497VPU

0001193125-23-118133.txt : 20230426 0001193125-23-118133.hdr.sgml : 20230426 20230426142158 ACCESSION NUMBER: 0001193125-23-118133 CONFORMED SUBMISSION TYPE: 497VPU PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20230426 DATE AS OF CHANGE: 20230426 EFFECTIVENESS DATE: 20230426 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WRL SERIES LIFE ACCOUNT CENTRAL INDEX KEY: 0000778209 IRS NUMBER: 000000000 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497VPU SEC ACT: 1933 Act SEC FILE NUMBER: 333-249154 FILM NUMBER: 23848905 BUSINESS ADDRESS: STREET 1: 570 CARILLON PARKWAY CITY: ST PETERSBURG STATE: FL ZIP: 33716 BUSINESS PHONE: 319-355-8366 MAIL ADDRESS: STREET 1: 570 CARILLON PARKWAY CITY: ST PETERSBURG STATE: FL ZIP: 33716

0000778209 S000006588 WRL SERIES LIFE ACCOUNT

C000223624 WRL Freedom Equity Protector

497VPU 1 d474036d497vpu.htm 497VPU 497VPU

WRL FREEDOM EQUITY PROTECTOR^®

issued through

WRL Series Life Account

Transamerica Life Insurance Company

Updating Summary Prospectus

May 1, 2023

AN INDIVIDUAL FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY

Sales of this policy were discontinued for new purchasers in 2007

This updating summary prospectus provides updated information about the WRL Freedom Equity Protector^® (the “Policy”), a flexible premium variable life insurance policy issued by us, Transamerica Life Insurance Company.

The prospectus for the Policy contains more information about the Policy including its features, benefits, and risks. You can find the current prospectus and other information about the Policy online at tlic.transamerica.com. You can also obtain this information at no cost by calling 1-800-851-9777.

Additional general information about certain investment products, including variable life insurance policies, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.

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


*Transaction*		*Direct or Send to*
Telephonic Transaction		1-727- 299-1800 or 1-800-851-9777 (toll free)
Facsimile Transaction		1-727-299-1620
Electronic Transaction		tlic.transamerica.com
Payments made by check		PO Box 429, Cedar Rapids IA 52406-0429 or 6400 C St. SW, Cedar Rapids IA 52499-7463
Claims, general correspondence, and notices		Mailing Address: 6400 C St. SW, Cedar Rapids IA 52499-0001


Table of Contents

Special Terms			2

Updated Information About Your Policy			4

Summary Of Recent Policy Changes:			4

Important Information You Should Consider About The Policy			5

Appendix: Portfolio Companies Available Under The Policy			8

SPECIAL TERMS


administrative office				Our administrative office address is 6400 C St. SW, Cedar Rapids IA 52499-0001. Our phone number is 1-800-851-9777; our facsimile numbers are 1-727-299-1648 (for subaccount transfers only) and 1-727-299-1620 (for all other fax requests). Our administrative office serves as the recipient of all website (tlic.transamerica.com), telephonic and facsimile transactions, including, but not limited to transfer requests and premium payments made by wire transfer and through electronic credit and debit transactions (e.g., payments through direct deposit, debit transfers, and forms of e-commerce payments). Our hours are Monday – Friday from 8:30 a.m. – 7:00 p.m. Eastern Time. Please do not send any checks, claims, correspondence, or notices to this office; send them to the mailing address.
beneficiary(ies)				The person or persons you select to receive the Policy’s death benefit.
cash value				At the end of any valuation period, the sum of your Policy’s value in the subaccounts and the fixed account. If there is a Policy loan outstanding, then the cash value includes any amounts held in our fixed account to secure the Policy loan.
death benefit proceeds				The amount we will pay to the beneficiary(ies) on the insured’s death. We will reduce the death benefit proceeds by the amount of any outstanding loan amount, including any accrued loan interest and, if the insured dies during the grace period, any charges that are due and unpaid.
fixed account				An allocation option other than the separate account to which you may allocate net premiums and cash value. We guarantee that any amounts you allocate to the fixed account will earn interest at a declared rate. The fixed account is part of our general account.
insured				The person whose life is insured by the Policy.
lapse				When life insurance coverage ends and the Policy terminates because you do not have enough value in the Policy to pay monthly deductions, the surrender charge, and any outstanding loan amount, including accrued loan interest, and you have not made a sufficient payment by the end of the Policy’s grace period.
mutual fund company(ies)				A management investment company registered with the SEC. The Policy allows you to invest in the portfolio companies (also known as underlying fund portfolios) of the mutual fund companies through our subaccounts.
Policy				The Transamerica^® Freedom Elite Builder II flexible premium variable life insurance policy, a contract between us and you that describes the terms of your life insurance policy.
portfolio company(ies)				Investment options made available by mutual fund companies under the Policy. Also referred to as underlying fund portfolio(s).
premiums				All payments you make under the Policy other than loan repayments.
specified amount				The amount of life insurance coverage under your Policy.


surrender charge				A charge you pay if you withdraw money from your Policy or fully surrender your Policy during certain defined time periods.
termination				When the insured’s life is no longer insured under the Policy or any rider, and neither the Policy (nor any rider) is in force.
we, us, our, the Company (Transamerica )				Transamerica Life Insurance Company.
you, your (Owner or policyowner)				The person entitled to exercise all rights as the owner under the Policy.

UPDATED INFORMATION ABOUT YOUR POLICY

The following is a summary of certain policy features that have changed since the prospectus dated May 1, 2022. This may not reflect all of the changes that have occurred since you entered into your Policy.

Summary Of Recent Policy Changes:

The information in this Updating Summary Prospectus is a summary of certain policy features that have changed since the last current Prospectus. This may not reflect all of the changes that have occurred since you entered into your Policy.

• For changes in the names of certain portfolio companies and/or Advisers/Subadvisors please refer to Appendix: Portfolio Companies Available Under The Policy

• For updated portfolio expense information please refer to “Important Information You Should Consider About This Policy” and Appendix: Portfolios Available Under The Policy

• For updated portfolio company performance information please refer to Appendix: Portfolio Companies Available Under The Policy

IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE POLICY

FEES AND EXPENSES

Location in

Prospectus

Charges for Early
Withdrawals

If you withdraw (or surrender) money from your Policy during the first 15 Policy years, you
will be assessed a surrender charge. You will also be assessed a surrender charge if you
withdraw money from your Policy during the 15-year period following any increase in the
Policy’s specified amount. The maximum surrender charge is 26.5% up to the guideline
premium plus 4.2% of premium paid in excess of the guideline premium.

For example, if you purchased a Policy with an initial specified amount of $100,000 and
were to withdraw $50,000 during the surrender charge period (and assuming that the
Policy’s specified amount had not been increased), the maximum surrender charge would
be $13,250 assuming no premium was paid in excess of the guideline premium.

Fee Tables

Charges and
Deductions

Transaction Charges

In addition to surrender charges for early withdrawals, you may also be charged for other transactions. There may be front-end loads on premium payments, charges for transfers between investment options, and administrative charges for withdrawals.

We reserve the right to deduct a charge for special services, including overnight delivery and wire service fees.

Charges and Deductions

Cash

Withdrawals

Ongoing Fees and
Expenses (annual
charges)

In addition to surrender charges and transaction charges, an investment in the Policy is
subject to certain ongoing fees and expenses, including fees and expenses covering the cost
of insurance under the Policy and the cost of optional benefits available under the Policy,
and that such fees and expenses are set based on characteristics of the insured (e.g., age,
sex, and rating classification). You should view the schedule page of your Policy for rates
applicable to your Policy.

These fees and expenses do not reflect any advisory fees paid to financial intermediaries
from the Policy Value or other assets of the owner; if such charges were reflected, your fees
and expenses would be higher.

You will also bear expenses associated with the portfolios under the Policy to which you
have allocated cash value, as shown in the following table:

Fee Tables

Charges and
Deductions

Appendix:
Portfolios
Available Under
the Policy.

Annual Fee

Minimum

Maximum

Portfolio Company ¹
(fund fees and expenses)

0.15%

2.41%

¹ As a percentage of Portfolio Company assets.

RISKS

Location in

Prospectus

Risk of Loss

You can lose money by investing in this Policy, including loss of principal.

Principal Risks
of Investing in
the Policy

Not a Short-Term
Investment

This Policy is not a short-term investment and is not appropriate for an investor who needs
ready access to cash.

The Policy is designed to help meet long-term financial objectives by paying a death benefit
to family members or other beneficiaries. The benefits of tax deferral also mean the Policy
is more beneficial to investors with a long-term investment horizon. You may pay
substantial charges if you take withdrawals or fully surrender the Policy during the
surrender charge period.


Risks Associated with Investment Options	· An investment in the Policy is subject to the risk of poor investment performance. The investment performance of your Policy can vary depending on the performance of the investment options that you choose. · Each investment option (including the fixed account option) has its own unique risks. · You should review the investment options carefully before making an investment decision.
Insurance Company Risks	An investment in the Policy is subject to the risks related to Transamerica. Any obligations (including under the fixed account option), guarantees, and benefits under the Policy are subject to our claims-paying ability. More information about Transamerica, including our financial strength ratings, is available by visiting tlic.transamerica.com or calling toll-free (800) 851-9777.	Principal Risks of Investing in the Policy
Contract Lapse	Insufficient premium payments, poor investment performance, withdrawals, and unpaid loans or loan interest may cause the Policy to lapse. There are costs associated with reinstating a lapsed Policy. Death benefits will not be paid if the Policy has lapsed.	Principal Risks of Investing in the Policy
RESTRICTIONS		Location in Prospectus
Investments	· There may be a $25 charge for each transfer in excess of 12 transfers per Policy year. · Transfers from the fixed account option may be subject to significant restrictions related to the number of transfers per Policy Year and amounts transferred. · The fixed account option may not be available for investment depending on when you applied for your Policy and where it was issued. · We reserve the right to remove or substitute portfolios as investment options under the Policy.	Fee Tables The Fixed Account State Variations Addition, Deletion, or Substitution of Portfolios
Optional Benefits	· Supplemental insurance benefits are available only to insureds within certain age ranges, are subject to minimum and/or maximum specified amounts, and are subject to termination conditions. · Certain benefits cannot be elected after Policy purchase. · Certain benefits cannot be elected in combination with other benefits. · We may stop offering an optional benefit at any time. · If you elect to pay third party advisory fees from your contract value, then this deduction will reduce the death benefits and other guaranteed benefits and may be subject to a federal and state income tax and a 10% federal penalty tax.	Other Benefits Under the Policy Third Party Asset Allocation Services
TAXES		Location in Prospectus
Tax Implications	· You should consult with a tax professional to determine the tax implications of an investment in and payments received under the Policy. · If you purchased the Policy through a tax-qualified plan or individual retirement account (IRA), you do not get any additional tax deferral. · Earnings on your Policy are taxed at ordinary income tax rates when you withdraw them, and you may have to pay a penalty if you take a withdrawal before age 59¹⁄₂.	Federal Income Tax Considerations


CONFLICT OF INTEREST		Location in Prospectus
Investment Professional Compensation	Your investment professional may receive compensation for selling this Policy to You, in the form of commissions, additional cash benefits (e.g., bonuses), and non-cash compensation. Our affiliate, Transamerica Capital, Inc. (“TCI”) is the principal underwriter, may share the revenue we earn on this Policy with Your investment professional’s firm. In addition, we may pay all or a portion of the cost of affiliates’ operating and other expenses. Our affiliate, Transamerica Capital, Inc. (“TCI”) is the principal underwriter, may share the revenue we earn on this Policy with Your investment professional’s firm. In addition, we may pay all or a portion of the cost of affiliates’ operating and other expenses. This conflict of interest may influence Your investment professional to recommend this Policy over another investment for which the investment professional is not compensated or compensated less.	Revenues We Receive Compensation to Broker-Dealers Selling the Policies
Exchanges	Some investment professionals may have a financial incentive to offer you a new policy in place of the one you already own. You should only exchange your Policy if you determine, after comparing the features, fees, and risks of both policies, that it is preferable for you to purchase the new policy rather than continue to own your existing Policy.	Compensation to Broker-Dealers Selling the Policies Tax-Free Section 1035 Exchanges

APPENDIX: PORTFOLIO COMPANIES AVAILABLE UNDER THE POLICY

The following is a list of portfolio companies available under the Policy, which are subject to change as discussed in this prospectus.

More information about the Portfolio Companies is available in the prospectuses for the Portfolio Companies, which may be amended from time to time and can be found online at: http://dfinview.com/Transamerica/TAHD/959393687/?site=VAVUL. You can also request this information at no cost by calling our administrative Office at 1-800-851-9777.

The current expenses and performance information below reflects fees and expenses of the Portfolio Companies, but do not reflect the other fees and expenses that your Policy may charge. Expenses would be higher and performance would be lower if these other charges were included. Each portfolio’s past performance is not necessarily an indication of future performance.


Investment Objective	Underlying Fund Portfolio and Adviser/Sub-adviser ⁽¹⁾	Current Expenses	Average Annual Total Returns (as of 12/31/22)
Investment Objective		Current Expenses	1 year	5 years	10 years
Investment Objective: Seeks to maximize total return consistent with the Adviser’s determination of reasonable risk.	AB Balanced Hedged Allocation Portfolio- Class B⁽²⁾ Advised by AllianceBernstein L.P	1.05%	-19.17%	10.75%	5.37%
Investment Objective: The fund seeks long-term capital appreciation	Fidelity VIP Contrafund^® Portfolio* -Service Class 2⁽²⁾ Advised by Fidelity Management & Research Company *Sub-Advisers:* FMR Co., Inc	0.85%	-26.49%	8.39%	11.15%
Investment Objective: Seeks reasonable income. The fund will also consider the potential for capital appreciation. The fund’s goal is to achieve a yield which exceeds the composite yield on the securities comprising the S&P 500^® Index.	Fidelity VIP Equity Income Portfolio- Service Class 2⁽²⁾ Advised* by Fidelity Management & Research Company *Sub-Advisers:* FMR Co., Inc	0.76%	-5.25%	7.88%	9.91%
Investment Objective: The fund seeks to provide capital growth.	Fidelity VIP Growth Opportunities Portfolio- Service Class 2⁽²⁾ Advised* by: Fidelity Management & Research Company *Sub-Advisers:* FMR Co., Inc	0.88%	-38.32%	12.80%	14.81%
Investment Objective: Seeks investment results that correspond to the total return of common stocks publicly traded in the United States, as represented by the S&P 500^®Index.	Fidelity VIP Index 500 Portfolio -Service Class 2⁽²⁾ Advised by Fidelity Management & Research Company *Sub-Advisers:* *FMR Co., Inc.; Geode Capital Management, LLC*	0.35%	-18.42%	9.03%	12.17%
Investment Objective: Seeks capital appreciation, with income as a secondary goal.	Franklin Allocation VIP Fund- Class 4⁽²⁾ Advised by Franklin Advisers, Inc.	0.96%	-16.19%	2.46%	5.44%
Investment Objective: Seeks to provide investment results that correspond generally to the total return of the high yield market, consistent with maintaining reasonable liquidity.	ProFund Access VP High Yield⁽²⁾ Advised by: ProFund Advisors LLC	1.69%	-7.97%	0.60%	2.87%
Investment Objective: Seeks investment results, before fees and expenses, that track the performance of the ProFunds Asia 30 Index (the “Index”).	ProFund VP Asia 30⁽²⁾ Advised by: ProFund Advisors LLC	1.74%	-24.42%	-3.01%	1.64%
Investment Objective: Seeks investment results, before fees and expenses, that correspond to the performance of the S&P 500^® (the “Index”).	ProFund VP Bull⁽²⁾ Advised by: ProFund Advisors LLC	1.71%	-19.74%	7.31%	10.37%


Investment Objective	Underlying Fund Portfolio and Adviser/Sub-adviser ⁽¹⁾	Current Expenses	Average Annual Total Returns (as of 12/31/22)
Investment Objective		Current Expenses	1 year	5 years	10 years
Investment Objective: Seeks investment results, before fees and expenses, that track the performance of the S&P Communication Services Select Sector Index (the “Index”).	ProFund VP Communication ^(2),(4) Advised by: ProFund Advisors LLC	1.69%	-21.22%	-1.28%	2.48%
Investment Objective: Seeks investment results, before fees and expenses, that track the performance of the S&P Consumer Discretionary Select Sector Index (the “Index”).	ProFund VP Consumer Discretionary^{(2), (5)} Advised by: ProFund Advisors LLC	1.72%	-31.53%	3.97%	9.45%
Investment Objective: Seeks investment results, before fees and expenses, that correspond to the performance of BNY Mellon Emerging Markets 50 ADR^® Index (the “Index”).	ProFund VP Emerging Markets⁽²⁾ Advised by: ProFund Advisors LLC	1.78%	-16.19%	-1.73%	0.13%
Investment Objective: seeks investment results, before fees and expenses, that track the performance of the S&P Energy Select Sector Index (the “Index”).	ProFund VP Energy^(2),(6) Advised by: ProFund Advisors LLC	1.71%	59.43%	6.57%	3.42%
Investment Objective: Seeks investment results, before fees and expenses, that correspond to the performance of the ProFunds Europe 30 Index (the “Index”).	ProFund VP Europe 30⁽²⁾ Advised by: ProFund Advisors LLC	1.75%	-7.76%	1.07%	3.03%
Investment Objective: ProFund VP Falling U.S. Dollar (the “Fund”) seeks investment results, before fees and expenses, that correspond to the daily performance of the basket of non-U.S. currencies included in the U.S. Dollar Index^® (the “Index”).	ProFund VP Falling U.S. Dollar⁽²⁾ Advised by: ProFund Advisors LLC	2.41%	-8.76%	-4.25%	-4.47%
Investment Objective: ProFund VP Financials (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the S&P Financial Select Sector Index (the “Index”).	ProFund VP Financials⁽²⁾ Advised by: ProFund Advisors LLC	1.71%	-15.14%	4.82%	9.74%
Investment Objective: Seeks a high level of current income consistent with liquidity and preservation of capital.	ProFund VP Government Money Market^(2),(3) Advised by: ProFund Advisors LLC	1.65%	1.02%	0.45%	0.24%
Investment Objective: Seeks investment results, before fees and expenses, that correspond to the performance of the MSCI EAFE Index (the “Index”).	ProFund VP International⁽²⁾ Advised by: ProFund Advisors LLC	1.68%	-16.45%	-0.85%	2.05%
Investment Objective: Seeks investment results, before fees and expenses, that correspond to the performance of the Nikkei 225 Stock Average (the “Index”).	ProFund VP Japan⁽²⁾ Advised by: ProFund Advisors LLC	1.69%	-9.92%	2.84%	8.28%
Investment Objective: Seeks investment results, before fees and expenses, that track the performance of the S&P Materials Select Sector Index (the “Index”).	ProFund VP Materials^(2),(7) Advised by: ProFund Advisors LLC	1.71%	-9.14%	5.21%	6.89%
Investment Objective: Seeks investment results, before fees and expenses, that correspond to the performance of the S&P MidCap 400^® (the “Index”).	ProFund VP Mid-Cap⁽²⁾ Advised by: ProFund Advisors LLC	1.70%	-14.92%	4.39%	8.38%
Investment Objective: Seeks investment results, before fees and expenses, that correspond to the performance of the NASDAQ-100 Index (the “Index”).	ProFund VP NASDAQ-100⁽²⁾ Advised by: ProFund Advisors LLC	1.74%	-33.91%	10.00%	14.07%
Investment Objective: Seeks investment results, before fees and expenses, that track the performance of the S&P Pharmaceuticals Select Industry Index (the “Index”).	ProFund VP Pharmaceuticals⁽²⁾ Advised by: ProFund Advisors LLC	1.70%	-6.13%	4.67%	8.15%
Investment Objective: Seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones Precious Metals SM Index (the “Index”).	ProFund VP Precious Metals⁽²⁾ Advised by: ProFund Advisors LLC	1.71%	-11.02%	4.90%	-4.05%
Investment Objective: Seeks investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Index.	ProFund VP Short Emerging Markets⁽²⁾ Advised by: ProFund Advisors LLC	1.70%	6.69%	-6.56%	-7.37%


Investment Objective	Underlying Fund Portfolio and Adviser/Sub-adviser ⁽¹⁾	Current Expenses	Average Annual Total Returns (as of 12/31/22)
Investment Objective		Current Expenses	1 year	5 years	10 years
Investment Objective: Seeks investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Index.	ProFund VP Short International⁽²⁾ Advised by: ProFund Advisors LLC	1.68%	12.45%	-5.06%	-7.67%
Investment Objective: ProFund VP NASDAQ-100 (the “Fund”) seeks investment results, before fees and expenses, that correspond to the performance of the NASDAQ-100^® Index (the “Index”).	ProFund VP Short NASDAQ-100⁽²⁾ Advised by: ProFund Advisors LLC	1.73%	35.06%	-16.57%	-18.18%
Investment Objective: Seeks investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Index.	ProFund VP Short Small-Cap⁽²⁾ Advised by: ProFund Advisors LLC	1.79%	17.81%	-10.72%	-13.44%
Investment Objective: Seeks investment results, before fees and expenses, that correspond to the performance of the Russell 2000^® Index (the “Index”).	ProFund VP Small-Cap⁽²⁾ Advised by: ProFund Advisors LLC	1.80%	-21.85%	2.14%	7.03%
Investment Objective: Seeks investment results, before fees and expenses, that correspond to the performance of the S&P SmallCap 600^® Value Index (the “Index”).	ProFund VP Small-Cap Value⁽²⁾ Advised by: ProFund Advisors LLC	1.71%	-12.41%	3.65%	8.49%
Investment Objective: Seeks investment results, before fees and expenses, that correspond to one and one-quarter times (1.25x) the daily price movement of the 30-Year U.S Treasury Bond (the “Long Bond.”) The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.	ProFund VP U.S. Government Plus⁽²⁾ Advised by: ProFund Advisors LLC	0.76%	-41.70%	-6.07%	-1.84%
Investment Objective: Seeks investment results, before fees and expenses, that correspond to two time (2x) the daily performance of the Index.	ProFunds VP UltraNASDAQ-100⁽²⁾ Advised by: ProFund Advisors LLC	1.77%	-60.93%	12.50%	24.72%
Investment Objective: Seeks investment results, before fees and expenses, that correspond to two time (2x) the daily performance of the Index.	ProFund VP UltraSmall-Cap⁽²⁾ Advised by: ProFund Advisors LLC	1.84%	-43.68%	-2.75%	10.04%
Investment Objective: Seeks investment results, before fees and expenses, that track the performance of the S&P Utilities Select Sector Index (the “Index”).	ProFund VP Utilities⁽²⁾ Advised by: ProFund Advisors LLC	0.76%	-0.25%	7.27%	9.21%
Investment Objective: Seeks to provide high total return through a combination of current income and capital appreciation.	Transamerica Aegon Bond VP – Initial Class⁽⁸⁾ Sub-Advised by: Aegon USA Investment Management, LLC.	0.66%	-14.84%	-0.42%	0.80%
Investment Objective: Seeks to achieve maximum total return.	Transamerica Aegon Core Bond VP – Initial Class⁽⁹⁾ Sub-Advised by: Aegon USA Investment Management, LLC.	0.51%	-12.77%	0.15%	1.07%
Investment Objective: Seeks a high level of current income by investing in high-yield debt securities.	Transamerica Aegon High Yield Bond VP – Initial Class Sub-Advised by: Aegon USA Investment Management, LLC	0.62%	-11.12%	2.06%	3.83%
Investment Objective: Seeks total return gained from the combination of dividend yield, growth of dividends and capital appreciation.	Transamerica Aegon Sustainable Equity Income VP - Initial Class Sub-Advised by: Aegon Asset Management UK plc (“AAM”)	0.94%	-11.63%	1.91%	7.55%
Investment Objective: Seeks to provide as high a level of total return as is consistent with prudent investment strategies.	Transamerica Aegon U.S. Government Securities VP - Initial Class Sub-Advised by: Aegon USA Investment Management, LLC	0.59%	-13.03%	-0.23%	0.42%


Investment Objective	Underlying Fund Portfolio and Adviser/Sub-adviser ⁽¹⁾	Current Expenses	Average Annual Total Returns (as of 12/31/22)
Investment Objective		Current Expenses	1 year	5 years	10 years
Investment Objective: Seeks as high a level of current income as in consistent with preservation of capital and liquidity.	Transamerica BlackRock Government Money Market VP - Initial Class,⁽³⁾ Sub-Advised by: BlackRock Investment Management, LLC	0.28%	1.38%	1.06%	0.53%
Investment Objective: Seeks long-term total return from investments primarily in equity securities of real estate companies. Total return consists of realized and unrealized capital gains and losses plus income.	Transamerica BlackRock Real Estate Securities VP - Initial Class⁽¹⁰⁾ Sub-Advised by: BlackRock Investment Management, LLC	0.78%	-28.19%	0.34%	2.94%
Investment Objective: Seeks current income and preservation of capital.	Transamerica BlackRock iShares Active Asset Allocation - Conservative VP - Initial Class Sub-Advised by: BlackRock Investment Management, LLC	0.54%	-15.06%	0.89%	2.77%
Investment Objective: Seeks capital appreciation with current income as secondary objective.	Transamerica BlackRock iShares Active Asset Allocation - Moderate Growth VP - Initial Class Sub-Advised by: BlackRock Investment Management, LLC	0.53%	-16.86%	0.00%	2.78%
Investment Objective: Seeks capital appreciation and current income.	Transamerica BlackRock iShares Active Asset Allocation – Moderate VP - Initial Class Sub-Advised by: BlackRock Investment Management, LLC	0.52%	-18.16%	-1.81%	2.46%
Investment Objective: Seeks capital appreciation and current income.	Transamerica BlackRock iShares Edge 40 VP - Initial Class Sub-Advised by: BlackRock Investment Management, LLC	0.35%	-14.24%	1.97%	3.41%
Investment Objective: Seeks capital appreciation with current income as secondary objective.	Transamerica BlackRock Tactical Allocation VP - Initial Class Sub-Advised by: BlackRock Investment Management, LLC.	0.15%	-16.06%	2.93%	4.92%
Investment Objective: Seeks to balance capital appreciation and income.	Transamerica Goldman Sachs Managed Risk - Balanced ETF VP - Initial Class⁽¹¹⁾ Sub-Advised by: Milliman Financial Risk Management LLC	0.32%	9.35%	7.37%	6.27%
Investment Objective: Seeks capital appreciation as a primary objective and income as a secondary objective.	Transamerica Goldman Sachs Managed Risk - Growth ETF VP - Initial Class⁽¹²⁾ Sub-Advised by: Milliman Financial Risk Management LLC	0.32%	14.05%	9.32%	8.06%
Investment Objective: Seeks capital growth.	Transamerica International Focus VP - Initial Class Sub-Advised by: Epoch Investment Partners, Inc.	0.82%	-20.04%	2.39%	4.85%
Investment Objective: Seeks long-term capital growth, consistent with preservation of capital and balanced by current income.	Transamerica Janus Balanced VP - Initial Class Sub-Advised by: Janus Henderson Investors US LLC	0.73%	-16.51%	6.26%	7.91%


Investment Objective	Underlying Fund Portfolio and Adviser/Sub-adviser ⁽¹⁾	Current Expenses	Average Annual Total Returns (as of 12/31/22)
Investment Objective		Current Expenses	1 year	5 years	10 years
Investment Objective: Seeks long-term capital appreciation.	Transamerica Janus Mid-Cap Growth VP - Initial Class Sub-Advised by: Janus Henderson Investors US	0.82%	-16.72%	9.48%	10.14%
Investment Objective: Seeks current income and preservation of capital.	Transamerica JPMorgan Asset Allocation - Conservative VP – Initial Class Sub-Advised by: J.P. Morgan Investment Management Inc.	0.15%	-15.35%	1.79%	3.52%
Investment Objective: Seeks long-term capital appreciation.	Transamerica JPMorgan Asset Allocation - Growth VP – Initial Class Sub-Advised by: J.P. Morgan Investment Management Inc.	0.15%	-22.57%	5.47%	8.23%
Investment Objective: Seeks capital appreciation with current income as secondary objective.	Transamerica JPMorgan Asset Allocation - Moderate Growth VP – Initial Class Sub-Advised by: J.P. Morgan Investment Management Inc.	0.15%	-17.35%	3.86%	6.32%
Investment Objective: Seeks capital appreciation and current income.	Transamerica JPMorgan Asset Allocation - Moderate VP – Initial Class Sub-Advised by: J.P. Morgan Investment Management Inc.	0.15%	-16.08%	2.65%	4.80%
Investment Objective: Seeks to earn a total return modestly in excess of the total return performance of the S&P 500^® (including the reinvestment of dividends) while maintaining a volatility of return similar to the S&P 500^®.	Transamerica JPMorgan Enhanced Index VP- Initial Class Sub-Advised by: J.P. Morgan Investment Management Inc.	0.62%	-18.35%	9.47%	12.36%
Investment Objective: Seeks capital appreciation with current income as secondary objective.	Transamerica JPMorgan International Moderate Growth VP – Initial Class Sub-Advised by: J.P. Morgan Investment Management Inc.	0.62%	-17.28%	1.57%	3.93%
Investment Objective: Growth from capital appreciation.	Transamerica JPMorgan Mid Cap Value VP - Initial Class Sub-Advised by:** J.P. Morgan Investment Management Inc.	0.87%	-8.23%	5.99%	9.90%
Investment Objective: Seeks current income and preservation of capital.	Transamerica JPMorgan Tactical Allocation VP - Initial Class⁽²⁾ Sub-Advised by: J.P. Morgan Investment Management Inc.	0.75%	-14.80%	1.80%	3.38%
Investment Objective: Seeks to maximize long-term growth.	Transamerica Morgan Stanley Capital Growth VP – Initial Class Sub-Advised by: Morgan Stanley Investment Management Inc.	0.76%	-59.84%	2.81%	10.97%
Investment Objective: Seeks high total return.	Transamerica Morgan Stanley Global Allocation VP – Initial Class⁽²⁾ Sub-Advised by Morgan Stanley Investment Management Inc.)	0.76%	-17.51%	3.03%	4.85%


Investment Objective	Underlying Fund Portfolio and Adviser/Sub-adviser ⁽¹⁾	Current Expenses	Average Annual Total Returns (as of 12/31/22)
Investment Objective		Current Expenses	1 year	5 years	10 years
Investment Objective: Seeks to provide a high total investment return through investments in a broadly diversified portfolio of stocks, bonds and money market instruments.	Transamerica Multi-Managed Balanced VP - Initial Class⁽²⁾ Sub-Advised by: J.P. Morgan Investment Management Inc. and Aegon USA Investment Management, LLC	0.62%	-16.28%	5.90%	7.96%
Investment Objective: Seeks a combination of capital appreciation and income.	Transamerica PIMCO Tactical - Balanced VP - Initial Class⁽²⁾ Sub-Advised by: Pacific Investment Management Company LLC	0.86%	-19.42%	0.96%	3.96%
Investment Objective: Seeks a combination of capital appreciation and income.	Transamerica PIMCO Tactical - Conservative VP - Initial Class⁽²⁾ Sub-Advised by: Pacific Investment Management Company LLC	0.87	-17.12%	1.34%	3.75%
Investment Objective: Seeks a combination of capital appreciation and income.	Transamerica PIMCO Tactical - Growth VP - Initial Class⁽²⁾ Sub-Advised by: Pacific Investment Management Company LLC	0.88%	-17.80%	2.11%	4.96%
Investment Objective: Seeks to maximize total return.	Transamerica Small/Mid Cap Value VP – Initial Class Sub-Advised by: Systematic Financial Management L.P. & Thompson, Siegel & Walmsley LLC	0.81%	-8.31%	6.28%	10.25%
Investment Objective: Seeks long-term growth of capital by investing primarily in common stocks of small growth companies.	Transamerica T. Rowe Price Small Cap VP - Initial Class⁽²⁾ Sub-Advised by: T. Rowe Price Associates, Inc.	0.81%	-22.39%	5.67%	10.93%
Investment Objective: Seeks to maximize long-term growth.	Transamerica WMC US Growth VP – Initial Class⁽²⁾ Sub-Advised by: Wellington Management Company, LLP	0.65	-31.35%	9.80%	12.80%

(1)	You should work with your investment professional to decide which Subaccount(s) may be appropriate for you based on a thorough analysis of your particular insurance needs; financial objectives; investment goals; time horizons; and risk tolerance.

(2)	This portfolio is subject to an expense reimbursement or fee waiver arrangement. As a result, this portfolio’s annual expenses reflect temporary expense reductions. See the portfolio prospectus for additional information.

(3)

There can be no assurance any money market portfolio offered under this Policy will be able to maintain a stable net asset value per share during extended periods of low interest rates, and partly as a result of Policy charges, the yield on the money market Subaccounts may become extremely low and possibly negative.

(4)	Effective on or about March 17, 2023, ProFund VP Telecommunications was renamed ProFund VP Communication Services.

(5)	Effective on or about March 17, 2023, ProFund VP Consumer Services was renamed ProFund VP Consumer Discretionary.

(6)	Effective on or about March 17, 2023, ProFund VP Oil & Gas was renamed ProFund VP Energy.

(7)	Effective on or about March 17, 2023, ProFund VP Basic Materials was renamed ProFund VP Materials.

(8)	Effective on November 1, 2022, Transamerica PIMCO Total Return VP was renamed Transamerica Aegon Bond VP. The sub-advisor will change from Pacific Investment Management Company LLC to Aegon USA Investment Management, LLC

(9)	Effective on November 1, 2022, Transamerica JPMorgan Core Bond VP was renamed Transamerica Aegon Core Bond VP. The sub-advisor will change from J.P. Morgan Investment Management Inc. to Aegon USA Investment Management, LLC.

(10)	Effective or about May 1, 2023, Transamerica BlackRock Global Real Estate Securities VP will be renamed Transamerica BlackRock Real Estate Securities VP.

(11)	Effective on November 1, 2022, Transamerica Managed Risk – Balanced ETF VP was renamed-Transamerica Goldman Sachs Managed Risk – Balanced ETF VP. The sub-advisor will change from Milliman Financial Risk Management LLC to Goldman Sachs Asset Management, L.P.

(12)	Effective on November 1, 2022, Transamerica Managed Risk – Conservative ETF VP was renamed Transamerica Goldman Sachs Managed Risk – Conservative ETF VP. The sub-advisor will change from Milliman Financial Risk Management LLC to Goldman Sachs Asset Management, L.P.

(13)	Effective on November 1, 2022, Transamerica Managed Risk – Growth ETF VP was renamed Transamerica Goldman Sachs Managed Risk – Growth ETF VP. The sub-advisor will change from Milliman Financial Risk Management LLC to Goldman Sachs Asset Management, L.P.

*	The Fidelity VIP Contrafund^® Portfolio, the Fidelity VIP Equity Income Portfolio, and the Fidelity VIP Growth Opportunities Portfolio are no longer available for sale to new investors.

**	Transamerica JPMorgan Mid Cap Value VP, previously offered as an investment option under your Policy, does not accept new investments from current or prospective investors.

Note	All Underlying Fund Portfolios in the Transamerica Series Trust are advised by Transamerica Asset Management. The entities listed are the sub-advisers unless otherwise indicated.

The Prospectus and Statement of Additional Information (SAI) include additional information. The Prospectus and SAI which have the same effective date as this summary prospectus are incorporated by reference as amended or supplemented. The Prospectus and SAI are available without charge upon request. For a free copy call us at 1-800-851-9777 or write us at:

Transamerica Life Insurance Company

6400 C Street SW

Cedar Rapids, IA 52499

Reports and other information about the Separate Account are available on the SEC’s website at sec.gov and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

EDGAR Contract Identifier C000223624