceed plan cash flows. In certain contracts, the Company agrees to make advances to meet benefit payment needs and earns a market interest rate on these advances. The periodically adjusted contract-crediting rate is the means by which investment and benefit responsive experience is passed through to participants. In return for the book value benefit responsive guarantee, the Company receives a premium that varies based on such elements as benefit responsive exposure and contract size. The Company underwrites the plans for the possibility of having to make benefit payments and also must agree to the investment guidelines to ensure appropriate credit quality and cash flow. There has been no contract reserve established for the possibility of unexpected benefit payments at below market interest rates at December 31, 2019 and 2018, respectively. Effective July 1, 2017, the Company entered into a coinsurance agreement under which the Company cedes 50% of its outstanding synthetic GIC notional.

At December 31, 2019 and 2018, the Company has mortgage loan commitments of $205,984 and $166,585, respectively.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

The Company has contingent commitments of $457,896 and $311,089 at December 31, 2019 and 2018, respectively, to provide additional funding for various joint ventures, partnerships and limited liability companies, which includes LIHTC commitments of $66,571 and $77,186.

Private placement commitments outstanding as of December 31, 2019 were $73,260. Private placement commitments outstanding as of December 31, 2018 were and $34,030.

There were no securities acquired (sold) on a TBA basis as of December 31, 2019 and 2018, respectively.

At December 31, 2019 and 2018, securities in the amount of $0 and $1,777, respectively, were posted to the Company as collateral from derivative counterparties. The securities were not included on the Company’s balance sheet as the Company does not have the ability to sell or repledge the collateral.

The Company is a member of the FHLB of Des Moines. Through its membership, the Company has conducted business activity (borrowings) with the FHLB. It is part of the Company’s strategy to utilize these funds to improve spread lending liquidity. The Company has determined the actual/estimated maximum borrowing capacity as $1,866,170. The Company calculated this amount in accordance with the terms and conditions of agreement with FHLB of Des Moines.

At December 31, 2019 and 2018, the Company purchased/owned the following FHLB stock as part of the agreement:


	Year Ended December 31
	2019		2018
Membership Stock:
Class A	$	—	$	—
Class B		10,000		10,000
Activity Stock		47,000		56,800
Excess Stock		—		—

Total	$	57,000	$	66,800

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

At December 31, 2019, Membership Stock (Class A and B) Eligible for Redemption and the anticipated timeframe for redemption was as follows:

Less Than
6 Months

6 Months to
Less Than 1
Year

1 to Less
Than 3
Years

3 to 5
Years

Membership Stock

Class A

—

Class B

—

10,000

Total

—

10,000

At December 31, 2019 and 2018, the amount of collateral pledged and the maximum amount pledged to the FHLB during the reporting period was as follows:


	Fair Value		Carry Value
December 31, 2019
Total Collateral Pledged	$	1,928,082	$	1,829,749
Maximum Collateral Pledged		1,918,144		1,872,037

	Fair Value		Carry Value
Decemeber 31, 2018
Total Collateral Pledged	$	2,063,593	$	2,086,543
Maximum Collateral Pledged		2,066,367		2,135,128

At December 31, 2019 and 2018, the borrowings from the FHLB were as follows:


	December 31, 2019				December 31, 2018
	General Account		Funding Agreements Reserves Established		General Account		Funding Agreements Reserves Established
Debt¹	$	1,175,000	$	—	$	1,175,000	$	—
Funding agreements²		—		—		245,000		246,610
Other		—		—		—		—

Total	$	1,175,000	$	—	$	1,420,000	$	246,610

¹	The maximum amount of borrowing during 2019 was $1,175,000

²	The maximum amount of borrowing during 2019 was $0

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

As of December 31, 2019 , the weighted average interest rate on FHLB advances was 2.120% with a weighted average term of 0.8 years. During 2018, the weighted average interest rate on FHLB advances was 2.738% with a weighted average term of 2.1 years.

At December 31, 2019, the borrowings from the FHLB were not subject to prepayment penalties.

The Company has provided guarantees for the obligations of noninsurance affiliates who have accepted assignments of structured settlement payment obligations from other insurers and purchase structured settlement insurance policies from subsidiaries of the Company that match those obligations. The guarantees made by the Company are specific to each structured settlement contract and vary in date and duration of the obligation. These are numerous and are backed by the reserves established by the Company to represent the present value of the future payments for those contracts. The statutory reserve established at December 31, 2019 for the total payout block is $2,124,229. As this reserve is already recorded on the balance sheet of the Company, there was no additional liability recorded due to the adoption of SSAP No. 5R.

The Company is a party to legal proceedings involving a variety of issues incidental to its business, including class actions lawsuits. Lawsuits may be brought in nearly any federal or state court in the United States or in an arbitral forum. In addition, there continues to be significant federal and state regulatory activity relating to financial services companies. The Company’s legal proceedings are subject to many variables, and given its complexity and scope, outcomes cannot be predicted with certainty. Although legal proceedings sometimes include substantial demands for compensatory and punitive damages, and injunctive relief, it is management’s opinion that damages arising from such demands will not be material to the Company’s financial position.

In addition, the insurance industry has increasingly and routinely been the subject of litigation, investigations, regulatory activity and challenges by various governmental and enforcement authorities and policyholder advocate groups concerning certain practices. For example, unclaimed property administrators and state insurance regulators are performing unclaimed property examinations of the life insurance industry in the U.S., including the Company. These are in some cases multi-state examinations that include the collective action of many of the states. Additionally, some states are conducting separate examinations or instituting separate enforcement actions in regard to unclaimed property laws and related claims practices. As other insurers in the United States have done, the Company identified certain additional internal processes that it has implemented or is in the process of implementing. As of December 31, 2019 and 2018, the Company’s reserves related to this matter were not material to the Company’s financial position.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

financial reporting purposes. The Company has established a reserve of $2,780 and $3,122, and an offsetting premium tax benefit of $2,125 and $2,456 at December 31, 2019 and 2018, respectively, for its estimated share of future guaranty fund assessments related to several major insurer insolvencies. The guaranty fund (benefit) expense was $1,122, $386 and $1,193 for the years ended December 31, 2019, 2018 and 2017.

16. Sales, Transfer, and Servicing of Financial Assets and Extinguishments of Liabilities

The Company enters into dollar repurchase agreements in which securities are delivered to the counterparty once adequate collateral has been received. At December 31, 2019 and 2018, the Company had dollar repurchase agreements outstanding in the amount of $255,491 and $110,400, respectively, which is included in borrowed money on the balance sheets. Those amounts include accrued interest of $677 and $360, at December 31, 2019 and 2018, respectively. At December 31, 2019, securities with a book value of $254,966 and a fair value of $255,467 were subject to dollar repurchase agreements. These securities have maturity dates that range from January 1, 2033 to November 1, 2049. At December 31, 2018, securities with a book value of $109,657 and a fair value of $111,051 were subject to dollar repurchase agreements. The Company does not have the legal right to recall or substitute the underlying assets prior to the transaction’s scheduled termination. Upon scheduled termination, the counterparty is obligated to return substantially similar assets.

The contractual maturities of dollar repurchase agreements are as follows:


	Fair Value
	2019		2018
Open	$	254,814	$	110,040
30 days or less		—		—
31 to 60 days		—		—
61 to 90 days		—		—
Greater than 90 days		—		—

Total		254,814		110,040

Securities received		—		—

Total collateral received	$	254,814	$	110,040

In the course of the Company’s asset management, securities are sold and reacquired within 30 days of the sale date to enhance the Company’s yield on its investment portfolio. There were no securities of NAIC designation 3 or below sold during 2019 and reacquired within 30 days of the sale date.

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

17. Reconciliation to Statutory Statement


	December 31 2019
Balance Sheets
Total assets as reported in the Company’s Annual Statement	$	52,514,952
Increase in other assets		1,741

Total assets as reported in the accompanying audited statutory basis balance sheet	$	52,516,693

Total liabilities as reported in the Company’s Annual Statement	$	50,207,465
Increase in policy and contract claim reserves		8,292

Total liabilities as reported in the accompanying audited statutory basis balance sheet	$	50,215,757

Total capital and surplus as reported in the Company’s Annual Statement	$	2,307,487
Decrease in net income		(6,551	)

Total capital and surplus as reported in the accompanying audited statutory basis balance sheet	$	2,300,936

Statements of Operations
Statutory net income as reported in the Company’s Annual Statement	$	578,755
Decrease in federal income tax (benefit) expense		1,741
Increase in death benefits		(8,292	)

Total net income as reported in the accompanying audited statutory basis statement of operations	$	572,204

The reconciling differences to the Annual Statement are driven by Management’s decision to record a current year adjustment identified after annual statement reporting.

18. Subsequent Events

The financial statements are adjusted to reflect events that occurred between the balance sheet date and the date when the financial statements are available to be issued, provided they give evidence of conditions that existed at the balance sheet date (Type I). The Company has not identified any Type I subsequent events for the year ended December 31, 2019 through April 20, 2020.

Events that are indicative of conditions that arose after the balance sheet date are disclosed, but do not result in an adjustment of the financial statements themselves (Type II). The Company has identified the following Type II subsequent events for the year ended December 31, 2019:

Transamerica Premier Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Thousands, Except per Share amounts)

In January 2020, management entered into a letter of intent for the sale of the Pyramid Center Complex owned by the Company. The estimated pre-tax gain on the transaction is $450,000. The letter of intent is consistent with the Company’s objective to reduce its commercial real estate exposure and is expected to close in the second quarter of 2020.

Since January 2020, the Coronavirus disease (COVID-19) outbreak is causing disruption to business, markets, and industry. The Company is continuously monitoring the market, and the economic factors that impact the Company, to proactively manage the associated risks. At this point, management believes the most significant risks the Company faces are related to financial markets (particularly credit, equity, and interest rates risks), and underwriting risks (particularly related to mortality, morbidity and policyholder behavior). As of the audit report release date, the Company continues to monitor and evaluate the impacts of the COVID-19 crisis on the Company’s 2020 results through the use of sensitivities and stress testing. While it is too early to provide long-term impacts, if any, management has determined the Company remains strongly capitalized with RBC remaining within target limits set by the capital management policy.

Transamerica Premier Life Insurance Company

Appendix A – Listing of Affiliated Companies

Transamerica Corporation

EIN: 42-1484983

AFFILIATIONS SCHEDULE

YEAR ENDED DECEMBER 31, 2019

Attachment to Note 9


Entity Name		FEIN
Transamerica Corporation		42-1484983
Aegon Asset Management Services Inc		39-1884868
Aegon Direct Marketing Services Inc		42-1470697
Aegon Financial Services Group Inc		41-1479568
Aegon Institutional Markets Inc		61-1085329
Aegon Management Company		35-1113520
Aegon USA Real Estate Services Inc		61-1098396
Aegon USA Realty Advisors of CA		20-5023693
AFSG Securities Corporation		23-2421076
AUSA Properties Inc		27-1275705
Commonwealth General Corporation		51-0108922
Creditor Resources Inc		42-1079584
CRI Solutions Inc		52-1363611
Financial Planning Services Inc		23-2130174
Garnet Assurance Corporation		11-3674132
Garnet Assurance Corporation II		14-1893533
Garnet Assurance Corporation III		01-0947856
Intersecurities Ins Agency		42-1517005
LIICA RE II		20-5927773
Massachusetts Fidelity Trust		42-0947998
MLIC RE I Inc		01-0930908
Money Services Inc		42-1079580
Monumental General Administrators Inc		52-1243288
Pearl Holdings Inc I		20-1063558
Pearl Holdings Inc II		20-1063571
Pine Falls Re Inc		26-1552330
Real Estate Alternatives Portfolio 3A Inc		20-1627078
River Ridge Insurance Company		20-0877184
Short Hills Management		42-1338496
Stonebridge Benefit Services Inc		75-2548428
Stonebridge Reinsurance Company		61-1497252
TCF Asset Management Corp		84-0642550

Transamerica Premier Life Insurance Company

Appendix A – Listing of Affiliated Companies (continued)

Transamerica Corporation

EIN: 42-1484983

AFFILIATIONS SCHEDULE

YEAR ENDED DECEMBER 31, 2019

Attachment to Note 9


Entity Name		FEIN
TCFC Air Holdings Inc		32-0092333
TCFC Asset Holdings Inc		32-0092334
TLIC Oakbrook Reinsurance Inc.		47-1026613
TLIC Riverwood Reinsurance Inc		45-3193055
TLIC Watertree Reinsurance, Inc.		81-3715574
Tranasmerica Advisors Life Insurance Company		91-1325756
Transamerica Accounts Holding Corp		36-4162154
Transamerica Affinity Services Inc		42-1523438
Transamerica Affordable Housing Inc		94-3252196
Transamerica Agency Network Inc		61-1513662
Transamerica Asset Management		59-3403585
Transamerica Capital Inc		95-3141953
Transamerica Casualty Insurance Company		31-4423946
Transamerica Commercial Finance Corp I		94-3054228
Transamerica Consumer Finance Holding Company		95-4631538
Transamerica Corporation (OREGON)		98-6021219
Transamerica Distribution Finance Overseas Inc		36-4254366
Transamerica Finance Corporation		95-1077235
Transamerica Financial Advisors		59-2476008
Transamerica Financial Life Insurance Company		36-6071399
Transamerica Fund Services Inc		59-3403587
Transamerica Home Loan		95-4390993
Transamerica International Re (Bermuda) Ltd		98-0199561
Transamerica Investors Securities Corp		13-3696753
Transamerica Leasing Holdings Inc		13-3452993
Transamerica Life Insurance Company		39-0989781
Transamerica Pacific Insurance Co Ltd		94-3304740
Transamerica Premier Life Insurance Company		52-0419790
Transamerica Resources Inc		52-1525601
Transamerica Small Business Capital Inc		36-4251204
Transamerica Stable Value Solutions Inc		27-0648897
Transamerica Vendor Financial Services Corporation		36-4134790

Transamerica Premier Life Insurance Company

Appendix A – Listing of Affiliated Companies (continued)

Transamerica Corporation

EIN: 42-1484983

AFFILIATIONS SCHEDULE

YEAR ENDED DECEMBER 31, 2019

Attachment to Note 9


Entity Name		FEIN
United Financial Services Inc		52-1263786
WFG China Holdings Inc		20-2541057
World Fin Group Ins Agency of Massachusetts Inc		04-3182849
World Financial Group Inc		42-1518386
World Financial Group Ins Agency of Hawaii Inc		99-0277127
World Financial Group Insurance Agency of WY Inc		42-1519076
World Financial Group Insurance Agency		95-3809372
Zahorik Company Inc		95-2775959
Zero Beta Fund LLC		26-1298094

Statutory-Basis Financial

Statement Schedules

Transamerica Premier Life Insurance Company

Summary of Investments – Other Than

Investments in Related Parties

(Dollars in Thousands)

December 31, 2019

SCHEDULE I

Type of Investment

Cost (1)

Fair
Value

Amount at
Which Shown
in the
Balance Sheet (2)

Fixed maturities

Bonds:

United States government and government agencies and authorities

1,560,785

1,862,567

1,615,584

States, municipalities and political subdivisions

833,144

850,566

833,144

Foreign governments

137,981

148,272

137,879

Hybrid securities

196,725

212,249

196,725

All other corporate bonds

15,095,418

16,922,223

15,094,633

Preferred stocks

14,277

4,361

4,955

Total fixed maturities

17,838,330

20,000,237

17,882,922

Equity securities

Common stocks:

Industrial, miscellaneous and all other

59,000

59,056

Total equity securities

59,000

59,056

Mortgage loans on real estate

2,737,109

Real estate

187,639

Policy loans

962,408

Other long-term investments

395,529

Receivable for securities

117

Securities lending

757,186

Cash, cash equivalents and short-term investments

625,320

Total investments

23,562,638

23,607,286

(1)	Original cost of equity securities and, as to fixed maturities, original cost reduced by repayments and adjusted for amortization of premiums or accrual of discounts.

(2)	United States government and corporate bonds of $3,256 are held at fair value rather than amortized cost due to having an NAIC 6 rating. Two preferred stock securities are held at fair value of $2,272 due to having an NAIC 5 rating.

Transamerica Premier Life Insurance Company

Supplementary Insurance Information

(Dollars in Thousands)


	Future Policy Benefits and Expenses		Unearned Premiums		Policy and Contract Liabilities		Premium Revenue			Net Investment Income*			Benefits, Claims Losses and Settlement Expenses			Other Operating Expenses*
Year ended December 31, 2019
Individual life	$	9,986,959	$	—	$	130,291	$	1,662,742		$	599,147		$	1,101,732		$	752,986
Individual health		5,486,208		91,920		271,895		649,805			346,063			978,406			90,735
Group life and health		935,594		10,187		60,863		270,557			60,130			267,918			93,548
Annuity		1,383,733		—		667		764,777			89,519			2,147,944			(1,182,538	)

	$	17,792,494	$	102,107	$	463,716	$	3,347,881		$	1,094,859		$	4,495,999		$	(245,269	)

Year ended December 31, 2018
Individual life	$	9,092,422	$	—	$	108,676	$	1,564,433		$	461,112		$	1,126,141		$	699,006
Individual health		5,352,657		87,849		239,105		623,162			355,005			849,323			69,107
Group life and health		949,395		16,832		85,766		454,695			55,332			298,180			191,302
Annuity		1,466,569		—		698		907,732			87,245			1,223,719			(223,394	)
Other		—		—		—		—			91,714			—			—

	$	16,861,043	$	104,681	$	434,245	$	3,550,022		$	1,050,408		$	3,497,363		$	736,021

Year ended December 31, 2017
Individual life	$	8,490,074	$	—	$	102,824	$	1,030,788		$	1,190,643		$	1,233,999		$	784,581
Individual health		5,104,517		86,651		232,622		2,206,192			(984,774	)		5,013,202			(2,848,263	)
Group life and health		948,227		25,767		98,609		739,799			20,356			758,598			(26,525	)
Annuity		1,513,456		—		466		(1,680,475	)		559,012			(786,325	)		(563,464	)
Other		—		—		—		—			94,255			—			—

	$	16,056,274	$	112,418	$	434,521	$	2,296,304		$	879,492		$	6,219,474		$	(2,653,671	)

*	Allocations of net investment income and other operating expenses are based on a number of assumptions and estimates, and the results would change if different methods were applied.

Transamerica Premier Life Insurance Company

Reinsurance

(Dollars in Thousands)


	Gross Amount		Ceded to Other Companies			Assumed From Other Companies			Net Amount			Percentage of Amount Assumed to Net
Year ended December 31, 2019
Life insurance in force	$	228,583,374	$	58,822,199		$	733,656		$	170,494,831			0	%

Premiums:
Individual life	$	1,992,383	$	352,503		$	22,863		$	1,662,743			1	%
Individual health		266,540		21			383,287			649,806			59	%
Group life and health		263,504		55,112			62,165			270,557			23	%
Annuity		826,029		61,210			(43	)		764,776			0	%

	$	3,348,455	$	468,847		$	468,272		$	3,347,881			14	%

Year ended December 31, 2018
Life insurance in force	$	225,354,149	$	65,732,854		$	797,813		$	160,419,108			0	%

Premiums:
Individual life	$	1,931,651	$	391,966		$	24,748		$	1,564,433			2	%
Individual health		241,100		129			382,191			623,162			61	%
Group life and health		454,075		66,673			67,292			454,695			15	%
Annuity		951,927		44,216			21			907,732			0	%

	$	3,578,753	$	502,984		$	474,252		$	3,550,022			13	%

Year ended December 31, 2017
Life insurance in force	$	221,055,780	$	69,201,990		$	987,895		$	152,841,685			1	%

Premiums:
Individual life	$	1,851,802	$	846,830		$	25,816		$	1,030,788			3	%
Individual health		227,972		(137	)		1,978,082			2,206,191			90	%
Group life and health		603,267		89,820			226,352			739,799			31	%
Annuity		973,308		2,653,795			13			(1,680,474	)		0	%

	$	3,656,349	$	3,590,308		$	2,230,263		$	2,296,304			97	%

19. Subsequent Events (Unaudited)

Additional subsequent events have been evaluated for disclosure through September 28, 2020.

As discussed in Note 18 to the audited financial statements, the Company entered into a letter of intent for the sale of the Pyramid Center Complex owned by the Company. On June 30, 2020, a purchase and sale agreement was reached with a sales price of $650,000 and expected closure by the end of 2020. As such, the asset has been classified as held for sale beginning on June 30, 2020 until final sale closure.

On May 15, 2020, the Company paid a dividend to its parent company, CGC, in the amount $700,000. The dividend included $76,604 in cash and $623,396 in securities.

On June 22, 2020, the Company repaid $60,000 of a surplus note to CGC. The Company received approval from the IID prior to its repayment of the surplus note as well as prior to making interest payments.

On June 30, 2020, the Company provided $5,000 to Transamerica Pacific Re, Inc. (TPRe), a newly formed AXXX captive reinsurance related party entity, in consideration for 5,000 shares of its stock becoming the sole shareholder of TPRe. The Company provided an additional capital contribution of $70,000 to TPRe on June 30, 2020.

With approval from the IID, the Company entered into a reinsurance agreement with Wilton Reassurance Company to novate life owned life insurance policies previously issued by the Company to TLIC effective July 1, 2020. The company novated $183,967 of reserves and claim reserves, which was recorded as an adjustment to the balance sheet, and paid a ceding commission of $7,400. The transaction resulted in a pre-tax loss of $7,400 which has been included in the Statements of Operations.

Effective October 1, 2020, the Company was merged with TLIC, an Iowa domiciled affiliate, with TLIC emerging as the surviving entity per the Plan of Merger which was approved by the Iowa Insurance Division.

FINANCIAL STATEMENTS

Transamerica Premier Life Insurance Company

WRL Series Life Account

Years Ended December 31, 2019 and 2018

Transamerica Premier Life Insurance Company

WRL Series Life Account

Financial Statements

Years Ended December 31, 2019 and 2018

Contents


Report of Independent Registered Public Accounting Firm		1

Financial Statements

Statements of Assets and Liabilities		2
Statements of Operations and Changes in Net Assets		4
Notes to Financial Statements		18

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Transamerica Premier Life Insurance Company and the Contract Owners of WRL Series Life Account

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts of WRL Series Life Account indicated in the table below as of December 31, 2019, and the related statements of operations and changes in net assets for each of the two years in the period ended December 31, 2019, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the subaccounts of WRL Series Life Account as of December 31, 2019, and the results of each of their operations and the changes in each of their net assets for each of the two years in the period ended December 31, 2019, in conformity with accounting principles generally accepted in the United States of America.


AB Balanced Wealth Strategy Class B Shares		TA Aegon High Yield Bond Initial Class
Access VP High Yield		TA Aegon U.S. Government Securities Initial Class
Fidelity® VIP Contrafund® Service Class 2		TA Barrow Hanley Dividend Focused Initial Class
Fidelity® VIP Equity-Income Service Class 2		TA BlackRock Global Allocation Initial Class
Fidelity® VIP Growth Opportunities Service Class 2		TA BlackRock Global Real Estate Securities Initial Class
Fidelity® VIP Index 500 Service Class 2		TA BlackRock Government Money Market Initial Class
Franklin Allocation Class 4 Shares		TA BlackRock iShares Edge 40 Initial Class
ProFund VP Asia 30		TA BlackRock Tactical Allocation Initial Class
ProFund VP Basic Materials		TA Greystone International Growth Initial Class
ProFund VP Bull		TA Janus Balanced Initial Class
ProFund VP Consumer Services		TA Janus Mid-Cap Growth Initial Class
ProFund VP Emerging Markets		TA JPMorgan Asset Allocation - Conservative Initial Class
ProFund VP Europe 30.		TA JPMorgan Asset Allocation - Growth Initial Class
ProFund VP Falling U.S. Dollar		TA JPMorgan Asset Allocation - Moderate Initial Class
ProFund VP Financials		TA JPMorgan Asset Allocation - Moderate Growth Initial Class
ProFund VP Government Money Market		TA JPMorgan Core Bond Initial Class
ProFund VP International		TA JPMorgan Enhanced Index Initial Class
ProFund VP Japan		TA JPMorgan International Moderate Growth Initial Class
ProFund VP Mid-Cap		TA JPMorgan Mid Cap Value Initial Class
ProFund VP NASDAQ-100		TA JPMorgan Tactical Allocation Initial Class
ProFund VP Oil & Gas		TA Managed Risk - Balanced ETF Initial Class
ProFund VP Pharmaceuticals		TA Managed Risk - Growth ETF Initial Class
ProFund VP Precious Metals		TA Morgan Stanley Capital Growth Initial Class
ProFund VP Short Emerging Markets		TA Multi-Managed Balanced Initial Class
ProFund VP Short International		TA PIMCO Tactical - Balanced Initial Class
ProFund VP Short NASDAQ-100		TA PIMCO Tactical - Conservative Initial Class
ProFund VP Short Small-Cap		TA PIMCO Tactical - Growth Initial Class
ProFund VP Small-Cap		TA PIMCO Total Return Initial Class
ProFund VP Small-Cap Value		TA QS Investors Active Asset Allocation - Conservative Initial Class
ProFund VP Telecommunications		TA QS Investors Active Asset Allocation - Moderate Initial Class
ProFund VP U.S. Government Plus		TA QS Investors Active Asset Allocation - Moderate Growth Initial Class
ProFund VP UltraNASDAQ-100		TA Small/Mid Cap Value Initial Class
ProFund VP UltraSmall-Cap		TA T. Rowe Price Small Cap Initial Class
ProFund VP Utilities		TA WMC US Growth Initial Class

Basis for Opinions

These financial statements are the responsibility of the Transamerica Premier Life Insurance Company’s management. Our responsibility is to express an opinion on the financial statements of each of the subaccounts of WRL Series Life Account 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 each of the subaccounts of WRL Series Life 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 of these financial statements 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. 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. Our procedures included confirmation of investments owned as of December 31, 2019 by correspondence with the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

April 17, 2020

We have served as the auditor of one or more of the subaccounts of WRL Series Life Account since 2014

Transamerica Premier Life Insurance Company

WRL Series Life Account

Statements of Assets and Liabilities

December 31, 2019


Subaccount	Number of Shares		Cost		Assets at Market Value		Due (to)/from General Account			Net Assets		Units Outstanding		Range of Unit Values

AB Balanced Wealth Strategy Class B Shares		238,608.170	$	2,542,694	$	2,409,943	$	(3	)	$	2,409,940		112,692	$	17.288068	$	25.604189
Access VP High Yield		131,723.265		3,641,738		3,781,775		2			3,781,777		202,947		15.913869		22.908445
Fidelity^® VIP Contrafund^® Service Class 2		670,948.481		21,805,685		24,221,240		(44	)		24,221,196		821,073		24.786119		34.443463
Fidelity^® VIP Equity-Income Service Class 2		475,072.013		9,983,883		10,974,164		-			10,974,164		434,957		22.353823		28.106812
Fidelity^® VIP Growth Opportunities Service Class 2		295,104.202		10,525,388		14,179,757		9			14,179,766		414,182		31.433150		38.821347
Fidelity^® VIP Index 500 Service Class 2		183,656.807		48,111,002		58,103,504		(23	)		58,103,481		1,850,484		26.576169		36.046717
Franklin Allocation Class 4 Shares		318,239.933		2,244,829		2,218,132		1			2,218,133		102,803		16.879273		26.214427
ProFund VP Asia 30		133,782.977		7,977,493		8,314,612		(10	)		8,314,602		755,203		10.433791		11.602461
ProFund VP Basic Materials		42,122.605		2,735,052		2,725,754		24			2,725,778		220,118		11.335819		13.248951
ProFund VP Bull		90,553.878		4,417,565		4,855,499		(7	)		4,855,492		202,079		22.094742		24.388786
ProFund VP Consumer Services		56,472.212		4,148,197		4,685,499		(6	)		4,685,493		145,291		30.263850		37.052846
ProFund VP Emerging Markets		362,553.400		9,834,605		10,543,053		1			10,543,054		1,172,076		8.079833		10.149505
ProFund VP Europe 30		39,927.610		914,811		938,299		4			938,303		86,170		9.873723		12.548209
ProFund VP Falling U.S. Dollar		10,920.274		196,298		192,197		(2	)		192,195		31,372		5.291848		6.672844
ProFund VP Financials		102,387.003		4,179,847		4,715,945		75			4,716,020		259,303		15.410425		23.503991
ProFund VP Government Money Market		11,493,911.860		11,493,912		11,493,912		(55	)		11,493,857		1,178,410		8.558324		10.681863
ProFund VP International		117,704.222		2,257,509		2,314,065		61			2,314,126		234,501		9.313478		12.055869
ProFund VP Japan		15,611.446		835,011		859,566		(62	)		859,504		55,149		12.007918		19.382885
ProFund VP Mid-Cap		137,095.711		3,193,006		3,275,217		96			3,275,313		160,109		19.482484		23.051364
ProFund VP NASDAQ-100		409,955.440		18,381,486		21,186,497		8			21,186,505		535,387		33.557475		46.259114
ProFund VP Oil & Gas		181,372.638		5,805,512		5,415,787		(4	)		5,415,783		721,703		6.296298		8.077792
ProFund VP Pharmaceuticals		146,320.626		5,302,319		5,017,334		2			5,017,336		220,283		22.209690		24.714985
ProFund VP Precious Metals		311,299.981		6,125,757		7,763,822		(28	)		7,763,794		1,720,769		4.387136		4.878883
ProFund VP Short Emerging Markets		10,257.683		431,501		352,351		2			352,353		95,356		2.422158		5.242957
ProFund VP Short International		8,333.931		329,214		293,104		(2	)		293,102		82,689		2.734038		4.585385
ProFund VP Short NASDAQ-100		113,424.985		3,866,945		3,618,257		2			3,618,259		2,249,113		0.873939		1.735850
ProFund VP Short Small-Cap		50,322.379		563,171		513,288		(4	)		513,284		326,282		1.202592		2.738119
ProFund VP Small-Cap		125,379.201		4,376,674		4,438,424		(6	)		4,438,418		223,149		19.122410		21.042711
ProFund VP Small-Cap Value		83,330.199		4,042,806		4,055,681		59			4,055,740		192,718		20.558978		23.647128
ProFund VP Telecommunications		22,658.214		741,276		714,413		(1	)		714,412		49,609		13.652011		15.590765
ProFund VP U.S. Government Plus		158,179.493		4,022,986		4,294,573		8			4,294,581		229,830		17.234390		20.645378
ProFund VP UltraNASDAQ-100		293,048.509		28,134,235		35,807,597		2			35,807,599		487,770		68.889622		75.645431
ProFund VP UltraSmall-Cap		334,416.707		7,134,474		7,932,364		16			7,932,380		285,041		25.617519		30.804372
ProFund VP Utilities		125,028.423		5,971,379		6,306,434		(10	)		6,306,424		291,707		18.098697		24.081616
TA Aegon High Yield Bond Initial Class		2,321,374.417		18,156,420		18,060,293		(29	)		18,060,264		827,671		16.638803		26.652437
TA Aegon U.S. Government Securities Initial Class		583,685.166		6,197,158		6,373,842		16			6,373,858		450,314		12.194975		16.019108
TA Barrow Hanley Dividend Focused Initial Class		3,042,844.892		63,668,509		68,677,009		(44	)		68,676,965		2,125,815		18.936541		49.103831
TA BlackRock Global Allocation Initial Class		636,493.706		5,591,165		5,779,363		11			5,779,374		394,579		13.680679		15.194159
TA BlackRock Global Real Estate Securities Initial Class		3,060,506.565		38,062,660		41,010,788		57			41,010,845		1,629,517		15.184039		42.384862
TA BlackRock Government Money Market Initial Class		30,217,717.600		30,217,718		30,217,718		(94	)		30,217,624		2,233,056		8.846837		20.071794
TA BlackRock iShares Edge 40 Initial Class		306,105.904		2,938,570		2,874,334		(19	)		2,874,315		165,466		12.738090		20.882133
TA BlackRock Tactical Allocation Initial Class		2,834,687.561		27,145,199		25,483,841		(10	)		25,483,831		1,596,129		14.898961		16.790618


See accompanying notes.		2

Transamerica Premier Life Insurance Company

WRL Series Life Account

Statements of Assets and Liabilities

December 31, 2019


Subaccount	Number of Shares		Cost		Assets at Market Value		Due (to)/from General Account			Net Assets		Units Outstanding		Range of Unit Values
TA Greystone International Growth Initial Class		4,378,034.349	$	36,627,481	$	36,425,246	$	(108	)	$	36,425,138		2,140,122	$	14.438690	$	21.479484
TA Janus Balanced Initial Class		767,273.602		11,457,407		13,105,033		(8	)		13,105,025		702,584		17.827991		20.845493
TA Janus Mid-Cap Growth Initial Class		9,998,270.608		302,274,320		395,731,551		(107	)		395,731,444		8,475,626		21.289064		112.725357
TA JPMorgan Asset Allocation - Conservative Initial Class		2,313,291.705		24,301,301		24,659,690		(66	)		24,659,624		1,349,901		14.719264		21.494613
TA JPMorgan Asset Allocation - Growth Initial Class		25,038,482.975		293,989,306		313,982,577		(73	)		313,982,504		14,617,957		17.711483		27.436412
TA JPMorgan Asset Allocation - Moderate Initial Class		6,118,466.099		71,775,049		73,482,778		(128	)		73,482,650		3,883,875		16.017384		23.813757
TA JPMorgan Asset Allocation - Moderate Growth Initial Class		24,097,269.677		295,005,421		299,770,035		(209	)		299,769,826		15,058,363		16.884772		25.606694
TA JPMorgan Core Bond Initial Class		2,569,971.851		33,197,592		34,000,728		(82	)		34,000,646		1,399,936		12.915215		50.951502
TA JPMorgan Enhanced Index Initial Class		497,269.597		10,504,264		10,944,904		5			10,944,909		352,818		26.997576		36.101491
TA JPMorgan International Moderate Growth Initial Class		1,130,656.667		11,120,601		11,283,954		(20	)		11,283,934		819,530		12.668774		15.466326
TA JPMorgan Mid Cap Value Initial Class		408,242.530		7,143,856		6,646,188		(1	)		6,646,187		187,027		24.238862		43.664432
TA JPMorgan Tactical Allocation Initial Class		2,754,766.583		39,229,302		41,541,880		(23	)		41,541,857		1,953,351		12.300041		44.962614
TA Managed Risk - Balanced ETF Initial Class		230,471.570		2,829,561		2,996,130		(1	)		2,996,129		185,551		15.708237		17.905218
TA Managed Risk - Growth ETF Initial Class		366,208.974		3,919,654		4,042,947		9			4,042,956		234,232		17.034304		18.912131
TA Morgan Stanley Capital Growth Initial Class		5,770,175.289		100,255,943		106,517,436		(43	)		106,517,393		2,574,775		32.569213		54.956742
TA Multi-Managed Balanced Initial Class		8,081,176.146		105,541,298		125,581,477		(81	)		125,581,396		4,222,210		20.364593		32.263441
TA PIMCO Tactical - Balanced Initial Class		486,448.986		5,754,339		6,138,986		(17	)		6,138,969		402,997		14.505327		17.002916
TA PIMCO Tactical - Conservative Initial Class		856,504.865		9,800,841		10,552,140		(19	)		10,552,121		743,974		13.434882		16.044951
TA PIMCO Tactical - Growth Initial Class		998,496.739		11,651,660		12,581,059		(16	)		12,581,043		853,922		13.802378		16.935124
TA PIMCO Total Return Initial Class		1,785,395.508		20,760,275		20,996,251		(21	)		20,996,230		1,309,198		13.003080		19.011683
TA QS Investors Active Asset Allocation - Conservative Initial Class		406,846.768		4,402,829		4,430,561		(11	)		4,430,550		324,549		12.728711		14.702743
TA QS Investors Active Asset Allocation - Moderate Initial Class		215,767.143		2,478,014		2,518,003		(9	)		2,517,994		180,588		13.054065		14.506647
TA QS Investors Active Asset Allocation - Moderate Growth Initial Class		2,343,707.336		26,464,914		27,046,383		(30	)		27,046,353		1,882,826		13.362750		16.174145
TA Small/Mid Cap Value Initial Class		6,602,867.362		130,642,379		128,821,942		(26	)		128,821,916		3,983,695		22.231582		46.530740
TA T. Rowe Price Small Cap Initial Class		3,642,296.035		56,149,640		59,806,501		(36	)		59,806,465		1,661,544		27.931533		46.901378
TA WMC US Growth Initial Class		36,297,174.737		952,328,438		1,246,807,952		(195	)		1,246,807,757		30,981,983		26.708542		43.039369


See accompanying notes.		3

Transamerica Premier Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019


	AB Balanced Wealth Strategy Class B Shares			Access VP High Yield			Fidelity^® VIP Contrafund^® Service Class 2			Fidelity^® VIP Equity-Income Service Class 2			Fidelity^® VIP Growth Opportunities Service Class 2
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount

Net Assets as of December 31, 2017:	$	2,657,289		$	3,242,904		$	22,638,242		$	11,550,024		$	8,736,075


Investment Income:
Reinvested Dividends		41,858			102,071			98,582			218,490			8,496
Investment Expense:
Mortality and Expense Risk and Administrative Charges		20,439			29,674			144,341			70,108			60,687
Net Investment Income (Loss)		21,419			72,397			(45,759	)		148,382			(52,191	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		187,325			70,928			1,996,160			521,138			543,518
Realized Gain (Loss) on Investments		(38,169	)		(232,791	)		595,072			(18,483	)		316,403
Net Realized Capital Gains (Losses) on Investments		149,156			(161,863	)		2,591,232			502,655			859,921
Net Change in Unrealized Appreciation (Depreciation)		(342,828	)		34,838			(4,047,233	)		(1,604,512	)		178,273
Net Gain (Loss) on Investment		(193,672	)		(127,025	)		(1,456,001	)		(1,101,857	)		1,038,194

Net Increase (Decrease) in Net Assets Resulting from Operations		(172,253	)		(54,628	)		(1,501,760	)		(953,475	)		986,003

Increase (Decrease) in Net Assets from Contract Transactions		(250,327	)		115,833			(1,381,590	)		(1,036,203	)		(189,336	)

Total Increase (Decrease) in Net Assets		(422,580	)		61,205			(2,883,350	)		(1,989,678	)		796,667

Net Assets as of December 31, 2018:	$	2,234,709		$	3,304,109		$	19,754,892		$	9,560,346		$	9,532,742


Investment Income:
Reinvested Dividends		54,083			200,492			48,729			189,292			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		18,149			28,449			139,740			65,837			74,664
Net Investment Income (Loss)		35,934			172,043			(91,011	)		123,455			(74,664	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		280,567			-			2,578,194			689,944			963,293
Realized Gain (Loss) on Investments		(60,537	)		68,461			(119,866	)		(86,054	)		580,245
Net Realized Capital Gains (Losses) on Investments		220,030			68,461			2,458,328			603,890			1,543,538
Net Change in Unrealized Appreciation (Depreciation)		115,879			203,232			3,475,822			1,659,938			2,420,324
Net Gain (Loss) on Investment		335,909			271,693			5,934,150			2,263,828			3,963,862

Net Increase (Decrease) in Net Assets Resulting from Operations		371,843			443,736			5,843,139			2,387,283			3,889,198

Increase (Decrease) in Net Assets from Contract Transactions		(196,612	)		33,932			(1,376,835	)		(973,465	)		757,826

Total Increase (Decrease) in Net Assets		175,231			477,668			4,466,304			1,413,818			4,647,024

Net Assets as of December 31, 2019:	$	2,409,940		$	3,781,777		$	24,221,196		$	10,974,164		$	14,179,766

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Premier Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019


	Fidelity^® VIP Index 500 Service Class 2			Franklin Allocation Class 4 Shares			ProFund VP Asia 30			ProFund VP Basic Materials			ProFund VP Bull
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount

Net Assets as of December 31, 2017:	$	47,478,979		$	2,494,958		$	8,723,348		$	4,507,974		$	4,665,839


Investment Income:
Reinvested Dividends		782,925			64,996			23,462			13,873			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		356,658			18,844			45,145			25,846			31,914
Net Investment Income (Loss)		426,267			46,152			(21,683	)		(11,973	)		(31,914	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		235,484			53,193			-			-			459,494
Realized Gain (Loss) on Investments		2,875,293			(34,880	)		736,678			364,463			172,675
Net Realized Capital Gains (Losses) on Investments		3,110,777			18,313			736,678			364,463			632,169
Net Change in Unrealized Appreciation (Depreciation)		(6,209,348	)		(299,647	)		(1,535,794	)		(1,025,244	)		(858,537	)
Net Gain (Loss) on Investment		(3,098,571	)		(281,334	)		(799,116	)		(660,781	)		(226,368	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(2,672,304	)		(235,182	)		(820,799	)		(672,754	)		(258,282	)

Increase (Decrease) in Net Assets from Contract Transactions		1,084,255			(257,609	)		(4,198,274	)		(1,330,049	)		(1,273,222	)

Total Increase (Decrease) in Net Assets		(1,588,049	)		(492,791	)		(5,019,073	)		(2,002,803	)		(1,531,504	)

Net Assets as of December 31, 2018:	$	45,890,930		$	2,002,167		$	3,704,275		$	2,505,171		$	3,134,335


Investment Income:
Reinvested Dividends		926,928			71,810			9,986			9,134			12,120
Investment Expense:
Mortality and Expense Risk and Administrative Charges		360,784			16,316			36,323			17,236			27,065
Net Investment Income (Loss)		566,144			55,494			(26,337	)		(8,102	)		(14,945	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		763,322			138,149			-			79,821			78,720
Realized Gain (Loss) on Investments		3,852,749			(37,056	)		(75,392	)		(52,256	)		(43,338	)
Net Realized Capital Gains (Losses) on Investments		4,616,071			101,093			(75,392	)		27,565			35,382
Net Change in Unrealized Appreciation (Depreciation)		8,013,397			207,382			1,082,320			398,603			824,754
Net Gain (Loss) on Investment		12,629,468			308,475			1,006,928			426,168			860,136

Net Increase (Decrease) in Net Assets Resulting from Operations		13,195,612			363,969			980,591			418,066			845,191

Increase (Decrease) in Net Assets from Contract Transactions		(983,061	)		(148,003	)		3,629,736			(197,459	)		875,966

Total Increase (Decrease) in Net Assets		12,212,551			215,966			4,610,327			220,607			1,721,157

Net Assets as of December 31, 2019:	$	58,103,481		$	2,218,133		$	8,314,602		$	2,725,778		$	4,855,492

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Premier Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019


	ProFund VP Consumer Services			ProFund VP Emerging Markets			ProFund VP Europe 30			ProFund VP Falling U.S. Dollar			ProFund VP Financials
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount

Net Assets as of December 31, 2017:	$	3,954,853		$	10,163,614		$	1,554,182		$	269,359		$	5,425,492


Investment Income:
Reinvested Dividends		-			16,887			35,169			-			19,265
Investment Expense:
Mortality and Expense Risk and Administrative Charges		32,492			57,147			10,550			2,797			36,819
Net Investment Income (Loss)		(32,492	)		(40,260	)		24,619			(2,797	)		(17,554	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		226,312			-			-			35,034			-
Realized Gain (Loss) on Investments		254,044			1,168,229			12,644			(60,450	)		538,117
Net Realized Capital Gains (Losses) on Investments		480,356			1,168,229			12,644			(25,416	)		538,117
Net Change in Unrealized Appreciation (Depreciation)		(485,454	)		(2,105,352	)		(222,499	)		(12,562	)		(1,033,897	)
Net Gain (Loss) on Investment		(5,098	)		(937,123	)		(209,855	)		(37,978	)		(495,780	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(37,590	)		(977,383	)		(185,236	)		(40,775	)		(513,334	)

Increase (Decrease) in Net Assets from Contract Transactions		259,879			(3,493,424	)		(325,859	)		20,722			(843,106	)

Total Increase (Decrease) in Net Assets		222,289			(4,470,807	)		(511,095	)		(20,053	)		(1,356,440	)

Net Assets as of December 31, 2018:	$	4,177,142		$	5,692,807		$	1,043,087		$	249,306		$	4,069,052


Investment Income:
Reinvested Dividends		-			30,632			27,124			90			22,358
Investment Expense:
Mortality and Expense Risk and Administrative Charges		32,688			52,355			7,908			1,298			29,712
Net Investment Income (Loss)		(32,688	)		(21,723	)		19,216			(1,208	)		(7,354	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		203,683			-			-			-			210,050
Realized Gain (Loss) on Investments		408,063			(370,650	)		(12,148	)		(8,239	)		171,886
Net Realized Capital Gains (Losses) on Investments		611,746			(370,650	)		(12,148	)		(8,239	)		381,936
Net Change in Unrealized Appreciation (Depreciation)		378,940			1,627,209			205,915			3,936			748,194
Net Gain (Loss) on Investment		990,686			1,256,559			193,767			(4,303	)		1,130,130

Net Increase (Decrease) in Net Assets Resulting from Operations		957,998			1,234,836			212,983			(5,511	)		1,122,776

Increase (Decrease) in Net Assets from Contract Transactions		(449,647	)		3,615,411			(317,767	)		(51,600	)		(475,808	)

Total Increase (Decrease) in Net Assets		508,351			4,850,247			(104,784	)		(57,111	)		646,968

Net Assets as of December 31, 2019:	$	4,685,493		$	10,543,054		$	938,303		$	192,195		$	4,716,020

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Premier Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019


	ProFund VP Government Money Market			ProFund VP International			ProFund VP Japan			ProFund VP Mid-Cap			ProFund VP NASDAQ-100
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount

Net Assets as of December 31, 2017:	$	9,769,539		$	4,191,633		$	926,938		$	3,998,852		$	14,214,808


Investment Income:
Reinvested Dividends		53,054			-			-			-			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		87,871			15,088			6,721			29,224			129,532
Net Investment Income (Loss)		(34,817	)		(15,088	)		(6,721	)		(29,224	)		(129,532	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			294,899			-			939,779			1,477,404
Realized Gain (Loss) on Investments		-			238,880			66,229			(721,676	)		2,380,321
Net Realized Capital Gains (Losses) on Investments		-			533,779			66,229			218,103			3,857,725
Net Change in Unrealized Appreciation (Depreciation)		-			(806,346	)		(157,751	)		(740,167	)		(4,070,260	)
Net Gain (Loss) on Investment		-			(272,567	)		(91,522	)		(522,064	)		(212,535	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(34,817	)		(287,655	)		(98,243	)		(551,288	)		(342,067	)

Increase (Decrease) in Net Assets from Contract Transactions		9,366,091			(1,766,359	)		(62,631	)		(98,464	)		475,214

Total Increase (Decrease) in Net Assets		9,331,274			(2,054,014	)		(160,874	)		(649,752	)		133,147

Net Assets as of December 31, 2018:	$	19,100,813		$	2,137,619		$	766,064		$	3,349,100		$	14,347,955


Investment Income:
Reinvested Dividends		104,686			5,935			1,007			6,492			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		78,136			17,402			5,949			26,364			127,729
Net Investment Income (Loss)		26,550			(11,467	)		(4,942	)		(19,872	)		(127,729	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			-			-			127,114
Realized Gain (Loss) on Investments		-			(105,511	)		58,526			(547,152	)		1,054,090
Net Realized Capital Gains (Losses) on Investments		-			(105,511	)		58,526			(547,152	)		1,181,204
Net Change in Unrealized Appreciation (Depreciation)		-			492,496			89,001			1,225,600			4,628,461
Net Gain (Loss) on Investment		-			386,985			147,527			678,448			5,809,665

Net Increase (Decrease) in Net Assets Resulting from Operations		26,550			375,518			142,585			658,576			5,681,936

Increase (Decrease) in Net Assets from Contract Transactions		(7,633,506	)		(199,011	)		(49,145	)		(732,363	)		1,156,614

Total Increase (Decrease) in Net Assets		(7,606,956	)		176,507			93,440			(73,787	)		6,838,550

Net Assets as of December 31, 2019:	$	11,493,857		$	2,314,126		$	859,504		$	3,275,313		$	21,186,505

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Premier Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019


	ProFund VP Oil & Gas			ProFund VP Pharmaceuticals			ProFund VP Precious Metals			ProFund VP Short Emerging Markets			ProFund VP Short International
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount

Net Assets as of December 31, 2017:	$	8,081,643		$	5,994,460		$	5,439,646		$	288,783		$	278,713


Investment Income:
Reinvested Dividends		131,184			62,574			-			-			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		57,846			44,931			34,520			3,593			2,326
Net Investment Income (Loss)		73,338			17,643			(34,520	)		(3,593	)		(2,326	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			137,149			-			-			-
Realized Gain (Loss) on Investments		263,154			(86,768	)		(669,205	)		(46,005	)		(55,701	)
Net Realized Capital Gains (Losses) on Investments		263,154			50,381			(669,205	)		(46,005	)		(55,701	)
Net Change in Unrealized Appreciation (Depreciation)		(1,837,193	)		(484,348	)		(39,165	)		119,812			102,787
Net Gain (Loss) on Investment		(1,574,039	)		(433,967	)		(708,370	)		73,807			47,086

Net Increase (Decrease) in Net Assets Resulting from Operations		(1,500,701	)		(416,324	)		(742,890	)		70,214			44,760

Increase (Decrease) in Net Assets from Contract Transactions		(566,955	)		(379,052	)		(122,686	)		385,825			27,559

Total Increase (Decrease) in Net Assets		(2,067,656	)		(795,376	)		(865,576	)		456,039			72,319

Net Assets as of December 31, 2018:	$	6,013,987		$	5,199,084		$	4,574,070		$	744,822		$	351,032


Investment Income:
Reinvested Dividends		81,803			42,914			2,051			2,415			1,645
Investment Expense:
Mortality and Expense Risk and Administrative Charges		40,611			37,397			42,888			3,679			2,257
Net Investment Income (Loss)		41,192			5,517			(40,837	)		(1,264	)		(612	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		193,938			625,421			-			39,791			8,031
Realized Gain (Loss) on Investments		(662,789	)		(224,564	)		361,001			(68,969	)		1,669
Net Realized Capital Gains (Losses) on Investments		(468,851	)		400,857			361,001			(29,178	)		9,700
Net Change in Unrealized Appreciation (Depreciation)		910,051			206,336			1,890,385			(135,617	)		(73,037	)
Net Gain (Loss) on Investment		441,200			607,193			2,251,386			(164,795	)		(63,337	)

Net Increase (Decrease) in Net Assets Resulting from Operations		482,392			612,710			2,210,549			(166,059	)		(63,949	)

Increase (Decrease) in Net Assets from Contract Transactions		(1,080,596	)		(794,458	)		979,175			(226,410	)		6,019

Total Increase (Decrease) in Net Assets		(598,204	)		(181,748	)		3,189,724			(392,469	)		(57,930	)

Net Assets as of December 31, 2019:	$	5,415,783		$	5,017,336		$	7,763,794		$	352,353		$	293,102

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Premier Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019


	ProFund VP Short NASDAQ- 100			ProFund VP Short Small-Cap			ProFund VP Small-Cap			ProFund VP Small-Cap Value			ProFund VP Telecommunications
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount

Net Assets as of December 31, 2017:	$	870,919		$	667,558		$	3,732,484		$	3,418,360		$	1,069,305


Investment Income:
Reinvested Dividends		-			-			-			-			45,710
Investment Expense:
Mortality and Expense Risk and Administrative Charges		7,059			3,733			28,882			26,396			6,240
Net Investment Income (Loss)		(7,059	)		(3,733	)		(28,882	)		(26,396	)		39,470

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			247,908			271,521			-
Realized Gain (Loss) on Investments		(134,600	)		(56,458	)		(348,517	)		(195,156	)		(91,698	)
Net Realized Capital Gains (Losses) on Investments		(134,600	)		(56,458	)		(100,609	)		76,365			(91,698	)
Net Change in Unrealized Appreciation (Depreciation)		155,449			100,447			(528,822	)		(654,579	)		(89,614	)
Net Gain (Loss) on Investment		20,849			43,989			(629,431	)		(578,214	)		(181,312	)

Net Increase (Decrease) in Net Assets Resulting from Operations		13,790			40,256			(658,313	)		(604,610	)		(141,842	)

Increase (Decrease) in Net Assets from Contract Transactions		2,101,860			(281,235	)		(831,016	)		(1,165,455	)		(259,303	)

Total Increase (Decrease) in Net Assets		2,115,650			(240,979	)		(1,489,329	)		(1,770,065	)		(401,145	)

Net Assets as of December 31, 2018:	$	2,986,569		$	426,579		$	2,243,155		$	1,648,295		$	668,160


Investment Income:
Reinvested Dividends		946			468			-			-			23,551
Investment Expense:
Mortality and Expense Risk and Administrative Charges		7,080			3,436			16,495			13,214			5,161
Net Investment Income (Loss)		(6,134	)		(2,968	)		(16,495	)		(13,214	)		18,390

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			41,575			-			-			-
Realized Gain (Loss) on Investments		(127,373	)		(49,225	)		(106,362	)		(68,532	)		(66,292	)
Net Realized Capital Gains (Losses) on Investments		(127,373	)		(7,650	)		(106,362	)		(68,532	)		(66,292	)
Net Change in Unrealized Appreciation (Depreciation)		(315,340	)		(96,464	)		590,014			436,537			142,444
Net Gain (Loss) on Investment		(442,713	)		(104,114	)		483,652			368,005			76,152

Net Increase (Decrease) in Net Assets Resulting from Operations		(448,847	)		(107,082	)		467,157			354,791			94,542

Increase (Decrease) in Net Assets from Contract Transactions		1,080,537			193,787			1,728,106			2,052,654			(48,290	)

Total Increase (Decrease) in Net Assets		631,690			86,705			2,195,263			2,407,445			46,252

Net Assets as of December 31, 2019:	$	3,618,259		$	513,284		$	4,438,418		$	4,055,740		$	714,412

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Premier Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019


	ProFund VP U.S. Government Plus			ProFund VP UltraNASDAQ- 100			ProFund VP UltraSmall-Cap			ProFund VP Utilities			TA Aegon High Yield Bond Initial Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount

Net Assets as of December 31, 2017:	$	3,673,437		$	24,476,044		$	8,487,733		$	4,365,893		$	19,145,546


Investment Income:
Reinvested Dividends		27,542			-			-			81,824			1,032,985
Investment Expense:
Mortality and Expense Risk and Administrative Charges		21,764			206,170			61,202			30,361			131,325
Net Investment Income (Loss)		5,778			(206,170	)		(61,202	)		51,463			901,660

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			10,072,196			2,067,083			123,343			-
Realized Gain (Loss) on Investments		(269,602	)		3,975,914			356,167			(112,925	)		256,269
Net Realized Capital Gains (Losses) on Investments		(269,602	)		14,048,110			2,423,250			10,418			256,269
Net Change in Unrealized Appreciation (Depreciation)		(80,029	)		(17,982,428	)		(4,574,035	)		(7,669	)		(1,693,587	)
Net Gain (Loss) on Investment		(349,631	)		(3,934,318	)		(2,150,785	)		2,749			(1,437,318	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(343,853	)		(4,140,488	)		(2,211,987	)		54,212			(535,658	)

Increase (Decrease) in Net Assets from Contract Transactions		(97,589	)		2,789,384			(300,605	)		258,899			(2,235,080	)

Total Increase (Decrease) in Net Assets		(441,442	)		(1,351,104	)		(2,512,592	)		313,111			(2,770,738	)

Net Assets as of December 31, 2018:	$	3,231,995		$	23,124,940		$	5,975,141		$	4,679,004		$	16,374,808


Investment Income:
Reinvested Dividends		34,858			-			-			78,533			1,082,025
Investment Expense:
Mortality and Expense Risk and Administrative Charges		29,702			197,372			50,733			34,884			124,366
Net Investment Income (Loss)		5,156			(197,372	)		(50,733	)		43,649			957,659

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			-			294,870			-
Realized Gain (Loss) on Investments		307,547			(2,905,340	)		(1,698,223	)		241,650			(64,182	)
Net Realized Capital Gains (Losses) on Investments		307,547			(2,905,340	)		(1,698,223	)		536,520			(64,182	)
Net Change in Unrealized Appreciation (Depreciation)		239,285			19,257,595			4,360,120			387,990			1,249,819
Net Gain (Loss) on Investment		546,832			16,352,255			2,661,897			924,510			1,185,637

Net Increase (Decrease) in Net Assets Resulting from Operations		551,988			16,154,883			2,611,164			968,159			2,143,296

Increase (Decrease) in Net Assets from Contract Transactions		510,598			(3,472,224	)		(653,925	)		659,261			(457,840	)

Total Increase (Decrease) in Net Assets		1,062,586			12,682,659			1,957,239			1,627,420			1,685,456

Net Assets as of December 31, 2019:	$	4,294,581		$	35,807,599		$	7,932,380		$	6,306,424		$	18,060,264

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Premier Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019


	TA Aegon U.S. Government Securities Initial Class			TA Barrow Hanley Dividend Focused Initial Class			TA BlackRock Global Allocation Initial Class			TA BlackRock Global Real Estate Securities Initial Class			TA BlackRock Government Money Market Initial Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount

Net Assets as of December 31, 2017:	$	8,651,009		$	74,360,907		$	6,348,837		$	43,179,257		$	28,500,890


Investment Income:
Reinvested Dividends		180,106			1,505,245			134,142			3,399,064			579,144
Investment Expense:
Mortality and Expense Risk and Administrative Charges		43,502			526,294			45,630			288,542			224,442
Net Investment Income (Loss)		136,604			978,951			88,512			3,110,522			354,702

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			104,918			-			-
Realized Gain (Loss) on Investments		(802,763	)		4,577,990			29,507			220,704			-
Net Realized Capital Gains (Losses) on Investments		(802,763	)		4,577,990			134,425			220,704			-
Net Change in Unrealized Appreciation (Depreciation)		608,476			(14,309,123	)		(712,090	)		(7,721,329	)		-
Net Gain (Loss) on Investment		(194,287	)		(9,731,133	)		(577,665	)		(7,500,625	)		-

Net Increase (Decrease) in Net Assets Resulting from Operations		(57,683	)		(8,752,182	)		(489,153	)		(4,390,103	)		354,702

Increase (Decrease) in Net Assets from Contract Transactions		(2,147,484	)		(3,075,808	)		(405,088	)		(3,765,220	)		7,599,078

Total Increase (Decrease) in Net Assets		(2,205,167	)		(11,827,990	)		(894,241	)		(8,155,323	)		7,953,780

Net Assets as of December 31, 2018:	$	6,445,842		$	62,532,917		$	5,454,596		$	35,023,934		$	36,454,670


Investment Income:
Reinvested Dividends		133,355			1,602,952			107,730			357,326			623,424
Investment Expense:
Mortality and Expense Risk and Administrative Charges		47,270			472,508			40,659			274,103			223,470
Net Investment Income (Loss)		86,085			1,130,444			67,071			83,223			399,954

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			9,849,243			362,825			-			-
Realized Gain (Loss) on Investments		37,402			3,934,962			63,318			249,763			-
Net Realized Capital Gains (Losses) on Investments		37,402			13,784,205			426,143			249,763			-
Net Change in Unrealized Appreciation (Depreciation)		284,002			(1,118,597	)		408,183			8,045,090			-
Net Gain (Loss) on Investment		321,404			12,665,608			834,326			8,294,853			-

Net Increase (Decrease) in Net Assets Resulting from Operations		407,489			13,796,052			901,397			8,378,076			399,954

Increase (Decrease) in Net Assets from Contract Transactions		(479,473	)		(7,652,004	)		(576,619	)		(2,391,165	)		(6,637,000	)

Total Increase (Decrease) in Net Assets		(71,984	)		6,144,048			324,778			5,986,911			(6,237,046	)

Net Assets as of December 31, 2019:	$	6,373,858		$	68,676,965		$	5,779,374		$	41,010,845		$	30,217,624

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Premier Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019


	TA BlackRock iShares Edge 40 Initial Class			TA BlackRock Tactical Allocation Initial Class			TA Greystone International Growth Initial Class			TA Janus Balanced Initial Class			TA Janus Mid-Cap Growth Initial Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount

Net Assets as of December 31, 2017:	$	3,013,996		$	27,366,726		$	43,373,061		$	11,305,225		$	337,913,344


Investment Income:
Reinvested Dividends		54,141			532,904			454,303			184,536			203,600
Investment Expense:
Mortality and Expense Risk and Administrative Charges		19,664			198,532			250,680			82,479			2,707,090
Net Investment Income (Loss)		34,477			334,372			203,623			102,057			(2,503,490	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			1,899,907			193,137			263,789			15,103,525
Realized Gain (Loss) on Investments		63,972			(730,130	)		1,746,438			742,818			8,546,283
Net Realized Capital Gains (Losses) on Investments		63,972			1,169,777			1,939,575			1,006,607			23,649,808
Net Change in Unrealized Appreciation (Depreciation)		(237,883	)		(2,753,038	)		(9,167,456	)		(1,165,826	)		(26,066,223	)
Net Gain (Loss) on Investment		(173,911	)		(1,583,261	)		(7,227,881	)		(159,219	)		(2,416,415	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(139,434	)		(1,248,889	)		(7,024,258	)		(57,162	)		(4,919,905	)

Increase (Decrease) in Net Assets from Contract Transactions		(254,046	)		(2,083,486	)		(5,280,812	)		(679,930	)		(20,820,941	)

Total Increase (Decrease) in Net Assets		(393,480	)		(3,332,375	)		(12,305,070	)		(737,092	)		(25,740,846	)

Net Assets as of December 31, 2018:	$	2,620,516		$	24,034,351		$	31,067,991		$	10,568,133		$	312,172,498


Investment Income:
Reinvested Dividends		62,230			1,026,884			552,871			192,619			277,961
Investment Expense:
Mortality and Expense Risk and Administrative Charges		18,262			180,824			215,855			85,286			2,819,135
Net Investment Income (Loss)		43,968			846,060			337,016			107,333			(2,541,174	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		368,111			1,925,279			5,551,202			539,347			20,294,136
Realized Gain (Loss) on Investments		18,757			(940,190	)		665,919			705,791			9,014,826
Net Realized Capital Gains (Losses) on Investments		386,868			985,089			6,217,121			1,245,138			29,308,962
Net Change in Unrealized Appreciation (Depreciation)		(56,653	)		1,982,157			1,583,452			931,716			82,711,840
Net Gain (Loss) on Investment		330,215			2,967,246			7,800,573			2,176,854			112,020,802

Net Increase (Decrease) in Net Assets Resulting from Operations		374,183			3,813,306			8,137,589			2,284,187			109,479,628

Increase (Decrease) in Net Assets from Contract Transactions		(120,384	)		(2,363,826	)		(2,780,442	)		252,705			(25,920,682	)

Total Increase (Decrease) in Net Assets		253,799			1,449,480			5,357,147			2,536,892			83,558,946

Net Assets as of December 31, 2019:	$	2,874,315		$	25,483,831		$	36,425,138		$	13,105,025		$	395,731,444

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Premier Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019


	TA JPMorgan Asset Allocation - Conservative Initial Class			TA JPMorgan Asset Allocation - Growth Initial Class			TA JPMorgan Asset Allocation - Moderate Initial Class			TA JPMorgan Asset Allocation - Moderate Growth Initial Class			TA JPMorgan Core Bond Initial Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount

Net Assets as of December 31, 2017:	$	33,444,895		$	312,891,018		$	76,977,415		$	304,126,820		$	35,983,696


Investment Income:
Reinvested Dividends		576,359			5,779,464			1,290,818			5,518,848			1,108,016
Investment Expense:
Mortality and Expense Risk and Administrative Charges		232,727			2,223,931			540,424			2,124,349			263,192
Net Investment Income (Loss)		343,632			3,555,533			750,394			3,394,499			844,824

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		1,301,143			20,126,498			3,511,003			15,308,673			-
Realized Gain (Loss) on Investments		399,253			15,477,133			3,357,022			9,498,201			(116,592	)
Net Realized Capital Gains (Losses) on Investments		1,700,396			35,603,631			6,868,025			24,806,874			(116,592	)
Net Change in Unrealized Appreciation (Depreciation)		(3,326,217	)		(71,809,514	)		(11,775,514	)		(50,420,119	)		(990,772	)
Net Gain (Loss) on Investment		(1,625,821	)		(36,205,883	)		(4,907,489	)		(25,613,245	)		(1,107,364	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(1,282,189	)		(32,650,350	)		(4,157,095	)		(22,218,746	)		(262,540	)

Increase (Decrease) in Net Assets from Contract Transactions		(8,910,477	)		(16,432,893	)		(5,713,525	)		(16,906,164	)		(1,298,136	)

Total Increase (Decrease) in Net Assets		(10,192,666	)		(49,083,243	)		(9,870,620	)		(39,124,910	)		(1,560,676	)

Net Assets as of December 31, 2018:	$	23,252,229		$	263,807,775		$	67,106,795		$	265,001,910		$	34,423,020


Investment Income:
Reinvested Dividends		610,824			5,069,967			1,540,241			6,205,604			912,798
Investment Expense:
Mortality and Expense Risk and Administrative Charges		164,162			1,882,462			446,171			1,769,877			261,566
Net Investment Income (Loss)		446,662			3,187,505			1,094,070			4,435,727			651,232

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		865,822			26,837,389			3,991,806			23,886,756			-
Realized Gain (Loss) on Investments		(158,591	)		10,365,964			1,501,352			2,841,007			175,421
Net Realized Capital Gains (Losses) on Investments		707,231			37,203,353			5,493,158			26,727,763			175,421
Net Change in Unrealized Appreciation (Depreciation)		1,796,107			24,776,221			3,659,556			18,579,810			1,798,590
Net Gain (Loss) on Investment		2,503,338			61,979,574			9,152,714			45,307,573			1,974,011

Net Increase (Decrease) in Net Assets Resulting from Operations		2,950,000			65,167,079			10,246,784			49,743,300			2,625,243

Increase (Decrease) in Net Assets from Contract Transactions		(1,542,605	)		(14,992,350	)		(3,870,929	)		(14,975,384	)		(3,047,617	)

Total Increase (Decrease) in Net Assets		1,407,395			50,174,729			6,375,855			34,767,916			(422,374	)

Net Assets as of December 31, 2019:	$	24,659,624		$	313,982,504		$	73,482,650		$	299,769,826		$	34,000,646

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Premier Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019


	TA JPMorgan Enhanced Index Initial Class			TA JPMorgan International Moderate Growth Initial Class			TA JPMorgan Mid Cap Value Initial Class			TA JPMorgan Tactical Allocation Initial Class			TA Managed Risk - Balanced ETF Initial Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount

Net Assets as of December 31, 2017:	$	10,203,033		$	12,670,600		$	7,157,522		$	43,708,710		$	1,980,672


Investment Income:
Reinvested Dividends		108,145			282,699			58,521			943,429			33,085
Investment Expense:
Mortality and Expense Risk and Administrative Charges		77,616			94,435			49,253			304,938			14,173
Net Investment Income (Loss)		30,529			188,264			9,268			638,491			18,912

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		423,676			118,864			152,051			1,217,668			-
Realized Gain (Loss) on Investments		955,922			642,246			(8,209	)		388,169			33,900
Net Realized Capital Gains (Losses) on Investments		1,379,598			761,110			143,842			1,605,837			33,900
Net Change in Unrealized Appreciation (Depreciation)		(2,176,415	)		(2,437,902	)		(973,394	)		(3,796,233	)		(149,667	)
Net Gain (Loss) on Investment		(796,817	)		(1,676,792	)		(829,552	)		(2,190,396	)		(115,767	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(766,288	)		(1,488,528	)		(820,284	)		(1,551,905	)		(96,855	)

Increase (Decrease) in Net Assets from Contract Transactions		(732,978	)		(979,217	)		(577,441	)		137,051			(252,668	)

Total Increase (Decrease) in Net Assets		(1,499,266	)		(2,467,745	)		(1,397,725	)		(1,414,854	)		(349,523	)

Net Assets as of December 31, 2018:	$	8,703,767		$	10,202,855		$	5,759,797		$	42,293,856		$	1,631,149


Investment Income:
Reinvested Dividends		116,978			251,028			89,010			1,007,811			59,946
Investment Expense:
Mortality and Expense Risk and Administrative Charges		68,196			80,846			45,835			292,811			18,412
Net Investment Income (Loss)		48,782			170,182			43,175			715,000			41,534

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		1,149,521			881,789			576,227			535,536			70,348
Realized Gain (Loss) on Investments		331,401			118,333			(60,248	)		861,577			28,870
Net Realized Capital Gains (Losses) on Investments		1,480,922			1,000,122			515,979			1,397,113			99,218
Net Change in Unrealized Appreciation (Depreciation)		1,049,319			509,288			857,744			2,490,040			178,573
Net Gain (Loss) on Investment		2,530,241			1,509,410			1,373,723			3,887,153			277,791

Net Increase (Decrease) in Net Assets Resulting from Operations		2,579,023			1,679,592			1,416,898			4,602,153			319,325

Increase (Decrease) in Net Assets from Contract Transactions		(337,881	)		(598,513	)		(530,508	)		(5,354,152	)		1,045,655

Total Increase (Decrease) in Net Assets		2,241,142			1,081,079			886,390			(751,999	)		1,364,980

Net Assets as of December 31, 2019:	$	10,944,909		$	11,283,934		$	6,646,187		$	41,541,857		$	2,996,129

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Premier Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019


	TA Managed Risk - Growth ETF Initial Class			TA Morgan Stanley Capital Growth Initial Class			TA Multi-Managed Balanced Initial Class			TA PIMCO Tactical - Balanced Initial Class			TA PIMCO Tactical - Conservative Initial Class
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount

Net Assets as of December 31, 2017:	$	3,522,359		$	63,401,145		$	124,785,035		$	6,615,284		$	9,721,335


Investment Income:
Reinvested Dividends		60,723			-			1,720,133			216,972			339,796
Investment Expense:
Mortality and Expense Risk and Administrative Charges		25,045			501,964			969,618			46,052			71,432
Net Investment Income (Loss)		35,678			(501,964	)		750,515			170,920			268,364

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			13,013,554			4,711,635			458,395			595,760
Realized Gain (Loss) on Investments		89,991			2,765,411			2,977,140			127,101			112,751
Net Realized Capital Gains (Losses) on Investments		89,991			15,778,965			7,688,775			585,496			708,511
Net Change in Unrealized Appreciation (Depreciation)		(389,625	)		(11,655,623	)		(13,561,982	)		(1,213,979	)		(1,525,364	)
Net Gain (Loss) on Investment		(299,634	)		4,123,342			(5,873,207	)		(628,483	)		(816,853	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(263,956	)		3,621,378			(5,122,692	)		(457,563	)		(548,489	)

Increase (Decrease) in Net Assets from Contract Transactions		(69,211	)		(1,542,230	)		(8,559,072	)		(513,423	)		341,084

Total Increase (Decrease) in Net Assets		(333,167	)		2,079,148			(13,681,764	)		(970,986	)		(207,405	)

Net Assets as of December 31, 2018:	$	3,189,192		$	65,480,293		$	111,103,271		$	5,644,298		$	9,513,930


Investment Income:
Reinvested Dividends		79,329			-			1,967,094			24,881			35,633
Investment Expense:
Mortality and Expense Risk and Administrative Charges		27,410			523,538			942,240			41,139			73,027
Net Investment Income (Loss)		51,919			(523,538	)		1,024,854			(16,258	)		(37,394	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		340,179			6,521,332			7,458,183			-			-
Realized Gain (Loss) on Investments		117,019			2,583,408			2,855,819			(5,799	)		85,116
Net Realized Capital Gains (Losses) on Investments		457,198			9,104,740			10,314,002			(5,799	)		85,116
Net Change in Unrealized Appreciation (Depreciation)		121,218			8,946,383			11,102,784			1,052,397			1,553,240
Net Gain (Loss) on Investment		578,416			18,051,123			21,416,786			1,046,598			1,638,356

Net Increase (Decrease) in Net Assets Resulting from Operations		630,335			17,527,585			22,441,640			1,030,340			1,600,962

Increase (Decrease) in Net Assets from Contract Transactions		223,429			23,509,515			(7,963,515	)		(535,669	)		(562,771	)

Total Increase (Decrease) in Net Assets		853,764			41,037,100			14,478,125			494,671			1,038,191

Net Assets as of December 31, 2019:	$	4,042,956		$	106,517,393		$	125,581,396		$	6,138,969		$	10,552,121

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Premier Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019


	TA PIMCO Tactical - Growth Initial Class			TA PIMCO Total Return Initial Class			TA QS Investors Active Asset Allocation - Conservative Initial Class			TA QS Investors Active Asset Allocation - Moderate Initial Class
	Subaccount			Subaccount			Subaccount			Subaccount

Net Assets as of December 31, 2017:	$	13,146,326		$	24,393,778		$	4,174,813		$	2,429,683


Investment Income:
Reinvested Dividends		412,354			553,437			80,427			41,784
Investment Expense:
Mortality and Expense Risk and Administrative Charges		95,857			163,494			31,399			19,150
Net Investment Income (Loss)		316,497			389,943			49,028			22,634

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		1,235,692			109,121			-			-
Realized Gain (Loss) on Investments		269,348			(166,422	)		48,215			24,347
Net Realized Capital Gains (Losses) on Investments		1,505,040			(57,301	)		48,215			24,347
Net Change in Unrealized Appreciation (Depreciation)		(2,853,828	)		(682,106	)		(231,550	)		(156,957	)
Net Gain (Loss) on Investment		(1,348,788	)		(739,407	)		(183,335	)		(132,610	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(1,032,291	)		(349,464	)		(134,307	)		(109,976	)

Increase (Decrease) in Net Assets from Contract Transactions		(856,325	)		(2,948,706	)		111,487			(37,177	)

Total Increase (Decrease) in Net Assets		(1,888,616	)		(3,298,170	)		(22,820	)		(147,153	)

Net Assets as of December 31, 2018:	$	11,257,710		$	21,095,608		$	4,151,993		$	2,282,530


Investment Income:
Reinvested Dividends		-			526,145			98,697			50,864
Investment Expense:
Mortality and Expense Risk and Administrative Charges		86,377			153,015			31,047			18,319
Net Investment Income (Loss)		(86,377	)		373,130			67,650			32,545

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			327,617			167,456
Realized Gain (Loss) on Investments		157,658			375,260			3,519			10,462
Net Realized Capital Gains (Losses) on Investments		157,658			375,260			331,136			177,918
Net Change in Unrealized Appreciation (Depreciation)		2,231,514			630,539			39,149			31,279
Net Gain (Loss) on Investment		2,389,172			1,005,799			370,285			209,197

Net Increase (Decrease) in Net Assets Resulting from Operations		2,302,795			1,378,929			437,935			241,742

Increase (Decrease) in Net Assets from Contract Transactions		(979,462	)		(1,478,307	)		(159,378	)		(6,278	)

Total Increase (Decrease) in Net Assets		1,323,333			(99,378	)		278,557			235,464

Net Assets as of December 31, 2019:	$	12,581,043		$	20,996,230		$	4,430,550		$	2,517,994

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Premier Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2018 and 2019


	TA QS Investors Active Asset Allocation - Moderate Growth Initial Class			TA Small/Mid Cap Value Initial Class			TA T. Rowe Price Small Cap Initial Class			TA WMC US Growth Initial Class
	Subaccount			Subaccount			Subaccount			Subaccount

Net Assets as of December 31, 2017:	$	30,221,332		$	139,162,267		$	57,593,105		$	1,009,620,361


Investment Income:
Reinvested Dividends		447,891			1,198,851			-			5,138,239
Investment Expense:
Mortality and Expense Risk and Administrative Charges		215,802			983,288			424,475			8,383,805
Net Investment Income (Loss)		232,089			215,563			(424,475	)		(3,245,566	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			12,972,199			3,241,190			88,666,806
Realized Gain (Loss) on Investments		1,131,945			421,598			2,291,169			16,083,486
Net Realized Capital Gains (Losses) on Investments		1,131,945			13,393,797			5,532,359			104,750,292
Net Change in Unrealized Appreciation (Depreciation)		(3,187,579	)		(29,073,132	)		(8,672,509	)		(102,042,923	)
Net Gain (Loss) on Investment		(2,055,634	)		(15,679,335	)		(3,140,150	)		2,707,369

Net Increase (Decrease) in Net Assets Resulting from Operations		(1,823,545	)		(15,463,772	)		(3,564,625	)		(538,197	)

Increase (Decrease) in Net Assets from Contract Transactions		(2,179,636	)		(10,627,062	)		(6,906,753	)		(65,153,576	)

Total Increase (Decrease) in Net Assets		(4,003,181	)		(26,090,834	)		(10,471,378	)		(65,691,773	)

Net Assets as of December 31, 2018:	$	26,218,151		$	113,071,433		$	47,121,727		$	943,928,588


Investment Income:
Reinvested Dividends		524,197			1,205,324			-			1,467,441
Investment Expense:
Mortality and Expense Risk and Administrative Charges		190,884			859,814			367,049			8,707,262
Net Investment Income (Loss)		333,313			345,510			(367,049	)		(7,239,821	)

Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		1,773,079			9,600,856			6,131,130			95,562,429
Realized Gain (Loss) on Investments		934,450			(1,989,612	)		1,510,130			13,707,524
Net Realized Capital Gains (Losses) on Investments		2,707,529			7,611,244			7,641,260			109,269,953
Net Change in Unrealized Appreciation (Depreciation)		(245,310	)		18,684,298			7,262,258			257,141,749
Net Gain (Loss) on Investment		2,462,219			26,295,542			14,903,518			366,411,702

Net Increase (Decrease) in Net Assets Resulting from Operations		2,795,532			26,641,052			14,536,469			359,171,881

Increase (Decrease) in Net Assets from Contract Transactions		(1,967,330	)		(10,890,569	)		(1,851,731	)		(56,292,712	)

Total Increase (Decrease) in Net Assets		828,202			15,750,483			12,684,738			302,879,169

Net Assets as of December 31, 2019:	$	27,046,353		$	128,821,916		$	59,806,465		$	1,246,807,757

See Accompanying Notes.

⁽¹⁾ See Footnote 1

Transamerica Premier Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2019

1. Organization

WRL Series Life Account (the Separate Account) is a segregated investment account of Transamerica Premier Life Insurance Company (TPLIC), an indirect wholly owned subsidiary of AEGON N.V., a holding company organized under the laws of the Netherlands.

The Separate Account is registered with the Securities and Exchange Commission as a Unit Investment Trust pursuant to provisions of the Investment Company Act of 1940. TPLIC and the Separate Account are regulated by the Securities and Exchange Commission. The assets and liabilities of the Separate Account are clearly identified and distinguished from TPLIC’s other assets and liabilities. The Separate Account consists of multiple investment subaccounts. Each subaccount invests exclusively in the corresponding portfolio of a Mutual Fund. Each Mutual Fund is registered as an open-end management investment company under the Investment Company Act of 1940, as amended. Activity in these specified investment subaccounts is available to contract owners of WRL Financial Freedom Builder, WRL Freedom Elite, WRL Freedom Equity Protector, WRL Freedom Wealth Protector, WRL Freedom Elite Builder, WRL Freedom Elite Builder II, WRL Freedom Elite Advisor, WRL Freedom Excelerator, WRL SP Plus, and WRL For Life.

Subaccount Investment by Mutual Fund:


Subaccount		Mutual Fund

AB Variable Products Series Fund		AB Variable Products Series Fund

AB Balanced Wealth Strategy Class B Shares		AB Balanced Wealth Strategy Portfolio Class B Shares

Access One Trust		Access One Trust

Access VP High Yield		Access VP High Yield

Fidelity^® Variable Insurance Products Fund		Fidelity^® Variable Insurance Products Fund

Fidelity^® VIP Contrafund^® Service Class 2		Fidelity^® VIP Contrafund^® Portfolio Service Class 2

Fidelity^® VIP Equity-Income Service Class 2		Fidelity^® VIP Equity-Income Portfolio Service Class 2

Fidelity^® VIP Growth Opportunities Service Class 2		Fidelity^® VIP Growth Opportunities Portfolio Service Class 2

Fidelity^® VIP Index 500 Service Class 2		Fidelity^® VIP Index 500 Portfolio Service Class 2

Franklin Templeton Variable Insurance Products Trust		Franklin Templeton Variable Insurance Products Trust

Franklin Founding Funds Allocation Class 4 Shares		Franklin Founding Funds Allocation Fund Class 4 Shares

ProFunds		ProFunds

ProFund VP Asia 30		ProFund VP Asia 30

ProFund VP Basic Materials		ProFund VP Basic Materials

ProFund VP Bull		ProFund VP Bull

ProFund VP Consumer Services		ProFund VP Consumer Services

ProFund VP Emerging Markets		ProFund VP Emerging Markets

ProFund VP Europe 30		ProFund VP Europe 30

ProFund VP Falling U.S. Dollar		ProFund VP Falling U.S. Dollar

ProFund VP Financials		ProFund VP Financials

ProFund VP Government Money Market		ProFund VP Government Money Market

ProFund VP International		ProFund VP International

ProFund VP Japan		ProFund VP Japan

ProFund VP Mid-Cap		ProFund VP Mid-Cap

ProFund VP NASDAQ-100		ProFund VP NASDAQ-100

ProFund VP Oil & Gas		ProFund VP Oil & Gas

ProFund VP Pharmaceuticals		ProFund VP Pharmaceuticals

ProFund VP Precious Metals		ProFund VP Precious Metals

ProFund VP Short Emerging Markets		ProFund VP Short Emerging Markets

ProFund VP Short International		ProFund VP Short International

ProFund VP Short NASDAQ-100		ProFund VP Short NASDAQ-100

ProFund VP Short Small-Cap		ProFund VP Short Small-Cap

ProFund VP Small-Cap		ProFund VP Small-Cap


		18

Transamerica Premier Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2019

1. Organization (continued)

Subaccount Investment by Mutual Fund:


Subaccount		Mutual Fund

ProFunds		ProFunds

ProFund VP Small-Cap Value		ProFund VP Small-Cap Value

ProFund VP Telecommunications		ProFund VP Telecommunications

ProFund VP U.S. Government Plus		ProFund VP U.S. Government Plus

ProFund VP UltraNASDAQ-100		ProFund VP UltraNASDAQ-100

ProFund VP UltraSmall-Cap		ProFund VP UltraSmall-Cap

ProFund VP Utilities		ProFund VP Utilities

Transamerica Series Trust		Transamerica Series Trust

TA Aegon High Yield Bond Initial Class		Transamerica Aegon High Yield Bond VP Initial Class

TA Aegon U.S. Government Securities Initial Class		Transamerica Aegon U.S. Government Securities VP Initial Class

TA Barrow Hanley Dividend Focused Initial Class		Transamerica Barrow Hanley Dividend Focused VP Initial Class

TA BlackRock Global Allocation Initial Class		Transamerica BlackRock Global Allocation VP Initial Class

TA BlackRock Global Real Estate Securities Initial Class		Transamerica BlackRock Global Real Estate Securities VP Initial Class

TA BlackRock Government Money Market Initial Class		Transamerica BlackRock Government Money Market VP Initial Class

TA BlackRock iShares Edge 40 Initial Class		Transamerica BlackRock iShares Edge 40 VP Initial Class

TA BlackRock Tactical Allocation Initial Class		Transamerica BlackRock Tactical Allocation VP Initial Class

TA Greystone International Growth Initial Class		Transamerica Greystone International Growth VP Initial Class

TA Janus Balanced Initial Class		Transamerica Janus Balanced VP Initial Class

TA Janus Mid-Cap Growth Initial Class		Transamerica Janus Mid-Cap Growth VP Initial Class

TA JPMorgan Asset Allocation - Conservative Initial Class		Transamerica JPMorgan Asset Allocation - Conservative VP Initial Class

TA JPMorgan Asset Allocation - Growth Initial Class		Transamerica JPMorgan Asset Allocation - Growth VP Initial Class

TA JPMorgan Asset Allocation - Moderate Initial Class		Transamerica JPMorgan Asset Allocation - Moderate VP Initial Class

TA JPMorgan Asset Allocation - Moderate Growth Initial Class		Transamerica JPMorgan Asset Allocation - Moderate Growth VP Initial Class

TA JPMorgan Core Bond Initial Class		Transamerica JPMorgan Core Bond VP Initial Class

TA JPMorgan Enhanced Index Initial Class		Transamerica JPMorgan Enhanced Index VP Initial Class

TA JPMorgan International Moderate Growth Initial Class		Transamerica JPMorgan International Moderate Growth VP Initial Class

TA JPMorgan Mid Cap Value Initial Class		Transamerica JPMorgan Mid Cap Value VP Initial Class

TA JPMorgan Tactical Allocation Initial Class		Transamerica JPMorgan Tactical Allocation VP Initial Class

TA Managed Risk - Balanced ETF Initial Class		Transamerica Managed Risk - Balanced ETF VP Initial Class

TA Managed Risk - Growth ETF Initial Class		Transamerica Managed Risk - Growth ETF VP Initial Class

TA Morgan Stanley Capital Growth Initial Class		Transamerica Morgan Stanley Capital Growth VP Initial Class

TA Multi-Managed Balanced Initial Class		Transamerica Multi-Managed Balanced VP Initial Class

TA PIMCO Tactical - Balanced Initial Class		Transamerica PIMCO Tactical - Balanced VP Initial Class

TA PIMCO Tactical - Conservative Initial Class		Transamerica PIMCO Tactical - Conservative VP Initial Class

TA PIMCO Tactical - Growth Initial Class		Transamerica PIMCO Tactical - Growth VP Initial Class

TA PIMCO Total Return Initial Class		Transamerica PIMCO Total Return VP Initial Class

TA QS Investors Active Asset Allocation - Conservative Initial Class		Transamerica QS Investors Active Asset Allocation - Conservative VP Initial Class

TA QS Investors Active Asset Allocation - Moderate Initial Class		Transamerica QS Investors Active Asset Allocation - Moderate VP Initial Class

TA QS Investors Active Asset Allocation - Moderate Growth Initial Class		Transamerica QS Investors Active Asset Allocation - Moderate Growth VP Initial Class

TA Small/Mid Cap Value Initial Class		Transamerica Small/Mid Cap Value VP Initial Class

TA T. Rowe Price Small Cap Initial Class		Transamerica T. Rowe Price Small Cap VP Initial Class

TA WMC US Growth Initial Class		Transamerica WMC US Growth VP Initial Class

Transamerica Premier Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2019

1. Organization (continued)

The following subaccount name changes were made effective during the fiscal year ended December 31, 2019:


Subaccount		Formerly

Franklin Allocation Class 4 Shares		Franklin Founding Funds Allocation Class 4 Shares

TA BlackRock iShares Edge 40 Initial Class		TA BlackRock Smart Beta 40 Initial Class

During the current year the following subaccounts were liquidated and subsequently reinvested:


Reinvested Subaccount		Liquidated Subaccount

TA Morgan Stanley Capital Growth Initial Class		TA Jennison Growth Initial Class

TA WMC US Growth Initial Class		TA Torray Concentrated Growth Initial Class


		20

Transamerica Premier Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2019

2. Summary of Significant Accounting Policies

The financial statements included herein have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for variable life separate accounts registered as unit investment trusts. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions regarding matters that affect the reported amount of assets and liabilities. Actual results could differ from those estimates.

Investments

Net purchase payments received by the Separate Account are invested in the portfolios of the Mutual Funds as selected by the contract owner. Investments are stated at the closing net asset values per share on December 31, 2019.

Realized capital gains and losses from sales of shares in the Separate Account are determined on the first-in, first-out basis. Investment transactions are accounted for on the trade date (date the order to buy or sell is executed) and dividend income is recorded on the ex-dividend date. Unrealized gains or losses from investments in the Mutual Funds are included in the Statements of Operations and Changes in Net Assets.

Dividend Income

Dividends received from the Mutual Fund investments are reinvested to purchase additional mutual fund shares.

Fair Value Measurements and Fair Value Hierarchy

The Accounting Standards Codification^™ (ASC) 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the nature of inputs used to measure fair value and enhances disclosure requirements for fair value measurements.

The Separate Account has categorized its financial instruments into a three level hierarchy which is based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.

Financial assets and liabilities recorded at fair value on the Statements of Assets and Liabilities are categorized as follows:

Level 1. Unadjusted quoted prices for identical assets or liabilities in an active market.

Level 2. Quoted prices in markets that are not active or inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following:

a) Quoted prices for similar assets or liabilities in active markets

b) Quoted prices for identical or similar assets or liabilities in non-active markets

c) Inputs other than quoted market prices that are observable

d) Inputs that are derived principally from or corroborated by observable market data through correlation or other means.

Level 3. Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. They reflect management’s own assumptions about the assumptions a market participant would use in pricing the asset or liability.

All investments in the Mutual Funds included in the Statements of Assets and Liabilities are stated at fair value and are based upon published closing NAV per share and therefore are considered Level 1.

There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2019.

Transamerica Premier Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2019

3. Investments

The aggregate cost of purchases and proceeds from sales of investments for the period ended December 31, 2019 were as follows:


Subaccount	Purchases		Sales

AB Balanced Wealth Strategy Class B Shares	$	739,319	$	619,430

Access VP High Yield		3,271,849		3,065,877

Fidelity^® VIP Contrafund^® Service Class 2		3,577,781		2,467,422

Fidelity^® VIP Equity-Income Service Class 2		1,598,400		1,758,466

Fidelity^® VIP Growth Opportunities Service Class 2		3,760,906		2,114,454

Fidelity^® VIP Index 500 Service Class 2		17,134,042		16,787,631

Franklin Allocation Class 4 Shares		623,433		577,794

ProFund VP Asia 30		8,791,869		5,188,465

ProFund VP Basic Materials		1,333,517		1,459,258

ProFund VP Bull		3,208,780		2,269,037

ProFund VP Consumer Services		1,459,163		1,737,812

ProFund VP Emerging Markets		10,275,704		6,682,010

ProFund VP Europe 30		2,200,323		2,498,874

ProFund VP Falling U.S. Dollar		92,661		145,469

ProFund VP Financials		1,226,451		1,499,580

ProFund VP Government Money Market		29,311,080		36,918,014

ProFund VP International		299,732		510,220

ProFund VP Japan		2,440,964		2,495,041

ProFund VP Mid-Cap		4,400,537		5,152,788

ProFund VP NASDAQ-100		19,041,185		17,885,182

ProFund VP Oil & Gas		3,996,459		4,841,922

ProFund VP Pharmaceuticals		1,667,705		1,831,225

ProFund VP Precious Metals		4,763,303		3,824,957

ProFund VP Short Emerging Markets		926,932		1,114,813

ProFund VP Short International		169,497		156,058

ProFund VP Short NASDAQ-100		7,784,662		6,710,253

ProFund VP Short Small-Cap		1,448,458		1,216,064

ProFund VP Small-Cap		2,685,959		974,343

ProFund VP Small-Cap Value		2,600,466		561,034

ProFund VP Telecommunications		287,128		317,028

ProFund VP U.S. Government Plus		4,783,493		4,267,732

ProFund VP UltraNASDAQ-100		24,076,624		27,746,218

ProFund VP UltraSmall-Cap		4,576,527		5,281,196

ProFund VP Utilities		4,495,387		3,497,602

TA Aegon High Yield Bond Initial Class		4,982,468		4,482,643

TA Aegon U.S. Government Securities Initial Class		4,401,348		4,794,736

Transamerica Premier Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2019

3. Investments (continued)


Subaccount	Purchases		Sales

TA Barrow Hanley Dividend Focused Initial Class	$	22,525,513	$	19,197,823

TA BlackRock Global Allocation Initial Class		1,292,497		1,439,223

TA BlackRock Global Real Estate Securities Initial Class		4,380,066		6,688,020

TA BlackRock Government Money Market Initial Class		10,694,830		16,931,821

TA BlackRock iShares Edge 40 Initial Class		820,978		529,280

TA BlackRock Tactical Allocation Initial Class		5,908,339		5,500,824

TA Greystone International Growth Initial Class		12,024,645		8,916,840

TA Janus Balanced Initial Class		3,798,780		2,899,392

TA Janus Mid-Cap Growth Initial Class		41,974,993		50,142,631

TA JPMorgan Asset Allocation - Conservative Initial Class		5,810,889		6,041,005

TA JPMorgan Asset Allocation - Growth Initial Class		82,324,043		67,291,469

TA JPMorgan Asset Allocation - Moderate Initial Class		19,285,504		18,070,523

TA JPMorgan Asset Allocation - Moderate Growth Initial Class		81,019,215		67,672,079

TA JPMorgan Core Bond Initial Class		6,510,796		8,907,177

TA JPMorgan Enhanced Index Initial Class		3,499,231		2,638,808

TA JPMorgan International Moderate Growth Initial Class		2,392,026		1,938,563

TA JPMorgan Mid Cap Value Initial Class		732,526		643,633

TA JPMorgan Tactical Allocation Initial Class		10,205,593		14,309,210

TA Managed Risk - Balanced ETF Initial Class		1,643,500		485,963

TA Managed Risk - Growth ETF Initial Class		1,579,370		963,847

TA Morgan Stanley Capital Growth Initial Class		46,326,169		16,818,847

TA Multi-Managed Balanced Initial Class		13,433,476		12,913,923

TA PIMCO Tactical - Balanced Initial Class		949,389		1,501,314

TA PIMCO Tactical - Conservative Initial Class		2,389,878		2,990,038

TA PIMCO Tactical - Growth Initial Class		2,056,974		3,122,721

TA PIMCO Total Return Initial Class		18,996,193		20,101,368

TA QS Investors Active Asset Allocation - Conservative Initial Class		1,130,846		894,956

TA QS Investors Active Asset Allocation - Moderate Initial Class		702,179		508,453

TA QS Investors Active Asset Allocation - Moderate Growth Initial Class		8,616,054		8,476,979

TA Small/Mid Cap Value Initial Class		24,386,667		25,330,857

TA T. Rowe Price Small Cap Initial Class		19,008,663		15,096,295

TA WMC US Growth Initial Class		122,563,543		90,533,575

Transamerica Premier Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

4. Change in Units

The change in units outstanding were as follows:


	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)			Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)

AB Balanced Wealth Strategy Class B Shares		23,056		(29,746	)		(6,690	)		19,688		(29,556	)		(9,868	)

Access VP High Yield		186,144		(175,584	)		10,560			264,731		(253,433	)		11,298

Fidelity^® VIP Contrafund^® Service Class 2		35,698		(86,450	)		(50,752	)		63,394		(101,923	)		(38,529	)

Fidelity^® VIP Equity-Income Service Class 2		32,371		(71,925	)		(39,554	)		53,654		(93,635	)		(39,981	)

Fidelity^® VIP Growth Opportunities Service Class 2		97,939		(70,413	)		27,526			76,923		(89,252	)		(12,329	)

Fidelity^® VIP Index 500 Service Class 2		566,836		(594,778	)		(27,942	)		498,684		(424,935	)		73,749

Franklin Allocation Class 4 Shares		20,233		(26,937	)		(6,704	)		28,544		(34,619	)		(6,075	)

ProFund VP Asia 30		846,172		(521,545	)		324,627			381,110		(771,107	)		(389,997	)

ProFund VP Basic Materials		106,309		(124,511	)		(18,202	)		121,736		(236,933	)		(115,197	)

ProFund VP Bull		143,103		(108,159	)		34,944			108,145		(172,612	)		(64,467	)

ProFund VP Consumer Services		43,441		(57,198	)		(13,757	)		53,857		(43,892	)		9,965

ProFund VP Emerging Markets		1,181,295		(828,078	)		353,217			848,392		(1,246,933	)		(398,541	)

ProFund VP Europe 30		197,949		(224,122	)		(26,173	)		60,492		(93,810	)		(33,318	)

ProFund VP Falling U.S. Dollar		14,533		(22,692	)		(8,159	)		175,706		(175,792	)		(86	)

ProFund VP Financials		53,676		(89,434	)		(35,758	)		104,766		(177,310	)		(72,544	)

ProFund VP Government Money Market		2,991,842		(3,781,840	)		(789,998	)		3,383,267		(2,419,524	)		963,743

ProFund VP International		29,208		(53,607	)		(24,399	)		159,046		(306,557	)		(147,511	)

ProFund VP Japan		148,318		(157,313	)		(8,995	)		45,809		(50,507	)		(4,698	)

ProFund VP Mid-Cap		232,232		(273,113	)		(40,881	)		112,855		(117,550	)		(4,695	)

ProFund VP NASDAQ-100		578,411		(513,585	)		64,826			556,917		(527,222	)		29,695

ProFund VP Oil & Gas		492,672		(639,706	)		(147,034	)		492,744		(552,898	)		(60,154	)

ProFund VP Pharmaceuticals		47,391		(86,842	)		(39,451	)		62,774		(82,233	)		(19,459	)

ProFund VP Precious Metals		1,276,089		(1,028,417	)		247,672			1,186,730		(1,221,025	)		(34,295	)

ProFund VP Short Emerging Markets		178,551		(267,307	)		(88,756	)		360,155		(256,552	)		103,603

ProFund VP Short International		35,743		(36,887	)		(1,144	)		81,419		(76,694	)		4,725

ProFund VP Short NASDAQ-100		4,741,428		(4,382,253	)		359,175			3,652,899		(2,353,658	)		1,299,241

ProFund VP Short Small-Cap		824,755		(712,622	)		112,133			768,089		(944,302	)		(176,213	)

Transamerica Premier Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

4. Change in Unit Dollars (continued)


	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)			Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)

ProFund VP Small-Cap		139,231		(52,332	)		86,899			286,802		(345,126	)		(58,324	)

ProFund VP Small-Cap Value		126,590		(28,336	)		98,254			210,430		(282,396	)		(71,966	)

ProFund VP Telecommunications		18,816		(22,495	)		(3,679	)		11,269		(30,667	)		(19,398	)

ProFund VP U.S. Government Plus		275,239		(248,563	)		26,676			261,891		(275,574	)		(13,683	)

ProFund VP UltraNASDAQ-100		414,480		(488,477	)		(73,997	)		618,128		(592,815	)		25,313

ProFund VP UltraSmall-Cap		185,695		(218,910	)		(33,215	)		165,175		(180,945	)		(15,770	)

ProFund VP Utilities		197,945		(174,392	)		23,553			173,741		(164,469	)		9,272

TA Aegon High Yield Bond Initial Class		213,035		(199,843	)		13,192			271,728		(365,788	)		(94,060	)

TA Aegon U.S. Government Securities Initial Class		323,260		(349,962	)		(26,702	)		272,490		(418,308	)		(145,818	)

TA Barrow Hanley Dividend Focused Initial Class		503,053		(691,567	)		(188,514	)		419,155		(375,119	)		44,036

TA BlackRock Global Allocation Initial Class		61,188		(104,379	)		(43,191	)		96,057		(127,158	)		(31,101	)

TA BlackRock Global Real Estate Securities Initial Class		229,616		(249,658	)		(20,042	)		176,074		(245,706	)		(69,632	)

TA BlackRock Government Money Market Initial Class		823,163		(1,172,341	)		(349,178	)		2,244,834		(1,765,605	)		479,229

TA BlackRock iShares Edge 40 Initial Class		25,659		(30,975	)		(5,316	)		26,071		(37,297	)		(11,226	)

TA BlackRock Tactical Allocation Initial Class		196,664		(359,849	)		(163,185	)		227,177		(376,355	)		(149,178	)

TA Greystone International Growth Initial Class		405,819		(559,631	)		(153,812	)		230,455		(518,626	)		(288,171	)

TA Janus Balanced Initial Class		180,911		(162,316	)		18,595			143,937		(184,840	)		(40,903	)

TA Janus Mid-Cap Growth Initial Class		943,251		(1,439,605	)		(496,354	)		683,340		(894,657	)		(211,317	)

TA JPMorgan Asset Allocation - Conservative Initial Class		276,058		(337,959	)		(61,901	)		320,715		(716,990	)		(396,275	)

TA JPMorgan Asset Allocation - Growth Initial Class		2,859,418		(3,061,822	)		(202,404	)		2,447,470		(2,530,514	)		(83,044	)

TA JPMorgan Asset Allocation - Moderate Initial Class		869,678		(917,962	)		(48,284	)		952,422		(977,030	)		(24,608	)

TA JPMorgan Asset Allocation - Moderate Growth Initial Class		3,119,548		(3,256,789	)		(137,241	)		2,932,230		(2,854,890	)		77,340

TA JPMorgan Core Bond Initial Class		338,295		(400,347	)		(62,052	)		358,313		(284,732	)		73,581

TA JPMorgan Enhanced Index Initial Class		86,939		(89,954	)		(3,015	)		166,009		(185,377	)		(19,368	)

TA JPMorgan International Moderate Growth Initial Class		100,039		(147,891	)		(47,852	)		198,955		(278,394	)		(79,439	)

TA JPMorgan Mid Cap Value Initial Class		2,864		(18,946	)		(16,082	)		5,937		(21,077	)		(15,140	)

TA JPMorgan Tactical Allocation Initial Class		538,374		(758,765	)		(220,391	)		412,684		(283,767	)		128,917

Transamerica Premier Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

4. Change in Unit Dollars (continued)


	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)			Units Purchased		Units Redeemed and Transferred to/from			Net Increase (Decrease)

TA Managed Risk - Balanced ETF Initial Class		100,909		(31,504	)		69,405			42,780		(60,999	)		(18,219	)

TA Managed Risk - Growth ETF Initial Class		73,867		(59,405	)		14,462			57,425		(61,775	)		(4,350	)

TA Morgan Stanley Capital Growth Initial Class		1,053,429		(391,556	)		661,873			479,034		(487,651	)		(8,617	)

TA Multi-Managed Balanced Initial Class		188,710		(443,033	)		(254,323	)		218,700		(488,526	)		(269,826	)

TA PIMCO Tactical - Balanced Initial Class		66,650		(103,378	)		(36,728	)		94,449		(129,429	)		(34,980	)

TA PIMCO Tactical - Conservative Initial Class		185,255		(219,175	)		(33,920	)		194,080		(161,897	)		32,183

TA PIMCO Tactical - Growth Initial Class		160,091		(223,070	)		(62,979	)		175,832		(228,933	)		(53,101	)

TA PIMCO Total Return Initial Class		1,282,839		(1,353,056	)		(70,217	)		561,303		(699,989	)		(138,686	)

TA QS Investors Active Asset Allocation - Conservative Initial Class		54,150		(67,049	)		(12,899	)		112,123		(103,779	)		8,344

TA QS Investors Active Asset Allocation - Moderate Initial Class		36,374		(37,482	)		(1,108	)		40,313		(43,108	)		(2,795	)

TA QS Investors Active Asset Allocation - Moderate Growth Initial Class		467,026		(614,439	)		(147,413	)		316,839		(484,145	)		(167,306	)

TA Small/Mid Cap Value Initial Class		618,638		(785,100	)		(166,462	)		571,543		(659,031	)		(87,488	)

TA T. Rowe Price Small Cap Initial Class		441,775		(454,209	)		(12,434	)		654,350		(807,565	)		(153,215	)

TA WMC US Growth Initial Class		899,197		(2,354,899	)		(1,455,702	)		682,883		(2,532,164	)		(1,849,281	)

Transamerica Premier Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

4. Change in Unit Dollars (continued)


	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)			Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)

AB Balanced Wealth Strategy Class B Shares	$	411,457	$	(608,069	)	$	(196,612	)	$	356,130	$	(606,457	)	$	(250,327	)

Access VP High Yield		3,082,946		(3,049,014	)		33,932			4,310,596		(4,194,763	)		115,833

Fidelity^® VIP Contrafund^® Service Class 2		994,027		(2,370,862	)		(1,376,835	)		1,401,715		(2,783,305	)		(1,381,590	)

Fidelity^® VIP Equity-Income Service Class 2		740,210		(1,713,675	)		(973,465	)		1,124,120		(2,160,323	)		(1,036,203	)

Fidelity^® VIP Growth Opportunities Service Class 2		2,829,933		(2,072,107	)		757,826			1,895,441		(2,084,777	)		(189,336	)

Fidelity^® VIP Index 500 Service Class 2		15,603,761		(16,586,822	)		(983,061	)		12,453,589		(11,369,334	)		1,084,255

Franklin Allocation Class 4 Shares		419,857		(567,860	)		(148,003	)		477,257		(734,866	)		(257,609	)

ProFund VP Asia 30		8,797,606		(5,167,870	)		3,629,736			4,099,262		(8,297,536	)		(4,198,274	)

ProFund VP Basic Materials		1,251,838		(1,449,297	)		(197,459	)		1,564,740		(2,894,789	)		(1,330,049	)

ProFund VP Bull		3,126,946		(2,250,980	)		875,966			2,256,129		(3,529,351	)		(1,273,222	)

ProFund VP Consumer Services		1,270,780		(1,720,427	)		(449,647	)		1,497,136		(1,237,257	)		259,879

ProFund VP Emerging Markets		10,264,515		(6,649,104	)		3,615,411			7,133,579		(10,627,003	)		(3,493,424	)

ProFund VP Europe 30		2,176,858		(2,494,625	)		(317,767	)		701,720		(1,027,579	)		(325,859	)

ProFund VP Falling U.S. Dollar		93,090		(144,690	)		(51,600	)		1,208,487		(1,187,765	)		20,722

ProFund VP Financials		1,005,669		(1,481,477	)		(475,808	)		1,838,975		(2,682,081	)		(843,106	)

ProFund VP Government Money Market		29,238,533		(36,872,039	)		(7,633,506	)		32,842,402		(23,476,311	)		9,366,091

ProFund VP International		300,867		(499,878	)		(199,011	)		1,450,844		(3,217,203	)		(1,766,359	)

ProFund VP Japan		2,442,333		(2,491,478	)		(49,145	)		730,569		(793,200	)		(62,631	)

ProFund VP Mid-Cap		4,406,250		(5,138,613	)		(732,363	)		2,116,144		(2,214,608	)		(98,464	)

ProFund VP NASDAQ-100		18,963,942		(17,807,328	)		1,156,614			17,313,374		(16,838,160	)		475,214

ProFund VP Oil & Gas		3,738,224		(4,818,820	)		(1,080,596	)		4,222,373		(4,789,328	)		(566,955	)

ProFund VP Pharmaceuticals		1,015,623		(1,810,081	)		(794,458	)		1,386,055		(1,765,107	)		(379,052	)

ProFund VP Precious Metals		4,783,726		(3,804,551	)		979,175			3,818,454		(3,941,140	)		(122,686	)

ProFund VP Short Emerging Markets		886,245		(1,112,655	)		(226,410	)		1,542,614		(1,156,789	)		385,825

ProFund VP Short International		160,718		(154,699	)		6,019			297,894		(270,335	)		27,559

ProFund VP Short NASDAQ-100		7,786,474		(6,705,937	)		1,080,537			5,610,779		(3,508,919	)		2,101,860

ProFund VP Short Small-Cap		1,407,767		(1,213,980	)		193,787			1,545,598		(1,826,833	)		(281,235	)

Transamerica Premier Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

4. Change in Unit Dollars (continued)


	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)			Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)

ProFund VP Small-Cap	$	2,692,784	$	(964,678	)	$	1,728,106		$	5,772,276	$	(6,603,292	)	$	(831,016	)

ProFund VP Small-Cap Value		2,606,007		(553,353	)		2,052,654			4,590,586		(5,756,041	)		(1,165,455	)

ProFund VP Telecommunications		265,550		(313,840	)		(48,290	)		158,547		(417,850	)		(259,303	)

ProFund VP U.S. Government Plus		4,760,819		(4,250,221	)		510,598			4,108,305		(4,205,894	)		(97,589	)

ProFund VP UltraNASDAQ-100		24,174,913		(27,647,137	)		(3,472,224	)		32,519,616		(29,730,232	)		2,789,384

ProFund VP UltraSmall-Cap		4,600,387		(5,254,312	)		(653,925	)		4,416,584		(4,717,189	)		(300,605	)

ProFund VP Utilities		4,138,488		(3,479,227	)		659,261			3,070,642		(2,811,743	)		258,899

TA Aegon High Yield Bond Initial Class		3,941,509		(4,399,349	)		(457,840	)		5,340,866		(7,575,946	)		(2,235,080	)

TA Aegon U.S. Government Securities Initial Class		4,285,756		(4,765,229	)		(479,473	)		3,555,216		(5,702,700	)		(2,147,484	)

TA Barrow Hanley Dividend Focused Initial Class		11,179,726		(18,831,730	)		(7,652,004	)		9,150,029		(12,225,837	)		(3,075,808	)

TA BlackRock Global Allocation Initial Class		842,279		(1,418,898	)		(576,619	)		1,299,380		(1,704,468	)		(405,088	)

TA BlackRock Global Real Estate Securities Initial Class		4,102,242		(6,493,407	)		(2,391,165	)		2,798,490		(6,563,710	)		(3,765,220	)

TA BlackRock Government Money Market Initial Class		10,152,451		(16,789,451	)		(6,637,000	)		29,487,211		(21,888,133	)		7,599,078

TA BlackRock iShares Edge 40 Initial Class		398,057		(518,441	)		(120,384	)		379,863		(633,909	)		(254,046	)

TA BlackRock Tactical Allocation Initial Class		3,026,916		(5,390,742	)		(2,363,826	)		3,307,886		(5,391,372	)		(2,083,486	)

TA Greystone International Growth Initial Class		5,987,715		(8,768,157	)		(2,780,442	)		3,537,674		(8,818,486	)		(5,280,812	)

TA Janus Balanced Initial Class		3,102,834		(2,850,129	)		252,705			2,265,759		(2,945,689	)		(679,930	)

TA Janus Mid-Cap Growth Initial Class		21,815,894		(47,736,576	)		(25,920,682	)		14,737,440		(35,558,381	)		(20,820,941	)

TA JPMorgan Asset Allocation - Conservative Initial Class		4,387,448		(5,930,053	)		(1,542,605	)		4,762,745		(13,673,222	)		(8,910,477	)

TA JPMorgan Asset Allocation - Growth Initial Class		50,829,650		(65,822,000	)		(14,992,350	)		42,425,821		(58,858,714	)		(16,432,893	)

TA JPMorgan Asset Allocation - Moderate Initial Class		13,885,434		(17,756,363	)		(3,870,929	)		14,439,815		(20,153,340	)		(5,713,525	)

TA JPMorgan Asset Allocation - Moderate Growth Initial Class		51,346,695		(66,322,079	)		(14,975,384	)		47,067,004		(63,973,168	)		(16,906,164	)

TA JPMorgan Core Bond Initial Class		5,676,381		(8,723,998	)		(3,047,617	)		5,914,892		(7,213,028	)		(1,298,136	)

TA JPMorgan Enhanced Index Initial Class		2,260,024		(2,597,905	)		(337,881	)		4,345,799		(5,078,777	)		(732,978	)

TA JPMorgan International Moderate Growth Initial Class		1,295,544		(1,894,057	)		(598,513	)		2,624,359		(3,603,576	)		(979,217	)

TA JPMorgan Mid Cap Value Initial Class		67,837		(598,345	)		(530,508	)		135,142		(712,583	)		(577,441	)

Transamerica Premier Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

4. Change in Unit Dollars (continued)


	Year Ended December 31, 2019								Year Ended December 31, 2018
Subaccount	Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)			Units Purchased in Dollars		Units Redeemed and Transferred to/from in Dollars			Dollar Net Increase (Decrease)

TA JPMorgan Tactical Allocation Initial Class	$	8,737,476	$	(14,091,628	)	$	(5,354,152	)	$	6,327,412	$	(6,190,361	)	$	137,051

TA Managed Risk - Balanced ETF Initial Class		1,520,703		(475,048	)		1,045,655			629,459		(882,127	)		(252,668	)

TA Managed Risk - Growth ETF Initial Class		1,171,256		(947,827	)		223,429			899,380		(968,591	)		(69,211	)

TA Morgan Stanley Capital Growth Initial Class		40,001,471		(16,491,956	)		23,509,515			16,801,997		(18,344,227	)		(1,542,230	)

TA Multi-Managed Balanced Initial Class		4,173,929		(12,137,444	)		(7,963,515	)		4,354,407		(12,913,479	)		(8,559,072	)

TA PIMCO Tactical - Balanced Initial Class		943,063		(1,478,732	)		(535,669	)		1,260,451		(1,773,874	)		(513,423	)

TA PIMCO Tactical - Conservative Initial Class		2,387,511		(2,950,282	)		(562,771	)		2,425,074		(2,083,990	)		341,084

TA PIMCO Tactical - Growth Initial Class		2,097,876		(3,077,338	)		(979,462	)		2,220,250		(3,076,575	)		(856,325	)

TA PIMCO Total Return Initial Class		18,521,674		(19,999,981	)		(1,478,307	)		7,742,618		(10,691,324	)		(2,948,706	)

TA QS Investors Active Asset Allocation - Conservative Initial Class		718,592		(877,970	)		(159,378	)		1,413,066		(1,301,579	)		111,487

TA QS Investors Active Asset Allocation - Moderate Initial Class		492,275		(498,553	)		(6,278	)		525,764		(562,941	)		(37,177	)

TA QS Investors Active Asset Allocation - Moderate Growth Initial Class		6,395,569		(8,362,899	)		(1,967,330	)		4,395,302		(6,574,938	)		(2,179,636	)

TA Small/Mid Cap Value Initial Class		13,776,478		(24,667,047	)		(10,890,569	)		12,442,405		(23,069,467	)		(10,627,062	)

TA T. Rowe Price Small Cap Initial Class		12,994,054		(14,845,785	)		(1,851,731	)		18,447,095		(25,353,848	)		(6,906,753	)

TA WMC US Growth Initial Class		26,368,163		(82,660,875	)		(56,292,712	)		16,515,411		(81,668,987	)		(65,153,576	)

Transamerica Premier Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2019

5. Financial Highlights

The Separate Account offers various death benefit options, which have differing fees that are charged against the contract owner’s account balance. These charges are discussed in more detail in the individual’s policy. Differences in the fee structures for these units result in different unit values, expense ratios, and total returns.


		At December 31									For the Year Ended December 31
Subaccount		Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio

AB Balanced Wealth Strategy Class B Shares

	12/31/2019		112,692	$	25.60	to	$	21.84	$	2,409,940		2.32	%		0.00	%	to	1.50	%		18.20	%	to	16.46	%

	12/31/2018		119,382		21.66	to		18.76		2,234,709		1.69			0.00		to	1.50			(6.41	)	to	(7.80	)

	12/31/2017		129,250		23.14	to		20.34		2,657,289		1.86			0.00		to	1.50			15.62		to	13.92

	12/31/2016		140,901		20.02	to		17.86		2,528,013		1.83			0.00		to	1.50			4.44		to	2.90

	12/31/2015		143,029		19.17	to		17.35		2,554,505		2.11			0.00		to	1.50			1.29		to	(0.20	)
Access VP High Yield

	12/31/2019		202,947		22.91	to		19.01		3,781,777		4.93			0.00		to	1.50			12.43		to	10.77

	12/31/2018		192,387		20.38	to		17.16		3,304,109		2.63			0.00		to	1.50			(0.61	)	to	(2.09	)

	12/31/2017		181,089		20.50	to		17.53		3,242,904		3.74			0.00		to	1.50			4.79		to	3.25

	12/31/2016		201,970		19.56	to		16.98		3,508,714		3.10			0.00		to	1.50			9.00		to	7.39

	12/31/2015		172,093		17.95	to		15.81		2,791,841		3.70			0.00		to	1.50			0.15		to	(1.33	)
Fidelity^® VIP Contrafund^® Service Class 2

	12/31/2019		821,073		24.79	to		34.05		24,221,196		0.22			0.30		to	0.90			30.88		to	30.10

	12/31/2018		871,825		18.94	to		26.17		19,754,892		0.43			0.30		to	0.90			(6.92	)	to	(7.48	)

	12/31/2017		910,354		20.35	to		28.29		22,638,242		0.77			0.30		to	0.90			21.22		to	20.51

	12/31/2016		941,893		16.78	to		23.47		20,270,933		0.62			0.30		to	0.90			7.41		to	6.77

	12/31/2015		985,254		15.63	to		21.99		20,862,584		0.78			0.30		to	0.90			0.12		to	(0.48	)
Fidelity^® VIP Equity-Income Service Class 2

	12/31/2019		434,957		22.35	to		27.79		10,974,164		1.82			0.30		to	0.90			26.73		to	25.97

	12/31/2018		474,511		17.64	to		22.06		9,560,346		2.04			0.30		to	0.90			(8.81	)	to	(9.36	)

	12/31/2017		514,492		19.34	to		24.34		11,550,024		1.48			0.30		to	0.90			12.31		to	11.65

	12/31/2016		529,514		17.22	to		21.80		11,037,774		2.18			0.30		to	0.90			17.36		to	16.66

	12/31/2015		535,288		14.68	to		18.68		9,857,106		2.90			0.30		to	0.90			(4.52	)	to	(5.09	)
Fidelity^® VIP Growth Opportunities Service Class 2

	12/31/2019		414,182		38.82	to		31.43		14,179,766		-			0.30		to	0.90			40.07		to	39.24

	12/31/2018		386,656		27.71	to		22.57		9,532,742		0.09			0.30		to	0.90			11.87		to	11.20

	12/31/2017		398,985		24.77	to		20.30		8,736,075		0.11			0.30		to	0.90			33.78		to	32.98

	12/31/2016		385,655		18.52	to		15.27		6,152,567		0.05			0.30		to	0.90			(0.24	)	to	(0.83	)

	12/31/2015		458,127		18.56	to		15.39		7,155,211		-			0.30		to	0.90			5.03		to	4.40
Fidelity^® VIP Index 500 Service Class 2

	12/31/2019		1,850,484		29.74	to		26.58		58,103,481		1.78			0.00		to	1.50			31.02		to	29.08

	12/31/2018		1,878,426		22.70	to		20.59		45,890,930		1.62			0.00		to	1.50			(4.73	)	to	(6.15	)

	12/31/2017		1,804,677		23.82	to		21.94		47,478,979		1.61			0.00		to	1.50			21.41		to	19.62

	12/31/2016		1,575,244		19.62	to		18.34		35,119,328		1.40			0.00		to	1.50			11.58		to	9.94

	12/31/2015		1,431,885		17.59	to		16.68		29,355,484		1.82			0.00		to	1.50			1.08		to	(0.41	)
Franklin Allocation Class 4 Shares

	12/31/2019		102,803		26.21	to		22.36		2,218,133		3.34			0.00		to	1.50			19.56		to	17.79

	12/31/2018		109,507		21.93	to		18.99		2,002,167		2.79			0.00		to	1.50			(9.58	)	to	(10.92	)

	12/31/2017		115,582		24.25	to		21.31		2,494,958		2.58			0.00		to	1.50			11.78		to	10.13

	12/31/2016		125,006		21.69	to		19.35		2,439,233		3.67			0.00		to	1.50			12.92		to	11.26

	12/31/2015		121,175		19.21	to		17.39		2,174,203		2.75			0.00		to	1.50			(6.24	)	to	(7.63	)
ProFund VP Asia 30

	12/31/2019		755,203		11.60	to		11.44		8,314,602		0.19			0.00		to	1.50			26.31		to	24.44

	12/31/2018		430,576		9.19	to		9.20		3,704,275		0.40			0.00		to	1.50			(18.59	)	to	(19.81	)

	12/31/2017		820,573		11.28	to		11.47		8,723,348		-			0.00		to	1.50			32.87		to	30.92

	12/31/2016		560,320		8.49	to		8.76		4,476,330		1.03			0.00		to	1.50			0.64		to	(0.84	)

	12/31/2015		435,476		8.44	to		8.83		3,462,185		0.28			0.00		to	1.50			(9.38	)	to	(10.72	)

Transamerica Premier Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2019

5. Financial Highlights (continued)


		At December 31									For the Year Ended December 31
Subaccount		Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio

ProFund VP Basic Materials

	12/31/2019		220,118	$	13.25	to	$	11.34	$	2,725,778		0.34	%		0.00	%	to	1.50	%		17.72	%	to	15.98	%

	12/31/2018		238,320		11.25	to		9.77		2,505,171		0.39			0.00		to	1.50			(17.66	)	to	(18.88	)

	12/31/2017		353,517		13.67	to		12.05		4,507,974		0.38			0.00		to	1.50			22.96		to	21.15

	12/31/2016		342,923		11.12	to		9.95		3,568,051		0.40			0.00		to	1.50			18.49		to	16.74

	12/31/2015		273,931		9.38	to		8.52		2,414,831		0.59			0.00		to	1.50			(13.92	)	to	(15.19	)
ProFund VP Bull

	12/31/2019		202,079		24.18	to		22.09		4,855,492		0.32			0.00		to	1.50			28.88		to	26.98

	12/31/2018		167,135		18.76	to		17.40		3,134,335		-			0.00		to	1.50			(6.15	)	to	(7.54	)

	12/31/2017		231,602		19.99	to		18.82		4,665,839		-			0.00		to	1.50			19.34		to	17.58

	12/31/2016		331,447		16.75	to		16.01		5,644,107		-			0.00		to	1.50			9.66		to	8.04

	12/31/2015		428,545		15.27	to		14.81		6,714,298		-			0.00		to	1.50			(0.46	)	to	(1.93	)
ProFund VP Consumer Services

	12/31/2019		145,291		37.05	to		34.84		4,685,493		-			0.00		to	1.50			24.64		to	22.80

	12/31/2018		159,048		29.73	to		28.37		4,177,142		-			0.00		to	1.50			0.62		to	(0.88	)

	12/31/2017		149,083		29.55	to		28.62		3,954,853		-			0.00		to	1.50			18.37		to	16.62

	12/31/2016		163,438		24.96	to		24.54		3,722,987		-			0.00		to	1.50			4.18		to	2.65

	12/31/2015		190,269		23.96	to		23.91		4,223,671		-			0.00		to	1.50			4.69		to	3.14
ProFund VP Emerging Markets

	12/31/2019		1,172,076		8.98	to		8.49		10,543,054		0.41			0.00		to	1.50			24.23		to	22.40

	12/31/2018		818,859		7.23	to		6.93		5,692,807		0.22			0.00		to	1.50			(15.27	)	to	(16.53	)

	12/31/2017		1,217,400		8.54	to		8.31		10,163,614		0.07			0.00		to	1.50			33.26		to	31.29

	12/31/2016		717,341		6.41	to		6.33		4,420,456		0.22			0.00		to	1.50			11.01		to	9.37

	12/31/2015		461,587		5.77	to		5.78		2,529,081		0.96			0.00		to	1.50			(17.36	)	to	(18.59	)
ProFund VP Europe 30

	12/31/2019		86,170		11.29	to		9.87		938,303		2.37			0.00		to	1.50			17.79		to	16.05

	12/31/2018		112,343		9.58	to		8.51		1,043,087		2.52			0.00		to	1.50			(14.13	)	to	(15.41	)

	12/31/2017		145,661		11.16	to		10.06		1,554,182		2.22			0.00		to	1.50			19.71		to	17.95

	12/31/2016		123,591		9.32	to		8.53		1,090,839		3.01			0.00		to	1.50			7.81		to	6.22

	12/31/2015		136,433		8.65	to		8.03		1,117,414		4.75			0.00		to	1.50			(10.88	)	to	(12.20	)
ProFund VP Falling U.S. Dollar

	12/31/2019		31,372		6.40	to		5.29		192,195		0.05			0.00		to	1.50			(2.34	)	to	(3.78	)

	12/31/2018		39,531		6.55	to		5.50		249,306		-			0.00		to	1.50			(6.31	)	to	(7.70	)

	12/31/2017		39,617		6.99	to		5.96		269,359		-			0.00		to	1.50			8.46		to	6.86

	12/31/2016		44,786		6.45	to		5.58		275,533		-			0.00		to	1.50			(5.86	)	to	(7.25	)

	12/31/2015		76,535		6.85	to		6.01		505,042		-			0.00		to	1.50			(10.01	)	to	(11.34	)
ProFund VP Financials

	12/31/2019		259,303		17.14	to		18.52		4,716,020		0.51			0.00		to	1.50			30.27		to	28.35

	12/31/2018		295,061		13.15	to		14.43		4,069,052		0.38			0.00		to	1.50			(10.43	)	to	(11.76	)

	12/31/2017		367,605		14.69	to		16.35		5,425,492		0.34			0.00		to	1.50			18.19		to	16.45

	12/31/2016		338,073		12.43	to		14.04		4,108,516		0.34			0.00		to	1.50			15.32		to	13.62

	12/31/2015		287,364		10.78	to		12.36		2,994,973		0.34			0.00		to	1.50			(1.49	)	to	(2.95	)
ProFund VP Government Money Market

	12/31/2019		1,178,410		10.68	to		8.56		11,493,857		0.78			0.00		to	1.50			0.77		to	(0.72	)

	12/31/2018		1,968,408		10.60	to		8.62		19,100,813		0.42			0.00		to	1.50			0.42		to	(1.07	)

	12/31/2017		1,004,665		10.56	to		8.71		9,769,539		0.02			0.00		to	1.50			0.02		to	(1.45	)

	12/31/2016		1,058,271		10.55	to		8.84		10,369,020		0.02			0.00		to	1.50			0.02		to	(1.45	)

	12/31/2015		1,630,675		10.55	to		8.97		16,093,644		0.02			0.00		to	1.50			0.02		to	(1.45	)
ProFund VP International

	12/31/2019		234,501		10.36	to		9.42		2,314,126		0.27			0.00		to	1.50			19.27		to	17.51

	12/31/2018		258,900		8.68	to		8.01		2,137,619		-			0.00		to	1.50			(15.76	)	to	(17.01	)

	12/31/2017		406,411		10.31	to		9.66		4,191,633		-			0.00		to	1.50			21.80		to	20.00

	12/31/2016		144,517		8.46	to		8.05		1,166,852		-			0.00		to	1.50			(0.93	)	to	(2.39	)

	12/31/2015		162,334		8.54	to		8.24		1,319,773		-			0.00		to	1.50			(3.52	)	to	(4.95	)

Transamerica Premier Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2019

5. Financial Highlights (continued)


		At December 31									For the Year Ended December 31
Subaccount		Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio

ProFund VP Japan

	12/31/2019		55,149	$	13.80	to	$	12.01	$	859,504		0.11	%		0.00	%	to	1.50	%		20.00	%	to	18.22	%

	12/31/2018		64,144		11.50	to		10.16		766,064		-			0.00		to	1.50			(11.63	)	to	(12.95	)

	12/31/2017		68,842		13.02	to		11.67		926,938		-			0.00		to	1.50			18.45		to	16.71

	12/31/2016		103,751		10.99	to		10.00		1,119,515		-			0.00		to	1.50			0.41		to	(1.07	)

	12/31/2015		259,368		10.94	to		10.11		2,766,547		-			0.00		to	1.50			5.81		to	4.25
ProFund VP Mid-Cap

	12/31/2019		160,109		23.05	to		20.30		3,275,313		0.17			0.00		to	1.50			23.53		to	21.70

	12/31/2018		200,990		18.66	to		16.68		3,349,100		-			0.00		to	1.50			(12.86	)	to	(14.16	)

	12/31/2017		205,685		21.42	to		19.43		3,998,852		-			0.00		to	1.50			13.43		to	11.76

	12/31/2016		391,109		18.88	to		17.39		6,758,644		-			0.00		to	1.50			18.19		to	16.44

	12/31/2015		204,135		15.97	to		14.93		3,034,728		-			0.00		to	1.50			(4.45	)	to	(5.86	)
ProFund VP NASDAQ-100

	12/31/2019		535,387		45.16	to		36.83		21,186,505		-			0.00		to	1.50			36.70		to	34.68

	12/31/2018		470,561		33.04	to		27.35		14,347,955		-			0.00		to	1.50			(1.87	)	to	(3.33	)

	12/31/2017		440,866		33.67	to		28.29		14,214,808		-			0.00		to	1.50			30.37		to	28.45

	12/31/2016		397,360		25.82	to		22.02		10,123,687		-			0.00		to	1.50			5.26		to	3.70

	12/31/2015		445,017		24.53	to		21.24		10,857,808		-			0.00		to	1.50			7.45		to	5.87
ProFund VP Oil & Gas

	12/31/2019		721,703		8.08	to		6.30		5,415,783		1.42			0.00		to	1.50			8.51		to	6.91

	12/31/2018		868,737		7.44	to		5.89		6,013,987		1.72			0.00		to	1.50			(20.22	)	to	(21.41	)

	12/31/2017		928,891		9.33	to		7.49		8,081,643		1.27			0.00		to	1.50			(3.17	)	to	(4.60	)

	12/31/2016		960,671		9.64	to		7.85		8,659,629		1.41			0.00		to	1.50			24.18		to	22.35

	12/31/2015		900,764		7.76	to		6.42		6,554,109		0.62			0.00		to	1.50			(23.37	)	to	(24.51	)
ProFund VP Pharmaceuticals

	12/31/2019		220,283		24.71	to		22.21		5,017,336		0.85			0.00		to	1.50			14.04		to	12.36

	12/31/2018		259,734		21.67	to		19.77		5,199,084		1.07			0.00		to	1.50			(6.20	)	to	(7.59	)

	12/31/2017		279,193		23.10	to		21.39		5,994,460		0.95			0.00		to	1.50			10.36		to	8.73

	12/31/2016		345,205		20.94	to		19.67		6,749,993		0.94			0.00		to	1.50			(3.73	)	to	(5.15	)

	12/31/2015		455,798		21.75	to		20.74		9,303,317		0.48			0.00		to	1.50			4.44		to	2.90
ProFund VP Precious Metals

	12/31/2019		1,720,769		4.88	to		4.42		7,763,794		0.03			0.00		to	1.50			45.98		to	43.82

	12/31/2018		1,473,097		3.34	to		3.07		4,574,070		-			0.00		to	1.50			(13.47	)	to	(14.76	)

	12/31/2017		1,507,392		3.86	to		3.61		5,439,646		-			0.00		to	1.50			5.28		to	3.73

	12/31/2016		1,777,677		3.67	to		3.48		6,099,905		-			0.00		to	1.50			55.81		to	53.52

	12/31/2015		1,280,202		2.35	to		2.26		2,835,371		-			0.00		to	1.50			(32.85	)	to	(33.85	)
ProFund VP Short Emerging Markets

	12/31/2019		95,356		3.09	to		2.42		352,353		0.45			0.00		to	1.50			(20.99	)	to	(22.16	)

	12/31/2018		184,112		3.92	to		3.11		744,822		-			0.00		to	1.50			12.59		to	10.91

	12/31/2017		80,509		3.48	to		2.81		288,783		-			0.00		to	1.50			(27.84	)	to	(28.91	)

	12/31/2016		186,560		4.82	to		3.95		947,222		-			0.00		to	1.50			(16.24	)	to	(17.48	)

	12/31/2015		122,578		5.75	to		4.78		724,605		-			0.00		to	1.50			11.52		to	9.87
ProFund VP Short International

	12/31/2019		82,689		3.47	to		2.73		293,102		0.52			0.00		to	1.50			(17.42	)	to	(18.64	)

	12/31/2018		83,833		4.20	to		3.36		351,032		-			0.00		to	1.50			15.47		to	13.76

	12/31/2017		79,108		3.63	to		2.95		278,713		-			0.00		to	1.50			(20.64	)	to	(21.81	)

	12/31/2016		128,281		4.58	to		3.78		560,218		-			0.00		to	1.50			(5.90	)	to	(7.28	)

	12/31/2015		95,098		4.87	to		4.07		439,797		-			0.00		to	1.50			(3.78	)	to	(5.20	)
ProFund VP Short NASDAQ-100

	12/31/2019		2,249,113		1.01	to		0.87		3,618,259		0.07			0.00		to	1.50			(28.06	)	to	(29.12	)

	12/31/2018		1,889,938		1.40	to		1.23		2,986,569		-			0.00		to	1.50			(2.89	)	to	(4.33	)

	12/31/2017		590,697		1.44	to		1.29		870,919		-			0.00		to	1.50			(25.25	)	to	(26.35	)

	12/31/2016		596,809		1.93	to		1.75		1,126,767		-			0.00		to	1.50			(10.06	)	to	(11.39	)

	12/31/2015		362,766		2.15	to		1.97		750,478		-			0.00		to	1.50			(13.04	)	to	(14.33	)

Transamerica Premier Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2019

5. Financial Highlights (continued)


		At December 31									For the Year Ended December 31
Subaccount		Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio

ProFund VP Short Small-Cap

	12/31/2019		326,282	$	1.64	to	$	1.20	$	513,284		0.10	%		0.00	%	to	1.50	%		(20.78	) %	to	(21.96	) %

	12/31/2018		214,149		2.07	to		1.54		426,579		-			0.00		to	1.50			10.39		to	8.75

	12/31/2017		390,362		1.88	to		1.42		667,558		-			0.00		to	1.50			(14.20	)	to	(15.47	)

	12/31/2016		500,897		2.19	to		1.68		1,051,128		-			0.00		to	1.50			(21.60	)	to	(22.75	)

	12/31/2015		263,480		2.79	to		2.17		619,952		-			0.00		to	1.50			(0.82	)	to	(2.29	)
ProFund VP Small-Cap

	12/31/2019		223,149		21.04	to		20.17		4,438,418		-			0.00		to	1.50			23.60		to	21.78

	12/31/2018		136,250		17.02	to		16.56		2,243,155		-			0.00		to	1.50			(12.89	)	to	(14.19	)

	12/31/2017		194,574		19.54	to		19.30		3,732,484		-			0.00		to	1.50			12.43		to	10.77

	12/31/2016		437,377		17.38	to		17.43		7,507,148		-			0.00		to	1.50			19.68		to	17.92

	12/31/2015		244,845		14.53	to		14.78		3,577,901		-			0.00		to	1.50			(6.21	)	to	(7.59	)
ProFund VP Small-Cap Value

	12/31/2019		192,718		23.65	to		21.73		4,055,740		-			0.00		to	1.50			22.56		to	20.75

	12/31/2018		94,464		19.29	to		18.00		1,648,295		-			0.00		to	1.50			(14.21	)	to	(15.49	)

	12/31/2017		166,430		22.49	to		21.29		3,418,360		0.01			0.00		to	1.50			9.71		to	8.09

	12/31/2016		386,675		20.50	to		19.70		7,280,442		-			0.00		to	1.50			28.77		to	26.88

	12/31/2015		136,649		15.92	to		15.53		2,027,849		-			0.00		to	1.50			(8.28	)	to	(9.63	)
ProFund VP Telecommunications

	12/31/2019		49,609		15.23	to		13.65		714,412		3.24			0.00		to	1.50			14.77		to	13.07

	12/31/2018		53,288		13.27	to		12.07		668,160		5.55			0.00		to	1.50			(15.10	)	to	(16.37	)

	12/31/2017		72,686		15.63	to		14.44		1,069,305		4.01			0.00		to	1.50			(2.12	)	to	(3.57	)

	12/31/2016		168,362		15.97	to		14.97		2,521,360		1.86			0.00		to	1.50			21.65		to	19.86

	12/31/2015		83,864		13.12	to		12.49		1,037,938		1.53			0.00		to	1.50			1.52		to	0.02
ProFund VP U.S. Government Plus

	12/31/2019		229,830		20.65	to		17.23		4,294,581		0.83			0.00		to	1.50			18.22		to	16.47

	12/31/2018		203,154		17.46	to		14.80		3,231,995		0.94			0.00		to	1.50			(5.42	)	to	(6.83	)

	12/31/2017		216,837		18.46	to		15.88		3,673,437		0.43			0.00		to	1.50			9.49		to	7.87

	12/31/2016		394,826		16.86	to		14.72		6,160,130		-			0.00		to	1.50			(0.31	)	to	(1.78	)

	12/31/2015		256,958		16.92	to		14.99		4,052,870		-			0.00		to	1.50			(5.64	)	to	(7.04	)
ProFund VP UltraNASDAQ-100

	12/31/2019		487,770		75.65	to		68.89		35,807,599		-			-		to	1.50			79.13		to	77.01

	12/31/2018		561,767		42.13	to		38.92		23,124,940		-			0.30		to	1.50			(9.90	)	to	(10.98	)

	12/31/2017		536,454		46.76	to		43.72		24,476,044		-			0.30		to	1.50			67.83		to	65.85

	12/31/2016		445,062		27.86	to		26.36		12,124,081		-			0.30		to	1.50			8.30		to	7.02

	12/31/2015		617,642		25.73	to		24.63		15,594,241		-			0.30		to	1.50			13.26		to	11.92
ProFund VP UltraSmall-Cap

	12/31/2019		285,041		28.49	to		27.65		7,932,380		-			0.00		to	1.50			47.33		to	45.15

	12/31/2018		318,256		19.34	to		19.05		5,975,141		-			0.00		to	1.50			(26.95	)	to	(28.04	)

	12/31/2017		334,026		26.47	to		26.47		8,487,733		-			0.00		to	1.50			25.20		to	23.35

	12/31/2016		374,082		21.14	to		21.46		7,577,278		-			0.00		to	1.50			39.59		to	37.53

	12/31/2015		395,475		15.15	to		15.60		5,703,293		-			0.00		to	1.50			(12.97	)	to	(14.26	)
ProFund VP Utilities

	12/31/2019		291,707		22.36	to		18.10		6,306,424		1.55			0.00		to	1.50			22.88		to	21.06

	12/31/2018		268,154		18.20	to		14.95		4,679,004		1.99			0.00		to	1.50			2.89		to	1.36

	12/31/2017		258,882		17.69	to		14.75		4,365,893		2.03			0.00		to	1.50			10.64		to	9.01

	12/31/2016		397,813		15.99	to		13.53		6,006,825		1.62			0.00		to	1.50			15.07		to	13.38

	12/31/2015		247,102		13.89	to		11.93		3,258,508		2.08			0.00		to	1.50			(6.40	)	to	(7.79	)
TA Aegon High Yield Bond Initial Class

	12/31/2019		827,671		23.42	to		19.22		18,060,264		6.30			0.00		to	1.50			14.21		to	12.53

	12/31/2018		814,479		20.51	to		17.08		16,374,808		6.03			0.00		to	1.50			(2.35	)	to	(3.80	)

	12/31/2017		908,539		21.00	to		17.76		19,145,546		5.93			0.00		to	1.50			7.44		to	5.86

	12/31/2016		922,333		19.55	to		16.77		18,909,800		5.86			0.00		to	1.50			15.34		to	13.64

	12/31/2015		744,419		16.95	to		14.76		14,024,320		5.88			0.00		to	1.50			(4.22	)	to	(5.64	)

Transamerica Premier Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2019

5. Financial Highlights (continued)


		At December 31									For the Year Ended December 31
Subaccount		Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio

TA Aegon U.S. Government Securities Initial Class

	12/31/2019		450,314	$	15.93	to	$	12.36	$	6,373,858		1.89	%		0.00	%	to	1.50	%		6.60	%	to	5.03	%

	12/31/2018		477,016		14.95	to		11.77		6,445,842		2.91			0.00		to	1.50			0.26		to	(1.23	)

	12/31/2017		622,834		14.91	to		11.92		8,651,009		3.74			0.00		to	1.50			2.66		to	1.14

	12/31/2016		582,207		14.52	to		11.78		8,268,214		0.66			0.00		to	1.50			0.30		to	(1.18	)

	12/31/2015		610,031		14.48	to		11.92		8,753,320		2.12			0.00		to	1.50			0.10		to	(1.38	)
TA Barrow Hanley Dividend Focused Initial Class

	12/31/2019		2,125,815		21.38	to		18.94		68,676,965		2.40			0.00		to	1.50			23.91		to	22.08

	12/31/2018		2,314,329		17.25	to		15.51		62,532,917		2.14			0.00		to	1.50			(11.50	)	to	(12.82	)

	12/31/2017		2,270,293		19.49	to		17.79		74,360,907		2.32			0.00		to	1.50			16.43		to	14.71

	12/31/2016		2,280,104		16.74	to		15.51		68,871,227		2.12			0.00		to	1.50			14.91		to	13.22

	12/31/2015		2,357,254		14.57	to		13.70		66,699,906		1.85			0.00		to	1.50			(3.59	)	to	(5.02	)
TA BlackRock Global Allocation Initial Class

	12/31/2019		394,579		15.19	to		13.68		5,779,374		1.91			-		to	1.50			17.85		to	16.46

	12/31/2018		437,770		12.86	to		11.75		5,454,596		2.20			0.30		to	1.50			(7.68	)	to	(8.78	)

	12/31/2017		468,871		13.93	to		12.88		6,348,837		2.00			0.30		to	1.50			13.41		to	12.07

	12/31/2016		497,686		12.28	to		11.49		5,948,994		0.98			0.30		to	1.50			4.62		to	3.39

	12/31/2015		541,955		11.74	to		11.11		6,219,680		2.95			0.30		to	1.50			(1.29	)	to	(2.46	)
TA BlackRock Global Real Estate Securities Initial Class

	12/31/2019		1,629,517		15.64	to		15.18		41,010,845		0.90			0.00		to	1.50			25.19		to	23.34

	12/31/2018		1,649,559		12.49	to		12.31		35,023,934		8.62			0.00		to	1.50			(10.09	)	to	(11.43	)

	12/31/2017		1,719,191		13.89	to		13.90		43,179,257		3.64			0.00		to	1.50			11.32		to	9.68

	12/31/2016		1,748,145		12.48	to		12.67		43,864,350		1.75			0.00		to	1.50			0.62		to	(0.86	)

	12/31/2015		1,731,597		12.40	to		12.78		48,016,426		4.40			0.00		to	1.50			(0.60	)	to	(2.07	)
TA BlackRock Government Money Market Initial Class

	12/31/2019		2,233,056		11.27	to		8.85		30,217,624		1.96			0.00		to	1.50			1.97		to	0.47

	12/31/2018		2,582,234		11.05	to		8.81		36,454,670		1.82			0.00		to	1.50			1.81		to	0.29

	12/31/2017		2,103,005		10.86	to		8.78		28,500,890		0.01			0.00		to	1.50			0.01		to	(1.47	)

	12/31/2016		2,421,818		10.86	to		8.91		35,815,432		0.01			0.00		to	1.50			0.01		to	(1.47	)

	12/31/2015		2,289,766		10.86	to		9.04		36,829,733		0.01			0.00		to	1.50			0.01		to	(1.47	)
TA BlackRock iShares Edge 40 Initial Class

	12/31/2019		165,466		16.73	to		12.74		2,874,315		2.23			0.00		to	1.50			15.31		to	13.60

	12/31/2018		170,782		14.51	to		11.21		2,620,516		1.91			0.00		to	1.50			(4.14	)	to	(5.56	)

	12/31/2017		182,008		15.13	to		11.87		3,013,996		1.75			0.00		to	1.50			9.74		to	8.13

	12/31/2016		197,400		13.79	to		10.98		3,092,227		1.47			0.00		to	1.50			2.22		to	0.72

	12/31/2015		203,856		13.49	to		10.90		3,288,538		1.24			0.00		to	1.50			(0.08	)	to	(1.55	)
TA BlackRock Tactical Allocation Initial Class

	12/31/2019		1,596,129		16.79	to		14.90		25,483,831		4.10			0.00		to	1.50			17.43		to	15.69

	12/31/2018		1,759,314		14.30	to		12.88		24,034,351		2.02			0.00		to	1.50			(4.21	)	to	(5.64	)

	12/31/2017		1,908,492		14.93	to		13.65		27,366,726		2.69			0.00		to	1.50			12.02		to	10.37

	12/31/2016		2,075,714		13.33	to		12.36		26,720,762		3.90			0.00		to	1.50			5.16		to	3.61

	12/31/2015		2,204,740		12.67	to		11.93		27,165,866		2.87			-		to	1.50			0.06		to	(1.42	)
TA Greystone International Growth Initial Class

	12/31/2019		2,140,122		15.75	to		14.62		36,425,138		1.62			0.00		to	1.50			27.68		to	25.80

	12/31/2018		2,293,934		12.34	to		11.62		31,067,991		1.21			0.00		to	1.50			(17.70	)	to	(18.93	)

	12/31/2017		2,582,105		14.99	to		14.34		43,373,061		1.39			0.00		to	1.50			27.24		to	25.37

	12/31/2016		2,430,919		11.78	to		11.43		33,839,961		1.51			0.00		to	1.50			0.08		to	(1.40	)

	12/31/2015		2,506,005		11.77	to		11.60		37,962,670		1.68			0.00		to	1.50			0.08		to	(1.40	)
TA Janus Balanced Initial Class

	12/31/2019		702,584		20.85	to		17.83		13,105,025		1.59			0.00		to	1.50			22.08		to	20.28

	12/31/2018		683,989		17.08	to		14.82		10,568,133		1.65			0.00		to	1.50			0.22		to	(1.27	)

	12/31/2017		724,892		17.04	to		15.01		11,305,225		1.58			0.00		to	1.50			17.05		to	15.32

	12/31/2016		715,770		14.56	to		13.02		9,685,373		1.22			0.00		to	1.50			4.33		to	2.79

	12/31/2015		759,586		13.95	to		12.67		9,971,177		0.91			0.00		to	1.50			0.34		to	(1.14	)

Transamerica Premier Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2019

5. Financial Highlights (continued)


		At December 31									For the Year Ended December 31
Subaccount		Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio

TA Janus Mid-Cap Growth Initial Class

	12/31/2019		8,475,626	$	33.81	to	$	25.72	$	395,731,444		0.07	%		0.00	%	to	1.50	%		36.71	%	to	34.69	%

	12/31/2018		8,971,980		24.73	to		19.09		312,172,498		0.06			0.00		to	1.50			(1.22	)	to	(2.69	)

	12/31/2017		9,183,297		25.03	to		19.62		337,913,344		0.10			0.00		to	1.50			29.01		to	27.11

	12/31/2016		9,076,020		19.40	to		15.44		282,519,239		-			0.00		to	1.50			(2.04	)	to	(3.49	)

	12/31/2015		8,691,872		19.81	to		15.99		317,339,375		-			0.00		to	1.50			(5.03	)	to	(6.44	)
TA JPMorgan Asset Allocation - Conservative Initial Class

	12/31/2019		1,349,901		18.23	to		14.86		24,659,624		2.56			0.00		to	1.50			13.90		to	12.22

	12/31/2018		1,411,802		16.00	to		13.24		23,252,229		1.90			0.00		to	1.50			(3.98	)	to	(5.41	)

	12/31/2017		1,808,077		16.66	to		14.00		33,444,895		2.07			0.00		to	1.50			12.81		to	11.15

	12/31/2016		1,828,993		14.77	to		12.59		31,056,638		2.03			0.00		to	1.50			4.62		to	3.08

	12/31/2015		1,928,238		14.12	to		12.22		32,182,847		2.24			0.00		to	1.50			(1.96	)	to	(3.41	)
TA JPMorgan Asset Allocation - Growth Initial Class

	12/31/2019		14,617,957		20.58	to		17.71		313,982,504		1.72			0.00		to	1.50			26.05		to	24.19

	12/31/2018		14,820,361		16.33	to		14.26		263,807,775		1.88			0.00		to	1.50			(10.39	)	to	(11.73	)

	12/31/2017		14,903,405		18.22	to		16.16		312,891,018		1.45			0.00		to	1.50			24.63		to	22.80

	12/31/2016		14,967,195		14.62	to		13.16		264,735,115		2.18			0.00		to	1.50			6.08		to	4.51

	12/31/2015		15,502,585		13.78	to		12.59		269,244,867		1.64			0.00		to	1.50			(1.93	)	to	(3.38	)
TA JPMorgan Asset Allocation - Moderate Initial Class

	12/31/2019		3,883,875		19.58	to		16.02		73,482,650		2.18			0.00		to	1.50			16.42		to	14.70

	12/31/2018		3,932,159		16.82	to		13.96		67,106,795		1.74			0.00		to	1.50			(5.13	)	to	(6.54	)

	12/31/2017		3,956,767		17.73	to		14.94		76,977,415		1.86			0.00		to	1.50			16.47		to	14.75

	12/31/2016		4,086,087		15.22	to		13.02		71,525,376		2.20			0.00		to	1.50			5.56		to	4.01

	12/31/2015		4,313,192		14.42	to		12.52		73,628,323		2.01			0.00		to	1.50			(2.23	)	to	(3.67	)
TA JPMorgan Asset Allocation - Moderate Growth Initial Class

	12/31/2019		15,058,363		20.03	to		16.88		299,769,826		2.18			0.00		to	1.50			20.01		to	18.24

	12/31/2018		15,195,604		16.69	to		14.28		265,001,910		1.87			0.00		to	1.50			(7.07	)	to	(8.45	)

	12/31/2017		15,118,264		17.96	to		15.60		304,126,820		1.72			0.00		to	1.50			19.77		to	18.01

	12/31/2016		15,259,736		15.00	to		13.22		269,751,359		2.03			0.00		to	1.50			6.55		to	4.98

	12/31/2015		15,834,085		14.08	to		12.59		272,495,299		2.19			0.00		to	1.50			(2.23	)	to	(3.68	)
TA JPMorgan Core Bond Initial Class

	12/31/2019		1,399,936		18.25	to		14.00		34,000,646		2.59			0.00		to	1.50			8.53		to	6.92

	12/31/2018		1,461,988		16.82	to		13.09		34,423,020		3.26			0.00		to	1.50			0.08		to	(1.41	)

	12/31/2017		1,388,407		16.81	to		13.28		35,983,696		2.91			0.00		to	1.50			3.66		to	2.14

	12/31/2016		1,437,967		16.21	to		13.00		40,055,708		2.17			0.00		to	1.50			2.39		to	0.88

	12/31/2015		1,234,740		15.83	to		12.89		37,344,012		2.00			0.00		to	1.50			0.61		to	(0.87	)
TA JPMorgan Enhanced Index Initial Class

	12/31/2019		352,818		29.79	to		27.00		10,944,909		1.18			0.00		to	1.50			31.03		to	29.10

	12/31/2018		355,833		22.73	to		20.91		8,703,767		1.05			0.00		to	1.50			(6.01	)	to	(7.41	)

	12/31/2017		375,201		24.19	to		22.59		10,203,033		0.59			0.00		to	1.50			21.15		to	19.37

	12/31/2016		351,180		19.96	to		18.92		8,082,798		0.40			0.00		to	1.50			11.35		to	9.71

	12/31/2015		402,793		17.93	to		17.25		8,472,411		0.94			0.00		to	1.50			(0.07	)	to	(1.55	)
TA JPMorgan International Moderate Growth Initial Class

	12/31/2019		819,530		15.47	to		12.67		11,283,934		2.33			0.00		to	1.50			17.77		to	16.03

	12/31/2018		867,382		13.13	to		10.92		10,202,855		2.37			0.00		to	1.50			(11.58	)	to	(12.90	)

	12/31/2017		946,821		14.85	to		12.54		12,670,600		1.83			0.00		to	1.50			21.78		to	19.99

	12/31/2016		979,021		12.20	to		10.45		10,835,853		2.10			0.00		to	1.50			1.22		to	(0.27	)

	12/31/2015		1,011,083		12.05	to		10.48		11,146,400		1.96			0.00		to	1.50			(1.64	)	to	(3.09	)
TA JPMorgan Mid Cap Value Initial Class

	12/31/2019		187,027		24.72	to		43.66		6,646,187		1.39			0.00		to	0.90			25.83		to	25.08

	12/31/2018		203,109		19.60	to		34.91		5,759,797		0.86			0.30		to	0.90			(12.07	)	to	(12.60	)

	12/31/2017		218,249		22.29	to		39.94		7,157,522		0.78			0.30		to	0.90			13.14		to	12.46

	12/31/2016		236,161		19.70	to		35.51		7,277,280		2.08			0.30		to	0.90			14.25		to	13.57

	12/31/2015		252,964		17.24	to		31.27		7,312,430		0.87			0.30		to	0.90			(3.03	)	to	(3.60	)

Transamerica Premier Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2019

5. Financial Highlights (continued)


		At December 31									For the Year Ended December 31
Subaccount		Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio

TA JPMorgan Tactical Allocation Initial Class

	12/31/2019		1,953,351	$	15.54	to	$	12.30	$	41,541,857		2.36	%		0.00	%	to	1.50	%		12.18	%	to	10.52	%

	12/31/2018		2,173,742		13.86	to		11.13		42,293,856		2.23			0.00		to	1.50			(2.94	)	to	(4.38	)

	12/31/2017		2,044,825		14.27	to		11.64		43,708,710		1.84			0.00		to	1.50			8.75		to	7.15

	12/31/2016		1,962,394		13.13	to		10.86		43,892,286		1.35			0.00		to	1.50			4.46		to	2.92

	12/31/2015		2,083,125		12.57	to		10.55		49,165,930		1.26			0.00		to	1.50			(0.11	)	to	(1.58	)
TA Managed Risk - Balanced ETF Initial Class

	12/31/2019		185,551		17.91	to		15.98		2,996,129		2.53			0.00		to	1.50			15.92		to	14.21

	12/31/2018		116,146		15.45	to		13.99		1,631,149		1.77			0.00		to	1.50			(4.33	)	to	(5.75	)

	12/31/2017		134,365		16.15	to		14.85		1,980,672		1.81			0.00		to	1.50			13.72		to	12.04

	12/31/2016		110,976		14.20	to		13.25		1,460,057		1.89			0.00		to	1.50			3.94		to	2.41

	12/31/2015		103,015		13.66	to		12.94		1,313,571		1.38			0.00		to	1.50			(1.50	)	to	(2.95	)
TA Managed Risk - Growth ETF Initial Class

	12/31/2019		234,232		18.91	to		17.25		4,042,956		2.10			0.00		to	1.50			19.74		to	17.97

	12/31/2018		219,770		15.79	to		14.62		3,189,192		1.81			0.00		to	1.50			(6.99	)	to	(8.37	)

	12/31/2017		224,120		16.98	to		15.96		3,522,359		1.89			0.00		to	1.50			18.78		to	17.03

	12/31/2016		267,686		14.30	to		13.63		3,564,335		1.92			0.00		to	1.50			4.97		to	3.42

	12/31/2015		360,027		13.62	to		13.18		4,601,357		1.64			0.00		to	1.50			(3.17	)	to	(4.60	)
TA Morgan Stanley Capital Growth Initial Class

	12/31/2019		2,574,775		38.92	to		35.25		106,517,393		-			0.00		to	1.50			23.74		to	21.91

	12/31/2018		1,912,902		31.45	to		28.92		65,480,293		-			0.00		to	1.50			6.68		to	5.10

	12/31/2017		1,921,519		29.48	to		27.52		63,401,145		-			0.00		to	1.50			43.59		to	41.48

	12/31/2016		1,695,157		20.53	to		19.45		42,402,687		-			0.00		to	1.50			(2.26	)	to	(3.70	)

	12/31/2015		1,796,549		21.01	to		20.20		51,149,612		-			0.00		to	1.50			11.79		to	10.14
TA Multi-Managed Balanced Initial Class

	12/31/2019		4,222,210		27.15	to		22.24		125,581,396		1.64			0.00		to	1.50			21.77		to	19.97

	12/31/2018		4,476,533		22.30	to		18.54		111,103,271		1.42			0.00		to	1.50			(3.66	)	to	(5.09	)

	12/31/2017		4,746,359		23.14	to		19.54		124,785,035		0.85			0.00		to	1.50			14.14		to	12.45

	12/31/2016		4,932,676		20.28	to		17.37		117,567,654		0.96			0.00		to	1.50			7.87		to	6.28

	12/31/2015		5,184,106		18.80	to		16.34		117,750,424		1.37			0.00		to	1.50			0.21		to	(1.27	)
TA PIMCO Tactical - Balanced Initial Class

	12/31/2019		402,997		17.00	to		14.51		6,138,969		0.42			0.00		to	1.50			19.90		to	18.13

	12/31/2018		439,725		14.18	to		12.28		5,644,298		3.46			0.00		to	1.50			(6.75	)	to	(8.13	)

	12/31/2017		474,705		15.21	to		13.37		6,615,284		0.53			0.00		to	1.50			12.42		to	10.76

	12/31/2016		510,821		13.53	to		12.07		6,408,762		0.51			0.00		to	1.50			5.65		to	4.09

	12/31/2015		546,907		12.80	to		11.59		6,578,349		-			0.00		to	1.50			(2.27	)	to	(3.72	)
TA PIMCO Tactical - Conservative Initial Class

	12/31/2019		743,974		16.04	to		13.69		10,552,121		0.35			0.00		to	1.50			17.86		to	16.12

	12/31/2018		777,894		13.61	to		11.79		9,513,930		3.53			0.00		to	1.50			(4.92	)	to	(6.33	)

	12/31/2017		745,711		14.32	to		12.59		9,721,335		1.48			0.00		to	1.50			10.70		to	9.07

	12/31/2016		776,246		12.93	to		11.54		9,288,937		0.59			0.00		to	1.50			5.22		to	3.67

	12/31/2015		830,914		12.29	to		11.13		9,582,563		0.39			0.00		to	1.50			(1.77	)	to	(3.22	)
TA PIMCO Tactical - Growth Initial Class

	12/31/2019		853,922		16.94	to		14.45		12,581,043		-			0.00		to	1.50			21.97		to	20.17

	12/31/2018		916,901		13.88	to		12.02		11,257,710		3.25			0.00		to	1.50			(7.49	)	to	(8.87	)

	12/31/2017		970,002		15.01	to		13.19		13,146,326		0.61			0.00		to	1.50			15.13		to	13.44

	12/31/2016		1,008,345		13.04	to		11.63		12,091,793		-			0.00		to	1.50			5.09		to	3.54

	12/31/2015		1,065,236		12.41	to		11.23		12,341,887		-			0.00		to	1.50			(3.16	)	to	(4.60	)
TA PIMCO Total Return Initial Class

	12/31/2019		1,309,198		18.02	to		13.99		20,996,230		2.34			0.00		to	1.50			8.41		to	6.81

	12/31/2018		1,379,415		16.63	to		13.09		21,095,608		2.52			0.00		to	1.50			(0.65	)	to	(2.13	)

	12/31/2017		1,518,101		16.74	to		13.38		24,393,778		-			0.00		to	1.50			4.88		to	3.34

	12/31/2016		1,462,201		15.96	to		12.95		23,475,769		2.34			0.00		to	1.50			2.71		to	1.20

	12/31/2015		1,418,569		15.53	to		12.79		22,905,154		2.83			0.00		to	1.50			0.69		to	(0.80	)

Transamerica Premier Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2019

5. Financial Highlights (continued)


		At December 31									For the Year Ended December 31
Subaccount		Units		Unit Fair Value Corresponding to Lowest to Highest Expense Ratio					Net Assets		Investment Income Ratio*			Expense Ratio** Lowest to Highest						Total Return*** Corresponding to Lowest to Highest Expense Ratio

TA QS Investors Active Asset Allocation - Conservative Initial Class

	12/31/2019		324,549	$	14.70	to	$	12.73	$	4,430,550		2.27	%		0.00	%	to	1.50	%		11.47	%	to	9.82	%

	12/31/2018		337,448		13.19	to		11.59		4,151,993		1.93			0.00		to	1.50			(2.61	)	to	(4.05	)

	12/31/2017		329,104		13.54	to		12.08		4,174,813		1.95			0.00		to	1.50			11.92		to	10.27

	12/31/2016		365,468		12.10	to		10.96		4,166,203		1.48			0.00		to	1.50			2.87		to	1.36

	12/31/2015		382,954		11.76	to		10.81		4,268,573		1.09			0.00		to	1.50			(2.13	)	to	(3.58	)
TA QS Investors Active Asset Allocation - Moderate Initial Class

	12/31/2019		180,588		14.51	to		13.05		2,517,994		2.10			-		to	1.50			11.10		to	9.79

	12/31/2018		181,696		13.03	to		11.89		2,282,530		1.75			0.30		to	1.50			(4.27	)	to	(5.40	)

	12/31/2017		184,491		13.61	to		12.57		2,429,683		1.71			0.30		to	1.50			15.36		to	14.00

	12/31/2016		219,017		11.79	to		11.03		2,512,939		1.46			0.30		to	1.50			2.13		to	0.92

	12/31/2015		235,947		11.55	to		10.93		2,659,690		1.11			0.30		to	1.50			(4.34	)	to	(5.47	)
TA QS Investors Active Asset Allocation - Moderate Growth Initial Class

	12/31/2019		1,882,826		16.17	to		13.36		27,046,353		1.94			0.00		to	1.50			11.59		to	9.94

	12/31/2018		2,030,239		14.49	to		12.15		26,218,151		1.56			0.00		to	1.50			(5.67	)	to	(7.07	)

	12/31/2017		2,197,545		15.36	to		13.08		30,221,332		1.53			0.00		to	1.50			20.55		to	18.78

	12/31/2016		2,356,485		12.75	to		11.01		27,030,879		1.32			0.00		to	1.50			2.32		to	0.81

	12/31/2015		2,613,777		12.46	to		10.92		29,499,304		1.18			0.00		to	1.50			(6.38	)	to	(7.76	)
TA Small/Mid Cap Value Initial Class

	12/31/2019		3,983,695		35.31	to		23.30		128,821,916		0.97			0.00		to	1.50			25.28		to	23.43

	12/31/2018		4,150,157		28.19	to		18.88		113,071,433		0.90			0.00		to	1.50			(11.46	)	to	(12.77	)

	12/31/2017		4,237,645		31.83	to		21.64		139,162,267		1.13			0.00		to	1.50			15.55		to	13.85

	12/31/2016		4,252,175		27.55	to		19.01		130,924,094		0.80			0.00		to	1.50			21.13		to	19.34

	12/31/2015		4,116,437		22.74	to		15.93		114,210,807		1.01			0.00		to	1.50			(2.51	)	to	(3.95	)
TA T. Rowe Price Small Cap Initial Class

	12/31/2019		1,661,544		41.15	to		33.53		59,806,465		-			0.00		to	1.50			32.77		to	30.81

	12/31/2018		1,673,978		30.99	to		25.63		47,121,727		-			0.00		to	1.50			(7.08	)	to	(8.46	)

	12/31/2017		1,827,193		33.35	to		28.00		57,593,105		-			0.00		to	1.50			22.39		to	20.59

	12/31/2016		1,842,107		27.25	to		23.22		50,509,301		-			0.00		to	1.50			11.22		to	9.58

	12/31/2015		1,688,075		24.50	to		21.19		43,938,629		-			0.00		to	1.50			2.43		to	0.92
TA WMC US Growth Initial Class

	12/31/2019		30,981,983		31.08	to		26.71		1,246,807,757		0.13			0.00		to	1.50			40.05		to	37.98

	12/31/2018		32,437,685		22.19	to		19.36		943,928,588		0.48			0.00		to	1.50			0.21		to	(1.28	)

	12/31/2017		34,286,966		22.15	to		19.61		1,009,620,361		0.42			0.00		to	1.50			29.20		to	27.29

	12/31/2016		35,944,589		17.14	to		15.40		839,304,146		0.40			0.00		to	1.50			2.81		to	1.30

	12/31/2015		38,121,323		16.67	to		15.21		884,496,470		0.73			0.00		to	1.50			6.85		to	5.27

⁽¹⁾

See Footnote 1

These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the Mutual Fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the Mutual Fund in which the subaccounts invest.

These amounts represent the annualized contract expenses of the subaccount, consisting primarily of mortality and expense charges, for each period indicated. These 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 Mutual Fund have been excluded.

Transamerica Premier Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2019

5. Financial Highlights (continued)

***

These amounts represent the total return for the periods indicated, including changes in the value of the Mutual Fund, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for each period indicated or from the effective date through the end of the reporting period. Total returns reflect a full twelve month period and total returns for subaccounts opened during the year have not been disclosed as they may not be indicative of a full year return. Expense ratios not in effect for the full twelve months are not reflected in the total return as they may not be indicative of a full year return.

Transamerica Premier Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2019

6. Administrative and Mortality and Expense Risk Charges

Under some forms of the contracts, a sales charge and premium taxes are deducted by TPLIC prior to allocation of policy owner payments to the subaccounts. Contingent surrender charges may also apply. Under all forms of the contracts, monthly charges against policy cash values are made to compensate TPLIC for costs of insurance provided. A daily charge equal to an annual rate from 0.00% and 1.50% of average daily net assets is assessed to compensate TPLIC for assumption of mortality and expense risks in connection with the issuance and administration of the contracts. This charge (not assessed at the individual contract level) effectively reduces the value of a unit outstanding during the year. Charges reflected above are those currently assessed and may be subject to change. Contract owners should see their actual policy and any related attachments to determine their specific charges.

7. Income Tax

Operations of the Separate Account form a part of TPLIC, which is taxed as a life insurance company under Subchapter L of the Internal Revenue Code of 1986, as amended (the Code). The operations of the Separate Account are accounted for separately from other operations of TPLIC for purposes of federal income taxation. The Separate Account is not separately taxable as a regulated investment company under Subchapter M of the Code and is not otherwise taxable as an entity separate from TPLIC. Under existing federal income tax laws, the income of the Separate Account is not taxable to TPLIC, as long as earnings are credited under the variable life contracts.

Transamerica Premier Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2019

8. Subsequent Events

The Separate Account has evaluated the financial statements for subsequent events through the date which the financial statements were issued. During this period, there were no subsequent events requiring recognition in the financial statements.

Events that are indicative of conditions that arose after the balance sheet date are disclosed, but do not result in an adjustment of the financial statements themselves. Since January 2020, the Coronavirus disease (COVID-19) pandemic and economic uncertainties have arisen which have impacted the Separate Account’s net assets. The extent to which the COVID-19 pandemic will continue to impact the net assets will depend on future developments, which are highly uncertain and cannot be estimated, including the scope and duration of the pandemic and actions taken by governmental authorities and other third parties in response to the pandemic.

9. Related Parties

Transamerica Capital, Inc. (TCI), a wholesaling broker-dealer, is an affiliated entity of TPLIC and an indirect wholly owned subsidiary of AEGON N.V. TCI distributes TPLIC’s products through broker-dealers and other financial intermediaries.

The subaccounts invest in the mutual funds listed in Footnote 1. These investments include funds managed by Transamerica Asset Management, Inc. (TAM). Transamerica Fund Services, Inc. (TFS) serves as a transfer agent to TAM, and AEGON USA Asset Management Holding, LLC (AAM) serves as a sub-advisor for certain funds managed by TAM. TAM, TFS and AAM are affiliated entities of TPLIC and indirect wholly owned subsidiaries of AEGON N.V. Funds managed by TAM are identified by their fund name, which includes reference to Aegon, Transamerica or both. The Separate Account pays management fees to the related funds as detailed in the fund prospectus.

No charges other than those disclosed in Footnote 6 are deducted for the service rendered by related parties.

Contract owners may transfer funds between available subaccount options within the Separate Account. These transfers are performed at unit value at the time of the transfer.

10. Subsequent Events (Unaudited)

Effective October 1, 2020, TPLIC merged into Transamerica Life Insurance Company (TLIC) and the Separate Account became a segregated investment account of TLIC, an indirect wholly owned subsidiary of AEGON N.V., a holding company organized under the laws of the Netherlands. There is no anticipated impact to the financial statements or contract holders.

STATEMENT OF ADDITIONAL INFORMATION

May 1, 2012

WRL XCELERATOR^SM

WRL XCELERATOR FOCUS^SM

WRL XCELERATOR EXEC^SM

issued through

WRL Series Life Account

Western Reserve Life Assurance Co. of Ohio

Administrative Office:

570 Carillon Parkway

St. Petersburg, Florida 33716

Please direct transactions, claim forms, payments and other correspondence and notices as follows:


*Transaction Type*		*Direct or Send to*
Telephonic Transaction		1-727- 299-1800 or 1-800-851-9777 (toll free)

Facsimile Transaction		1-727-299-1648 (subaccount transfers only) 1-727-299-1620 (all other facsimile transactions)
Electronic Transaction		www.westernreserve.com

All payments made by check, and all claims, correspondence and notices		Mailing Address: 4333 Edgewood Road, N.E., Cedar Rapids, Iowa 52499

This Statement of Additional Information (“SAI”) expands upon subjects discussed in the current prospectus for the WRL Xcelerator^SM, WRL Xcelerator Focus^SM, and WRL Xcelerator Exec^SM, each a flexible premium variable life insurance policy offered by Western Reserve Life Assurance Co. of Ohio. You may obtain a copy of the prospectus dated May 1, 2012, by calling our administrative office at 1-800-851-9777 (Monday – Friday from 8:30 a.m. – 7:00 p.m. Eastern time), or by writing to the mailing address at, Western Reserve Life, 4333 Edgewood Road, N.E., Cedar Rapids, Iowa 52499. The prospectus sets forth information that a prospective investor should know before investing in a Policy. Terms used in this SAI have the same meanings as in the prospectus for the Policy.

This SAI is not a prospectus and should be read only in conjunction with the prospectuses for the Policy and the Transamerica Series Trust – Initial Class, the Fidelity Variable Insurance Products – Service Class 2 Shares, the ProFunds, the Access One Trust, the AllianceBernstein Variable Products Series Fund, and the Franklin Templeton Variable Insurance Products Trust.

AGO9701-05/2012

Table of Contents


The Policy – General Provisions			1
Ownership Rights			1
Our Right to Contest the Policy			2
Suicide Exclusion			2
Misstatement of Age or Gender			2
Modifying the Policy			2
Mixed and Shared Funding			2
Addition, Deletion or Substitution of Portfolios			3
Death Benefit			3
Additional Information			4
Additional Information about Western Reserve and the Separate Account			4
Legal Matters			4
Variations in Policy Provisions			4
Personalized Illustrations of Policy Benefits			5
Sale of the Policies			5
Reports to Owners			5
Records			5
Independent Registered Public Accounting Firm			5
Experts			6
Underwriters			6
Underwriting Standards			6
Performance Data			6
Other Performance Data in Advertising Sales Literature			6
Western Reserve’s Published Ratings			7
Hypothetical Illustrations			7
Financial Statements			7
WRL Series Life Account			S-1
Western Reserve Life Assurance Co. of Ohio			G-1
Appendix A

In order to supplement the description in the prospectus, the following provides additional information about Western Reserve and the Policy, which may be of interest to a prospective purchaser.

The Policy – General Provisions

Ownership Rights



Changing the Owner	•	Change the owner by providing written notice, in good order, at our mailing address at any time while the insured is alive and the Policy is in force.

	•	Change is effective as of the date that the written notice is accepted by us in good order, at our mailing address.

	•	Changing the owner does not automatically change the beneficiary.

	•	Changing the owner may have tax consequences. You should consult a tax advisor before changing the owner.

	•	We are not liable for payments we made before we received the written notice at our mailing address.

Choosing the Beneficiary	•	The owner designates the beneficiary (the person to receive the death benefit when the insured dies) in the application.

	•	If the owner designates more than one beneficiary, then each beneficiary shares equally in any death benefit proceeds unless the beneficiary designation states otherwise.

	•	If the beneficiary dies before the insured, then any contingent beneficiary becomes the beneficiary.

	•	If both the beneficiary and contingent beneficiary die before the insured, then the death benefit will be paid to the owner or the owner’s estate upon the insured’s death.

Changing the Beneficiary	•	The owner changes the beneficiary by providing written notice to us in good order, at our mailing address.

	•	Change is effective as of the date the owner signs the written notice.

	•	We are not liable for any payments we made before we received the written notice at our mailing address.

Assigning the Policy	•	The owner may assign Policy rights while the insured is alive.

	•	The owner retains any ownership rights that are not assigned.

	•	Assignee may not change the owner or the beneficiary, and may not elect or change an optional method of payment. Any amount payable to the assignee will be paid in a lump sum.

	•	Claims under any assignment are subject to proof of interest and the extent of the assignment.

	•	We are not:

		• bound by any assignment unless we receive a written notice of the assignment at our mailing address;

		• responsible for the validity of any assignment;

		• liable for any payment we made before we received written notice of the assignment at our mailing address; or

		• bound by any assignment which results in adverse tax consequences to the owner, insured(s) or beneficiary(ies).

	•	Assigning the Policy may have tax consequences. You should consult a tax advisor before assigning the Policy.

Selecting the tax test	•	The owner may elect either the guideline premium test or the cash value accumulation test. Your election may affect the amount of the death benefit payable under your Policy, the amount of premiums you may pay, and the amount of your monthly deduction.

Our Right to Contest the Policy

In issuing the Policy, we rely on all statements made by or for the insured in the application or in a supplemental application. Therefore, if you make any material misrepresentation of a fact in the application (or any supplemental application), then we may contest the Policy’s validity or may resist a claim under the Policy for two years from the Policy date. For any portion of the specified amount that is issued as a result of a conversion, the contestability period is measured from the later of the policy date of the policy that was converted or the latest effective date of reinstatement of the converted policy.

A new two year contestability period shall apply to each increase in specified amount that requires evidence of insurability (excluding automatic increases generated by the Inflation Fighter Rider), beginning on the effective date of each increase and will apply only to statements made in the application for the increase.

In the absence of fraud, we cannot bring any legal action to contest the validity of the Policy after the Policy, or requested increase that requires evidence of insurability, has been in force during the insured’s lifetime for two years from the Policy date, or if reinstated, for two years from the date of reinstatement.

Suicide Exclusion

If the insured commits suicide, while sane or insane, within two years of the Policy date (or two years from the reinstatement date, if the Policy lapses and is reinstated), the Policy will terminate and our liability is limited to an amount equal to the premiums paid, less any outstanding loan amount, and less any cash withdrawals. We will pay this amount to the owner in one sum. For any portion of the specified amount that is issued as a result of a conversion, the suicide period is measured from the later of the policy date of the policy that was converted or the latest effective date of reinstatement of the converted policy.

If the insured commits suicide, while sane or insane, within two years from the effective date of any increase in specified amount that requires evidence of insurability, our liability with respect to such increase will be limited to its cost of insurance charges and any per unit charges.

Misstatement of Age or Gender

If the age or gender of the insured was stated incorrectly in the application or any supplemental application, then the death benefit will be adjusted based on what the cost of insurance charge and per unit charge for the most recent monthly deduction would have purchased based on the insured’s correct age and gender.

Modifying the Policy

Only our President or Secretary may modify the Policy or waive any of our rights or requirements under the Policy. Any modification or waiver must be in writing. No registered representative may bind us by making any promise not contained in the Policy.

If we modify the Policy, we will provide you notice and we will make appropriate endorsements to the Policy.

Mixed and Shared Funding

Shares of the portfolios are also sold to other separate accounts that we (or our affiliates) establish to support other variable annuity contracts and variable life insurance policies (or our affiliates) issue. Shares of some portfolios are also sold to separate accounts of unaffiliated life insurance companies. It is possible in the future that you may become disadvantaged when the separate account invests in a portfolio that also (1) invests in separate accounts of unaffiliated life insurance companies, and (2) invests in separate accounts (including those of our affiliates) funding variable annuity contracts.

Neither we nor the funds currently foresee that you would be disadvantaged in this manner. Each fund’s board of directors/trustees monitors its fund to identify any material conflicts that may arise between the interests of owners of variable annuity contracts and those of owners of variable life insurance policies, as well as between the interests of owners of contracts issued by different unaffiliated life insurance companies (“material conflicts”). Such boards of directors/trustees are obligated to determine what action, if any, must be taken to resolve any material conflicts that arise. Such action could include requiring the separate account, or separate accounts of affiliated or unaffiliated insurance companies, to withdraw their investments in a portfolio and such withdrawals could have adverse consequences to owners. In addition, we have entered into an agreement with each fund on behalf of the separate account governing the separate account’s investment in that fund’s portfolios (the “participation agreement”). The participation agreement contains provisions designed to protect owners in the event of material conflicts.

Material conflicts affecting owners could result in a number of situations including: (1) differences in state insurance law applicable to different life insurance companies whose separate accounts are invested in a portfolio; (2) changes in tax law or regulations that result in changes to a portfolio that have a disparate effect on different life insurance companies whose separate accounts are invested in the portfolio, or on different types of variable contracts invested in the portfolio; (3) actions or omissions by a fund that operate to the advantage of one group of variable contract owners at the expense of another group or groups; (4) changes to a portfolio approved at a shareholders’ meeting as a result of voting by one group of variable contract owners to the disadvantage of another group or groups; and (5) disparate provisions in the participation agreements of different unaffiliated insurance companies or the pursuit of remedies under such an agreement by one insurance company to the detriment of one or more other insurance companies.

Notwithstanding our reasonable efforts and those of the funds, there is the risk that actions or omissions of the fund in response to material conflicts may disadvantage our policyowners. If we believe that a fund’s response to any of these events or conflicts is insufficient to protect our policyowners, we will undertake appropriate actions on our own, which may include withdrawing the separate account’s investments in the fund.

If a fund’s Board of Directors/Trustees were to conclude that separate funds should be established for variable life insurance and variable annuity separate accounts, Western Reserve will bear the attendant expenses, but variable life insurance policyowners and variable annuity contract owners would no longer have the economies of scale resulting from a larger combined fund.

Addition, Deletion, or Substitution of Portfolios

We do not guarantee that each portfolio will always be available for investment through the Policy. We reserve the right, subject to compliance with applicable law, to add new portfolios, close existing portfolios, or substitute portfolio shares that are held by any subaccount for shares of a different portfolio. New or substitute portfolios may have different fees and expenses and their availability may be limited to certain classes of purchasers. We will only add, delete or substitute shares of another portfolio of a fund (or of another open-end, registered investment company) if the shares of a portfolio are no longer available for investment, or if in our judgment further investment in any portfolio would become inappropriate in view of the purposes of the separate account. We will not add, delete or substitute any shares attributable to your interest in a subaccount without notice to you and prior approval of the SEC, to the extent required by the 1940 Act or other applicable law. We may also decide to purchase securities from other portfolios for the separate account. We reserve the right to transfer separate account assets to another separate account that we determine to be associated with the class of contracts to which the Policy belongs.

We also reserve the right to establish additional subaccounts of the separate account, each of which would invest in a new portfolio of a fund, or in shares of another investment company, with specified investment objectives. We may establish new subaccounts when, in our sole discretion, marketing, tax or investment conditions warrant. We will make any new subaccounts available to existing owners on a basis we determine. We may also eliminate one or more subaccounts for the same reasons as stated above.

In the event of any such substitution or change, we may make such changes in this and other policies as may be necessary or appropriate to reflect such substitution or change. If we deem it to be in the best interests of persons having voting rights under the Policies, and when permitted by law, the separate account may be (1) operated as a management company under the 1940 Act, (2) deregistered under the 1940 Act in the event such registration is no longer required, (3) managed under the direction of a committee, or (4) combined with one or more other separate accounts, or subaccounts.

Death Benefit

To qualify as “life insurance” under the federal tax laws, the Policy must provide a minimum death benefit. The minimum death benefit will be determined as of the date of death of the insured. Under current federal tax law, either the “guideline premium” test or the “cash value accumulation” test may be used to determine whether the Policy qualifies as “life insurance” under the Internal Revenue Code.

The “guideline premium” tax test limits the dollar amount of payments you may make under a Policy. There are no such legal limits on the amount of premium payments under the “cash value accumulation” tax test, although we may apply our own limits. The factors used to determine the minimum death benefit applicable to a given cash value are different under the two tests.

You must elect one of the tax tests at the time of application for the Policy. You may not change tests. You should consult a qualified tax advisor in choosing between the “guideline premium” and the “cash value accumulation” tests and in choosing a death benefit option.

The minimum death benefit is computed by multiplying the cash value as of the date of the insured’s death by a limitation percentage for the insured’s age. Under the cash value accumulation test the cash value in this calculation is reduced by any applicable net single premium for riders that are qualified additional benefits before multiplying by the limitation percentage. The minimum death benefit factors will be adjusted to conform to any changes in federal tax laws.

Additional Information

Additional Information about Western Reserve and the Separate Account

Western Reserve is a stock life insurance company and is a wholly-owned indirect subsidiary of Transamerica Corporation, which conducts most of its operations through subsidiary companies engaged in the insurance business or in providing non-insurance financial services. All of the stock of Transamerica Corporation is indirectly owned by AEGON N.V. of the Netherlands, a public company under Dutch law. Western Reserve’s administrative office is located at 570 Carillon Parkway, St. Petersburg, Florida 33716-1202 and the mailing address is 4333 Edgewood Road, N.E., Cedar Rapids, Iowa 52499.

Western Reserve was initially incorporated in 1957 under the laws of Ohio and is subject to regulation by the Insurance Department of the State of Ohio, as well as by the insurance departments of all other states and jurisdictions in which it does business. Western Reserve is licensed to sell insurance in all states (except New York), Puerto Rico, Guam, and in the District of Columbia. Western Reserve submits annual statements on its operations and finances to insurance officials in all states and jurisdictions in which it does business. The Policy described in the prospectus has been filed with, and where required, approved by, insurance officials in those jurisdictions in which it is sold.

Western Reserve established the separate account as a separate investment account under Ohio law in 1985. We own the assets in the separate account and are obligated to pay all benefits under the Policies. The separate account is used to support other life insurance policies of Western Reserve, as well as for other purposes permitted by law. The separate account is registered with the SEC as a unit investment trust under the 1940 Act and qualifies as a “separate account” within the meaning of the federal securities laws.

Western Reserve holds the assets of the separate account physically segregated and apart from the general account. Western Reserve maintains records of all purchases and sales of portfolio shares by each of the subaccounts. A blanket bond was issued to AEGON USA, Inc. (“AEGON USA”) in the aggregate amount of $12 million, covering all of the employees of AEGON USA and its affiliates, including Western Reserve. A Stockbrokers Blanket Bond, issued to AEGON U.S.A. Securities, Inc. providing fidelity coverage, covers the activities of registered representatives of AFSG to a limit of $10 million.

Legal Matters

Sutherland, Asbill & Brennan LLP, of Washington, DC has provided legal advice to Western Reserve regarding certain matters under the federal securities laws that relate to the Policy.

Arthur D. Woods, Vice President and Senior Counsel of Western Reserve, has provided legal advice on certain matters in connection with the issuance of the Policy.

Variations in Policy Provisions

Certain provisions of the Policy may vary from the descriptions in the prospectus, depending on when and where the Policy was issued, in order to comply with different state laws. These variations may include differences in charges or Policy features may be unavailable or known by a different name. Please refer to your Policy; any variations will be included in your Policy or in riders or endorsements attached to your Policy.

Personalized Illustrations of Policy Benefits

In order to help you understand how your Policy values would vary over time under different sets of assumptions, we will provide you with certain personalized illustrations upon request. These will be based on the age and insurance risk characteristics of the insured persons under your Policy and such factors as the specified amount, death benefit option, premium payment amounts, and rates of return (within limits) that you request.

The illustrations are not a representation or guarantee of investment returns or cash value. You may request illustrations that reflect the expenses of the portfolios in which you intend to invest.

Sale of the Policies

We currently offer the Policies on a continuous basis. We anticipate continuing to offer the Policies, but reserve the right to discontinue the offering.

Our affiliate, TCI, serves as principal underwriter for the Policies. TCI’s home office is located at 4600 S. Syracuse Street, Suite 1100, Denver, Colorado 80237. TCI is an affiliate of Western Reserve and, like Western Reserve, is an indirect, wholly owned subsidiary of AEGON USA. TCI is registered as a broker-dealer with the Securities and Exchange Commission under the Securities Exchange Act of 1934 and is a member of Financial Industry Regulatory Authority (“FINRA”). TCI is not a member of the Securities Investor Protection Corporation.

The Policies are offered to the public through sales representatives of broker-dealers (“selling firms”) that have entered into selling agreements with us and with TCI. Sales representatives are appointed as our insurance agents.

During fiscal year s 2011, 2010 and 2009, the amounts paid to TCI in connection with all Policies sold through the separate account were $17,156,676, $20,084,068 and $22,399,793, respectively. TCI passes through to selling firms commissions it receives to selling firms for their sales, and does not retain any portion of any commissions. Our parent company provides paid-in capital to TCI and pays for TCI’s operating and other expenses, including overhead, legal and accounting fees.

We and/or TCI or TFA may pay certain selling firms additional cash amounts for: (1) “preferred product” treatment of the Policies in their marketing programs, which may include marketing services and increased access to their sales representatives; (2) sales promotions relating to the Policies; (3) costs associated with sales conferences and educational seminars for their sales representatives; and (4) other expenses incurred by them. These additional payments are not offered to all selling firms, and the terms of any particular agreement governing the payments may vary among selling firms.

Reports to Owners

At least once each year, or more often as required by law, we will mail to policyowners at their last known address a report showing the following information as of the end of the report period:


•	the current cash value	•	any activity since the last report

•	the current net surrender value	•	projected values

•	the current death benefit	•	investment experience of each subaccount

•	outstanding loans	•	any other information required by law

You may request additional copies of reports, but we may charge a fee for such additional copies. In addition, we will send written confirmations of any premium payments and other financial transactions you request including: changes in specified amount, changes in death benefit option, transfers, partial withdrawals, increases in loan amount, loan interest payments, loan repayments, lapses and reinstatements. We also will send copies of the annual and semi-annual report to shareholders for each portfolio in which you are indirectly invested.

Records

We will maintain all records relating to the separate account and the fixed account.

Independent Registered Public Accounting Firm

The financial statements of the separate account at December 31, 2011 and for the periods disclosed in the financial statements, and the statutory-basis financial statements and schedules of Western Reserve at December 31, 2011 and 2010, and for each of the three years in the period ended December 31, 2011, appearing herein, have been audited by Ernst & Young LLP, 801 Grand Avenue, Suite 3000, Des Moines, Iowa 50309, independent registered public accounting firm, as set forth in the firm’s respective reports thereon appearing elsewhere herein, and are included in reliance upon such reports given upon the authority of such firm as experts in accounting and auditing.

Experts

Actuarial matters included in this SAI have been examined by Lorne Schinbein, Vice President and Managing Actuary of Western Reserve, located at 570 Carillon Parkway, St. Petersburg, Florida 33716, as stated in the opinion filed as an exhibit to the registration statement.

Underwriters

Underwriting Standards

The Policy uses mortality tables that distinguish between men and women. As a result, the Policy pays different benefits to men and women of the same age. Montana prohibits our use of actuarial tables that distinguish between males and females to determine premiums and policy benefits for policies issued on the lives of its residents. Therefore, we will base the premiums and benefits in Policies that we issue in Montana, to insure residents of that state, on actuarial tables that do not differentiate on the basis of gender.

Your cost of insurance charge is based on a number of factors, including, but not limited to, the insured’s gender, issue age on the Policy date, issue age at the time of any increase in specified amount, specified amount band, length of time from the Policy date or from the date of any increase in specified amount, and underwriting class. We currently place insureds into the following underwriting classes:



•		preferred elite;

•		preferred plus;

•		preferred;

•		non-tobacco;

•		preferred tobacco;

•		tobacco; and

•		juvenile – under 18.

The preferred rate classes are not available for Policies issued with a specified amount at a level for which our underwriting requirements do not require a blood test. We also place insureds in various sub-standard underwriting classes, which involve a higher mortality risk and higher charges. We generally charge higher rates for insureds who use tobacco.

Performance Data

Other Performance Data in Advertising Sales Literature



We may compare each subaccount’s performance to the performance of

•	other variable life issuers in general;

•	variable life insurance policies which invest in mutual funds with similar investment objectives and policies, as reported by Lipper Analytical Services, Inc. (“Lipper”) and Morningstar, Inc. (“Morningstar”); and other services, companies, individuals, or industry or financial publications (e.g., Forbes, Money, The Wall Street Journal, Business Week, Barron’s, Kiplinger’s Personal Finance, and Fortune);

	•	Lipper and Morningstar rank variable annuity contracts and variable life policies. Their performance analysis ranks such policies and contracts on the basis of total return, and assumes reinvestment of distributions; but it does not show sales charges, redemption fees or certain expense deductions at the separate account level.

•	the Standard & Poor’s Index of 500 Common Stocks, or other widely recognized indices;

	•	unmanaged indices may assume the reinvestment of dividends, but usually do not reflect deductions for the expenses of operating or managing an investment portfolio; or



•	other types of investments, such as:

	•	certificates of deposit;

	•	savings accounts and U.S. Treasuries;

	•	certain interest rate and inflation indices (e.g., the Consumer Price Index); or

	•	indices measuring the performance of a defined group of securities recognized by investors as representing a particular segment of the securities markets (e.g., Nasdaq 100 Index, NYSE Acra Oil Index, Morgan Stanley High-Technology 35 Index, PHLX Gold/Silver Index, or S&P 100 Index).

Western Reserve’s Published Ratings

We may publish in advertisements, sales literature, or reports we send to you the ratings and other information that an independent ratings organization assigns to us. These organizations include: A.M. Best Company, Moody’s Investors Service, Inc., Standard & Poor’s Insurance Rating Services, and Fitch Ratings. These ratings are opinions regarding an operating insurance company’s financial capacity to meet the obligations of its insurance policies in accordance with their terms. These ratings do not apply to the separate account, the subaccounts, the funds or their portfolios, or to their performance.

Hypothetical In Force Illustrations

Appendix A contains sample hypothetical In Force illustrations for WRL Xcelerator, WRL Xcelerator Focus and WRL Xcelerator Exec that show how the selected death benefit option, specified amount, cost of insurance rates, hypothetical rates of return, withdrawals and loans affect a policyowner’s death benefit levels, cash and surrender values.

Financial Statements

Western Reserve’s statutory-basis financial statements and schedules, which include the Report of Independent Registered Public Accounting Firm, appear on the following pages. These statutory-basis financial statements and schedules should be distinguished from the separate account’s financial statements, and you should consider these statutory-basis financial statements and schedules only as bearing upon Western Reserve’s ability to meet its obligations under the Policies. You should not consider our statutory-basis financial statements and schedules as bearing upon the investment performance of the assets held in the separate account.

Western Reserve’s statutory-basis financial statements and schedules at December 31, 2011 and 2010 and for each of the three years in the period ended December 31, 2011, have been prepared on the basis of statutory accounting principles rather than U.S. generally accepted accounting principles.

The separate account’s financial statements for the period ended December 31, 2011, which include the Report of Independent Registered Public Accounting Firm, also appear on the following pages.

Appendix A:

LOGO

Western Reserve Life Assurance Co. of Ohio

Home Office: Columbus, Ohio

Distributor: Transamerica Capital, Inc., Member FINRA

WRL Xcelerator^SM Variable Universal Life

Insurance In Force Illustration

Policy Form VL07

Designed for

Policy Owner

Policy Number

0123456789

Registered Representative

Agent Name

Illustration as of: May 2, 2012

This hypothetical illustration shows how the selected death benefit option, specified amount, cost of insurance rates, hypothetical rates of return, withdrawals and loans affect death benefit levels, cash and surrender values. This illustration may reflect subaccounts you are considering which may have higher or lower expenses than the subaccounts you currently have.

This is an illustration only and not an offer, contract, prediction or projection of future investment results or policy performance. Coverage is subject to the terms and conditions of the policy. This illustration is not valid without all 18 pages.

Depending on the state of issue, your Policy may be an individual Policy or a certificate issued under a group Policy. The Policy is subject to the insurance laws and regulations of each state or jurisdiction in which it is available for distribution. All state specific Policy features will be described in your Policy.


LD18237-2-05/11-IF		Issue State: FL
May 2, 2011 4:10:48 PM	Page 1 of 18	Version: 07.00.35.1090.4054 TCFMDIFS


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator^SM Variable Universal Life Insurance In Force Illustration Current Charges Ledger
Primary Insured: Insured Name		Annual Premium: $2,425.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (3.50%)
		Separate Account Rate (10.00%
		Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Planned Premium(b)		Cumulative Outlay		Cash Value		Net Surrender Value		Death Benefit Proceeds
37	2		0		0		9,821		5,510		250,000
38	3		0		0		9,614		6,145		250,000
39	4		0		0		9,380		6,407		250,000
40	5		0		0		9,119		7,137		250,000
41	6		0		0		8,828		7,341		250,000
42	7		0		0		8,503		7,512		250,000
43	8		2,425		2,425		10,636		10,636		250,000
44	9		2,425		4,850		13,727		13,727		250,000
45	10		2,425		7,275		17,005		17,005		250,000
46	11		2,425		9,700		20,484		20,484		250,000
47	12		2,425		12,125		24,177		24,177		250,000
48	13		2,425		14,550		28,097		28,097		250,000
49	14		2,425		16,975		32,263		32,263		250,000
50	15		2,425		19,400		36,691		36,691		250,000
51	16		2,425		21,825		41,517		41,517		250,000
52	17		2,425		24,250		46,677		46,677		250,000
53	18		2,425		26,675		52,197		52,197		250,000
54	19		2,425		29,100		58,107		58,107		250,000
55	20		2,425		31,525		64,440		64,440		250,000
56	21		2,425		33,950		71,290		71,290		250,000
57	22		2,425		36,375		78,645		78,645		250,000
58	23		2,425		38,800		86,548		86,548		250,000
59	24		2,425		41,225		95,048		95,048		250,000
60	25		2,425		43,650		104,197		104,197		250,000
61	26		2,425		46,075		114,051		114,051		250,000
62	27		2,425		48,500		124,677		124,677		250,000
63	28		2,425		50,925		136,147		136,147		250,000
64	29		2,425		53,350		148,544		148,544		250,000
65	30		2,425		55,775		161,958		161,958		250,000
66	31		2,425		58,200		176,492		176,492		250,000
67	32		2,425		60,625		192,260		192,260		250,000
68	33		2,425		63,050		209,392		209,392		250,000
69	34		2,425		65,475		227,988		227,988		266,746
70	35		2,425		67,900		248,089		248,089		287,784
71	36		2,425		70,325		269,824		269,824		310,298


LD18237-2-05/11-IF		Issue State: FL
May 2, 2011 4:10:48 PM	Page 2 of 18	Version: 07.00.35.1090.4054 TCFMDIFS

	9


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator^SM Variable Universal Life Insurance In Force Illustration Current Charges Ledger
Primary Insured: Insured Name		Annual Premium: $2,425.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (3.50%)
		Separate Account Rate (10.00%
		Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Planned Premium(b)		Cumulative Outlay		Cash Value		Net Surrender Value		Death Benefit Proceeds
72	37		2,425		72,750		293,362		293,362		331,499
73	38		2,425		75,175		318,870		318,870		353,946
74	39		2,425		77,600		346,534		346,534		377,723
75	40		2,425		80,025		376,561		376,561		402,921
76	41		2,425		82,450		409,182		409,182		429,641
77	42		2,425		84,875		444,522		444,522		466,748
78	43		2,425		87,300		482,812		482,812		506,953
79	44		2,425		89,725		524,303		524,303		550,518
80	45		2,425		92,150		569,264		569,264		597,727
81	46		2,425		94,575		617,989		617,989		648,888
82	47		2,425		97,000		670,795		670,795		704,335
83	48		2,425		99,425		728,027		728,027		764,428
84	49		2,425		101,850		790,053		790,053		829,556
85	50		2,425		104,275		857,272		857,272		900,135
86	51		2,425		106,700		930,112		930,112		976,617
87	52		2,425		109,125		1,009,034		1,009,034		1,059,486
88	53		2,425		111,550		1,094,537		1,094,537		1,149,264
89	54		2,425		113,975		1,187,158		1,187,158		1,246,516
90	55		2,425		116,400		1,287,478		1,287,478		1,351,852
91	56		2,425		118,825		1,396,126		1,396,126		1,465,933
92	57		2,425		121,250		1,514,588		1,514,588		1,575,172
93	58		2,425		123,675		1,643,923		1,643,923		1,693,241
94	59		2,425		126,100		1,785,331		1,785,331		1,821,038
95	60		2,425		128,525		1,940,175		1,940,175		1,959,576
96	61		2,425		130,950		2,110,003		2,110,003		2,110,003
97	62		2,425		133,375		2,294,900		2,294,900		2,294,900
98	63		2,425		135,800		2,496,222		2,496,222		2,496,222
99	64		2,425		138,225		2,715,451		2,715,451		2,715,451
100	65		2,425		140,650		2,954,202		2,954,202		2,954,202
101	66		0		140,650		3,211,860		3,211,860		3,243,979
102	67		0		140,650		3,492,575		3,527,501		3,527,501
103	68		0		140,650		3,798,430		3,836,414		3,836,414
104	69		0		140,650		4,131,699		4,173,016		4,173,016
105	70		0		140,650		4,494,861		4,539,810		4,539,810
106	71		0		140,650		4,890,623		4,939,529		4,939,529


LD18237-2-05/11-IF		Issue State: FL
May 2, 2011 4:10:48 PM	Page 3 of 18	Version: 07.00.35.1090.4054 TCFMDIFS

	10


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator^SM Variable Universal Life Insurance In Force Illustration Current Charges Ledger
Primary Insured: Insured Name		Annual Premium: $2,425.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (3.50%)
		Separate Account Rate (10.00%
		Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Planned Premium(b)		Cumulative Outlay		Cash Value		Net Surrender Value		Death Benefit Proceeds
107	72		0		140,650		5,321,934		5,375,154		5,375,154
108	73		0		140,650		5,792,014		5,849,934		5,849,934
109	74		0		140,650		6,304,374		6,367,418		6,367,418
110	75		0		140,650		6,862,843		6,931,472		6,931,472
111	76		0		140,650		7,471,601		7,546,317		7,546,317
112	77		0		140,650		8,135,203		8,216,555		8,216,555
113	78		0		140,650		8,858,622		8,947,208		8,947,208
114	79		0		140,650		9,647,282		9,743,754		9,743,754
115	80		0		140,650		10,507,097		10,612,168		10,612,168
116	81		0		140,650		11,444,524		11,558,969		11,558,969
117	82		0		140,650		12,466,600		12,591,266		12,591,266
118	83		0		140,650		13,581,008		13,716,818		13,716,818
119	84		0		140,650		14,796,125		14,944,086		14,944,086
120	85		0		140,650		16,121,091		16,282,301		16,282,301


LD18237-2-05/11-IF		Issue State: FL
May 2, 2011 4:10:48 PM	Page 4 of 18	Version: 07.00.35.1090.4054 TCFMDIFS

	11


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator^SM Variable Universal Life Insurance In Force Illustration Current Charges Detail Ledger
Primary Insured: Insured Name		Annual Premium: $2,425.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (3.50%)
		Separate Account Rate (10.00% Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Fixed Planned Premium(b)		Additional Separate Account Planned Premium(b)		Cumulative Outlay		Fixed Value		Separate Account Value		Total Cash Value		Net Surrender Value		Death Benefit Proceeds
37	2		0		0		0		0		9,821		9,821		5,510		250,000
38	3		0		0		0		0		9,614		9,614		6,145		250,000
39	4		0		0		0		0		9,380		9,380		6,407		250,000
40	5		0		0		0		0		9,119		9,119		7,137		250,000
41	6		0		0		0		0		8,828		8,828		7,341		250,000
42	7		0		0		0		0		8,503		8,503		7,512		250,000
43	8		1,213		1,213		2,425		1,106		9,530		10,636		10,636		250,000
44	9		1,213		1,213		4,850		2,322		11,404		13,727		13,727		250,000
45	10		1,213		1,213		7,275		3,569		13,436		17,005		17,005		250,000
46	11		1,213		1,213		9,700		4,850		15,634		20,484		20,484		250,000
47	12		1,213		1,213		12,125		6,167		18,009		24,177		24,177		250,000
48	13		1,213		1,213		14,550		7,523		20,575		28,097		28,097		250,000
49	14		1,213		1,213		16,975		8,919		23,344		32,263		32,263		250,000
50	15		1,213		1,213		19,400		10,356		26,335		36,691		36,691		250,000
51	16		1,213		1,213		21,825		11,813		29,704		41,517		41,517		250,000
52	17		1,213		1,213		24,250		13,313		33,363		46,677		46,677		250,000
53	18		1,213		1,213		26,675		14,859		37,337		52,197		52,197		250,000
54	19		1,213		1,213		29,100		16,453		41,654		58,107		58,107		250,000
55	20		1,213		1,213		31,525		18,096		46,344		64,440		64,440		250,000
56	21		1,213		1,213		33,950		19,808		51,482		71,290		71,290		250,000
57	22		1,213		1,213		36,375		21,575		57,070		78,645		78,645		250,000
58	23		1,213		1,213		38,800		23,400		63,149		86,548		86,548		250,000
59	24		1,213		1,213		41,225		25,286		69,763		95,048		95,048		250,000
60	25		1,213		1,213		43,650		27,235		76,962		104,197		104,197		250,000
61	26		1,213		1,213		46,075		29,251		84,800		114,051		114,051		250,000
62	27		1,213		1,213		48,500		31,338		93,339		124,677		124,677		250,000
63	28		1,213		1,213		50,925		33,499		102,648		136,147		136,147		250,000
64	29		1,213		1,213		53,350		35,740		112,803		148,544		148,544		250,000
65	30		1,213		1,213		55,775		38,067		123,891		161,958		161,958		250,000
66	31		1,213		1,213		58,200		40,485		136,006		176,492		176,492		250,000
67	32		1,213		1,213		60,625		43,002		149,258		192,260		192,260		250,000
68	33		1,213		1,213		63,050		45,625		163,767		209,392		209,392		250,000
69	34		1,213		1,213		65,475		48,354		179,634		227,988		227,988		266,746
70	35		1,213		1,213		67,900		51,173		196,916		248,089		248,089		287,784
71	36		1,213		1,213		70,325		54,086		215,738		269,824		269,824		310,298


LD18237-2-05/11-IF		Issue State: FL
May 2, 2011 4:10:48 PM	Page 5 of 18	Version: 07.00.35.1090.4054 TCFMDIFS

	12


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator^SM Variable Universal Life Insurance In Force Illustration Current Charges Detail Ledger
Primary Insured: Insured Name		Annual Premium: $2,425.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (3.50%)
		Separate Account Rate (10.00% Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Fixed Planned Premium(b)		Additional Separate Account Planned Premium(b)		Cumulative Outlay		Fixed Value		Separate Account Value		Total Cash Value		Net Surrender Value		Death Benefit Proceeds
72	37		1,213		1,213		72,750		57,102		236,260		293,362		293,362		331,499
73	38		1,213		1,213		75,175		60,225		258,645		318,870		318,870		353,946
74	39		1,213		1,213		77,600		63,462		283,072		346,534		346,534		377,723
75	40		1,213		1,213		80,025		66,820		309,741		376,561		376,561		402,921
76	41		1,213		1,213		82,450		70,307		338,875		409,182		409,182		429,641
77	42		1,213		1,213		84,875		73,908		370,613		444,522		444,522		466,748
78	43		1,213		1,213		87,300		77,629		405,183		482,812		482,812		506,953
79	44		1,213		1,213		89,725		81,470		442,833		524,303		524,303		550,518
80	45		1,213		1,213		92,150		85,435		483,828		569,264		569,264		597,727
81	46		1,213		1,213		94,575		89,528		528,461		617,989		617,989		648,888
82	47		1,213		1,213		97,000		93,751		577,044		670,795		670,795		704,335
83	48		1,213		1,213		99,425		98,106		629,920		728,027		728,027		764,428
84	49		1,213		1,213		101,850		102,598		687,455		790,053		790,053		829,556
85	50		1,213		1,213		104,275		107,227		750,045		857,272		857,272		900,135
86	51		1,213		1,213		106,700		111,997		818,115		930,112		930,112		976,617
87	52		1,213		1,213		109,125		116,908		892,126		1,009,034		1,009,034		1,059,486
88	53		1,213		1,213		111,550		121,964		972,573		1,094,537		1,094,537		1,149,264
89	54		1,213		1,213		113,975		127,166		1,059,992		1,187,158		1,187,158		1,246,516
90	55		1,213		1,213		116,400		132,516		1,154,961		1,287,478		1,287,478		1,351,852
91	56		1,213		1,213		118,825		138,017		1,258,110		1,396,126		1,396,126		1,465,933
92	57		1,213		1,213		121,250		143,746		1,370,842		1,514,588		1,514,588		1,575,172
93	58		1,213		1,213		123,675		149,727		1,494,197		1,643,923		1,643,923		1,693,241
94	59		1,213		1,213		126,100		155,983		1,629,348		1,785,331		1,785,331		1,821,038
95	60		1,213		1,213		128,525		162,544		1,777,631		1,940,175		1,940,175		1,959,576
96	61		1,213		1,213		130,950		169,440		1,940,563		2,110,003		2,110,003		2,110,003
97	62		1,213		1,213		133,375		176,578		2,118,321		2,294,900		2,294,900		2,294,900
98	63		1,213		1,213		135,800		183,967		2,312,256		2,496,222		2,496,222		2,496,222
99	64		1,213		1,213		138,225		191,614		2,523,837		2,715,451		2,715,451		2,715,451
100	65		1,213		1,213		140,650		199,529		2,754,672		2,954,202		2,954,202		2,954,202
101	66		0		0		140,650		206,513		3,005,348		3,211,860		3,211,860		3,243,979
102	67		0		0		140,650		213,741		3,278,834		3,492,575		3,527,501		3,527,501
103	68		0		0		140,650		221,222		3,577,208		3,798,430		3,836,414		3,836,414
104	69		0		0		140,650		228,965		3,902,734		4,131,699		4,173,016		4,173,016
105	70		0		0		140,650		236,978		4,257,883		4,494,861		4,539,810		4,539,810
106	71		0		0		140,650		245,273		4,645,350		4,890,623		4,939,529		4,939,529


LD18237-2-05/11-IF		Issue State: FL
May 2, 2011 4:10:48 PM	Page 6 of 18	Version: 07.00.35.1090.4054 TCFMDIFS

	13


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator^SM Variable Universal Life Insurance In Force Illustration Current Charges Detail Ledger
Primary Insured: Insured Name		Annual Premium: $2,425.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (3.50%)
		Separate Account Rate (10.00% Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year		Additional Fixed Planned Premium(b)		Additional Separate Account Planned Premium(b)		Cumulative Outlay		Fixed Value		Separate Account Value		Total Cash Value		Net Surrender Value		Death Benefit Proceeds
107		72		0		0		140,650		253,857		5,068,077		5,321,934		5,375,154		5,375,154
108		73		0		0		140,650		262,742		5,529,272		5,792,014		5,849,934		5,849,934
109		74		0		0		140,650		271,938		6,032,436		6,304,374		6,367,418		6,367,418
110		75		0		0		140,650		281,456		6,581,387		6,862,843		6,931,472		6,931,472
111		76		0		0		140,650		291,307		7,180,294		7,471,601		7,546,317		7,546,317
112		77		0		0		140,650		301,503		7,833,700		8,135,203		8,216,555		8,216,555
113		78		0		0		140,650		312,055		8,546,567		8,858,622		8,947,208		8,947,208
114		79		0		0		140,650		322,977		9,324,304		9,647,282		9,743,754		9,743,754
115		80		0		0		140,650		334,281		10,172,816		10,507,097		10,612,168		10,612,168
116		81		0		0		140,650		345,981		11,098,542		11,444,524		11,558,969		11,558,969
117		82		0		0		140,650		358,091		12,108,510		12,466,600		12,591,266		12,591,266
118		83		0		0		140,650		370,624		13,210,384		13,581,008		13,716,818		13,716,818
119		84		0		0		140,650		383,596		14,412,529		14,796,125		14,944,086		14,944,086
120		85		0		0		140,650		397,021		15,724,069		16,121,091		16,282,301		16,282,301


LD18237-2-05/11-IF		Issue State: FL
May 2, 2011 4:10:48 PM	Page 7 of 18	Version: 07.00.35.1090.4054 TCFMDIFS

	14


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator^SM Variable Universal Life Insurance In Force Illustration Guaranteed Charges Ledger
Primary Insured: Insured Name		Annual Premium: $2,425.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (2.00%)
		Separate Account Rate (10.00%
		Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Planned Premium(b)		Cumulative Outlay		Cash Value		Net Surrender Value		Death Benefit Proceeds
37	2		0		0		9,796		5,485		250,000
38	3		0		0		9,561		6,093		250,000
39	4		0		0		9,029		6,056		250,000
40	5		0		0		8,431		6,449		250,000
41	6		0		0		7,754		6,268		250,000
42	7		0		0		6,987		5,996		250,000
43	8		2,425		2,425		8,598		8,598		250,000
44	9		2,425		4,850		10,237		10,237		250,000
45	10		2,425		7,275		11,909		11,909		250,000
46	11		2,425		9,700		13,613		13,613		250,000
47	12		2,425		12,125		15,357		15,357		250,000
48	13		2,425		14,550		17,156		17,156		250,000
49	14		2,425		16,975		19,025		19,025		250,000
50	15		2,425		19,400		20,964		20,964		250,000
51	16		2,425		21,825		23,031		23,031		250,000
52	17		2,425		24,250		25,162		25,162		250,000
53	18		2,425		26,675		27,350		27,350		250,000
54	19		2,425		29,100		29,587		29,587		250,000
55	20		2,425		31,525		31,854		31,854		250,000
56	21		2,425		33,950		34,984		34,984		250,000
57	22		2,425		36,375		38,199		38,199		250,000
58	23		2,425		38,800		41,518		41,518		250,000
59	24		2,425		41,225		44,955		44,955		250,000
60	25		2,425		43,650		48,505		48,505		250,000
61	26		2,425		46,075		52,150		52,150		250,000
62	27		2,425		48,500		55,869		55,869		250,000
63	28		2,425		50,925		59,643		59,643		250,000
64	29		2,425		53,350		63,467		63,467		250,000
65	30		2,425		55,775		67,347		67,347		250,000
66	31		2,425		58,200		71,293		71,293		250,000
67	32		2,425		60,625		75,323		75,323		250,000
68	33		2,425		63,050		79,447		79,447		250,000
69	34		2,425		65,475		83,676		83,676		250,000
70	35		2,425		67,900		88,002		88,002		250,000
71	36		2,425		70,325		92,401		92,401		250,000


LD18237-2-05/11-IF		Issue State: FL
May 2, 2011 4:10:48 PM	Page 8 of 18	Version: 07.00.35.1090.4054 TCFMDIFS

	15


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator^SM Variable Universal Life Insurance In Force Illustration Guaranteed Charges Ledger
Primary Insured: Insured Name		Annual Premium: $2,425.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (2.00%)
		Separate Account Rate (10.00%
		Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Planned Premium(b)		Cumulative Outlay		Cash Value		Net Surrender Value		Death Benefit Proceeds
72	37		2,425		72,750		96,827		96,827		250,000
73	38		2,425		75,175		101,238		101,238		250,000
74	39		2,425		77,600		105,640		105,640		250,000
75	40		2,425		80,025		110,028		110,028		250,000
76	41		2,425		82,450		114,391		114,391		250,000
77	42		2,425		84,875		118,693		118,693		250,000
78	43		2,425		87,300		122,872		122,872		250,000
79	44		2,425		89,725		126,851		126,851		250,000
80	45		2,425		92,150		130,562		130,562		250,000
81	46		2,425		94,575		133,924		133,924		250,000
82	47		2,425		97,000		136,860		136,860		250,000
83	48		2,425		99,425		139,294		139,294		250,000
84	49		2,425		101,850		141,092		141,092		250,000
85	50		2,425		104,275		142,048		142,048		250,000
86	51		2,425		106,700		141,881		141,881		250,000
87	52		2,425		109,125		140,209		140,209		250,000
88	53		2,425		111,550		136,512		136,512		250,000
89	54		2,425		113,975		130,064		130,064		250,000
90	55		2,425		116,400		119,823		119,823		250,000
91	56		2,425		118,825		104,362		104,362		250,000
92	57		2,425		121,250		81,591		81,591		250,000
93	58		2,425		123,675		48,207		48,207		250,000


LD18237-2-05/11-IF		Issue State: FL
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	16


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator^SM Variable Universal Life Insurance In Force Illustration Guaranteed Charges Ledger
Primary Insured: Insured Name		Annual Premium: $2,425.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (0.00%)
		Separate Account Rate (0.00%
		Gross; -0.90% Net) (a)
		————End of Year————


Age	End of Year	Additional Planned Premium(b)		Cumulative Outlay		Cash Value		Net Surrender Value		Death Benefit Proceeds
37	2		0		0		8,849		4,538		250,000
38	3		0		0		7,705		4,236		250,000
39	4		0		0		6,312		3,339		250,000
40	5		0		0		4,921		2,939		250,000
41	6		0		0		3,524		2,037		250,000
42	7		0		0		2,116		1,125		250,000
43	8		2,425		2,425		3,024		3,024		250,000
44	9		2,425		4,850		3,884		3,884		250,000
45	10		2,425		7,275		4,690		4,690		250,000
46	11		2,425		9,700		5,437		5,437		250,000
47	12		2,425		12,125		6,126		6,126		250,000
48	13		2,425		14,550		6,766		6,766		250,000
49	14		2,425		16,975		7,368		7,368		250,000
50	15		2,425		19,400		7,921		7,921		250,000
51	16		2,425		21,825		8,434		8,434		250,000
52	17		2,425		24,250		8,868		8,868		250,000
53	18		2,425		26,675		9,209		9,209		250,000
54	19		2,425		29,100		9,442		9,442		250,000
55	20		2,425		31,525		9,538		9,538		250,000
56	21		2,425		33,950		10,291		10,291		250,000
57	22		2,425		36,375		10,887		10,887		250,000
58	23		2,425		38,800		11,331		11,331		250,000
59	24		2,425		41,225		11,624		11,624		250,000
60	25		2,425		43,650		11,740		11,740		250,000
61	26		2,425		46,075		11,640		11,640		250,000
62	27		2,425		48,500		11,277		11,277		250,000
63	28		2,425		50,925		10,605		10,605		250,000
64	29		2,425		53,350		9,591		9,591		250,000
65	30		2,425		55,775		8,217		8,217		250,000
66	31		2,425		58,200		6,460		6,460		250,000
67	32		2,425		60,625		4,305		4,305		250,000
68	33		2,425		63,050		1,726		1,726		250,000


LD18237-2-05/11-IF		Issue State: FL
May 2, 2011 4:10:48 PM	Page 10 of 18	Version: 07.00.35.1090.4054 TCFMDIFS

	17


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator^SM Variable Universal Life Insurance In Force Illustration Guaranteed Charges Detail Ledger
Primary Insured: Insured Name		Annual Premium: $2,425.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (2.00%)
		Separate Account Rate (10.00% Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year		Additional Fixed Planned Premium(b)		Additional Separate Account Planned Premium(b)		Cumulative Outlay		Fixed Value		Separate Account Value		Total Cash Value		Net Surrender Value		Death Benefit Proceeds
37		2		0		0		0		0		9,796		9,796		5,485		250,000
38		3		0		0		0		0		9,561		9,561		6,093		250,000
39		4		0		0		0		0		9,029		9,029		6,056		250,000
40		5		0		0		0		0		8,431		8,431		6,449		250,000
41		6		0		0		0		0		7,754		7,754		6,268		250,000
42		7		0		0		0		0		6,987		6,987		5,996		250,000
43		8		1,213		1,213		2,425		1,027		7,571		8,598		8,598		250,000
44		9		1,213		1,213		4,850		1,962		8,275		10,237		10,237		250,000
45		10		1,213		1,213		7,275		2,836		9,073		11,909		11,909		250,000
46		11		1,213		1,213		9,700		3,666		9,947		13,613		13,613		250,000
47		12		1,213		1,213		12,125		4,464		10,893		15,357		15,357		250,000
48		13		1,213		1,213		14,550		5,241		11,914		17,156		17,156		250,000
49		14		1,213		1,213		16,975		6,008		13,017		19,025		19,025		250,000
50		15		1,213		1,213		19,400		6,765		14,199		20,964		20,964		250,000
51		16		1,213		1,213		21,825		7,514		15,517		23,031		23,031		250,000
52		17		1,213		1,213		24,250		8,253		16,910		25,162		25,162		250,000
53		18		1,213		1,213		26,675		8,979		18,371		27,350		27,350		250,000
54		19		1,213		1,213		29,100		9,691		19,896		29,587		29,587		250,000
55		20		1,213		1,213		31,525		10,381		21,473		31,854		31,854		250,000
56		21		1,213		1,213		33,950		11,321		23,663		34,984		34,984		250,000
57		22		1,213		1,213		36,375		12,243		25,957		38,199		38,199		250,000
58		23		1,213		1,213		38,800		13,152		28,366		41,518		41,518		250,000
59		24		1,213		1,213		41,225		14,052		30,904		44,955		44,955		250,000
60		25		1,213		1,213		43,650		14,938		33,567		48,505		48,505		250,000
61		26		1,213		1,213		46,075		15,804		36,346		52,150		52,150		250,000
62		27		1,213		1,213		48,500		16,642		39,227		55,869		55,869		250,000
63		28		1,213		1,213		50,925		17,446		42,197		59,643		59,643		250,000
64		29		1,213		1,213		53,350		18,215		45,252		63,467		63,467		250,000
65		30		1,213		1,213		55,775		18,950		48,397		67,347		67,347		250,000
66		31		1,213		1,213		58,200		19,655		51,638		71,293		71,293		250,000
67		32		1,213		1,213		60,625		20,333		54,990		75,323		75,323		250,000
68		33		1,213		1,213		63,050		20,988		58,459		79,447		79,447		250,000
69		34		1,213		1,213		65,475		21,622		62,054		83,676		83,676		250,000
70		35		1,213		1,213		67,900		22,232		65,770		88,002		88,002		250,000
71		36		1,213		1,213		70,325		22,812		69,589		92,401		92,401		250,000


LD18237-2-05/11-IF		Issue State: FL
May 2, 2011 4:10:48 PM	Page 11 of 18	Version: 07.00.35.1090.4054 TCFMDIFS

	18


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator^SM Variable Universal Life Insurance In Force Illustration Guaranteed Charges Detail Ledger
Primary Insured: Insured Name		Annual Premium: $2,425.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (2.00%)
		Separate Account Rate (10.00% Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Fixed Planned Premium(b)		Additional Separate Account Planned Premium(b)		Cumulative Outlay		Fixed Value		Separate Account Value		Total Cash Value		Net Surrender Value		Death Benefit Proceeds
72	37		1,213		1,213		72,750		23,350		73,477		96,827		96,827		250,000
73	38		1,213		1,213		75,175		23,839		77,399		101,238		101,238		250,000
74	39		1,213		1,213		77,600		24,283		81,358		105,640		105,640		250,000
75	40		1,213		1,213		80,025		24,681		85,347		110,028		110,028		250,000
76	41		1,213		1,213		82,450		25,035		89,356		114,391		114,391		250,000
77	42		1,213		1,213		84,875		25,339		93,354		118,693		118,693		250,000
78	43		1,213		1,213		87,300		25,583		97,289		122,872		122,872		250,000
79	44		1,213		1,213		89,725		25,757		101,094		126,851		126,851		250,000
80	45		1,213		1,213		92,150		25,852		104,710		130,562		130,562		250,000
81	46		1,213		1,213		94,575		25,860		108,064		133,924		133,924		250,000
82	47		1,213		1,213		97,000		25,775		111,085		136,860		136,860		250,000
83	48		1,213		1,213		99,425		25,591		113,703		139,294		139,294		250,000
84	49		1,213		1,213		101,850		25,295		115,797		141,092		141,092		250,000
85	50		1,213		1,213		104,275		24,862		117,186		142,048		142,048		250,000
86	51		1,213		1,213		106,700		24,258		117,623		141,881		141,881		250,000
87	52		1,213		1,213		109,125		23,438		116,771		140,209		140,209		250,000
88	53		1,213		1,213		111,550		22,337		114,174		136,512		136,512		250,000
89	54		1,213		1,213		113,975		20,868		109,196		130,064		130,064		250,000
90	55		1,213		1,213		116,400		18,897		100,926		119,823		119,823		250,000
91	56		1,213		1,213		118,825		16,242		88,120		104,362		104,362		250,000
92	57		1,213		1,213		121,250		12,614		68,978		81,591		81,591		250,000
93	58		1,213		1,213		123,675		7,501		40,706		48,207		48,207		250,000


LD18237-2-05/11-IF		Issue State: FL
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	19


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator^SM Variable Universal Life Insurance In Force Illustration Guaranteed Charges Ledger with 100% Allocation to Subaccounts
Primary Insured: Insured Name		Annual Premium: $2,425.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Separate Account Rate (0.00%
		Gross; -0.90% Net) (a)
		————End of Year————


Age	End of Year	Cumulative Outlay		Additional Planned Premium(b)		Cash Value		Net Surrender Value		Death Benefit Proceeds
37	2		0		0		8,849		4,538		250,000
38	3		0		0		7,705		4,236		250,000
39	4		0		0		6,312		3,339		250,000
40	5		0		0		4,921		2,939		250,000
41	6		0		0		3,524		2,037		250,000
42	7		0		0		2,116		1,125		250,000
43	8		2,425		2,425		3,008		3,008		250,000
44	9		2,425		4,850		3,840		3,840		250,000
45	10		2,425		7,275		4,609		4,609		250,000
46	11		2,425		9,700		5,311		5,311		250,000
47	12		2,425		12,125		5,948		5,948		250,000
48	13		2,425		14,550		6,531		6,531		250,000
49	14		2,425		16,975		7,069		7,069		250,000
50	15		2,425		19,400		7,555		7,555		250,000
51	16		2,425		21,825		8,015		8,015		250,000
52	17		2,425		24,250		8,394		8,394		250,000
53	18		2,425		26,675		8,676		8,676		250,000
54	19		2,425		29,100		8,850		8,850		250,000
55	20		2,425		31,525		8,885		8,885		250,000
56	21		2,425		33,950		9,575		9,575		250,000
57	22		2,425		36,375		10,103		10,103		250,000
58	23		2,425		38,800		10,476		10,476		250,000
59	24		2,425		41,225		10,695		10,695		250,000
60	25		2,425		43,650		10,735		10,735		250,000
61	26		2,425		46,075		10,559		10,559		250,000
62	27		2,425		48,500		10,120		10,120		250,000
63	28		2,425		50,925		9,373		9,373		250,000
64	29		2,425		53,350		8,289		8,289		250,000
65	30		2,425		55,775		6,850		6,850		250,000
66	31		2,425		58,200		5,035		5,035		250,000
67	32		2,425		60,625		2,833		2,833		250,000
68	33		2,425		63,050		218		218		250,000

This legder assumes all net preminums are allocated to the Separate Account regardless of whether net preminums are allocated to the Fixed Accounts.


LD18237-2-05/11-IF		Issue State: FL
May 2, 2011 4:10:48 PM	Page 13 of 18	Version: 07.00.35.1090.4054 TCFMDIFS

	20


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator^SM Variable Universal Life Insurance In Force Illustration Supplemental Footnotes and Additional Information
Primary Insured: Insured Name		Annual Premium: $2,425.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None

(a) The hypothetical gross rates of return are reduced by the weighted average of the annual management fees and expenses of all the subaccounts selected. The current mortality and expense risk charge is 0.75% in Policy years 1-15. We may reduce this charge to 0.00% in Policy years 16+ but we do not guarantee that we will do so. The guaranteed mortality and expense risk charge is 0.75% in Policy years 1-15 and 0.30% in Policy years 16+. An approximation of these charges is reflected in both the current and guaranteed charges ledgers.

The selected subaccount annual management fees and expenses used to determine the weighted average as of December 31, 2010 are:


Subaccount	Subaccount Allocation Percentage			Total Subaccount Management Fees and Expenses
Transamerica AEGON Active Asset Allocation - Conservative VP		0.00	%		0.73	%
Transamerica AEGON Active Asset Allocation - Moderate Growth VP		0.00	%		0.74	%
Transamerica AEGON Active Asset Allocation - Moderate VP		0.00	%		0.74	%
Transamerica AEGON High Yield Bond VP		0.65	%		0.73	%
Transamerica AEGON Money Market VP		1.98	%		0.40	%
Transamerica AEGON U.S. Government Securities VP		0.43	%		0.61	%
Transamerica Alliance Bernstein Dynamic Allocation VP		0.12	%		1.05	%
Transamerica Asset Allocation - Conservative VP		1.57	%		0.85	%
Transamerica Asset Allocation- Growth VP		9.38	%		1.04	%
Transamerica Asset Allocation- Moderate Growth VP		10.59	%		0.95	%
Transamerica Asset Allocation- Moderate VP		3.23	%		0.90	%
Transamerica BlackRock Global Allocation VP		0.00	%		0.83	%
Transamerica BlackRock Large Cap Value VP		2.07	%		0.79	%
Transamerica BlackRock Tactical Allocation VP		0.00	%		0.93	%
Transamerica Clarion Global Real Estate Securities VP		1.59	%		0.90	%
Transamerica Efficient Markets VP		0.01	%		0.75	%
Transamerica Foxhall Emerging Markets/Pacific RIM VP		0.57	%		1.39	%
Transamerica Foxhall Global Commodities & Hard Assets VP		0.34	%		1.48	%
Transamerica Foxhall Global Conservative VP		0.07	%		1.21	%
Transamerica Foxhall Global Growth VP		0.61	%		1.37	%
Transamerica Hanlon Balanced VP		0.38	%		1.33	%
Transamerica Hanlon Growth and Income VP		0.34	%		1.34	%
Transamerica Hanlon Growth VP		0.50	%		1.34	%
Transamerica Hanlon Managed Income VP		1.00	%		1.24	%
Transamerica Index 50 VP		0.01	%		0.50	%
Transamerica Index 75 VP		0.04	%		0.46	%
Transamerica International Moderate Growth VP		0.38	%		1.05	%
Transamerica Jennison Growth VP		0.37	%		0.79	%
Transamerica JPMorgan Core Bond VP		1.97	%		0.57	%
Transamerica JPMorgan Enhanced Index VP		0.07	%		0.84	%
Transamerica JPMorgan Tactical Allocation VP		2.10	%		0.91	%
Transamerica MFS International Equity VP		1.56	%		1.05	%
Transamerica Morgan Stanley Capital Growth VP		1.14	%		0.90	%
Transamerica Morgan Stanley Growth Opportunities VP		2.17	%		0.87	%
Transamerica Morgan Stanley Mid-Cap Growth VP		11.14	%		0.90	%
Transamerica Multi-Managed Balanced VP		4.10	%		0.83	%
Transamerica Multi Managed Large Cap Core VP		0.09	%		0.84	%
Transamerica PIMCO Total Return VP		1.08	%		0.69	%
Transamerica Systematic Small/Mid Cap Value VP		1.29	%		0.86	%
Transamerica T. Rowe Price Small Cap VP		0.98	%		0.84	%
Transamerica Third Avenue Value VP		2.65	%		0.90	%
Transamerica WMC Diversified Equity VP		7.66	%		0.83	%
Transamerica WMC Diversified Growth VP		21.52	%		0.78	%


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	21


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator^SM Variable Universal Life Insurance In Force Illustration Supplemental Footnotes and Additional Information
Primary Insured: Insured Name		Annual Premium: $2,425.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


ProFund VP Asia 30	0.22%	1.68%
ProFund VP Basic Materials	0.29%	1.68%
ProFund VP Bull	0.31%	1.68%
ProFund VP Consumer Services	0.03%	1.68%
ProFund VP Emerging Markets	0.67%	1.68%
ProFund VP Europe 30	0.01%	1.68%
ProFund VP Falling U.S. Dollar	0.02%	1.68%
ProFund VP Financials	0.07%	1.68%
ProFund VP International	0.27%	1.68%
ProFund VP Japan	0.01%	1.68%
ProFund VP Mid-Cap	0.10%	1.68%
ProFund VP Money Market	0.46%	1.35%
ProFund VP NASDAQ-100	0.13%	1.68%
ProFund VP Oil & Gas	0.19%	1.68%
ProFund VP Pharmaceuticals	0.02%	1.68%
ProFund VP Precious Metals	0.39%	1.68%
ProFund VP Short Emerging Markets	0.01%	1.68%
ProFund VP Short International	0.02%	1.68%
ProFund VP Short NASDAQ-100	0.02%	1.68%
ProFund VP Short Small-Cap	0.05%	1.68%
ProFund VP Small-Cap	0.04%	1.68%
ProFund VP Small-Cap Value	0.02%	1.68%
ProFund VP Telecommunications	0.01%	1.68%
ProFund VP U.S. Government Plus	0.12%	1.38%
ProFund VP UltraSmall-Cap	0.26%	1.68%
ProFund VP Utilities	0.05%	1.68%
Fidelity VIP Index 500 Portfolio	0.33%	0.35%
Access VP High Yield Fund	0.07%	1.68%
AllianceBemstein Balanced Wealth Strategy Portfolio	0.02%	0.93%
Franklin Templeton VIP Founding Funds Allocation Fund	0.02%	1.12%

(b) The Additional Planned Premium column does not include premiums paid up to the illustration date. The Additional Planned Premiums shown include any scheduled premiums obtained through information you provided for the illustration. All illustrated values and benefits are shown as of the end of each Policy Year. Values and premiums are rounded to the nearest dollar.

This Illustration assumes all net premiums (premiums, less any premium expense charges) are allocated among the Fixed Account and/or the variable subaccounts of the Separate Account. Cash values are illustrated after Monthly Deductions, as noted below. The Net Surrender Value illustrated is the Cash Value, less any applicable surrender charges and loans.

The current charges illustration reflects current charges, and the guaranteed charges illustration reflects guaranteed charges. These charges are:

•

A mortality and expense risk charge assessed against each subaccount:

•

Current:

•

0.75% in Policy years 1-15

•

0.00% thereafter

•

Guaranteed:

•

0.75% in Policy years 1-15

•

0.30% thereafter

•

The current and guaranteed premium expense charge (on all premium payments):

•

0.00% in Policy year 1


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	22


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator^SM Variable Universal Life Insurance In Force Illustration Supplemental Footnotes and Additional Information
Primary Insured: Insured Name		Annual Premium: $2,425.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None

•

3.00% thereafter

•

Monthly Deductions for:

•

The cost of insurance

•

The monthly Policy charge:

•

Current:

•

$10.00 per month through age 99

•

$0.00 per month thereafter

•

Guaranteed:

•

$l2.00 per month through age 99

•

$0.00 per month thereafter

•

The monthly per unit charge (a charge per $1,000 of specified amount for the first 8 Policy years and the first 8 years after any specified amount increase; guaranteed to stop after 20 years)

•

Any riders illustrated.

•

A pro rata charge upon a decrease in the Specified Amount during the first 8 Policy years and during the first 8 years after any increase, on the effective date of the decrease.

•

A surrender charge per $1,000 of specified amount is applied to a full surrender in the first 8 Policy years and 8 years from the date of any specified amount increase.

The current interest rate for net premiums applied to the Fixed Account after 9/1/10 is 3.50% and is subject to change. The previous rate of 4.10% applies to existing cash value in the Fixed Account until the next anniversary of each premium. The guaranteed Minimum interest rate is 2.00%.

Based on actual premium payments, the Minimum No Lapse Guarantee is no longer in effect. Without the payment of additional premiums, the policy may lapse in the years shown based primarily on activities illustrated and the following assumptions:

•

At a 0.00% Gross (-0.90% Net) Rate of Return and Guaranteed Charges, the policy may lapse in Policy year 34.

•

At a 10.00% Gross (9.10% Net) Rate of Return and Guaranteed Charges, the policy may lapse in Policy year 59.

At a 0.00% Gross (-0.90% Net) Rate of Return and Guaranteed Charges, the policy may lapse in Policy year 34.

Actual rates of return may be more or less than those shown, and will depend upon a number of factors, including the actual premiums paid by the Policy Owner and the actual investment returns of the subaccounts selected. This illustration uses hypothetical rates of return over all years for the Separate Account. No representations are made by Western Reserve Life or the Funds, that the hypothetical rates of return can be achieved during any one year or sustained over any period of time.

Information regarding a Modified Endowment Contract:

Amounts withdrawn or borrowed from a Modified Endowment Contract (“MEC”), or the pledge of a MEC, prior to the death of the Insured will be taxable to the extent of any gain in the contract. ln addition, if the owner is not yet 59¹/₂ or if the owner is not an individual (such as a trust for example), the taxable amounts may be subject to a 10% penalty tax. Under the Federal Income Tax Law, a life insurance contract becomes a MEC when actual premiums paid exceed a specified 7-Pay premium limit applicable initially for the first seven policy years and may also become a MEC when there are certain changes to policy benefits. New 7-Pay premium limits for succeeding seven-year periods may be established for the policy as a result of certain changes in policy terms or benefits. All MECs issued by Western Reserve Life and its affiliates to the same owner during any calendar year will be treated as one MEC. If there is an IRC Section 1035 Exchange of a life insurance contract that is not a MEC for another life insurance contract, a certain portion of the cash value exchanged will apply annually towards the annual 7-Pay premium limit of the new policy in


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	23


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator^SM Variable Universal Life Insurance In Force Illustration Supplemental Footnotes and Additional Information
Primary Insured: Insured N ame		Annual Premium: $2,425.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None

determining whether the new contract is a MEC. If the original policy was a MEC, the new policy received in exchange will also be a MEC. You should consult with and rely on your qualified tax advisor as to the implications of any withdrawal, loan, surrender, pledge, exchange or collateral assignment of a life insurance policy.

Based on the premium payments and activities illustrated, this policy will not become a Modified Endowment Contract (“MEC”).

Target: Used for administrative purposes.

Guideline Premium Test: Under the Federal Income Tax Law, the Guideline Level Premium (GL Annual) is the maximum level annual Premium that can be paid into the policy on an annual basis and still have it qualify as a life insurance contract. The Guideline Single Premium (GL Single) is the maximum single Premium that can be paid into the policy at issue and still have it qualify as a life insurance contract. Premiums paid into the policy at any date can never exceed the greater of the Guideline Single Premium or the sum of the Guideline Level Premiums to such date. Guideline premium limits for the policy may change as a result of changes in policy terms or benefits.

To ensure compliance with federal income tax law, Western Reserve Life will monitor the level of death benefit and premiums, and reserves the right to adjust the death benefit and limit or refund any amount of premium, to preserve the qualification of the policy as a life insurance contract for federal income tax purposes.

Western Reserve Life and its agents cannot give tax, legal or accounting advice. Please consult your attorney, accountant or personal tax advisor. For information about the taxation of life insurance policies, please refer to the prospectus.


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	24


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator^SM Variable Universal Life Insurance In Force Illustration Policy Summary
Primary Insured: Insured Name		Annual Premium: $2,425.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None

Coverage

Amount

Issue Date

Mature
Date

Issue
Age

Curr
Age

Gender

Risk Class

Table
Rating

Flat
Extra

Flat Extra
Expire Date

Base

250,000.00

05/02/2011

05/02/2096

Male

Preferred
Elite

None

$0.00

05/02/2011

Rider(s) Illustrated: None


		This column shows current policy data as of the date of the illustration.		This column shows policy data assuming potential changes and as lllustrated in the preceding ledgers.
DEFRA/TAMRA/MAP Guidelines	Guideline Annual Premium	$	10,000.00	$	10,000.00
	Guideline Single Premium	$	100,000.00	$	100,000.00
	Additional DEFRA Allowable	$	100,000.00	$	100,000.00
	7-Pay Premium	$	0.00	$	0.00
	Additional TAMRA Allowable	$	0.00	$	0.00
	Target Premium	$	2,000.00	$	2,000.00
	Minimum Annual Premium (MAP)	$	2,000.00	$	2,000.00
	MAP Accumulation	$	4,000.00	$	4,000.00
Policy Values and Benefits	Death Benefit without Riders	$	250,000.00	$	250,000.00
	Net Amount at Risk	$	240,000.00	$	240,000.00
	Cash Value	$	10,000.00	$	10,000.00
	Surrender Charge	$	4,955.00	$	4,955.00
	Cash Surrender Value	$	5,045.00	$	5,045.00
	Cost Basis	$	0.00	$	0.00
	Gain/Loss	$	10,000.00	$	10,000.00
	Loan Payoff	$	0.00	$	0.00
	Total Withdrawals	$	0.00	$	0.00
	Dump-In Premium		N/A	$	0.00
	Gross Transfer	$	0.00	$	0.00
	Net Transfer	$	0.00	$	0.00


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	25

LOGO

Western Reserve Life Assurance Co. of Ohio

Home Office: Columbus, Ohio

Distributor: Transamerica Capital, Inc., Member FINRA

WRL Xcelerator Focus^SM Variable Universal Life

Insurance In Force Illustration

Policy Form VL09

Designed for

Policy Owner

Policy Number

0123456789

Registered Representative

Agent Name

Illustration as of: May 2, 2012


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Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Focus^SM Variable Universal Life Insurance In Force Illustration Current Charges Ledger
Primary Insured: Insured Name		Annual Premium: $1,940.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (3.50%)
		Separate Account Rate (10.00%
		Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Planned Premium(b)	Cumulative Outlay	Cash Value	Net Surrender Value	Death Benefit Proceeds
37	2	1,940	1,940	12,131	11,941	250,000
38	3	1,940	3,880	14,383	14,261	250,000
39	4	1,940	5,820	16,773	16,683	250,000
40	5	1,940	7,760	19,310	19,270	250,000
41	6	1,940	9,700	22,009	21,986	250,000
42	7	1,940	11,640	24,879	24,869	250,000
43	8	1,940	13,580	27,934	27,934	250,000
44	9	1,940	15,520	31,715	31,715	250,000
45	10	1,940	17,460	35,747	35,747	250,000
46	11	1,940	19,400	40,047	40,047	250,000
47	12	1,940	21,340	44,634	44,634	250,000
48	13	1,940	23,280	49,529	49,529	250,000
49	14	1,940	25,220	54,756	54,756	250,000
50	15	1,940	27,160	60,340	60,340	250,000
51	16	1,940	29,100	66,575	66,575	250,000
52	17	1,940	31,040	73,280	73,280	250,000
53	18	1,940	32,980	80,466	80,166	250,000
54	19	1,940	34,920	88,203	88,203	250,000
55	20	1,940	36,860	96,541	96,541	250,000
56	21	1,940	38,800	105,583	105,583	250,000
57	22	1,940	40,740	115,328	115,328	250,000
58	23	1,940	42,680	125,856	125,856	250,000
59	24	1,940	44,620	137,237	137,237	250,000
60	25	1,940	46,560	149,553	149,553	250,000
61	26	1,940	48,500	162,890	162,890	250,000
62	27	1,940	50,440	177,351	177,351	250,000
63	28	1,940	52,380	193,046	193,046	250,000
64	29	1,940	54,320	210,089	210,089	260,510
65	30	1,940	56,260	228,545	228,545	278,825
66	31	1,940	58,200	248,527	248,527	298,233
67	32	1,940	60,140	270,153	270,153	321,482
68	33	1,940	62,080	293,563	293,563	346,404
69	34	1,940	64,020	318,910	318,910	373,124
70	35	1,940	65,960	346,362	346,362	401,779
71	36	1,940	67,900	376,101	376,101	432,516


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	27


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Focus^SM Variable Universal Life Insurance In Force Illustration Current Charges Ledger
Primary Insured: Insured Name		Annual Premium: $1,940.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (3.50%)
		Separate Account Rate (10.00%
		Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Planned Premium(b)	Cumulative Outlay	Cash Value	Net Surrender Value	Death Benefit Proceeds
72	37	1,940	69,840	408,371	408,371	461,459
73	38	1,940	71,780	443,411	443,411	492,187
74	39	1,940	73,720	481,487	481,487	524,821
75	40	1,940	75,660	522,894	522,894	559,496
76	41	1,940	77,600	567,963	567,963	596,361
77	42	1,940	79,540	616,862	616,862	647,705
78	43	1,940	81,480	669,916	669,916	703,412
79	44	1,940	83,420	727,479	727,479	763,853
80	45	1,940	85,360	789,934	789,934	829,431
81	46	1,940	87,300	857,695	857,695	900,579
82	47	1,940	89,240	931,208	931,208	977,769
83	48	1,940	91,180	1,010,961	1,010,961	1,061,509
84	49	1,940	93,120	1,097,472	1,097,472	1,152,346
85	50	1,940	95,060	1,191,303	1,191,303	1,250,868
86	51	1,940	97,000	1,293,055	1,293,055	1,357,707
87	52	1,940	98,940	1,403,376	1,403,376	1,473,544
88	53	1,940	100,880	1,522,963	1,522,963	1,599,112
89	54	1,940	102,820	1,652,570	1,652,570	1,735,199
90	55	1,940	104,760	1,793,010	1,793,010	1,882,660
91	56	1,940	106,700	1,945,162	1,945,162	2,042,420
92	57	1,940	108,640	2,111,226	2,111,226	2,195,675
93	58	1,940	110,580	2,292,736	2,292,736	2,361,518
94	59	1,940	112,520	2,491,434	2,491,434	2,541,262
95	60	1,940	114,460	2,709,302	2,709,302	2,736,395
96	61	1,940	116,400	2,948,608	2,948,608	2,948,608
97	62	1,940	118,340	3,209,318	3,209,318	3,209,318
98	63	1,940	120,280	3,493,365	3,493,365	3,493,365
99	64	1,940	122,220	3,802,862	3,802,862	3,802,862
100	65	1,940	124,160	4,140,109	4,140,109	4,140,109
101	66	0	124,160	4,505,742	4,505,742	4,550,799
102	67	0	124,160	4,904,258	4,953,301	4,953,301
103	68	0	124,160	5,338,637	5,392,024	5,392,024
104	69	0	124,160	5,812,128	5,870,249	5,870,249
105	70	0	124,160	6,328,275	6,391,558	6,391,558
106	71	0	124,160	6,890,945	6,959,854	6,959,854


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	28


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Focus^SM Variable Universal Life Insurance In Force Illustration Current Charges Ledger
Primary Insured: Insured Name		Annual Premium: $1,940.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (3.50%)
		Separate Account Rate (10.00%
		Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Planned Premium(b)	Cumulative Outlay	Cash Value	Net Surrender Value	Death Benefit Proceeds
107	72	0	124,160	7,504,355	7,579,399	7,579,399
108	73	0	124,160	8,173,108	8,254,839	8,254,839
109	74	0	124,160	8,902,222	8,991,244	8,991,244
110	75	0	124,160	9,697,173	9,794,145	9,794,145
111	76	0	124,160	10,563,935	10,669,574	10,669,574
112	77	0	124,160	11,509,023	11,624,113	11,624,113
113	78	0	124,160	12,539,546	12,664,941	12,664,941
114	79	0	124,160	13,663,258	13,799,891	13,799,891
115	80	0	124,160	14,888,620	15,037,506	15,037,506
116	81	0	124,160	16,224,860	16,387,109	16,387,109
117	82	0	124,160	17,682,046	17,858,866	17,858,866
118	83	0	124,160	19,271,162	19,463,872	19,463,872
119	84	0	124,160	21,004,188	21,214,230	21,214,230
120	85	0	124,160	22,894,196	23,123,138	23,123,138


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	29


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Focus^SM Variable Universal Life Insurance In Force Illustration Current Charges Detail Ledger
Primary Insured: Insured Name		Annual Premium: $1,940.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (3.50%)
		Separate Account Rate (10.00%
		Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Fixed Planned Premium(b)	Additional Separate Account Planned Premium(b)	Cumulative Outlay	Fixed Value	Separate Account Value	Total Cash Value	Net Surrender Value	Death Benefit Proceeds
37	2	970	970	1,940	921	11,210	12,131	11,941	250,000
38	3	970	970	3,880	1,837	12,547	14,383	14,261	250,000
39	4	970	970	5,820	2,757	14,015	16,773	16,683	250,000
40	5	970	970	7,760	3,689	15,621	19,310	19,270	250,000
41	6	970	970	9,700	4,639	17,370	22,009	21,986	250,000
42	7	970	970	11,640	5,609	19,270	24,879	24,869	250,000
43	8	970	970	13,580	6,604	21,330	27,934	27,934	250,000
44	9	970	970	15,520	7,754	23,961	31,715	31,715	250,000
45	10	970	970	17,460	8,941	26,806	35,747	35,747	250,000
46	11	970	970	19,400	10,166	29,881	40,047	40,047	250,000
47	12	970	970	21,340	11,429	33,205	44,634	44,634	250,000
48	13	970	970	23,280	12,734	36,796	49,529	49,529	250,000
49	14	970	970	25,220	14,080	40,676	54,756	54,756	250,000
50	15	970	970	27,160	15,470	44,870	60,340	60,340	250,000
51	16	970	970	29,100	16,887	49,688	66,575	66,575	250,000
52	17	970	970	31,040	18,350	54,931	73,280	73,280	250,000
53	18	970	970	32,980	19,853	60,613	80,466	80,466	250,000
54	19	970	970	34,920	21,407	66,796	88,203	88,203	250,000
55	20	970	970	36,860	23,013	73,527	96,541	96,541	250,000
56	21	970	970	38,800	24,686	80,897	105,583	105,583	250,000
57	22	970	970	40,740	26,414	88,914	115,328	115,328	250,000
58	23	970	970	42,680	28,203	97,653	125,856	125,856	250,000
59	24	970	970	44,620	30,056	107,181	137,237	137,237	250,000
60	25	970	970	46,560	31,977	117,575	149,553	149,553	250,000
61	26	970	970	48,500	33,970	128,920	162,890	162,890	250,000
62	27	970	970	50,440	36,039	141,311	177,351	177,351	250,000
63	28	970	970	52,380	38,190	154,855	193,046	193,046	250,000
64	29	970	970	54,320	40,427	169,662	210,089	210,089	260,510
65	30	970	970	56,260	42,741	185,804	228,545	228,545	278,825
66	31	970	970	58,200	45,134	203,393	248,527	248,527	298,233
67	32	970	970	60,140	47,606	222,547	270,153	270,153	321,482
68	33	970	970	62,080	50,159	243,403	293,563	293,563	346,404
69	34	970	970	64,020	52,796	266,113	318,910	318,910	373,124
70	35	970	970	65,960	55,520	290,842	346,362	346,362	401,779
71	36	970	970	67,900	58,333	317,768	376,101	376, 101	432,516


LD18233-2-05/11-IF		Issue State: FL
May 2, 2011 4:18:10 PM	Page 5 of 20	Version: 07.00.35.1090.4054 TCFMDIFS

	30


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Focus^SM Variable Universal Life Insurance In Force Illustration Current Charges Detail Ledger
Primary Insured: Insured Name		Annual Premium: $1,940.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (3.50%)
		Separate Account Rate (10.00%
		Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Fixed Planned Premium(b)	Additional Separate Account Planned Premium(b)	Cumulative Outlay	Fixed Value	Separate Account Value	Total Cash Value	Net Surrender Value	Death Benefit Proceeds
72	37	970	970	69,840	61,245	347,126	408,371	408,371	461,459
73	38	970	970	71,780	64,263	379,149	443,411	443,411	492,187
74	39	970	970	73,720	67,391	414,096	481,487	481,487	524,821
75	40	970	970	75,660	70,638	452,256	522,894	522,894	559,496
76	41	970	970	77,600	74,011	493,952	567,963	567,963	596,361
77	42	970	970	79,540	77,495	539,367	616,862	616,862	647,705
78	43	970	970	81,480	81,091	588,824	669,916	669,916	703,412
79	44	970	970	83,420	84,803	642,676	727,479	727,479	763,853
80	45	970	970	85,360	88,634	701,301	789,934	789,934	829,431
81	46	970	970	87,300	92,584	765,110	857,695	857,695	900,579
82	47	970	970	89,240	96,658	834,550	931,208	931,208	977,769
83	48	970	970	91,180	100,858	910,102	1,010,961	1,010,961	1,061,509
84	49	970	970	93,120	105,186	992,286	1,097,472	1,097,472	1,152,346
85	50	970	970	95,060	109,644	1,081,659	1,191,303	1,191,303	1,250,868
86	51	970	970	97,000	114,233	1,178,822	1,293,055	1,293,055	1,357,707
87	52	970	970	98,940	118,955	1,284,421	1,403,376	1,403,376	1,473,544
88	53	970	970	100,880	123,811	1,399,152	1,522,963	1,522,963	1,599,112
89	54	970	970	102,820	128,803	1,523,768	1,652,570	1,652,570	1,735,199
90	55	970	970	104,760	133,931	1,659,079	1,793,010	1,793,010	1,882,660
91	56	970	970	106,700	139,198	1,805,963	1,945,162	1,945,162	2,042,420
92	57	970	970	108,640	144,691	1,966,535	2,111,226	2,111,226	2,195,675
93	58	970	970	110,580	150,433	2,142,303	2,292,736	2,292,736	2,361,518
94	59	970	970	112,520	156,451	2,334,982	2,491,434	2,491,434	2,541,262
95	60	970	970	114,460	162,776	2,546,527	2,709,302	2,709,302	2,736,395
96	61	970	970	116,400	169,439	2,779,169	2,948,608	2,948,608	2,948,608
97	62	970	970	118,340	176,337	3,032,981	3,209,318	3,209,318	3,209,318
98	63	970	970	120,280	183,476	3,309,889	3,493,365	3,493,365	3,493,365
99	64	970	970	122,220	190,865	3,611,997	3,802,862	3,802,862	3,802,862
100	65	970	970	124,160	198,513	3,941,595	4,140,109	4,140,109	4,140,109
101	66	0	0	124,160	205,461	4,300,280	4,505,742	4,505,742	4,550,799
102	67	0	0	124,160	212,652	4,691,606	4,904,258	4,953,301	4,953,301
103	68	0	0	124,160	220,095	5,118,542	5,338,637	5,392,024	5,392,024
104	69	0	0	124,160	227,799	5,584,329	5,812,128	5,870,249	5,870,249
105	70	0	0	124,160	235,772	6,092,503	6,328,275	6,391,558	6,391,558
106	71	0	0	124,160	244,024	6,646,921	6,890,945	6,959,854	6,959,854


LD18233-2-05/11-IF		Issue State: FL
May 2, 2011 4:18:10 PM	Page 6 of 20	Version: 07.00.35.1090.4054 TCFMDIFS

	31


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Focus^SM Variable Universal Life Insurance In Force Illustration Current Charges Detail Ledger
Primary Insured: Insured Name		Annual Premium: $1,940.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (3.50%)
		Separate Account Rate (10.00%
		Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Fixed Planned Premium(b)	Additional Separate Account Planned Premium(b)	Cumulative Outlay	Fixed Value	Separate Account Value	Total Cash Value	Net Surrender Value	Death Benefit Proceeds
107	72	0	0	124,160	252,564	7,251,791	7,504,355	7,579,399	7,579,399
108	73	0	0	124,160	261,404	7,911,704	8,173,108	8,254,839	8,254,839
109	74	0	0	124,160	270,553	8,631,669	8,902,222	8,991,244	8,991,244
110	75	0	0	124,160	280,023	9,417,150	9,697,173	9,794,145	9,794,145
111	76	0	0	124,160	289,824	10,274,111	10,563,935	10,669,574	10,669,574
112	77	0	0	124,160	299,967	11,209,055	11,509,023	11,624,113	11,624,113
113	78	0	0	124,160	310,466	12,229,079	12,539,546	12,664,941	12,664,941
114	79	0	0	124,160	321,333	13,341,926	13,663,258	13,799,891	13,799,891
115	80	0	0	124,160	332,579	14,556,041	14,888,620	15,037,506	15,037,506
116	81	0	0	124,160	344,219	15,880,641	16,224,860	16,387,109	16,387,109
117	82	0	0	124,160	356,267	17,325,778	17,682,046	17,858,866	17,858,866
118	83	0	0	124,160	368,737	18,902,424	19,271,162	19,463,872	19,463,872
119	84	0	0	124,160	381,642	20,622,546	21,004,188	21,214,230	21,214,230
120	85	0	0	124,160	395,000	22,499,196	22,894,196	23,123,138	23,123,138


LD18233-2-05/11-IF		Issue State: FL
May 2, 2011 4:18:10 PM	Page 7 of 20	Version: 07.00.35.1090.4054 TCFMDIFS

	32


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Focus^SM Variable Universal Life Insurance In Force Illustration Guaranteed Charges Ledger
Primary Insured: Insured Name		Annual Premium: $1,940.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (2.00%)
		Separate Account Rate (10.00%
		Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Planned Premium(b)	Cumulative Outlay	Cash Value	Net Surrender Value	Death Benefit Proceeds
37	2	1,940	1,940	12,092	11,903	250,000
38	3	1,940	3,880	14,290	14,168	250,000
39	4	1,940	5,820	16,347	16,257	250,000
40	5	1,940	7,760	18,506	18,466	250,000
41	6	1,940	9,700	20,771	20,749	250,000
42	7	1,940	11,640	23,147	23,137	250,000
43	8	1,940	13,580	25,637	25,637	250,000
44	9	1,940	15,520	28,245	28,245	250,000
45	10	1,940	17,460	30,978	30,978	250,000
46	11	1,940	19,400	33,842	33,842	250,000
47	12	1,940	21,340	36,851	36,851	250,000
48	13	1,940	23,280	40,026	40,026	250,000
49	14	1,940	25,220	43,392	43,392	250,000
50	15	1,940	27,160	46,957	46,957	250,000
51	16	1,940	29,100	50,887	50,887	250,000
52	17	1,940	31,040	55,054	55,054	250,000
53	18	1,940	32,980	59,469	59,469	250,000
54	19	1,940	34,920	64,145	64,145	250,000
55	20	1,940	36,860	69,088	69,088	250,000
56	21	1,940	38,800	74,847	74,847	250,000
57	22	1,940	40,740	80,962	80,962	250,000
58	23	1,940	42,680	87,478	87,478	250,000
59	24	1,940	44,620	94,443	94,443	250,000
60	25	1,940	46,560	101,890	101,890	250,000
61	26	1,940	48,500	109,853	109,853	250,000
62	27	1,940	50,440	118,368	118,368	250,000
63	28	1,940	52,380	127,484	127,484	250,000
64	29	1,940	54,320	137,272	137,272	250,000
65	30	1,940	56,260	147,821	147,821	250,000
66	31	1,940	58,200	159,233	159,233	250,000
67	32	1,940	60,140	171,633	171,633	250,000
68	33	1,940	62,080	185,160	185,160	250,000
69	34	1,940	64,020	199,972	199,972	250,000
70	35	1,940	65,960	216,252	216,252	250,852
71	36	1,940	67,900	233,981	233,981	269,078


LD18233-2-05/11-IF		Issue State: FL
May 2, 2011 4:18:10 PM	Page 8 of 20	Version: 07.00.35.1090.4054 TCFMDIFS

	33


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Focus^SM Variable Universal Life Insurance In Force Illustration Guaranteed Charges Ledger
Primary Insured: Insured Name		Annual Premium: $1,940.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (2.00%)
		Separate Account Rate (10.00%
		Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Planned Premium(b)	Cumulative Outlay	Cash Value	Net Surrender Value	Death Benefit Proceeds
72	37	1,940	69,840	253,136	253,136	286,044
73	38	1,940	71,780	273,858	273,858	303,982
74	39	1,940	73,720	296,317	296,317	322,986
75	40	1,940	75,660	320,711	320,711	343,161
76	41	1,940	77,600	347,269	347,269	364,632
77	42	1,940	79,540	375,906	375,906	394,702
78	43	1,940	81,480	406,773	406,773	427,112
79	44	1,940	83,420	440,022	440,022	462,023
80	45	1,940	85,360	475,817	475,817	499,608
81	46	1,940	87,300	514,327	514,327	540,043
82	47	1,940	89,240	555,732	555,732	583,519
83	48	1,940	91,180	600,225	600,225	630,236
84	49	1,940	93,120	647,996	647,996	680,396
85	50	1,940	95,060	699,234	699,234	734,195
86	51	1,940	97,000	754,122	754,122	791,828
87	52	1,940	98,940	812,847	812,847	853,490
88	53	1,940	100,880	875,596	875,596	919,376
89	54	1,940	102,820	942,561	942,561	989,689
90	55	1,940	104,760	1,013,941	1,013,941	1,064,638
91	56	1,940	106,700	1,089,971	1,089,971	1,144,470
92	57	1,940	108,640	1,173,336	1,173,336	1,220,269
93	58	1,940	110,580	1,265,189	1,265,189	1,303,145
94	59	1,940	112,520	1,366,920	1,366,920	1,394,259
95	60	1,940	114,460	1,480,217	1,480,217	1,495,019
96	61	1,940	116,400	1,607,139	1,607,139	1,607,139
97	62	1,940	118,340	1,745,063	1,745,063	1,745,063
98	63	1,940	120,280	1,894,952	1,894,952	1,894,952
99	64	1,940	122,220	2,057,856	2,057,856	2,057,856
100	65	1,940	124,160	2,234,918	2,234,918	2,234,918
101	66	0	124,160	2,425,545	2,425,545	2,449,801
102	67	0	124,160	2,632,827	2,659,156	2,659,156
103	68	0	124,160	2,858,227	2,886,809	2,886,809
104	69	0	124,160	3,103,336	3,134,369	3,134,369
105	70	0	124,160	3,369,886	3,403,585	3,403,585
106	71	0	124,160	3,659,762	3,696,359	3,696,359


LD18233-2-05/11-IF		Issue State: FL
May 2, 2011 4:18:10 PM	Page 9 of 20	Version: 07.00.35.1090.4054 TCFMDIFS

	34


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Focus^SM Variable Universal Life Insurance In Force Illustration Guaranteed Charges Ledger
Primary Insured: Insured Name		Annual Premium: $1,940.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (2.00%)
		Separate Account Rate (10.00%
		Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Planned Premium(b)	Cumulative Outlay	Cash Value	Net Surrender Value	Death Benefit Proceeds
107	72	0	124,160	3,975,013	4,014,763	4,014,763
108	73	0	124,160	4,317,871	4,361,049	4,361,049
109	74	0	124,160	4,690,760	4,737,668	4,737,668
110	75	0	124,160	5,096,323	5,147,286	5,147,286
111	76	0	124,160	5,537,431	5,592,805	5,592,805
112	77	0	124,160	6,017,208	6,077,380	6,077,380
113	78	0	124,160	6,539,056	6,604,447	6,604,447
114	79	0	124,160	7,106,673	7,177,740	7,177,740
115	80	0	124,160	7,724,084	7,801,325	7,801,325
116	81	0	124,160	8,395,667	8,479,624	8,479,624
117	82	0	124,160	9,126,188	9,217,449	9,217,449
118	83	0	124,160	9,920,828	10,020,036	10,020,036
119	84	0	124,160	10,785,227	10,893,079	10,893,079
120	85	0	124,160	11,725,520	11,842,775	11,842,775


LD18233-2-05/11-IF		Issue State: FL
May 2, 2011 4:18:10 PM	Page 10 of 20	Version: 07.00.35.1090.4054 TCFMDIFS

	35


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Focus^SM Variable Universal Life Insurance In Force Illustration Guaranteed Charges Ledger
Primary Insured: Insured Name		Annual Premium: $1,940.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (0.00%)
		Separate Account Rate (0.00%
		Gross; -0.90% Net) (a)
		————End of Year————


Age	End of Year	Additional Planned Premium(b)	Cumulative Outlay	Cash Value	Net Surrender Value	Death Benefit Proceeds
37	2	1,940	1,940	11,014	10,824	250,000
38	3	1,940	3,880	12,013	11,891	250,000
39	4	1,940	5,820	12,748	12,658	250,000
40	5	1,940	7,760	13,465	13,425	250,000
41	6	1,940	9,700	14,157	14,135	250,000
42	7	1,940	11,640	14,819	14,809	250,000
43	8	1,940	13,580	15,444	15,444	250,000
44	9	1,940	15,520	16,025	16,025	250,000
45	10	1,940	17,460	16,558	16,558	250,000
46	11	1,940	19,400	17,039	17,039	250,000
47	12	1,940	21,340	17,467	17,467	250,000
48	13	1,940	23,280	17,853	17,853	250,000
49	14	1,940	25,220	18,205	18,205	250,000
50	15	1,940	27,160	18,514	18,514	250,000
51	16	1,940	29,100	18,817	18,817	250,000
52	17	1,940	31,040	19,047	19,047	250,000
53	18	1,940	32,980	19,188	19,188	250,000
54	19	1,940	34,920	19,228	19,228	250,000
55	20	1,940	36,860	19,138	19,138	250,000
56	21	1,940	38,800	19,412	19,412	250,000
57	22	1,940	40,740	19,535	19,535	250,000
58	23	1,940	42,680	19,513	19,513	250,000
59	24	1,940	44,620	19,346	19,346	250,000
60	25	1,940	46,560	19,006	19,006	250,000
61	26	1,940	48,500	18,456	18,456	250,000
62	27	1,940	50,440	17,649	17,649	250,000
63	28	1,940	52,380	16,540	16,540	250,000
64	29	1,940	54,320	15,094	15,094	250,000
65	30	1,940	56,260	13,293	13,293	250,000
66	31	1,940	58,200	11,113	11,113	250,000
67	32	1,940	60,140	8,538	8,538	250,000
68	33	1,940	62,080	5,539	5,539	250,000
69	34	1,940	64,020	2,078	2,078	250,000


LD18233-2-05/11-IF		Issue State: FL
May 2,2011 4:18:10 PM	Page 11 of 20	Version: 07.00.35.1090.4054 TCFMDIFS

	36


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Focus^SM Variable Universal Life Insurance In Force Illustration Guaranteed Charges Detail Ledger
Primary Insured: Insured Name		Annual Premium: $1,940.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (2.00%)
		Separate Account Rate (10.00%
		Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Fixed Planned Premium(b)	Additional Separate Account Planned Premium(b)	Cumulative Outlay	Fixed Value	Separate Account Value	Total Cash Value	Net Surrender Value	Death Benefit Proceeds
37	2	970	970	1,940	906	11,186	12,092	11,903	250,000
38	3	970	970	3,880	1,792	12,499	14,290	14,168	250,000
39	4	970	970	5,820	2,626	13,720	16,347	16,257	250,000
40	5	970	970	7,760	3,449	15,057	18,506	18,466	250,000
41	6	970	970	9,700	4,264	16,507	20,771	20,749	250,000
42	7	970	970	11,640	5,075	18,072	23,147	23,137	250,000
43	8	970	970	13,580	5,884	19,753	25,637	25,637	250,000
44	9	970	970	15,520	6,692	21,553	28,245	28,245	250,000
45	10	970	970	17,460	7,500	23,478	30,978	30,978	250,000
46	11	970	970	19,400	8,309	25,533	33,842	33,842	250,000
47	12	970	970	21,340	9,121	27,730	36,851	36,851	250,000
48	13	970	970	23,280	9,939	30,086	40,026	40,026	250,000
49	14	970	970	25,220	10,769	32,622	43,392	43,392	250,000
50	15	970	970	27,160	11,610	35,347	46,957	46,957	250,000
51	16	970	970	29,100	12,460	38,427	50,887	50,887	250,000
52	17	970	970	31,040	13,319	41,736	55,054	55,054	250,000
53	18	970	970	32,980	14,185	45,284	59,469	59,469	250,000
54	19	970	970	34,920	15,059	49,087	64,145	64,145	250,000
55	20	970	970	36,860	15,937	53,152	69,088	69,088	250,000
56	21	970	970	38,800	16,939	57,908	74,847	74,847	250,000
57	22	970	970	40,740	17,948	63,013	80,962	80,962	250,000
58	23	970	970	42,680	18,970	68,509	87,478	87,478	250,000
59	24	970	970	44,620	20,007	74,436	94,443	94,443	250,000
60	25	970	970	46,560	21,059	80,831	101,890	101,890	250,000
61	26	970	970	48,500	22,127	87,726	109,853	109,853	250,000
62	27	970	970	50,440	23,210	95,158	118,368	118,368	250,000
63	28	970	970	52,380	24,308	103,176	127,484	127,484	250,000
64	29	970	970	54,320	25,428	111,844	137,272	137,272	250,000
65	30	970	970	56,260	26,575	121,245	147,821	147,821	250,000
66	31	970	970	58,200	27,758	131,475	159,233	159,233	250,000
67	32	970	970	60,140	28,984	142,649	171,633	171,633	250,000
68	33	970	970	62,080	30,264	154,896	185,160	185,160	250,000
69	34	970	970	64,020	31,606	168,365	199,972	199,972	250,000
70	35	970	970	65,960	33,022	183,230	216,252	216,252	250,852
71	36	970	970	67,900	34,489	199,492	233,981	233,981	269,078


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	37


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Focus^SM Variable Universal Life Insurance In Force Illustration Guaranteed Charges Detail Ledger
Primary Insured: Insured Name		Annual Premium: $1,940.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (2.00%)
		Separate Account Rate (10.00%
		Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Fixed Planned Premium(b)	Additional Separate Account Planned Premium(b)	Cumulative Outlay	Fixed Value	Separate Account Value	Total Cash Value	Net Surrender Value	Death Benefit Proceeds
72	37	970	970	69,840	35,986	217,150	253,136	253,136	286,044
73	38	970	970	71,780	37,516	236,341	273,858	273,858	303,982
74	39	970	970	73,720	39,085	257,232	296,317	296,317	322,986
75	40	970	970	75,660	40,699	280,013	320,711	320,711	343,161
76	41	970	970	77,600	42,365	304,904	347,269	347,269	364,632
77	42	970	970	79,540	44,052	331,854	375,906	375,906	394,702
78	43	970	970	81,480	45,758	361,015	406,773	406,773	427,112
79	44	970	970	83,420	47,479	392,542	440,022	440,022	462,023
80	45	970	970	85,360	49,215	426,602	475,817	475,817	499,608
81	46	970	970	87,300	50,961	463,366	514,327	514,327	540,043
82	47	970	970	89,240	52,715	503,017	555,732	555,732	583,519
83	48	970	970	91,180	54,474	545,751	600,225	600,225	630,236
84	49	970	970	93,120	56,234	591,762	647,996	647,996	680,396
85	50	970	970	95,060	57,991	641,242	699,234	699,234	734,195
86	51	970	970	97,000	59,740	694,382	754,122	754,122	791,828
87	52	970	970	98,940	61,474	751,373	812,847	812,847	853,490
88	53	970	970	100,880	63,188	812,408	875,596	875,596	919,376
89	54	970	970	102,820	64,877	877,685	942,561	942,561	989,689
90	55	970	970	104,760	66,534	947,406	1,013,941	1,013,941	1,064,638
91	56	970	970	106,700	68,158	1,021,813	1,089,971	1,089,971	1,144,470
92	57	970	970	108,640	69,892	1,103,444	1,173,336	1,173,336	1,220,269
93	58	970	970	110,580	71,760	1,193,429	1,265,189	1,265,189	1,303,145
94	59	970	970	112,520	73,792	1,293,128	1,366,920	1,366,920	1,394,259
95	60	970	970	114,460	76,025	1,404,192	1,480,217	1,480,217	1,495,019
96	61	970	970	116,400	78,498	1,528,642	1,607,139	1,607,139	1,607,139
97	62	970	970	118,340	81,020	1,664,042	1,745,063	1,745,063	1,745,063
98	63	970	970	120,280	83,594	1,811,358	1,894,952	1,894,952	1,894,952
99	64	970	970	122,220	86,219	1,971,637	2,057,856	2,057,856	2,057,856
100	65	970	970	124,160	88,897	2,146,020	2,234,918	2,234,918	2,234,918
101	66	0	0	124,160	90,675	2,334,870	2,425,545	2,425,545	2,449,801
102	67	0	0	124,160	92,489	2,540,339	2,632,827	2,659,156	2,659,156
103	68	0	0	124,160	94,339	2,763,888	2,858,227	2,886,809	2,886,809
104	69	0	0	124,160	96,225	3,007,110	3,103,336	3,134,369	3,134,369
105	70	0	0	124,160	98,150	3,271,736	3,369,886	3,403,585	3,403,585
106	71	0	0	124,160	100,113	3,559,649	3,659,762	3,696,359	3,696,359


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	38


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Focus^SM Variable Universal Life Insurance In Force Illustration Guaranteed Charges Detail Ledger
Primary Insured: Insured Name		Annual Premium: $1,940.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (2.00%)
		Separate Account Rate (10.00%
		Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Fixed Planned Premium(b)	Additional Separate Account Planned Premium(b)	Cumulative Outlay	Fixed Value	Separate Account Value	Total Cash Value	Net Surrender Value	Death Benefit Proceeds
107	72	0	0	124,160	102,115	3,872,898	3,975,013	4,014,763	4,014,763
108	73	0	0	124,160	104,157	4,213,713	4,317,871	4,361,049	4,361,049
109	74	0	0	124,160	106,241	4,584,520	4,690,760	4,737,668	4,737,668
110	75	0	0	124,160	108,365	4,987,958	5,096,323	5,147,286	5,147,286
111	76	0	0	124,160	110,533	5,426,898	5,537,431	5,592,805	5,592,805
112	77	0	0	124,160	112,743	5,904,465	6,017,208	6,077,380	6,077,380
113	78	0	0	124,160	114,998	6,424,058	6,539,056	6,604,447	6,604,447
114	79	0	0	124,160	117,298	6,989,375	7,106,673	7,177,740	7,177,740
115	80	0	0	124,160	119,644	7,604,440	7,724,084	7,801,325	7,801,325
116	81	0	0	124,160	122,037	8,273,631	8,395,667	8,479,624	8,479,624
117	82	0	0	124,160	124,478	9,001,710	9,126,188	9,2 17,449	9,217,449
118	83	0	0	124,160	126,967	9,793,860	9,920,828	10,020,036	10,020,036
119	84	0	0	124,160	129,507	10,655,720	10,785,227	10,893,079	10,893,079
120	85	0	0	124,160	132,097	11,593,423	11,725,520	11,842,775	11,842,775


LD18233-2-05/11-IF		Issue State: FL
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	39


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Focus^SM Variable Universal Life Insurance In Force Illustration Guaranteed Charges Ledger with 100% Allocation to Subaccounts
Primary Insured: Insured Name		Annual Premium: $1,940.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Separate Account Rate (0.00%
		Gross; -0.90% Net) (a)
		————End of Year————


Age	End of Year	Cumulative Outlay	Additional Planned Premium(b)	Cash Value	Net Surrender Value	Death Benefit Proceeds
37	2	1,940	1,940	10,999	10,809	250,000
38	3	1,940	3,880	11,969	11,847	250,000
39	4	1,940	5,820	12,662	12,572	250,000
40	5	1,940	7,760	13,326	13,286	250,000
41	6	1,940	9,700	13,954	13,932	250,000
42	7	1,940	11,640	14,543	14,533	250,000
43	8	1,940	13,580	15,085	15,085	250,000
44	9	1,940	15,520	15,576	15,576	250,000
45	10	1,940	17,460	16,011	16,011	250,000
46	11	1,940	19,400	16,386	16,386	250,000
47	12	1,940	21,340	16,704	16,704	250,000
48	13	1,940	23,280	16,973	16,973	250,000
49	14	1,940	25,220	17,203	17,203	250,000
50	15	1,940	27,160	17,387	17,387	250,000
51	16	1,940	29,100	17,595	17,595	250,000
52	17	1,940	31,040	17,727	17,727	250,000
53	18	1,940	32,980	17,768	17,768	250,000
54	19	1,940	34,920	17,705	17,705	250,000
55	20	1,940	36,860	17,511	17,511	250,000
56	21	1,940	38,800	17,679	17,679	250,000
57	22	1,940	40,740	17,694	17,694	250,000
58	23	1,940	42,680	17,562	17,562	250,000
59	24	1,940	44,620	17,282	17,282	250,000
60	25	1,940	46,560	16,830	16,830	250,000
61	26	1,940	48,500	16,169	16,169	250,000
62	27	1,940	50,440	15,251	15,251	250,000
63	28	1,940	52,380	14,033	14,033	250,000
64	29	1,940	54,320	12,483	12,483	250,000
65	30	1,940	56,260	10,583	10,583	250,000
66	31	1,940	58,200	8,311	8,311	250,000
67	32	1,940	60,140	5,655	5,655	250,000
68	33	1,940	62,080	2,586	2,586	250,000

This ledger assumes all net premiums are allocated to the Separate Account regardless of whether net premiums are allocated to the Fixed Account.


LD18233-2-05/11-IF		Issue State: FL
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	40


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Focus^SM Variable Universal Life Insurance In Force Illustration Supplemental Footnotes and Additional Information
Primary Insured: Insured Name		Annual Premium: $1,940.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None

The selected subaccount annual management fees and expenses used to determine the weighted average as of December 31, 2010 are:


Subaccount	Subaccount Allocation Percentage			Total Subaccount Management Fees and Expenses
Transamerica AEGON Active Asset Allocation - Conservative VP		0.00	%		0.73	%
Transamerica AEGON Active Asset Allocation - Moderate Growth VP		0.00	%		0.74	%
Transamerica AEGON Active Asset Allocation - Moderate VP		0.00	%		0.74	%
Transamerica AEGON High Yield Bond VP		0.65	%		0.73	%
Transamerica AEGON Money Market VP		1.98	%		0.40	%
Transamerica AEGON U.S. Government Securities VP		0.43	%		0.61	%
Transamerica Alliance Bernstein Dynamic Allocation VP		0.12	%		1.05	%
Transamerica Asset Allocation - Conservative VP		1.57	%		0.85	%
Transamerica Asset Allocation - Growth VP		9.38	%		1.04	%
Transamerica Asset Allocation - Moderate Growth VP		10.59	%		0.95	%
Transamerica Asset Allocation - Moderate VP		3.23	%		0.90	%
Transamerica BlackRock Global Allocation VP		0.00	%		0.83	%
Transamerica BlackRock Large Cap Value VP		2.07	%		0.79	%
Transamerica BlackRock Tactical Allocation VP		0.00	%		0.93	%
Transamerica Clarion Global Real Estate Securities VP		1.59	%		0.90	%
Transamerica Efficient Markets VP		0.01	%		0.75	%
Transamerica Foxhall Emerging Markets/Pacific RIM VP		0.57	%		1.39	%
Transamerica Foxhall Global Commodities & Hard Assets VP		0.34	%		1.48	%
Transamerica Foxhall Global Conservative VP		0.07	%		1.21	%
Transamerica Foxhall Global Growth VP		0.61	%		1.37	%
Transamerica Hanlon Balanced VP		0.38	%		1.33	%
Transamerica Hanlon Growth and Income VP		0.34	%		1.34	%
Transamerica Hanlon Growth VP		0.50	%		1.34	%
Transamerica Hanlon Managed Income VP		1.00	%		1.24	%
Transamerica Index 50 VP		0.01	%		0.50	%
Transamerica Index 75 VP		0.04	%		0.46	%
Transamerica International Moderate Growth VP		0.38	%		1.05	%
Transamerica Jennison Growth VP		0.37	%		0.79	%
Transamerica JPMorgan Core Bond VP		1.97	%		0.57	%
Transamerica JPMorgan Enhanced Index VP		0.07	%		0.84	%
Transamerica JPMorgan Tactical Allocation VP		2.10	%		0.91	%
Transamerica MFS International Equity VP		1.56	%		1.05	%
Transamerica Morgan Stanley Capital Growth VP		1.14	%		0.90	%
Transamerica Morgan Stanley Growth Opportunities VP		2.17	%		0.87	%
Transamerica Morgan Stanley Mid-Cap Growth VP		11.14	%		0.90	%
Transamerica Multi-Managed Balanced VP		4.10	%		0.83	%
Transamerica Multi Managed Large Cap Core VP		0.09	%		0.84	%
Transamerica PIMCO Total Return VP		1.08	%		0.69	%
Transamerica Systematic Small/Mid Cap Value VP		1.29	%		0.86	%
Transamerica T. Rowe Price Small Cap VP		0.98	%		0.84	%
Transamerica Third Avenue Value VP		2.65	%		0.90	%
Transamerica WMC Diversified Equity VP		7.66	%		0.83	%
Transamerica WMC Diversified Growth VP		21.52	%		0.78	%


LD18233-2-05/11-IF		Issue State: FL
May 2, 2011 4:18:10 PM	Page 16 of 20	Version: 07.00.35.1090.4054 TCFMDIFS

	41


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Focus^SM Variable Universal Life Insurance In Force Illustration Supplemental Footnotes and Additional Information
Primary Insured: Insured Name		Annual Premium: $1,940.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


ProFund VP Asia 30	0.22	%	1.68	%
ProFund VP Basic Materials	0.29	%	1.68	%
ProFund VP Bull	0.31	%	1.68	%
ProFund VP Consumer Services	0.03	%	1.68	%
ProFund VP Emerging Markets	0.67	%	1.68	%
ProFund VP Europe 30	0.01	%	1.68	%
ProFund VP Falling U.S. Dollar	0.02	%	1.68	%
ProFund VP Financials	0.07	%	1.68	%
ProFund VP International	0.27	%	1.68	%
ProFund VP Japan	0.01	%	1.68	%
ProFund VP Mid-Cap	0.10	%	1.68	%
ProFund VP Money Market	0.46	%	1.35	%
ProFund VP NASDAQ-100	0.13	%	1.68	%
ProFund VP Oil & Gas	0.19	%	1.68	%
ProFund VP Pharmaceuticals	0.02	%	1.68	%
ProFund VP Precious Metals	0.39	%	1.68	%
ProFund VP Short Emerging Markets	0.01	%	1.68	%
ProFund VP Short International	0.02	%	1.68	%
ProFund VP Short NASDAQ-100	0.02	%	1.68	%
ProFund VP Short Small-Cap	0.05	%	1.68	%
ProFund VP Small-Cap	0.04	%	1.68	%
ProFund VP Small-Cap Value	0.02	%	1.68	%
ProFund VP Telecommunications	0.01	%	1.68	%
ProFund VP U.S. Government Plus	0.12	%	1.38	%
ProFund VP UltraSmall-Cap	0.26	%	1.68	%
ProFund VP Utilities	0.05	%	1.68	%
Fidelity VIP lndex 500 Portfolio	0.33	%	0.35	%
Access VP High Yield Fund	0.07	%	1.68	%
AllianceBernstein Balanced Wealth Strategy Portfolio	0.02	%	0.93	%
Franklin Templeton VIP Founding Funds Allocation Fund	0.02	%	1.12	%

This Illustration assumes all net premiums (premiums, less any Premium expense charges) are allocated among the Fixed Account and/or the variable subaccounts of the Separate Account. Cash values are illustrated after Monthly Deductions, as noted below. The Net Surrender Value illustrated is the Cash Value, less any applicable surrender charges and loans.

The current charges illustration reflects current charges, and the guaranteed charges illustration reflects guaranteed charges. These charges are:

•

A mortality and expense risk charge assessed against each subaccount:

•

Current:

•

0.75% in Policy years 1-15

•

0.00% thereafter

•

Guaranteed:

•

0.75% in Policy years 1-15

•

0.30% thereafter

•

The current and guaranteed premium expense charge (on all premium payments):

•

0.00% in Policy year 1


LD18233-2-05/11-IF		Issue State: FL
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	42


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Focus^SM Variable Universal Life Insurance In Force Illustration Supplemental Footnotes and Additional Information
Primary Insured: Insured Name		Annual Premium: $1,940.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None

•

3.00% thereafter

•

Monthly Deductions for:

•

The cost of insurance

•

The monthly Policy charge:

•

Current:

•

$10.00 per month through age 99

•

$0.00 per month thereafter

•

Guaranteed:

•

$12.00 per month through age 99

•

$0.00 per month thereafter

•

The monthly per unit charge (a charge per $ 1,000 of specified amount for the first 8 Policy years and the first 8 years after any specified amount increase; guaranteed to stop after 20 years)

•

Any riders illustrated.

•

A pro rata charge upon a decrease in the Specified Amount during the first 8 Policy years and during the first 8 years after any increase, on the effective date of the decrease.

•

A surrender charge per $1,000 of specified amount is applied to a full surrender in the first 8 Policy years and 8 years from the date of any specified amount increase.

The current interest rate for net premiums applied to the Fixed Account after 9/1/10 is 3.50% and is subject to change. The previous rate of 4.10% applies to existing cash value in the Fixed Account untill the next anniversary of each premium The guaranteed minimum interest rate is 2.00%.

•

At a 0.00% Gross (-0.90% Net) Rate of Return and Guaranteed Charges, the policy may lapse in Policy year 35.

At a 0.00% Gross (-0.90% Net) Rate of Return and Guaranteed Charges, the policy may lapse in Policy year 35.

Information regarding a Modified Endowment Contract:

Amounts withdrawn or borrowed from a Modified Endowment Contract (“MEC”), or the pledge of a MEC, prior to the death of the Insured will be taxable to the extent of any gain in the contract. In addition, if the owner is not yet 59^1/2 or if the owner is not an individual (such as a trust, for example), the taxable amounts may be subject to a 10% penalty tax. Under the Federal Income Tax Law, a life insurance contract becomes a MEC when actual premiums paid exceed a specified 7-Pay premium limit applicable initially for the first seven policy years and may also become a MEC when there are certain changes to policy benefits. New 7-Pay premium limits for succeeding seven-year periods may be established for the policy as a result of certain changes in policy terms or benefits. All MECs issued by Western Reserve Life and its affiliates to the same owner during any calendar year will be treated as one MEC. If there is an IRC Section 1035 Exchange of a life insurance contract that is not a MEC for another life insurance contract, a certain portion of the cash value exchanged will apply annually towards the annual 7-Pay premium limit of the new policy in determining whether the new contract is a MEC. If the original policy was a MEC, the new policy received in exchange will also be a MEC. You should consult with and rely on your qualified tax advisor as to the implications of any withdrawal, loan, surrender, pledge, exchange or collateral assignment of a life insurance policy.


LD18233-2-05/11-IF		Issue State: FL
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	43


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Focus^SM Variable Universal Life Insurance In Force Illustration Supplemental Footnotes and Additional Information
Primary Insured: Insured Name		Annual Premium: $1,940.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None

Based on the premium payments and activities illustrated, this policy will not become a Modified Endowment Contract (“MEC”).

Target: Used for administrative purposes.

Guideline Premium Text: Under the Federal Income Tax Law, the Guideline Level Premium (GL Annual) is the maximum level annual Premium that can be paid into the policy on an annual basis and still have it qualify as a life insurance contract. The Guideline Single Premium (GL Single) is the maximum single Premium that can be paid into the policy at issue and still have it qualify as a life insurance contract. Premiums paid into the policy at any date can never exceed the greater of the Guideline Single Premium or the sum of the Guideline Level Premiums to such date. Guideline Premium limits for the policy may change as a result of changes in policy terms or benefits.


LD18233-2-05/11-IF		Issue State: FL
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	44


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Focus^SM Variable Universal Life Insurance In Force Illustration Policy Summary
Primary Insured: Insured Name		Annual Premium: $1,940.00
Male Preferred Elite		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None

Coverage

Amount

Issue Date

Mature
Date

Issue
Age

Curr Age

Gender

Risk Class

Table
Rating

Flat Extra

Flat Extra
Expire Date

Base

$250,000.00

05/02/2011

05/02/2096

Male

Preferred Elite

None

$0.00

05/02/2011

Rider(s) Illustrated: None


		This column shows current policy data as of the date of the illustration.		This column shows policy data assuming potential changes and as illustrated in the preceding ledgers.
DEFRA/TAMRA/MAP Guidelines	Guideline Annual Premium	$	10,000.00	$	10,000.00
	Guideline Single Premium	$	100,000.00	$	100,000.00
	Additional DEFRA Allowable	$	100,000.00	$	100,000.00
	7-Pay Premium	$	15,000.00	$	15,000.00
	Additional TAMRA Allowable	$	30,000.00	$	30,000.00
	Target Premium	$	2,000.00	$	2,000.00
	Minimum Annual Premium (MAP)	$	2,000.00	$	2,000.00
	MAP Accumulation	$	4,000.00	$	4,000.00
Policy Values and Benefits	Death Benefit without Riders	$	250,000.00	$	250,000.00
	Net Amount at Risk	$	240,000.00	$	240,000.00
	Cash Value	$	10,000.00	$	10,000.00
	Surrender Charge	$	250.00	$	250.00
	Cash Surrender Value	$	9,750.00	$	9,750.00
	Cost Basis	$	0.00	$	0.00
	Gain/Loss	$	10,000.00	$	10,000.00
	Loan Payoff	$	0.00	$	0.00
	Total Withdrawals	$	0.00	$	0.00
	Dump-In-Premium		N/A	$	0.00
	Gross Transfer	$	0.00	$	0.00
	Net Transfer	$	0.00	$	0.00


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	45

LOGO

Western Reserve Life Assurance Co. of Ohio

Home Office: Columbus, Ohio

Distributor: Transamerica Capital, Inc., Member FINRA

WRL Xcelerator Exec^SM Variable Universal Life

Insurance In Force Illustration

Policy Form VL11

Designed for

Policy Owner

Policy Number

0123456789

Registered Representative

Agent Name

Illustration as of: May 2, 2012


LD 18234-2-05/11-IF		Issue State: FL
May 2, 2011 4:14:26 PM	Page 1 of 18	Version: 07.00.35.1090.4054 TCFMDIFS


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Exec^SM Variable Universal Life Insurance In Force Illustration Current Charges Ledger
Primary Insured: Insured Name		Annual Premium: $2,010.00
Male Select Non-Smoker		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (3.50%)
		Separate Account Rate (10.00%
		Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Planned Premium(b)		Cumulative Outlay		Cash Value		Net Surrender Value		Death Benefit Proceeds
37	2		2,010		2,010		11,522		11,522		250,000
38	3		2,010		4,020		13,115		13,115		250,000
39	4		2,010		6,030		14,790		14,790		250,000
40	5		2,010		8,040		16,558		16,558		250,000
41	6		2,010		10,050		18,424		18,424		250,000
42	7		2,010		12,060		20,398		20,398		250,000
43	8		2,010		14,070		22,485		22,485		250,000
44	9		2,010		16,080		25,877		25,877		250,000
45	10		2,010		18,090		29,483		29,483		250,000
46	11		2,010		20,100		33,317		33,317		250,000
47	12		2,010		22,110		37,394		37,394		250,000
48	13		2,010		24,120		41,734		41,734		250,000
49	14		2,010		26,130		46,357		46,357		250,000
50	15		2,010		28,140		51,280		51,280		250,000
51	16		2,010		30,150		56,807		56,807		250,000
52	17		2,010		32,160		62,742		62,742		250,000
53	18		2,010		34,170		69,112		69,112		250,000
54	19		2,010		36,180		75,951		75,951		250,000
55	20		2,010		38,190		83,294		83,294		250,000
56	21		2,010		40,200		91,187		91,187		250,000
57	22		2,010		42,210		99,675		99,675		250,000
58	23		2,010		44,220		108,820		108,820		250,000
59	24		2,010		46,230		118,685		118,685		250,000
60	25		2,010		48,240		129,335		129,335		250,000
61	26		2,010		50,250		140,831		140,831		250,000
62	27		2,010		52,260		153,274		153,274		250,000
63	28		2,010		54,270		166,758		166,758		250,000
64	29		2,010		56,280		181,389		181,389		250,000
65	30		2,010		58,290		197,283		197,283		250,000
66	31		2,010		60,300		214,565		214,565		257,479
67	32		2,010		62,310		233,282		233,282		277,606
68	33		2,010		64,320		253,530		253,530		299,166
69	34		2,010		66,330		275,437		275,437		322,261
70	35		2,010		68,340		299,138		299,138		347,000
71	36		2,010		70,350		324,786		324,786		373,504


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May 2, 2011 4:14:26 PM	Page 2 of 18	Version: 07.00.35.1090.4054 TCFMDIFS

	47


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Exec^SM Variable Universal Life Insurance In Force Illustration Current Charges Ledger
Primary Insured: Insured Name		Annual Premium: $2,010.00
Male Select Non-Smoker		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (3.50%)
		Separate Account Rate (10.00%
		Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Planned Premium(b)		Cumulative Outlay		Cash Value		Net Surrender Value		Death Benefit Proceeds
72	37		2,010		72,360		352,592		352,592		398,429
73	38		2,010		74,370		382,763		382,763		424,867
74	39		2,010		76,380		415,525		415,525		452,922
75	40		2,010		78,390		451,130		451,130		482,709
76	41		2,010		80,400		489,862		489,862		514,355
77	42		2,010		82,410		531,857		531,857		558,450
78	43		2,010		84,420		577,390		577,390		606,259
79	44		2,010		86,430		626,757		626,757		658,094
80	45		2,010		88,440		680,278		680,278		714,292
81	46		2,010		90,450		738,299		738,299		775,214
82	47		2,010		92,460		801,200		801,200		841,260
83	48		2,010		94,470		869,386		869,386		912,855
84	49		2,010		96,480		943,290		943,290		990,455
85	50		2,010		98,490		1,023,386		1,023,386		1,074,555
86	51		2,010		100,500		1,110,187		1,110,187		1,165,696
87	52		2,010		102,510		1,204,251		1,204,251		1,264,464
88	53		2,010		104,520		1,306,175		1,306,175		1,371,484
89	54		2,010		106,530		1,416,601		1,416,601		1,487,431
90	55		2,010		108,540		1,536,222		1,536,222		1,613,033
91	56		2,010		110,550		1,665,780		1,665,780		1,749,069
92	57		2,010		112,560		1,807,180		1,807,180		1,879,467
93	58		2,010		114,570		1,961,718		1,961,718		2,020,569
94	59		2,010		116,580		2,130,876		2,130,876		2,173,494
95	60		2,010		118,590		2,316,352		2,316,352		2,339,516
96	61		2,010		120,600		2,520,107		2,520,107		2,520,107
97	62		2,010		122,610		2,742,034		2,742,034		2,742,034
98	63		2,010		124,620		2,983,772		2,983,772		2,983,772
99	64		2,010		126,630		3,247,111		3,247,111		3,247,111
100	65		2,010		128,640		3,534,004		3,534,004		3,534,004
101	66		0		128,640		3,844,632		3,844,632		3,883,079
102	67		0		128,640		4,183,144		4,183,144		4,224,975
103	68		0		128,640		4,552,063		4,552,063		4,597,583
104	69		0		128,640		4,954,142		4,954,142		5,003,683
105	70		0		128,640		5,392,385		5,392,385		5,446,309
106	71		0		128,640		5,870,067		5,870,067		5,928,768


LD18234-2-05/11-IF		Issue State: FL
May 2, 2011 4:14:26 PM	Page 3 of 18	Version: 07.00.35.1090.4054 TCFMDIFS

	48


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Exec^SM Variable Universal Life Insurance In Force Illustration Current Charges Ledger
Primary Insured: Insured Name		Annual Premium: $2,010.00
Male Select Non-Smoker		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (3.50%)
		Separate Account Rate (10.00%
		Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Planned Premium(b)		Cumulative Outlay		Cash Value		Net Surrender Value		Death Benefit Proceeds
107	72		0		128,640		6,390,763		6,390,763		6,454,670
108	73		0		128,640		6,958,370		6,958,370		7,027,954
109	74		0		128,640		7,577,141		7,577,141		7,652,913
110	75		0		128,640		8,251,715		8,251,715		8,334,232
111	76		0		128,640		8,987,152		8,987,152		9,077,023
112	77		0		128,640		9,788,972		9,788,972		9,886,862
113	78		0		128,640		10,663,198		10,663,198		10,769,830
114	79		0		128,640		11,616,398		11,616,398		11,732,562
115	80		0		128,640		12,655,739		12,655,739		12,782,297
116	81		0		128,640		13,789,039		13,789,039		13,926,930
117	82		0		128,640		15,024,826		15,024,826		15,175,075
118	83		0		128,640		16,372,405		16,372,405		16,536,129
119	84		0		128,640		17,841,924		17,841,924		18,020,342
120	85		0		128,640		19,444,456		19,444,456		19,638,900


LD18234-2-05/11-IF		Issue State: FL
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	49


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Exec^SM Variable Universal Life Insurance In Force Illustration Current Charges Detail Ledger
Primary Insured: Insured Name		Annual Premium: $2,010.00
Male Select Non-Smoker		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (3.50%)
		Separate Account Rate (10.00% Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Fixed Planned Premium(b)		Additional Separate Account Planned Premium(b)		Cumulative Outlay		Fixed Value		Separate Account Value		Total Cash Value		Net Surrender Value		Death Benefit Proceeds
37	2		1,005		1,005		2,010		901		10,621		11,522		11,522		250,000
38	3		1,005		1,005		4,020		1,756		11,360		13,115		13,115		250,000
39	4		1,005		1,005		6,030		2,582		12,209		14,790		14,790		250,000
40	5		1,005		1,005		8,040		3,393		13,165		16,558		16,558		250,000
41	6		1,005		1,005		10,050		4,198		14,226		18,424		18,424		250,000
42	7		1,005		1,005		12,060		5,004		15,394		20,398		20,398		250,000
43	8		1,005		1,005		14,070		5,816		16,669		22,485		22,485		250,000
44	9		1,005		1,005		16,080		6,956		18,921		25,877		25,877		250,000
45	10		1,005		1,005		18,090		8,131		21,352		29,483		29,483		250,000
46	11		1,005		1,005		20,100		9,341		23,976		33,317		33,317		250,000
47	12		1,005		1,005		22,110		10,587		26,807		37,394		37,394		250,000
48	13		1,005		1,005		24,120		11,871		29,862		41,734		41,734		250,000
49	14		1,005		1,005		26,130		13,196		33,161		46,357		46,357		250,000
50	15		1,005		1,005		28,140		14,561		36,719		51,280		51,280		250,000
51	16		1,005		1,005		30,150		15,968		40,839		56,807		56,807		250,000
52	17		1,005		1,005		32,160		17,421		45,320		62,742		62,742		250,000
53	18		1,005		1,005		34,170		18,921		50,192		69,112		69,112		250,000
54	19		1,005		1,005		36,180		20,467		55,484		75,951		75,951		250,000
55	20		1,005		1,005		38,190		22,062		61,232		83,294		83,294		250,000
56	21		1,005		1,005		40,200		23,706		67,480		91,187		91,187		250,000
57	22		1,005		1,005		42,210		25,404		74,271		99,675		99,675		250,000
58	23		1,005		1,005		44,220		27,158		81,662		108,820		108,820		250,000
59	24		1,005		1,005		46,230		28,974		89,711		118,685		118,685		250,000
60	25		1,005		1,005		48,240		30,854		98,481		129,335		129,335		250,000
61	26		1,005		1,005		50,250		32,799		108,032		140,831		140,831		250,000
62	27		1,005		1,005		52,260		34,818		118,456		153,274		153,274		250,000
63	28		1,005		1,005		54,270		36,916		129,842		166,758		166,758		250,000
64	29		1,005		1,005		56,280		39,098		142,291		181,389		181,389		250,000
65	30		1,005		1,005		58,290		41,372		155,911		197,283		197,283		250,000
66	31		1,005		1,005		60,300		43,742		170,823		214,565		214,565		257,479
67	32		1,005		1,005		62,310		46,197		187,086		233,282		233,282		277,606
68	33		1,005		1,005		64,320		48,733		204,797		253,530		253,530		299,166
69	34		1,005		1,005		66,330		51,353		224,084		275,437		275,437		322,261
70	35		1,005		1,005		68,340		54,058		245,080		299,138		299,138		347,000
71	36		1,005		1,005		70,350		56,851		267,935		324,786		324,786		373,504


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	50


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Exec^SM Variable Universal Life Insurance In Force Illustration Current Charges Detail Ledger
Primary Insured: Insured Name		Annual Premium: $2,010.00
Male Select Non-Smoker		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (3.50%)
		Separate Account Rate (10.00% Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Fixed Planned Premium(b)		Additional Separate Account Planned Premium(b)		Cumulative Outlay		Fixed Value		Separate Account Value		Total Cash Value		Net Surrender Value		Death Benefit Proceeds
72	37		1,005		1,005		72,360		59,742		292,851		352,592		352,592		398,429
73	38		1,005		1,005		74,370		62,736		320,027		382,763		382,763		424,867
74	39		1,005		1,005		76,380		65,841		349,683		415,525		415,525		452,922
75	40		1,005		1,005		78,390		69,064		382,065		451,130		451,130		482,709
76	41		1,005		1,005		80,400		72,413		417,449		489,862		489,862		514,355
77	42		1,005		1,005		82,410		75,871		455,986		531,857		531,857		558,450
78	43		1,005		1,005		84,420		79,440		497,949		577,390		577,390		606,259
79	44		1,005		1,005		86,430		83,124		543,633		626,757		626,757		658,094
80	45		1,005		1,005		88,440		86,923		593,355		680,278		680,278		714,292
81	46		1,005		1,005		90,450		90,841		647,459		738,299		738,299		775,2 14
82	47		1,005		1,005		92,460		94,879		706,321		801,200		801,200		841,260
83	48		1,005		1,005		94,470		99,040		770,346		869,386		869,386		912,855
84	49		1,005		1,005		96,480		103,325		839,966		943,290		943,290		990,455
85	50		1,005		1,005		98,490		107,736		915,649		1,023,386		1,023,386		1,074,555
86	51		1,005		1,005		100,500		112,277		997,910		1,110,187		1,110,187		1,165,696
87	52		1,005		1,005		102,510		116,949		1,087,302		1,204,251		1,204,251		1,264,464
88	53		1,005		1,005		104,520		121,754		1,184,421		1,306,175		1,306,175		1,371,484
89	54		1,005		1,005		106,530		126,695		1,289,906		1,416,601		1,416,601		1,487,431
90	55		1,005		1,005		108,540		131,772		1,404,450		1,536,222		1,536,222		1,613,033
91	56		1,005		1,005		110,550		136,987		1,528,793		1,665,780		1,665,780		1,749,069
92	57		1,005		1,005		112,560		142,429		1,664,750		1,807,180		1,807,180		1,879,467
93	58		1,005		1,005		114,570		148,121		1,813,597		1,961,718		1,961,718		2,020,569
94	59		1,005		1,005		116,580		154,087		1,976,789		2,130,876		2,130,876		2,173,494
95	60		1,005		1,005		118,590		160,359		2,155,993		2,316,352		2,316,352		2,339,516
96	61		1,005		1,005		120,600		166,973		2,353,135		2,520,107		2,520,107		2,520,107
97	62		1,005		1,005		122,610		173,818		2,568,216		2,742,034		2,742,034		2,742,034
98	63		1,005		1,005		124,620		180,903		2,802,869		2,983,772		2,983,772		2,983,772
99	64		1,005		1,005		126,630		188,236		3,058,875		3,247,111		3,247,111		3,247,111
100	65		1,005		1,005		128,640		195,827		3,338,178		3,534,004		3,534,004		3,534,004
101	66		0		0		128,640		202,681		3,641,952		3,844,632		3,844,632		3,883,079
102	67		0		0		128,640		209,774		3,973,369		4,183,144		4,183,144		4,224,975
103	68		0		0		128,640		217,116		4,334,946		4,552,063		4,552,063		4,597,583
104	69		0		0		128,640		224,716		4,729,426		4,954,142		4,954,142		5,003,683
105	70		0		0		128,640		232,581		5,159,804		5,392,385		5,392,385		5,446,309
106	71		0		0		128,640		240,721		5,629,346		5,870,067		5,870,067		5,928,768


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	51


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Exec^SM Variable Universal Life Insurance In Force Illustration Current Charges Detail Ledger
Primary Insured: Insured Name		Annual Premium: $2,010.00
Male Select Non-Smoker		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (3.50%)
		Separate Account Rate (10.00% Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Fixed Planned Premium(b)		Additional Separate Account Planned Premium(b)		Cumulative Outlay		Fixed Value		Separate Account Value		Total Cash Value		Net Surrender Value		Death Benefit Proceeds
107	72		0		0		128,640		249,146		6,141,617		6,390,763		6,390,763		6,454,670
108	73		0		0		128,640		257,866		6,700,504		6,958,370		6,958,370		7,027,954
109	74		0		0		128,640		266,892		7,310,250		7,577,141		7,577,141		7,652,913
110	75		0		0		128,640		276,233		7,975,482		8,251,715		8,251,715		8,334,232
111	76		0		0		128,640		285,901		8,701,251		8,987,152		8,987,152		9,077,023
112	77		0		0		128,640		295,907		9,493,065		9,788,972		9,788,972		9,886,862
113	78		0		0		128,640		306,264		10,356,934		10,663,198		10,663,198		10,769,830
114	79		0		0		128,640		316,983		11,299,415		11,616,398		11,616,398		11,732,562
115	80		0		0		128,640		328,078		12,327,661		12,655,739		12,655,739		12,782,297
116	81		0		0		128,640		339,561		13,449,479		13,789,039		13,789,039		13,926,930
117	82		0		0		128,640		351,445		14,673,381		15,024,826		15,024,826		15,175,075
118	83		0		0		128,640		363,746		16,008,659		16,372,405		16,372,405		16,536,129
119	84		0		0		128,640		376,477		17,465,446		17,841,924		17,841,924		18,020,342
120	85		0		0		128,640		389,654		19,054,802		19,444,456		19,444,456		19,638,900


LD18234-2-05/11-IF		Issue State: FL
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	52


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Exec^SM Variable Universal Life Insurance In Force Illustration Guaranteed Charges Ledger
Primary Insured: Insured Name		Annual Premium: $2,010.00
Male Select Non-Smoker		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (2.00%)
		Separate Account Rate (10.00%
		Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Planned Premium(b)		Cumulative Outlay		Cash Value		Net Surrender Value		Death Benefit Proceeds
37	2		2,010		2,010		11,222		11,222		250,000
38	3		2,010		4,020		12,477		12,477		250,000
39	4		2,010		6,030		13,766		13,766		250,000
40	5		2,010		8,040		15,095		15,095		250,000
41	6		2,010		10,050		16,464		16,464		250,000
42	7		2,010		12,060		17,872		17,872		250,000
43	8		2,010		14,070		19,318		19,318		250,000
44	9		2,010		16,080		20,798		20,798		250,000
45	10		2,010		18,090		22,309		22,309		250,000
46	11		2,010		20,100		23,855		23,855		250,000
47	12		2,010		22,110		25,440		25,440		250,000
48	13		2,010		24,120		27,076		27,076		250,000
49	14		2,010		26,130		28,781		28,781		250,000
50	15		2,010		28,140		30,551		30,551		250,000
51	16		2,010		30,150		32,479		32,479		250,000
52	17		2,010		32,160		34,470		34,470		250,000
53	18		2,010		34,170		36,512		36,512		250,000
54	19		2,010		36,180		38,597		38,597		250,000
55	20		2,010		38,190		40,708		40,708		250,000
56	21		2,010		40,200		42,836		42,836		250,000
57	22		2,010		42,210		44,976		44,976		250,000
58	23		2,010		44,220		47,145		47,145		250,000
59	24		2,010		46,230		49,351		49,351		250,000
60	25		2,010		48,240		51,581		51,581		250,000
61	26		2,010		50,250		53,801		53,801		250,000
62	27		2,010		52,260		55,976		55,976		250,000
63	28		2,010		54,270		58,066		58,066		250,000
64	29		2,010		56,280		60,054		60,054		250,000
65	30		2,010		58,290		61,922		61,922		250,000
66	31		2,010		60,300		63,658		63,658		250,000
67	32		2,010		62,310		65,255		65,255		250,000
68	33		2,010		64,320		66,694		66,694		250,000
69	34		2,010		66,330		67,947		67,947		250,000
70	35		2,010		68,340		68,970		68,970		250,000
71	36		2,010		70,350		69,686		69,686		250,000


LD18234-2-05/11-IF		Issue State: FL
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	53


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Exec^SM Variable Universal Life Insurance In Force Illustration Guaranteed Charges Ledger
Primary Insured: Insured Name		Annual Premium: $2,010.00
Male Select Non-Smoker		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (2.00%)
		Separate Account Rate (10.00%
		Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Planned Premium(b)		Cumulative Outlay		Cash Value		Net Surrender Value		Death Benefit Proceeds
72	37		2,010		72,360		69,971		69,971		250,000
73	38		2,010		74,370		69,692		69,692		250,000
74	39		2,010		76,380		68,757		68,757		250,000
75	40		2,010		78,390		67,034		67,034		250,000
76	41		2,010		80,400		64,348		64,348		250,000
77	42		2,010		82,410		60,456		60,456		250,000
78	43		2,010		84,420		55,016		55,016		250,000
79	44		2,010		86,430		47,584		47,584		250,000
80	45		2,010		88,440		37,625		37,625		250,000
81	46		2,010		90,450		24,439		24,439		250,000
82	47		2,010		92,460		7,148		7,148		250,000


LD18234-2-05/11-IF		Issue State: FL
May 2, 2011 4:14:26 PM	Page 9 of 18	Version: 07.00.35.1090.4054 TCFMDIFS

	54


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Exec^SM Variable Universal Life Insurance In Force Illustration Guaranteed Charges Ledger
Primary Insured: Insured Name		Annual Premium: $2,010.00
Male Select Non-Smoker		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (0.00%)
		Separate Account Rate (0.00%
		Gross; -0.90% Net) (a)
		————End of Year————


Age	End of Year	Additional Planned Premium(b)		Cumulative Outlay		Cash Value		Net Surrender Value		Death Benefit Proceeds
37	2		2,010		2,010		10,185		10,185		250,000
38	3		2,010		4,020		10,361		10,361		250,000
39	4		2,010		6,030		10,522		10,522		250,000
40	5		2,010		8,040		10,667		10,667		250,000
41	6		2,010		10,050		10,787		10,787		250,000
42	7		2,010		12,060		10,877		10,877		250,000
43	8		2,010		14,070		10,929		10,929		250,000
44	9		2,010		16,080		10,933		10,933		250,000
45	10		2,010		18,090		10,883		10,883		250,000
46	11		2,010		20,100		10,777		10,777		250,000
47	12		2,010		22,110		10,613		10,613		250,000
48	13		2,010		24,120		10,400		10,400		250,000
49	14		2,010		26,130		10,150		10,150		250,000
50	15		2,010		28,140		9,851		9,851		250,000
51	16		2,010		30,150		9,515		9,515		250,000
52	17		2,010		32,160		9,097		9,097		250,000
53	18		2,010		34,170		8,574		8,574		250,000
54	19		2,010		36,180		7,931		7,931		250,000
55	20		2,010		38,190		7,139		7,139		250,000
56	21		2,010		40,200		6,180		6,180		250,000
57	22		2,010		42,210		5,041		5,041		250,000
58	23		2,010		44,220		3,732		3,732		250,000
59	24		2,010		46,230		2,253		2,253		250,000
60	25		2,010		48,240		574		574		250,000


LD18234-2-05/11-IF		Issue State: FL
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	55


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Exec^SM Variable Universal Life Insurance In Force Illustration Guaranteed Charges Detail Ledger
Primary Insured: Insured Name		Annual Premium: $2,010.00
Male Select Non-Smoker		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (2.00%)
		Separate Account Rate (10.00% Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Fixed Planned Premium(b)		Additional Separate Account Planned Premium(b)		Cumulative Outlay		Fixed Value		Separate Account Value		Total Cash Value		Net Surrender Value		Death Benefit Proceeds
37	2		1,005		1,005		2,010		866		10,356		11,222		11,222		250,000
38	3		1,005		1,005		4,020		1,655		10,822		12,477		12,477		250,000
39	4		1,005		1,005		6,030		2,388		11,378		13,766		13,766		250,000
40	5		1,005		1,005		8,040		3,079		12,016		15,095		15,095		250,000
41	6		1,005		1,005		10,050		3,739		12,725		16,464		16,464		250,000
42	7		1,005		1,005		12,060		4,373		13,500		17,872		17,872		250,000
43	8		1,005		1,005		14,070		4,985		14,333		19,318		19,318		250,000
44	9		1,005		1,005		16,080		5,578		15,220		20,798		20,798		250,000
45	10		1,005		1,005		18,090		6,154		16,155		22,309		22,309		250,000
46	11		1,005		1,005		20,100		6,715		17,140		23,855		23,855		250,000
47	12		1,005		1,005		22,110		7,264		18,176		25,440		25,440		250,000
48	13		1,005		1,005		24,120		7,805		19,271		27,076		27,076		250,000
49	14		1,005		1,005		26,130		8,343		20,438		28,781		28,781		250,000
50	15		1,005		1,005		28,140		8,878		21,672		30,551		30,551		250,000
51	16		1,005		1,005		30,150		9,410		23,069		32,479		32,479		250,000
52	17		1,005		1,005		32,160		9,934		24,536		34,470		34,470		250,000
53	18		1,005		1,005		34,170		10,449		26,063		36,512		36,512		250,000
54	19		1,005		1,005		36,180		10,951		27,646		38,597		38,597		250,000
55	20		1,005		1,005		38,190		11,435		29,273		40,708		40,708		250,000
56	21		1,005		1,005		40,200		11,899		30,936		42,836		42,836		250,000
57	22		1,005		1,005		42,210		12,343		32,633		44,976		44,976		250,000
58	23		1,005		1,005		44,220		12,770		34,375		47,145		47,145		250,000
59	24		1,005		1,005		46,230		13,184		36,168		49,351		49,351		250,000
60	25		1,005		1,005		48,240		13,580		38,000		51,581		51,581		250,000
61	26		1,005		1,005		50,250		13,952		39,850		53,801		53,801		250,000
62	27		1,005		1,005		52,260		14,289		41,686		55,976		55,976		250,000
63	28		1,005		1,005		54,270		14,585		43,481		58,066		58,066		250,000
64	29		1,005		1,005		56,280		14,837		45,217		60,054		60,054		250,000
65	30		1,005		1,005		58,290		15,044		46,878		61,922		61,922		250,000
66	31		1,005		1,005		60,300		15,206		48,452		63,658		63,658		250,000
67	32		1,005		1,005		62,310		15,324		49,931		65,255		65,255		250,000
68	33		1,005		1,005		64,320		15,398		51,296		66,694		66,694		250,000
69	34		1,005		1,005		66,330		15,423		52,524		67,947		67,947		250,000
70	35		1,005		1,005		68,340		15,395		53,575		68,970		68,970		250,000
71	36		1,005		1,005		70,350		15,301		54,385		69,686		69,686		250,000


LD18234-2-05/11-IF		Issue State: FL
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	56


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Exec^SM Variable Universal Life Insurance In Force Illustration Guaranteed Charges Detail Ledger
Primary Insured: Insured Name		Annual Premium: $2,010.00
Male Select Non-Smoker		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Fixed Value Interest Rate (2.00%)
		Separate Account Rate (10.00% Gross; 9.10% Net) (a)
		————End of Year————


Age	End of Year	Additional Fixed Planned Premium(b)		Additional Separate Account Planned Premium(b)		Cumulative Outlay		Fixed Value		Separate Account Value		Total Cash Value		Net Surrender Value		Death Benefit Proceeds
72	37		1,005		1,005		72,360		15,118		54,852		69,971		69,971		250,000
73	38		1,005		1,005		74,370		14,827		54,865		69,692		69,692		250,000
74	39		1,005		1,005		76,380		14,417		54,340		68,757		68,757		250,000
75	40		1,005		1,005		78,390		13,869		53,165		67,034		67,034		250,000
76	41		1,005		1,005		80,400		13,158		51,190		64,348		64,348		250,000
77	42		1,005		1,005		82,410		12,245		48,211		60,456		60,456		250,000
78	43		1,005		1,005		84,420		11,073		43,943		55,016		55,016		250,000
79	44		1,005		1,005		86,430		9,561		38,023		47,584		47,584		250,000
80	45		1,005		1,005		88,440		7,604		30,021		37,625		37,625		250,000
81	46		1,005		1,005		90,450		5,035		19,404		24,439		24,439		250,000
82	47		1,005		1,005		92,460		1,548		5,600		7,148		7,148		250,000


LD18234-2-05/11-IF		Issue State: FL
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	57


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Exec^SM Variable Universal Life Insurance In Force Illustration Guaranteed Charges Ledger with 100% Allocation to Subaccounts
Primary Insured: Insured Name		Annual Premium: $2,010 .00
Male Select Non-Smoker		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


		Hypothetical Rates
		Separate Account Rate (0.00%
		Gross; -0.90% Net) (a)
		————End of Year————


Age	End of Year	Cumulative Outlay		Additional Planned Premium(b)		Cash Value		Net Surrender Value		Death Benefit Proceeds
37	2		2,010		2,010		10,170		10,170		250,000
38	3		2,010		4,020		10,318		10,318		250,000
39	4		2,010		6,030		10,441		10,441		250,000
40	5		2,010		8,040		10,538		10,538		250,000
41	6		2,010		10,050		10,603		10,603		250,000
42	7		2,010		12,060		10,631		10,631		250,000
43	8		2,010		14,070		10,616		10,616		250,000
44	9		2,010		16,080		10,550		10,550		250,000
45	10		2,010		18,090		10,426		10,426		250,000
46	11		2,010		20,100		10,244		10,244		250,000
47	12		2,010		22,110		10,002		10,002		250,000
48	13		2,010		24,120		9,712		9,712		250,000
49	14		2,010		26,130		9,386		9,386		250,000
50	15		2,010		28,140		9,011		9,011		250,000
51	16		2,010		30,150		8,621		8,621		250,000
52	17		2,010		32,160		8,150		8,150		250,000
53	18		2,010		34,170		7,577		7,577		250,000
54	19		2,010		36,180		6,886		6,886		250,000
55	20		2,010		38,190		6,050		6,050		250,000
56	21		2,010		40,200		5,052		5,052		250,000
57	22		2,010		42,210		3,879		3,879		250,000
58	23		2,010		44,220		2,542		2,542		250,000
59	24		2,010		46,230		1,044		1,044		250,000

This ledger assumes all net premiums are allocated to the Separate Account regardless of whether net premiums are allocated to the Fixed Account.


LD18234-2-05/11-IF		Issue State: FL
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	58


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Exec^SM Variable Universal Life Insurance In Force Illustration Supplemental Footnotes and Additional Information
Primary Insured: Insured Name		Annual Premium: $2,010.00
Male Select Non-Smoker		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None

The selected subaccount annual management fees and expenses used to determine the weighted average as of December 31, 2010 are:


Subaccount	Subaccount Allocation Percentage			Total Subaccount Management Fees and Expenses
Transamerica AEGON Active Asset Allocation - Conservative VP		0.00	%		0.73	%
Transamerica AEGON Active Asset Allocation - Moderate Growth VP		0.00	%		0.74	%
Transamerica AEGON Active Asset Allocation - Moderate VP		0.00	%		0.74	%
Transamerica AEGON High Yield Bond VP		0.65	%		0.73	%
Transamerica AEGON Money Market VP		1.98	%		0.40	%
Transamerica AEGON U.S. Government Securities VP		0.43	%		0.61	%
Transamerica AllianceBernstein Dynamic Allocation VP		0.12	%		1.05	%
Transamerica Asset Allocation - Conservative VP		1.57	%		0.85	%
Transamerica Asset Allocation - Growth VP		9.38	%		1.04	%
Transamerica Asset Allocation - Moderate Growth VP		10.59	%		0.95	%
Transamerica Asset Allocation - Moderate VP		3.23	%		0.90	%
Transamerica BlackRock Global Allocation VP		0.00	%		0.83	%
Transamerica BlackRock Large Cap Value VP		2.07	%		0.79	%
Transamerica BlackRock Tactical Allocation VP		0.00	%		0.93	%
Transamerica Clarion Global Real Estate Securities VP		1.59	%		0.90	%
Transamerica Efficient Markets VP		0.01	%		0.75	%
Transamerica Foxhall Emerging Markets/Pacific RIM VP		0.57	%		1.39	%
Transamerica Foxhall Global Commodities & Hard Assets VP		0.34	%		1.48	%
Transamerica Foxhall Global Conservative VP		0.07	%		1.21	%
Transamerica Foxhall Global Growth VP		0.61	%		1.37	%
Transamerica Hanlon Balanced VP		0.38	%		1.33	%
Transamerica Hanlon Growth and Income VP		0.34	%		1.34	%
Transamerica Hanlon Growth VP		0.50	%		1.34	%
Transamerica Hanlon Managed Income VP		1.00	%		1.24	%
Transamerica Index 50 VP		0.01	%		0.50	%
Transamerica Index 75 VP		0.04	%		0.46	%
Transamerica International Moderate Growth VP		0.38	%		1.05	%
Transamerica Jennison Growth VP		0.37	%		0.79	%
Transamerica JPMorgan Core Bond VP		1.97	%		0.57	%
Transamerica JPMorgan Enhanced Index VP		0.07	%		0.84	%
Transamerica JPMorgan Tactical Allocation VP		2.10	%		0.91	%
Transamerica MFS International Equity VP		1.56	%		1.05	%
Transamerica Morgan Stanley Capital Growth VP		1.14	%		0.90	%
Transamerica Morgan Stanley Growth Opportunities VP		2.17	%		0.87	%
Transamerica Morgan Stanley Mid-Cap Growth VP		11.14	%		0.90	%
Transamerica Multi-Managed Balanced VP		4.10	%		0.83	%
Transamerica Multi Managed Large Cap Core VP		0.09	%		0.84	%
Transamerica PIMCO Total Return VP		1.08	%		0.69	%
Transamerica Systematic Small/Mid Cap Value VP		1.29	%		0.86	%
Transamerica T. Rowe Price Small Cap VP		0.98	%		0.84	%
Transamerica Third Avenue Value VP		2.65	%		0.90	%
Transamerica WMC Diversified Equity VP		7.66	%		0.83	%
Transamerica WMC Diversified Growth VP		21.52	%		0.78	%


LD18234-2-05/11-IF		Issue State: FL
May 2, 2011 4:14:26 PM	Page 14 of 18	Version: 07.00.35.1090.4054 TCFMDIFS

	59


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Exec^SM Variable Universal Life Insurance In Force Illustration Supplemental Footnotes and Additional Information
Primary Insured: Insured Name		Annual Premium: $2,010.00
Male Select Non-Smoker		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None


ProFund VP Asia 30	0.22	%	1.68	%
ProFund VP Basic Materials	0.29	%	1.68	%
ProFund VP Bull	0.31	%	1.68	%
ProFund VP Consumer Services	0.03	%	1.68	%
ProFund VP Emerging Markets	0.67	%	1.68	%
ProFund VP Europe 30	0.01	%	1.68	%
ProFund VP Falling U.S. Dollar	0.02	%	1.68	%
ProFund VP Financials	0.07	%	1.68	%
ProFund VP lnternational	0.27	%	1.68	%
ProFund VP Japan	0.01	%	1.68	%
ProFund VP Mid-Cap	0.10	%	1.68	%
ProFund VP Money Market	0.46	%	1.35	%
ProFund VP NASDAQ-100	0.13	%	1.68	%
ProFund VP Oil & Gas	0.19	%	1.68	%
ProFund VP Pharmaceuticals	0.02	%	1.68	%
ProFund VP Precious Metals	0.39	%	1.68	%
ProFund VP Short Emerging Markets	0.01	%	1.68	%
ProFund VP Short International	0.02	%	1.68	%
ProFund VP Short NASDAQ- 100	0.02	%	1.68	%
ProFund VP Short Small-Cap	0.05	%	1.68	%
ProFund VP Small-Cap	0.04	%	1.68	%
ProFund VP Small-Cap Value	0.02	%	1.68	%
ProFund VP Telecommunications	0.01	%	1.68	%
ProFund VP U.S. Government Plus	0.12	%	1.38	%
ProFund VP UltraSmall-Cap	0.26	%	1.68	%
ProFund VP Utilities	0.05	%	1.68	%
Fidelity VIP lndex 500 Portfolio	0.33	%	0.35	%
Access VP High Yield Fund	0.07	%	1.68	%
AllianceBernstein Balanced Wealth Strategy Portfolio	0.02	%	0.93	%
Franklin Templeton VIP Founding Funds Allocation Fund	0.02	%	1.12	%

The current charges illustration reflects current charges, and the guaranteed charges illustration reflects guaranteed charges. These charges are:

•

A mortality and expense risk charge assessed against each subaccount:

•

Current:

•

0.75% in Policy years 1-15

•

0.00% thereafter

•

Guaranteed:

•

0.75% in Policy years 1-15

•

0.30% thereafter

•

The current and guaranteed premium expense charge (on all premium payments):

•

0.00% in Policy year 1

•

3.00% thereafter


LD18234-2-05/11-IF		Issue State: FL
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	60


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Exec^SM Variable Universal Life Insurance In Force Illustration Supplemental Footnotes and Additional Information
Primary Insured: Insured Name		Annual Premium: $2,010 .00
Male Select Non-Smoker		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None

•

Monthly Deductions for:

•

The cost of insurance

•

The monthly Policy charge:

•

Current:

•

$10.00 per month through age 99

•

$0.00 per month thereafter

•

Guaranteed:

•

$12.00 per month through age 99

•

$0.00 per month thereafter

•

The monthly per unit charge (a charge per $1,000 of specified amount for the first 8 Policy years and the first 8 years after any specified amount increase; guaranteed to stop at age 100)

•

Any riders illustrated.

•

At a 0.00% Gross (-0.90% Net) Rate of Return and Guaranteed Charges, the policy may lapse in Policy year 26.

•

At a 10.00% Gross (9.10% Net) Rate of Return and Guaranteed Charges, the policy may lapse in Policy year 48.

At a 0.00% Gross (-0.90% Net) Rate of Return and Guaranteed Charges, the policy may lapse in Policy year 26.

Information regarding a Modified Endowment Contract:

Amounts withdrawn or borrowed from a Modified Endowment Contract (“MEC”), or the pledge of a MEC, prior to the death of the Insured will be taxable to the extent of any gain in the contract. In addition, if the owner is not yet 59¹/₂ or if the owner is not an individual (such as a trust, for example), the taxable amounts may be subject to a 10% penalty tax. Under the Federal Income Tax Law, a life insurance contract becomes a MEC when actual premiums paid exceed a specified 7-Pay premium limit applicable initially for the first seven policy years and may also become a MEC when there are certain changes to policy benefits. New 7-Pay premium limits for succeeding seven-year periods may be established for the policy as a result of certain changes in policy terms or benefits. All MECs issued by Western Reserve life and its affiliates to the same owner during any calendar year will be treated as one MEC. If there is an IRC Section 1035 Exchange of a life insurance contract that is not a MEC for another life insurance contract, a certain portion of the cash value exchanged will apply annually towards the annual 7-Pay premium limit of the new policy in determining whether the new contract is a MEC. If the original policy was a MEC, the new policy received in exchange will also be a MEC. You should consult with and rely on your qualified tax advisor as to the implications of any withdrawal loan, surrender, pledge, exchange or collateral assignment of a life insurance policy.

Based on the premium payments and activities illustrated, this policy will not become a Modified Endowment Contract (“MEC”).


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	61


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Exec^SM Variable Universal Life Insurance In Force Illustration Supplemental Footnotes and Additional Information
Primary Insured: Insured Name		Annual Premium: $2,010 .00
Male Select Non-Smoker		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None

Target: Used for administrative purposes.

Guideline Premium Test: Under the Federal Income Tax Law, the Guideline Level Premium (GL Annual) is the maximum level annual Premium that can be paid into the policy on an annual basis and still have it qualify as a life insurance contract. The Guideline Single Premium (GL Single) is the maximum single Premium that can be paid into the policy at issue and still have it qualify as a life insurance contract. Premiums paid into the policy at any date can never exceed the greater of the Guideline Single Premium or the sum of the Guideline Level Premiums to such date. Guideline premium limits for the policy may change as a result of changes in policy terms or benefits.


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	62


Western Reserve Life Assurance Co. of Ohio WRL Xcelerator Exec^SM Variable Universal Life Insurance In Force Illustration Policy Summary
Primary Insured: Insured Name		Annual Premium: $2,010.00
Male Select Non-Smoker		Specified Amount: $250,000
Fixed Account Allocation: 50%		Death Benefit Option: Level
Subaccount Allocation: 50%		Riders (c): None

Coverage

Amount

Issue Date

Mature
Date

Issue Age

Curr Age

Gender

Risk Class

Table
Rating

Flat Extra

Flat Extra
Expire Date

Base

250,000.00

05/02/2011

05/02/2096

Male

Select Non-
Smoker

None

0.00

05/02/2011

Rider(s) Illustrated: None


		This column shows current policy data as of the date of the Illustration.		This column shows policy data assuming potential changes and as illustrated in the preceding ledgers.
DEFRA/TAMRA/MAP Guidelines	Guideline Annual Premium	$	10,000.00	$	10,000.00
	Guideline Single Premium	$	100,000.00	$	100,000.00
	Additional DEFRA Allowable	$	100,000.00	$	100,000.00
	7-Pay Premium	$	15,000.00	$	15,000.00
	Additional TAMRA Allowable	$	30,000.00	$	30,000.00
	Target Premium	$	2,000.00	$	2,000.00
	Minimum Annual Premium (MAP)	$	2,000.00	$	2,000.00
	MAP Accumulation	$	4,000.00	$	4,000.00
Policy Values and Benefits	Death Benefit without Riders	$	250,000.00	$	250,000.00
	Net Amount at Risk	$	240,000.00	$	240,000.00
	Cash Value	$	10,000.00	$	10,000.00
	Surrender Charge	$	0.00	$	0.00
	Cash Surrender Value	$	10,000.00	$	10,000.00
	Cost Basis	$	0.00	$	0.00
	Gain/Loss	$	10,000.00	$	10,000.00
	Loan Payoff	$	0.00	$	0.00
	Total Withdrawals	$	0.00	$	0.00
	Dump-In Premium		N/A	$	0.00
	Gross Transfer	$	0.00	$	0.00
	Net Transfer	$	0.00	$	0.00


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	63

PART C - OTHER INFORMATION


Item 26.		Exhibits

(a)		Board of Directors Resolution

	(i)	Resolution of the Board of Directors of Western Reserve establishing the separate account (1)

	(ii)	Resolution of the Board of Directors of Transamerica Life Insurance Company Approving Plan of Merger with Transamerica Premier Life Insurance Company. (31)

	(iii)	Resolution of the Board of Directors of Transamerica Premier Life Insurance Company Approving Plan of Merger with Transamerica Life Insurance Company. (31)

(b)		Custodial Agreements – Not Applicable

(c)		Underwriting Contracts

	(i)	Amended and Restated Principal Underwriting Agreement between Transamerica Capital, Inc. and Transamerica Life Insurance Company, on its own and on behalf of the Separate Account. (29)

(d)		Contracts

	(i)	(a) Specimen Flexible Premium Variable Life Insurance Policy (VL07) (5)

	(ii)	(b) Revised GPT Schedule Pages (VL07) (11)

	(iii)	(c) Revised CVAT Schedule Pages (VL07) (11)

	(iv)	Inflation Fighter Rider (5)

	(v)	Primary Insured Rider Plus (5)

	(vi)	Disability Waiver of Premium Rider (5)

	(vii)	Disability Waiver of Monthly Deductions Rider (5)

	(viii)	Other Insured Rider (5)

	(ix)	Accidental Death Benefit Rider (5)

(e)		Applications

		Application for Flexible Premium Variable Life Insurance Policy (3)

(f)		Depositor’s Certificate of Incorporation and By-Laws

	(i)	Articles of Incorporation of Transamerica Life Insurance Company. (30)

	(ii)	Bylaws of Transamerica Life Insurance Company. (30)

(g)		Reinsurance Contracts– Not Applicable

(h)		Participation Agreements

	(i)	Participation Agreement among Transamerica Series Trust and Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Monumental Life Insurance Company, and Western Reserve Life Assurance Co. of Ohio dated May 1, 2013 (16)

	(ii)	Amendment No. 1 dated May 1, 2013 to Participation Agreement among Transamerica Series Trust and Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Monumental Life Insurance Company, and Western Reserve Life Assurance Co. of Ohio dated May 1, 2013 (16)

	(iii)	Revision to Schedule A dated September 3, 2013 of the Participation Agreement among Transamerica Series Trust and Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Monumental Life Insurance Company, and Western Reserve Life Assurance Co. of Ohio dated May 1, 2013 (16)

	(iv)	Revision to Schedule A dated September 18, 2013 of the Participation Agreement among Transamerica Series Trust and Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Monumental Life Insurance Company, and Western Reserve Life Assurance Co. of Ohio dated May 1, 2013 (16)

	(v)	Revision to Schedule A dated October 31, 2013 of the Participation Agreement among Transamerica Series Trust and Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Monumental Life Insurance Company, and Western Reserve Life Assurance Co. of Ohio dated May 1, 2013 (16)

	(vi)	Revision to Schedule A dated May 1, 2014 of the Participation Agreement among Transamerica Series Trust and Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Monumental Life Insurance Company, and Western Reserve Life Assurance Co. of Ohio dated May 1, 2013 (21)


		(vii)		Revision to Schedule A dated July 1, 2014 of the Participation Agreement among Transamerica Series Trust and Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, Monumental Life Insurance Company, and Western Reserve Life Assurance Co. of Ohio dated May 1, 2013 (22)

		(viii)		Amendment No. 2 dated November 10, 2014 to Participation Agreement among Transamerica Series Trust and Transamerica Life Insurance Company, Transamerica Financial Life Insurance Company, and Transamerica Premier Life Insurance Company dated May 1, 2013 (22)

		(ix)		Amended Schedule A to Participation Agreement dated 5-1-2015 (24)

		(x)		Amended Schedule A to Participation Agreement dated 12-18-2015 (TST) (24)

		(xi)		Amended Schedule A to Participation Agreement dated 3-21-2016 (TST) (24)

		(xii)		Amended Schedule A to Participation Agreement dated 5-01-2016 (TST) (24)

		(xiii)		Amended Schedule A to Participation Agreement dated 12-16-2016 (TST) (25)

		(xiv)		Amended Schedule A to Participation Agreement dated 5-1-2017 (TST) (25)

		(xv)		Amended Schedule A to Participation Agreement dated 9-29-2017 (TST) (26)

		(xvi)		Amended Schedule A to Participation Agreement dated 2-1-2018 (TST) (26)

		(xvii)		Amended Schedule A to Participation Agreement dated 5-1-2018 (TST) (26)

		(xviii)		Amended Schedule A to Participation Agreement dated 11-1-2018 (TST) (27)

		(xix)		Participation Agreement Among Variable Insurance Products’ Funds, Fidelity Distributors Corporation and Peoples Benefit Life Insurance Company dated 12-1-2000 (23)

		(xx)		Amendment No. 1 to Participation Agreement Among Variable Products’ Funds, Fidelity Distributors Corporation and Peoples Benefit Life Insurance Company dated 3-8-2004 (23)

		(xxi)		Amendment No. 2 to Participation Agreement Among Variable Products’ Funds, Fidelity Distributors Corporation and Peoples Benefit Life Insurance Company dated 5-1-2005 (23)

		(xxii)		Amendment No. 3 to Participation Agreement Among Variable Products’ Funds, Fidelity Distributors Corporation and Peoples Benefit Life Insurance Company dated 6-27-2007 (23)

		(xxiii)		Amendment No. 4 to Participation Agreement Among Variable Products’ Funds, Fidelity Distributors Corporation and Peoples Benefit Life Insurance Company dated 10-1-2007 (23)

		(xxiv)		Amendment No. 5 (Privacy) to Participation Agreement Among Variable Products’ Funds, Fidelity Distributors Corporation and Monumental Life Insurance Company (formerly, Peoples Benefit Life Insurance Company) dated 3-1-2012 (23)

		(xxv)		Amendment No. 6 to Participation Agreement Among Variable Products’ Funds, Fidelity Distributors Corporation and Monumental Life Insurance Company (formerly, Peoples Benefit Life Insurance Company) dated 5-1-2013 (23)

		(xxvi)		Amendment No. 7 to Participation Agreement Among Variable Products’ Funds, Fidelity Distributors Corporation and Transamerica Premier Life Insurance Company (formerly, Monumental Life Insurance Company) dated 10-1-2014 (23)

		(xxvii)		Summary Prospectus Agreement between WRL and Fidelity Distributors Corporation dated May 1, 2011 (14)

		(xxviii)		Participation Agreement Among Western Reserve, ProFunds, Access One Trust and ProFund Advisors LLC dated June 6, 2006 (9)

		(xxix)		Amendment No. 1 to Participation Agreement among Western Reserve, ProFunds, Access One Trust and ProFund Advisors LLC dated June 1, 2007 (6)

		(xxx)		Amendment No. 2 to Participation Agreement among Western Reserve, ProFunds, Access One Trust and ProFund Advisors LLC dated August 30, 2007 (6)

		(xxxi)		Amendment No. 3 to Participation Agreement among Western Reserve, ProFunds, Access One Trust and ProFund Advisors LLC dated February 28, 2008 (8)

		(xxxii)		Amendment No. 5 to ProFunds Participation Agreement among Western Reserve, ProFunds, Access One Trust and ProFunds Advisors LLC dated May 1, 2012 (13)

		(xxxiii)		Amendment No. 6 to Participation Agreement among Western Reserve Life Assurance Co. of Ohio and ProFunds, Access One Trust and ProFund Advisors LLC dated May 1, 2013 (16)

		(xxxiv)		Amendment No. 7 to Participation Agreement among Transamerica Premier Life Insurance Company and ProFunds, Access One Trust and ProFund Advisors LLC dated June 2, 2016 (23)

		(xxxv)		Confidentiality Amendment to ProFunds Participation Agreement among Western Reserve, ProFunds, Access One Trust and ProFunds Advisors LLC dated February 22, 2012 (14)

		(xxxvi)		Participation Agreement between AllianceBernstein Variable Products Series Fund, Inc. and Transamerica Premier Life Insurance Company (formerly, Monumental Life) dated August 2, 2000 (19)


	(xxxvii)	Amendment to Participation Agreement Among AllianceBernstein Variable Products Series Fund, Inc. and TPLIC dated May 9, 2008 (19)

	(xxxviii)	Amendment No. 2 to Participation Agreement between AllianceBernstein Variable Products Series Fund, Inc. and TPLIC dated March 1, 2012 (20)

	(xxxix)	Amendment No. 3 to Participation Agreement between AllianceBernstein Variable Products Series Fund, Inc. and TPLIC (formerly, Monumental Life) dated May 1, 2013 (21)

	(xl)	Amendment No. 4 to Participation Agreement between AllianceBernstein Variable Products Series Fund, Inc. and TPLIC dated October 1, 2014 (22)

	(xli)	Amendment No.5 to Participation Agreement between AllianceBernstein Variable Products Series Fund, Inc. and TPLIC dated April 18, 2019 (28)

	(xlii)	Amended Schedule A to Participation Agreement Amendment No. 3 to Participation Agreement for AllianceBernstein Investments Inc. dated 5-1-2015 (24)

	(xliii)	Participation Agreement Among Franklin Templeton Variable Insurance Products Trust, Franklin/Templeton Distributors, Inc., Western Reserve Life Assurance Co. of Ohio and Transamerica Capital, Inc. dated November 10, 2008 (12)

	(xliv)	Amendment No. 1 to Participation Agreement Among Franklin Templeton Variable Insurance Products Trust, Franklin/Templeton Distributors, Inc., Western Reserve Life Assurance Co. of Ohio and Transamerica Capital, Inc. dated May 1, 2009 (12)

	(xlv)	Amendment No. 2 to Participation Agreement Among Franklin Templeton Variable Insurance Products Trust, Franklin/Templeton Distributors, Inc., Western Reserve Life Assurance Co. of Ohio and Transamerica Capital, Inc. dated October 1, 2010 (15)

	(xlvi)	Amendment No. 3 to Participation Agreement Among Franklin Templeton Variable Insurance Products Trust, Franklin/Templeton Distributors, Inc., Western Reserve Life Assurance Co. of Ohio and Transamerica Capital, Inc. dated October 31, 2011 (14)

	(xlvii)	Amendment to Participation Agreement among Franklin Templeton Variable Insurance Products Trust, Franklin/Templeton Distributors, Inc., Western Reserve Life Assurance Co. of Ohio and Transamerica Capital, Inc. dated January 15, 2013 (16)

	(xlviii)	Addendum to Participation Agreement among Franklin Templeton Variable Insurance Products Trust, Franklin/Templeton Distributors, Inc., Western Reserve and Transamerica Capital, Inc. dated May 1, 2011 (13)

	(xlvix)	Amendment No.6 to Participation Agreement Among Franklin Templeton Variable Insurance Products Trust, Franklin/Templeton Distributors, Inc., Western Reserve Life Assurance Co. of Ohio and Transamerica Capital, Inc. dated May 1, 2014 (23)

	(l)	Amendment No.7 to Participation Agreement Among Franklin Templeton Variable Insurance Products Trust, Franklin/Templeton Distributors, Inc., Transamerica Premier Life Insurance Company (formerly, Western Reserve Life Assurance Co. of Ohio) and Transamerica Capital, Inc. dated September 30, 2014 (23)

	(li)	Amendment No.8 to Participation Agreement Among Franklin Templeton Variable Insurance Products Trust, Franklin/Templeton Distributors, Inc., Transamerica Premier Life Insurance Company (formerly, Western Reserve Life Assurance Co. of Ohio) and Transamerica Capital, Inc. dated October 24, 2014 (23)

(i)		Administrative Contracts – Not Applicable

(j)		Other Material Contracts – Not Applicable

(k)		Legal Opinion

	(i)	Opinion and Consent of Counsel. (31)

(l)		Actuarial Opinion – Not Applicable

(m)		Sample Hypothetical Illustration – Not Applicable

(n)		Other Opinions:

	(i)	Written Consent of PricewaterhouseCoopers LLP, Independent Public Accounting Firm (31)

(o)		Omitted Financial Statements – Not Applicable

(p)		Initial Capital Agreements – Not Applicable

(q)		Redeemability Exemption

	(i)	Memorandum describing Transamerica Life Insurance Company’s Issuance, Transfer and Redemption Procedures. (31)

(r)		Powers of Attorney (31)

		Blake S. Bostwick

		Fred Gingerich

		Mark W. Mullin

		David Schulz

		C. Michiel van Katwijk


(1)		This exhibit was previously filed on Post-Effective Amendment No. 16 to Form S-6 Registration Statement dated April 21, 1998 (File No. 33-31140) and is incorporated herein by reference.
(2)		This exhibit was previously filed on Pre-Effective Amendment No. 1 to Form N-6 Registration Statement dated January 31, 2003 (File No. 333-100993) and is incorporated herein by reference.
(3)		This exhibit was previously filed on the Initial Registration Statement to Form S-6 dated April 5, 2001 (File No. 333-58322) and is incorporated herein by reference.
(4)		This exhibit was previously filed on Pre-Effective Amendment No. 1 to Form S-6 Registration Statement dated April 21, 1999 (File No. 333-62397) and is incorporated herein by reference.
(5)		This exhibit was previously filed on the Initial Registration Statement to Form N-6 Registration Statement dated August 6, 2003 (File No. 333-107705) and is incorporated herein by reference.
(6)		This exhibit was previously filed on Pre-Effective Amendment No. 1 to Form N-6 Registration Statement dated October 9, 2003 (File No. 333-107705) and is incorporated herein by reference.
(7)		This exhibit was previously filed on Post-Effective Amendment No. 1 to Form N-6 Registration Statement dated February 26, 2004 (File No. 333-107705) and is incorporated herein by reference.
(8)		This exhibit was previously filed on the Initial Registrations Statement to Form N-6 Registration Statement dated June 14, 2006 (File No. 333-135005) and is incorporated herein by reference.
(9)		This exhibit was previously filed on Pre-Effective Amendment No. 1 to Form N-6 Registration Statement dated October 16, 2007 (File 333-144117) and is incorporated herein by reference.
(10)		This exhibit was previously filed on Post-Effective Amendment No. 6 to Form N-6 Registration Statement dated April 14, 2008 (File No. 333-110315) and is incorporated herein by reference.
(11)		This exhibit was previously filed on Post-Effective Amendment No. 9 to Form N-6 Registration Statement dated July 1, 2008 (File No. 333-107705) and is incorporated herein by reference.
(12)		This exhibit was previously filed on Post-Effective Amendment No. 6 to Form N-6 Registration Statement dated April 27, 2009 (File No. 333-135005) and is incorporated herein by reference.
(13)		This exhibit was previously filed on Post-Effective Amendment No. 13 to Form N-6 Registration Statement dated April 18, 2011 (File No. 333-110315) and is incorporated herein by reference.
(14)		This exhibit was previously filed on Post-Effective Amendment No. 16 to Form N-6 Registration Statement dated April 18, 2012 (File No. 333-107705) and is incorporated herein by reference.
(15)		This exhibit was previously filed on Post-Effective Amendment No. 15 to Form N-6 Registration Statement dated April 22, 2013 (File No. 333-110315) and is incorporated herein by reference.
(16)		This exhibit was previously filed on Post-Effective Amendment No. 16 to Form N-6 Registration Statement dated April 29, 2014 (File No. 333-110315) and is incorporated herein by reference.
(17)		This exhibit was previously filed on Pre-Effective Amendment No. 1 to Form N-6 Registration Statement dated October 21, 208 (File No. 333-152446) and is incorporated herein by reference.
(18)		Incorporated herein by reference to initial filing to Form N-4 Registration Statement (File 333-138040) filed on October 17, 2006.
(19)		This exhibit was previously filed on Post-Effective amendment No. 5 to Form N-4 Registration Statement dated April 29, 2009 (File No. 333-146323) and is incorporated herein by reference.
(20)		This exhibit was previously filed on Post-Effective amendment No. 9 to Form N-4 Registration Statement dated April 25, 2013 (File No. 333-146323) and is incorporated herein by reference.
(21)		This exhibit was previously filed on Post-Effective amendment No. 10 to Form N-4 Registration Statement dated April 30, 2014 (File No. 333-146323) and is incorporated herein by reference.
(22)		This exhibit was previously filed on the Initial Registration Statement dated October 1, 2014 (File No. 333-199047) and is incorporated herein by reference.
(23)		This exhibit was previously filed on Post-Effective Amendment No. 1 to Form N-6 Registration Statement dated April 28, 2015 (File No. 333-199047) and is incorporated herein by reference.
(24)		This exhibit was previously filed on Post-Effective Amendment No. 2 to Form N-6 Registration Statement (File No. 333-199047) filed on April 27, 2016 and is incorporated herein by reference.
(25)		This exhibit was previously filed on Post-Effective Amendment No. 3 to Form N-6 Registration Statement (File No. 333-199047) filed on April 27, 2017 and is incorporated herein by reference.
(26)		This exhibit was previously filed on Post-Effective Amendment No.4 to Form N-6 Registration Statement dated April 27, 2018 (File No. 333-199047) and is incorporated herein by reference.
(27)		This exhibit was previously filed on Post-Effective Amendment No.5 to Form N-6 Registration Statement dated April 26, 2019 (File No. 333-199047) and is incorporated herein by reference.


(28)		This exhibit was previously filed on Post-Effective Amendment No.6 to Form N-6 Registration Statement dated April 24, 2020 (File No. 333-199047) and is incorporated herein by reference.
(29)		This exhibit was previously filed on Pre-Effective Amendment No. 1 to Form N-4 Registration Statement (File No. 333-185573) filed on April 10, 2013and is incorporated herein by reference.
(30)		This exhibit was previously filed on Initial Filing of Form N-4 Registration Statement (File No. 333-169445) filed on September 17, 2010, and is incorporated herein by reference.
(31)		Filed herewith.

Item 27.

Directors and Officers of the Depositor


Name	Principal Business Address	Position and Offices with Depositor
Blake S. Bostwick	(1)	Director and President
Fred Gingerich	(3)	Controller and Vice President
Mark W. Mullin	(2)	Director and Chairman of the Board
David Schulz	(3)	Director, Chief Tax Officer and Senior Vice President
C. Michiel van Katwijk	(2)	Director, Chief Financial Officer, Executive Vice President, and Treasurer
Karyn Polak	(2)	Director, Secretary, General Counsel and Senior Vice President

(1)	1801 California Street, Suite 5200, Denver, CO 80202-2642

(2)	100 Light St., Baltimore, MD 21202

(3)	4333 Edgewood Road, N.E., Cedar Rapids, Iowa 52499-0001

Item 28. Persons Controlled by or under Common Control with the Depositor or Registrant


Name	Jurisdiction of Incorporation	Percent of Voting Securities Owned	Business
25 East 38th Street, LLC	Delaware	Sole Member: Yarra Rapids, LLC	Real estate investments
239 West 20th Street, LLC	Delaware	Sole Member: Yarra Rapids, LLC	Real estate investments
313 East 95th Street, LLC	Delaware	Sole Member: Yarra Rapids, LLC	Real estate investments
319 East 95th Street, LLC	Delaware	Sole Member: Yarra Rapids, LLC	Real estate investments
AEGON Affordable Housing Debt Fund I, LLC	Delaware	Members: AHDF Manager I, LLC (0.01%), Managing Member; Transamerica Life Insurance Company (5%); non-AEGON affiliates: Dominium Taxable Fund I, LLC (94.99%)	Affordable housing loans
AEGON AM Funds, LLC	Delaware	AEGON USA Investment Management, LLC is the Manager; equity will be owned by clients/Investors of AEGON USA Investment Management, LLC	To serve as a fund for a client and offer flexibility to accommodate other similarly situated clients.
AEGON Asset Management Services, Inc.	Delaware	100% AUSA Holding, LLC	Registered investment advisor
Aegon Community Investments 50, LLC	Delaware	Members: Aegon Community Investments 50, LLC (0.10%); Transamerica Financial Life Insurance Company (25.49750%); Transamerica Premier Life Insurance Company (25.49750%); non-AEGON affiliate, Citibank, N.A. (48.9950%)	Investments
Aegon Community Investments 51, LLC	Delaware	Sole Member: Transamerica Life Insurance Company	Investments
Aegon Community Investments 52, LLC	Delaware	Sole Member: Transamerica Life Insurance Company	Investments
Aegon Community Investments 53, LLC	Delaware	Sole Member: Transamerica Life Insurance Company	Investments
Aegon Community Investments 54, LLC	Delaware	Sole Member: Transamerica Life Insurance Company	Investments
Aegon Community Investments 55, LLC	Delaware	Sole Member - Transamerica Life Insurance Company	Investments
Aegon Community Investments 56, LLC	Delaware	Sole Member - Transamerica Life Insurance Company	Investments
Aegon Community Investments 57, LLC	Delaware	Sole Member: Transamerica Life Insurance Company	Investments
Aegon Community Investments 58, LLC	Delaware	Sole Member: Transamerica Life Insurance Company	Investments
Aegon Community Investments 59, LLC	Delaware	Sole Member: Transamerica Life Insurance Company	Investments
Aegon Community Investments 60, LLC	Delaware	Sole Member: Transamerica Life Insurance Company	Investments
Aegon Community Investments 61, LLC	Delaware	Sole Member: Transamerica Life Insurance Company	Investments
Aegon Community Investments 62, LLC	Delaware	Sole Member: Transamerica Life Insurance Company	Investments


Name	Jurisdiction of Incorporation	Percent of Voting Securities Owned	Business
AEGON Direct Marketing Services, Inc.	Maryland	Transamerica Premier Life Insurance Company owns 103,324 shares; Commonwealth General Corporation owns 37,161 shares	Marketing company
AEGON Direct Marketing Services International, LLC	Maryland	100% AUSA Holding, LLC	Marketing arm for sale of mass marketed insurance coverage
AEGON Direct Marketing Services Mexico, S.A. de C.V.	Mexico	100% AEGON DMS Holding B.V.	Provide management advisory and technical consultancy services.
AEGON Direct Marketing Services Mexico Servicios, S.A. de C.V.	Mexico	100% AEGON DMS Holding B.V.	Provide marketing, trading, telemarketing and advertising services in favor of any third party, particularly in favor of insurance and reinsurance companies.
AEGON Energy Management, LLC	Delaware	Sole Member: AEGON USA Realty Advisors, LLC	Investments
AEGON Financial Services Group, Inc.	Minnesota	100% Transamerica Life Insurance Company	Marketing
AEGON Funding Company, LLC.	Delaware	Sole Member: Transamerica Corporation	Issue debt securities-net proceeds used to make loans to affiliates
Aegon Global Services, LLC	Iowa	Sole Member: Commonwealth General Corporation	Holding company
AEGON Institutional Markets, Inc.	Delaware	100% Commonwealth General Corporation	Provider of investment, marketing and administrative services to insurance companies
AEGON Life Insurance Agency Inc.	Taiwan	100% AEGON Direct Marketing Services, Inc. (Taiwan Domiciled)	Life insurance
Aegon LIHTC Fund 50, LLC	Delaware	Members: Aegon Community Investments 50, LLC (0.01%); Transamerica Financial Life Insurance Company (25.49750%); Transamerica Premier Life Insurance Company (25.49750%); non-affiliate of AEGON, Citibank, N.A. (48.9950%)	Investments
Aegon LIHTC Fund 51, LLC	Delaware	Members: Aegon Community Investments 51, LLC (.01%) as Managing Member; non-affiliate of AEGON, Citibank, N.A. (99.99%)	Investments
Aegon LIHTC Fund 52, LLC	Delaware	Members: Transamerica Financial Life Insurance Company (10.18%); Transamerica Life Insurance Company (1%); Managing Member - Aegon Community Investments 52, LLC (0.01%); non-affiliates of AEGON, Citibank, N.A. (49%); California Bank & Trust (5.21%); Pacific West Bank (7.58%); Ally Bank (11.35%); US Bank (7.58%); Bank of the West (7.46%)	Investments
Aegon LIHTC Fund 54, LLC	Delaware	Non-Member Manager Aegon Community Investments 54, LLC (0%); Members: non-affiliate of Aegon, FNBC Leasing Corporation (100%)	Investments


Name	Jurisdiction of Incorporation	Percent of Voting Securities Owned	Business
Aegon LIHTC Fund 55, LLC	Delaware	Members: Managing Member - Aegon Community Investments 55, LLC (.01%); Transamerica Premier Life Insurance Company (2.82%); non-affiliates of AEGON, Bank of Hope (14.26%); CMFG Life Insurance Company (9.72%); Citibank, N.A. (21.69%); ZB National Association (1.81%); Ally Bank (8.21%); U.S. Bancorp Community Development Corporation (22.10%); Lake City Bank (1.47%); The Guardian Life Insurance Company of America (10.45%); Minnesota Life Insurance Company (7.46%)	Investments
Aegon LIHTC Fund 57, LLC	Delaware	Members: Managing Member - Aegon Community Investments 57, LLC (.01%); non-affiliate of AEGON, Bank of America, N.A. as Investor Member (99.99%)	Investments
Aegon LIHTC Fund 58, LLC	Delaware	Members: Managing Member - Aegon Community Investments 58, LLC (0.01%); Transamerica Premier Life Insurance Company (12%); non-affiliates of AEGON, Allstate Insurance Company (12%); Allstate Life Insurance Company (12%); Ally Bank (17%); CMFG Life Insurance Company (8.05%); Santander Bank, N.A. (22.25%); U.S. Bancorp Community Development Corporation (19.47%); Zions Bancorporation, N.A. (6.35%)	Investments
Aegon LIHTC Fund 60, LLC	Delaware	Sole Member: Aegon Community Investments 60, LLC	Investments
Aegon LIHTC Fund 61, LLC	Delaware	Non-Member Manager Aegon Community Investments 61, LLC (0%); Members: non-affiliate of Aegon, HSBC Bank, N.A. (100%)	Investments
Aegon LIHTC Fund 62, LLC	Delaware	Sole Member: Aegon Community Investments 62, LLC	Investments
AEGON Managed Enhanced Cash, LLC	Delaware	Members: Transamerica Life Insurance Company (62.9705%) ; Transamerica Premier Life Insurance Company (37.0295%)	Investment vehicle for securities lending cash collateral
AEGON Management Company	Indiana	100% Transamerica Corporation	Holding company
Aegon Market Neutral Income Fund, LLC	Delaware	AEGON USA Investment Management, LLC is the sole Member until the first Investor buys in, then the entity will be managed by a 3-Member Board of Managers.	Investments


Name	Jurisdiction of Incorporation	Percent of Voting Securities Owned	Business
Aegon Multi-Family Equity Fund, LLC	Delaware	Members: Transamerica Life Insurance Company (15.83333%); Transamerica Financial Life Insurance Company (5%); Transamerica Premier Life Insurance Company (4.16667%); non-affiliates of AEGON: Landmark Real Estate Partners VIII, L.P. (72.1591%)	Investments
Aegon Opportunity Zone Fund Joint Venture 1, LLC	Delaware	Sole Member: Aegon OZF Investments 1, LLC	Investments
Aegon OZF Investments 1, LLC	Delaware	Sole Member: AEGON USA Realty Advisors, LLC	Investments
Aegon Private Opportunities Partners I, LLC	Delaware	Sole member: Transamerica Life Insurance Company	Investments (private equity)
Aegon Upstream Energy Fund, LLC	Delaware	Sole Member: AEGON Energy Management, LLC	Investments
AEGON USA Asset Management Holding, LLC	Iowa	Sole Member: AUSA Holding, LLC	Holding company
AEGON USA Investment Management, LLC	Iowa	Sole Member: AEGON USA Asset Management Holding, LLC	Investment advisor
AEGON USA Real Estate Services, Inc.	Delaware	100% AEGON USA Realty Advisors, Inc.	Real estate and mortgage holding company
AEGON USA Realty Advisors, LLC	Iowa	Sole Member: AEGON USA Asset Management Holding, LLC	Administrative and investment services
AEGON USA Realty Advisors of California, Inc.	Iowa	100% AEGON USA Realty Advisors, Inc.	Investments
Aegon Workforce Housing Boynton Place REIT, LLC	Delaware	Sole Member: Aegon Worforce Housing Separate Account 1, LLC	Multifamily private equity structure with third-party Investor
Aegon Workforce Housing Fund 2 Holding Company, LLC	Delaware	Sole Member: Aegon Workforce Housing Fund 2, LP	Holding company
Aegon Workforce Housing Fund 2, LP	Delaware	General Partner is AWHF2 General Partner, LLC. Fund Partners: Transamerica Life Insurance Company (63%), Transamerica Financial Life Insurance Company (20%) and Transamerica Premier Life Insurance Company (17%)	Investments
Aegon Workforce Housing Fund 3 Holding Company, LLC	Delaware	Sole Member: Aegon Workforce Housing Fund 3, LP	Holding company
Aegon Workforce Housing Fund 3, LP	Delaware	General Partner is AWHF3 General Partner, LLC. Fund Partners: Transamerica Life Insurance Company (60%), Transamerica Financial Life Insurance Company (10%) and Transamerica Premier Life Insurance Company (30%)	Investments
Aegon Workforce Housing Park at Via Rosa REIT, LLC	Delaware	Sole Member: Aegon Worforce Housing Separate Account 1, LLC	Multifamily private equity structure with third-party Investor
Aegon Workforce Housing Separate Account 1, LLC	Delaware	Undecided as of 11/1/19	Multifamily private equity structure with third-party Investor


Name	Jurisdiction of Incorporation	Percent of Voting Securities Owned	Business
AHDF Manager I, LLC	Delaware	Sole Member: AEGON USA Realty Advisors, LLC	Investments
ALH Properties Eight LLC	Delaware	Sole Member: FGH USA LLC	Real estate
ALH Properties Eleven LLC	Delaware	Sole Member: FGH USA LLC	Real estate
ALH Properties Four LLC	Delaware	Sole Member: FGH USA LLC	Real estate
ALH Properties Nine LLC	Delaware	Sole Member: FGH USA LLC	Real estate
ALH Properties Seven LLC	Delaware	Sole Member: FGH USA LLC	Real estate
ALH Properties Seventeen LLC	Delaware	Sole Member: FGH USA LLC	Real estate
ALH Properties Sixteen LLC	Delaware	Sole Member: FGH USA LLC	Real estate
ALH Properties Ten LLC	Delaware	Sole Member: FGH USA LLC	Real estate
ALH Properties Twelve LLC	Delaware	Sole Member: FGH USA LLC	Real estate
ALH Properties Two LLC	Delaware	Sole Member: FGH USA LLC	Real estate
AMFETF Manager, LLC	Delaware	Sole Member: AEGON USA Realty Advisors, LLC	Investments
AMTAX HOLDINGS 308, LLC	Ohio	TAHP Fund II, LLC - 100% Member; TAH Pentagon Funds LLC - non-owner Manager	Affordable housing
AMTAX HOLDINGS 347, LLC	Ohio	TAHP Fund II, LLC - 100% Member; TAH Pentagon Funds LLC - non-owner Manager	Affordable housing
AMTAX HOLDINGS 388, LLC	Ohio	TAHP Fund II, LLC - 100% Member; TAH Pentagon Funds LLC - non-owner Manager	Affordable housing
AMTAX HOLDINGS 483, LLC	Ohio	TAHP Fund I, LLC - 100% Member; TAH Pentagon Funds LLC - non-owner Manager	Affordable housing
AMTAX HOLDINGS 559, LLC	Ohio	TAHP Fund I, LLC - 100% Member; TAH Pentagon Funds LLC - non-owner Manager	Affordable housing
AMTAX HOLDINGS 561, LLC	Ohio	TAHP Fund VII, LLC - 100% Member; TAH Pentagon Funds LLC - non-owner Manager	Affordable housing
AMTAX HOLDINGS 588, LLC	Ohio	TAHP Fund I, LLC - 100% Member; TAH Pentagon Funds LLC - non-owner Manager	Affordable housing
AMTAX HOLDINGS 613, LLC	Ohio	Garnet LIHTC Fund VII, LLC - 99% Member; Cupples State LIHTC Investors, LLC - 1% Member; TAH Pentagon Funds, LLC - non-owner Manager	Affordable housing
AMTAX HOLDINGS 639, LLC	Ohio	TAHP Fund I, LLC - 100% Member; TAH Pentagon Funds LLC - non-owner Manager	Affordable housing
AMTAX HOLDINGS 649, LLC	Ohio	TAHP Fund I, LLC - 100% Member; TAH Pentagon Funds LLC - non-owner Manager	Affordable housing
AMTAX HOLDINGS 672, LLC	Ohio	TAHP Fund I, LLC - 100% Member; TAH Pentagon Funds LLC - non-owner Manager	Affordable housing


Name	Jurisdiction of Incorporation	Percent of Voting Securities Owned	Business
AMTAX HOLDINGS 713, LLC	Ohio	TAHP Fund II, LLC - 100% Member; TAH Pentagon Funds LLC - non-owner Manager	Affordable housing
Apollo Housing Capital Arrowhead Gardens, LLC	Delaware	Sole Member: Garnet LIHTC Fund XXXV, LLC	Affordable housing
AUIM Credit Opportunities Fund, LLC	Delaware	Members: AEGON USA Investment Management, LLC (98.36%); non-affiliate of AEGON (1.64%)	Investment vehicle
AUSA Holding, LLC	Maryland	Sole Member: 100% Transamerica Corporation	Holding company
AUSA Properties, Inc.	Iowa	100% AEGON USA Realty Advisors, LLC	Own, operate and manage real estate
AWHF2 General Partner, LLC	Delaware	Sole Member: AEGON USA Realty Advisors, LLC	Investments
AWHF3 General Partner, LLC	Delaware	Sole Member: AEGON USA Realty Advisors, LLC	Investments
AWHSA Manager 1, LLC	Delaware	Sole Member: AEGON USA Realty Advisors, LLC	Multifamily private equity structure with third-party Investor
Barfield Ranch Associates, LLC	Florida	Members: Mitigation Manager, LLC (50%); non-affiliate of AEGON, OBPFL-Barfield, LLC (50%)	Investments
Bay State Community Investments I, LLC	Delaware	Sole Member: Transamerica Premier Life Insurance Company	Investments in low income housing tax credit properties
Bay State Community Investments II, LLC	Delaware	Sole Member: Transamerica Premier Life Insurance Company	Investments in low income housing tax credit properties
Carle Place Leasehold SPE, LLC	Delaware	Sole Member: Transamerica Financial Life Insurance Company	Lease holder
Cedar Funding, Ltd.	Cayman Islands	100% Transamerica Life Insurance Company	Investments
Commonwealth General Corporation	Delaware	100% Transamerica Corporation	Holding company
Creditor Resources, Inc.	Michigan	100% AUSA Holding, LLC	Credit insurance
CRI Solutions Inc.	Maryland	100% Creditor Resources, Inc.	Sales of reinsurance and credit insurance
Cupples State LIHTC Investors, LLC	Delaware	Sole Member: Garnet LIHTC Fund VIII, LLC	Investments
Equitable AgriFinance, LLC	Delaware	Members: AEGON USA Realty Advisors, LLC (50%); AXA Equitable Life Insurance Company, a non-affiliate of AEGON (50%)	Agriculturally-based real estate advisory services
FD TLIC, Limited Liability Company	New York	100% Transamerica Life Insurance Company	Broadway production
FGH Realty Credit LLC	Delaware	Sole Member: FGH USA, LLC	Real estate
FGH USA LLC	Delaware	Sole Member: RCC North America LLC	Real estate


Name	Jurisdiction of Incorporation	Percent of Voting Securities Owned	Business
Fifth FGP LLC	Delaware	Sole Member: FGH USA LLC	Real estate
Financial Planning Services, Inc.	District of Columbia	100% Commonwealth General Corporation	Management services
First FGP LLC	Delaware	Sole Member: FGH USA LLC	Real estate
Fourth FGP LLC	Delaware	Sole Member: FGH USA LLC	Real estate
Garnet Assurance Corporation	Kentucky	100% Transamerica Life Insurance Company	Investments
Garnet Assurance Corporation II	Iowa	100% Commonwealth General Corporation	Business investments
Garnet Assurance Corporation III	Iowa	100% Transamerica Life Insurance Company	Business investments
Garnet Community Investments, LLC	Delaware	Sole Member: Transamerica Premier Life Insurance Company	Investments
Garnet Community Investments III, LLC	Delaware	Sole Member: Transamerica Life Insurance Company	Business investments
Garnet Community Investments IV, LLC	Delaware	Sole Member: Transamerica Premier Life Insurance Company	Investments
Garnet Community Investments V, LLC	Delaware	Sole Member: Transamerica Premier Life Insurance Company	Investments
Garnet Community Investments VI, LLC	Delaware	Sole Member: Transamerica Premier Life Insurance Company	Investments
Garnet Community Investments VII, LLC	Delaware	Sole Member: Transamerica Premier Life Insurance Company	Investments
Garnet Community Investments VIII, LLC	Delaware	Sole Member: Transamerica Premier Life Insurance Company	Investments
Garnet Community Investments IX, LLC	Delaware	Sole Member: Transamerica Premier Life Insurance Company	Investments
Garnet Community Investments X, LLC	Delaware	Sole Member: Transamerica Premier Life Insurance Company	Investments
Garnet Community Investments XI, LLC	Delaware	Sole Member: Transamerica Premier Life Insurance Company	Investments
Garnet Community Investments XII, LLC	Delaware	Sole Member: Transamerica Premier Life Insurance Company	Investments
Garnet Community Investments XVIII, LLC	Delaware	Sole Member: Transamerica Life Insurance Company	Investments
Garnet Community Investments XX, LLC	Delaware	Sole Member - Transamerica Life Insurance Company	Investments
Garnet Community Investments XXIV, LLC	Delaware	Sole Member - Transamerica Life Insurance Company	Investments
Garnet Community Investments XXV, LLC	Delaware	Sole Member - Transamerica Life Insurance Company	Investments
Garnet Community Investment XXVI, LLC	Delaware	Sole Member: Transamerica Life Insurance Company	Investments
Garnet Community Investments XXVII, LLC	Delaware	Sole Member - Transamerica Life Insurance Company	Investments
Garnet Community Investment XXVIII, LLC	Delaware	Sole Member - Transamerica Life Insurance Company	Investments
Garnet Community Investments XXIX, LLC	Delaware	Sole Member - Transamerica Life Insurance Company	Investments
Garnet Community Investments XXX, LLC	Delaware	Sole Member - Transamerica Life Insurance Company	Investments


Name	Jurisdiction of Incorporation	Percent of Voting Securities Owned	Business
Garnet Community Investments XXXI, LLC	Delaware	Sole Member - Transamerica Life Insurance Company	Investments
Garnet Community Investments XXXII, LLC	Delaware	Sole Member - Transamerica Life Insurance Company	Investments
Garnet Community Investments XXXIII, LLC	Delaware	Sole Member - Transamerica Life Insurance Company	Investments
Garnet Community Investments XXXIV, LLC	Delaware	Sole Member - Transamerica Life Insurance Company	Investments
Garnet Community Investments XXXV, LLC	Delaware	Sole Member - Transamerica Life Insurance Company	Investments
Garnet Community Investments XXXVI, LLC	Delaware	Sole Member - Transamerica Life Insurance Company	Investments
Garnet Community Investments XXXVII, LLC	Delaware	Sole Member - Transamerica Life Insurance Company	Investments
Garnet Community Investments XXXVIII, LLC	Delaware	Sole Member - Transamerica Life Insurance Company	Investments
Garnet Community Investments XXXIX, LLC	Delaware	Sole Member - Transamerica Life Insurance Company	Investments
Garnet Community Investments XL, LLC	Delaware	Sole Member - Transamerica Life Insurance Company	Investments
Garnet Community Investments XLI, LLC	Delaware	Sole Member: Transamerica Life Insurance Company	Investments
Garnet Community Investments XLII, LLC	Delaware	Sole Member: Transamerica Life Insurance Company	Investments
Garnet Community Investments XLIII, LLC	Delaware	Sole Member: Transamerica Life Insurance Company	Investments
Garnet Community Investments XLIV, LLC	Delaware	Sole Member: Transamerica Life Insurance Company	Investments
Garnet Community Investments XLVI, LLC	Delaware	Sole Member: Transamerica Life Insurance Company	Investments
Garnet Community Investments XLVII, LLC	Delaware	Sole Member: Transamerica Life Insurance Company	Investments
Garnet Community Investments XLVIII, LLC	Delaware	Sole Member: Transamerica Life Insurance Company	Investments
Garnet Community Investments XLIX, LLC	Delaware	Sole Member: Transamerica Life Insurance Company	Investments
Garnet ITC Fund XLIII, LLC	Delaware	Members: Garnet Community Investments XLIII, LLC (0%) asset Manager: non-affiliate of AEGON, Solar TC Corp. (100%) Investor Member	Investments
Garnet LIHTC Fund III, LLC	Delaware	Members: Transamerica Life Insurance Company (.01%); non-affiliate of AEGON, Aegon Community Investments III, (99.99%)	Investments
Garnet LIHTC Fund IV, LLC	Delaware	Members: Garnet Community Investments IV, LLC (99.99%); Transamerica Life Insurance Company (.01%)	Investments
Garnet LIHTC Fund V, LLC	Delaware	Members: Garnet Community Investments V, LLC (99.99%); Transamerica Life Insurance Company (.01%)	Investments


Name	Jurisdiction of Incorporation	Percent of Voting Securities Owned	Business
Garnet LIHTC Fund VI, LLC	Delaware	Members: Garnet Community Investments VI, LLC (99.99%); Transamerica Life Insurance Company (0.01%)	Investments
Garnet LIHTC Fund VII, LLC	Delaware	Members: Garnet Community Investments VII, LLC (99.99%); Transamerica Life Insurance Company (.01%)	Investments
Garnet LIHTC Fund VIII, LLC	Delaware	Members: Garnet Community Investments VIII, LLC (99.99%); Transamerica Life Insurance Company (0.01%)	Investments
Garnet LIHTC Fund IX, LLC	Delaware	Members: Garnet Community Investments IX, LLC (99.99%); Transamerica Life Insurance Company (0.01%)	Investments
Garnet LIHTC Fund X, LLC	Delaware	Members: Garnet Community Investments X, LLC (0.01%); Goldenrod Asset Management, a non-AEGON affiliate (99.99%)	Investments
Garnet LIHTC Fund XI, LLC	Delaware	Members: Garnet Community Investments XI, LLC (99.99%) and Transamerica Life Insurance Company (0.01%)	Investments
Garnet LIHTC Fund XII, LLC	Delaware	Members: Managing Member, Garnet Community Investments XII (.01%), Garnet LIHTC Fund XII-B (13.30%), Garnet LIHTC Fund XII-C (13.30%); non-affiliate of Aegon, Bank of America, N.A. (73.39%)	Investments
Garnet LIHTC Fund XII-A, LLC	Delaware	Members: Garnet Community Investments XII, LLC (0.01%); Bank of America, N.A., a non-AEGON affiliate (99.99%)	Investments
Garnet LIHTC Fund XII-B, LLC	Delaware	Members: Garnet Community Investments XII, LLC (99.99%) and Transamerica Life Insurance Company (.01%)	Investments
Garnet LIHTC Fund XII-C, LLC	Delaware	Members: Garnet Community Investments XII, LLC (99.99%) and Transamerica Life Insurance Company (.01%)	Investments
Garnet LIHTC Fund XIII, LLC	Delaware	Members: Managing Member, Garnet Community Investments .01%; Garnet LIHTC Fund XIII-A (68.10%); Garnet LIHTC Fund XIII-B (31.89%)	Investments
Garnet LIHTC Fund XIII-A, LLC	Delaware	Members: Managing Member, Garnet Community Investments XIII, LLC (99.99%) and Transamerica Life Insurance Company (.01%)	Investments
Garnet LIHTC Fund XIII-B, LLC	Delaware	Members: Managing Member, Garnet Community Investments XIII, LLC (99.99%) and Transamerica Life Insurance Company (.01%)	Investments


Name	Jurisdiction of Incorporation	Percent of Voting Securities Owned	Business
Garnet LIHTC Fund XIV, LLC	Delaware	Members: 0.01% Garnet Community Investments, LLC (0.01%); Wells Fargo Bank, N.A. (49.995%); and Goldenrod Asset Management, Inc.(49.995%), both non-AEGON affiliates	Investments
Garnet LIHTC Fund XV, LLC	Delaware	Members: Garnet Community Investments, LLC (0.01%); Bank of America, N.A., a non-AEGON affiliate (99.99%)	Investments
Garnet LIHTC Fund XVI, LLC	Delaware	Members: Garnet Community Investments, LLC (0.01%); FNBC Leasing Corporation, a non-AEGON entity (99.99%)	Investments
Garnet LIHTC Fund XVII, LLC	Delaware	Members: Garnet Community Investments, LLC (0.01%); Special Situations Investing Group II, LLC, a non-affiliate of AEGON (99.99%)	Investments
Garnet LIHTC Fund XVIII, LLC	Delaware	Members: Garnet Community Investments XVIII, LLC (0.01%); Verizon Capital Corp., a non-AEGON affiliate (99.99%)	Investments
Garnet LIHTC Fund XIX, LLC	Delaware	Members: Garnet Community Investments, LLC (0.01%); Bank of America, N.A., a non-AEGON affiliate (99.99%)	Investments
Garnet LIHTC Fund XX, LLC	Delaware	Sole Member - Garnet Community Investments XX, LLC	Investments
Garnet LIHTC Fund XXI, LLC	Delaware	Sole Member: Garnet Community Investments, LLC	Investments
Garnet LIHTC Fund XXII, LLC	Delaware	Members: Garnet Community Investments, LLC (0.01%); NorLease, Inc., a non-AEGON affiliate (99.99%)	Investments
Garnet LIHTC Fund XXIII, LLC	Delaware	Members: Garnet Community Investments, LLC (0.01%); Idacorp Financial Services, Inc., a non-AEGON affiliate (99.99%)	Investments
Garnet LIHTC Fund XXIV, LLC	Delaware	Members: Garnet Community Investments XXIV, LLC (0.01% as Managing Member); Transamerica Life Insurance Company (21.26%); non-affiliates of AEGON: New York Life Insurance Company (25.51%), New York Life Insurance and Annuity Corporation (21.73%) and Principal Life Insurance Company (31.49%)	Investments
Garnet LIHTC Fund XXV, LLC	Delaware	Members: Garnet Community Investment XXV, LLC (0.01%); Garnet LIHTC Fund XXVIII LLC (1%); non-affiliates of AEGON: Mt. Hamilton Fund, LLC (97.99%); Google Affordable housing I LLC (1%)	Investments
Garnet LIHTC Fund XXVI, LLC	Delaware	Members: Garnet Community Investments XXVI, LLC (0.01%); American Income Life Insurance Company, a non-affiliate of AEGON (99.99%)	Investments


Name	Jurisdiction of Incorporation	Percent of Voting Securities Owned	Business
Garnet LIHTC Fund XXVII, LLC	Delaware	Members: Garnet Community Investments XXVII, LLC (0.01%); Transamerica Life Insurance Company (16.7045%); non-affiliates of AEGON: Aetna Life Insurance Company (30.2856%); New York Life Insurance Company (22.7142%); ProAssurance Casualty Company (3.6343%); ProAssurance Indemnity Company (8.4800%); State Street Bank and Trust Company (18.1714%)	Investments
Garnet LIHTC Fund XXVIII, LLC	Delaware	Members: Garnet Community Investments XXVIII LLC (0.01%); non-affiliates of AEGON: USAA Casualty Insurance Company (17.998%); USAA General Indemnity Company (19.998%); USAA Life Insurance Company (3.999%); United Services Automobile Association (57.994%)	Investments
Garnet LIHTC Fund XXIX, LLC	Delaware	Members: Garnet Community Investments XXIX, LLC (.01%); non-affiliate of AEGON: Bank of America, N.A. (99.99%)	Investments
Garnet LIHTC Fund XXX, LLC	Delaware	Members: Garnet Community Investments XXX, LLC (0.01%); non-affiliate of AEGON, New York Life Insurance Company (99.99%)	Investments
Garnet LIHTC Fund XXXI, LLC	Delaware	Members: Garnet Community Investments XXXI, LLC (0.1%); non-affiliates of AEGON: Thunderbolt Peak Fund, LLC (98.99%); Google Affordable Housing I, LLC (1%)	Investments
Garnet LIHTC Fund XXXII, LLC	Delaware	Sole Member: Garnet Community Investments XXXVII, LLC.	Investments
Garnet LIHTC Fund XXXIII, LLC	Delaware	Members: Garnet Community Investment XXXIII, LLC (0.01%); non-affiliate of AEGON, NorLease, Inc. (99.99%)	Investments
Garnet LIHTC Fund XXXIV, LLC	Delaware	Members: Garnet Community Investments XXXIV, LLC (99.99%) and Transamerica Premier Life Insurance Company (0.01%)	Investments
Garnet LIHTC Fund XXXV, LLC	Delaware	Members: Garnet Community Investment XXXV, LLC (0.01%); non-affiliate of AEGON, Microsoft Corporation (99.99%)	Investments
Garnet LIHTC Fund XXXVI, LLC	Delaware	Members: Garnet Community Investments XXXVI, LLC (1%) as Managing Member; JPM Capital Corporation, a non-AEGON affiliate (99%) as Investor Member	Investments
Garnet LIHTC Fund XXXVII, LLC	Delaware	Members: Garnet Community Investments XXXVII, LLC (.01%); LIH Realty Corporation, a non-AEGON affiliate (99.99%)	Investments


Name	Jurisdiction of Incorporation	Percent of Voting Securities Owned	Business
Garnet LIHTC Fund XXXVIII, LLC	Delaware	Members: Garnet Community Investments XXXVIII, LLC, non-Member Manager; non-affiliate of AEGON, Norlease, Inc. (100%)	Investments
Garnet LIHTC Fund XXXIX, LLC	Delaware	Members: Garnet Community Investments XXXIX, LLC a Managing Member (1%); non-AEGON affiliate, FNBC Leasing Corporation as Investor Member (99%)	Investments
Garnet LIHTC Fund XL, LLC	Delaware	Members: Garnet Community Investments XL, LLC (.01%); non-AEGON affiliate, Partner Reinsurance Company of the U.S. (99.99%)	Investments
Garnet LIHTC Fund XLI, LLC	Delaware	Members: Transamerica Life Insurance Company (9.990%) and Garnet Community Investments XLI, LLC (.01% Managing Member); non-AEGON affiliates : BBCN Bank (1.2499%), East West Bank (12.4988%), Opus Bank (12.4988%), Standard Insurance Company (24.9975%), Mutual of Omaha (12.4988%), Pacific Western Bank (7.4993%) and Principal Life Insurance Company (18.7481%).	Investments
Ganet LIHTC Fund XLII, LLC	Delaware	Members: Garnet Community Investments XLII, LLC (.01%) Managing Member; non-affiliates of AEGON: Community Trust Bank (83.33%) Investor Member; Metropolitan Bank (16.66%) Investor Member.	Investments
Garnet LIHTC Fund XLIV—A, LLC	Delaware	Sole Member: ING Capital, LLC; Asset Manager: Garnet Community Investments XLIV, LLC (0% interest)	Investments
Garnet LIHTC Fund XLIV-B, LLC	Delaware	Sole Member: Lion Capital Delaware, Inc.; Asset Manager: Garnet Community Investments XLIV, LLC (0% interest)	Investments
Garnet LIHTC Fund XLVI, LLC	Delaware	Members: Garnet Community Investments XLVI, LLC (0.01%) Managing Member; non-affiliate of AEGON, Standard Life Insurance Company (99.99%) Investor Member	Investments


Name	Jurisdiction of Incorporation	Percent of Voting Securities Owned	Business
Garnet LIHTC Fund XLVII, LLC	Delaware	Members: Garnet Community Investments XLVII, LLC (1%) Managing Member; Transamerica Premier Life Insurance Company (14%) Investor Member; non-affiliate of AEGON: Citibank, N.A. (49%) Investor Member; New York Life Insurance Company (20.5%) Investor Member and New York Life Insurance and Annuity Corporation (15.5%) Investor Member	Investments
Garnet LIHTC Fund XLVIII, LLC	Delaware	Members: Transamerica Financial Life Insurance Company (75.18%) and Garnet Community Investments XXXLVIII, LLC (.01%); non-affiliates of AEGON: U.S. Bancorp Community Development Corporation (21.04%), American Republic Insurance Company (2.84%), Bank of Hope (.93%)	Investments
Horizons Acquisition 5, LLC	Florida	Sole Member - PSL Acquisitions Operating, LLC	Development company
Horizons St. Lucie Development, LLC	Florida	Sole Member - PSL Acquisitions Operating, LLC	Development company
Imani Fe, LP	California	Partners: Garnet LIHTC Fund XIV, LL (99.99% Investor limited partner); Transamerica Affordable Housing, Inc. (non-owner special limited partner); non-affiliates of AEGON: ABS Imani Fe, LLC (.0034% class A limited partner); TAH Imani Fe GP, LLC (.0033% co-general partner); Grant Housing and Economic Development Corporation (.0033% Managing general partner)	Affordable housing
InterSecurities Insurance Agency, Inc.	California	100% Transamerica Premier Life Insurance Company	Insurance agency
Investors Warranty of America, LLC	Iowa	Sole Member: RCC North America LLC	Leases business equipment
Ironwood Re Corp.	Hawaii	100% Commonwealth General Corporation	Captive insurance company
LCS Associates, LLC	Delaware	Sole Member: RCC North America LLC	Investments
Life Investors Alliance LLC	Delaware	Sole Member: Transamerica Life Insurance Company	Purchase, own, and hold the equity interest of other entities
LIHTC Fund 53, LLC	Delaware	Non-Member Manager, AEGON Community Investments 53, LLC (0%); non-affiliates of AEGON: Bank of America, National Association (98%); MUFG Union Bank, N.A. (2%)	Investments


Name	Jurisdiction of Incorporation	Percent of Voting Securities Owned	Business
LIHTC Fund 56, LLC	Delaware	Members: Managing Member - Aegon Community Investments 56, LLC (0%); non-affiliates of AEGON, Bank of America, National Association (90%) and MUFG Union Bank, N.A. (10%)	Investments
LIHTC Fund 59, LLC	Delaware	Members: Non-Member Manager Aegon Community Investments 59, LLC (0%); non-affiliates of AEGON, Bank of America, National Association (99.99%); Dominium Taxable Fund II, LLC (0.01%)	Investments
LIHTC Fund XLV, LLC	Delaware	Non-Member Manager: Garnet Community Investments XLV, LLC (0%)	Investments
LIHTC Fund XLIX, LLC	Delaware	Sole Member: Garnet Community Investments XLIX, LLC	Investments
LIICA Re II, Inc.	Vermont	100% Transamerica Life Insurance Company	Captive insurance company
Massachusetts Fidelity Trust Company	Iowa	100% AUSA Holding, LLC	Trust company
Mitigation Manager, LLC	Delaware	Sole Member: RCC North America LLC	Investments
MLIC Re I, Inc.	Vermont	100% Transamerica Life Insurance Company	Captive insurance company
Money Services, Inc.	Delaware	100% AUSA Holding, LLC	Provides certain financial services for affiliates including, but not limited to, certain intellectual property, computer and computer-related software and hardware services, including procurement and contract services to some or all of the Members of the AEGON Group in the United States and Canada.
Monumental Financial Services, Inc.	Maryland	100% Transamerica Corporation	DBA in the State of West Virginia for United Financial Services, Inc.
Monumental General Administrators, Inc.	Maryland	100% AUSA Holding, LLC	Provides management services to unaffiliated third party administrator
Natural Resources Alternatives Portfolio I, LLC	Delaware	Members: Transamerica Life Insurance Company (64%); Transamerica Premier Life Insurance Company (32%); Transamerica Financial Life Insurance Company (4%); Managing Member: AEGON USA Realty Advisors, LLC	Investment vehicle - to invest in Natural Resources
Natural Resources Alternatives Portfolio II, LLC	Delaware	Members: Transamerica Premier Life Insurance Company (60%); Transamerica Life Insurance Company (35%); Transamerica Financial Life Insurance Company (5%)	Investment vehicle
Natural Resources Alternatives Portfolio 3, LLC	Delaware	Members: Transamerica Life Insurance Company (55%); Transamerica Premier Life Insurance Company (35%); Transamerica Financial Life Insurance Company (10%)	Investment vehicle


Name	Jurisdiction of Incorporation	Percent of Voting Securities Owned	Business
Nomagon Title Grandparent, LLC	Delaware	Sole member is AEGON USA Asset Management Holding, LLC; AEGON USA Realty Advisors, LLC is the non-member manager of this entity	Investment vehicle
Nomagon Title Holding 1, LLC	Delaware	Sole member is Nomagon Title Parent, LLC; AEGON USA Realty Advisors, LLC is the non-member manager of this entity	Investment vehicle
Nomagon Title Parent, LLC	Delaware	Sole member is Nomagon Title Grandparent, LLC; AEGON USA Realty Advisors, LLC is the non-member manager of this entity	Investment vehicle
Osceola Mitigation Partners, LLC	Florida	Members: Mitigation Manager, LLC (50%); non-affiliate of AEGON, OBPFL-MITBK, LLC (50%)	Investmetns
Pearl Holdings, Inc. I	Delaware	100% AEGON USA Asset Management Holding, LLC	Holding company
Pearl Holdings, Inc. II	Delaware	100% AEGON USA Asset Management Holding, LLC	Holding company
Peoples Benefit Services, LLC	Pennsylvania	Sole Member - Transamerica Life Insurance Company	Marketing non-insurance products
Pine Falls Re, Inc.	Vermont	100% Transamerica Life Insurance Company	Captive insurance company
Placer 400 Investors, LLC	California	Members: RCC North Amerivca LLC (50%); non-affiliate of AEGON, AKT Placer 400 Investors, LLC (50%)	Investments
Primus Guaranty, Ltd.	Bermuda	Members: Transamerica Life Insurance Company (20% 13.1%) and non-affiliates of AEGON and the public holders own the remainder.	Provides protection from default risk of investment grade corporate and sovereign issues of financial obligations.
PSL Acquisitions Operating, LLC	Iowa	Sole Member: RCC North America LLC	Owner of Core subsidiary entities
RCC North America LLC	Delaware	Sole Member: Transamerica Corporation	Real estate
Real Estate Alternatives Portfolio 2 LLC	Delaware	Members are: Transamerica Life Insurance Company (92.%); Transamerica Financial Life Insurance Company (7.5%). Manager: AEGON USA Realty Advisors, Inc.	Real estate alternatives investment
Real Estate Alternatives Portfolio 3 LLC	Delaware	Members are: Transamerica Life Insurance Company (74.4%); Transamerica Premier Life Insurance Company (25.6%). Manager: AEGON USA Realty Advisors, Inc.	Real estate alternatives investment
Real Estate Alternatives Portfolio 3A, Inc.	Delaware	Members: Transamerica Premier Life Insurance Company (37%); Transamerica Financial Life Insurance Company (9.4%); Transamerica Life Insurance Company (53.6%).	Real estate alternatives investment


Name	Jurisdiction of Incorporation	Percent of Voting Securities Owned	Business
Real Estate Alternatives Portfolio 4 HR, LLC	Delaware	Members: Transamerica Life Insurance Company (64%); Transamerica Premier Life Insurance Company (32%); Transamerica Financial Life Insurance Company (4%). Manager: AEGON USA Realty Advisors, Inc.	Investment vehicle for alternative real estate investments that are established annually for our affiliated companies common investment
Real Estate Alternatives Portfolio 4 MR, LLC	Delaware	Members: Transamerica Life Insurance Company (64%); Transamerica Premier Life Insurance Company (32%); Transamerica Financial Life Insurance Company (4%). Manager: AEGON USA Realty Advisors, Inc.	Investment vehicle for alternative real estate investments that are established annually for our affiliated companies common investment
River Ridge Insurance Company	Vermont	100% AEGON Management Company	Captive insurance company
SB Frazer Owner, LLC	Delaware	Sole Member: Transamerica Life Insurance Company	Investments
Second FGP LLC	Delaware	Sole Member: FGH USA LLC	Real estate
Seventh FGP LLC	Delaware	Sole Member: FGH USA LLC	Real estate
Short Hills Management Company	New Jersey	100% Transamerica Corporation	Dormant
St. Lucie West Development Company, LLC	Florida	Sole Member - PSL Acquisitions Operating, LLC	Development company
Stonebridge Benefit Services, Inc.	Delaware	100% Commonwealth General Corporation	Health discount plan
TA Private Equity Assets, LLC	Delaware	Sole Member - Transamerica Premier Life Insurance Company	Investments (private equity)
TABR Realty Services, LLC	Delaware	Sole Member: AUSA Holding, LLC	Real estate investments
TAH-MCD IV, LLC	Iowa	Sole Member - Transamerica Affordable Housing, Inc.	Serve as the general partner for McDonald Corporate Tax Credit Fund IV Limited Partnership.
TAH Pentagon Funds, LLC	Iowa	Sole Member - Transamerica Affordable Housing, Inc.	Serve as a general partner in a lower-tier tax credit entity
TAHP Fund 1, LLC	Delaware	Sole Member - Garnet LIHTC Fund IX, LLC	Real estate investments
TAHP Fund 2, LLC	Delaware	Sole Member - Garnet LIHTC Fund VIII, LLC	Low incoming housing tax credit
TAHP Fund VII, LLC	Delaware	Investor Member: Garnet LIHTC Fund XIX, LLC	Real estate investments
The AEGON Trust Advisory Board: Onno van Klinken, Mark W. Mullin, Jay Orlandi and Eilard Friese	Delaware	100% AEGON International B.V.	Voting Trust


Name	Jurisdiction of Incorporation	Percent of Voting Securities Owned	Business
THH Acquisitions, LLC	Iowa	Sole Member - Transamerica Life Insurance Company	Acquirer of Core South Carolina mortgage loans from Investors Warranty of America, LLC and holder of foreclosed real estate.
TLIC Oakbrook Reinsurance, Inc.	Iowa	100% Transamerica Life Insurance Company	Limited purpose subsidiary life insurance company
TLIC Watertree Reinsurance Inc.	Iowa	100% Transamerica Life Insurance Company	Limited purpose subsidiary life insurance company
Tradition Development Company, LLC	Florida	Sole Member - PSL Acquisitions Operating, LLC	Development company
Tradition Irrigation Company, LLC	Florida	Sole Member - PSL Acquisitions Operating, LLC	Irrigation company
Tradition Land Company, LLC	Iowa	Sole Member: RCC North America LLC	Acquirer of Core Florida mortgage loans from Investors Warranty and holder of foreclosed real estate.
Transamerica Affinity Marketing Corretora de Seguros Ltda.	Brazil	749,000 quota shares owned by AEGON DMS Holding B.V.; 1 quota share owned by AEGON International B.V.	Brokerage company
Transamerica Affinity Services, Inc.	Maryland	100% AEGON Direct Marketing Services, Inc.	Marketing company
Transamerica Affordable Housing, Inc.	California	100% Transamerica Realty Services, LLC	General partner LHTC Partnership
Transamerica Agency Network, Inc.	Iowa	100% AUSA Holding, LLC	Special purpose subsidiary
Transamerica Asset Management, Inc.	Florida	Transamerica Premier Life Insurance Company owns 77%; AUSA Holding, LLC owns 23%.	Fund advisor
Transamerica (Bermuda) Services Center, Ltd.	Bermuda	100% AEGON International B.V.	Special purpose corporation
Transamerica Capital, Inc.	California	100% AUSA Holding, LLC	Broker/Dealer
Transamerica Casualty Insurance Company	Iowa	100% Transamerica Corporation	Insurance company
Transamerica Corporation	Delaware	100% The AEGON Trust	Major interest in insurance and finance
Transamerica Corporation	Oregon	100% Transamerica Corporation	Holding company
Transamerica Finance Corporation	Delaware	100% Transamerica Corporation	Commercial & Consumer Lending & equipment leasing
Transamerica Financial Advisors, Inc.	Delaware	1,000 shares owned by AUSA Holding, LLC; 209 shares owned by Commonwealth General Corporation; 729 shares owned by AEGON Asset Management Services, Inc.	Broker/Dealer
Transamerica Financial Life Insurance Company	New York	100% Transamerica Corporation	Insurance


Name	Jurisdiction of Incorporation	Percent of Voting Securities Owned	Business
Transamerica Fund Services, Inc.	Florida	Transamerica Premier Life Insurance Company owns 44%; AUSA Holding, LLC owns 56%	Mutual fund
Transamerica Home Loan	California	100% Transamerica Consumer Finance Holding Company	Consumer mortgages
Transamerica Insurance Marketing Asia Pacific Pty Ltd.	Australia	100% Transamerica Direct Marketing Asia Pacific Pty Ltd.	Insurance intermediary
Transamerica International Direct Marketing Consultants, LLC	Maryland	Members: 51% Beth Lewellyn; 49% AEGON Direct Marketing Services, Inc.	Provide consulting services ancillary to the marketing of insurance products overseas.
Transamerica International RE (Bermuda) Ltd.	Bermuda	100% Transamerica Corporation	Reinsurance
Transamerica International Re Escritório de Representação no Brasil Ltd	Brazil	95% Transamerica International Re(Bermuda) Ltd.; 5% Commonwealth General Corporation	Insurance and reinsurance consulting
Transamerica Investment Management, LLC	Delaware	Sole Member - AEGON USA Asset Management Holding, LLC	Investment advisor
Transamerica Investors Securities Corporation	Delaware	100% Transamerica Retirement Solutions, LLC	Broker/Dealer
Transamerica Leasing Holdings Inc.	Delaware	100% Transamerica Finance Corporation	Holding company
Transamerica Life Insurance Company	Iowa	100% - Commonwealth General Corporation	Insurance
Transamerica Life (Bermuda) Ltd.	Bermuda	100% Transamerica Life Insurance Company	Long-term life insurer in Bermuda — will primarily write fixed universal life and term insurance
Transamerica Pacific Insurance Company, Ltd.	Hawaii	100% Commonwealth General Corporation	Life insurance
Transamerica Premier Life Insurance Company	Iowa	100% Commonwealth General Corporation	Insurance Company
Transamerica Pyramid Properties LLC	Delaware	Sole Member: Transamerica Premier Life Insurance Company	Realty limited liability company
Transamerica Realty Investment Properties LLC	Delaware	Sole Member: Transamerica Premier Life Insurance Company	Realty limited liability company
Transamerica Redwood Park, LLC	Delaware	Sole Member - Transamerica Corporation	Hold property interests in Redwood Park in California
Transamerica Resources, Inc.	Maryland	100% Monumental General Administrators, Inc.	Provides education and information regarding retirement and economic issues.
Transamerica Retirement Advisors, LLC	Delaware	Sole Member: Transamerica Retirement Solutions, LLC	Investment advisor
Transamerica Retirement Insurance Agency, LLC	Delaware	Sole Member: Transamerica Retirement Solutions, LLC	Conduct business as an insurance agency.
Transamerica Retirement Solutions, LLC	Delaware	Sole Member: AUSA Holding, LLC	Retirement plan services.
Transamerica Stable Value Solutions Inc.	Delaware	100% Commonwealth General Corporation	Principle Business: Provides management services to the stable value division of AEGON insurers who issue synthetic GIC contracts.


Name	Jurisdiction of Incorporation	Percent of Voting Securities Owned	Business
Transamerica Travel and Conference Services, LLC	Iowa	Sole Member: Money Services, Inc.	Travel and conference services
Transamerica Ventures, LLC	Delaware	Sole Member: AUSA Holding, LLC	Investments
Transamerica Ventures Fund, LLC	Delaware	100% AUSA Holding, LLC	Investments
United Financial Services, Inc.	Maryland	100% Transamerica Corporation	General agency
Universal Benefits, LLC	Iowa	Sole Member: AUSA Holding, LLC	Third party administrator
US PENG, INC.	Delaware	Sole Member: AEGON Levensverzekering N.V.	Energy investment strategy
WFG Insurance Agency of Puerto Rico, Inc.	Puerto Rico	100% World Financial Group Insurance Agency, Inc.	Insurance agency
WFG Properties Holdings, LLC	Georgia	Sole Member: World Financial Group, Inc.	Marketing
WFG Securities Inc.	Canada	100% World Financial Group Holding Company of Canada, Inc.	Mutual fund dealer
World Financial Group Canada Inc.	Canada	100% World Financial Group Holding Company of Canada Inc.	Marketing
World Financial Group Holding Company of Canada Inc.	Canada	100% Commonwealth General Corporation	Holding company
World Financial Group, Inc.	Delaware	100% AEGON Asset Management Services, Inc.	Marketing
World Financial Group Insurance Agency of Canada Inc.	Ontario	50% World Financial Group Holding Co. of Canada Inc.; 50% World Financial Group Subholding Co. of Canada Inc.	Insurance agency
World Financial Group Insurance Agency of Hawaii, Inc.	Hawaii	100% World Financial Group Insurance Agency, Inc.	Insurance agency
World Financial Group Insurance Agency of Massachusetts, Inc.	Massachusetts	100% World Financial Group Insurance Agency, Inc.	Insurance agency
World Financial Group Insurance Agency of Wyoming, Inc.	Wyoming	100% World Financial Group Insurance Agency, Inc.	Insurance agency
World Financial Group Insurance Agency, Inc.	California	100% Transamerica Premier Life Insurance Company	Insurance agency
World Financial Group Subholding Company of Canada Inc.	Canada	100% World Financial Group Holding Company of Canada, Inc.	Holding company
Yarra Rapids, LLC	Delaware	Members are: Real Estate Alternatives Portfolio 4MR, LLC (49%) and non-AEGON affiliate (51%)	Real estate investments
Zahorik Company, Inc.	California	100% AUSA Holding, LLC	Inactive
Zero Beta Fund, LLC	Delaware	Members are: Transamerica Life Insurance Company (35.86%); Transamerica Premier Life Insurance Company (33.29%); Transamerica Financial Life Insurance Company (16.58%); Transamerica Pacific Insurance Company, Ltd. (14.27%). Manager: AEGON USA Investment Management LLC	Aggregating vehicle formed to hold various fund investments.

Item 29.

Indemnification

The Iowa Code (Sections 490.850 et. seq.) provides for permissive indemnification in certain situations, mandatory indemnification in other situations, and prohibits indemnification in certain situations. The Code also specifies procedures for determining when indemnification payments can be made.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Depositor pursuant to the foregoing provisions, or otherwise, the Depositor has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Depositor of expenses incurred or paid by a director, officer or controlling person in connection with the securities being registered), the Depositor will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 30.

Principal Underwriter

(a)	Transamerica Capital, Inc. serves as the principal underwriter for:

Transamerica Capital, Inc. serves as the principal underwriter for the Retirement Builder Variable Annuity Account, Separate Account VA B, Separate Account VA Q, Separate Account VA FF, Separate Account VA HH, Separate Account VA-1, Separate Account VA-2L, Separate Account VA-5, Separate Account VA-6, Separate Account VA-7, Separate Account VA-8, Separate Account Fund B, Separate Account Fund C, Transamerica Corporate Separate Account Sixteen, Transamerica Separate Account R3, Separate Account VL, Separate Account VUL-1; Separate Account VUL-2, Separate Account VUL-3, Separate Account VUL-4, Separate Account VUL-5, Separate Account VUL-6, Separate Account VUL-A, and Variable Life Account A, Merrill Lynch Life Variable Annuity Separate Account, Merrill Lynch Life Variable Annuity Separate Account A, Merrill Lynch Life Variable Annuity Separate Account B, Merrill Lynch Life Variable Annuity Separate Account C, Merrill Lynch Life Variable Annuity Separate Account D, Merrill Lynch Variable Life Separate Account, and Merrill Lynch Life Variable Life Separate Account II, Separate Account VA BB, Separate Account VA CC, Separate Account VA U, Separate Account VA V, Separate Account VA AA, WRL Series Annuity Account, WRL Series Annuity Account B, WRL Series Life Account, WRL Series Life Account G, WRL Series Life Corporate Account and Separate Account VL E. These accounts are separate accounts of Transamerica Life Insurance Company.

Transamerica Capital, Inc. serves as principal underwriter for Separate Account VA BNY, Separate Account VA QNY, TFLIC Separate Account VNY, Separate Account VA-2LNY, TFLIC Separate Account C, Separate Account VA-5NLNY, Separate Account VA-6NY, TFLIC Series Annuity Account, TFLIC Series Life Account, TFLIC Pooled Account No. 44, Transamerica Variable Funds, ML of New York Variable Annuity Separate Account A, ML of New York Variable Annuity Separate Account B, ML of New York Variable Annuity Separate Account C, ML of New York Variable Annuity Separate Account D and ML of New York Variable Life Separate Account II. These accounts are separate accounts of Transamerica Financial Life Insurance Company.

Transamerica Capital, Inc. also serves as principal underwriter for Transamerica Series Trust, Transamerica Funds, Transamerica Investors, Inc., and Transamerica Asset Allocation Variable Funds.

(b)	Directors and Officers of Transamerica Capital, Inc.:


Name	Principal Business Address	Position and Offices with Underwriter
Brian Beitzel	(2)	Director, Treasurer and Chief Financial Officer
Joe Boan	(1)	Director, Chairman of the Board, Chief Executive Officer and Vice President
Doug Hellerman	(3)	Chief Compliance Officer and Vice President
Gregory E. Miller-Breetz	(1)	Secretary

(1)	100 Light Street, Floor B1, Baltimore, MD 21202

(2)	4333 Edgewood Road N.E., Cedar Rapids, IA 52499-0001

(3)	1801 California Street, Suite 5200, Denver, CO 80202

(c)	Compensation to Principal Underwriter:


Name of Principal Underwriter	Net Underwriting Discounts and Commissions⁽¹⁾	Compensation on Redemption	Brokerage Commissions	Compensation
Transamerica Capital, Inc.	0	0	0	0

⁽¹⁾	Fiscal Year 2019

Item 31.

Location of Accounts and Records

All accounts, books, or other documents required to be maintained by Section 31(a) of the 1940 Act and the rules promulgated thereunder are maintained by the Registrant through Transamerica Life Insurance Company (for former Transamerica Premier Life Insurance Company life accounts) at 570 Carillon Parkway, St. Petersburg, Florida 33716, 12855 Starkey Road, Largo, Florida 33773 or 4333 Edgewood Road, N.E., Cedar Rapids, Iowa 52499-001.

Item 32.

Management Services

Not Applicable

Item 33.

Fee Representation

Transamerica Life Insurance Company (“Transamerica”) hereby represents that the fees and charges deducted under the WRL Xcelerator and WRL Xcelerator Focus, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, WRL Series Life Account, has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Denver and in the State of Colorado, on this 30^th day of September 2020.


WRL SERIES LIFE ACCOUNT
(Registrant)

TRANSAMERICA LIFE INSURANCE COMPANY
(Depositor)

By:		Blake S. Bostwick
Director and President

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.


Signatures	Title	Date

* Blake S. Bostwick	Director Chairman of the Board and President	September 30, 2020

* Fred Gingerich	Controller and Vice President	September 30, 2020
* Mark W. Mullin	Director and Chairman of the Board	September 30, 2020

* David Schulz	Director, Chief Tax Officer and Senior Vice President	September 30, 2020

* C. Michiel van Katwijk	Director, Executive Vice President, Chief Financial Officer and Treasurer	September 30, 2020

/s/ Brian Stallworth Brian Stallworth	Assistant Secretary	September 30, 2020

*	By: Brian Stallworth - Attorney-in-Fact pursuant to Powers of Attorney filed herewith.

EXHIBIT INDEX


26. (a) (ii)		Resolution of the Board of Directors of Transamerica Life Insurance Company Approving Plan of Merger with Transamerica Premier Life Insurance Company

26. (a) (iii)		Resolution of the Board of Directors of Transamerica Premier Life Insurance Company Board approving Plan of Merger with Transamerica Life Insurance Company

26. (k) (i)		Opinion of Counsel as to the legality of the securities being registered

26. (n) (i)		Auditor’s Consent

26. (q) (i)		Memorandum describing Transamerica Life Insurance Company’s Issuance, Transfer and Redemption Procedures

26. (r)		Powers of Attorney