FINANCIAL STATEMENTS – STATUTORY BASIS

AND SUPPLEMENTARY INFORMATION

Transamerica Life Insurance Company

Years Ended December 31, 2021, 2020 and 2019

Transamerica Life Insurance Company

Financial Statements – Statutory Basis

and Supplementary Information

Years Ended December 31, 2021, 2020 and 2019

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	10
3. Accounting Changes and Correction of Error	25
4. Fair Values of Financial Instruments	26
5. Investments	35
6. Premium and Annuity Considerations Deferred and Uncollected	57
7. Policy and Contract Attributes	58
8. Reinsurance	75
9. Income Taxes	78
10. Capital and Surplus	85
11. Securities Lending	86
12. Retirement and Compensation Plans	88
13. Related Party Transactions	89
14. Managing General Agents and Third-Party Administrators	96
15. Commitments and Contingencies	96
16. Sales, Transfer, and Servicing of Financial Assets and Extinguishments of Liabilities	102
17. Reconciliation to Statutory Statement	105
18. Subsequent Events	105
Appendix A – Listing of Affiliated Companies	107
Statutory-Basis Financial Statement Schedules
Summary of Investments – Other Than Investments in Related Parties	110
Supplementary Insurance Information	111
Reinsurance	112

Report of Independent Auditors

To the Board of Directors of

Transamerica Life Insurance Company

Opinions

We have audited the accompanying statutory basis financial statements of Transamerica Life Insurance Company (the “Company”), which comprise the balance sheets as of December 31, 2021 and 2020, and the related statements of operations, of changes in capital and surplus and of cash flow for each of the three years in the period ended December 31, 2021, including the related notes and schedules of supplementary insurance information and reinsurance for each of the three years in the period ended December 31, 2021 and summary of investments—other than investments in related parties as of December 31, 2021 listed in the accompanying index (collectively referred to as the “financial statements”).

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities and capital and surplus of the Company as of December 31, 2021 and 2020 and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2021, in accordance with the accounting practices prescribed or permitted by the Iowa Insurance Division described in Note 2.

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” section of our report, the accompanying financial statements 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, 2021 and 2020, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2021.

Basis for Opinions

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

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, One North Wacker, Chicago, IL 60606

T: (312) 298 2000, F: (312) 298 2001, www.pwc.com/us

Responsibilities of Management 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.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date the financial statements are available to be issued.

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with US GAAS, we:

• Exercise professional judgment and maintain professional skepticism throughout the audit.

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

• Obtain an understanding of internal control relevant to the audit 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, no such opinion is expressed.

• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

April 14, 2022

2

Transamerica Life Insurance Company

Balance Sheets – Statutory Basis

(Dollars in Millions)

	December 31
	2021			2020
Admitted assets
Cash, cash equivalents and short-term investments	$	2,126		$	1,832
Bonds		49,942			50,444
Preferred stocks		120			105
Common stocks		3,527			3,556
Mortgage loans on real estate		9,153			9,015
Real estate		52			56
Policy loans		1,986			2,037
Securities lending reinvested collateral assets		2,073			2,115
Derivatives		1,760			2,973
Other invested assets		3,054			3,222
Total cash and invested assets		73,793			75,355
Accrued investment income		694			697
Premiums deferred and uncollected		181			240
Net deferred income tax asset		825			812
Other assets		1,211			1,344
Separate account assets		126,088			121,820
Total admitted assets	$	202,792		$	200,268
Liabilities and capital and surplus
Aggregate reserves for policies and contracts	$	51,983		$	50,966
Policy and contract claim reserves		1,177			1,257
Liability for deposit-type contracts		824			946
Other policyholders’ funds		38			32
Transfers from separate accounts due or accrued		(658	)		(823	)
Funds held under reinsurance treaties		3,043			3,889
Asset valuation reserve		1,250			1,198
Interest maintenance reserve		1,382			1,389
Derivatives		2,360			3,493
Payable for collateral under securities loaned and other transactions		2,312			2,755
Borrowed money		3,870			3,486
Variable annuity reserve hedge offset deferral		250			145
Other liabilities		1,596			1,605
Separate account liabilities		126,088			121,820
Total liabilities		195,515			192,158
Total capital and surplus		7,277			8,110
Total liabilities and capital and surplus	$	202,792		$	200,268

See accompanying notes.

3

Transamerica Life Insurance Company

Statements of Operations – Statutory Basis

(Dollars in Millions)

	Year Ended December 31
	2021			2020			2019
Revenues
Premiums and other considerations	$	14,482		$	16,723		$	15,708
Net investment income		3,191			3,361			2,765
Commissions and expense allowances on reinsurance ceded		187			661			470
Reserve adjustment on reinsurance ceded		(260	)		(273	)		(128)
Consideration received on reinsurance recapture and novations		963			2,958			15
Fee revenue and other income		2,259			2,096			2,150
Total revenue		20,822			25,526			20,980
Benefits and expenses
Death benefits		2,928			2,863			2,358
Annuity benefits		1,798			1,528			1,492
Accident and health benefits		945			1,120			1,112
Surrender benefits		18,145			15,352			16,301
Other benefits		292			234			230
Net increase (decrease) in reserves		942			4,985			(1,329)
Commissions		1,375			1,435			1,481
Net transfers to (from) separate accounts		(8,881	)		(4,850	)		(5,130)
IMR adjustment due to reinsurance		(43	)		—			—
General insurance expenses and other		1,418			1,780			1,254
Total benefits and expenses		18,919			24,447			17,769
Gain (loss) from operations before dividends and federal income taxes		1,903			1,079			3,211
Dividends to policyholders		10			10			10
Gain (loss) from operations before federal income taxes		1,893			1,069			3,201
Federal income tax (benefit) expense		(185	)		(109	)		(39)
Net gain (loss) from operations		2,078			1,178			3,240
Net realized capital gains (losses), after tax and amounts transferred to interest maintenance reserve		(1,924	)		113			469
Net income (loss)	$	154		$	1,291		$	3,709

See accompanying notes.

4

Transamerica Life Insurance Company

Statements of Changes in Capital and Surplus – Statutory Basis

(Dollars in Millions)

	Common Stock		Treasury Stock			Surplus Notes			Paid-in Surplus			Special Surplus Funds			Unassigned Surplus			Total Capital and Surplus
Balance at January 1, 2019	$	7	$	(58	)	$	310		$	4,163		$	232		$	4,231		$	8,885
Net income (loss)		—		—			—			—			—			3,709			3,709
Change in net unrealized capital gains/losses, net of taxes		—		—			—			—			(37	)		(239	)		(276)
Change in net deferred income tax asset		—		—			—			—			—			(160	)		(160)
Change in nonadmitted assets		—		—			—			—			—			124			124
Change in reserve on account of change valuation basis		—		—			—			—			—			(1,218	)		(1,218)
Change in asset valuation reserve		—		—			—			—			—			(252	)		(252)
Change in surplus as a result of reinsurance		—		—			—			—			—			(143	)		(143)
Change in surplus notes		—		—			(250	)		—			—			—			(250)
Change in treasury stock		—		58			—			—			—			—			58
Change in letter of credit		—		—			—			—			—			(160	)		(160)
Dividends to stockholders		—		—			—			—			—			(733	)		(733)
Return of capital		—		—			—			(308	)		—			—			(308)
Other changes - net		—		—			—			2			2			71			75
Balance at December 31, 2019	$	7	$	—		$	60		$	3,857		$	197		$	5,230		$	9,351
Net income (loss)		—		—			—			—			—			1,291			1,291
Change in net unrealized capital gains/losses, net of taxes		—		—			—			—			(342	)		216			(126)
Change in net deferred income tax asset		—		—			—			—			—			(126	)		(126)
Change in nonadmitted assets		—		—			—			—			—			201			201
Change in reserve on account of change valuation basis		—		—			—			—			—			14			14
Change in asset valuation reserve		—		—			—			—			—			69			69
Change in surplus as a result of reinsurance		—		—			—			—			—			(51	)		(51)
Change in surplus notes		—		—			(60	)		—			—			—			(60)
Change in letter of credit		—		—			—			—			—			(1,870	)		(1,870)
Capital contribution		—		—			—			700			—			—			700
Dividends to stockholders		—		—			—			—			—			(1,200	)		(1,200)
Other changes - net		—		—			—			5			—			(88	)		(83)
Balance at December 31, 2020	$	7	$	—		$	—		$	4,562		$	(145	)	$	3,686		$	8,110

Continued on next page.

5

Transamerica Life Insurance Company

Statements of Changes in Capital and Surplus – Statutory Basis

(Dollars in Millions)

		Common Stock		Treasury Stock		Surplus Notes		Paid-in Surplus		Special Surplus Funds			Unassigned Surplus			Total Capital and Surplus
Balance at December 31, 2020	$	7	$	—	$	—	$	4,562	$	(145	)	$	3,686		$	8,110
Net income (loss)		—		—		—		—		—			154			154
Change in net unrealized capital gains/losses, net of taxes		—		—		—		—		(105	)		555			450
Change in net deferred income tax asset		—		—		—		—		—			123			123
Change in nonadmitted assets		—		—		—		—		—			(73	)		(73)
Change in reserve on account of change valuation basis		—		—		—		—		—			(60	)		(60)
Cumulative effect of changes in accounting principle		—		—		—		—		—			(15	)		(15)
Change in asset valuation reserve		—		—		—		—		—			(52	)		(52)
Change in surplus as a result of reinsurance		—		—		—		—		—			(256	)		(256)
Dividends to stockholders		—		—		—		—		—			(761	)		(761)
Distribution of affiliate stock		—		—		—		—		—			(339	)		(339)
Other changes - net		—		—		—		3		—			(7	)		(4)
Balance at December 31, 2021	$	7	$	—	$	—	$	4,565	$	(250	)	$	2,955		$	7,277

See accompanying notes.

6

Transamerica Life Insurance Company

Statements of Cash Flow – Statutory Basis

(Dollars in Millions)

	Year Ended December 31
	2021			2020			2019
Operating activities
Premiums and annuity considerations	$	15,975		$	16,785		$	15,551
Net investment income		3,105			2,758			2,931
Other income		2,025			2,311			2,379
Benefit and loss related payments		(24,040	)		(20,629	)		(21,328)
Net transfers from separate accounts		9,042			4,958			5,282
Commissions and operating expenses		(2,799	)		(3,002	)		(2,842)
Dividends paid to policyholders		(6	)		(7	)		(7)
Federal income taxes (paid) received		148			37			(166)
Net cash provided by (used in) operating activities		3,450			3,211			1,800
Investing activities
Proceeds from investments sold, matured or repaid	$	12,231		$	12,107		$	19,902
Costs of investments acquired		(14,040	)		(16,438	)		(18,351)
Net change in policy loans		51			25			15
Net cash provided by (used in) investing activities	$	(1,758	)	$	(4,306	)	$	1,566
Financing and miscellaneous activities
Repayment of surplus notes	$	—		$	(60	)	$	(250)
Capital and paid in surplus received (returned)		2			705			(248)
Dividends to stockholders		(761	)		(1,200	)		(725)
Net deposits (withdrawals) on deposit-type contracts		(143	)		(34	)		(667)
Net change in borrowed money		385			783			(1,621)
Net change in funds held under reinsurance treaties		74			(105	)		261
Net change in payable for collateral under securities lending and other transactions		(443	)		65			(1,084)
Other cash (applied) provided		(512	)		331			162
Net cash provided by (used in) financing and miscellaneous activities		(1,398	)		485			(4,172)
Net increase (decrease) in cash, cash equivalents and short-term investments		294			(610	)		(806)
Cash, cash equivalents and short-term investments:
Beginning of year		1,832			2,442			3,248
End of year	$	2,126		$	1,832		$	2,442

See accompanying notes.

7

Transamerica Life Insurance Company

Statements of Cash Flow (supplemental) – Statutory Basis

(Dollars in Millions)

	Year Ended December 31
Supplemental disclosures of cash flow information	2021			2020			2019
Non-cash activities during the year not included in the Statutory Statements of Cash Flows:
Assets transfer in for amended reinsurance treaty	$	47		$	—		$	—
Distribution of affiliate stock		(339	)		—			—
Release of funds withheld related to affiliated reinsurance recaptures		963			500			—
Receipt (transfer) of assets related to nonaffiliated reinsurance		(1,527	)		310			—
Transfer of bonds, mortgage loans and interest related to affiliated reinsurance recapture		—			2,121			—
Increase of funds withheld related to affiliated reinsurance agreement		—			(76	)		—
Stock cancellations		—			—			58
Non-cash dividend received from subsidiary		—			—			11
Other		—			—			(9	)

See accompanying notes.

8

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

December 31, 2021

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 October 1, 2020, the Company completed mergers with Transamerica Premier Life Insurance Company (TPLIC), an Iowa-domiciled affiliate and MLIC Re I, Inc. (MLIC Re), a Vermont-domiciled subsidiary. On December 31, 2020, the Company completed a merger with Pine Falls Re, Inc. (PFRe), a Vermont-domiciled subsidiary.

The mergers were accounted for in accordance with the Statement of Statutory Accounting Principles (SSAP) No. 68, Business Combinations and Goodwill, as statutory mergers. As such, financial statements for periods prior to the mergers were combined and the recorded assets, liabilities and surplus of TPLIC, MLIC Re and PFRe on a US statutory basis were carried forward to the merged company. The common capital stock of TPLIC, MLIC Re and PFRe was deemed cancelled by operation of law under the Plans of Merger. Each share of the Company’s capital stock issued and outstanding immediately before the mergers continues to represent one share of the capital stock. The business the Company previously assumed from TPLIC and the business previously ceded from the Company to TPLIC, MLIC Re and PFRe is no longer reflected as assumed and ceded risks in the restated merged financials.

Nature of Business

The Company sells individual life insurance, including index universal life, whole life, term life, and final expense life. It also sells variable annuities. In addition, the Company offers supplemental health insurance group life insurance, group annuity contracts and stable value solutions. 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 independent agents and broker-dealers, affiliated agencies, and financial institutions.

9

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, 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 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.

10

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, 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	2021		2020		2019
Net income, State of Iowa basis	XXX	XXX	XXX	$	154	$	1,291	$	3,709
State prescribed practices that are an increase(decrease) from NAIC SAP:
None					—		—		—
State permitted practices that are an increase(decrease) from NAIC SAP:
None					—		—		—
Net income, NAIC SAP	XXX	XXX	XXX	$	154	$	1,291	$	3,709
Statutory surplus, state of Iowa basis	XXX	XXX	XXX	$	7,277	$	8,110	$	9,351
State prescribed practices that are an increase(decrease) from NAIC SAP:
None					—		—		—
State permitted practices that are an increase(decrease) from NAIC SAP:
Letter of credit	4	Balance Sheet	Letter of credit		—		—		(1,870	)
Statutory surplus, NAIC SAP	XXX	XXX	XXX	$	7,277	$	8,110	$	7,481

The IID issued a no objection letter in the prior year for the Company to present historical permitted practices that differ from that found in the NAIC SAP related to the admission of letters of credit as admitted assets and as an element of capital surplus. Prior to merging with the Company, MLIC Re and PFRe, with the explicit permission of the Deputy Commissioner of the Captive Insurance Division of the Vermont Department of Financial Regulation, included as admitted assets the value of letters of credit serving as collateral for reinsurance credit taken by affiliates in connection with reinsurance agreements. These historical permitted practices were included on a merged entity basis for periods prior to the effective date of the mergers. The letters of credit were for the benefit of the Company and TPLIC. The permitted practice terminated upon the merger of MLIC Re and PFRe into the Company and had no impact at December 31, 2020.

The Company elected early adoption of SSAP No. 108, Derivatives Hedging Variable Annuities Guarantees 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.

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.

11

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, 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.

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

12

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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.

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 redeemable preferred stocks in good standing (those with NAIC designations 1 to 3), are reported at cost or amortized cost, depending on the characteristics of the securities. Investments in both affiliated and unaffiliated redeemable preferred stocks not in good standing (those with NAIC designations 4 to 6), are reported at the lower of cost, amortized cost, or fair value, depending on the characteristics of the securities. Investment in perpetual preferred stocks are reported at fair value, not to exceed any currently effective call price. Investment in mandatory convertible preferred stocks (regardless if the preferred stock is redeemable or perpetual) are reported at fair value, not to exceed any currently effective call price, in the periods prior to conversion. For preferred stocks reported at fair value, the related net unrealized capital gains and losses for all NAIC designations are reported in accordance with SSAP No. 7, Asset Valuation Reserve and Interest Maintenance Reserve.

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.

13

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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.

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

14

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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.

The Company has interests in joint ventures and limited partnerships. The Company carries these investments based on its interest in the underlying 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

15

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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 $183. 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 uses 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 (RSAT). 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

16

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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) 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 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 equal to the fair value of the contract are exchanged. 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

17

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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.

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. Bond return swaps are also used to hedge interest rate risk of the underlying liability by exchanging performance and interest of a treasury asset for a funding level plus spread.

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

18

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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.

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

19

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

equal to the notional amount of the contract will be made by the Company and recognized as a capital loss.

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 and is not reported as a single line item.

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 cash surrender value of company owned life insurance, receivable from parent, subsidiaries and affiliates, general insurance accounts receivable and general agents pension fund.

Other liabilities consist primarily of amounts withheld by the Company, accrued expenses, reinsurance payable, remittances, unearned investment income 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,

20

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

carried at estimated fair value, consist of underlying mutual fund shares, common stocks, long-term bonds and short-term investments.

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

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

21

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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.

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.

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.

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

22

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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.

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

23

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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 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

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).

24

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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.

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 Correction of Error

The Company’s policy is to disclose recent accounting pronouncements, adopted, with a current year effective date, that have been classified by the NAIC as a substantive change, as well as items classified by the NAIC as nonsubstantive changes that have been adopted and have had a material impact on the financial position or results of operations of the Company.

Recent Accounting Pronouncements

Effective January 1, 2021, the NAIC adopted revisions to SSAP No. 32, Preferred Stock, and the corresponding Issue Paper No. 164, Preferred Stock, to update the definitions, measurement and impairment guidance for redeemable vs. perpetual preferred stock and mandatory convertible holdings. With the adoption of SSAP No. 32R, all perpetual preferred stock is to be valued at fair value, not to exceed any currently effective call price. The adoption of this guidance did not have a material impact on the financial position or results of operations of the Company.

Effective January 1, 2021, the NAIC adopted revisions to SSAP No. 106, Affordable Care Act Section 9010 Assessment, which supersede SSAP No. 106 and nullify Interpretation (INT) 18-02: ACA Section 9010 Assessment Moratoriums. The Section 9010 assessment was repealed by the House of Representatives and Senate for calendar years beginning January 1, 2021. The adoption of this guidance did not have a material impact on the financial position or results of operations of the Company.

25

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

Change in Valuation Basis

As of December 31, 2019, the Company 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 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 $1,218 as of December 31, 2019. As of the date of transition, the Company was fully compliant with the provisions of VM-21 and remains compliant as of December 31, 2021.

Correction of Error

During 2020, management identified an error in the Company’s prior year statutory Actuarial Guideline (AG) 38 8C cash flow testing reserves. The error resulted in an understatement of aggregate reserves for life contracts of $116 net of tax at December 31, 2019 which was corrected in accordance with SSAP No. 3, Accounting Changes and Corrections of Errors with the income correction reflected in Other changes—net in the Statements of Changes in Capital and Surplus.

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.

26

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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.

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.

27

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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.

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.

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.

28

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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 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.

29

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, 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, 2021 and 2020, respectively:

	December 31, 2021
	Aggregate Fair Value		Admitted Value		(Level 1)		(Level 2)		(Level 3)
Admitted assets
Cash equivalents and short-term investments, other than affiliates	$	1,885	$	1,885	$	1,790	$	95	$	—
Bonds		57,192		49,942		9,557		47,265		370
Preferred stocks, other than affiliates		120		120		—		120		—
Common stocks, other than affiliates		198		198		16		—		182
Mortgage loans on real estate		9,786		9,153		—		—		9,786
Other invested assets		485		421		—		466		19
Derivative assets:
Options		188		188		—		188		—
Interest rate swaps		1,491		1,487		—		1,491		—
Currency swaps		33		17		—		33		—
Credit default swaps		69		44		—		69		—
Equity swaps		17		17		—		17		—
Interest rate futures		3		2		3		—		—
Equity futures		5		5		5		—		—
Derivative assets total		1,806		1,760		8		1,798		—
Policy loans		1,986		1,986		—		1,986		—
Securities lending reinvested collateral		1,942		1,942		—		1,942		—
Separate account assets		123,841		123,767		117,183		6,658		—
Liabilities
Investment contract liabilities		16,881		15,019		—		247		16,634
Derivative liabilities:
Options		114		114		—		114		—
Interest rate swaps		2,254		1,970		—		2,254		—
Currency swaps		6		17		—		6		—
Credit default swaps		3		12		—		3		—
Equity swaps		235		235		—		235		—
Interest rate futures		7		7		7		—		—
Equity futures		4		4		4		—		—
Derivative liabilities total		2,623		2,359		11		2,612		—
Dollar repurchase agreements		872		872		—		872		—
Payable for securities lending		2,073		2,073		—		2,073		—
Payable for derivative cash collateral		239		239		—		239		—
Separate account liabilities		112,613		112,667		1		112,601		11

30

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

	December 31, 2020
	Aggregate   Fair Value		Admitted Value		(Level 1)		(Level 2)		(Level 3)
Admitted assets
Cash equivalents and short-term investments, other than affiliates	$	1,522	$	1,522	$	1,030	$	492	$	—
Short-term notes receivable from affiliates		149		149		—		149		—
Bonds		60,092		50,444		10,161		49,535		396
Preferred stocks, other than affiliates		109		105		—		109		—
Common stocks, other than affiliates		180		180		20		—		160
Mortgage loans on real estate		9,792		9,015		—		—		9,792
Other invested assets		555		474		—		534		21
Derivative assets:
Options		278		278		—		278		—
Interest rate swaps		2,544		2,531		—		2,544		—
Currency swaps		21		8		—		21		—
Credit default swaps		67		49		—		67		—
Equity swaps		88		88		—		88		—
Interest rate futures		10		10		10		—		—
Equity futures		9		9		9		—		—
Derivative assets total		3,017		2,973		19		2,998		—
Policy loans		2,037		2,037		—		2,037		—
Securities lending reinvested collateral		1,893		1,893		—		1,893		—
Separate account assets		119,784		119,677		112,719		7,065		—
Liabilities
Investment contract liabilities		17,556		15,294		—		257		17,299
Derivative liabilities:
Options		165		165		—		165		—
Interest rate swaps		2,853		2,806		—		2,853		—
Currency swaps		30		31		—		30		—
Credit default swaps		—		14		—		—		—
Equity swaps		472		472		—		472		—
Interest rate futures		1		1		1		—		—
Equity futures		4		4		4		—		—
Derivative liabilities total		3,525		3,493		5		3,520		—
Dollar repurchase agreements		967		967		—		967		—
Payable for securities lending		2,115		2,115		—		2,115		—
Payable for derivative cash collateral		640		640		—		640		—
Separate account liabilities		109,407		109,407		1		109,354		52

31

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, 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, 2021 and 2020:

	2021
	Level 1		Level 2		Level 3		Total
Assets:
Bonds
Government	$	—	$	2	$	—	$	2
Industrial and miscellaneous		—		41		7		48
Total bonds		—		43		7		50
Preferred stock
Industrial and miscellaneous		—		120		—		120
Total preferred stock		—		120		—		120
Common stock
Mutual funds		3		—		—		3
Industrial and miscellaneous		13		—		182		195
Total common stock		16		—		182		198
Cash equivalents and short-term investments
Money market mutual funds		1,790		—		—		1,790
Total cash equivalents and short-term investments		1,790		—		—		1,790
Derivative assets		8		1,685		—		1,693
Separate account assets		117,083		6,010		—		123,093
Total assets	$	118,897	$	7,858	$	189	$	126,944
Liabilities:
Derivative liabilities	$	11	$	1,929	$	—	$	1,940
Separate account liabilities		1		—		—		1
Total liabilities	$	12	$	1,929	$	—	$	1,941

32

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

	2020
	Level 1		Level 2		Level 3		Total
Assets:
Bonds
Industrial and miscellaneous	$	—	$	41	$	7	$	48
Total bonds		—		41		7		48
Preferred stock
Industrial and miscellaneous		—		6		—		6
Total preferred stock		—		6		—		6
Common stock
Mutual funds		6		—		—		6
Industrial and miscellaneous		14		—		160		174
Total common stock		20		—		160		180
Cash equivalents and short-term investments
Money market mutual funds		1,029		—		—		1,029
Total cash equivalents and short-term investments		1,029		—		—		1,029
Derivative assets		18		2,894		—		2,912
Separate account assets		112,606		6,393		—		118,999
Total assets	$	113,673	$	9,334	$	167	$	123,174
Liabilities:
Derivative liabilities	$	5	$	3,184	$	—	$	3,189
Separate account liabilities		1		—		—		1
Total liabilities	$	6	$	3,184	$	—	$	3,190

Bonds classified as Level 2 are valued using inputs from third party pricing services or broker quotes. 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 2 are valued using inputs from third party pricing services or broker quotes.

Common stock classified as Level 2 are valued using inputs from third party pricing services or broker quotes. 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.

Other long term classified as Level 2 are comprised of surplus debentures, which are valued using inputs from third party pricing services or broker quotes.

Securities lending reinvested collateral is valued and classified in the same way as the underlying collateral, which is primarily composed of cash equivalents and short-term investments.

Derivatives classified as Level 2 represent over-the-counter (OTC) contracts valued using pricing models based on the net present value of estimated future cash flows, directly observed prices from exchange-traded derivatives, other OTC trades, or external pricing services.

33

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

Separate account assets and liabilities are valued and classified in the same way as general account assets and liabilities (described above).

The following tables summarize the changes in assets classified as Level 3 for 2021 and 2020:

	Beginning Balance at   January 1, 2021		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	$	—	$	1	$	—	$	—	$	(1)
CMBS		—		1		—		—		(1)
Other		7		—		—		—		1
Common stock		160		—		—		(1)		3
Total	$	167	$	2	$	—	$	(1)	$	2
	Purchases		Issuances		Sales		Settlements		Ending Balance at  December 31, 2021
Bonds
RMBS	$	—	$	—	$	—	$	—	$	—
CMBS		—		—		—		—		—
Other		—		—		—		1		7
Common stock		20		—		—		—		182
Total	$	20	$	—	$	—	$	1	$	189
(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
	Beginning Balance at   January 1, 2020		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	$	7	$	2	$	—	$	—	$	(2)
Preferred stock		3		—		—		(17)		13
Common stock		128		—		2		(1)		16
Separate account assets		4		—		4		—		—
Total	$	142	$	2	$	6	$	(18)	$	27
	Purchases		Issuances		Sales		Settlements		Ending Balance at  December 31, 2020
Bonds
Other	$	—	$	—	$	—	$	—	$	7
Preferred stock		2		—		—		1		—
Common stock		21		8		10		—		160
Separate account assets		1		—		—		1		—
Total	$	24	$	8	$	10	$	2	$	167

(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

34

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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, 2021 and 2020, the Company held no properties as held-for-sale, where fair value was less than its carrying value. As of December 31, 2021 and 2020, the Company held four properties as held-for sale, where carrying amount of $7 and $10, respectively, 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.

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, 2021
Bonds:
United States Government and agencies	$	7,140	$	2,004	$	13	$	9,131
State, municipal and other government		2,477		257		22		2,712
Hybrid securities		267		65		1		331
Industrial and miscellaneous		33,840		4,663		163		38,340
Mortgage and other asset-backed securities		6,218		500		40		6,678
Total unaffiliated bonds		49,942		7,489		239		57,192
Unaffiliated preferred stocks		120		—		—		120
	$	50,062	$	7,489	$	239	$	57,312
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair   Value
Unaffiliated common stocks	$	151	$	47	$	—	$	198

35

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

	Book Adjusted   Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair   Value
December 31, 2020
Bonds:
United States Government and agencies	$	7,279	$	2,349	$	7	$	9,621
State, municipal and other government		2,214		310		8		2,516
Hybrid securities		360		83		6		437
Industrial and miscellaneous		33,784		6,355		48		40,091
Mortgage and other asset-backed securities		6,807		679		59		7,427
Total unaffiliated bonds		50,444		9,776		128		60,092
Unaffiliated preferred stocks		105		11		7		109
	$	50,549	$	9,787	$	135	$	60,201
	Cost		Gross   Unrealized   Gains		Gross   Unrealized   Losses		Estimated Fair   Value
Unaffiliated common stocks	$	136	$	44	$	—	$	180

The carrying amount and estimated fair value of bonds at December 31, 2021 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.

	2021
December 31:	Carrying Value		Fair Value
Due in one year or less	$	727	$	739
Due after one year through five years		7,240		7,950
Due after five years through ten years		8,076		9,081
Due after ten years		27,681		32,744
		43,724		50,514
Mortgage and other asset-backed securities		6,218		6,678
	$	49,942	$	57,192

36

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

The estimated fair value of bonds, preferred stocks and common stocks with gross unrealized losses at December 31, 2021 and 2020 is as follows:

	2021
	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	$	118	$	11	$	106	$	2
State, municipal and other government		64		10		318		12
Hybrid securities		14		1		3		—
Industrial and miscellaneous		553		41		4,609		122
Mortgage and other asset-backed securities		299		15		1,907		25
Total bonds		1,048		78		6,943		161
Preferred stocks-unaffiliated		—		—		10		—
Common stocks-unaffiliated		—		—		3		—
	$	1,048	$	78	$	6,956	$	161
	2020
	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	$	—	$	—	$	248	$	7
State, municipal and other government		39		6		89		2
Hybrid securities		20		5		10		1
Industrial and miscellaneous		160		15		836		33
Mortgage and other asset-backed securities		150		18		742		41
Total bonds		369		44		1,925		84
Preferred stocks-unaffiliated		22		6		16		1
	$	391	$	50	$	1,941	$	85

During 2021, 2020 and 2019, respectively, there were $62, $0 and $7, 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.

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 2021, 2020 and 2019, the Company recognized OTTI of $7, $4 and $6, respectively.

37

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

The following loan-backed and structured securities were held at December 31, 2021, 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
02149QAD2	$	13	$	10	$	3	$	10	$	10		3/31/2021
026936AA2		20		20		—		20		20		3/31/2021
61915RCJ3		8		7		1		7		8		3/31/2021
02660TJB0		2		2		—		2		2		3/31/2021
41161PPQ0		15		14		1		14		14		3/31/2021
41161PXH1		1		1		—		1		1		3/31/2021
01852FAC7		2		2		—		2		2		3/31/2021
02149QAD2		9		2		7		2		7		9/30/2021
					$	12

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, 2021 and 2020 is as follows:

	2021				2020
	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	$	14	$	44	$	18	$	61
The aggregate related fair value of securities with unrealized losses		299		1,942		150		765

At December 31, 2021 and 2020, 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 180 and 116 securities with a carrying amount of $1,126 and $441, and an unrealized loss of $78 and $50. Of this portfolio, at December 31, 2021 and 2020, 82.5% and 50.1% were investment grade with associated unrealized losses of $56 and $17, respectively.

At December 31, 2021 and 2020, respectively, for bonds and preferred stocks that have been in a continuous loss position for less than twelve months, the Company held 978 and 359 securities with a carrying amount of $7,114 and $2,026 and an unrealized loss of $161 and $85. Of this portfolio, at December 31, 2021 and 2020, 93.9% and 79.6% were investment grade with associated unrealized losses of $144 and $49, respectively.

At December 31, 2021 and 2020, there were no common stocks that have been in a continuous loss position for greater than or equal to twelve months.

38

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

At December 31, 2021 and 2020, for common stocks that have been in a continuous loss position for less than twelve months, the Company held 13 and 5 securities with a cost of $3 and $0 and no unrealized losses, respectively.

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, 2021
Bond, amortized cost		3	$	9	$	9
Total		3	$	9	$	9
December 31, 2020
Bond, amortized cost		2	$	13	$	13
Loan-backed and structured securities, amortized cost		4		10		6
Total		6	$	23	$	19

The Company did not have any offsetting assets and liabilities at December 31, 2021. The table below presents the Company’s gross and net receivable for securities and borrowed money financial statement line items that were subject to offsetting at December 31, 2020:

December 31, 2020	Gross Amount Recognized		Amount Offset		Net Amount Presented on Financial Statements
Assets:
Receivables for securities	$	3	$	—	$	3
Liabilities:
Borrowed money	$	967	$	—	$	967

During 2021 and 2020, respectively, the Company sold, redeemed or otherwise disposed of 153 and 108 securities as a result of a callable feature which generated investment income of $100 and $25 as a result of a prepayment penalty and/or acceleration fee.

39

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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
	2021			2020			2019
Proceeds	$	10,570		$	8,747		$	16,076
Gross realized gains	$	437		$	232		$	159
Gross realized losses		(108	)		(37	)		(56)
Net realized capital gains (losses)	$	329		$	195		$	103

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, 2021, 2020 and 2019 of $15, $161 and $39, respectively.

At December 31, 2021 and 2020, 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, 2021 and 2020 were as follows:

December 31, 2021
	Farm		Commercial		Total
AAA - AA	$	4	$	5,342	$	5,346
A		36		3,136		3,172
BBB		5		567		572
BB		8		54		62
	$	53	$	9,099	$	9,152
December 31, 2020
	Farm		Commercial		Total
AAA - AA	$	7	$	4,612	$	4,619
A		41		3,491		3,532
BBB		5		767		772
BB		9		82		91
	$	62	$	8,952	$	9,014

The above tables exclude residential mortgage loans.

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

40

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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 2021, the Company issued mortgage loans with a maximum interest rate of 5.88% and a minimum interest rate of 2.58% for commercial loans. The maximum percentage of any one admitted loan to the value of the security (exclusive of insured or guaranteed or purchase money mortgages) originated or acquired during the year ending December 31, 2021 at the time of origination was 81%. During 2020, the Company issued mortgage loans with a maximum interest rate of 6.50% and a minimum interest rate of 2.92% for commercial loans. The maximum percentage of any one admitted loan to the value of the security (exclusive of insured or guaranteed or purchase money mortgages) originated or acquired during the year ending December 31, 2020 at the time of origination was 79%.

During 2021, the Company issued mortgage loans with a maximum interest rate of 4.45% and a minimum interest rate of 4.45% for agricultural loans. During 2020, the Company issued mortgage loans with a maximum interest rate of 3.80% and a minimum interest rate of 3.80% for agricultural loans.

During 2021 and 2020, the Company did not reduce the interest rate on any outstanding mortgage loans.

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, 2021 and 2020:

			Residential		Commercial
	Farm		All Other		All Other		Total
December 31, 2021
Recorded Investment (All)
Current	$	53	$	—	$	9,099	$	9,152
30-59 Days Past Due		—		1		—		1
Participant or Co-lender in Mortgage Loan Agreement
Recorded Investment	$	14	$	—	$	871	$	885

41

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

			Residential		Commercial
	Farm		All Other		All Other		Total
December 31, 2020
Recorded Investment (All)
Current	$	62	$	—	$	8,846	$	8,908
30-59 Days Past Due		—		1		—		1
180+ Days Past Due		—		—		106		106
Participant or Co-lender in Mortgage Loan Agreement
Recorded Investment	$	42	$	—	$	911	$	953

At December 31, 2021, the Company held no mortgage loans that were non-income producing for the previous 180 days. At December 31, 2020, multiple mortgage loans with a carrying value of $106 were non-income producing for the previous 180 days. There was no accrued interest related to these mortgage loans at December 31, 2021 and 2020. 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, 2021 and 2020, there were no taxes, assessments and other amounts advanced and not included in the mortgage loan total.

At December 31, 2021 and 2020, the Company held no impaired loans with or without a related allowance for credit losses. There were no impaired mortgage loans held without an allowance for credit losses as of December 31, 2021 and 2020, 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 2021 and 2020 was $0 and $3, respectively.

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
	2021		2020			2019
Balance at beginning of period		$                —		$                —			$                —
Additions, net charged to operations		—		1			—
Recoveries in amounts previously charged off		—		(1	)		—
Balance at end of period		$                —		$                —			$                —

As of December 31, 2021 and 2020, 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

42

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

basis. For the years ended December 31, 2021, 2020 and 2019, the Company has recognized no interest income on impaired loans or on a cash basis.

At December 31, 2021 and 2020, the Company held a mortgage loan loss reserve in the AVR of $97 and $116, 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
	2021			2020				2021			2020
Pacific		30	%		29	%	Apartment		53	%		48	%
South Atlantic		21			23		Office		17			17
Middle Atlantic		13			13		Retail		15			16
E. North Central		9			9		Industrial		13			14
W. South Central		8			9		Medical		1			1
Mountain		8			7		Agricultural		1			1
W. North Central		6			6		Other		—			3
E. South Central		3			3
New England		2			1

At December 31, 2021, 2020 and 2019, the Company had mortgage loans with a total net admitted asset value of $14, $14 and $21, 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, 2021, 2020 and 2019 related to such restructurings. At December 31, 2021 and 2020, 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 $9, $1 and $5 were taken on real estate in 2021, 2020 and 2019, 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, 2021.

As of December 31, 2021, there were seven properties classified as held for sale. As of December 31, 2020, there were eight 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 2021, one property classified as held for sale was disposed. During 2020, one property classified as held for sale was disposed. Any associated gains and losses from these held for sale disposals were included in net realized capital gains (losses) within the Statements of Operations.

43

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

On October 28, 2020, the Company sold the Transamerica Pyramid Property located in San Francisco, CA, resulting in a realized gain of $255. As part of the sale transaction, the Company issued mortgage loans supporting the property at commercial rates in the amount of $427. The Company also disposed of other properties during 2021 and 2020 resulting in net realized gains of $0 and $3, respectively. These gains and losses were included in net realized capital gains (losses) within the Statements of Operations.

The carrying value of the Company’s real estate assets at December 31, 2021 and 2020 was as follows:

	2021		2020
Home office properties		$                45		$                41
Properties held for sale		7		15
		$                52		$                56

Accumulated depreciation on real estate at December 31, 2021 and 2020, was $29 and $24, respectively.

Other Invested Assets

The Company recorded impairments of $13, $19 and $5 throughout years 2021, 2020 and 2019, respectively. These impairments were primarily related to private equity funds. 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. These write-downs are included in net realized capital gains (losses) within the Statements of Operations.

Tax Credits

At December 31, 2021, the Company had ownership interests in fifty-five LIHTC investments with a carrying value of $87. 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 sixteen years. The amount of contingent equity commitments expected to be paid during the years 2022 to 2029 is $21. Tax credits recognized in 2021 were $28, and other tax benefits recognized in 2021 were $4. There were no impairment losses, write-downs or reclassifications during the year related to any of these credits.

At December 31, 2020, the Company had ownership interests in sixty-four LIHTC investments with a carrying value of $141. The remaining years of unexpired tax credits ranged from one to thirteen, 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 2021 to 2029 is $30. Tax credits recognized in 2020 was $119 and other benefits recognized in 2020 were $9. There were no impairment losses, write-downs or reclassifications during the year related to any of these credits.

44

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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, 2021 and 2020:

			December 31, 2021
Description of State Transferable and Non-transferable Tax Credits	State		Carrying Value		Unused Amount*
Low-Income Housing Tax Credits		MA	$	—	$	2
Economic Redevelopment and Growth Tax Credits		NJ		7		35
Total			$	7	$	37
			December 31, 2020
Description of State Transferable and Non-transferable Tax Credits	State		Carrying Value		Unused Amount
Low-Income Housing Tax Credits		MA	$	1	$	5
Economic Redevelopment and Growth Tax Credits		NJ		6		37
Total			$	7	$	42

*The unused amount reflects credits that we deem will be realizable in the period 2021-2030.

The Company did not have any non-transferable state tax credits.

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 No. 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, 2021 and 2020 was as follows:

	2021			2020
Fair value - positive		$                2,171			$                976
Fair value - negative		(2,988	)		(1,557	)

At December 31, 2021, 2020 and 2019, the Company has recorded unrealized gains (losses) of ($173), ($334) and ($266), respectively, for the component of derivative instruments utilized for

45

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

hedging purposes that did not qualify for hedge accounting. The Company did not recognize any unrealized gains or losses during 2021, 2020 and 2019 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 22 years for forecasted hedge transactions. At December 31, 2021 and 2020, 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, 2021 and 2020, the Company has accumulated deferred gains in the amount of $0 and $1, 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 2022.

Summary of realized gains (losses) by derivative type for the years ended December 31, 2021, 2020 and 2019:

	2021		2020		2019
Options:
Calls	$	6	$	(805)	$	(15)
Puts		(6)		(299)		—
Collars		—		(62)		—
Total options	$	—	$	(1,166)	$	(15)
Swaps:
Interest rate	$	87	$	—	$	95
Credit		—		(6)		(3)
Total return		(1,752)		(851)		(621)
Total swaps	$	(1,665)	$	(857)	$	(529)
Futures - net positions		110		480		752
Total realized gains (losses)	$	(1,555)	$	(1,543)	$	208

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, 2021 and 2020:

	Asset(1)				Liability(1)
	2021		2020		2021			2020
Derivative component of RSATs
Credit default swaps	$	67	$	34	$	(8	)	$	(6	)
Interest rate swaps		6		6		—			—

⁽¹⁾  Asset and liability classification is based on the positive (asset) or negative (liability)

book/adjusted carrying value of each derivative.

46

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, 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, 2021 and 2020:

	Asset(1)				Liability(1)
	2021		2020		2021		2020
Derivative component of RSATs
Credit default swaps	$	69	$	67	$	(7)	$	(10)
Interest rate swaps		7		6		—		—
Total	$	76	$	73	$	(7)	$	(10)

⁽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, 2021, 2020 and 2019:

	2021		2020		2019
Derivative component of RSATs
Credit default swaps	$	—	$	(6)	$	(3)
Interest rate swaps		—		—		—
Total	$	—	$	(6)	$	(3)

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.

47

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, 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, 2021 and 2020:

			2021
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)			$	15	$	770		3.4
Credit default swaps referencing indices				—		45		31.6
Subtotal				15		815		4.9
BBB		2
Single name credit default swaps (3)				33		1,914		3.0
Credit default swaps referencing indices				24		1,736		2.1
Subtotal				57		3,650		2.6
BB		3
Single name credit default swaps (3)				2		135		1.2
Subtotal				2		135		1.2
B		4
Single name credit default swaps (3)				1		37		1.1
Subtotal				1		37		1.1
Total			$	75	$	4,637		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.

48

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

			2020
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)			$	15	$	779		3.4
Credit default swaps referencing indices				—		44		32.6
Subtotal				15		823		5.0
BBB		2
Single name credit default swaps (3)				36		1,870		3.5
Credit default swaps referencing indices				24		1,741		2.9
Subtotal				60		3,611		3.2
BB		3
Single name credit default swaps (3)				3		113		1.9
Subtotal				3		113		1.9
B		4
Single name credit default swaps (3)				(1)		50		2.2
Subtotal				(1)		50		2.2
Total			$	77	$	4,597		3.5

⁽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, 2021, there were not any potential future recoveries available to offset the $4,637 from the table above. At December 31, 2020, there were not any potential future recoveries available to offset the $4,597 from the table above.

49

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

At December 31, 2021 and 2020, 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
	2021			2020			2021		2020
Derivative assets:
Credit default swaps	$	4,020		$	3,813		$	69	$	67
Currency swaps		641			214			34		21
Equity futures		—			—			5		9
Equity swaps		1,294			969			17		88
Interest rate futures		—			—			—		10
Interest rate swaps		81			2,543			11		100
Options		3,724			9,449			188		278
Derivative liabilities:
Credit default swaps		1,411			1,218			3		—
Currency swaps		664			373			6		30
Equity futures		—			—			4		4
Equity swaps		6,885			8,158			235		472
Interest rate futures		—			—			—		1
Interest rate swaps		6,677			8,233			684		480
Options		(1,724	)		(4,960	)		114		165

*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, 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. Retroactive to January 1, 2020, the Company re-designated the portfolio of contracts giving rise to the hedged item. The re-designation will more acutely reflect alignment between hedge performance and reserve valuations pertaining to the hedged item on a forward-looking basis. Also retroactive to January 1, 2020, the Company also elected to immediately amortize the full $195 SSAP No. 108 asset balance associated with the former designated portfolio through realized loss. The Company received approval from the IID for the redesignation and application of this accounting treatment on June 26, 2020. Effective October 1, 2021 the guaranteed benefits included was expanded to include variable annuity contracts with Guaranteed Minimum Death Benefit and Guaranteed Minimum Income Benefit riders, excluding contracts assumed via reinsurance along with the originally included Guaranteed Minimum Withdrawal Benefit and Guaranteed Minimum Account Benefit riders. The Company received approval from the IID on September 28, 2021 for the expansion of the program. Total return on the designated portfolio of derivatives remains 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 No. 108 and entails

50

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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.

Scheduled amortization for SSAP No. 108 derivatives as of December 31, 2021 is as follows:

Amortization Year	Deferred Assets			Deferred Liabilities
2022	$	(37	)	$	10
2023		(37	)		10
2024		(37	)		10
2025		(37	)		10
2026		(37	)		10
2027		(37	)		10
2028		(37	)		10
2029		(37	)		10
2030		(33	)		9
2031		(13	)		3
Total	$	(342	)	$	92

The following table is a reconciliation of the total deferred balance (net of tax) of SSAP No. 108 derivatives:

	Total Deferred Balance
1. Balance at January 1, 2020	$	195
2. Amortization		191
3. Deferred Recognition		149
4. Balance at December 31, 2020 [1-(2+3)]	$	(145)
5. Amortization		(14)
6. Deferred Recognition		119
7. Balance at December 31, 2021 [4-(5+6)]	$	(250)

The following tables provide information regarding SSAP No. 108 hedging instruments:

	2021		2020
Amortized cost	$	1	$	1
Fair value		(95)		(2)

51

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

December 31, 2021
	Net     Investment     Income		Realized Gain   (Loss)		Unrealized   Gain (Loss)		Total*
Derivative performance	$	6	$	(504)	$	(41)	$	(539)
SSAP No. 108 Adjustments
Portion of the derivative performance attributed to natural offset		(4)		338		355		689
Deferred		(2)		166		(314)		(150)
*Totals shown are pre-tax
December 31, 2020
	Net     Investment     Income		Realized Gain   (Loss)		Unrealized   Gain (Loss)		Total*
Derivative performance	$	—	$	1,819	$	(80)	$	1,739
SSAP No. 108 Adjustments
Portion of the derivative performance attributed to natural offset		37		(1,417)		(170)		(1,550)
Deferred		(37)		(402)		250		(189)
*Totals shown are pre-tax

	Year Ended December 31
	2021		2020
Prior year fair value of hedged item	$	(3,778)	$	(1,395)
Current year fair value of hedged item		(3,026)		(3,021)
Change in fair value attributable to interest rates	$	752	$	(1,626)
Portion of the fair value change attributed to the hedged risk	$	753	$	(1,626)

52

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

Restricted Assets

The following tables show the pledged or restricted assets as of December 31, 2021 and 2020, respectively:

	Gross Restricted (Admitted & Nonadmitted)
	2021
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	$	2,073	$	—	$	—	$	—	$	2,073
Subject to repurchase agreements		187		—		—		—		187
Subject to dollar repurchase agreements		878		—		—		—		878
FHLB capital stock		130		—		—		—		130
On deposit with states		38		—		—		—		38
Pledged as collateral to FHLB (including assets backing funding agreements)		4,226		—		—		—		4,226
Pledged as collateral not captured in other categories		1,818		—		—		—		1,818
Other restricted assets		1,392		—		—		—		1,392
Total restricted assets	$	10,742	$	—	$	—	$	—	$	10,742

	Gross (Admitted & Nonadmitted) Restricted									Percentage
Restricted Asset Category	Total From Prior Year (2020)		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	$	2,115	$	(42	)	$	—	$	2,073		1.02	%		1.02	%
Subject to repurchase agreements		200		(13	)		—		187		0.09	%		0.09	%
Subject to dollar repurchase agreements		958		(80	)		—		878		0.43	%		0.43	%
FHLB capital stock		111		19			—		130		0.06	%		0.06	%
On deposit with states		44		(6	)		—		38		0.02	%		0.02	%
Pledged as collateral to FHLB (including assets backing funding  agreements)		3,818		408			—		4,226		2.08	%		2.08	%
Pledged as collateral not captured in other categories		1,399		419			—		1,818		0.89	%		0.90	%
Other restricted assets		1,689		(297	)		—		1,392		0.68	%		0.69	%
Total restricted assets	$	10,334	$	408		$	—	$	10,742		5.27	%		5.29	%

The amounts reported as other restricted assets in the table above represent assets held in trust related to reinsurance.

53

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

The following tables show the pledged or restricted assets in other categories as of December 31, 2021 and 2020, respectively:

	Gross Restricted (Admitted & Nonadmitted)
	2021
Description of Assets	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
Derivatives	$	1,800	$	—	$	—	$	—	$	1,800
Secured funding agreements		17		—		—		—		17
AMBAC		1		—		—		—		1
Total	$	1,818	$	—	$	—	$	—	$	1,818

	Gross (Admitted & Nonadmitted) Restricted									Percentage
Description of Assets	Total From Prior Year (2020)		Increase/ (Decrease)			Total Nonadmitted Restricted		Total Admitted Restricted		Gross (Admitted & Nonadmitted) Restricted to Total Assets		Admitted Restricted to Total Admitted Assets
Derivatives	$	1,376	$	424		$	—	$	1,800		0.89%		0.89%
Secured funding agreements		21		(4	)		—		17		0.01%		0.01%
AMBAC		2		(1	)		—		1		0.00%		0.00%
Total	$	1,399	$	419		$	—	$	1,818		0.90%		0.90%

54

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

The following tables show the collateral received and reflected as assets within the financial statements as of December 31, 2021 and 2020:

2021
Collateral Assets	Carrying Value		Fair Value		% of CV to Total Assets (Admitted and Nonadmitted)		% of CV to Total Admitted Assets
Cash	$	1,094	$	1,094		1.42  %		1.43  %
Securities lending collateral assets		2,073		2,073		2.69		2.70
Other		17		17		0.02		0.02
Total collateral assets	$	3,184	$	3,184		4.13  %		4.15  %

	Amount		% of Liability   to Total Liabilities
Recognized obligation to return collateral asset	$	3,186		4.59%

2020
Collateral Assets	Carrying Value		Fair Value		% of CV to Total Assets (Admitted and Nonadmitted)		% of CV to Total Admitted Assets
Cash	$	1,574	$	1,574		2.00  %		2.01  %
Securities lending collateral assets		2,115		2,115		2.68		2.70
Other		33		33		0.04		0.04
Total collateral assets	$	3,722	$	3,722		4.72  %		4.75  %

	Amount		% of Liability   to Total Liabilities
Recognized obligation to return collateral asset	$	3,724		5.29  %

55

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

Net Investment Income

Detail of net investment income is presented below:

	Year Ended December 31
	2021		2020		2019
Income:
Bonds	$	2,151	$	2,025	$	1,992
Preferred stocks		4		9		8
Common stocks		228		57		235
Mortgage loans on real estate		483		378		346
Real estate		25		40		55
Policy loans		112		116		117
Cash, cash equivalents and short-term investments		1		24		80
Derivatives		89		606		42
Other invested assets		155		214		64
Gross investment income		3,248		3,469		2,939
Less: investment expenses		167		210		283
Net investment income before amortization of IMR		3,081		3,259		2,656
Amortization of IMR		110		102		109
Net investment income	$	3,191	$	3,361	$	2,765

Realized Capital Gains (Losses)

Net realized capital gains (losses) on investments, including OTTI, are summarized below:

	Realized
	Year Ended December 31
	2021			2020			2019
Bonds	$	311		$	53		$	58
Preferred stocks		2			(20	)		2
Common stocks		11			(13	)		25
Mortgage loans on real estate		—			(1	)		—
Real estate		(9	)		257			30
Cash, cash equivalents and short-term investments		—			(1	)		—
Derivatives		(2,474	)		249			519
Variable annuity reserve hedge offset		15			(192	)		(160	)
Other invested assets		488			43			95
Change in realized capital gains (losses), before taxes		(1,656	)		375			569
Federal income tax effect		(122	)		(128	)		(52	)
Transfer from (to) interest maintenance reserve		(146	)		(134	)		(48	)
Net realized capital gains (losses) on investments	$	(1,924	)	$	113		$	469

56

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, 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
	2021			2020			2019
Bonds	$	150		$	53		$	74
Preferred stocks		15			9			(9	)
Common stocks		2			22			5
Affiliated entities		(46	)		182			467
Derivatives		262			(364	)		(787	)
Other invested assets		139			3			67
Change in unrealized capital gains (losses), before taxes		522			(95	)		(183	)
Taxes on unrealized capital gains (losses)		(72	)		(31	)		(93	)
Change in unrealized capital gains (losses), net of tax	$	450		$	(126	)	$	(276	)

6. Premium and Annuity Considerations Deferred and Uncollected

Deferred and uncollected life premium and annuity considerations, net of reinsurance, at December 31, 2021 and 2020 were as follows:

	2021				2020
	Gross		Net of Loading		Gross		Net of Loading
Life and annuity:
Ordinary first-year business	$	1	$	—	$	1	$	—
Ordinary renewal business		154		126		206		172
Group life direct business		16		11		23		13
	$	171	$	137	$	230	$	185

57

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

7. Policy and Contract Attributes

Insurance Liabilities

Policy reserves, deposit-type contracts and policy claims at December 31, 2021 and 2020 were as follows:

	Year Ended December 31
	2021		2020
Life insurance reserves	$	26,749	$	25,805
Annuity reserves and supplementary contracts with life contingencies		18,289		18,328
Accident and health reserves (including long term care)		6,945		6,833
Total policy reserves	$	51,983	$	50,966
Deposit-type contracts		824		946
Policy claims		1,177		1,257
Total policy reserves, deposit-type contracts and claim liabilities	$	53,984	$	53,169

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, 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 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.

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. 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.

58

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

As of December 31, 2021 and 2020, the Company had insurance in force aggregating $48,379 and $52,537, 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 $1,549 and $1,586 to cover these deficiencies as of December 31, 2021 and 2020, 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, 2021 and 2020.

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 1.00 to 11.75 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.

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.

59

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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, 2021 and 2020, 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.

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.

The Company does not write any accident and health business that is subject to the Affordable Care Act risk sharing provisions.

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.

60

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, 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, 2021
2021	$	—	$	1,122		$	430	$	692
2020 and prior		1,995		(165	)		581		1,249
		1,995	$	957		$	1,011		1,941
Active life reserve	$	5,342						$	5,442
Total accident and health reserves	$	7,337						$	7,383
	Unpaid Claims Liability Beginning of Year		Claims Incurred			Claims Paid		Unpaid Claims Liability End of Year
Year ended December 31, 2020
2020	$	—	$	1,105		$	410	$	695
2019 and prior		2,009		(97	)		612		1,300
		2,009	$	1,008		$	1,022		1,995
Active life reserve	$	5,136						$	5,342
Total accident and health reserves	$	7,145						$	7,337

The change in the Company’s unpaid claims reserve was ($165) and ($97) for the years ended December 31, 2021 and 2020, respectively, for health claims that were incurred prior to those balance sheets dates. The change in 2021 and 2020 was due to significantly better than expected experience primarily due to reduced medical claims and accidental deaths.

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, 2021
2021	$	—	$	22		$	9	$	13
2020 and prior		43		(2	)		17		24
	$	43	$	20		$	26	$	37
Year ended December 31, 2020
2020	$	—	$	37		$	22	$	15
2019 and prior		44		(14	)		2		28
	$	44	$	23		$	24	$	43

The Company increased the claim adjustment expense provision for insured events of prior years during 2021.

61

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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.

Included in the liability for deposit-type contracts at December 31, 2021 and 2020 are approximately $11 and $12, 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.

62

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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 2021
Individual Annuities:	General Account		Separate Account with Guarantees		Separate Account Non- Guaranteed		Total		Percent
Subject to discretionary withdrawal with adjustment:
With fair value adjustment	$	390	$	7	$	—	$	397		—  %
At book value less surrender charge of 5% or more		1,531		—		—		1,531		2
At fair value		5		—		74,491		74,496		86
Total with adjustment or at fair value		1,926		7		74,491		76,424		88
At book value without adjustment (minimal or no charge or adjustment)		7,413		—		—		7,413		8
Not subject to discretionary withdrawal provision		2,710		—		575		3,285		4
Total individual annuity reserves		12,049		7		75,066		87,122		100  %
Less reinsurance ceded		2,968		—		—		2,968
Net individual annuities reserves	$	9,081	$	7	$	75,066	$	84,154

63

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

	December 31 2021
Group Annuities:	General Account		Separate Account with Guarantees		Separate Account Non- Guaranteed		Total		Percent
Subject to discretionary withdrawal with adjustment:
With fair value adjustment	$	2,373	$	20	$	—	$	2,393		5  %
At book value less surrender charge of 5% or more		21		—		—		21		—
At fair value		—		—		37,440		37,440		80
Total with adjustment or at fair value		2,394		20		37,440		39,854		85
At book value without adjustment (minimal or no charge or adjustment)		5,128		—		—		5,128		11
Not subject to discretionary withdrawal provision		2,029		—		46		2,075		4
Total group annuities reserves		9,551		20		37,486		47,057		100  %
Less reinsurance ceded		343		—		—		343
Net group annuities reserves	$	9,208	$	20	$	37,486	$	46,714
	December 31 2021
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	$	5	$	—	$	—	$	5		1  %
Total with adjustment or at fair value		5		—		—		5		1
At book value without adjustment (minimal or no charge or adjustment)		246		—		—		246		27
Not subject to discretionary withdrawal provision		583		66		21		670		72
Total deposit-type contracts		834		66		21		921		100  %
Less reinsurance ceded		10		—		—		10
Net deposit-type contracts	$	824	$	66	$	21	$	911

64

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

Reconciliation to the Annual Statement:	Amount
Life & Accident & Health Annual Statement:
Exhibit 5, Annuities section, total (net)	$	17,324
Exhibit 5, Supp contracts with life contingencies section, total (net)		965
Exhibit 7, Deposit-type contracts, net balance at the end of the current year after reinsurance		824
Subtotal		19,113
Separate Accounts Annual Statement:
Exhibit 3, Annuities section, total		112,005
Exhibit 3, Supp contracts with life contingencies section, total		574
Other contract deposit funds		87
Subtotal		112,666
Combined total	$	131,779

	December 31 2020
Individual Annuities:	General Account		Separate Account with Guarantees		Separate Account Non- Guaranteed		Total		Percent
Subject to discretionary withdrawal with adjustment:
With fair value adjustment	$	466	$	7	$	—	$	473		1  %
At book value less surrender charge of 5% or more		1,411		—		—		1,411		2
At fair value		4		—		74,045		74,049		83
Total with adjustment or at fair value		1,881		7		74,045		75,933		86
At book value without adjustment (minimal or no charge or adjustment)		8,050		—		—		8,050		9
Not subject to discretionary withdrawal provision		3,943		—		497		4,440		5
Total individual annuity reserves		13,874		7		74,542		88,423		100  %
Less reinsurance ceded		3,027		—		—		3,027
Net individual annuity reserves	$	10,847	$	7	$	74,542	$	85,396

65

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

	December 31
	2020
Group Annuities:	General Account		Separate Account with Guarantees		Separate Account Non- Guaranteed		Total		Percent
Subject to discretionary withdrawal with adjustment:
With fair value adjustment	$	1,886	$	23	$	—	$	1,909		4  %
At book value less surrender charge of 5% or more		21		—		—		21		—
At fair value		—		—		34,723		34,723		82
Total with adjustment or at fair value		1,907		23		34,723		36,653		86
At book value without adjustment (minimal or no charge or adjustment)		4,066		—		—		4,066		9
Not subject to discretionary withdrawal provision		2,124		—		42		2,166		5
Total group annuity reserves		8,097		23		34,765		42,885		100  %
Less reinsurance ceded		358		—		—		358
Net group annuity reserves	$	7,739	$	23	$	34,765	$	42,527
	December 31
	2020
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	$	5	$	—	$	—	$	5		1   %
Total with adjustment or at fair value		5		—		—		5		1
At book value without adjustment (minimal or no charge or adjustment)		2		—		—		2		—
Not subject to discretionary withdrawal provision		691		52		18		761		99
Total deposit-type contracts		698		52		18		768		100  %
Less reinsurance ceded		10		—		—		10
Net deposit-type contracts	$	688	$	52	$	18	$	758

66

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

Reconciliation to the Annual Statement:	Amount
Life & Accident & Health Annual Statement:
Exhibit 5, Annuities section, total (net)	$	17,423
Exhibit 5, Supp contracts with life contingencies section, total (net)		906
Exhibit 7, Deposit-type contracts, net balance at the end of the current year after reinsurance		945
Subtotal		19,274
Separate Accounts Annual Statement:
Exhibit 3, Annuities section, total		108,841
Exhibit 3, Supp contracts with life contingencies section, total		496
Other contract deposit funds		70
Subtotal		109,407
Combined total	$	128,681

The amount of reserves on life products, by withdrawal characteristics, is summarized as follows:

	December 31
	2021
	General Account
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Term policies with cash value	$	291	$	291	$	425
Universal life		9,159		8,738		9,629
Universal life with secondary guarantees		5,763		5,626		13,350
Indexed universal life with secondary guarantees		5,803		3,953		5,328
Other permanent cash value life insurance		4,640		4,640		7,094
Variable universal life		656		722		1,496
Not subject to discretionary withdrawal or no cash values
Term policies without cash value		—		—		8,140
Accidental death benefits		—		—		51
Disability- active lives		—		—		40
Disability- disabled lives		—		—		164
Miscellaneous reserves		—		—		1,871
Total (gross)		26,312		23,970		47,588
Reinsurance ceded		4,592		4,592		20,839
Total (net)	$	21,720	$	19,378	$	26,749

67

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

	December 31
	2021
	Separate Account - Guaranteed
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Variable universal life	$	669	$	669	$	669
Total (net)	$	669	$	669	$	669
	December 31
	2021
	Separate Account - Nonguaranteed
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Variable universal life	$	8,979	$	8,969	$	10,471
Total (net)	$	8,979	$	8,969	$	10,471

Reconciliation to the Annual Statement:	Amount
Life & Accident & Health Annual Statement:
Exhibit 5, Life insurance section, total (net)	$	25,835
Exhibit 5, Accidental death benefits section total (net)		26
Exhibit 5, Disability - active lives section, total (net)		20
Exhibit 5, Disability - disabled lives section, total (net)		144
Exhibit 5, Miscellaneous reserves section, total (net)		724
Subtotal		26,749
Separate Accounts Annual Statement:
Exhibit 3, Life insurance section, total		11,140
Subtotal		11,140
Combined total	$	37,889

68

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

	December 31
	2020
	General Account
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Term policies with cash value	$	254	$	254	$	389
Universal life		9,936		9,515		11,720
Universal life with secondary guarantees		5,153		5,043		10,712
Indexed universal life with secondary guarantees		4,663		3,067		4,301
Other permanent cash value life insurance		4,573		4,573		7,046
Variable universal life		661		644		1,529
Not subject to discretionary withdrawal or no cash values
Term policies without cash value		—		—		8,349
Accidental death benefits		—		—		50
Disability- active lives		—		—		49
Disability- disabled lives		—		—		167
Miscellaneous reserves		—		—		1,921
Total (gross)		25,240		23,096		46,233
Reinsurance ceded		4,203		4,203		20,428
Total (net)	$	21,037	$	18,893	$	25,805

	December 31
	2020
	Separate Account - Guaranteed
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Variable universal life	$	665	$	665	$	665
Total (gross)		665		665		665
Total (net)	$	665	$	665	$	665
	December 31
	2020
	Separate Account - Nonguaranteed
	Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Variable universal life	$	8,292	$	8,274	$	9,689
Total (gross)		8,292		8,274		9,689
Total (net)	$	8,292	$	8,274	$	9,689

69

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

Reconciliation to the Annual Statement:	Amount
Life & Accident & Health Annual Statement:
Exhibit 5, Life insurance section, total (net)	$	24,725
Exhibit 5, Accidental death benefits section total (net)		23
Exhibit 5, Disability - active lives section, total (net)		23
Exhibit 5, Disability - disabled lives section, total (net)		146
Exhibit 5, Miscellaneous reserves section, total (net)		888
Subtotal		25,805
Separate Accounts Annual Statement:
Exhibit 3, Life insurance section, total		10,354
Subtotal		10,354
Combined total	$	36,159

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.

70

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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. Information regarding the separate accounts of the Company as of and for the years ended December 31, 2021, 2020 and 2019 is as follows:

			Nonindexed		Nonindexed
			Guarantee		Guarantee		Nonguaranteed
	Guaranteed		Less Than or		Greater		Separate
	Indexed		Equal to 4%		Than 4%		Accounts		Total
Premiums, deposits and other considerations for the year ended December 31, 2021	$	—	$	—	$	11	$	8,076	$	8,087
Reserves for separate accounts as of December 31, 2021 with assets at:
Fair value	$	—	$	93	$	—	$	123,046	$	123,139
Amortized cost		—		669		—		—		669
Total as of December 31, 2021	$	—	$	762	$	—	$	123,046	$	123,808
Reserves for separate accounts by withdrawal characteristics as of December 31, 2021:
With fair value adjustment	$	—	$	26	$	—	$	—	$	26
At fair value		—		—		—		122,404		122,404
At book value without fair value adjustment and with current surrender charge of less than 5%		—		669		—		—		669
Subtotal		—		695		—		122,404		123,099
Not subject to discretionary withdrawal		—		66		—		643		709
Total separate account reserve liabilities at December 31, 2021	$	—	$	761	$	—	$	123,047	$	123,808

71

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

			Nonindexed		Nonindexed
			Guarantee		Guarantee		Nonguaranteed
	Guaranteed		Less Than or		Greater		Separate
	Indexed		Equal to 4%		Than 4%		Accounts		Total
Premiums, deposits and other considerations for the year ended December 31, 2020	$	—	$	1	$	12	$	9,402	$	9,415
Reserves for separate accounts as of December 31, 2020 with assets at:
Fair value	$	—	$	80	$	2	$	119,013	$	119,095
Amortized cost		—		665		—		—		665
Total as of December 31, 2020	$	—	$	745	$	2	$	119,013	$	119,760
Reserves for separate accounts by withdrawal characteristics as of December 31, 2020:
With fair value adjustment	$	—	$	30	$	—	$	—	$	30
At fair value		—		—		—		118,457		118,457
At book value without fair value adjustment and with current surrender charge of less than 5%		—		665		—		—		665
Subtotal		—		695		—		118,457		119,152
Not subject to discretionary withdrawal		—		50		2		556		608
Total separate account reserve liabilities at December 31, 2020	$	—	$	745	$	2	$	119,013	$	119,760

72

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

			Nonindexed		Nonindexed
			Guarantee		Guarantee		Nonguaranteed
	Guaranteed		Less Than or		Greater		Separate
	Indexed		Equal to 4%		Than 4%		Accounts		Total
Premiums, deposits and other considerations for the year ended December 31, 2019	$	—	$	—	$	12	$	9,623	$	9,635
Reserves for separate accounts as of December 31, 2019 with assets at:
Fair value	$	—	$	65	$	18	$	109,833	$	109,916
Amortized cost		—		653		—		—		653
Total as of December 31, 2019	$	—	$	718	$	18	$	109,833	$	110,569
Reserves for separate accounts by withdrawal characteristics as of December 31, 2019:
With fair value adjustment	$	—	$	35	$	—	$	—	$	35
At fair value		—		—		—		109,384		109,384
At book value without fair value adjustment and with current surrender charge of less than 5%		—		653		—		—		653
Subtotal		—		688		—		109,384		110,072
Not subject to discretionary withdrawal		—		30		18		449		497
Total separate account reserve liabilities at December 31, 2019	$	—	$	718	$	18	$	109,833	$	110,569

A reconciliation of the amounts transferred to and from the Company’s separate accounts is presented below:

	Year Ended December 31
	2021			2020			2019
Transfer as reported in the Summary of Operations of the separate accounts statement:
Transfers to separate accounts	$	8,164		$	9,484		$	10,116
Transfers from separate accounts		(17,029	)		(14,305	)		(15,216)
Net transfers from separate accounts		(8,865	)		(4,821	)		(5,100)
Miscellaneous reconciling adjustments		(16	)		(29	)		(30)
Net transfers as reported in the Summary of Operations of the life, accident and health annual statement	$	(8,881	)	$	(4,850	)	$	(5,130)

73

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, 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, 2021 and 2020, the Company’s separate account statement included legally insulated assets of $126,074 and $121,803, respectively. The assets legally insulated from general account claims at December 31, 2021 and 2020 are attributed to the following products:

	2021		2020
Group annuities	$	35,216	$	32,435
Variable annuities		78,162		77,850
Fixed universal life		700		696
Variable universal life		10,366		9,257
Variable life		1,526		1,492
Modified separate accounts		79		50
Registered market value annuity product - SPL		13		12
WRL asset accumulator		12		11
Total separate account assets	$	126,074	$	121,803

At December 31, 2021 and 2020, the Company held separate account assets not legally insulated from the general account in the amount of $14 and $17, 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 $579, $565, $552, $550 and $538, to the general account in 2021, 2020, 2019, 2018 and 2017, respectively. During the years ended December 31, 2021, 2020, 2019, 2018 and 2017 the general account of the Company had paid $45, $75, $75, $69 and $70 respectively, toward separate account guarantees.

At December 31, 2021 and 2020, the Company reported guaranteed separate account assets at amortized cost in the amount of $674 and $678, respectively, based upon the prescribed practice granted by the State of Iowa as described in Note 2. These assets had a fair value of $748 and $786 at December 31, 2021 and 2020, respectively, which would have resulted in an unrealized gain/(loss) of $74 and $107, respectively, had these assets been reported at fair value.

The Company does not participate in securities lending transactions within the separate account.

74

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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.

Premiums and annuity considerations include the following reinsurance amounts:

	Year Ended December 31
	2021			2020			2019
Direct premiums	$	17,591		$	19,191		$	17,922
Reinsurance assumed - non affiliates		1,272			1,248			1,279
Reinsurance assumed - affiliates		(1	)		2			215
Reinsurance ceded - non affiliates		(3,594	)		(2,612	)		(2,540)
Reinsurance ceded - affiliates		(786	)		(1,106	)		(1,168)
Net premiums earned	$	14,482		$	16,723		$	15,708

The Company received reinsurance recoveries in the amount of $3,824, $4,316 and $4,468, during 2021, 2020 and 2019, respectively. At December 31, 2021 and 2020, estimated amounts recoverable from reinsurers that have been deducted from policy and contract claim reserves totaled $1,053 and $939. The aggregate reserves for policies and contracts were reduced for reserve credits for reinsurance ceded at December 31, 2021 and 2020 of $36,616 and $36,764, respectively, of which $13,078 and $13,916 were ceded to affiliates.

During 2021, 2020 and 2019, amortization of deferred gains associated with previously transacted reinsurance agreements was released into income in the amount of $195 ($127 after tax), $274 ($179 after tax) and $213 ($139 after tax), respectively.

Effective December 31, 2021, the Company ceded universal life with secondary guarantee insurance business to an unaffiliated entity. The Company paid considerations of $1,738 in assets and cash, ceded $1,470 of reserves and $13 of policy loans. After a $55 realized gain release, the transaction resulted in a pre-tax loss of $243 which has been included in the Statement of Operations. There was a reversal of tax timing differences and release of risk based capital required that offset the pre-tax loss resulting in a neutral impact to the Risk Based Capital ratio.

Effective October 1, 2021, the Company recaptured a block of universal life business from an affiliate, TLIC Oakbrook Reinsurance, Inc. (TORI). The Company received consideration of $963 in the form of released funds withheld and recaptured policyholder reserves of $1,229 and claims reserves of $7. The transaction resulted in a pre-tax loss of $272 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 cessions of this business to TORI in the amount of $173 with a corresponding charge to unassigned surplus.

75

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

Effective May 31, 2021, the Company amended and restated the Military Life and Affinity reinsurance agreements with Ironwood Re Corp, an affiliate, which changed the funds withheld calculation from a GAAP reserve valuation to a Gross Premium Valuation. As a result, the Company increased the funds withheld liability by $43. The transaction resulted in no pre-tax gain or loss.

On January 29, 2020, Senior Health Insurance Company of Pennsylvania (SHIP) was placed in rehabilitation by order of the Commonwealth Court of Pennsylvania. The Company worked with the Receiver on a proposal to recapture the business throughout 2020 and a proposal was approved on December 29, 2020. The agreement resulted in the Company recapturing all business previously ceded to SHIP and receiving $310 of assets held in trust while legal proceedings were underway. The assets in excess of the ultimate settlement of the liabilities will be returned to the receiver. The Company will also assume responsibility for administration of the business. No gain or loss was recognized as part of the recapture.

On June 30, 2020, the Company, Transamerica Pacific Re, Inc. (TPRe), and Transamerica Pacific Insurance Company (TPIC) entered into a novation agreement whereby the Company consented to TPIC’s assignment and transfer of its rights and obligations under the universal life coinsurance agreements to TPRe. The novation resulted in no gain or loss. Also on June 30, 2020, the Company recaptured certain universal life policy risks not associated with the secondary guarantee from TPRe for consideration of $2,124 equal to the statutory reserves recaptured resulting in no gain loss and amended and restated the universal life coinsurance agreements to cede only certain universal life secondary guarantee risks to TPRe.

Effective October 1, 2020, the Company recaptured several blocks of life insurance business from an affiliate, Ironwood Re Corp. The Company released funds withheld of $313 and recaptured policyholder reserves of $385 and claims reserves of $4. The transaction resulted in a pre-tax loss of $76 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 cessions of this business to Ironwood in the amount of $125 with a corresponding charge to unassigned surplus.

Also effective October 1, 2020, an amendment was made to the military life reinsurance agreement with Ironwood Re Corp. to increase the cession percentage to 100%. As a result of this amendment, the Company ceded additional policyholder reserves of $201 and due premiums of $7 and provided net consideration of $76 which was retained as funds withheld by the Company. The transaction resulted in a pre-tax gain of $118 which was charged directly to unassigned surplus. Recognition of the surplus increase as income shall be reflected on a net of tax basis as earnings emerge from the business reinsured.

Effective October 1, 2020, the Company recaptured term insurance business from Ironwood Re Corp. The Company received consideration of $206 in the form of released funds withheld and a cash payment, recaptured $445 of policy holder and claim reserves and $2 of due premiums. The transaction resulted in a pre-tax loss of $237 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 cessions of this business to Ironwood in the amount of $106 with a corresponding charge to unassigned surplus.

76

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

Effective December 31, 2020, the Company ceded certain term insurance business to an unaffiliated entity. The Company paid cash consideration of $201, ceded $439 of reserves and $2 of due and deferred premium. The transaction resulted in a pre-tax gain of $236 which has been recorded directly to unassigned surplus. Recognition of the surplus increase as income shall be reflected on a net of tax basis as earnings emerge from the business reinsured.

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, recaptured $68 in policyholder reserves, and net due, deferred and advance premiums of $2. The transaction resulted in a pre-tax loss of $51, 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 $14 with a corresponding charge to unassigned surplus.

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, recaptured $2 in policyholder reserves, and policy loans of $1. The transaction resulted in a pre-tax loss of $40 which was partially offset by a commission expense allowance of $6 as unamortized amounts previously deferred to unassigned surplus related to the original inforce reinsurance transactions were released.

In January 2018, Scottish Re Group 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. On May 16, 2019, the IID suspended the certificate of authority for SRUS but later clarified that reserve credit could be taken on reinsurance agreements entered into prior to the revocation date if a recovery analysis could be illustrated. Now, with the continued delays of the reorganization legal proceedings and with no reliable financial information being provided by the receiver or SRUS, the Company has determined it is unable to support a favorable recovery analysis. Therefore, the Company did not take statutory reserve credit and established a loss contingency allowance for doubtful recoveries of billed and unbilled claims in its December 31, 2021 financial statements. The impact was a $109 charge reported in the Statements of Operations.

77

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

9.   Income Taxes

The net deferred income tax asset at December 31, 2021 and 2020 and the change from the prior year are comprised of the following components:

	December 31, 2021
	Ordinary			Capital			Total
Gross Deferred Tax Assets	$	1,915		$	181		$	2,096
Statutory Valuation Allowance Adjustment		11			—			11
Adjusted Gross Deferred Tax Assets		1,904			181			2,085
Deferred Tax Assets Nonadmitted		264			—			264
Subtotal (Net Deferred Tax Assets)		1,640			181			1,821
Deferred Tax Liabilities		701			295			996
Net Admitted Deferred Tax Assets (Liabilities)	$	939		$	(114	)	$	825
	December 31, 2020
	Ordinary			Capital			Total
Gross Deferred Tax Assets	$	1,923		$	243		$	2,166
Statutory Valuation Allowance Adjustment		—			—			—
Adjusted Gross Deferred Tax Assets		1,923			243			2,166
Deferred Tax Assets Nonadmitted		226			—			226
Subtotal (Net Deferred Tax Assets)		1,697			243			1,940
Deferred Tax Liabilities		698			430			1,128
Net Admitted Deferred Tax Assets (Liabilities)	$	999		$	(187	)	$	812
				Change
	Ordinary			Capital			Total
Gross Deferred Tax Assets	$	(8	)	$	(62	)	$	(70)
Statutory Valuation Allowance Adjustment		11			—			11
Adjusted Gross Deferred Tax Assets		(19	)		(62	)		(81)
Deferred Tax Assets Nonadmitted		38			—			38
Subtotal (Net Deferred Tax Assets)		(57	)		(62	)		(119)
Deferred Tax Liabilities		3			(135	)		(132)
Net Admitted Deferred Tax Assets (Liabilities)	$	(60	)	$	73		$	13

78

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

The main components of deferred income tax amounts are as follows:

	Year Ended December 31
	2021		2020		Change
Deferred Tax Assets:
Ordinary
Policyholder reserves	$	745	$	824	$	(79)
Investments		208		227		(19)
Deferred acquisition costs		574		534		40
Policyholder dividends accrual		4		3		1
Compensation and benefits accrual		40		34		6
Receivables - nonadmitted		37		32		5
Net operating loss carry-forward		50		—		50
Tax credit carry-forward		166		144		22
Contingent experience rate refunds		22		32		(10)
Bad debt allowance		23		17		6
Litigation reserve		19		36		(17)
Other (including items <5% of total ordinary tax assets)		27		40		(13)
Subtotal		1,915		1,923		(8)
Statutory valuation allowance adjustment		11		—		11
Nonadmitted		264		226		38
Admitted ordinary deferred tax assets		1,640		1,697		(57)
Capital
Investments		181		243		(62)
Subtotal		181		243		(62)
Statutory valuation allowance adjustment		—		—		—
Nonadmitted		—		—		—
Admitted capital deferred tax assets		181		243		(62)
Admitted deferred tax assets	$	1,821	$	1,940	$	(119)
	Year Ended December 31
	2021		2020		Change
Deferred Tax Liabilities:
Ordinary
Investments	$	521	$	467	$	54
Policyholder reserves		168		223		(55)
Other (including items <5% of total ordinary tax liabilities)		12		8		4
Subtotal		701		698		3
Capital
Investments		295		430		(135)
Subtotal		295		430		(135)
Deferred tax liabilities		996		1,128		(132)
Net admitted deferred tax assets (liabilities)	$	825	$	812	$	13

79

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

As a result of the 2017 Tax Cuts and Jobs Act (TCJA), the Company’s tax reserve deductible temporary difference decreased by ($396). This change results in an offsetting $396 deductible 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.

At December 31, 2021, the Company recorded a tax valuation allowance of $11 for deferred tax assets related to its foreign tax credit carryover. No valuation allowance was recorded in 2020. 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 2031. After considering projected foreign source taxable income, credit expirations and tax planning strategies, the Company does not expect to generate sufficient foreign source income in future years to realize all of its foreign tax credit carryover.

As discussed in Note 2, for the years ended December 31, 2021 and 2020, 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, 2021
		Ordinary		Capital		Total
Admission Calculation Components SSAP No. 101
2(a)	Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carrybacks	$	—	$	3	$	3
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)		777		44		821
	1. Adjusted Gross Deferred Tax Assets Expected to be Realized Following the Balance Sheet Date		777		44		821
	2. Adjusted Gross Deferred Tax Assets Allowed per Limitation Threshold		XXX		XXX		968
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		862		134		996
2(d)	Deferred Tax Assets Admitted as the result of application of SSAP No. 101, Total (2(a) + 2(b) + 2(c))	$	1,639	$	181	$	1,820

80

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

		December 31, 2020
		Ordinary			Capital			Total
Admission Calculation Components SSAP No. 101
2(a)	Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carrybacks	$	—		$	1		$	1
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)		754			57			811
	1. Adjusted Gross Deferred Tax Assets Expected to be Realized Following the Balance Sheet Date		754			57			811
	2. Adjusted Gross Deferred Tax Assets Allowed per Limitation Threshold		XXX			XXX			1,095
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		943			185			1,128
2(d)	Deferred Tax Assets Admitted as the result of application of SSAP No. 101, Total (2(a) + 2(b) + 2(c))	$	1,697		$	243		$	1,940
					Change
		Ordinary			Capital			Total
Admission Calculation Components SSAP No. 101
2(a)	Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carrybacks	$	—		$	2		$	2
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)		23			(13	)		10
	1. Adjusted Gross Deferred Tax Assets Expected to be Realized Following the Balance Sheet Date		23			(13	)		10
	2. Adjusted Gross Deferred Tax Assets Allowed per Limitation Threshold		XXX			XXX			(127)
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		(81	)		(51	)		(132)
2(d)	Deferred Tax Assets Admitted as the result of application of SSAP No. 101, Total (2(a) + 2(b) + 2(c))	$	(58	)	$	(62	)	$	(120)

81

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

	December 31
	2021			2020			Change
Ratio Percentage Used To Determine Recovery
Period and Threshold Limitation Amount		709	%		735	%		-26%
Amount of Adjusted Capital and Surplus Used To Determine Recovery Period and Threshold
Limitation in 2(b)2 Above	$	6,452		$	7,298		$	(846)

The impact of tax planning strategies at December 31, 2021 and 2020 was as follows:

	December 31, 2021
	Ordinary			Capital			Total
	Percent			Percent			Percent
Impact of Tax Planning Strategies:
(% of Total Adjusted Gross DTAs)		0	%		0	%		0%
(% of Total Net Admitted Adjusted Gross DTAs)		12	%		0	%		12%

	December 31, 2020
	Ordinary			Capital			Total
	Percent			Percent			Percent
Impact of Tax Planning Strategies:
(% of Total Adjusted Gross DTAs)		0	%		0	%		0%
(% of Total Net Admitted Adjusted Gross DTAs)		7	%		0	%		7%

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
	2021			2020			Change
Current Income Tax
Federal	$	(185	)	$	(109	)	$	(76)
Subtotal		(185	)		(109	)		(76)
Federal income tax on net capital gains		122			128			(6)
Federal and foreign income taxes incurred	$	(63	)	$	19		$	(82)

82

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

	Year Ended December 31
	2020			2019			Change
Current Income Tax
Federal	$	(109	)	$	(39	)	$	(70)
Subtotal		(109	)		(39	)		(70)
Federal income tax on net capital gains		128			52			76
Federal and foreign income taxes incurred	$	19		$	13		$	6

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
	2021			2020			2019
Current income taxes incurred	$	(63	)	$	19		$	13
Change in deferred income taxes		(123	)		126			160
(without tax on unrealized gains and losses)
Total income tax reported	$	(186	)	$	145		$	173
Income before taxes	$	194		$	1,444		$	3,770
Federal statutory tax rate		21.00	%		21.00	%		21.00%
Expected income tax expense (benefit) at statutory rate	$	41		$	303		$	792
Increase (decrease) in actual tax reported resulting from:
Pre-tax income of disregarded subsidiaries	$	15		$	17		$	21
Dividends received deduction		(94	)		(59	)		(90)
Tax-exempt income		(74	)		(3	)		(11)
Nondeductible expenses		5			6			5
Pre-tax items reported net of tax		(77	)		(35	)		(53)
Tax credits		(38	)		(40	)		(43)
Prior period tax return adjustment		3			(11	)		15
Change in statutory valuation allowance		11			(14	)		14
Change in uncertain tax positions		(3	)		—			—
Deferred tax change on other items in surplus		24			(20	)		(478)
Other		1			1			1
Total income tax reported	$	(186	)	$	145		$	173

The Company’s federal income tax return is consolidated with other includible 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 group’s income tax liability in the year generated. The Company is also entitled to recoup federal

83

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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 2021.

The amounts, origination dates and expiration dates of operating loss and tax credit carryforwards available for tax purposes:

Description	Amount		Origination Dates	Expiration Dates
Operating Loss	$	238	12/31/2021	N/A
Operating Loss Total	$	238
Foreign Tax Credit	$	11	12/31/2021	12/31/2031
Foreign Tax Credit Total	$	11
General Business Credit	$	1	12/31/2012	12/31/2032
General Business Credit		15	12/31/2013	12/31/2033
General Business Credit		20	12/31/2014	12/31/2034
General Business Credit		56	12/31/2015	12/31/2035
General Business Credit		7	12/31/2016	12/31/2036
General Business Credit		10	12/31/2017	12/31/2037
General Business Credit		7	12/31/2018	12/31/2038
General Business Credit		8	12/31/2019	12/31/2039
General Business Credit		14	12/31/2020	12/31/2040
General Business Credit		18	12/31/2021	12/31/2041
General Business Credit Total	$	156

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	$	—
2020	$	40
2021	$	—

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, 2020	$	21
Tax positions taken during prior period		—
Balance at December 31, 2020	$	21
Tax positions taken during prior period		(3)
Balance at December 31, 2021	$	18

84

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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:

	Interest			Penalties		Total payable (receivable)
Balance at January 1, 2019	$	3		$	—	$	3
Interest expense (benefit)		6			—		6
Cash received (paid)		—			—		—
Balance at December 31, 2019	$	9		$	—	$	9
Interest expense (benefit)		—			—		—
Cash received (paid)		—			—		—
Balance at December 31, 2020	$	9		$	—	$	9
Interest expense (benefit)		1			—		1
Cash received (paid)		(9	)		—		(9)
Balance at December 31, 2021	$	1		$	—	$	1

The Internal Revenue Service (IRS) completed its examination for 2009 through 2013 for which an appeals conference is in process. The IRS opened an exam for the 2014 through 2016 amended tax returns. Federal income tax returns filed in 2018 through 2020 remain open, subject to potential future examination. The Company believes there are adequate defenses against, or sufficient provisions established related to any open or contested tax positions.

10. Capital and Surplus

The Company has 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, 2021 and 2020.

The Company has 42,500 Series A preferred shares authorized, of which 0 shares were issued and outstanding at December 31, 2021 and 2020. The Company repurchased its Series A preferred shares for $58,000 on December 26, 2006 and previously reported 42,500 shares of Series A preferred stock outstanding at $10 par, carried as treasury stock. It was 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, 2021 and 2020.

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 2022, without the prior approval of insurance regulatory authorities, is $2,078.

On December 15, 2021, the Company paid an ordinary dividend of $411 to CGC.

85

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

On December 13, 2021, the Company paid a common stock dividend of stock ownership of $339 to CGC.

On June 21 2021, the Company paid an ordinary common stock dividend of $350 to CGC.

On December 7, 2020, the Company paid an ordinary common stock dividend of $500 to CGC.

On May 13, 2020, TPLIC paid a dividend to its parent company, CGC, in the amount of $700. CGC then contributed this amount to the Company. The dividend and contribution included $77 in cash and $623 in securities. This transaction occurred prior to the merger of TPLIC and the Company. This transaction had no overall impact to capital and surplus of the merged Company.

On December 20, 2019, the Company paid extraordinary common stock dividends of $725 to CGC.

On June 21, 2019, the Company paid a return of capital of $250 to CGC.

On February 1, 2019, the Company paid an ordinary common stock dividend of $8 to CGC.

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, 2021 and 2020, the Company met the minimum RBC requirements.

The Company’s surplus notes were held by CGC and Transamerica Corporation (TA Corp). These notes were due 20 years from the date of issuance at an interest rate of 6% and were 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 was to be made before the holders of common stock become entitled to any distribution of the remaining assets of the Company.

On June 22, 2020, the Company repaid in full its $60 surplus note with CGC. On December 20, 2019, the Company repaid in full its $57 surplus note with TA Corp and made a partial repayment of $43 on its surplus note with CGC. On June 21, 2019, the Company repaid $150 on its surplus note with TA Corp. The Company received approval from IID for each of these transactions as well as prior to making quarterly interest payments.

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

86

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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, 2021 and 2020, respectively, securities with a fair value of $1,919 and $2,000 were on loan under securities lending agreements. At December 31, 2021 and 2020, 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 $2,073 and $2,115 at December 31, 2021 and 2020, respectively.

The contractual maturities of the securities lending collateral positions are as follows:

	Fair Value
	2021		2020
Open	$	2,073	$	2,115
Securities received		—		—
Total collateral received	$	2,073	$	2,115

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.

The maturity dates of the reinvested securities lending collateral are as follows:

	2021				2020
	Amortized     Cost		Fair       Value		Amortized     Cost		Fair       Value
Open	$	123	$	123	$	215	$	215
30 days or less		675		675		656		656
31 to 60 days		511		511		429		429
61 to 90 days		208		208		219		219
91 to 120 days		100		100		393		393
121 to 180 days		356		356		203		203
181 to 365 days		100		100		—		—
Total		2,073		2,073		2,115		2,115
Securities received		—		—		—		—
Total collateral reinvested	$	2,073	$	2,073	$	2,115	$	2,115

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 $2,074 (fair value of $2,073) that are currently tradable securities that could be sold and used to pay for the $2,073 in collateral calls that could come due under a worst-case scenario.

87

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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 of $13, $14 and $14 was allocated to the Company for the years ended December 31, 2021, 2020 and 2019, respectively.

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 Internal Revenue Code.

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 $28, $27 and $28 for the years ended December 31, 2021, 2020 and 2019, 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, $5 and $6 for the years ended December 31, 2021, 2020 and 2019, respectively.

88

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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, 2021, 2020 and 2019 was insignificant.

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. Effective August 1, 2020, the Company, and an affiliate, Transamerica Financial Life Insurance Company, entered into a Shared Services and Cost Sharing Agreement for both parties to provide accounting, administrative, and other advisory services in accordance with the agreement. The agreement, filed and approved by the IID, replaces prior agreements between the entities. The amount received by the Company as a result of being a party to these agreements was $690, $703 and $486 during 2021, 2020 and 2019, respectively. The amount paid as a result of being a party to these agreements was $679, $698 and $352 during 2021, 2020 and 2019, respectively. Fees charged between affiliates approximate their cost.

The Company is party to a Management and Administrative and Advisory agreement with AEGON USA Realty Advisors (AURA), LLC whereby AURA serves as the administrator and advisor for the Company’s mortgage loan operations. The Company paid $29, $20 and $5 for these services during 2021, 2020 and 2019, respectively.

The Company is party to an Investment Management Agreement with AEGON USA Investment Management (AUIM), LLC whereby AUIM acts as a discretionary investment manager for the Company. The Company paid $89, $89 and $97 for these services during 2021, 2020 and 2019, respectively.

The Company has an administration service agreement with Transamerica Asset Management (TAM) to provide administrative services to the Transamerica Series Trust. The Company received $168, $149 and $151 for these services during 2021, 2020 and 2019, respectively.

Transamerica Capital, Inc. provides wholesaling distribution services for the Company under a distribution agreement. The Company incurred expenses under this agreement of $9, $43 and $51 for the years ended December 31, 2021, 2020 and 2019, respectively.

Receivables from (payables to) affiliates and intercompany borrowings bear interest at the thirty-day commercial paper rate. During 2021, 2020 and 2019, the Company received (paid) net interest of $0, $0 and ($2) from (to) affiliates, respectively. At December 31, 2021 and 2020, respectively, the Company reported net receivables (payables) from (to) affiliates of $118 and

89

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

$191. Terms of settlement require that these amounts are settled within 90 days of quarter-end per the requirements of SSAP No. 25, Affiliates and Other Related Parties.

At December 31, 2021, the Company had no short-term intercompany notes receivable. At December 31, 2020, the Company had short-term intercompany notes receivable of $149. In accordance with SSAP No. 25, these notes are reported as short-term investments.

Receivable from	Amount	Due By	Interest Rate
TA Corp	$                5	August 3, 2021	0.10%
TA Corp	128	October 1, 2021	0.07%
TA Corp	10	November 24, 2021	0.09%
TA Corp	6	December 15, 2021	0.08%

On June 23, 2020, the Company provided $5 to TPRe in consideration for 5,000 shares of its stock becoming the sole shareholder of TPRe. The Company provided an additional capital contribution of $70 to TPRe on June 26, 2020.

The Company utilizes the look-through approach in valuing its investment in the following entities.

	Book Adjusted Carrying Value
Real Estate Alternatives Portfolio 2, LLC	$	20
Real Estate Alternatives Portfolio 3, LLC		15
Real Estate Alternatives Portfolio 4 HR, LLC		61
Real Estate Alternatives Portfolio 4 MR, LLC		6
Aegon Workforce Housing Fund 2, L.P.		155
Aegon Workforce Housing Fund 3, L.P.		17
Natural Resources Alternatives Portfolio I, LLC		212
Natural Resources Alternatives Portfolio II, LLC		42
Natural Resources Alternatives Portfolio 3, LLC		167
TA Private Equity Assets LLC		386
Zero Beta Fund, LLC		34
TA-APOP I, LLC		34
TA-APOP II, LLC		109

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.

90

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

The following tables show the disclosures for all SCA investments, except 8bi entities, Balance Sheet value (admitted and nonadmitted) and the NAIC responses for the SCA filings as of December 31, 2021 and 2020:

December 31, 2021
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
AEGON Direct Marketing Services, Inc.		73	%	$	—	$	—	$	—
AEGON Financial Services Group, Inc.		100			—		—		—
Garnet Assurance Corporation		100			—		—		—
Garnet Assurance Corporation III		100			—		—		—
Intersecurities Insurance Agency, Inc.		100			—		—		—
Life Investors Alliance LLC		100			—		—		—
Real Estate Alternatives Portfolio 3A, Inc.		91			—		—		—
Transamerica Asset Management, Inc.		77			121		121		—
Transamerica Fund Services, Inc.		44			—		—		—
Total SSAP No. 97 8b(iii) Entities		XXX		$	121	$	121	$	—
SSAP No. 97 8b(iv) Entities
Transamerica Life (Bermuda) Ltd.		94	%	$	1,358	$	1,358	$	—
Total SSAP No. 97 8b(iv) Entities		XXX		$	1,358	$	1,358	$	—
Total SSAP No. 97 8b Entities (except 8bi entities)		XXX		$	1,479	$	1,479	$	—
Aggregate Total		XXX		$	1,479	$	1,479	$	—

91

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

December 31, 2020
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
AEGON Direct Marketing Services, Inc.		73	%	$	—	$	—	$	—
AEGON Financial Services Group, Inc.		100			—		—		—
Garnet Assurance Corporation		100			—		—		—
Garnet Assurance Corporation III		100			—		—		—
Intersecurities Insurance Agency, Inc.		100			—		—		—
Life Investors Alliance LLC		100			—		—		—
Real Estate Alternatives Portfolio 3A, Inc.		91			6		6		—
Transamerica Asset Management, Inc.		77			97		97		—
Transamerica Fund Services, Inc.		44			—		—		—
Total SSAP No. 97 8b(iii) Entities		XXX		$	103	$	103	$	—
SSAP No. 97 8b(iv) Entities
Transamerica Life (Bermuda) Ltd.		94	%	$	1,462	$	1,462	$	—
Total SSAP No. 97 8b(iv) Entities		XXX		$	1,462	$	1,462	$	—
Total SSAP No. 97 8b Entities (except 8bi entities)		XXX		$	1,565	$	1,565	$	—
Aggregate Total		XXX		$	1,565	$	1,565	$	—

92

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

The following table shows the NAIC responses for the SCA filings (except 8bi entities):

December 31, 2021

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
AEGON Direct Marketing Services, Inc.	NA		$	—	—	—	I
AEGON Financial Services Group, Inc.	NA			—	—	—	I
Garnet Assurance Corporation	NA			—	—	—	I
Garnet Assurance Corporation III	NA			—	—	—	I
Intersecurities Insurance Agency, Inc.	NA			—	—	—	I
Life Investors Alliance LLC	NA			—	—	—	I
Real Estate Alternatives Portfolio 3A, Inc.	NA			—	—	—	I
Transamerica Asset Management, Inc.	S2	12/16/2021		99	Y	N	I
Transamerica Fund Services, Inc.	NA			—	—	—	I
Total SSAP No. 97 8b(iii) Entities	—	—	$	99	—	—	—
SSAP No. 97 8b(iv) Entities
Transamerica Life (Bermuda) Ltd.	S2	2/15/2022	$	1,187	Y	N	I
Total SSAP No. 97 8b(iv) Entities	—	—	$	1,187	—	—	—
Total SSAP No. 97 8b Entities (except 8bi entities)	—	—	$	1,286	—	—	—
Aggregate Total	—	—	$	1,286	—	—	—

    *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

93

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

December 31, 2020

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
AEGON Direct Marketing Services, Inc.	NA		$	—	—	—	I
AEGON Financial Services Group, Inc.	S2	12/21/2020		—	Y	N	I
Garnet Assurance Corporation	NA			—	—	—	I
Garnet Assurance Corporation III	NA			—	—	—	I
Intersecurities Insurance Agency, Inc.	NA			—	—	—	I
Life Investors Alliance LLC	NA			—	—	—	I
Real Estate Alternatives Portfolio 3A, Inc.	NA			21	—	—	I
Transamerica Asset Management, Inc.	S2	12/17/2020		91	Y	N	I
Transamerica Fund Services, Inc.	NA			—	—	—	I
Total SSAP No. 97 8b(iii) Entities	—	—	$	112	—	—	—
SSAP No. 97 8b(iv) Entities
Transamerica Life (Bermuda) Ltd.	S2	2/18/2021	$	941	Y	N	I
Total SSAP No. 97 8b(iv) Entities	—	—	$	941	—	—	—
Total SSAP No. 97 8b Entities (except 8bi entities)	—	—	$	1,053	—	—	—
Aggregate Total	—	—	$	1,053	—	—	—

    *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 excess of loss reinsurance asset 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

Transamerica Pacific Reinsurance, Inc. (TPRe)                             Excess of loss reinsurance asset

94

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, 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**	$	—	$	(2,131	)	$	—	$	—
Transamerica Pacific Reinsurance, Inc.**		—		(1,213	)		—		—
TLIC Oakbrook Reinsurance, Inc.		—		(3,432	)		1,311		—
TLIC Watertree Reinsurance, Inc.		—		(1,044	)		539		—

*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 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 15. Commitments and Contingencies.

95

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

14. Managing General Agents and Third-Party Administrators

The Company utilizes managing general agents and third-party administrators in its operation. Information regarding these entities for the years ended December 31, 2021, 2020 and 2019, respectively, is:

					Total Direct Premiums Written / Produced By
Name and Address of   Managing General Agent or     Third-Party Administrator	FEIN	Exclusive Contract	Types of Business Written	Types of Authority Granted	December 31,
					2021		2020		2019
The Vanguard Group, Inc. 100 Vanguard Blvd. Malvern, PA 19355	23-1945930	No	Deferred and income annuities	C, B, P, U		$  —		$  247		$  631
Total						$  —		$  247		$  631

C - Claims Payment

B - Binding Authority

P - Premium Collection

U - Underwriting

There were no premiums written in 2021 as the contract with Vanguard was terminated in December of 2020. During 2020, the premiums written declined due to the underlying business being closed to new sales in December 2019.

15. Commitments and Contingencies

At December 31, 2021 and 2020, the Company has mortgage loan commitments of $284 and $289, respectively.

The Company has contingent commitments of $832 and $893, as of December 31, 2021 and 2020, respectively, to provide additional funding for joint ventures, partnerships and limited liability companies, which includes LIHTC commitments of $21 and $30, respectively.

The Company leases office buildings and equipment under various non-cancelable operating lease agreements. Rental expense for the years 2021 and 2020 was $22 and $20, respectively.

Private placement commitments outstanding as of December 31, 2021 and 2020 were $174 and $115, respectively.

The Company sold ($26) and $0 of “to-be-announced” (TBA) securities as of December 31, 2021 and 2020, 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

96

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

by the counterparty. The amount of cash collateral pledged by the Company as of December 31, 2021 and 2020, respectively, was $217 and $295.

At December 31, 2021 and 2020, securities in the amount of $76 and $61, 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, 2021 and 2020. The current assessment of risk of making payments under these guarantees is remote.

As of January 20, 2020, the Company has been discharged of its guarantee to the Monetary Authority of Singapore (MAS) to provide adequate funds to make up for any liquidity shortfall in its wholly-owned foreign life insurance subsidiary, TLB (Singapore Branch), and ensure that TLB was able to continue to meet, pay and settle all present and future obligations. The Company was not required to provide funds prior to the discharge of the guarantee on January 20, 2020 because TLB maintained adequate liquidity to settle its obligations.

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 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, 2021 and 2020, 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. The Company 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 the Company’s

97

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

then current rating or AA, whichever is lower. As of December 31, 2021 and 2020, 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 two 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, 2021 and 2020, TLB holds related statutory-basis policy and claim reserves of $2,328 and $2,315, 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, 2021 and 2020, 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, 2021 and 2020, TLB policies covered by this guarantee would have resulted in US statutory policy and claim reserves of $3,504 and $3,533, 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, 2021 and 2020, there is no payment or performance risk because TLB is not insolvent as of this date.

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 $1 and $1 under this agreement in 2021 and 2020, respectively.

The Company has provided guarantees for the obligations of noninsurance third party assignment companies who have accepted assignments of structured settlement payment obligations from the Company and have purchased structured settlement insurance policies issued by 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

98

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

future payments for those contracts. The direct statutory reserve established at December 31, 2021 and 2020 for the total payout block is $4,990 and $5,124, 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 2021 or 2020 under this agreement. As of December 31, 2021 and 2020, there is no amount committed to these purchases.

The following table provides an aggregate compilation of guarantee obligations as of December 31, 2021 and 2020:

	December 31
	2021		2020
Aggregate maximum potential of future payments of all guarantees (undiscounted)	$	5,832	$	5,848
Current liability recognized in financial statements:
Noncontingent liabilities		—		—
Contingent liabilities		—		—
Ultimate financial statement impact if action required:
Incurred claims		5,832		5,848
Other		—		—
Total impact if action required	$	5,832	$	5,848

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 $5,674 and $5,793 at December 31, 2021 and 2020, respectively. The Company calculated this amount in accordance with the terms and conditions of agreement with FHLB of Des Moines.

At December 31, 2021 and 2020, the Company purchased/owned the following FHLB stock as part of the agreement:

	Year Ended December 31
	2021		2020
Membership Stock:
Class A	$	—	$	—
Class B		10		10
Activity Stock		120		101
Excess Stock		—		—
Total	$	130	$	111

99

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

At December 31, 2021 and 2020, 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, 2021
Membership Stock
Class A	$	—	$	—	$	—	$	—
Class B		—		—		—		10
Total	$	—	$	—	$	—	$	10
	Less Than 6 Months		6 Months to Less Than 1 Year		1 to Less Than 3 Years		3 to 5 Years
December 31, 2020
Membership Stock
Class A	$	—	$	—	$	—	$	—
Class B		—		—		—		10
Total	$	—	$	—	$	—	$	10

At December 31, 2021 and 2020, the amount of collateral pledged and the maximum amount pledged to the FHLB was as follows:

	Fair Value		Carry Value
December 31, 2021
Total Collateral Pledged	$	4,575	$	4,226
Maximum Collateral Pledged		4,893		4,486
	Fair Value		Carry Value
December 31, 2020
Total Collateral Pledged	$	4,215	$	3,818
Maximum Collateral Pledged		4,258		3,860

100

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

At December 31, 2021 and 2020, the borrowings from the FHLB were as follows:

	December 31, 2021				December 31, 2020
	General Account		Funding Agreements Reserves Established		General Account		Funding Agreements Reserves Established
Debt 1	$	2,995	$	—	$	2,515	$	—
Funding agreements 2		—		—		—		—
Other		—		—		—		—
Total	$	2,995	$	—	$	2,515	$	—

¹ The maximum amount of borrowing during 2021 was $2,995

² The maximum amount of borrowing during 2021 was $0

As of December 31, 2021, the weighted average interest rate on FHLB advances was 0.409% with a weighted average term of 2.3 years. As of December 31, 2020, the weighted average interest rate on FHLB advances was 0.443% with a weighted average term of 2.3 years.

At December 31, 2021 and 2020, the borrowings from the FHLB were not subject to prepayment penalties.

The Company has issued synthetic GIC contracts to benefit plan sponsors totaling $53,440 and $56,004 as of December 31, 2021 and 2020, 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, 2021 and 2020.

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

101

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

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 had been named in two class actions, as well as several individual lawsuits, relating to increases in monthly deduction rates on universal life products. The Company settled the two class actions, one in January 2019 and one in April 2020. In connection with the class actions, the Company continues to defend against lawsuits by opt out class members. The Company held provisions totaling $69 and $170 for these lawsuits as of December 31, 2021 and December 31, 2020, respectively.

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 $8 and $9 and an offsetting premium tax benefit $6 and $7 at December 31, 2021 and 2020, respectively, for its estimated share of future guaranty fund assessments related to several major insurer insolvencies. The guaranty fund (benefit) expense was $3 for the years ended December 31, 2021, 2020 and 2019.

16. 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.

102

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

The following tables provide information on the securities sold under the municipal repurchase agreements for four quarters of 2021 and 2020:

December 31, 2021
	First       Quarter		Second       Quarter		Third       Quarter		Fourth       Quarter
Maximum Amount
BACV		XXX		XXX		XXX	$	204
Fair Value	$	230	$	204	$	231	$	227
Ending Balance
BACV		XXX		XXX		XXX	$	187
Fair Value	$	220	$	204	$	227	$	208

December 31, 2020
	First       Quarter		Second       Quarter		Third       Quarter		Fourth       Quarter
Maximum Amount
BACV		XXX		XXX		XXX	$	200
Fair Value	$	167	$	211	$	232	$	232
Ending Balance
BACV		XXX		XXX		XXX	$	200
Fair Value	$	167	$	211	$	232	$	232

	2021						2020
	NAIC 1		NAIC 2		Total		NAIC 1		NAIC 2		Total
Bonds - BACV	$	140	$	47	$	187	$	160	$	40	$	200
Bonds - FV		159		49		208		190		42		232

These securities have maturity dates that range from 2022 to 2097.

The following table provides information on the cash collateral received and liability to return collateral under the municipal repurchase agreements for four quarters of 2021 and 2020:

December 31, 2021
	First     Quarter		Second     Quarter		Third     Quarter		Fourth     Quarter
Maximum Amount
Cash	$	136	$	169	$	190	$	103
Ending Balance (1)
Cash	$	136	$	169	$	79	$	103

⁽¹⁾ The remaining collateral held was greater than 90 days from contractual maturity.

103

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

December 31, 2020
	First       Quarter		Second Quarter		Third Quarter		Fourth       Quarter
Maximum Amount
Cash	$	131	$	164	$	182	$	101
Ending Balance (1)
Cash	$	131	$	162	$	79	$	100

⁽¹⁾  The remaining collateral held was greater than 90 days from contractual maturity.

The Company enters into dollar repurchase agreements in which securities are delivered to the counterparty once adequate collateral has been received. At December 31, 2021 and 2020, the Company had dollar repurchase agreements outstanding in the amount of $873 and $969, respectively, which is included in borrowed money on the Balance Sheets. Those amounts include accrued interest of $2 and $2, at December 31, 2021 and 2020, respectively. At December 31, 2021, securities with a book value of $878 and a fair value of $872 were subject to dollar repurchase agreements. These securities have maturity dates that range from November 1, 2022 to December 1, 2051. At December 31, 2020, securities with a book value of $958 and a fair value of $972 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
	2021		2020
Open	$	872	$	967
Securities received		—		—
Total collateral received	$	872	$	967

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 2021 and reacquired within 30 days of the sale date are:

	Number of         Transactions		Book Value of Securities Sold		Cost of Securities Repurchased		Gains (Losses)
Bonds:
NAIC 5		1	$	—	$	—	$	—
Common stocks		11	$	109	$	109	$	—

104

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

17. Reconciliation to Statutory Statement

The following is a reconciliation of amounts previously reported to the Iowa Department of Financial Regulation in the 2020 Annual Statement, to those reported in the accompanying statutory-basis financial statements. There are no reconciling items for 2021.

	December 31 2020
Statements of Operations
Statutory net income as reported in the Company’s Annual Statement	$	1,291
Increase in commissions and expense allowances on reinsurance ceded		(69	)
Increase in reserve adjustment on reinsurance ceded		193
Decrease in fee revenue and other income		3
Increase in commissions		69
Increase in general insurance expenses and other		(196	)
Total net income as reported in the accompanying audited statutory basis statement of operations	$	1,291

The reconciling differences to the Annual Statement for the prior year is driven by elimination of affiliated activity for the merged entities in 2020.

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 Sheets date (Type I). The Company has not identified any Type I subsequent events for the year ended December 31, 2021 through April 14, 2022.

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, 2021. On March 29, 2022, the Company received a $100 capital contribution from its parent, CGC, which further increased surplus already above company action level.

105

Transamerica Life Insurance Company

Notes to Financial Statements – Statutory Basis

(Dollars in Millions, Except per Share amounts)

On February 24, 2022, Russia invaded Ukraine, which caused a humanitarian crisis and is also impacting global financial markets and causing economic turbulence. At the date of this report the depth and length of this invasion is unknown, and the situation is changing rapidly from day to day. While the Company has no direct investment exposure to Ukraine or Russia, the indirect impacts to global markets need to be closely monitored. The Company is closely monitoring the financial markets and economic turbulence that has arisen as a consequence of the situation and the related international sanctions, and its potential impact on the Company. The most significant risks the Company faces are related to financial markets, particularly from volatility in credit, equity, and interest rates. The Company is actively managing its risks and capital position to maintain a robust balance sheet, as the Company navigates through the uncertainty created by the current geopolitical situation. While it is too early to provide long-term impacts, if any, management has determined that the Company remains strongly capitalized with RBC remaining within target limits set by the capital management policy.

106

Transamerica Life Insurance Company

Appendix A – Listing of Affiliated Companies

Transamerica Corporation
EIN: 42-1484983
AFFILIATIONS SCHEDULE
YEAR ENDED DECEMBER 31, 2021
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
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
Ironwood Re Corp	47-1703149
LIICA RE II	20-5927773
Massachusetts Fidelity Trust	42-0947998
Money Services Inc	42-1079580
Monumental General Administrators Inc	52-1243288
Pearl Holdings Inc I	20-1063558
Pearl Holdings Inc II	20-1063571
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
TLIC Oakbrook Reinsurance Inc.	47-1026613
TLIC Watertree Reinsurance, Inc.	81-3715574
Transamerica Affinity Services Inc	42-1523438
Transamerica Affordable Housing Inc	94-3252196
Transamerica Asset Management	59-3403585

107

Transamerica Life Insurance Company

Appendix A – Listing of Affiliated Companies

Transamerica Corporation
EIN: 42-1484983
AFFILIATIONS SCHEDULE
YEAR ENDED DECEMBER 31, 2021
Entity Name	FEIN
Transamerica Capital Inc	95-3141953
Transamerica Casualty Insurance Company	31-4423946
Transamerica Corporation (OREGON)	98-6021219
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 Life Insurance Company	39-0989781
Transamerica Pacific Insurance Co Ltd	94-3304740
Transamerica Pacific Re, Inc.	85-1028131
Transamerica Resources Inc	52-1525601
Transamerica Stable Value Solutions Inc	27-0648897
United Financial Services Inc	52-1263786
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 Millions)

December 31, 2021

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	$	6,723	$	9,151	$	7,160
States, municipalities and political subdivisions		2,921		3,129		2,921
Foreign governments		543		562		541
Hybrid securities		325		393		325
All other corporate bonds		39,017		43,957		38,995
Preferred stocks		109		120		120
Total fixed maturities		49,638		57,312		50,062
Equity securities
Common stocks:
Industrial, miscellaneous and all other		151		198		198
Total equity securities		151		198		198
Mortgage loans on real estate		9,153				9,153
Real estate		52				52
Policy loans		1,986				1,986
Other long-term investments		1,504				1,504
Receivable for securities		32				32
Receivable for derivative cash collateral posted to counterparty		217				217
Securities lending		2,073				2,073
Cash, cash equivalents and short-term investments		2,126				2,126
Total investments	$	66,932			$	67,403

(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) Bonds of $50 are held at fair value rather than amortized cost. Preferred stock of $120 are held at fair value.

110

Transamerica Life Insurance Company

Supplementary Insurance Information

(Dollars in Millions)

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, 2021
Individual life	$	25,206	$	—	$	664	$	1,673	$	1,600	$	4,243	$	1,086
Individual health		5,871		115		342		737		441		703		220
Group life and health		2,480		22		134		801		166		530		320
Annuity		18,289		—		37		11,271		984		19,574		(7,757)
	$	51,846	$	137	$	1,177	$	14,482	$	3,191	$	25,050	$	(6,131)
Year ended December 31, 2020
Individual life	$	24,275	$	—	$	685	$	2,264	$	1,460	$	5,342	$	1,388
Individual health		5,760		112		401		750		423		908		405
Group life and health		2,468		23		138		841		159		496		347
Annuity		18,328		—		33		12,868		1,319		19,336		(3,775)
	$	50,831	$	135	$	1,257	$	16,723	$	3,361	$	26,082	$	(1,635)
Year ended December 31, 2019
Individual life	$	22,141	$	—	$	472	$	2,884	$	1,267	$	2,658	$	1,255
Individual health		5,567		185		299		750		357		1,034		262
Group life and health		2,463		31		138		866		155		471		305
Annuity		15,478		—		34		11,208		986		16,001		(4,217)
	$	45,649	$	216	$	943	$	15,708	$	2,765	$	20,164	$	(2,395)

*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 Millions)

SCHEDULE IV

	Gross Amount		Ceded to Other Companies		Assumed From Other Companies		Net Amount		Percentage of Amount Assumed to Net
Year ended December 31, 2021
Life insurance in force	$	760,949	$	700,434	$	367,342	$	427,857	86%
Premiums:
Individual life	$	4,460	$	4,016	$	1,229	$	1,673	73%
Individual health		787		62		12		737	2%
Group life and health		920		136		17		801	2%
Annuity		11,424		166		13		11,271	0%
	$	17,591	$	4,380	$	1,271	$	14,482	9%
Year ended December 31, 2020
Life insurance in force	$	739,067	$	736,338	$	397,134	$	399,863	99%
Premiums:
Individual life	$	4,173	$	3,106	$	1,197	$	2,264	53%
Individual health		797		61		14		750	2%
Group life and health		948		133		26		841	3%
Annuity		13,273		418		13		12,868	0%
	$	19,191	$	3,718	$	1,250	$	16,723	7%
Year ended December 31, 2019
Life insurance in force	$	726,805	$	809,789	$	421,752	$	338,768	124%
Premiums:
Individual life	$	4,575	$	2,988	$	1,297	$	2,884	45%
Individual health		797		66		19		750	3%
Group life and health		968		137		35		866	4%
Annuity		11,582		517		143		11,208	1%
	$    17,922		$        3,708		$        1,494		$        15,708		10%

112

FINANCIAL STATEMENTS

Transamerica Life Insurance Company

WRL Series Life Account

Years Ended December 31, 2021 and 2020

Transamerica Life Insurance Company

WRL Series Life Account

Financial Statements

Years Ended December 31, 2021 and 2020

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 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, 2021, and the related statements of operations and changes in net assets for each of the two years in the period ended December 31, 2021, 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, 2021, 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, 2021, 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
Fidelity® VIP Contrafund® Service Class 2	TA Aegon Sustainable Equity Income Initial Class
Fidelity® VIP Equity-Income Service Class 2	TA Aegon U.S. Government Securities 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 Active Asset Allocation - Conservative Initial Class
ProFund Access VP High Yield	TA BlackRock iShares Active Asset Allocation - Moderate Initial Class
ProFund VP Asia 30	TA BlackRock iShares Active Asset Allocation - Moderate Growth Initial Class
ProFund VP Basic Materials	TA BlackRock iShares Edge 40 Initial Class
ProFund VP Bull	TA BlackRock Tactical Allocation Initial Class
ProFund VP Consumer Services	TA International Focus Initial Class
ProFund VP Emerging Markets	TA Janus Balanced Initial Class
ProFund VP Europe 30	TA Janus Mid-Cap Growth Initial Class
ProFund VP Falling U.S. Dollar	TA JPMorgan Asset Allocation - Conservative Initial Class
ProFund VP Financials	TA JPMorgan Asset Allocation - Growth Initial Class
ProFund VP Government Money Market	TA JPMorgan Asset Allocation - Moderate Initial Class
ProFund VP International	TA JPMorgan Asset Allocation - Moderate Growth Initial Class
ProFund VP Japan	TA JPMorgan Core Bond Initial Class
ProFund VP Mid-Cap	TA JPMorgan Enhanced Index Initial Class
ProFund VP NASDAQ-100	TA JPMorgan International Moderate Growth Initial Class
ProFund VP Oil & Gas	TA JPMorgan Mid Cap Value Initial Class
ProFund VP Pharmaceuticals	TA JPMorgan Tactical Allocation Initial Class
ProFund VP Precious Metals	TA Managed Risk - Balanced ETF Initial Class
ProFund VP Short Emerging Markets	TA Managed Risk - Growth ETF Initial Class
ProFund VP Short International	TA Morgan Stanley Capital Growth Initial Class
ProFund VP Short NASDAQ-100	TA Morgan Stanley Global Allocation Initial Class
ProFund VP Short Small-Cap	TA Multi-Managed Balanced Initial Class
ProFund VP Small-Cap	TA PIMCO Tactical - Balanced Initial Class
ProFund VP Small-Cap Value	TA PIMCO Tactical - Conservative Initial Class
ProFund VP Telecommunications	TA PIMCO Tactical - Growth Initial Class
ProFund VP U.S. Government Plus	TA PIMCO Total Return 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 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, 2021 by correspondence with the custodian, the transfer agent, or the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

April 20, 2022

We have served as the auditor of one or more of the subaccounts of WRL Series Life Account since 2014.

1

Transamerica Life Insurance Company

WRL Series Life Account

Statements of Assets and Liabilities

December 31, 2021

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		287,988.075	$	3,019,780	$	3,334,902	$	(3	)	$	3,334,899		128,605	$	21.157188	$	31.711468
Fidelity® VIP Contrafund® Service Class 2		697,732.663		24,816,519		36,637,942		(81	)		36,637,861		757,429		40.914508		56.349409
Fidelity® VIP Equity-Income Service Class 2		540,723.448		12,058,230		13,664,082		4			13,664,086		411,487		29.470960		36.725376
Fidelity® VIP Growth Opportunities Service Class 2		351,760.817		18,227,745		27,303,675		16			27,303,691		428,203		58.002899		72.495066
Fidelity® VIP Index 500 Service Class 2		192,831.570		63,721,678		89,078,544		(52	)		89,078,492		1,972,881		39.023842		53.720691
Franklin Allocation Class 4 Shares		396,597.013		2,357,351		2,447,004		-			2,447,004		94,166		20.788383		32.673947
ProFund Access VP High Yield		114,200.392		3,073,932		3,027,452		3			3,027,455		168,760		15.757246		22.956010
ProFund VP Asia 30		93,441.236		7,124,147		4,976,680		(12	)		4,976,668		411,959		11.318729		12.814133
ProFund VP Basic Materials		56,030.424		4,221,267		4,759,224		35			4,759,259		262,925		16.102151		19.388349
ProFund VP Bull		81,602.931		4,509,194		5,735,870		(5	)		5,735,865		164,564		31.438549		35.439439
ProFund VP Consumer Services		89,435.981		6,792,703		6,918,767		(9	)		6,918,758		154,824		42.306365		52.419791
ProFund VP Emerging Markets		206,744.516		6,858,342		6,210,605		(7	)		6,210,598		645,052		8.245332		10.481710
ProFund VP Europe 30		55,048.833		1,374,874		1,410,351		8			1,410,359		113,300		10.833093		14.098824
ProFund VP Falling U.S. Dollar		13,028.402		231,780		215,620		(1	)		215,619		36,666		4.950982		6.393323
ProFund VP Financials		147,186.113		6,734,517		7,421,124		93			7,421,217		306,203		19.344973		29.859081
ProFund VP Government Money Market		19,922,136.020		19,922,136		19,922,136		(11	)		19,922,125		2,052,472		8.311838		10.687841
ProFund VP International		133,758.579		2,652,134		2,986,829		71			2,986,900		233,841		10.434034		13.679644
ProFund VP Japan		11,476.402		630,327		651,515		(72	)		651,443		37,355		14.038689		23.206239
ProFund VP Mid-Cap		296,708.387		5,948,328		6,370,329		129			6,370,458		235,593		26.057440		31.201691
ProFund VP NASDAQ-100		582,869.622		38,748,647		43,056,579		15			43,056,594		625,685		60.240415		82.794686
ProFund VP Oil & Gas		299,266.357		7,390,215		8,391,429		(8	)		8,391,421		1,118,554		6.085425		8.043350
ProFund VP Pharmaceuticals		157,559.960		5,461,170		6,642,728		1			6,642,729		234,365		26.972123		30.921671
ProFund VP Precious Metals		313,031.772		9,156,379		8,805,584		(40	)		8,805,544		1,733,822		4.849236		5.513866
ProFund VP Short Emerging Markets		15,318.535		364,444		390,776		1			390,777		132,325		1.764184		3.910763
ProFund VP Short International		11,003.922		329,514		276,639		(4	)		276,635		105,327		1.908762		3.278399
ProFund VP Short NASDAQ-100		50,389.781		743,095		679,758		(22	)		679,736		1,233,529		0.363435		0.739296
ProFund VP Short Small-Cap		28,427.510		651,224		635,355		(63	)		635,292		654,569		0.642861		1.498991
ProFund VP Small-Cap		86,637.785		3,739,225		3,742,752		(4	)		3,742,748		143,278		24.966907		27.804681
ProFund VP Small-Cap Value		83,685.461		4,460,292		4,560,021		73			4,560,094		168,208		26.393152		30.722847
ProFund VP Telecommunications		25,586.914		791,381		966,418		(2	)		966,416		55,335		16.185977		18.929454
ProFund VP U.S. Government Plus		189,822.279		5,066,798		4,320,355		8			4,320,363		207,687		18.759547		23.151669
ProFund VP UltraNASDAQ-100		916,963.704		74,925,895		91,072,835		(109	)		91,072,726		438,658		189.995864		214.925013
ProFund VP UltraSmall-Cap		526,763.708		14,242,473		13,827,547		21			13,827,568		343,288		36.111102		43.943886
ProFund VP Utilities		125,644.918		5,056,626		5,336,140		(11	)		5,336,129		217,220		19.788060		26.963323
TA Aegon High Yield Bond Initial Class		1,830,930.437		13,770,922		14,134,783		(30	)		14,134,753		618,002		18.365972		29.244329
TA Aegon Sustainable Equity Income Initial Class		3,224,712.019		65,659,987		68,073,671		(73	)		68,073,598		2,016,162		20.847933		54.705159
TA Aegon U.S. Government Securities Initial Class		836,965.132		9,536,616		8,687,698		19			8,687,717		598,204		12.761285		16.946990
TA BlackRock Global Real Estate Securities Initial Class		3,428,168.527		40,201,423		45,148,980		46			45,149,026		1,580,079		18.545219		52.384768
TA BlackRock Government Money Market Initial Class		30,568,539.970		30,568,540		30,568,540		(187	)		30,568,353		2,356,554		8.612244		19.772648
TA BlackRock iShares Active Asset Allocation - Conservative Initial Class		431,091.800		4,761,055		4,983,421		(12	)		4,983,409		323,769		14.009328		16.671010

See accompanying notes.

2

Transamerica Life Insurance Company

WRL Series Life Account

Statements of Assets and Liabilities

December 31, 2021

Subaccount	Number of Shares		Cost		Assets at Market Value		Due (to)/from  General Account			Net Assets		Units Outstanding		Range of Unit Values
TA BlackRock iShares Active Asset Allocation - Moderate Initial Class		201,502.662	$	2,345,116	$	2,510,723	$	(9	)	$	2,510,714		162,053	$	14.244760	$	16.308280
TA BlackRock iShares Active Asset Allocation - Moderate Growth Initial Class		2,222,854.454		24,747,869		25,851,797		(42	)		25,851,755		1,704,499		13.740948		17.134680
TA BlackRock iShares Edge 40 Initial Class		267,708.890		2,598,692		2,730,631		(22	)		2,730,609		141,719		14.382700		23.859424
TA BlackRock Tactical Allocation Initial Class		3,332,076.505		29,655,767		28,322,650		(13	)		28,322,637		1,459,227		17.696870		20.546417
TA International Focus Initial Class		3,885,599.902		32,874,431		41,847,911		(159	)		41,847,752		1,885,308		19.012019		28.266183
TA Janus Balanced Initial Class		756,332.214		13,009,944		15,308,164		(14	)		15,308,150		633,498		22.945212		27.639484
TA Janus Mid-Cap Growth Initial Class		10,963,883.038		363,811,546		488,221,712		(22	)		488,221,690		7,810,266		29.413271		154.818148
TA JPMorgan Asset Allocation - Conservative Initial Class		2,378,916.067		25,495,805		27,357,535		(81	)		27,357,454		1,307,697		17.027714		24.923383
TA JPMorgan Asset Allocation - Growth Initial Class		26,657,419.301		342,069,234		418,521,483		(60	)		418,521,423		13,691,954		25.657021		40.338277
TA JPMorgan Asset Allocation - Moderate Initial Class		6,015,445.369		72,144,520		82,170,984		(170	)		82,170,814		3,679,894		19.114431		28.757161
TA JPMorgan Asset Allocation - Moderate Growth Initial Class		24,302,891.913		304,558,909		351,662,846		(352	)		351,662,494		14,120,416		21.489196		33.076384
TA JPMorgan Core Bond Initial Class		2,680,594.629		35,025,466		33,855,910		(78	)		33,855,832		1,442,916		13.572987		53.228514
TA JPMorgan Enhanced Index Initial Class		683,118.112		15,993,183		18,901,878		9			18,901,887		408,659		40.974479		55.609896
TA JPMorgan International Moderate Growth Initial Class		1,131,538.404		11,641,012		13,589,776		(31	)		13,589,745		794,603		15.436357		19.414455
TA JPMorgan Mid Cap Value Initial Class		356,034.089		6,113,829		7,028,113		(2	)		7,028,111		154,046		31.359646		56.156568
TA JPMorgan Tactical Allocation Initial Class		2,929,150.281		43,141,293		45,694,744		(29	)		45,694,715		1,939,835		14.073693		52.059709
TA Managed Risk - Balanced ETF Initial Class		227,522.058		2,904,829		3,078,373		(2	)		3,078,371		168,949		17.774830		20.514230
TA Managed Risk - Growth ETF Initial Class		324,955.942		3,541,094		3,837,730		10			3,837,740		188,033		19.979557		22.583049
TA Morgan Stanley Capital Growth Initial Class		7,325,715.446		182,958,384		214,130,662		77			214,130,739		2,491,170		69.741041		116.981477
TA Morgan Stanley Global Allocation Initial Class		738,742.926		6,679,298		6,752,110		12			6,752,122		362,120		17.074259		19.536083
TA Multi-Managed Balanced Initial Class		8,016,178.969		111,385,642		149,742,223		(69	)		149,742,154		3,799,927		27.294993		43.004475
TA PIMCO Tactical - Balanced Initial Class		510,116.573		6,129,927		6,279,535		(21	)		6,279,514		361,616		16.389903		19.792500
TA PIMCO Tactical - Conservative Initial Class		926,424.685		10,923,704		10,968,868		(25	)		10,968,843		688,816		15.280140		18.468236
TA PIMCO Tactical - Growth Initial Class		1,094,208.375		12,920,383		13,458,763		(21	)		13,458,742		788,944		16.318656		20.263393
TA PIMCO Total Return Initial Class		1,989,077.296		23,205,540		22,038,976		(27	)		22,038,949		1,360,429		13.714918		19.933387
TA Small/Mid Cap Value Initial Class		6,058,060.528		118,252,165		147,998,419		68			147,998,487		3,793,912		29.282455		61.105843
TA T. Rowe Price Small Cap Initial Class		3,708,479.747		61,910,557		70,498,200		(80	)		70,498,120		1,499,811		37.981023		63.586192
TA WMC US Growth Initial Class		40,263,964.829		1,204,150,799		1,830,399,841		163			1,830,400,004		28,001,519		42.950669		70.037755

See accompanying notes.

3

Transamerica Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2020 and 2021

	AB Balanced Wealth Strategy Class B Shares			Fidelity® VIP Contrafund® Service Class 2			Fidelity® VIP Equity-Income Service Class 2			Fidelity® VIP Growth Opportunities Service Class 2			Fidelity® VIP Index 500 Service Class 2
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2019:	$	2,409,940		$	24,221,196		$	10,974,164		$	14,179,766		$	58,103,481
Investment Income:
Reinvested Dividends		49,706			20,013			159,302			-			924,341
Investment Expense:
Mortality and Expense Risk and Administrative Charges		17,601			162,080			59,848			107,475			363,775
Net Investment Income (Loss)		32,105			(142,067	)		99,454			(107,475	)		560,566
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		70,829			136,390			464,451			992,363			191,165
Realized Gain (Loss) on Investments		(61,421	)		359,784			20,979			1,388,371			4,598,062
Net Realized Capital Gains (Losses) on Investments		9,408			496,174			485,430			2,380,734			4,789,227
Net Change in Unrealized Appreciation (Depreciation)		168,707			6,577,645			(54,555	)		7,267,342			4,691,438
Net Gain (Loss) on Investment		178,115			7,073,819			430,875			9,648,076			9,480,665
Net Increase (Decrease) in Net Assets Resulting from Operations		210,220			6,931,752			530,329			9,540,601			10,041,231
Increase (Decrease) in Net Assets from Contract Transactions		26,096			(860,934	)		(725,052	)		1,580,651			29,849
Total Increase (Decrease) in Net Assets		236,316			6,070,818			(194,723	)		11,121,252			10,071,080
Net Assets as of December 31, 2020:	$	2,646,256		$	30,292,014		$	10,779,441		$	25,301,018		$	68,174,561
Investment Income:
Reinvested Dividends		7,548			8,978			211,866			-			829,417
Investment Expense:
Mortality and Expense Risk and Administrative Charges		21,955			206,044			77,626			169,041			453,746
Net Investment Income (Loss)		(14,407	)		(197,066	)		134,240			(169,041	)		375,671
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		65,616			4,243,904			1,450,634			2,455,328			564,700
Realized Gain (Loss) on Investments		8,334			1,016,267			328,370			2,381,147			7,445,832
Net Realized Capital Gains (Losses) on Investments		73,950			5,260,171			1,779,004			4,836,475			8,010,532
Net Change in Unrealized Appreciation (Depreciation)		279,167			2,828,223			670,126			(1,845,781	)		10,672,925
Net Gain (Loss) on Investment		353,117			8,088,394			2,449,130			2,990,694			18,683,457
Net Increase (Decrease) in Net Assets Resulting from Operations		338,710			7,891,328			2,583,370			2,821,653			19,059,128
Increase (Decrease) in Net Assets from Contract Transactions		349,933			(1,545,481	)		301,275			(818,980	)		1,844,803
Total Increase (Decrease) in Net Assets		688,643			6,345,847			2,884,645			2,002,673			20,903,931
Net Assets as of December 31, 2021:	$	3,334,899		$	36,637,861		$	13,664,086		$	27,303,691		$	89,078,492

See Accompanying Notes.
(1) See Footnote 1	4

Transamerica Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2020 and 2021

	Franklin Allocation Class 4 Shares			ProFund Access VP High Yield			ProFund VP Asia 30			ProFund VP Basic Materials			ProFund VP Bull
	Subaccount			Subaccount			Subaccount			Subaccount			Subaccount
Net Assets as of December 31, 2019:	$	2,218,133		$	3,781,777		$	8,314,602		$	2,725,778			$          4,855,492
Investment Income:
Reinvested Dividends		31,224			212,591			50,526			15,286			3,797
Investment Expense:
Mortality and Expense Risk and Administrative Charges		14,946			21,555			33,834			14,452			29,393
Net Investment Income (Loss)		16,278			191,036			16,692			834			(25,596)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		601,659			-			460,583			183,992			210,238
Realized Gain (Loss) on Investments		(124,434	)		(87,352	)		348,516			(142,540	)		109,756
Net Realized Capital Gains (Losses) on Investments		477,225			(87,352	)		809,099			41,452			319,994
Net Change in Unrealized Appreciation (Depreciation)		(232,552	)		(123,401	)		681,934			305,627			277,539
Net Gain (Loss) on Investment		244,673			(210,753	)		1,491,033			347,079			597,533
Net Increase (Decrease) in Net Assets Resulting from Operations		260,951			(19,717	)		1,507,725			347,913			571,937
Increase (Decrease) in Net Assets from Contract Transactions		111,049			(559,163	)		(4,138,080	)		(157,568	)		(563,195)
Total Increase (Decrease) in Net Assets		372,000			(578,880	)		(2,630,355	)		190,345			8,742
Net Assets as of December 31, 2020:	$	2,590,133		$	3,202,897		$	5,684,247		$	2,916,123			$4,864,234
Investment Income:
Reinvested Dividends		38,525			77,817			-			10,702			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		15,542			19,595			42,210			23,577			32,705
Net Investment Income (Loss)		22,983			58,222			(42,210	)		(12,875	)		(32,705)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			986,069			85,916			329,381
Realized Gain (Loss) on Investments		(117,004	)		(5,104	)		680,210			479,181			406,880
Net Realized Capital Gains (Losses) on Investments		(117,004	)		(5,104	)		1,666,279			565,097			736,261
Net Change in Unrealized Appreciation (Depreciation)		348,901			(63,116	)		(3,166,520	)		241,629			511,203
Net Gain (Loss) on Investment		231,897			(68,220	)		(1,500,241	)		806,726			1,247,464
Net Increase (Decrease) in Net Assets Resulting from Operations		254,880			(9,998	)		(1,542,451	)		793,851			1,214,759
Increase (Decrease) in Net Assets from Contract Transactions		(398,009	)		(165,444	)		834,872			1,049,285			(343,128)
Total Increase (Decrease) in Net Assets		(143,129	)		(175,442	)		(707,579	)		1,843,136			871,631
Net Assets as of December 31, 2021:	$	2,447,004		$	3,027,455		$	4,976,668		$	4,759,259			$5,735,865

See Accompanying Notes.
(1) See Footnote 1	5

Transamerica Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2020 and 2021

	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, 2019:	$	4,685,493		$	10,543,054		$	938,303		$	192,195		$	4,716,020
Investment Income:
Reinvested Dividends		-			41,024			19,868			801			23,143
Investment Expense:
Mortality and Expense Risk and Administrative Charges		32,555			40,047			5,057			1,388			23,650
Net Investment Income (Loss)		(32,555	)		977			14,811			(587	)		(507)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		1,624,961			-			-			-			251,592
Realized Gain (Loss) on Investments		136,129			396,262			(58,265	)		1,549			(77,391)
Net Realized Capital Gains (Losses) on Investments		1,761,090			396,262			(58,265	)		1,549			174,201
Net Change in Unrealized Appreciation (Depreciation)		(508,487	)		1,190,622			(58,435	)		12,371			(433,999)
Net Gain (Loss) on Investment		1,252,603			1,586,884			(116,700	)		13,920			(259,798	)
Net Increase (Decrease) in Net Assets Resulting from Operations		1,220,048			1,587,861			(101,889	)		13,333			(260,305)
Increase (Decrease) in Net Assets from Contract Transactions		516,036			(4,544,027	)		(93,241	)		365,705			(826,460)
Total Increase (Decrease) in Net Assets		1,736,084			(2,956,166	)		(195,130	)		379,038			(1,086,765)
Net Assets as of December 31, 2020:	$	6,421,577		$	7,586,888		$	743,173		$	571,233		$	3,629,255
Investment Income:
Reinvested Dividends		-			-			8,399			-			18,546
Investment Expense:
Mortality and Expense Risk and Administrative Charges		41,198			40,937			9,381			1,616			35,611
Net Investment Income (Loss)		(41,198	)		(40,937	)		(982	)		(1,616	)		(17,065)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		525,194			-			-			3,586			341,636
Realized Gain (Loss) on Investments		37,897			916,835			210,621			(10,105	)		397,293
Net Realized Capital Gains (Losses) on Investments		563,091			916,835			210,621			(6,519	)		738,929
Net Change in Unrealized Appreciation (Depreciation)		97,248			(2,546,807	)		70,425			(24,430	)		584,508
Net Gain (Loss) on Investment		660,339			(1,629,972	)		281,046			(30,949	)		1,323,437
Net Increase (Decrease) in Net Assets Resulting from Operations		619,141			(1,670,909	)		280,064			(32,565	)		1,306,372
Increase (Decrease) in Net Assets from Contract Transactions		(121,960	)		294,619			387,122			(323,049	)		2,485,590
Total Increase (Decrease) in Net Assets		497,181			(1,376,290	)		667,186			(355,614	)		3,791,962
Net Assets as of December 31, 2021:	$	6,918,758		$	6,210,598		$	1,410,359		$	215,619		$	7,421,217

See Accompanying Notes.
(1) See Footnote 1	6

Transamerica Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2020 and 2021

	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, 2019:	$	11,493,857		$	2,314,126		$	859,504		$	3,275,313		$	21,186,505
Investment Income:
Reinvested Dividends		6,086			12,652			1,842			33,877			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		99,760			13,390			4,729			20,912			170,915
Net Investment Income (Loss)		(93,674	)		(738	)		(2,887	)		12,965			(170,915)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			-			1,045,964			1,920,109
Realized Gain (Loss) on Investments		-			(266,306	)		(63,133	)		(370,987	)		5,116,780
Net Realized Capital Gains (Losses) on Investments		-			(266,306	)		(63,133	)		674,977			7,036,889
Net Change in Unrealized Appreciation (Depreciation)		-			495,619			147,663			(187,266	)		3,042,384
Net Gain (Loss) on Investment		-			229,313			84,530			487,711			10,079,273
Net Increase (Decrease) in Net Assets Resulting from Operations		(93,674	)		228,575			81,643			500,676			9,908,358
Increase (Decrease) in Net Assets from Contract Transactions		7,015,689			155,532			(148,370	)		1,170,847			(27,788)
Total Increase (Decrease) in Net Assets		6,922,015			384,107			(66,727	)		1,671,523			9,880,570
Net Assets as of December 31, 2020:	$	18,415,872		$	2,698,233		$	792,777		$	4,946,836		$	31,067,075
Investment Income:
Reinvested Dividends		2,221			-			-			-			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		92,643			13,666			5,120			35,205			231,203
Net Investment Income (Loss)		(90,422	)		(13,666	)		(5,120	)		(35,205	)		(231,203)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			102,476			223,335			5,067,737
Realized Gain (Loss) on Investments		-			458,742			80,305			359,010			4,831,970
Net Realized Capital Gains (Losses) on Investments		-			458,742			182,781			582,345			9,899,707
Net Change in Unrealized Appreciation (Depreciation)		-			(217,480	)		(151,030	)		527,057			(1,539,463)
Net Gain (Loss) on Investment		-			241,262			31,751			1,109,402			8,360,244
Net Increase (Decrease) in Net Assets Resulting from Operations		(90,422	)		227,596			26,631			1,074,197			8,129,041
Increase (Decrease) in Net Assets from Contract Transactions		1,596,675			61,071			(167,965	)		349,425			3,860,478
Total Increase (Decrease) in Net Assets		1,506,253			288,667			(141,334	)		1,423,622			11,989,519
Net Assets as of December 31, 2021:	$	19,922,125		$	2,986,900		$	651,443		$	6,370,458		$	43,056,594

See Accompanying Notes.
(1) See Footnote 1	7

Transamerica Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2020 and 2021

	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, 2019:	$	5,415,783		$	5,017,336		$	7,763,794		$	352,353		$	293,102
Investment Income:
Reinvested Dividends		114,693			6,474			25,222			3,453			2,411
Investment Expense:
Mortality and Expense Risk and Administrative Charges		28,559			38,411			70,796			5,256			3,067
Net Investment Income (Loss)		86,134			(31,937	)		(45,574	)		(1,803	)		(656)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		50,718			-			-			-			-
Realized Gain (Loss) on Investments		(2,347,880	)		(233,848	)		1,804,024			(274,008	)		(55,979)
Net Realized Capital Gains (Losses) on Investments		(2,297,162	)		(233,848	)		1,804,024			(274,008	)		(55,979)
Net Change in Unrealized Appreciation (Depreciation)		350,639			1,014,391			50,533			(61,193	)		(97,190)
Net Gain (Loss) on Investment		(1,946,523	)		780,543			1,854,557			(335,201	)		(153,169)
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,860,389	)		748,606			1,808,983			(337,004	)		(153,825)
Increase (Decrease) in Net Assets from Contract Transactions		1,479,684			556,232			1,175,841			220,688			214,577
Total Increase (Decrease) in Net Assets		(380,705	)		1,304,838			2,984,824			(116,316	)		60,752
Net Assets as of December 31, 2020:	$	5,035,078		$	6,322,174		$	10,748,618		$	236,037		$	353,854
Investment Income:
Reinvested Dividends		112,250			16,443			-			-			-
Investment Expense:
Mortality and Expense Risk and Administrative Charges		42,915			40,589			65,108			1,572			1,882
Net Investment Income (Loss)		69,335			(24,146	)		(65,108	)		(1,572	)		(1,882)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			80,789			-			-			-
Realized Gain (Loss) on Investments		1,391,637			124,310			1,177,503			(136,441	)		(132,790)
Net Realized Capital Gains (Losses) on Investments		1,391,637			205,099			1,177,503			(136,441	)		(132,790)
Net Change in Unrealized Appreciation (Depreciation)		1,040,299			452,152			(2,039,392	)		166,674			80,424
Net Gain (Loss) on Investment		2,431,936			657,251			(861,889	)		30,233			(52,366)
Net Increase (Decrease) in Net Assets Resulting from Operations		2,501,271			633,105			(926,997	)		28,661			(54,248)
Increase (Decrease) in Net Assets from Contract Transactions		855,072			(312,550	)		(1,016,077	)		126,079			(22,971)
Total Increase (Decrease) in Net Assets		3,356,343			320,555			(1,943,074	)		154,740			(77,219)
Net Assets as of December 31, 2021:	$	8,391,421		$	6,642,729		$	8,805,544		$	390,777		$	276,635

See Accompanying Notes.
(1) See Footnote 1	8

Transamerica Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2020 and 2021

	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, 2019:	$	3,618,259		$	513,284		$	4,438,418		$	4,055,740		$	714,412
Investment Income:
Reinvested Dividends		6,413			4,752			1,349			417			7,930
Investment Expense:
Mortality and Expense Risk and Administrative Charges		10,574			5,886			15,891			11,293			5,695
Net Investment Income (Loss)		(4,161	)		(1,134	)		(14,542	)		(10,876	)		2,235
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			-			84,901			192,770			-
Realized Gain (Loss) on Investments		(723,485	)		(370,386	)		(97,760	)		(387,001	)		(47,384)
Net Realized Capital Gains (Losses) on Investments		(723,485	)		(370,386	)		(12,859	)		(194,231	)		(47,384)
Net Change in Unrealized Appreciation (Depreciation)		(505,631	)		(108,349	)		494,457			111,932			93,533
Net Gain (Loss) on Investment		(1,229,116	)		(478,735	)		481,598			(82,299	)		46,149
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,233,277	)		(479,869	)		467,056			(93,175	)		48,384
Increase (Decrease) in Net Assets from Contract Transactions		454,689			515,202			(425,422	)		(569,896	)		204,365
Total Increase (Decrease) in Net Assets		(778,588	)		35,333			41,634			(663,071	)		252,749
Net Assets as of December 31, 2020:	$	2,839,671		$	548,617		$	4,480,052		$	3,392,669		$	967,161
Investment Income:
Reinvested Dividends		-			-			-			5,026			10,364
Investment Expense:
Mortality and Expense Risk and Administrative Charges		5,365			3,443			30,308			29,187			6,234
Net Investment Income (Loss)		(5,365	)		(3,443	)		(30,308	)		(24,161	)		4,130
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		7,435			-			250,697			-			-
Realized Gain (Loss) on Investments		(912,435	)		(271,150	)		925,527			993,087			42,193
Net Realized Capital Gains (Losses) on Investments		(905,000	)		(271,150	)		1,176,224			993,087			42,193
Net Change in Unrealized Appreciation (Depreciation)		690,983			142,363			(552,679	)		(25,077	)		108,366
Net Gain (Loss) on Investment		(214,017	)		(128,787	)		623,545			968,010			150,559
Net Increase (Decrease) in Net Assets Resulting from Operations		(219,382	)		(132,230	)		593,237			943,849			154,689
Increase (Decrease) in Net Assets from Contract Transactions		(1,940,553	)		218,905			(1,330,541	)		223,576			(155,434)
Total Increase (Decrease) in Net Assets		(2,159,935	)		86,675			(737,304	)		1,167,425			(745)
Net Assets as of December 31, 2021:	$	679,736		$	635,292		$	3,742,748		$	4,560,094		$	966,416

See Accompanying Notes.
(1) See Footnote 1	9

Transamerica Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2020 and 2021

	ProFund VP U.S. Government Plus Subaccount			ProFund VP UltraNASDAQ- 100 Subaccount			ProFund VP UltraSmall-Cap Subaccount			ProFund VP Utilities Subaccount			TA Aegon High Yield Bond Initial    Class Subaccount
Net Assets as of December 31, 2019:	$	4,294,581		$	35,807,599		$	7,932,380		$	6,306,424		$	18,060,264
Investment Income:
Reinvested Dividends		2,311			-			7,265			79,326			924,903
Investment Expense:
Mortality and Expense Risk and Administrative Charges		51,532			277,326			36,228			34,431			101,013
Net Investment Income (Loss)		(49,221	)		(277,326	)		(28,963	)		44,895			823,890
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		663,416			11,283,397			861,952			1,107,065			-
Realized Gain (Loss) on Investments		1,128,181			10,409,473			(1,702,602	)		(290,976	)		(790,853)
Net Realized Capital Gains (Losses) on Investments		1,791,597			21,692,870			(840,650	)		816,089			(790,853)
Net Change in Unrealized Appreciation (Depreciation)		(1,267,806	)		7,981,420			2,003,792			(1,195,878	)		357,619
Net Gain (Loss) on Investment		523,791			29,674,290			1,163,142			(379,789	)		(433,234)
Net Increase (Decrease) in Net Assets Resulting from Operations		474,570			29,396,964			1,134,179			(334,894	)		390,656
Increase (Decrease) in Net Assets from Contract Transactions		2,892,387			(590,879	)		(729,609	)		(1,190,539	)		(3,395,099)
Total Increase (Decrease) in Net Assets		3,366,957			28,806,085			404,570			(1,525,433	)		(3,004,443)
Net Assets as of December 31, 2020:	$	7,661,538		$	64,613,684		$	8,336,950		$	4,780,991		$	15,055,821
Investment Income:
Reinvested Dividends		-			-			-			72,093			761,490
Investment Expense:
Mortality and Expense Risk and Administrative Charges		31,008			447,197			79,134			29,660			96,533
Net Investment Income (Loss)		(31,008	)		(447,197	)		(79,134	)		42,433			664,957
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		856,566			19,899,597			915,991			-			-
Realized Gain (Loss) on Investments		(1,891,483	)		11,678,002			3,682,240			(521,642	)		35,066
Net Realized Capital Gains (Losses) on Investments		(1,034,917	)		31,577,599			4,598,231			(521,642	)		35,066
Net Change in Unrealized Appreciation (Depreciation)		249,777			492,158			(3,216,608	)		1,140,336			102,369
Net Gain (Loss) on Investment		(785,140	)		32,069,757			1,381,623			618,694			137,435
Net Increase (Decrease) in Net Assets Resulting from Operations		(816,148	)		31,622,560			1,302,489			661,127			802,392
Increase (Decrease) in Net Assets from Contract Transactions		(2,525,027	)		(5,163,518	)		4,188,129			(105,989	)		(1,723,460)
Total Increase (Decrease) in Net Assets		(3,341,175	)		26,459,042			5,490,618			555,138			(921,068)
Net Assets as of December 31, 2021:	$	4,320,363		$	91,072,726		$	13,827,568		$	5,336,129		$	14,134,753

See Accompanying Notes.
(1) See Footnote 1	10

Transamerica Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2020 and 2021

	TA Aegon Sustainable Equity Income Initial Class Subaccount			TA Aegon U.S. Government Securities Initial Class Subaccount			TA BlackRock Global Real Estate Securities Initial Class Subaccount			TA BlackRock Government Money    Market Initial Class Subaccount
Net Assets as of December 31, 2019:	$	68,676,965		$	6,373,858		$	41,010,845		$	30,217,624
Investment Income:
Reinvested Dividends		1,645,948			190,750			4,292,846			89,702
Investment Expense:
Mortality and Expense Risk and Administrative Charges		373,811			79,656			230,363			213,987
Net Investment Income (Loss)		1,272,137			111,094			4,062,483			(124,285)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		6,651,061			13,960			2,547,163			-
Realized Gain (Loss) on Investments		(213,364	)		714,772			(621,706	)		-
Net Realized Capital Gains (Losses) on Investments		6,437,697			728,732			1,925,457			-
Net Change in Unrealized Appreciation (Depreciation)		(13,749,395	)		(62,974	)		(6,695,444	)		-
Net Gain (Loss) on Investment		(7,311,698	)		665,758			(4,769,987	)		-
Net Increase (Decrease) in Net Assets Resulting from Operations		(6,039,561	)		776,852			(707,504	)		(124,285)
Increase (Decrease) in Net Assets from Contract Transactions		(5,209,848	)		4,393,838			(3,512,899	)		(107,271)
Total Increase (Decrease) in Net Assets		(11,249,409	)		5,170,690			(4,220,403	)		(231,556)
Net Assets as of December 31, 2020:	$	57,427,556		$	11,544,548		$	36,790,442		$	29,986,068
Investment Income:
Reinvested Dividends		1,342,031			193,858			1,037,011			1,108
Investment Expense:
Mortality and Expense Risk and Administrative Charges		414,798			59,668			256,063			187,076
Net Investment Income (Loss)		927,233			134,190			780,948			(185,968)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			622,243			-			-
Realized Gain (Loss) on Investments		112,662			(123,823	)		(348,491	)		-
Net Realized Capital Gains (Losses) on Investments		112,662			498,420			(348,491	)		-
Net Change in Unrealized Appreciation (Depreciation)		11,154,578			(962,627	)		8,694,873			-
Net Gain (Loss) on Investment		11,267,240			(464,207	)		8,346,382			-
Net Increase (Decrease) in Net Assets Resulting from Operations		12,194,473			(330,017	)		9,127,330			(185,968)
Increase (Decrease) in Net Assets from Contract Transactions		(1,548,431	)		(2,526,814	)		(768,746	)		768,253
Total Increase (Decrease) in Net Assets		10,646,042			(2,856,831	)		8,358,584			582,285
Net Assets as of December 31, 2021:	$	68,073,598		$	8,687,717		$	45,149,026		$	30,568,353

See Accompanying Notes.
(1) See Footnote 1	11

Transamerica Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2020 and 2021

	TA BlackRock iShares Active Asset Allocation - Conservative Initial Class Subaccount			TA BlackRock iShares Active Asset Allocation - Moderate Initial Class Subaccount			TA BlackRock iShares Active Asset Allocation - Moderate Growth Initial Class Subaccount			TA BlackRock iShares Edge 40 Initial Class Subaccount
Net Assets as of December 31, 2019:	$	4,430,550		$	2,517,994		$	27,046,353		$	2,874,315
Investment Income:
Reinvested Dividends		95,504			48,523			512,341			63,506
Investment Expense:
Mortality and Expense Risk and Administrative Charges		29,918			17,118			159,218			16,933
Net Investment Income (Loss)		65,586			31,405			353,123			46,573
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		61,925			41,917			483,803			18,044
Realized Gain (Loss) on Investments		7,915			(21,702	)		(373,417	)		(17,203)
Net Realized Capital Gains (Losses) on Investments		69,840			20,215			110,386			841
Net Change in Unrealized Appreciation (Depreciation)		138,327			1,925			(1,218,256	)		175,150
Net Gain (Loss) on Investment		208,167			22,140			(1,107,870	)		175,991
Net Increase (Decrease) in Net Assets Resulting from Operations		273,753			53,545			(754,747	)		222,564
Increase (Decrease) in Net Assets from Contract Transactions		(126,736	)		(266,315	)		(1,460,759	)		(350,106)
Total Increase (Decrease) in Net Assets		147,017			(212,770	)		(2,215,506	)		(127,542)
Net Assets as of December 31, 2020:	$	4,577,567		$	2,305,224		$	24,830,847		$	2,746,773
Investment Income:
Reinvested Dividends		64,984			26,433			200,566			49,530
Investment Expense:
Mortality and Expense Risk and Administrative Charges		30,858			17,043			154,117			16,980
Net Investment Income (Loss)		34,126			9,390			46,449			32,550
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		76,685			-			-			55,027
Realized Gain (Loss) on Investments		79,503			40,536			(16,798	)		40,844
Net Realized Capital Gains (Losses) on Investments		156,188			40,536			(16,798	)		95,871
Net Change in Unrealized Appreciation (Depreciation)		56,306			123,695			1,740,716			21,025
Net Gain (Loss) on Investment		212,494			164,231			1,723,918			116,896
Net Increase (Decrease) in Net Assets Resulting from Operations		246,620			173,621			1,770,367			149,446
Increase (Decrease) in Net Assets from Contract Transactions		159,222			31,869			(749,459	)		(165,610)
Total Increase (Decrease) in Net Assets		405,842			205,490			1,020,908			(16,164)
Net Assets as of December 31, 2021:	$	4,983,409		$	2,510,714		$	25,851,755		$	2,730,609

See Accompanying Notes.
(1) See Footnote 1	12

Transamerica Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2020 and 2021

	TA BlackRock Tactical Allocation Initial Class Subaccount			TA International Focus Initial Class Subaccount			TA Janus Balanced Initial Class Subaccount			TA Janus Mid-Cap Growth Initial Class Subaccount			TA JPMorgan Asset Allocation -    Conservative Initial Class    Subaccount
Net Assets as of December 31, 2019:	$	25,483,831		$	36,425,138		$	13,105,025		$	395,731,444		$	24,659,624
Investment Income:
Reinvested Dividends		912,395			773,603			214,324			853,861			589,998
Investment Expense:
Mortality and Expense Risk and Administrative Charges		175,375			209,016			84,117			2,772,268			158,001
Net Investment Income (Loss)		737,020			564,587			130,207			(1,918,407	)		431,997
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		2,514,419			-			512,221			30,578,426			582,615
Realized Gain (Loss) on Investments		(1,040,842	)		(244,554	)		826,483			8,035,268			37,544
Net Realized Capital Gains (Losses) on Investments		1,473,577			(244,554	)		1,338,704			38,613,694			620,159
Net Change in Unrealized Appreciation (Depreciation)		857,520			6,423,141			213,549			30,187,358			1,412,344
Net Gain (Loss) on Investment		2,331,097			6,178,587			1,552,253			68,801,052			2,032,503
Net Increase (Decrease) in Net Assets Resulting from Operations		3,068,117			6,743,174			1,682,460			66,882,645			2,464,500
Increase (Decrease) in Net Assets from Contract Transactions		(994,582	)		(2,746,318	)		(616,119	)		(19,062,056	)		(1,529,688)
Total Increase (Decrease) in Net Assets		2,073,535			3,996,856			1,066,341			47,820,589			934,812
Net Assets as of December 31, 2020:	$	27,557,366		$	40,421,994		$	14,171,366		$	443,552,033		$	25,594,436
Investment Income:
Reinvested Dividends		1,441,871			510,555			193,057			1,280,557			648,212
Investment Expense:
Mortality and Expense Risk and Administrative Charges		183,101			248,398			90,922			3,476,335			167,990
Net Investment Income (Loss)		1,258,770			262,157			102,135			(2,195,778	)		480,222
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		1,755,282			-			609,538			57,845,068			414,919
Realized Gain (Loss) on Investments		(538,204	)		1,002,680			920,804			14,381,765			352,381
Net Realized Capital Gains (Losses) on Investments		1,217,078			1,002,680			1,530,342			72,226,833			767,300
Net Change in Unrealized Appreciation (Depreciation)		(529,280	)		2,752,574			437,045			765,577			90,997
Net Gain (Loss) on Investment		687,798			3,755,254			1,967,387			72,992,410			858,297
Net Increase (Decrease) in Net Assets Resulting from Operations		1,946,568			4,017,411			2,069,522			70,796,632			1,338,519
Increase (Decrease) in Net Assets from Contract Transactions		(1,181,297	)		(2,591,653	)		(932,738	)		(26,126,975	)		424,499
Total Increase (Decrease) in Net Assets		765,271			1,425,758			1,136,784			44,669,657			1,763,018
Net Assets as of December 31, 2021:	$	28,322,637		$	41,847,752		$	15,308,150		$	488,221,690		$	27,357,454

See Accompanying Notes.
(1) See Footnote 1	13

Transamerica Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2020 and 2021

	TA JPMorgan Asset Allocation - Growth Initial Class Subaccount			TA JPMorgan Asset Allocation - Moderate Initial Class Subaccount			TA JPMorgan Asset Allocation - Moderate Growth Initial Class Subaccount			TA JPMorgan Core Bond Initial Class Subaccount			TA JPMorgan Enhanced Index Initial Class Subaccount
Net Assets as of December 31, 2019:	$	313,982,504		$	73,482,650		$	299,769,826		$	34,000,646		$	10,944,909
Investment Income:
Reinvested Dividends		5,126,260			1,537,846			5,891,875			1,376,765			171,165
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,696,615			392,037			1,559,884			258,438			73,679
Net Investment Income (Loss)		3,429,645			1,145,809			4,331,991			1,118,327			97,486
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		24,058,579			2,120,548			14,861,595			96,785			945,299
Realized Gain (Loss) on Investments		7,397,346			539,464			1,593,168			323,451			20,160
Net Realized Capital Gains (Losses) on Investments		31,455,925			2,660,012			16,454,763			420,236			965,459
Net Change in Unrealized Appreciation (Depreciation)		35,714,518			4,362,962			19,757,008			739,610			1,077,700
Net Gain (Loss) on Investment		67,170,443			7,022,974			36,211,771			1,159,846			2,043,159
Net Increase (Decrease) in Net Assets Resulting from Operations		70,600,088			8,168,783			40,543,762			2,278,173			2,140,645
Increase (Decrease) in Net Assets from Contract Transactions		(18,296,697	)		(3,922,131	)		(16,557,838	)		574,342			859,429
Total Increase (Decrease) in Net Assets		52,303,391			4,246,652			23,985,924			2,852,515			3,000,074
Net Assets as of December 31, 2020:	$	366,285,895		$	77,729,302		$	323,755,750		$	36,853,161		$	13,944,983
Investment Income:
Reinvested Dividends		6,758,115			1,533,861			7,372,238			969,349			128,424
Investment Expense:
Mortality and Expense Risk and Administrative Charges		2,047,010			417,118			1,678,740			242,335			101,568
Net Investment Income (Loss)		4,711,105			1,116,743			5,693,498			727,014			26,856
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		24,688,064			513,065			8,462,068			1,300,490			1,873,202
Realized Gain (Loss) on Investments		18,620,290			1,036,890			5,878,190			48,289			866,279
Net Realized Capital Gains (Losses) on Investments		43,308,354			1,549,955			14,340,258			1,348,779			2,739,481
Net Change in Unrealized Appreciation (Depreciation)		20,744,461			3,955,774			22,582,315			(2,712,302	)		1,390,355
Net Gain (Loss) on Investment		64,052,815			5,505,729			36,922,573			(1,363,523	)		4,129,836
Net Increase (Decrease) in Net Assets Resulting from Operations		68,763,920			6,622,472			42,616,071			(636,509	)		4,156,692
Increase (Decrease) in Net Assets from Contract Transactions		(16,528,392	)		(2,180,960	)		(14,709,327	)		(2,360,820	)		800,212
Total Increase (Decrease) in Net Assets		52,235,528			4,441,512			27,906,744			(2,997,329	)		4,956,904
Net Assets as of December 31, 2021:	$	418,521,423		$	82,170,814		$	351,662,494		$	33,855,832		$	18,901,887

See Accompanying Notes.
(1) See Footnote 1	14

Transamerica Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2020 and 2021

	TA JPMorgan International Moderate Growth Initial Class Subaccount			TA JPMorgan Mid Cap Value Initial Class Subaccount			TA JPMorgan Tactical Allocation Initial Class Subaccount			TA Managed Risk -Balanced ETF Initial Class Subaccount			TA Managed Risk - Growth ETF Initial Class Subaccount
Net Assets as of December 31, 2019:	$	11,283,934		$	6,646,187		$	41,541,857		$	2,996,129		$	4,042,956
Investment Income:
Reinvested Dividends		290,580			69,798			1,009,238			61,342			78,691
Investment Expense:
Mortality and Expense Risk and Administrative Charges		78,121			39,746			276,406			20,305			24,613
Net Investment Income (Loss)		212,459			30,052			732,832			41,037			54,078
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		975			209,896			1,032,746			33,475			93,283
Realized Gain (Loss) on Investments		60,932			(124,277	)		506,735			55,795			(13,862)
Net Realized Capital Gains (Losses) on Investments		61,907			85,619			1,539,481			89,270			79,421
Net Change in Unrealized Appreciation (Depreciation)		1,215,350			(138,595	)		2,324,795			(46,333	)		(58,456)
Net Gain (Loss) on Investment		1,277,257			(52,976	)		3,864,276			42,937			20,965
Net Increase (Decrease) in Net Assets Resulting from Operations		1,489,716			(22,924	)		4,597,108			83,974			75,043
Increase (Decrease) in Net Assets from Contract Transactions		(515,675	)		(373,006	)		(2,438,226	)		(336,691	)		(680,748)
Total Increase (Decrease) in Net Assets		974,041			(395,930	)		2,158,882			(252,717	)		(605,705)
Net Assets as of December 31, 2020:	$	12,257,975		$	6,250,257		$	43,700,739		$	2,743,412		$	3,437,251
Investment Income:
Reinvested Dividends		202,889			53,594			808,324			41,199			40,489
Investment Expense:
Mortality and Expense Risk and Administrative Charges		94,709			50,028			282,815			21,313			24,738
Net Investment Income (Loss)		108,180			3,566			525,509			19,886			15,751
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		-			110,857			2,653,170			136,360			169,618
Realized Gain (Loss) on Investments		367,842			30,132			766,823			38,477			40,415
Net Realized Capital Gains (Losses) on Investments		367,842			140,989			3,419,993			174,837			210,033
Net Change in Unrealized Appreciation (Depreciation)		570,062			1,550,546			(2,083,922	)		53,308			231,798
Net Gain (Loss) on Investment		937,904			1,691,535			1,336,071			228,145			441,831
Net Increase (Decrease) in Net Assets Resulting from Operations		1,046,084			1,695,101			1,861,580			248,031			457,582
Increase (Decrease) in Net Assets from Contract Transactions		285,686			(917,247	)		132,396			86,928			(57,093)
Total Increase (Decrease) in Net Assets		1,331,770			777,854			1,993,976			334,959			400,489
Net Assets as of December 31, 2021:	$	13,589,745		$	7,028,111		$	45,694,715		$	3,078,371		$	3,837,740

See Accompanying Notes.
(1) See Footnote 1	15

Transamerica Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2020 and 2021

	TA Morgan Stanley Capital Growth Initial Class Subaccount			TA Morgan Stanley Global Allocation Initial Class Subaccount			TA Multi-Managed Balanced Initial Class Subaccount			TA PIMCO Tactical - Balanced Initial Class Subaccount			TA PIMCO Tactical - Conservative Initial Class Subaccount
Net Assets as of December 31, 2019:	$	106,517,393		$	5,779,374		$	125,581,396		$	6,138,969		$	10,552,121
Investment Income:
Reinvested Dividends		-			107,845			1,945,517			204,268			177,340
Investment Expense:
Mortality and Expense Risk and Administrative Charges		973,569			38,901			967,483			38,240			71,217
Net Investment Income (Loss)		(973,569	)		68,944			978,034			166,028			106,123
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		6,390,693			340,552			4,991,273			369,313			701,767
Realized Gain (Loss) on Investments		10,682,494			20,796			3,152,052			60,782			168,310
Net Realized Capital Gains (Losses) on Investments		17,073,187			361,348			8,143,325			430,095			870,077
Net Change in Unrealized Appreciation (Depreciation)		105,066,656			482,201			8,636,011			(127,489	)		(11,616)
Net Gain (Loss) on Investment		122,139,843			843,549			16,779,336			302,606			858,461
Net Increase (Decrease) in Net Assets Resulting from Operations		121,166,274			912,493			17,757,370			468,634			964,584
Increase (Decrease) in Net Assets from Contract Transactions		(372,250	)		(414,293	)		(8,301,283	)		(555,623	)		(193,113)
Total Increase (Decrease) in Net Assets		120,794,024			498,200			9,456,087			(86,989	)		771,471
Net Assets as of December 31, 2020:	$	227,311,417		$	6,277,574		$	135,037,483		$	6,051,980		$	11,323,592
Investment Income:
Reinvested Dividends		-			81,956			1,622,796			-			141,960
Investment Expense:
Mortality and Expense Risk and Administrative Charges		1,426,968			45,593			1,092,166			36,944			70,300
Net Investment Income (Loss)		(1,426,968	)		36,363			530,630			(36,944	)		71,660
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		61,634,059			918,096			7,622,040			469,699			879,583
Realized Gain (Loss) on Investments		18,159,202			127,079			3,396,883			35,812			133,914
Net Realized Capital Gains (Losses) on Investments		79,793,261			1,045,175			11,018,923			505,511			1,013,497
Net Change in Unrealized Appreciation (Depreciation)		(80,155,871	)		(597,586	)		9,680,391			(107,550	)		(694,518)
Net Gain (Loss) on Investment		(362,610	)		447,589			20,699,314			397,961			318,979
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,789,578	)		483,952			21,229,944			361,017			390,639
Increase (Decrease) in Net Assets from Contract Transactions		(11,391,100	)		(9,404	)		(6,525,273	)		(133,483	)		(745,388)
Total Increase (Decrease) in Net Assets		(13,180,678	)		474,548			14,704,671			227,534			(354,749)
Net Assets as of December 31, 2021:	$	214,130,739		$	6,752,122		$	149,742,154		$	6,279,514		$	10,968,843

See Accompanying Notes.
(1) See Footnote 1	16

Transamerica Life Insurance Company

WRL Series Life Account

Statements of Operations and Changes in Net Assets

Years Ended December 31, 2020 and 2021

	TA PIMCO Tactical - Growth Initial Class Subaccount			TA PIMCO Total Return Initial Class Subaccount			TA Small/Mid Cap Value Initial Class Subaccount			TA T. Rowe Price Small Cap Initial Class Subaccount			TA WMC US Growth Initial Class Subaccount
Net Assets as of December 31, 2019:	$	12,581,043		$	20,996,230		$	128,821,916		$	59,806,465		$	1,246,807,757
Investment Income:
Reinvested Dividends		493,572			1,129,154			1,234,099			-			1,437,010
Investment Expense:
Mortality and Expense Risk and Administrative Charges		80,155			154,865			678,712			356,236			10,330,533
Net Investment Income (Loss)		413,417			974,289			555,387			(356,236	)		(8,893,523)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		982,238			116,623			4,300,130			3,900,460			104,616,441
Realized Gain (Loss) on Investments		147,980			523,910			(6,123,022	)		152,433			30,402,951
Net Realized Capital Gains (Losses) on Investments		1,130,218			640,533			(1,822,892	)		4,052,893			135,019,392
Net Change in Unrealized Appreciation (Depreciation)		(542,393	)		75,437			2,972,327			7,777,840			306,266,406
Net Gain (Loss) on Investment		587,825			715,970			1,149,435			11,830,733			441,285,798
Net Increase (Decrease) in Net Assets Resulting from Operations		1,001,242			1,690,259			1,704,822			11,474,497			432,392,275
Increase (Decrease) in Net Assets from Contract Transactions		(832,599	)		(265,079	)		(10,884,753	)		(176,111	)		(75,744,232)
Total Increase (Decrease) in Net Assets		168,643			1,425,180			(9,179,931	)		11,298,386			356,648,043
Net Assets as of December 31, 2020:	$	12,749,686		$	22,421,410		$	119,641,985		$	71,104,851		$	1,603,455,800
Investment Income:
Reinvested Dividends		-			322,700			912,524			-			1,343,776
Investment Expense:
Mortality and Expense Risk and Administrative Charges		82,754			135,937			845,416			425,646			13,211,217
Net Investment Income (Loss)		(82,754	)		186,763			67,108			(425,646	)		(11,867,441)
Increase (Decrease) in Net Assets from Operations:
Capital Gain Distributions		992,772			1,275,340			-			6,828,626			248,375,824
Realized Gain (Loss) on Investments		60,015			(350,910	)		3,436,228			3,579,059			46,985,383
Net Realized Capital Gains (Losses) on Investments		1,052,787			924,430			3,436,228			10,407,685			295,361,207
Net Change in Unrealized Appreciation (Depreciation)		151,375			(1,477,976	)		28,594,364			(2,847,057	)		25,503,121
Net Gain (Loss) on Investment		1,204,162			(553,546	)		32,030,592			7,560,628			320,864,328
Net Increase (Decrease) in Net Assets Resulting from Operations		1,121,408			(366,783	)		32,097,700			7,134,982			308,996,887
Increase (Decrease) in Net Assets from Contract Transactions		(412,352	)		(15,678	)		(3,741,198	)		(7,741,713	)		(82,052,683)
Total Increase (Decrease) in Net Assets		709,056			(382,461	)		28,356,502			(606,731	)		226,944,204
Net Assets as of December 31, 2021:	$	13,458,742		$	22,038,949		$	147,998,487		$	70,498,120		$	1,830,400,004

See Accompanying Notes.
(1) See Footnote 1	17

Transamerica Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2021

1. Organization

WRL Series Life Account (the Separate Account) is a segregated investment account of Transamerica Life Insurance Company (TLIC), 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. TLIC 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 TLIC’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
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 Allocation Class 4 Shares	Franklin Allocation Fund Class 4 Shares
ProFunds	ProFunds
ProFund Access VP High Yield	ProFund Access VP High Yield
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

18

Transamerica Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2021

1. Organization (continued)

Subaccount Investment by Mutual Fund:

Subaccount	Mutual Fund
ProFunds	ProFunds
ProFund VP Small-Cap	ProFund VP Small-Cap
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 Sustainable Equity Income Initial Class	Transamerica Aegon Sustainable Equity Income VP Initial Class
TA Aegon U.S. Government Securities Initial Class	Transamerica Aegon U.S. Government Securities 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 Active Asset Allocation - Conservative Initial Class	Transamerica BlackRock iShares Active Asset Allocation - Conservative VP Initial Class
TA BlackRock iShares Active Asset Allocation - Moderate Initial Class	Transamerica BlackRock iShares Active Asset Allocation - Moderate VP Initial Class
TA BlackRock iShares Active Asset Allocation - Moderate Growth Initial Class	Transamerica BlackRock iShares Active Asset Allocation - Moderate Growth 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 International Focus Initial Class	Transamerica International Focus 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 Morgan Stanley Global Allocation Initial Class	Transamerica Morgan Stanley Global Allocation 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 Small/Mid Cap Value Initial Class	Transamerica Small/Mid Cap Value VP Initial Class

19

Transamerica Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2021

1. Organization (continued)

Subaccount Investment by Mutual Fund:
Subaccount	Mutual Fund
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

The following subaccount name changes were made effective during the fiscal year ended December 31, 2021:

Subaccount	Formerly
ProFund Access VP High Yield	Access VP High Yield
TA BlackRock iShares Active Asset Allocation - Conservative Initial Class	TA QS Investors Active Asset Allocation - Conservative Initial Class
TA BlackRock iShares Active Asset Allocation - Moderate Initial Class	TA QS Investors Active Asset Allocation - Moderate Initial Class
TA BlackRock iShares Active Asset Allocation - Moderate Growth Initial Class	TA QS Investors Active Asset Allocation - Moderate Growth Initial Class
TA International Focus Initial Class	TA International Growth Initial Class

20

Transamerica Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2021

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, 2021.

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, 2021.

21

Transamerica Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2021

3. Investments

The aggregate cost of purchases and proceeds from sales of investments for the period ended December 31, 2021 were as follows:

Subaccount	Purchases		Sales
AB Balanced Wealth Strategy Class B Shares	$	853,469	$	452,328
Fidelity® VIP Contrafund® Service Class 2		5,353,983		2,852,609
Fidelity® VIP Equity-Income Service Class 2		3,194,349		1,308,203
Fidelity® VIP Growth Opportunities Service Class 2		5,521,504		4,054,199
Fidelity® VIP Index 500 Service Class 2		23,279,401		20,494,209
Franklin Allocation Class 4 Shares		336,560		711,588
ProFund Access VP High Yield		1,008,586		1,115,809
ProFund VP Asia 30		8,008,180		6,229,449
ProFund VP Basic Materials		4,017,841		2,895,522
ProFund VP Bull		1,537,389		1,583,842
ProFund VP Consumer Services		2,434,351		2,072,315
ProFund VP Emerging Markets		5,770,680		5,516,997
ProFund VP Europe 30		4,738,807		4,352,670
ProFund VP Falling U.S. Dollar		212,225		533,303
ProFund VP Financials		7,711,088		4,900,946
ProFund VP Government Money Market		40,829,977		39,323,737
ProFund VP International		2,163,017		2,115,617
ProFund VP Japan		308,782		379,389
ProFund VP Mid-Cap		6,280,422		5,742,890
ProFund VP NASDAQ-100		47,890,032		39,193,027
ProFund VP Oil & Gas		9,186,580		8,262,169
ProFund VP Pharmaceuticals		1,505,985		1,761,892
ProFund VP Precious Metals		4,237,433		5,318,618
ProFund VP Short Emerging Markets		411,659		287,153
ProFund VP Short International		523,710		548,562
ProFund VP Short NASDAQ-100		3,329,604		5,268,086
ProFund VP Short Small-Cap		2,345,821		2,130,371
ProFund VP Small-Cap		6,765,928		7,876,082
ProFund VP Small-Cap Value		6,519,248		6,319,847
ProFund VP Telecommunications		239,255		390,560
ProFund VP U.S. Government Plus		3,956,597		5,656,067
ProFund VP UltraNASDAQ-100		83,949,847		69,668,126
ProFund VP UltraSmall-Cap		20,314,878		15,289,896
ProFund VP Utilities		2,039,735		2,103,290
TA Aegon High Yield Bond Initial Class		3,785,778		4,844,280
TA Aegon Sustainable Equity Income Initial Class		9,444,026		10,065,205

22

Transamerica Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2021

3. Investments (continued)

Subaccount	Purchases		Sales
TA Aegon U.S. Government Securities Initial Class	$	2,674,809	$	4,445,190
TA BlackRock Global Real Estate Securities Initial Class		6,651,719		6,639,515
TA BlackRock Government Money Market Initial Class		15,140,090		14,557,765
TA BlackRock iShares Active Asset Allocation - Conservative Initial Class		1,719,436		1,449,404
TA BlackRock iShares Active Asset Allocation - Moderate Initial Class		585,300		544,039
TA BlackRock iShares Active Asset Allocation - Moderate Growth Initial Class		3,830,418		4,533,416
TA BlackRock iShares Edge 40 Initial Class		551,871		629,903
TA BlackRock Tactical Allocation Initial Class		7,326,083		5,493,332
TA International Focus Initial Class		2,644,391		4,973,858
TA Janus Balanced Initial Class		3,717,494		3,938,551
TA Janus Mid-Cap Growth Initial Class		72,898,323		43,375,975
TA JPMorgan Asset Allocation - Conservative Initial Class		5,012,106		3,692,460
TA JPMorgan Asset Allocation - Growth Initial Class		83,779,880		70,909,118
TA JPMorgan Asset Allocation - Moderate Initial Class		10,100,142		10,651,270
TA JPMorgan Asset Allocation - Moderate Growth Initial Class		48,676,126		49,229,800
TA JPMorgan Core Bond Initial Class		5,360,405		5,693,726
TA JPMorgan Enhanced Index Initial Class		7,250,275		4,550,008
TA JPMorgan International Moderate Growth Initial Class		2,608,311		2,214,439
TA JPMorgan Mid Cap Value Initial Class		168,307		971,130
TA JPMorgan Tactical Allocation Initial Class		9,495,453		6,184,372
TA Managed Risk - Balanced ETF Initial Class		724,837		481,663
TA Managed Risk - Growth ETF Initial Class		774,746		646,473
TA Morgan Stanley Capital Growth Initial Class		83,406,788		34,590,796
TA Morgan Stanley Global Allocation Initial Class		2,061,934		1,116,877
TA Multi-Managed Balanced Initial Class		12,676,487		11,049,074
TA PIMCO Tactical - Balanced Initial Class		1,570,755		1,271,482
TA PIMCO Tactical - Conservative Initial Class		2,888,508		2,682,651
TA PIMCO Tactical - Growth Initial Class		3,219,707		2,722,039
TA PIMCO Total Return Initial Class		14,220,083		12,773,655
TA Small/Mid Cap Value Initial Class		21,895,657		25,569,751
TA T. Rowe Price Small Cap Initial Class		14,868,888		16,207,605
TA WMC US Growth Initial Class		266,658,202		112,202,847

23

Transamerica 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, 2021								Year Ended December 31, 2020
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		32,475		(17,599	)		14,876			27,692		(26,655	)		1,037
Fidelity® VIP Contrafund® Service Class 2		27,903		(63,336	)		(35,433	)		48,343		(76,554	)		(28,211	)
Fidelity® VIP Equity-Income Service Class  2		48,647		(40,994	)		7,653			26,677		(57,800	)		(31,123	)
Fidelity® VIP Growth Opportunities Service Class 2		50,680		(62,528	)		(11,848	)		109,733		(83,864	)		25,869
Fidelity® VIP Index 500 Service Class 2		566,643		(491,029	)		75,614			651,581		(604,798	)		46,783
Franklin Allocation Class 4 Shares		13,463		(31,125	)		(17,662	)		33,859		(24,834	)		9,025
ProFund Access VP High Yield		56,316		(63,301	)		(6,985	)		120,264		(147,466	)		(27,202	)
ProFund VP Asia 30		412,287		(384,829	)		27,458			376,008		(746,710	)		(370,702	)
ProFund VP Basic Materials		232,889		(172,472	)		60,417			79,670		(97,280	)		(17,610	)
ProFund VP Bull		37,755		(48,594	)		(10,839	)		91,297		(117,973	)		(26,676	)
ProFund VP Consumer Services		45,066		(47,097	)		(2,031	)		63,427		(51,863	)		11,564
ProFund VP Emerging Markets		480,126		(481,861	)		(1,735	)		640,355		(1,165,644	)		(525,289	)
ProFund VP Europe 30		365,060		(326,259	)		38,801			28,489		(40,160	)		(11,671	)
ProFund VP Falling U.S. Dollar		32,955		(81,411	)		(48,456	)		160,031		(106,281	)		53,750
ProFund VP Financials		316,413		(213,451	)		102,962			56,864		(112,926	)		(56,062	)
ProFund VP Government Money Market		4,192,633		(4,036,931	)		155,702			4,130,338		(3,411,978	)		718,360
ProFund VP International		170,967		(167,631	)		3,336			205,446		(209,442	)		(3,996	)
ProFund VP Japan		11,024		(22,387	)		(11,363	)		53,425		(59,856	)		(6,431	)
ProFund VP Mid-Cap		237,459		(223,931	)		13,528			154,543		(92,587	)		61,956
ProFund VP NASDAQ-100		750,208		(668,910	)		81,298			627,498		(618,498	)		9,000
ProFund VP Oil & Gas		1,322,205		(1,228,372	)		93,833			1,021,242		(718,224	)		303,018
ProFund VP Pharmaceuticals		53,094		(66,507	)		(13,413	)		114,430		(86,935	)		27,495
ProFund VP Precious Metals		804,502		(996,528	)		(192,026	)		1,249,997		(1,044,918	)		205,079
ProFund VP Short Emerging Markets		148,446		(109,675	)		38,771			913,779		(915,581	)		(1,802	)
ProFund VP Short International		176,000		(187,454	)		(11,454	)		302,917		(268,825	)		34,092
ProFund VP Short NASDAQ-100		5,994,927		(7,887,616	)		(1,892,689	)		6,893,263		(6,016,158	)		877,105
ProFund VP Short Small-Cap		2,316,834		(2,162,607	)		154,227			2,147,818		(1,973,758	)		174,060

24

Transamerica Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

4. Change in Units (continued)

	Year Ended December 31, 2021								Year Ended December 31, 2020
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		257,363		(307,593	)		(50,230	)		154,088		(183,729	)		(29,641	)
ProFund VP Small-Cap Value		251,012		(243,134	)		7,878			134,497		(166,885	)		(32,388	)
ProFund VP Telecommunications		13,854		(23,886	)		(10,032	)		43,748		(27,990	)		15,758
ProFund VP U.S. Government Plus		151,546		(284,443	)		(132,897	)		353,431		(242,677	)		110,754
ProFund VP UltraNASDAQ-100		380,124		(415,124	)		(35,000	)		556,492		(570,604	)		(14,112	)
ProFund VP UltraSmall-Cap		462,600		(374,451	)		88,149			310,379		(340,281	)		(29,902	)
ProFund VP Utilities		84,222		(94,357	)		(10,135	)		84,281		(148,633	)		(64,352	)
TA Aegon High Yield Bond Initial Class		147,352		(203,399	)		(56,047	)		214,146		(367,768	)		(153,622	)
TA Aegon Sustainable Equity Income Initial Class		329,758		(295,838	)		33,920			196,268		(339,841	)		(143,573	)
TA Aegon U.S. Government Securities Initial Class		139,420		(296,318	)		(156,898	)		927,567		(622,779	)		304,788
TA BlackRock Global Real Estate Securities Initial Class		251,692		(215,926	)		35,766			196,606		(281,810	)		(85,204	)
TA BlackRock Government Money Market Initial Class		1,199,823		(1,175,131	)		24,692			1,960,728		(1,861,922	)		98,806
TA BlackRock iShares Active Asset Allocation - Conservative Initial Class		104,442		(95,562	)		8,880			97,649		(107,309	)		(9,660	)
TA BlackRock iShares Active Asset Allocation - Moderate Initial Class		36,895		(35,821	)		1,074			32,937		(52,546	)		(19,609	)
TA BlackRock iShares Active Asset Allocation - Moderate Growth Initial Class		252,265		(311,735	)		(59,470	)		333,286		(452,143	)		(118,857	)
TA BlackRock iShares Edge 40 Initial Class		25,522		(30,530	)		(5,008	)		22,532		(41,271	)		(18,739	)
TA BlackRock Tactical Allocation Initial Class		220,692		(288,969	)		(68,277	)		301,057		(369,682	)		(68,625	)
TA International Focus Initial Class		108,193		(211,675	)		(103,482	)		159,230		(310,562	)		(151,332	)
TA Janus Balanced Initial Class		132,478		(170,533	)		(38,055	)		180,545		(211,576	)		(31,031	)
TA Janus Mid-Cap Growth Initial Class		441,241		(782,031	)		(340,790	)		621,754		(946,324	)		(324,570	)
TA JPMorgan Asset Allocation - Conservative Initial Class		202,020		(173,774	)		28,246			265,435		(335,885	)		(70,450	)
TA JPMorgan Asset Allocation - Growth Initial Class		1,937,302		(2,264,260	)		(326,958	)		2,333,626		(2,932,671	)		(599,045	)
TA JPMorgan Asset Allocation - Moderate Initial Class		396,726		(456,725	)		(59,999	)		596,601		(740,583	)		(143,982	)
TA JPMorgan Asset Allocation - Moderate Growth Initial Class		1,490,868		(1,901,391	)		(410,523	)		2,313,348		(2,840,772	)		(527,424	)
TA JPMorgan Core Bond Initial Class		177,033		(247,141	)		(70,108	)		468,278		(355,190	)		113,088
TA JPMorgan Enhanced Index Initial Class		130,954		(101,092	)		29,862			178,445		(152,466	)		25,979
TA JPMorgan International Moderate Growth Initial Class		143,506		(128,752	)		14,754			76,928		(116,609	)		(39,681	)

25

Transamerica Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

4. Change in Units (continued)

	Year Ended December 31, 2021								Year Ended December 31, 2020
Subaccount	Units Purchased		Units Redeemed     and Transferred     to/from			Net Increase       (Decrease)			Units Purchased		Units Redeemed     and Transferred     to/from			Net Increase       (Decrease)
TA JPMorgan Mid Cap Value Initial Class		127		(19,833	)		(19,706	)		513		(13,788	)		(13,275	)
TA JPMorgan Tactical Allocation Initial Class		329,501		(267,491	)		62,010			170,685		(246,211	)		(75,526	)
TA Managed Risk - Balanced ETF Initial Class		31,856		(26,698	)		5,158			28,623		(50,383	)		(21,760	)
TA Managed Risk - Growth ETF Initial Class		29,566		(33,077	)		(3,511	)		37,907		(80,595	)		(42,688	)
TA Morgan Stanley Capital Growth Initial Class		260,883		(348,666	)		(87,783	)		450,785		(446,607	)		4,178
TA Morgan Stanley Global Allocation Initial Class		58,345		(59,755	)		(1,410	)		51,993		(83,042	)		(31,049	)
TA Multi-Managed Balanced Initial Class		119,804		(286,176	)		(166,372	)		199,714		(455,625	)		(255,911	)
TA PIMCO Tactical - Balanced Initial Class		67,270		(74,279	)		(7,009	)		77,855		(112,227	)		(34,372	)
TA PIMCO Tactical - Conservative Initial Class		122,859		(168,535	)		(45,676	)		177,546		(187,028	)		(9,482	)
TA PIMCO Tactical - Growth Initial Class		140,745		(158,977	)		(18,232	)		186,325		(233,071	)		(46,746	)
TA PIMCO Total Return Initial Class		850,489		(824,172	)		26,317			1,049,192		(1,024,278	)		24,914
TA Small/Mid Cap Value Initial Class		669,372		(618,200	)		51,172			517,683		(758,638	)		(240,955	)
TA T. Rowe Price Small Cap Initial Class		199,812		(359,732	)		(159,920	)		570,686		(572,499	)		(1,813	)
TA WMC US Growth Initial Class		380,219		(1,669,204	)		(1,288,985	)		526,513		(2,217,992	)		(1,691,479	)

26

Transamerica Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

4. Change in Unit Dollars (continued)

	Year Ended December 31, 2021								Year Ended December 31, 2020
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	$	788,901	$	(438,968	)	$	349,933		$	530,414	$	(504,318	)	$	26,096
Fidelity® VIP Contrafund® Service Class 2		1,165,535		(2,711,016	)		(1,545,481	)		1,576,083		(2,437,017	)		(860,934	)
Fidelity® VIP Equity-Income Service Class 2		1,558,210		(1,256,935	)		301,275			640,711		(1,365,763	)		(725,052	)
Fidelity® VIP Growth Opportunities Service Class 2		3,140,457		(3,959,437	)		(818,980	)		4,815,571		(3,234,920	)		1,580,651
Fidelity® VIP Index 500 Service Class 2		22,104,485		(20,259,682	)		1,844,803			18,984,204		(18,954,355	)		29,849
Franklin Allocation Class 4 Shares		304,761		(702,770	)		(398,009	)		636,845		(525,796	)		111,049
ProFund Access VP High Yield		938,926		(1,104,370	)		(165,444	)		1,918,513		(2,477,676	)		(559,163	)
ProFund VP Asia 30		7,043,172		(6,208,300	)		834,872			4,252,042		(8,390,122	)		(4,138,080	)
ProFund VP Basic Materials		3,932,319		(2,883,034	)		1,049,285			963,912		(1,121,480	)		(157,568	)
ProFund VP Bull		1,218,068		(1,561,196	)		(343,128	)		2,070,184		(2,633,379	)		(563,195	)
ProFund VP Consumer Services		1,928,479		(2,050,439	)		(121,960	)		2,175,269		(1,659,233	)		516,036
ProFund VP Emerging Markets		5,790,440		(5,495,821	)		294,619			5,671,529		(10,215,556	)		(4,544,027	)
ProFund VP Europe 30		4,734,694		(4,347,572	)		387,122			285,158		(378,399	)		(93,241	)
ProFund VP Falling U.S. Dollar		209,254		(532,303	)		(323,049	)		1,051,692		(685,987	)		365,705
ProFund VP Financials		7,368,458		(4,882,868	)		2,485,590			960,894		(1,787,354	)		(826,460	)
ProFund VP Government Money Market		40,863,914		(39,267,239	)		1,596,675			40,332,283		(33,316,594	)		7,015,689
ProFund VP International		2,169,028		(2,107,957	)		61,071			1,826,977		(1,671,445	)		155,532
ProFund VP Japan		208,282		(376,247	)		(167,965	)		745,815		(894,185	)		(148,370	)
ProFund VP Mid-Cap		6,073,025		(5,723,600	)		349,425			2,815,099		(1,644,252	)		1,170,847
ProFund VP NASDAQ-100		42,929,193		(39,068,715	)		3,860,478			26,512,377		(26,540,165	)		(27,788	)
ProFund VP Oil & Gas		9,096,493		(8,241,421	)		855,072			4,800,404		(3,320,720	)		1,479,684
ProFund VP Pharmaceuticals		1,427,619		(1,740,169	)		(312,550	)		2,515,252		(1,959,020	)		556,232
ProFund VP Precious Metals		4,267,282		(5,283,359	)		(1,016,077	)		6,712,725		(5,536,884	)		1,175,841
ProFund VP Short Emerging Markets		412,227		(286,148	)		126,079			4,056,808		(3,836,120	)		220,688
ProFund VP Short International		524,447		(547,418	)		(22,971	)		1,308,650		(1,094,073	)		214,577
ProFund VP Short NASDAQ-100		3,324,443		(5,264,996	)		(1,940,553	)		7,641,029		(7,186,340	)		454,689
ProFund VP Short Small-Cap		2,347,308		(2,128,403	)		218,905			3,906,340		(3,391,138	)		515,202

27

Transamerica Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

4. Change in Unit Dollars (continued)

	Year Ended December 31, 2021								Year Ended December 31, 2020
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	$	6,529,190	$	(7,859,731	)	$	(1,330,541	)	$	3,044,975	$	(3,470,397	)	$	(425,422	)
ProFund VP Small-Cap Value		6,529,032		(6,305,456	)		223,576			2,590,589		(3,160,485	)		(569,896	)
ProFund VP Telecommunications		231,597		(387,031	)		(155,434	)		587,162		(382,797	)		204,365
ProFund VP U.S. Government Plus		3,113,782		(5,638,809	)		(2,525,027	)		8,578,307		(5,685,920	)		2,892,387
ProFund VP UltraNASDAQ-100		64,276,319		(69,439,837	)		(5,163,518	)		48,446,905		(49,037,784	)		(590,879	)
ProFund VP UltraSmall-Cap		19,441,650		(15,253,521	)		4,188,129			5,792,821		(6,522,430	)		(729,609	)
ProFund VP Utilities		1,979,464		(2,085,453	)		(105,989	)		1,780,035		(2,970,574	)		(1,190,539	)
TA Aegon High Yield Bond Initial Class		3,061,483		(4,784,943	)		(1,723,460	)		4,198,719		(7,593,818	)		(3,395,099	)
TA Aegon Sustainable Equity Income Initial Class		8,227,269		(9,775,700	)		(1,548,431	)		3,817,827		(9,027,675	)		(5,209,848	)
TA Aegon U.S. Government Securities Initial Class		1,879,047		(4,405,861	)		(2,526,814	)		13,921,008		(9,527,170	)		4,393,838
TA BlackRock Global Real Estate Securities Initial Class		5,709,622		(6,478,368	)		(768,746	)		3,242,738		(6,755,637	)		(3,512,899	)
TA BlackRock Government Money Market Initial Class		15,209,208		(14,440,955	)		768,253			26,067,903		(26,175,174	)		(107,271	)
TA BlackRock iShares Active Asset Allocation - Conservative Initial Class		1,591,864		(1,432,642	)		159,222			1,332,634		(1,459,370	)		(126,736	)
TA BlackRock iShares Active Asset Allocation - Moderate Initial Class		565,852		(533,983	)		31,869			447,277		(713,592	)		(266,315	)
TA BlackRock iShares Active Asset Allocation - Moderate Growth Initial Class		3,708,170		(4,457,629	)		(749,459	)		4,544,154		(6,004,913	)		(1,460,759	)
TA BlackRock iShares Edge 40 Initial Class		454,153		(619,763	)		(165,610	)		360,680		(710,786	)		(350,106	)
TA BlackRock Tactical Allocation Initial Class		4,205,884		(5,387,181	)		(1,181,297	)		4,943,301		(5,937,883	)		(994,582	)
TA International Focus Initial Class		2,213,110		(4,804,763	)		(2,591,653	)		2,363,322		(5,109,640	)		(2,746,318	)
TA Janus Balanced Initial Class		2,954,701		(3,887,439	)		(932,738	)		3,374,413		(3,990,532	)		(616,119	)
TA Janus Mid-Cap Growth Initial Class		14,290,172		(40,417,147	)		(26,126,975	)		16,814,390		(35,876,446	)		(19,062,056	)
TA JPMorgan Asset Allocation - Conservative Initial Class		4,009,313		(3,584,814	)		424,499			4,627,512		(6,157,200	)		(1,529,688	)
TA JPMorgan Asset Allocation - Growth Initial Class		53,104,034		(69,632,426	)		(16,528,392	)		44,859,217		(63,155,914	)		(18,296,697	)
TA JPMorgan Asset Allocation - Moderate Initial Class		8,210,462		(10,391,422	)		(2,180,960	)		10,111,367		(14,033,498	)		(3,922,131	)
TA JPMorgan Asset Allocation - Moderate Growth Initial Class		33,465,542		(48,174,869	)		(14,709,327	)		40,659,916		(57,217,754	)		(16,557,838	)
TA JPMorgan Core Bond Initial Class		3,173,704		(5,534,524	)		(2,360,820	)		8,078,684		(7,504,342	)		574,342

28

Transamerica Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

4. Change in Unit Dollars (continued)

	Year Ended December 31, 2021								Year Ended December 31, 2020
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 Enhanced Index Initial Class	$	5,301,190	$	(4,500,978	)	$	800,212		$	5,585,395	$	(4,725,966	)	$	859,429
TA JPMorgan International Moderate Growth Initial Class		2,450,677		(2,164,991	)		285,686			1,046,110		(1,561,785	)		(515,675	)
TA JPMorgan Mid Cap Value Initial Class		3,870		(921,117	)		(917,247	)		10,736		(383,742	)		(373,006	)
TA JPMorgan Tactical Allocation Initial Class		6,128,290		(5,995,894	)		132,396			2,915,109		(5,353,335	)		(2,438,226	)
TA Managed Risk - Balanced ETF Initial Class		554,453		(467,525	)		86,928			453,102		(789,793	)		(336,691	)
TA Managed Risk - Growth ETF Initial Class		576,370		(633,463	)		(57,093	)		637,868		(1,318,616	)		(680,748	)
TA Morgan Stanley Capital Growth Initial Class		22,253,199		(33,644,299	)		(11,391,100	)		26,580,284		(26,952,534	)		(372,250	)
TA Morgan Stanley Global Allocation Initial Class		1,085,691		(1,095,095	)		(9,404	)		776,233		(1,190,526	)		(414,293	)
TA Multi-Managed Balanced Initial Class		3,625,522		(10,150,795	)		(6,525,273	)		4,899,161		(13,200,444	)		(8,301,283	)
TA PIMCO Tactical - Balanced Initial Class		1,118,917		(1,252,400	)		(133,483	)		1,177,717		(1,733,340	)		(555,623	)
TA PIMCO Tactical - Conservative Initial Class		1,903,002		(2,648,390	)		(745,388	)		2,513,692		(2,706,805	)		(193,113	)
TA PIMCO Tactical - Growth Initial Class		2,273,095		(2,685,447	)		(412,352	)		2,631,848		(3,464,447	)		(832,599	)
TA PIMCO Total Return Initial Class		12,681,710		(12,697,388	)		(15,678	)		15,852,673		(16,117,752	)		(265,079	)
TA Small/Mid Cap Value Initial Class		21,278,754		(25,019,952	)		(3,741,198	)		10,668,925		(21,553,678	)		(10,884,753	)
TA T. Rowe Price Small Cap Initial Class		8,198,469		(15,940,182	)		(7,741,713	)		17,736,867		(17,912,978	)		(176,111	)
TA WMC US Growth Initial Class		17,878,053		(99,930,736	)		(82,052,683	)		18,955,106		(94,699,338	)		(75,744,232	)

29

Transamerica Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2021

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
	12/31/2021		128,605	$	31.71	to	$	26.26	$	3,334,899		0.26	%		0.00	%	to	1.50	%		13.36	%	to	11.69	%
	12/31/2020		113,729		27.97	to		23.51		2,646,256		2.11			0.00		to	1.50			9.25		to	7.64
	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
Fidelity® VIP Contrafund® Service Class 2
	12/31/2021		757,429		40.91	to		55.54		36,637,861		0.03			0.30		to	0.90			27.13		to	26.37
	12/31/2020		792,862		32.18	to		43.95		30,292,014		0.08			0.30		to	0.90			29.84		to	29.07
	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
Fidelity® VIP Equity-Income Service Class 2
	12/31/2021		411,487		29.47	to		36.20		13,664,086		1.70			0.30		to	0.90			24.23		to	23.49
	12/31/2020		403,834		23.72	to		29.31		10,779,441		1.64			0.30		to	0.90			6.12		to	5.49
	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
Fidelity® VIP Growth Opportunities Service Class 2
	12/31/2021		428,203		72.50	to		58.00		27,303,691		-			0.30		to	0.90			11.34		to	10.67
	12/31/2020		440,051		65.11	to		52.41		25,301,018		-			0.30		to	0.90			67.73		to	66.73
	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
Fidelity® VIP Index 500 Service Class 2
	12/31/2021		1,972,881		44.98	to		39.02		89,078,492		1.04			0.00		to	1.50			28.26		to	26.36
	12/31/2020		1,897,267		35.07	to		30.88		68,174,561		1.60			0.00		to	1.50			17.95		to	16.20
	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
Franklin Allocation Class 4 Shares
	12/31/2021		94,166		32.67	to		27.06		2,447,004		1.59			0.00		to	1.50			11.54		to	9.89
	12/31/2020		111,828		29.29	to		24.62		2,590,133		1.36			0.00		to	1.50			11.75		to	10.10
	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
ProFund Access VP High Yield
	12/31/2021		168,760		22.96	to		18.49		3,027,455		2.48			0.00		to	1.50			0.27		to	(1.21	)
	12/31/2020		175,745		22.89	to		18.72		3,202,897		6.43			0.00		to	1.50			(0.06	)	to	(1.54	)
	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
ProFund VP Asia 30
	12/31/2021		411,959		12.81	to		12.27		4,976,668		-			0.00		to	1.50			(18.52	)	to	(19.73	)
	12/31/2020		384,501		15.73	to		15.28		5,684,247		0.94			0.00		to	1.50			35.55		to	33.55
	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

30

Transamerica Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2021

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
	12/31/2021		262,925	$	19.39	to	$	16.10	$	4,759,259		0.26	%		0.00	%	to	1.50	%		25.63	%	to	23.77	%
	12/31/2020		202,508		15.43	to		13.01		2,916,123		0.64			0.00		to	1.50			16.49		to	14.76
	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
ProFund VP Bull
	12/31/2021		164,564		35.44	to		31.44		5,735,865		-			0.00		to	1.50			26.33		to	24.47
	12/31/2020		175,403		28.05	to		25.26		4,864,234		0.09			0.00		to	1.50			16.03		to	14.32
	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
ProFund VP Consumer Services
	12/31/2021		154,824		52.42	to		47.84		6,918,758		-			0.00		to	1.50			10.23		to	8.60
	12/31/2020		156,855		47.55	to		44.05		6,421,577		-			0.00		to	1.50			28.34		to	26.45
	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
ProFund VP Emerging Markets
	12/31/2021		645,052		9.33	to		8.56		6,210,598		-			0.00		to	1.50			(18.01	)	to	(19.23	)
	12/31/2020		646,787		11.39	to		10.59		7,586,888		0.60			0.00		to	1.50			26.72		to	24.85
	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
ProFund VP Europe 30
	12/31/2021		113,300		12.76	to		10.83		1,410,359		0.54			0.00		to	1.50			24.53		to	22.69
	12/31/2020		74,499		10.25	to		8.83		743,173		2.67			0.00		to	1.50			(9.23	)	to	(10.57	)
	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
ProFund VP Falling U.S. Dollar
	12/31/2021		36,666		6.17	to		4.95		215,619		-			0.00		to	1.50			(8.03	)	to	(9.39	)
	12/31/2020		85,122		6.71	to		5.46		571,233		0.32			0.00		to	1.50			4.80		to	3.26
	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
ProFund VP Financials
	12/31/2021		306,203		21.90	to		22.98		7,421,217		0.32			0.00		to	1.50			30.10		to	28.18
	12/31/2020		203,241		16.83	to		17.93		3,629,255		0.65			0.00		to	1.50			(1.77	)	to	(3.22	)
	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
ProFund VP Government Money Market
	12/31/2021		2,052,472		10.69	to		8.31		19,922,125		0.01			0.00		to	1.50			0.01		to	(1.47	)
	12/31/2020		1,896,770		10.69	to		8.44		18,415,872		0.04			0.00		to	1.50			0.04		to	(1.44	)
	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	)

31

Transamerica Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2021

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 International
	12/31/2021		233,841	$	11.82	to	$	10.43	$	2,986,900		-	%		0.00	%	to	1.50	%		8.82	%	to	7.21	%
	12/31/2020		230,505		10.86	to		9.73		2,698,233		0.54			0.00		to	1.50			4.90		to	3.35
	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
ProFund VP Japan
	12/31/2021		37,355		16.62	to		14.04		651,443		-			0.00		to	1.50			3.89		to	2.36
	12/31/2020		48,718		16.00	to		13.72		792,777		0.26			0.00		to	1.50			15.93		to	14.22
	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
ProFund VP Mid-Cap
	12/31/2021		235,593		31.20	to		26.68		6,370,458		-			0.00		to	1.50			22.21		to	20.40
	12/31/2020		222,065		25.53	to		22.16		4,946,836		1.03			0.00		to	1.50			10.76		to	9.12
	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
ProFund VP NASDAQ-100
	12/31/2021		625,685		82.04	to		64.95		43,056,594		-			0.00		to	1.50			24.80		to	22.96
	12/31/2020		544,387		65.74	to		52.82		31,067,075		-			0.00		to	1.50			45.57		to	43.42
	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
ProFund VP Oil & Gas
	12/31/2021		1,118,554		8.04	to		6.09		8,391,421		1.60			0.00		to	1.50			51.93		to	49.69
	12/31/2020		1,024,721		5.29	to		4.07		5,035,078		2.67			0.00		to	1.50			(34.46	)	to	(35.43	)
	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	)
ProFund VP Pharmaceuticals
	12/31/2021		234,365		30.92	to		26.97		6,642,729		0.27			0.00		to	1.50			11.20		to	9.56
	12/31/2020		247,778		27.81	to		24.62		6,322,174		0.12			0.00		to	1.50			12.51		to	10.85
	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
ProFund VP Precious Metals
	12/31/2021		1,733,822		5.51	to		4.85		8,805,544		-			0.00		to	1.50			(8.93	)	to	(10.28	)
	12/31/2020		1,925,848		6.05	to		5.40		10,748,618		0.25			0.00		to	1.50			24.10		to	22.27
	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
ProFund VP Short Emerging Markets
	12/31/2021		132,325		2.32	to		1.76		390,777		-			0.00		to	1.50			9.96		to	8.33
	12/31/2020		93,554		2.11	to		1.63		236,037		0.44			0.00		to	1.50			(31.76	)	to	(32.77	)
	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	)

32

Transamerica Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2021

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 International
	12/31/2021		105,327		$  2.49	to	$  1.91	$	276,635		-	%		0.00	%	to	1.50	%		(13.40	)  %	to	(14.68	)  %
	12/31/2020		116,781		2.88	to	2.24		353,854		0.51			0.00		to	1.50			(16.94	)	to	(18.17	)
	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	)
ProFund VP Short NASDAQ-100
	12/31/2021		1,233,529		0.43	to	0.36		679,736		-			0.00		to	1.50			(25.13	)	to	(26.24	)
	12/31/2020		3,126,218		0.58	to	0.49		2,839,671		0.24			0.00		to	1.50			(42.77	)	to	(43.62	)
	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	)
ProFund VP Short Small-Cap
	12/31/2021		654,569		0.90	to	0.64		635,292		-			0.00		to	1.50			(19.05	)	to	(20.25	)
	12/31/2020		500,342		1.12	to	0.81		548,617		0.57			0.00		to	1.50			(31.96	)	to	(32.97	)
	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	)
ProFund VP Small-Cap
	12/31/2021		143,278		27.80	to	25.87		3,742,748		-			0.00		to	1.50			12.88		to	11.21
	12/31/2020		193,508		24.63	to	23.26		4,480,052		0.05			0.00		to	1.50			17.06		to	15.33
	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
ProFund VP Small-Cap Value
	12/31/2021		168,208		30.72	to	27.40		4,560,094		0.10			0.00		to	1.50			28.56		to	26.66
	12/31/2020		160,330		23.90	to	21.64		3,392,669		0.02			0.00		to	1.50			1.06		to	(0.43	)
	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
ProFund VP Telecommunications
	12/31/2021		55,335		18.60	to	16.19		966,416		1.11			0.00		to	1.50			18.41		to	16.66
	12/31/2020		65,367		15.70	to	13.87		967,161		0.95			0.00		to	1.50			3.15		to	1.63
	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	)
ProFund VP U.S. Government Plus
	12/31/2021		207,687		23.15	to	18.76		4,320,363		-			0.00		to	1.50			(7.08	)	to	(8.46	)
	12/31/2020		340,584		24.92	to	20.49		7,661,538		0.03			0.00		to	1.50			20.69		to	18.91
	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
ProFund VP UltraNASDAQ-100
	12/31/2021		438,658		214.93	to	190.00		91,072,726		-			0.00		to	1.50			52.51		to	50.26
	12/31/2020		473,658		140.93	to	126.45		64,613,684		-			0.00		to	1.50			86.30		to	83.55
	12/31/2019		487,770		75.65	to	68.89		35,807,599		-			0.00		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

33

Transamerica Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2021

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 UltraSmall-Cap
	12/31/2021		343,288	$	40.88	to	$	38.51	$	13,827,568		-	%		0.00	%	to	1.50	%		23.30	%	to	21.48	%
	12/31/2020		255,139		33.16	to		31.70		8,336,950		0.13			0.00		to	1.50			16.39		to	14.67
	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
ProFund VP Utilities
	12/31/2021		217,220		25.19	to		19.79		5,336,129		1.50			0.00		to	1.50			15.41		to	13.70
	12/31/2020		227,355		21.83	to		17.40		4,780,991		1.55			0.00		to	1.50			(2.40	)	to	(3.84	)
	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
TA Aegon High Yield Bond Initial Class
	12/31/2021		618,002		26.16	to		20.84		14,134,753		5.19			0.00		to	1.50			6.35		to	4.78
	12/31/2020		674,049		24.60	to		19.89		15,055,821		6.23			0.00		to	1.50			5.04		to	3.49
	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
TA Aegon Sustainable Equity Income Initial Class
	12/31/2021		2,016,162		24.24	to		20.85		68,073,598		2.11			0.00		to	1.50			22.42		to	20.61
	12/31/2020		1,982,242		19.80	to		17.28		57,427,556		3.02			0.00		to	1.50			(7.35	)	to	(8.72	)
	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
TA Aegon U.S. Government Securities Initial Class
	12/31/2021		598,204		16.95	to		12.76		8,687,717		2.05			0.00		to	1.50			(2.39	)	to	(3.83	)
	12/31/2020		755,102		17.36	to		13.27		11,544,548		1.62			0.00		to	1.50			8.97		to	7.36
	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
TA BlackRock Global Real Estate Securities Initial Class
	12/31/2021		1,580,079		19.68	to		18.55		45,149,026		2.52			0.00		to	1.50			26.22		to	24.36
	12/31/2020		1,544,313		15.59	to		14.91		36,790,442		12.31			0.00		to	1.50			(0.31	)	to	(1.79	)
	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
TA BlackRock Government Money Market Initial Class
	12/31/2021		2,356,554		11.30	to		8.61		30,568,353		0.00			0.00		to	1.50			0.00		to	(1.47	)
	12/31/2020		2,331,862		11.30	to		8.74		29,986,068		0.27			0.00		to	1.50			0.29		to	(1.19	)
	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	)
TA BlackRock iShares Active Asset Allocation - Conservative Initial Class
	12/31/2021		323,769		16.67	to		14.01		4,983,409		1.36			0.00		to	1.50			5.98		to	4.41
	12/31/2020		314,889		15.73	to		13.42		4,577,567		2.20			0.00		to	1.50			6.99		to	5.41
	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

34

Transamerica Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2021

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 BlackRock iShares Active Asset Allocation - Moderate Initial Class
	12/31/2021		162,053	$	16.31	to	$	14.24	$	2,510,714		1.13	%		0.00	%	to	1.50	%		8.52	%	to	6.92	%
	12/31/2020		160,979		15.03	to		13.32		2,305,224		2.11			0.00		to	1.50			3.59		to	2.06
	12/31/2019		180,588		14.51	to		13.05		2,517,994		2.10			0.00		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
TA BlackRock iShares Active Asset Allocation - Moderate Growth Initial Class
	12/31/2021		1,704,499		17.13	to		13.74		25,851,755		0.80			0.00		to	1.50			7.94		to	6.34
	12/31/2020		1,763,969		15.87	to		12.92		24,830,847		2.11			0.00		to	1.50			(1.85	)	to	(3.30	)
	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
TA BlackRock iShares Edge 40 Initial Class
	12/31/2021		141,719		19.46	to		14.38		2,730,609		1.76			0.00		to	1.50			6.09		to	4.52
	12/31/2020		146,727		18.34	to		13.76		2,746,773		2.37			0.00		to	1.50			9.65		to	8.03
	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
TA BlackRock Tactical Allocation Initial Class
	12/31/2021		1,459,227		20.55	to		17.70		28,322,637		5.15			0.00		to	1.50			7.91		to	6.31
	12/31/2020		1,527,504		19.04	to		16.65		27,557,366		3.58			0.00		to	1.50			13.40		to	11.73
	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
TA International Focus Initial Class
	12/31/2021		1,885,308		21.11	to		19.01		41,847,752		1.22			0.00		to	1.50			10.82		to	9.18
	12/31/2020		1,988,790		19.05	to		17.41		40,421,994		2.26			0.00		to	1.50			20.90		to	19.11
	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
TA Janus Balanced Initial Class
	12/31/2021		633,498		27.64	to		22.95		15,308,150		1.31			0.00		to	1.50			15.71		to	14.00
	12/31/2020		671,553		23.89	to		20.13		14,171,366		1.67			0.00		to	1.50			14.59		to	12.90
	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
TA Janus Mid-Cap Growth Initial Class
	12/31/2021		7,810,266		47.27	to		34.90		488,221,690		0.27			0.00		to	1.50			17.30		to	15.57
	12/31/2020		8,151,056		40.30	to		30.20		443,552,033		0.23			0.00		to	1.50			19.20		to	17.44
	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
TA JPMorgan Asset Allocation - Conservative Initial Class
	12/31/2021		1,307,697		21.51	to		17.03		27,357,454		2.44			0.00		to	1.50			5.90		to	4.34
	12/31/2020		1,279,451		20.32	to		16.32		25,594,436		2.48			0.00		to	1.50			11.47		to	9.82
	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

35

Transamerica Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2021

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 Asset Allocation - Growth Initial Class
	12/31/2021		13,691,954	$	30.72	to	$	25.66	$	418,521,423		1.67	%		0.00	%	to	1.50	%		19.64	%	to	17.87	%
	12/31/2020		14,018,912		25.67	to		21.77		366,285,895		1.70			0.00		to	1.50			24.74		to	22.90
	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
TA JPMorgan Asset Allocation - Moderate Initial Class
	12/31/2021		3,679,894		24.07	to		19.11		82,170,814		1.90			0.00		to	1.50			9.18		to	7.57
	12/31/2020		3,739,893		22.05	to		17.77		77,729,302		2.19			0.00		to	1.50			12.60		to	10.94
	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
TA JPMorgan Asset Allocation - Moderate Growth Initial Class
	12/31/2021		14,120,416		26.27	to		21.49		351,662,494		2.15			0.00		to	1.50			13.95		to	12.26
	12/31/2020		14,530,939		23.05	to		19.14		323,755,750		2.05			0.00		to	1.50			15.07		to	13.37
	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
TA JPMorgan Core Bond Initial Class
	12/31/2021		1,442,916		19.42	to		14.45		33,855,832		2.77			0.00		to	1.50			(1.03	)	to	(2.49	)
	12/31/2020		1,513,024		19.62	to		14.82		36,853,161		3.82			0.00		to	1.50			7.46		to	5.88
	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
TA JPMorgan Enhanced Index Initial Class
	12/31/2021		408,659		46.57	to		40.97		18,901,887		0.78			0.00		to	1.50			30.12		to	28.20
	12/31/2020		378,797		35.79	to		31.96		13,944,983		1.52			0.00		to	1.50			20.16		to	18.39
	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
TA JPMorgan International Moderate Growth Initial Class
	12/31/2021		794,603		19.41	to		15.44		13,589,745		1.53			0.00		to	1.50			9.25		to	7.64
	12/31/2020		779,849		17.77	to		14.34		12,257,975		2.73			0.00		to	1.50			14.90		to	13.20
	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
TA JPMorgan Mid Cap Value Initial Class
	12/31/2021		154,046		32.37	to		56.16		7,028,111		0.77			0.00		to	0.90			29.19		to	28.04
	12/31/2020		173,752		25.05	to		43.86		6,250,257		1.26			0.00		to	0.90			1.35		to	0.45
	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
TA JPMorgan Tactical Allocation Initial Class
	12/31/2021		1,939,835		18.32	to		14.07		45,694,715		1.83			0.00		to	1.50			4.91		to	3.36
	12/31/2020		1,877,825		17.46	to		13.62		43,700,739		2.43			0.00		to	1.50			12.36		to	10.70
	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

36

Transamerica Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2021

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 Managed Risk - Balanced ETF Initial Class
	12/31/2021		168,949	$	20.51	to	$	17.77	$	3,078,371		1.40	%		0.00	%	to	1.50	%		9.65	%	to	8.03	%
	12/31/2020		163,791		18.71	to		16.45		2,743,412		2.29			0.00		to	1.50			4.48		to	2.94
	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
TA Managed Risk - Growth ETF Initial Class
	12/31/2021		188,033		22.58	to		19.99		3,837,740		1.11			0.00		to	1.50			14.25		to	12.56
	12/31/2020		191,544		19.77	to		17.76		3,437,251		2.25			0.00		to	1.50			4.52		to	2.98
	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
TA Morgan Stanley Capital Growth Initial Class
	12/31/2021		2,491,170		84.34	to		74.16		214,130,739		-			0.00		to	1.50			(0.53	)	to	(2.00	)
	12/31/2020		2,578,953		84.80	to		75.68		227,311,417		-			0.00		to	1.50			117.87		to	114.66
	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
TA Morgan Stanley Global Allocation Initial Class
	12/31/2021		362,120		19.54	to		17.07		6,752,122		1.23			0.00		to	1.50			8.42		to	6.82
	12/31/2020		363,530		18.02	to		15.98		6,277,574		1.95			0.00		to	1.50			18.59		to	16.84
	12/31/2019		394,579		15.19	to		13.68		5,779,374		1.91			0.00		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
TA Multi-Managed Balanced Initial Class
	12/31/2021		3,799,927		36.82	to		29.29		149,742,154		1.14			0.00		to	1.50			17.04		to	15.31
	12/31/2020		3,966,299		31.46	to		25.40		135,037,483		1.56			0.00		to	1.50			15.90		to	14.18
	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
TA PIMCO Tactical - Balanced Initial Class
	12/31/2021		361,616		19.79	to		16.39		6,279,514		-			0.00		to	1.50			6.62		to	5.04
	12/31/2020		368,625		18.56	to		15.60		6,051,980		3.44			0.00		to	1.50			9.18		to	7.57
	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
TA PIMCO Tactical - Conservative Initial Class
	12/31/2021		688,816		18.47	to		15.29		10,968,843		1.29			0.00		to	1.50			4.43		to	2.89
	12/31/2020		734,492		17.68	to		14.86		11,323,592		1.67			0.00		to	1.50			10.22		to	8.59
	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
TA PIMCO Tactical - Growth Initial Class
	12/31/2021		788,944		20.26	to		16.78		13,458,742		-			0.00		to	1.50			9.51		to	7.89
	12/31/2020		807,176		18.50	to		15.55		12,749,686		4.08			0.00		to	1.50			9.26		to	7.65
	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

37

Transamerica Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2021

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 PIMCO Total Return Initial Class
	12/31/2021		1,360,429	$	19.24	to	$	14.49	$	22,038,949		1.43	%		0.00	%	to	1.50	%		(0.87	)  %	to	(2.34	)  %
	12/31/2020		1,334,112		19.41	to		14.84		22,421,410		4.61			0.00		to	1.50			7.68		to	6.09
	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
TA Small/Mid Cap Value Initial Class
	12/31/2021		3,793,912		47.07	to		30.15		147,998,487		0.65			0.00		to	1.50			28.12		to	26.23
	12/31/2020		3,742,740		36.74	to		23.88		119,641,985		1.19			0.00		to	1.50			4.04		to	2.50
	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
TA T. Rowe Price Small Cap Initial Class
	12/31/2021		1,499,811		56.63	to		44.79		70,498,120		-			0.00		to	1.50			11.37		to	9.73
	12/31/2020		1,659,731		50.84	to		40.82		71,104,851		-			0.00		to	1.50			23.56		to	21.74
	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
TA WMC US Growth Initial Class
	12/31/2021		28,001,519		51.49	to		42.95		1,830,400,004		0.08			0.00		to	1.50			20.67		to	18.88
	12/31/2020		29,290,504		42.67	to		36.13		1,603,455,800		0.11			0.00		to	1.50			37.30		to	35.27
	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

⁽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.

*** 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.

38

Transamerica Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2021

6. Administrative and Mortality and Expense Risk Charges

Under some forms of the contracts, a sales charge and premium taxes are deducted by TLIC 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 TLIC 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 TLIC 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 TLIC, 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 TLIC 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 TLIC. Under existing federal income tax laws, the income of the Separate Account is not taxable to TLIC, as long as earnings are credited under the variable life contracts.

39

Transamerica Life Insurance Company

WRL Series Life Account

Notes to Financial Statements

December 31, 2021

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.

9. Related Parties

Transamerica Capital, Inc. (TCI), a wholesaling broker-dealer, is an affiliated entity of TLIC and an indirect wholly owned subsidiary of Aegon N.V. TCI distributes TLIC’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 TLIC 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.

40